Sometimes, one has to seek out help

 

 

I've never tried to hide my age, as I'm an old TG woman and see my time on this earth getting shorter and shorter.  This doesn't frighten me as much as the thought of not being able to have my affairs in order at any time.  So, the thought of losing control of things as I'm coming to full retirement benefit age worries me a bit.

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About a month ago, my long time tax preparer decided to retire.  Although I knew this would eventually happen, I was still a little bit shocked when I heard the news.  I never had to look around for someone to take care of this need, and now I have to do a search when I need constancy the most.  The 2023 tax year had me receiving an unexpected bonus payment of a survivor's social security benefit from which taxes should have been withheld. And the 2024 tax year will require that taxes get withheld from benefits paid to me.  Dealing with these things should be simple.  But there are so many of them coming in at once to be dealt with that I can get overwhelmed thinking about them.

Luckily, I have one person I can call for help with my taxes and with tax planning.  Yet, I am looking for more than this person to choose from.  Hopefully, I will find the person I need soon, as I am not looking forward to this year's tax season....

Caught in-between the holidays

 

This past Friday (12/22/23 - as I write this), I put in a phone call to the custodian of my 401k to take a distribution.  I thought everything went well, even though I was on an IVR (Interactive Voice Response) system, as I arranged to take a 401k distribution.  Well, this evening, I found that nothing has gone through yet.  Since this money needs to be distributed before year-end, as not to screw up my tax status for next year, I will need to make another call in the morning and try to reach a human.

I hate IVR systems, but see their value.  Yet, I find that my needs are rarely dealt with properly by these systems.  For example, when I last took a distribution, I made sure that I took out extra money for both Federal and State taxes.  This time, going through the IVR, I could do this for the Federal taxes, but not for the State taxes - I had to guesstimate them, and then include them as a fixed figure.  AARGH!  Things will be much worse next year, as I will need to figure out the total for both Federal and State taxes, and manually enter the amounts to be taken out of my corporate pension to compensate for Social Security issues.  To make things worse, my accountant has retired, and I will need to find someone new before I file my returns for t/y 2023.  

With all this being said, these are first world problems.  I have the resources to take care of things, and will likely consider doing a trustee to trustee transfer of my 401k funds, so that I have more control over them, including tax withholding.

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Why am I mentioning this here now?

Well, I usually have a lot of things to take care of at year end.  A little bit of financial confusion is just a little more stress to add to my life - but a stress that I'm lucky to have compared with many people I know.  For example, one of my acquaintances has not had good health lately.  His relationship with his on/off girlfriend leaves much to be desired.  And his employment record makes him a high risk hire.  He will never escape the claws of defeat.  There are others I know that have been in worse shape than this acquaintance.  So I am grateful to have my set of problems than that of someone else.