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Re: How do you define "being rich"?

Novine wrote:I would say we're fortunate in many ways that have nothing to do with how much money we make or have in the bank or stashed away for retirement. It's all about perspective.

+100!
by HueyLD
Sat Dec 20, 2014 11:41 am
 
Forum: Personal Consumer Issues
Topic: How do you define "being rich"?
Replies: 91
Views: 4462

Re: Charitable Contribution from IRA

I don't know how Fidelity arrived at the conclusion that the charity had to cash the QCD check by 12/31. I cannot find any evidence of that requirement in the technical explanation of the PPA (2006) which initiated QCDs. It is also not a requirement in Sec 170 for a check donation to a charity. It ...
by HueyLD
Fri Dec 19, 2014 8:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1360

Re: Charitable Contribution from IRA

pshonore: I don't think you can have check writing privileges on an IRA account. Maybe someone else will comment more authoritatively. Fidelity allows check writing on certain funds for IRAs as long as you are at least 59 1/2. They even have a form for that. https://scs.fidelity.com/accounts/pdf/ir...
by HueyLD
Fri Dec 19, 2014 8:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1360

Re: Recharacterizations, Explanations, and E-filing (Turbota

Yes, you got it.

We have a joke among us doing taxes for others. The joke is: there is a different MAGI definition for every tax code. :D
by HueyLD
Thu Dec 18, 2014 2:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterizations, Explanations, and E-filing (Turbotax)
Replies: 17
Views: 1034

Re: Recharacterizations, Explanations, and E-filing (Turbota

Alan, Also, one more question to clarify, as the conflicting info online made me really dig into it and I wanted a second opinion, with the hope that you are already familiar with it and can put this to rest. I poured over the IRS form 8880 (saver's credit) as well as the IRS website on the saver's...
by HueyLD
Thu Dec 18, 2014 2:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterizations, Explanations, and E-filing (Turbotax)
Replies: 17
Views: 1034

Re: Effect of 0.79 correlation: fantasy vs. reality

Nisi said:
The light green line shows mixes of the S&P 500 and the riskless asset.

What's the mix?

Also, how did Nisi come up with the best possible mix of S&P and SC?
by HueyLD
Thu Dec 18, 2014 11:17 am
 
Forum: Investing - Theory, News & General
Topic: Effect of 0.79 correlation: fantasy vs. reality
Replies: 52
Views: 3397

Re: Turbotax Roth Conversion: Contrib CF Basis? [Carry-Forw

Well, the amount is indeed your basis in ROTH IRA. It is the amount you already paid taxes on conversion.

I think you might be confused thinking that the amount was related to your traditional IRA.

TT is correct.
by HueyLD
Wed Dec 17, 2014 8:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Turbotax Roth Conversion: Contrib CF Basis? [Carry-Forward]
Replies: 3
Views: 281

Re: Charitable Contribution from IRA

AFAIK, the one year tax extension bill passed the House and Senate and is now waiting on the President's signature. That would extend QCD for 2014 only.... And it's not retroactive so any contributions you made before the passage don't count. That's absolutely false. The extender applies to QCDs ma...
by HueyLD
Wed Dec 17, 2014 7:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1360

Re: What do you do when you don't know the cost basis?

I always suggest that if you can't find an accurate basis the IRS won't be able to do any better. The IRS has no burden of proof. If you can't provide documentation or a reasonable estimate that they will accept, they will deem the basis to be zero. That said, the agents that I have dealt with have...
by HueyLD
Wed Dec 17, 2014 5:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: What do you do when you don't know the cost basis?
Replies: 5
Views: 675

Re: What do you do when you don't know the cost basis?

Questions to ask:

(1) Did they live in a community property state?

(2) Did they (does the surviving spouse) have a broker/advisor that can help? Does the spouse know something, anything?

(3) Does the spouse have brokerage statements and tax returns from prior years?
by HueyLD
Wed Dec 17, 2014 4:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: What do you do when you don't know the cost basis?
Replies: 5
Views: 675

Re: Planning next year Roth conversion (child tax credit)

Roth IRA conversion does not preclude you from getting Savers credit per se. The instructions specifically exclude distributions from your IRA (other than a Roth IRA) that have been rolled over or converted to your Roth IRA to be included in Line 4. Obviously, if you converted too much and pushed th...
by HueyLD
Wed Dec 17, 2014 3:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Planning next year Roth conversion (child tax credit)
Replies: 10
Views: 700

Re: Charitable Contribution from IRA

You can either exclude the QCD from income, or deduct it as an itemized deduction. You cannot do both.

No double dipping!!

p.s. Senate just passed the extenders and the POTUS is expected to sign.
by HueyLD
Wed Dec 17, 2014 1:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1360

Re: Apple software update / can no longer highlight text

Thanks for the alert. I think I will wait for all the bugs to be worked out before I click on the update button.
by HueyLD
Sun Dec 14, 2014 9:20 am
 
Forum: Personal Consumer Issues
Topic: Apple software update / can no longer highlight text
Replies: 10
Views: 1187

Re: Two Policies Under ACA Exchange

1. Can we purchase two separate policies on the Exchange, one for H and one for W? 2. If we do get two policies, are we eligible for the subsidies (which can only be claimed on a jointly filed tax return)? That scheme won't work for married couple unless you divorce during the year. The law doesn't...
by HueyLD
Sat Dec 13, 2014 1:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Two Policies Under ACA Exchange
Replies: 4
Views: 624

Re: IRS Form 5498 - IRA Contribution Info

Vanguard says: "The forms are posted in our secure online Tax Center as soon as they're available.* If you still receive paper copies by mail, you should receive them shortly after they're posted online. (If you've added tax forms to your Vanguard e-service package, we'll send you an e-mail as ...
by HueyLD
Sun Dec 07, 2014 2:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRS Form 5498 - IRA Contribution Info
Replies: 3
Views: 343

Re: Do I now qualify for medical benefits?

IRS has actually issued guidelines and safe harbors for the determination of full time employees for shared responsibility for employers. It is not an easy read, but you can read it yourself. It may be necessary to consult a lawyer who is familiar with that section of the law. http://www.irs.gov/pub...
by HueyLD
Sat Dec 06, 2014 5:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do I now qualify for medical benefits?
Replies: 3
Views: 396

Re: Family jewels, kind of.

I think you may have to forgo the surprise element and have her on board with your concerns. Explain to her what you have done and ask for her honest opinion. After all, she is the one who will wear the ring.
by HueyLD
Sat Dec 06, 2014 4:46 pm
 
Forum: Personal Consumer Issues
Topic: Family jewels, kind of.
Replies: 44
Views: 3319

Re: TurboTax '14 Deluxe (Desktop) Excludes Schedule D

ddunca1944 wrote:I'm considering TaxAct after years of using TT. Does TaxAct allow one to save the file as a pdf file?

Yes.
by HueyLD
Sat Dec 06, 2014 4:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 140
Views: 16763

Re: Family jewels, kind of.

I think you need to talk with your GF first. If she doesn't like her parents' diamonds, you are off the hook. If she likes them, then the option may be limited.
by HueyLD
Sat Dec 06, 2014 3:57 pm
 
Forum: Personal Consumer Issues
Topic: Family jewels, kind of.
Replies: 44
Views: 3319

Re: Do I now qualify for medical benefits?

1. What are the Employer Shared Responsibility provisions? For 2015 and after, employers employing at least a certain number of employees (generally 50 full-time employees or a combination of full-time and part-time employees that is equivalent to 50 full-time employees) will be subject to the Empl...
by HueyLD
Sat Dec 06, 2014 3:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do I now qualify for medical benefits?
Replies: 3
Views: 396

Re: TurboTax '14 Deluxe (Desktop) Excludes Schedule D

I posted the following on the other TT thread: Here is what Bob Meighan said on amazon.com: "As others have mentioned, you CAN use forms mode to complete Schedule D and then mail the forms. You are NOT required to upgrade." For all the fireworks, see this thread on amazon.com. http://www.a...
by HueyLD
Sat Dec 06, 2014 2:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 140
Views: 16763

Re: Vanguard Turbo Tax prices anounced

Here is what Bob Meighan said on amazon.com: As others have mentioned, you CAN use forms mode to complete Schedule D and then mail the forms. You are NOT required to upgrade. For all the fireworks, see this thread on amazon.com. http://www.amazon.com/gp/review/R3K23YHYBRRHX3/ref=cm_cr_pr_viewpnt?ie=...
by HueyLD
Sat Dec 06, 2014 2:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Turbo Tax prices anounced
Replies: 57
Views: 7765

Re: Reverse Mortgages

Today's WSJ raised a question I need help with. When a house on a reverse mortgage program is sold, after the last mortgage holder dies, and the estate does not want to keep the house, what happens if the amount the house is ultimately sold for does not cover the reverse mortgage loan? Is the estat...
by HueyLD
Sat Dec 06, 2014 11:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Reverse Mortgages
Replies: 7
Views: 559

Re: Vanguard Turbo Tax prices anounced

Tom, Vanguard's website may not be up to date. All I can tell you is what I saw on amazon.com. My "interpretation" of Bob Meighan's comments is that as long as one goes thru the interview mode, one can efile. However, if one chooses to bypass the interview mode (i.e. fill in the forms dire...
by HueyLD
Sat Dec 06, 2014 10:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Turbo Tax prices anounced
Replies: 57
Views: 7765

Re: Vanguard Turbo Tax prices anounced

Not free for Flagship if you need to file Sched D (its 9.99 and requires the Premier product) Based on what Bob Meighan said on amazon.com, one can still use the Deluxe version to prepare Sch. D, but the interview mode won't be available. As a result, efiling is not allowed and one must mail in the...
by HueyLD
Sat Dec 06, 2014 9:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Turbo Tax prices anounced
Replies: 57
Views: 7765

Re: Vanguard Turbo Tax prices anounced

tommoran2 wrote:For Flagship clients, does the Desktop Download pricing (9.99) allow you to PRINT a final State return which can be filed via paper ?

This was the case LAST year. (The only diff this year is the 9.99 charge as I see it)

You got it.
by HueyLD
Fri Dec 05, 2014 8:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Turbo Tax prices anounced
Replies: 57
Views: 7765

Re: Vanguard Turbo Tax prices anounced

Flagship: Federal: Premier online $9.99 desktop $9.99 state included https://personal.vanguard.com/us/insights/taxcenter/qdi/turbotax There is a conflicting information on that page. For example: Premier download is shown as $9.99 (state included), but a few lines down it shows "State $39.99.&...
by HueyLD
Fri Dec 05, 2014 5:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Turbo Tax prices anounced
Replies: 57
Views: 7765

Re: HSA

See http://whitecoatinvestor.com/choosing-an-hsa-provider/ HSA Administrators I actually met the owner of HSA Administrators at a Bogleheads conference, and he seemed to be a great guy. They are very up-front about fees, and use Vanguard funds for their investment options (and in fact Vanguard links...
by HueyLD
Wed Dec 03, 2014 4:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA
Replies: 8
Views: 867

Re: Federal Open Season - Dental

rkhusky wrote:Our kids are entering the orthodontia phase, so we signed up for dental insurance last year, since you need 1 year before they will pay out.

I think the one-year waiting period has been removed since 1/1/2014.
by HueyLD
Wed Dec 03, 2014 1:52 pm
 
Forum: Personal Consumer Issues
Topic: Federal Open Season - Dental
Replies: 6
Views: 835

Re: Unexpected Medicare surcharge, Charitable contribution

The notice provides some exceptions as a basis for a reconsideration, but doesn't include the circumstances above. Anyone have experience with successfully appealing this sort of decision. The total surcharge, for Parts B and D total $54 a month. Too bad you missed the deadline of Oct.15 for Rechar...
by HueyLD
Tue Dec 02, 2014 1:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Unexpected Medicare surcharge, Charitable contribution
Replies: 2
Views: 368

Re: Savings Bond Wizard update keeps failing

My Savings Bond Wizard wants to update but every time I try to do it, it bombs out. I leaves a window titled "0% Extacting" that won't go away until I reboot. Anyone else having this problem? It appears to be problems with your computer. You may have to delete and reinstall the wizard if ...
by HueyLD
Mon Dec 01, 2014 1:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Savings Bond Wizard update keeps failing
Replies: 4
Views: 606

Re: What to measure as to "tightening the belt"

Tangentially, now that we are in full retirement and need to sort of recalibrate our financial life, I've started something doing something that's really easy to do and amazingly informative. I've never heard of doing this but I don't know why everyone doesn't do it. Every few weeks, I go to our ba...
by HueyLD
Sun Nov 30, 2014 11:20 am
 
Forum: Personal Finance (Not Investing)
Topic: What to measure as to "tightening the belt"
Replies: 11
Views: 1279

Re: Total distributions in annual report vs actual distribut

Vanguard fund is on fiscal year ending October 31 and your calculation is based on a calendar year.

0.636 Dec 2012
0.125 Mar 2013
0.599 Jun 2013
0.230 Sep 2013

1.590
by HueyLD
Sun Nov 30, 2014 11:08 am
 
Forum: Investing - Theory, News & General
Topic: Total distributions in annual report vs actual distribution
Replies: 3
Views: 534

Re: Any State Farm employees/retirees here?

Someone asked a similar question at the early retirement forum. My sister and her ex are over 55, so she can draw anytime now. Her tentative statement has a "without early retirement subsidy" column and an "early retirement " column. If we are reading this correctly, if she choos...
by HueyLD
Sat Nov 29, 2014 3:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Any State Farm employees/retirees here?
Replies: 5
Views: 636

Re: Paying Medicare premiums with FSA

Did you not read the previous two posts? Tax advantaged accounts such as FSA and HSA have special restrictions as to what the funds can be used for.

Again, one cannot use FSA money to pay for insurance premiums.
by HueyLD
Tue Nov 25, 2014 9:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paying Medicare premiums with FSA
Replies: 6
Views: 612

Re: Paying Medicare premiums with FSA

Can one use FSA (Flex Spending Account) money to pay Medicare Part D & Medigap (Medicare supplement Insurance) premiums? Tried to get answers from the IRS, but can't connect with anyone. My employer's FSA company claims I can, but am not certain I trust their answer. It will make a major differ...
by HueyLD
Tue Nov 25, 2014 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paying Medicare premiums with FSA
Replies: 6
Views: 612

Re: Turbo Tax - Returns for different people & different sta

The Schedule D reporting rules have changed again for year 2014. From the IRS Pub 4012: Exception to Entering Each Transaction on a Separate Row When a taxpayer’s Form 1099-B includes so many transactions that it is not practical to enter each one, use the following procedure. 1. Divide the transact...
by HueyLD
Tue Nov 25, 2014 2:21 pm
 
Forum: Personal Consumer Issues
Topic: Turbo Tax - Returns for different people & different states
Replies: 6
Views: 670

Re: Did I overcontribute to my HSA? What do I do now?

Since the amount of over-contribution is only approx. $450, the 6% penalty on $450 is $27 which is only $2 over the withdrawal fee for the excess. You can contribute $450 less than the year 2015 max of $6650 and fix the problem in two years. In other words, go ahead and pay $27 of penalty for year 2...
by HueyLD
Mon Nov 24, 2014 4:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Did I overcontribute to my HSA? What do I do now?
Replies: 7
Views: 551

Re: What percent "Boglehead" are you?

91.1357924680 calculated by a proprietary method.
by HueyLD
Sat Nov 22, 2014 1:52 pm
 
Forum: Investing - Theory, News & General
Topic: What percent "Boglehead" are you?
Replies: 120
Views: 7856

Re: Best book on Medicare?

Medicare & You. http://www.medicare.gov/Pubs/pdf/10050.pdf

You can pick up a paper copy at your local SSA office.
by HueyLD
Sat Nov 22, 2014 11:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Best book on Medicare?
Replies: 3
Views: 472

Re: Jim Cramer dad & LTCI

I assisted a client and a friend on filing for their LTC benefits after qualifying events. In each case, the LTC insurance company paid as agreed. It didn't hurt that my state requires an independent third party to be involved in every LTC claim. As with every situation, facts matter. FWIW, I have n...
by HueyLD
Sat Nov 22, 2014 10:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Jim Cramer Dad & LTCI
Replies: 30
Views: 3583

Re: Help with OpenOffice Calc Please

You need to use ; (semicolon) instead of , (comma).
by HueyLD
Wed Nov 19, 2014 8:50 pm
 
Forum: Personal Consumer Issues
Topic: Help with OpenOffice Calc Please
Replies: 2
Views: 539

Re: Former Employer Won't Refund Excess 401K Contribution

Are there any IRS docs that you can point me to that provide the relevant IRS policy for this situation? http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics---What-Happens-When-an-Employee-has-Elective-Deferrals-in-Excess-of-the-Limits%3F If an employee's total deferral...
by HueyLD
Wed Nov 19, 2014 5:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Former Employer Won't Refund Excess 401K Contribution
Replies: 5
Views: 1217

Re: health care subsidy technicality

Awesome! Definitely sounds like I can include my son in the calculation. Just hope that when tax time comes around the tax forms will agree since he will not be showing up on my 1040 as a dependent. He will be filing his own tax return. Make sure you read the link to the draft form 8962. Being able...
by HueyLD
Wed Nov 19, 2014 1:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: health care subsidy technicality
Replies: 6
Views: 671

Re: Dealing with pressure for "social donations" at work

This kind of crap is so prevalent in Corporation America. Where I used to work, the CEO decided that 100% participation in donations to the United Way was the corporate goal and each supervisor/manager was told to "make sure" that we met that goal. And those who refused to help the company...
by HueyLD
Thu Nov 13, 2014 3:28 pm
 
Forum: Personal Consumer Issues
Topic: Dealing with pressure for "social donations" at work
Replies: 167
Views: 10841

Re: Obligation to Parents?

I come from an Asian background and my husband is white. My parents were frugal and managed to save up over a million for retirement on a blue collar salary. So yes, you could say there were responsible. However, due to my sibling basically defrauding them of all their money, and then some serious ...
by HueyLD
Thu Nov 13, 2014 2:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Obligation to Parents?
Replies: 77
Views: 4308

Re: Federal Employees: BCBS Basic or GEHA HDHP Health Insura

As a note the math entirely falls apart if you hit catastrophic limits on the HDHP, no amount of tax benefits makes it a better choice than the BCBS or other similar plans. Let's hope that is rare! Could you please elaborate? I'm not quite sure if I understand all the terminology correctly. Thanks....
by HueyLD
Thu Nov 06, 2014 4:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Federal Employees: BCBS Basic or GEHA HDHP Health Insurance?
Replies: 40
Views: 2651

Re: Tax Benefits of a house

we got our house late last year, and learned that with just a few months of interest payments, it made our itemized deduction just barely equal our standard deduction. But for this year, with a full year of mortgage payments, we'll be itemizing like crazy. Easy Rhino, Did you add PMI paid (if any) ...
by HueyLD
Thu Nov 06, 2014 1:42 pm
 
Forum: Personal Consumer Issues
Topic: Tax Benefits of a house
Replies: 12
Views: 1523

Re: Any Legal ways to lower MAGI for ACA signup?

Doesn't MAGI add back in contributions to retirement plans?

No.

Muni bond fund interest is tax-exempt, but does it show up under MAGI ?

Yes.
by HueyLD
Mon Nov 03, 2014 11:12 am
 
Forum: Personal Finance (Not Investing)
Topic: Any Legal ways to lower MAGI for ACA signup?
Replies: 34
Views: 4389
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