Community Chat

[frenchie]

This is the first month I go paperless for my Q bill. I don't have a printer so the pages are too tiny for me to read. Am I able to enlarge this somehow? 

[Icegoddess]

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@TheWanderingOne wrote:

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@Icegoddess wrote:

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

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The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001. 

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee

1981 through 2001	$10,000
2002 through 2005	$11,000
2006 through 2008	$12,000
2009 through 2012	$13,000
2013 through 2017	$14,000
2018 through 2021	$15,000
2022	$16,000
2023	$17,000
2024[7]	$18,000

Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles. 

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@TheWanderingOne It's obviously been awhile since I've needed to be concerned about that, LOL. I was mostly concerned with how much going into or out of a bank account before it had to be reported to the IRS.  I did find this:  

"While the general rule is that wire transfers over $10,000 must be reported to the IRS, there are some exceptions to this requirement. These include:

• Transactions that are conducted by financial institutions on behalf of the US government
• Transactions that are conducted between financial institutions
• Transactions that are conducted with certain exempt entities, such as charitable organizations and political campaigns"

I know an inheritance is a lot more than gifting. They've also changed the rules about inheriting a retirement account.  Since 2020, non-spouse beneficiaries have to clean out (and pay the associated taxes on) that account within 10 years.  I can just take the RMD as long as I live and pay the taxes on just that amount. 

[Shelbelle]

I pay NO fees for any credit cards, checking account or savings accounts. Pay CC in full so no interest fees either, dont do any easy pay type things either. 

[Nightowlz]

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@Icegoddess wrote:

---

@TheWanderingOne wrote:

---

@Icegoddess wrote:

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

---

The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001. 

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee

1981 through 2001	$10,000
2002 through 2005	$11,000
2006 through 2008	$12,000
2009 through 2012	$13,000
2013 through 2017	$14,000
2018 through 2021	$15,000
2022	$16,000
2023	$17,000
2024[7]	$18,000

Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles. 

---

@TheWanderingOne It's obviously been awhile since I've needed to be concerned about that, LOL. I was mostly concerned with how much going into or out of a bank account before it had to be reported to the IRS.  I did find this:  

"While the general rule is that wire transfers over $10,000 must be reported to the IRS, there are some exceptions to this requirement. These include:

• Transactions that are conducted by financial institutions on behalf of the US government
• Transactions that are conducted between financial institutions
• Transactions that are conducted with certain exempt entities, such as charitable organizations and political campaigns"

I know an inheritance is a lot more than gifting. They've also changed the rules about inheriting a retirement account.  Since 2020, non-spouse beneficiaries have to clean out (and pay the associated taxes on) that account within 10 years.  I can just take the RMD as long as I live and pay the taxes on just that amount. 

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@Icegoddess 

I read about the $13.61 million when I was trying to find out if we had to pay taxes on inheritance. No. We will never be in the $13.61 million situation. I also heard if you inherit a retirement account you have 10 yrs to withdraw it. We are still trying to figure out when & how to withdraw ours paying the least amount of tax. 

The Credit Union said the wire transfer would not be reported. I don't know if it was or not. She said they are only required to report it when it's over $10,000 in Cash.

[Icegoddess]

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@Nightowlz wrote:

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@Icegoddess wrote:

---

@TheWanderingOne wrote:

---

@Icegoddess wrote:

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

---

The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001. 

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee

1981 through 2001	$10,000
2002 through 2005	$11,000
2006 through 2008	$12,000
2009 through 2012	$13,000
2013 through 2017	$14,000
2018 through 2021	$15,000
2022	$16,000
2023	$17,000
2024[7]	$18,000

Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles. 

---

@TheWanderingOne It's obviously been awhile since I've needed to be concerned about that, LOL. I was mostly concerned with how much going into or out of a bank account before it had to be reported to the IRS.  I did find this:  

"While the general rule is that wire transfers over $10,000 must be reported to the IRS, there are some exceptions to this requirement. These include:

• Transactions that are conducted by financial institutions on behalf of the US government
• Transactions that are conducted between financial institutions
• Transactions that are conducted with certain exempt entities, such as charitable organizations and political campaigns"

I know an inheritance is a lot more than gifting. They've also changed the rules about inheriting a retirement account.  Since 2020, non-spouse beneficiaries have to clean out (and pay the associated taxes on) that account within 10 years.  I can just take the RMD as long as I live and pay the taxes on just that amount. 

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@Icegoddess 

I read about the $13.61 million when I was trying to find out if we had to pay taxes on inheritance. No. We will never be in the $13.61 million situation. I also heard if you inherit a retirement account you have 10 yrs to withdraw it. We are still trying to figure out when & how to withdraw ours paying the least amount of tax. 

The Credit Union said the wire transfer would not be reported. I don't know if it was or not. She said they are only required to report it when it's over $10,000 in Cash.

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@Nightowlz You and me both, LOL.  Wouldn't that transfer fall under the money transferred between financial institutions? However, it seems that if it's from two different people, it would still need to be reported?  IDK

My father died before 2020, so I'm not subject to that new rule.  If there's any left when I die, my daughter will though.  She's pretty good with money now so I think she'll figure it out. 

[pigletsmom]

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@monicakm wrote:

Wait!  I just paid a Discount Tire Synchrony statement.  We bought new tires for my car last month.  I'm looking at it and there is no $5 fee for a paper bill.  This is a 12mo same as cash thing.  What I do on something like this is divide the balance by 12 months and pay that amt each month so there is no interest charge.  I do the same on my Amazon bill.

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@monicakm 

Keep a close eye on this. A friend of mine did this with his mattress and the 12 months starts ticking usually at the date or purchase on not when you get the first bill. So really you need to finish paying it in the 11 month if that makes sense. 

[CalminHeart]

Some banks have been charging for paper statements for a decade or more.

Banks can save a lot of money and pass the cost of printing on to customers. It's the typical big business/bank way in our society. 

If I was optimistic about banks and big business, I might say the savings will be passed on to customers but i know that is laughable.

For me, I never print statements. I can balance online easy peasy. 

[Nightowlz]

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@Icegoddess wrote:

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@Nightowlz wrote:

---

@Icegoddess wrote:

---

@TheWanderingOne wrote:

---

@Icegoddess wrote:

@Nightowlz I know they recently tried to pass a bill that had the banks all up in our business as to our banking transactions.  As it is now, they only have to report over a certain amount, like $10,000.  I know that's the limit for gifting someone without having to pay taxes on it.  Luckily, that didn't pass.  

---

The gift tax exclusion for 2024 is $18,000. It hasn't been $10,000 since 2001. 

Annual Exclusion per Donee for Year of Gift[8]Year of Gift Annual Exclusion per Donee

1981 through 2001	$10,000
2002 through 2005	$11,000
2006 through 2008	$12,000
2009 through 2012	$13,000
2013 through 2017	$14,000
2018 through 2021	$15,000
2022	$16,000
2023	$17,000
2024[7]	$18,000

Sources: IRS.gov & Wikipedia (chart)

Additionally, you don't pay taxes if you gift someone over the limit, nor does the recipient. It goes against your lifetime gift tax exemption and is settled up when you die if you exceed that lifetime exemption. For 2024, that's $13.61 million. If you're married, that doubles. 

---

@TheWanderingOne It's obviously been awhile since I've needed to be concerned about that, LOL. I was mostly concerned with how much going into or out of a bank account before it had to be reported to the IRS.  I did find this:  

"While the general rule is that wire transfers over $10,000 must be reported to the IRS, there are some exceptions to this requirement. These include:

• Transactions that are conducted by financial institutions on behalf of the US government
• Transactions that are conducted between financial institutions
• Transactions that are conducted with certain exempt entities, such as charitable organizations and political campaigns"

I know an inheritance is a lot more than gifting. They've also changed the rules about inheriting a retirement account.  Since 2020, non-spouse beneficiaries have to clean out (and pay the associated taxes on) that account within 10 years.  I can just take the RMD as long as I live and pay the taxes on just that amount. 

---

@Icegoddess 

I read about the $13.61 million when I was trying to find out if we had to pay taxes on inheritance. No. We will never be in the $13.61 million situation. I also heard if you inherit a retirement account you have 10 yrs to withdraw it. We are still trying to figure out when & how to withdraw ours paying the least amount of tax. 

The Credit Union said the wire transfer would not be reported. I don't know if it was or not. She said they are only required to report it when it's over $10,000 in Cash.

---

@Nightowlz You and me both, LOL.  Wouldn't that transfer fall under the money transferred between financial institutions? However, it seems that if it's from two different people, it would still need to be reported?  IDK

My father died before 2020, so I'm not subject to that new rule.  If there's any left when I die, my daughter will though.  She's pretty good with money now so I think she'll figure it out. 

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@Icegoddess 

You would think it would fall under money transferred from one credit union to another credit union. My dad passed in 2016.  

When my FIL passed my MIL received half the house while the other half went to the 4 siblings since there was no Will that's how it works. I told DH all you kids should have signed your rights away so the house stayed in your mom's name. It's her house? The way it was they would end up paying taxes. 9 yrs later the 4 siblings finally went to the lawyer to sign it back to his mom. After my SIL in Ca & SIL in Fl found out they would have to pay taxes on it plus file a return in their state plus file federal & state returns here they didn't want to do that. 

They thought it was inheritance. I told DH not the way the lawyer did it it's not? I said the lawyer set it up with all of you part owners of your mom's house?

[bikerbabe]

Credit union. I’ve used a credit union since I was in college in my 20s and I’ve pretty much never paid fees on anything my entire adult life. They even have a free coin machine.

[Icegoddess]

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@Nightowlz wrote:

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@Icegoddess 

You would think it would fall under money transferred from one credit union to another credit union. My dad passed in 2016.  

When my FIL passed my MIL received half the house while the other half went to the 4 siblings since there was no Will that's how it works. I told DH all you kids should have signed your rights away so the house stayed in your mom's name. It's her house? The way it was they would end up paying taxes. 9 yrs later the 4 siblings finally went to the lawyer to sign it back to his mom. After my SIL in Ca & SIL in Fl found out they would have to pay taxes on it plus file a return in their state plus file federal & state returns here they didn't want to do that. 

They thought it was inheritance. I told DH not the way the lawyer did it it's not? I said the lawyer set it up with all of you part owners of your mom's house?

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@Nightowlz your Dad died in 2016 and you have to liquidate his retirement account within 10 years?  That law didn't go into effect until 2020.  My Dad died in  2014 and I never have to liquidate it.  

My father had a Financial Advisor who actually went up to the VA hospital before his death and had him sign Transfer on Death for all his accounts.  Actually, his secretary thought of it.  That way, he was able to split all of the accounts down the middle between me and my sister.  If it hadn't been for one account he had that wasn't with that Financial Advisor we wouldn't have had to pay to probate the Will which was very simple, basically said split everything hedown the middle between me and my sister.  Anything he wanted to specifically go to us and the grandkids he put in a separate letter in the lockbox with the Will.

I did not like the lawyer we ended up with.  My Dad's former lawyer who had retired recommended him, but he and i had a disagreement over Dad's checking account.  He wanted it frozen until after the Will was probated and I wanted it to stay set up to pay the bills.  I told him I had every right to just clean that account out since my name was on it.  My sister and I went to the bank and the lady at the bank told us not to do it either. She said that was our money.  She called the lawyer's office and said she wouldn't do it and if he had a problem with that to call her.  Of course, he had left for the day, LOL.  

The part about what happens with the house when you die without a Will varies from state to state.  The state I grew up in it used to be the wife would get what is called Life Estate which means she doesn't own it and can't sell it, but can live there for the rest of her life, at which point the children all owned equal shares.  Not sure who would pay taxes on it.  The intestate laws have since changed though.