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Re: Married Filing Separately in Community Property State--h

flyingbison wrote:Might be easier to get a divorce. :twisted:

Haha, I know, right!?! :shock: ...Only three questions left, though!
by Hastibe
Fri Sep 12, 2014 7:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Married Filing Separately in Community Property State--help!
Replies: 8
Views: 1039

Re: Married Filing Separately in Community Property State--h

It sounds like you may need to find a CPA to help you with your taxes this year. That certainly may be the case! Thanks to help here and elsewhere, though, I've actually been able to answer several of my questions (I've updated my first post with a list of the questions I've had that have been answ...
by Hastibe
Mon Sep 08, 2014 6:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Married Filing Separately in Community Property State--help!
Replies: 8
Views: 1039

Re: Married Filing Separately in Community Property State--h

...And another related question that has come up: ⋅ When splitting community income 50/50 between my wife's and my married filing separately tax returns, do we use nominee procedures for interest and dividend income of ours? Or do we just use Form 8958 (Allocation of Tax Amounts Between Ce...
by Hastibe
Sun Sep 07, 2014 2:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Married Filing Separately in Community Property State--help!
Replies: 8
Views: 1039

Re: How do I report income held in a joint account?

In some states a joint account belongs to the joint owners in proportion to their contributions, while in other states it belongs to them equally. You'll have to check to see which way it works in the applicable state. Thanks for your response--do you have any suggestions about where I can find thi...
by Hastibe
Sat Sep 06, 2014 10:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I report income held in a joint account?
Replies: 7
Views: 563

Re: How do I report income held in a joint account?

Raladic wrote:If your state is a community property state then its 50/50 split.

Ohio isn't a community property state, unfortunately.
by Hastibe
Sat Sep 06, 2014 2:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I report income held in a joint account?
Replies: 7
Views: 563

Re: How do I report income held in a joint account?

What does the IRS say? Try the instructions for form 1040. Or IRS pub 17. I'm sure someone could point you to the right document with this information. Ah, I always forget about Publication 17--good idea! Just looked, and this is what it says under chapter 7 (interest income), on page 57: "Joi...
by Hastibe
Sat Sep 06, 2014 2:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I report income held in a joint account?
Replies: 7
Views: 563

How do I report income held in a joint account?

My wife and I are in one of those unusual situations where it is advantageous for us to file as married filing separately (MFS) this year. My wife and I have earned interest in a savings account held in both of our names (it's a "Joint Account with Right of Survivorship") and this income w...
by Hastibe
Sat Sep 06, 2014 2:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I report income held in a joint account?
Replies: 7
Views: 563

Re: Married Filing Separately in Community Property State--h

One additional question (I thought a Google search would yield an obvious answer, but apparently not!)... ⋅ Throughout the year, my wife and I have earned interest in a savings account held in both of our names (it's a "Joint Account with Right of Survivorship"). This past June, ...
by Hastibe
Sat Aug 30, 2014 4:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Married Filing Separately in Community Property State--help!
Replies: 8
Views: 1039

Re: Married Filing Separately in Community Property State--h

The people who make TurboTax (intuit.com) have the following general advice... Thanks for your response! I appreciate this, though -thanks to those publications that I mentioned at the bottom of my first post, ouf!- I do already have a general understanding of how married filing separately in a com...
by Hastibe
Sat Aug 30, 2014 2:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Married Filing Separately in Community Property State--help!
Replies: 8
Views: 1039

Re: New job, HSA, where to begin

For an individual, $3,300 this year and $3,350 next year for the limits. That's a federal limit, so it shouldn't matter where you put it. I would just add to make sure to check out IRS Publication 969 (Health Savings Accounts and Other Tax-Favored Health Plans), and what it says on page 3 about qua...
by Hastibe
Sat Aug 30, 2014 1:13 am
 
Forum: Investing - Help with Personal Investments
Topic: New job, HSA, where to begin
Replies: 5
Views: 728

Married Filing Separately in Community Property State--help!

This past June, my wife and I moved to Wisconsin, which is a community property state, and we will be filing as married filing separately (MFS) this year (and for many future years), because of how Public Service Loan Forgiveness and Income-Based Repayment work (if you want more on this, please see...
by Hastibe
Fri Aug 29, 2014 5:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Married Filing Separately in Community Property State--help!
Replies: 8
Views: 1039

Re: Looking for financial planning pointers for buying a hou

Thank you for your responses, retiredjg, cvaneuro, and Mike! They are very helpful and I really appreciate it--we'll be pursuing some of the steps y'all recommended.
by Hastibe
Fri Aug 22, 2014 11:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Looking for financial planning pointers for buying a house
Replies: 9
Views: 1091

Re: Looking for financial planning pointers for buying a hou

Thanks for the feedback, Mike, LongerPrimer, and retiredjg--this information and input is really helpful. While you are saving for the house, you will want to make sure your credit is good. Subscribe to Credit Karma to get your FICO score. Go to annualcreditreport.com and make sure there are no erro...
by Hastibe
Sat Aug 16, 2014 2:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Looking for financial planning pointers for buying a house
Replies: 9
Views: 1091

Re: Help with portfolio review/contribution plan (3 question

I think the guideline is a good one. But with interest rates so low, people seem to be impatient with it and want to juice their returns by using something more aggressive. This increases your risk that your money might take a bit of a dive at the worst possible time. Thanks again for your response...
by Hastibe
Fri Aug 15, 2014 10:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio review/contribution plan (3 questions)
Replies: 11
Views: 1463

Looking for financial planning pointers for buying a house

My wife and I feel fairly confident that we'll want to buy a house in about 5 years (so, ~2019), and where we are looking, the market for a house seems to currently be around $250K. Currently, we are trying to figure out what we need to do, so that we will be financially ready to make this move when...
by Hastibe
Fri Aug 15, 2014 10:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Looking for financial planning pointers for buying a house
Replies: 9
Views: 1091

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

For those who have been enjoying learning about passwords, encryption, and decryption, you also might find these articles enlightening/fascinating (at least, I did!): ⋅  What is password hashing? and How Hashes are Cracked ⋅  Anatomy of a hack: How crackers ransack passwords like...
by Hastibe
Thu Aug 14, 2014 2:32 am
 
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 8239

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

What was interesting was when I googled "test security passwords" I got a whole pages of sites which allow you to enter your proposed password (better yet a proxy for it) to see how strong the password is. I tried about half a dozen. The difference of opinions was ridiculous. Some of them...
by Hastibe
Fri Aug 08, 2014 1:11 am
 
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 8239

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

Whoops, I just made a thread about this, and then saw this one, so I deleted my duplicate thread and pasted below what I had written there. Good time to change passwords (over a billion stolen!) Just a heads-up. In case you haven't heard about this ( Russian Crime Ring Amasses Over a Billion Interne...
by Hastibe
Wed Aug 06, 2014 1:34 am
 
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 8239

Re: Help with portfolio review/contribution plan (3 question

The "rule of thumb" you probably saw was something like -for money needed in less than 5 years, use cash, money market, CDs - things that do not lose value -for money need in 5 to 10 years, bring in some bonds -for money needed in more than 10 years, bring in some stocks This was common a...
by Hastibe
Tue Aug 05, 2014 10:37 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio review/contribution plan (3 questions)
Replies: 11
Views: 1463

Re: Backdoor ROTH IRA Process.

Thanks so much for your response, Alan! I must have added the additional update to my previous post just as you posted. I appreciate you looking over my hypothetical 8606 forms a lot. After reviewing what you and others wrote here and in the threads that I linked to in my previous post, it seems lik...
by Hastibe
Sun Aug 03, 2014 11:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: Backdoor ROTH IRA Process.
Replies: 26
Views: 2912

Re: Backdoor ROTH IRA Process.

Now, for 2014, same thing, except for 2014, I will pay taxes on the conversion to ROTH which would be on 30 dollars. Actually, you will pay tax on $40, not $30. Your wife, on the other hand, will have $10 "credit" on paper so at some point in the future, the first $10 of a conversion will...
by Hastibe
Sun Aug 03, 2014 5:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Backdoor ROTH IRA Process.
Replies: 26
Views: 2912

Re: Help with portfolio review/contribution plan (3 question

And if all of that is not complicated enough, there are exceptions which might do away with the penalties.... The obvious way to avoid a problem with this is to avoid letting that $500 ever accrue. The way to do that is to convert to Roth immediately (not wait to try to avoid the possible step doct...
by Hastibe
Fri Aug 01, 2014 11:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio review/contribution plan (3 questions)
Replies: 11
Views: 1463

Re: Help with portfolio review/contribution plan (3 question

Thanks so much for your feedback, retiredjg--I really appreciate it! The emergency fund is not too large in my opinion. Yes, it is unlikely that all that stuff will happen at once, but that is not really the point. One good car wreck could put a serious dent in $18k if you had to replace the vehicle...
by Hastibe
Wed Jul 30, 2014 2:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio review/contribution plan (3 questions)
Replies: 11
Views: 1463

Re: Help with portfolio review/contribution plan (4 question

Series EE bonds haven't paid 4% since the ones issued in 2007, so I assume yours are that old. You could count them as part of your emergency fund. Since they're more than five years old, you wouldn't lose any interest by cashing them. Thanks for your feedback! Yes, the Series EE bonds are old, but...
by Hastibe
Tue Jul 29, 2014 3:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio review/contribution plan (3 questions)
Replies: 11
Views: 1463

Re: Please confirm my back door Roth understanding

Thought you might find these articles by The Finance Buff helpful, Traveller:

by Hastibe
Tue Jul 29, 2014 3:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Please confirm my back door Roth understanding
Replies: 15
Views: 1681

Help with portfolio review/contribution plan (3 questions)

I've really appreciated the advice and insight I've gained from participating on this forum over the years, and I look forward to reading responses to this post and my questions. Thank you for your time and consideration! Emergency funds: 3 months for just regular living expenses @ 0.9% APY Debt: $2...
by Hastibe
Mon Jul 28, 2014 4:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with portfolio review/contribution plan (3 questions)
Replies: 11
Views: 1463

Re: TV show recommendations?

Just finished watching Exile (on Netflix)--it's a British mini-series that aired on the BBC, and I thought it was excellent--great, suspenseful story about a journalist returning home to face a family mystery.
by Hastibe
Tue Jun 17, 2014 10:57 pm
 
Forum: Personal Consumer Issues
Topic: TV show recommendations?
Replies: 304
Views: 143750

Re: Question about filing amended return

But it wasn't a waste. Look at all we have learned! Thanks for getting us started on the road to knowledge. :) Thanks for the positive outlook (and help)--haha, oye, well, I hope this thread at least spares someone else hours and hours of delightful tax amendment preparing time at some point... :P
by Hastibe
Mon Feb 17, 2014 2:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Question about filing amended return

So, I just need to secure the approval of the Secretary, eh? *sigh* See my links above, too (that I edited into my previous post). From the first link: "Rev. Rul. 55-655 The election provided by section 454 of the Internal Revenue Code of 1954 for a taxpayer to treat as income in a taxable year...
by Hastibe
Mon Feb 17, 2014 2:01 am
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Question about filing amended return

I also posted this question on this thread in the Fairmark forum, and someone wrote back saying that "So sorry, you can only change from a tax deferred status to paying annually on savings bonds in a timely filed return." Foo--I would be so bummed if this is the case, but -a ton of Google ...
by Hastibe
Mon Feb 17, 2014 1:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Question about filing amended return

sscritic wrote:Where did you read to write all over your Schedule B with a confession of the error of your previous ways? :)

Haha, okay, I guess that looks like it's unnecessary--I got this silly idea from this thread: viewtopic.php?f=1&t=116975
by Hastibe
Mon Feb 17, 2014 1:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Question about filing amended return

While I was working on putting together my amended tax return today, I realized that if I took the Lifetime Learning Credit, instead of the Tuition and Fees Deduction (it didn't make a difference before), I wouldn't owe any additional tax, after all! :D ...Now, I know it will probably take about a c...
by Hastibe
Mon Feb 17, 2014 12:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Question about filing amended return

That's for certain reimbursements of hurricane-related losses. Here is IRS Notice 2008-95, referred to in the instructions to Form 1040X: http://www.irs.gov/irb/2008-44_IRB/ar09.html. The Notice refers to the applicable statute, section 3082(a) of the Housing and Economic Recovery Act of 2008. Oh, ...
by Hastibe
Sun Feb 16, 2014 10:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Question about filing amended return

Thank you so much for our helpful responses, damjam and MarkNYC! No penalty, but isn't there interest on the unpaid balance? Bruce I was assuming that there would be, but I just read this on page 4 of the Instructions for 1040X , which implies that there might not be, in this case ( whoops, the quot...
by Hastibe
Sat Feb 15, 2014 10:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Question about filing amended return

I recently realized that it would ultimately save me several hundred dollars of taxes if I filed an amended 2012 income tax return in order to report the accrued interest on U.S. savings bonds that I have (this is because I am now in a higher tax bracket, so reporting the accrued interest in 2013 or...
by Hastibe
Sat Feb 15, 2014 12:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Question about filing amended return
Replies: 20
Views: 1218

Re: Hobby or Self-Employment on Income Tax Return?

mptness wrote:What if you deduct the loss from selling the personal items and call it a wash?

That'd be nice, but "you may deduct capital losses only on investment property, not on property held for personal use" (see here), unfortunately.
by Hastibe
Fri Sep 13, 2013 6:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Hobby or Self-Employment on Income Tax Return?
Replies: 17
Views: 1612

Re: Hobby or Self-Employment on Income Tax Return?

Get a grip on yourself man. I woudn't mention this to anyone. You sold something to someone at sometime somewhere and made a little money? And you want to report it as income. What you need an audit in your future or something? Don't mention this as anything to anyone --cchobby or whatever you want...
by Hastibe
Thu Sep 12, 2013 5:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Hobby or Self-Employment on Income Tax Return?
Replies: 17
Views: 1612

Re: Hobby or Self-Employment on Income Tax Return?

stingray5688 wrote:the worst part is that this post is now saved on the internet forever :oops:

Wait... What? :confused
by Hastibe
Thu Sep 12, 2013 12:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Hobby or Self-Employment on Income Tax Return?
Replies: 17
Views: 1612

Hobby or Self-Employment on Income Tax Return?

I occasionally sell items on Amazon and Ebay--in the past, these items have been personal-use property (which I sell for less than what I bought them for and thus have no tax liability). I enjoy selling items on Amazon and Ebay, because it's nice to get rid of an item that I'm not using, which someo...
by Hastibe
Thu Sep 12, 2013 11:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Hobby or Self-Employment on Income Tax Return?
Replies: 17
Views: 1612

Re: Two Capital Gains Questions (selling on Amazon / Ebay)

Aptenodytes wrote:I can't tell if this is a troll or sincere, but the answer is "don't worry about it."

What can I say? I like doing things by the book, I guess. :P Well, thanks for the advice and for humoring me!
by Hastibe
Thu Sep 12, 2013 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Two Capital Gains Questions (selling on Amazon / Ebay)
Replies: 4
Views: 373

Re: Two Capital Gains Questions (selling on Amazon / Ebay)

On question 1, try this link . :wink: My first search result was this: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Tax-Tips-for-Online-Auction-Sellers Okay, very funny... :shock: I actually have done that Google search already, and have already read a lot of the articles on t...
by Hastibe
Thu Sep 12, 2013 8:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Two Capital Gains Questions (selling on Amazon / Ebay)
Replies: 4
Views: 373

Two Capital Gains Questions (selling on Amazon / Ebay)

Hello everyone! I've been selling some personal-use property on Amazon and Ebay, and related to that I have two questions about capital gains (below)--any help would be much appreciated! 1. As an example, one of the items I sold was an old Walkman of my dad's (he gifted it to me)--I sold it for $13 ...
by Hastibe
Thu Sep 12, 2013 8:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Two Capital Gains Questions (selling on Amazon / Ebay)
Replies: 4
Views: 373

Re: USAA to Geico for auto insurance?

I've found that AAA rivals (and sometimes beats) Geico for car insurance premiums, too--just a FYI.
by Hastibe
Thu Jul 11, 2013 10:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: USAA to Geico for auto insurance?
Replies: 19
Views: 3882

Re: Need Advice for Newbie Investor-18 Year Old Son

Anyone else with votes on good brokerage accts for our son? Simple flexible, low costs for MFs and ETFs, etc...? I have accounts with TD Ameritrade, and I've been very pleased with their customer service and online interface (and the fact that they have no account fees or minimum balances). They ha...
by Hastibe
Sun Jun 30, 2013 11:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need Advice for Newbie Investor-18 Year Old Son
Replies: 12
Views: 792

Re: VIG OK In Taxable?

Check out the second part of this post (and the subsequent posts) in this thread. Hope this helps answer your question!
by Hastibe
Sun Jun 30, 2013 5:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: VIG OK In Taxable?
Replies: 2
Views: 526

Re: New member seeking investment advice

Welcome to the forum! :happy I highly encourage you to check out the Getting Started page on the Bogleheads Wiki, as well as the Bogleheads investment philosophy --I think these two pages, and the wiki pages they link to, will answer a lot of the questions that you have. Also, you might consider edi...
by Hastibe
Sun Jun 30, 2013 10:09 am
 
Forum: Investing - Help with Personal Investments
Topic: New member seeking investment advice
Replies: 3
Views: 195

Re: Portfolio review and advice - update 2

If I understand the principle, the benefit of having international funds in the taxable account is to take advantage of the foreign tax credit; however, the international funds seem to have greater tax implications...does this cancel out the benefit of the foreign tax credit and therefore make sens...
by Hastibe
Sat Jun 29, 2013 11:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio review and advice - update 2
Replies: 5
Views: 976

Re: What parameters do you track in your portfolio spreadshe

Wow, I think it's really interesting to see how everyone has designed their portfolio spreadsheet--in case other people are also finding it interesting, here's what mine looks like, just to add another:

Image
by Hastibe
Thu Jun 27, 2013 3:02 pm
 
Forum: Investing - Theory, News & General
Topic: What parameters do you track in your portfolio spreadsheet?
Replies: 89
Views: 15606

Re: Portfolio review and advice - update 2

Additionally my wife and I have this week finished paying off her $180,000 ($160,000 in principle, only $20,000 in interest) @6.8% med school loans in only 20 months! :beer Congrats! That's terrific! I'm jealous--my wife has almost exactly the same amount of med school loans as your wife originally...
by Hastibe
Tue Jun 25, 2013 7:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio review and advice - update 2
Replies: 5
Views: 976

Re: 27 year old Roth IRA advice please!!!

Welcome to the forum! It would be helpful to have some more information, to help ensure that you get the most informed advice. If you could edit your post to include the information specified here, that would be very helpful!
by Hastibe
Tue Jun 25, 2013 7:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: 27 year old Roth IRA advice please!!!
Replies: 2
Views: 318
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