Welcome to the crowd Ron.
I also have an estimate for my payment needed to the IRS. I have to write 4 checks for a total of almost $100,000 on April 15, versus less than $10,000 last year. And for the next four years, I'll pay $100,000 a year due to my conversion of a rollover and contributory IRA to Roth status. The total I will pay over the five years will be 4-5 times the cumulative total I have paid in my entire life to this point (I'm 42 till next week). No wonder the budget is balanced now.
The good news, is that my accountant said that I can't work this year, since my wife works and we can't exceed $100,000 in earned income (before the Roth conversion taxable amount). And if my wife and I convert one IRA per year for the next three years (99-2001), I can't work any of those years either. I rushed right home and told my wife, and as you can expect, she was thrilled. I told her "Whadda you complaining about? You have me (the homemaker) at home, cleaning the house, washing the clothes etc.
She said "Sure."
Well back on topic, the Hang Seng opened down about 3%. Tomorrow should be interesting. In times of trouble, its comforting to know that we hold a stock worth well above the current price.
Paul |
