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Re: Alternative to reverse mortgage for aging mother's new h

Whoa! Aging mother is 73? That's not aging. She's in her prime.

ps: I'll be 74 next month.
by cheese_breath
Sat Dec 20, 2014 7:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Alternative to reverse mortgage for aging mother's new home
Replies: 5
Views: 176

Re: How do you define "being rich"?

VictoriaF wrote:
cheese_breath wrote:Rich is like pornography. You can't define it, but you'll know it when you see it.


That makes the Bogleheads a red-light district.

Victoria

So all the yield discussions are naughty?
by cheese_breath
Sat Dec 20, 2014 5:38 pm
 
Forum: Personal Consumer Issues
Topic: How do you define "being rich"?
Replies: 57
Views: 2268

Re: Alternative to reverse mortgage for aging mother's new h

I think her reverse mortgage is set up to make her house payment for her...not sure...and she's not able to fully explain the reverse mortgage to me. We expect she will get $30 to $40k out of her modest house when she sells it.... There is no house payment on a reverse mortgage except when she sell...
by cheese_breath
Sat Dec 20, 2014 5:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Alternative to reverse mortgage for aging mother's new home
Replies: 5
Views: 176

Re: How do you define "being rich"?

Rich is like pornography. You can't define it, but you'll know it when you see it.
by cheese_breath
Sat Dec 20, 2014 4:57 pm
 
Forum: Personal Consumer Issues
Topic: How do you define "being rich"?
Replies: 57
Views: 2268

Re: How do you define "being rich"?

More than I have...
by cheese_breath
Sat Dec 20, 2014 11:29 am
 
Forum: Personal Consumer Issues
Topic: How do you define "being rich"?
Replies: 57
Views: 2268

Re: Stop contributing to 401k to pay off CC

Erwin007 wrote:Yes.

Nothing else to say.

Something else to say... Once you get the CC paid off, cut it up and get back into the 401K.
by cheese_breath
Sat Dec 20, 2014 10:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Stop contributing to 401k to pay off CC
Replies: 12
Views: 483

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........Gordon I'm surprised too, but apparently you can. See below from Vanguard and TD Ameritrade. I would guess others too. https://personal.vanguard.com/us/whatwe...
by cheese_breath
Fri Dec 19, 2014 8:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

Re: Charitable Contribution from IRA

placeholder wrote:
cheese_breath wrote:Thanks guys. Too late for me this year, but at least I'll know better in 2105.

An optimist!

Never can plan too far ahead. :wink:
by cheese_breath
Fri Dec 19, 2014 12:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

Re: Charitable Contribution from IRA

We may also do as last year and wait to have checks made out at the end of December for some of the charities we planned to give to in the next year, since we don't know if QCD will be available next year. This also lowers the RMD for next year. So let's say I give $100 per month to some charity. C...
by cheese_breath
Fri Dec 19, 2014 11:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

Re: Charitable Contribution from IRA

We may also do as last year and wait to have checks made out at the end of December for some of the charities we planned to give to in the next year, since we don't know if QCD will be available next year. This also lowers the RMD for next year. So let's say I give $100 per month to some charity. C...
by cheese_breath
Fri Dec 19, 2014 10:50 am
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

Re: Charitable Contribution from IRA

Thanks guys. Too late for me this year, but at least I'll know better in 2105.
by cheese_breath
Fri Dec 19, 2014 10:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

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 cheese_breath
Fri Dec 19, 2014 9:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

Re: Real Estate property vs index funds for kids

Real estate also has the disadvantage of being a tangible asset. Something that requires you pay taxes and insurance on every year, and something the kids may have problems unloading if they don't want to live in it or can't because their first job is in another city. A couple houses are a lot less ...
by cheese_breath
Thu Dec 18, 2014 2:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: Real Estate property vs index funds for kids
Replies: 10
Views: 964

Re: Charitable Contribution from IRA

BL wrote: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.
by cheese_breath
Wed Dec 17, 2014 7:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Charitable Contribution from IRA
Replies: 39
Views: 1354

Re: Comcast Performance 25 Mbps vs Blast 105 MBps

Unless you intend to do some real intensive online gaming the 25 mbps is more than adequate. That's what I have. Often my wife will be streaming a movie while I'm streaming a sporting event at the same time without any problems.
by cheese_breath
Wed Dec 17, 2014 5:40 pm
 
Forum: Personal Consumer Issues
Topic: Comcast Performance 25 Mbps vs Blast 105 MBps
Replies: 17
Views: 1888

Re: What's your withdrawal rate for 2014?

This could be very misleading if I am still working and answer 0% or negative if you are still saving. Or retired and pensions and SS covered yearly expenses. My point is that my guess is that most people here are still working. Let's say they are making $100000 and are withdrawing anything, is tha...
by cheese_breath
Wed Dec 17, 2014 5:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: What's your withdrawal rate for 2014?
Replies: 26
Views: 2609

Re: What's your withdrawal rate for 2014?

Sidney wrote:
tennisplyr wrote:This could be very misleading if I am still working and answer 0%

or negative if you are still saving.

Or retired and pensions and SS covered yearly expenses.
by cheese_breath
Wed Dec 17, 2014 4:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: What's your withdrawal rate for 2014?
Replies: 26
Views: 2609

Re: Gift to Yourself

Boonedog wrote:
cheese_breath wrote:
Boonedog wrote:Remington 12 Gauge Model 870 Express for Home and Bear defense.

What kind of wimpy bear needs a shot gun to defend himself? :twisted:


The Bears are wimpy round these parts so thats why I reserve the right to Arm Bears. :D

Good one. :thumbsup
by cheese_breath
Tue Dec 16, 2014 9:57 pm
 
Forum: Personal Consumer Issues
Topic: Gift to Yourself
Replies: 34
Views: 3993

Re: ROTH Conversion and RMD Sequence

vineman93 wrote:I do not know why it would matter as long as the required RMD was done before the end of the year but logic does not always apply to the IRS rules.

You got it! :D
by cheese_breath
Tue Dec 16, 2014 4:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: ROTH Conversion and RMD Sequence
Replies: 4
Views: 511

Re: Over witholding in Roth Conversion

There are two basic ways to do a Traditional IRA to Roth IRA Conversion. You can pay the taxes from the TIRA which results in a smaller balance transferring to the Roth IRA. The second option is to pay the conversion taxes from separate taxable assets. In this case all assets transfer from the TIRA...
by cheese_breath
Tue Dec 16, 2014 12:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Over witholding in Roth Conversion
Replies: 14
Views: 678

Re: Should I buy house with a crack?

Thank you for the replies. I think we will look for another home. This home has a great view and is in an excellent location, but I also "am chicken" as Calm Man mentioned above. So best not to spend my life worrying all the time about the foundation. Thanks! It's a very risk-averse crowd...
by cheese_breath
Tue Dec 16, 2014 12:43 am
 
Forum: Personal Consumer Issues
Topic: Should I buy house with a crack?
Replies: 29
Views: 3198

Re: Over witholding in Roth Conversion

What is your age? If < 59.5 years old, won't you get penalized for the amount withdrawn from TIRA but not converted to Roth.....in your case, the amount withheld at 10% penalty. That means in your initial example, even the $1,800 you do owe would incur the extra 10% penalty if you're less than 59 1...
by cheese_breath
Tue Dec 16, 2014 12:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Over witholding in Roth Conversion
Replies: 14
Views: 678

Re: Over witholding in Roth Conversion

I can't think of any situation where the government would penalize you for loaning it your money interest free.
by cheese_breath
Mon Dec 15, 2014 11:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Over witholding in Roth Conversion
Replies: 14
Views: 678

Re: Roth IRA Clarification

Have you seen this yet?

viewtopic.php?f=2&t=153033
by cheese_breath
Mon Dec 15, 2014 10:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Clarification
Replies: 6
Views: 589

Re: Helping out family members

flyingaway wrote:...If I were you, I would need to know what caused their financial problem(s)....

Me too. I'd be a lot more sympathetic if it was something beyond their control than if they had mismanaged or squandered their money.
by cheese_breath
Mon Dec 15, 2014 8:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Helping out family members
Replies: 64
Views: 4398

Re: Gift to Yourself

Boonedog wrote:Remington 12 Gauge Model 870 Express for Home and Bear defense.

What kind of wimpy bear needs a shot gun to defend himself? :twisted:
by cheese_breath
Mon Dec 15, 2014 8:10 pm
 
Forum: Personal Consumer Issues
Topic: Gift to Yourself
Replies: 34
Views: 3993

Re: Dealer Regular Sched. Maintenance Question

For the most part just make sure fluids (oil, transmission, anti-freeze) are changed regularly and wait until anything else needs it. For example you should be able to tell on your own if brakes need looking-at or tires need replacement. If it ain't broke don't fix it.
by cheese_breath
Mon Dec 15, 2014 11:26 am
 
Forum: Personal Consumer Issues
Topic: Dealer Regular Sched. Maintenance Question
Replies: 15
Views: 786

Re: Are all computer printers now wireless?

Thanks everyone. I now see that what I thought was the ethernet port is really the USB port. This model only has USB port, not ethernet, and I was confused because it is square. The big problem is that they don't send an instruction manual any more, and I could not find the online manual. I feel ki...
by cheese_breath
Mon Dec 15, 2014 10:22 am
 
Forum: Personal Consumer Issues
Topic: Are all computer printers now wireless?
Replies: 33
Views: 2033

Re: Roth conversion tax question

There are two different 5 year rules. See this: https://www.kitces.com/blog/understanding-the-two-5-year-rules-for-roth-ira-contributions-and-conversions/ Of particular note is, "Thus, for those who are already over age 59 1/2 (or totally disabled), the Roth conversion 5-year rule is essential...
by cheese_breath
Mon Dec 15, 2014 12:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth conversion tax question
Replies: 23
Views: 1258

Re: Humidifiers?

Sinuses are one thing, but how's your furniture doing? Might want to check. We had a dining room table surface crack after a few winters of low humidity. We decided it was cheaper to install a whole house humidifier than risk cracking it's replacement and possibly other furniture too.
by cheese_breath
Mon Dec 15, 2014 12:40 am
 
Forum: Personal Consumer Issues
Topic: Humidifiers?
Replies: 14
Views: 963

Re: Should I buy house with a crack?

rob wrote:Don't guess... pay a structural engeneer to make a determination.

+1 Yes, do that.
by cheese_breath
Mon Dec 15, 2014 12:15 am
 
Forum: Personal Consumer Issues
Topic: Should I buy house with a crack?
Replies: 29
Views: 3198

Re: Roth, 401k, or Taxable?

I would add a choice D)... pay off car loan. But since we don't know what her interest rate is we can't comment on that anyway. Of A, B, and C I would rule out C for now, but possibly reconsider it when she becomes employed. There's no reason to postpone investing for her retirement. The sooner she ...
by cheese_breath
Mon Dec 15, 2014 12:10 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth, 401k, or Taxable?
Replies: 8
Views: 666

Re: Comcast's XFINITIWIFI

thanks for posting this. i just checked and i have it too! didn't opt in either. looks like a call to comcast will need to be made on monday. if ya got comcast -- check your available connections! actually...i've procrastinated getting my own modem (about $100) and stopping the $9 monthly rental fe...
by cheese_breath
Sat Dec 13, 2014 5:51 pm
 
Forum: Personal Consumer Issues
Topic: Comcast's XFINITIWIFI
Replies: 29
Views: 2300

Re: At what age did you find dream job?

Age 56, when I retired. Retirement was always my career goal, and I reached it at 56. I have no desire to ever quit this job.
by cheese_breath
Sat Dec 13, 2014 12:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: At what age did you find dream job?
Replies: 32
Views: 2669

Re: Roth conversion, re-characterization, taxes

I would think you would want to file an amended return. When you convert to the Roth you have to pay taxes on the conversion. I have never recharacterized myself, but I imagine you should be able to recoup the taxes you paid on the recharacterized amount. Please some else interject if I have this wr...
by cheese_breath
Sat Dec 13, 2014 12:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth conversion, re-characterization, taxes
Replies: 12
Views: 613

Re: year end tax loss harvesting strategy

I will be selling shares BEFORE the dividend is paid. I do not want my AGI to go up by the amount of the dividend. I intend buy the replacement shares after they have paid their dividend, so that I do not receive their dividend as well. But won't the basis per share go down after the dividend there...
by cheese_breath
Sat Dec 13, 2014 11:41 am
 
Forum: Investing - Help with Personal Investments
Topic: year end tax loss harvesting strategy
Replies: 13
Views: 753

Re: Gift to Yourself

cfs wrote:Satisfaction.

Satisfaction will be the gift to myself after I send/deliver all the checks/donations to those persons and organizations I care about.

Good answer.
by cheese_breath
Sat Dec 13, 2014 11:29 am
 
Forum: Personal Consumer Issues
Topic: Gift to Yourself
Replies: 34
Views: 3993

Re: year end tax loss harvesting strategy

I will be selling shares BEFORE the dividend is paid. I do not want my AGI to go up by the amount of the dividend. I intend buy the replacement shares after they have paid their dividend, so that I do not receive their dividend as well. But won't the basis per share go down after the dividend there...
by cheese_breath
Sat Dec 13, 2014 11:27 am
 
Forum: Investing - Help with Personal Investments
Topic: year end tax loss harvesting strategy
Replies: 13
Views: 753

Re: Gift to Yourself

Nothing. Same with birthday. If I happen to find something I want later, then that will be my Christmas or birthday gift. But I don't like having to choose something by any certain day.
by cheese_breath
Sat Dec 13, 2014 11:21 am
 
Forum: Personal Consumer Issues
Topic: Gift to Yourself
Replies: 34
Views: 3993

Re: year end tax loss harvesting strategy

Make sure your dividends aren't reinvested because... "The rule defines a wash sale as one that occurs when an individual sells or trades a security at a loss, and within 30 days before or after this sale... " (red font color mine)

http://www.investopedia.com/terms/w/washsalerule.asp
by cheese_breath
Sat Dec 13, 2014 10:22 am
 
Forum: Investing - Help with Personal Investments
Topic: year end tax loss harvesting strategy
Replies: 13
Views: 753

Re: Deductions!

Seems like I've finally made the transition to the 28% federal tax bracket :annoyed. If you've got any suggestions for year-end deductions, please feel free to post them here. -g$$ You're only paying 28% on the part over $89,350. (92,250-89,350) * (.28-.25) = $87.00 more in taxes I'm aware that it'...
by cheese_breath
Sat Dec 13, 2014 10:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Deductions!
Replies: 31
Views: 2572

Re: Comcast's XFINITIWIFI

mmmodem wrote:When Comcast removes the lease fee, sign me up.

Good luck with that. Remember who we're talking about.
by cheese_breath
Sat Dec 13, 2014 9:44 am
 
Forum: Personal Consumer Issues
Topic: Comcast's XFINITIWIFI
Replies: 29
Views: 2300

Re: Deductions!

Epsilon Delta wrote:
g$$ wrote:Maybe I could get pregnant and have a baby too. :)

It's too late for 2014. If you want the extra exemption next year you'll want to get started by April 15th at the latest.

You need a fast lane to an adoption.
by cheese_breath
Sat Dec 13, 2014 7:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Deductions!
Replies: 31
Views: 2572

Re: Deductions!

If you have any thoughts of getting married soon , do it before the end of the year to someone with zero income. You'll get another $3950 exemption plus a $12,200 standard deduction.
by cheese_breath
Sat Dec 13, 2014 1:02 am
 
Forum: Personal Finance (Not Investing)
Topic: Deductions!
Replies: 31
Views: 2572

Re: Comcast's XFINITIWIFI

According to the FAQs "Wireless routers purchased at retail outlets don’t support the XFINITY WiFi service." So dump the Comcast modem / router and get your own. Besides not becoming a hotspot you'll also save some bucks.
by cheese_breath
Fri Dec 12, 2014 11:25 pm
 
Forum: Personal Consumer Issues
Topic: Comcast's XFINITIWIFI
Replies: 29
Views: 2300

Re: sizeable negative balaance on credit card--how to access

Keep using the credit card until you use up the balance. Judging from your original post you should use it up in 2-3 months. Now I'm waiting to hear the excuses why this isn't reasonable. Do you habitually pay your credit card 3 months in advance? Thanks for the first excuse. OK, how much are we ta...
by cheese_breath
Wed Dec 10, 2014 10:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: sizeable negative balaance on credit card--how to access?
Replies: 24
Views: 2780

Re: POLL: Timing of Jan 1st payments

I'm curious about the folks who've said they pay in December for a reason other than bunching. Anyone want to elucidate? Let's say you have a $1000 deduction and you're in the 15% tax bracket. Would you rather use the deduction in December and get a $150 reduction on 2015 taxes, or use it later and...
by cheese_breath
Wed Dec 10, 2014 10:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: POLL: Timing of Jan 1st payments
Replies: 9
Views: 1462

Re: sizeable negative balaance on credit card--how to access

Keep using the credit card until you use up the balance. Judging from your original post you should use it up in 2-3 months.

Now I'm waiting to hear the excuses why this isn't reasonable.
by cheese_breath
Wed Dec 10, 2014 10:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: sizeable negative balaance on credit card--how to access?
Replies: 24
Views: 2780

Re: Company Nominal Christmas Gifts

Money sounds like a taxable bonus.
by cheese_breath
Wed Dec 10, 2014 3:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Company Nominal Christmas Gifts
Replies: 6
Views: 448

Re: Why did you quit your job?

I worked for a small startup building enterprise software for Fortune 500 companies. Our product was well-liked by our customers and our product had feature and flexibility advantages over our larger competitors. After a few years, we were bought by a mid-size company that had one of the weakest co...
by cheese_breath
Wed Dec 10, 2014 2:30 pm
 
Forum: Personal Consumer Issues
Topic: Why did you quit your job?
Replies: 37
Views: 4240
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