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Re: K-1 tax question

File a DC tax return to get your $881 back as a refund.
by earlyout
Sat Mar 28, 2015 4:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: K-1 tax question
Replies: 7
Views: 509

Re: Ad Valorem tax on new car

The TAVT for Georgia is not a valid federal deduction since it is not assessed annually. Please see the following: http://www.taxact.com/support/1569/georgia---auto-registration-and-ad-valorem-tax-/ http://dor.georgia.gov/general-questions#field_related_links-486-6 https://ttlc.intuit.com/questions/...
by earlyout
Thu Mar 26, 2015 6:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Ad Valorem tax on new car
Replies: 8
Views: 864

Re: IRA owner's health declined. Should beneficiaries change

Although many nursing home will accept Medicaid most assisted living facilities that provide care for dementia/Alzheimer's disease sufferers do not accept Medicaid. Furthermore, most nursing homes are not where someone in the early or middle stage of dementia would care to be and not where their car...
by earlyout
Thu Mar 19, 2015 4:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRA owner's health declined. Should beneficiaries change?
Replies: 27
Views: 1369

Re: IRA owner's health declined. Should beneficiaries change

Peter's question about dementia is another strong reason for your mother to remain as the beneficiary. Long term care expenses are oftentimes completely deductible by the patient and it would be much better for your mother to pay for this with money from her IRA than for you to pay these expenses wi...
by earlyout
Thu Mar 19, 2015 3:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRA owner's health declined. Should beneficiaries change?
Replies: 27
Views: 1369

Re: Do I have this right? Cost basis question.

Capital gains taxes and dividend taxes are two distinctly different taxes. Yes, you've paid every year on your dividend taxes. But, the part that confuses me is a fund that distributes LT and ST capital gains regularly that you've paid taxes on already and how that fits into calculating your own ca...
by earlyout
Thu Mar 19, 2015 2:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do I have this right? Cost basis question.
Replies: 20
Views: 935

Re: Underpriced house recently sold

It's my house and I can give it away if I want to. If I give it to a charity I get a nice deduction, if I give it to my neighbor, I'll report it on a gift tax return. Zillow will not know until the transfer is recorded with the county. A lot of real estate is "sold" for $1.00 when it is tr...
by earlyout
Thu Mar 19, 2015 8:06 am
 
Forum: Personal Finance (Not Investing)
Topic: Underpriced house recently sold
Replies: 13
Views: 1497

Re: Best approach for transferring mutual fund shares

If the shares are gifted and then sold, there will be a long term gain but the son is below the max of the 15% tax bracket so the long term gain would be taxed at 0%.
by earlyout
Sun Mar 15, 2015 10:01 am
 
Forum: Investing - Help with Personal Investments
Topic: Best approach for transferring mutual fund shares
Replies: 5
Views: 613

Re: Value of Capital Gains Tax Deferral

Is there anything in the U.S. that is taxed on a change in current market value? Paying taxes each year on the change in the market value of investments would certainly complicate tax planning.
by earlyout
Sat Mar 14, 2015 8:28 am
 
Forum: Investing - Help with Personal Investments
Topic: Value of Capital Gains Tax Deferral
Replies: 9
Views: 768

Re: An arm and a leg ... for a middle finger?

Maybe you can be glad it didn't require surgery. Even if your insurance company doesn't get the amount changed, it is a lot less than hand surgery. Your HDHP is still saving you money.
by earlyout
Thu Mar 12, 2015 8:00 pm
 
Forum: Personal Consumer Issues
Topic: An arm and a leg ... for a middle finger?
Replies: 32
Views: 3445

Re: Lower AGI via TIRA to lower health premium?

Certainly, earnings in a traditional IRA are taxed as regular income and we now start to see why modeling this exactly becomes impossible. Let's stay with your 6% growth and look only at this year's IRA contribution of $5000. That $5000 would grow to about $6700. Instead of $500, they would have to ...
by earlyout
Wed Mar 11, 2015 9:38 am
 
Forum: Investing - Help with Personal Investments
Topic: Lower AGI via TIRA to lower health premium?
Replies: 16
Views: 926

Re: Adding Central Air Conditioning to very old home.

Poster wageoghe mentioned the Unico system. We installed a Unico AC system in a 1905 house about 15 years ago. It was a world of difference from having window ACs in the kitchen and bedrooms and made the whole house very livable in the summers. To help smooth out the lag time in the radiator system ...
by earlyout
Tue Mar 10, 2015 8:01 pm
 
Forum: Personal Consumer Issues
Topic: Adding Central Air Conditioning to very old home.
Replies: 20
Views: 1492

Re: Lower AGI via TIRA to lower health premium?

If their tax rate when they use the traditional IRAs will be the same as it is now, you are probably better off maximizing the 2014 ACA premium credit by contributing to traditional IRAs. If you think they will be in a higher tax bracket at retirement than they are now, then you may have to make a g...
by earlyout
Tue Mar 10, 2015 7:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Lower AGI via TIRA to lower health premium?
Replies: 16
Views: 926

Re: Lower AGI via TIRA to lower health premium?

Were they in the Federal Exchange for 2014 or just for 2015. TIRA contributions for 2014 will not effect thier ACA premiums for 2015.
by earlyout
Tue Mar 10, 2015 2:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: Lower AGI via TIRA to lower health premium?
Replies: 16
Views: 926

Re: Lowing Taxable Income / IRA deduction question

I did not work through your numbers but let's assume you are correct and that you can just barely stay out of the 25% marginal tax bracket by making IRA contributions. If you convert this traditional IRA to a Roth, the amount you convert is taxable income so you will be right back where you started ...
by earlyout
Sun Mar 08, 2015 8:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Lowering Taxable Income / IRA deduction question
Replies: 9
Views: 402

Re: SS # on check to pay Fed & State taxes?

Is your SSN on your tax return or did you leave that off too?
by earlyout
Sun Mar 08, 2015 5:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: SS # on check to pay Fed & State taxes?
Replies: 8
Views: 818

Re: Is this ethical?

If your friend values his job he should get clearance for this arrangement from his boss. My guess is his boss will put an end to the giveaway.
by earlyout
Sat Mar 07, 2015 5:55 pm
 
Forum: Personal Consumer Issues
Topic: Is this ethical? [Selling company equipment to be disposed]
Replies: 41
Views: 1989

Re: Rapid amending of tax return

If the additional 1099 will create a tax liability on your part, you'll want to get the payment in before April 15. An easy way to do that would be send the payment with the 1040X.
by earlyout
Thu Mar 05, 2015 3:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Rapid amending of tax return
Replies: 14
Views: 755

Re: Traditional or Roth IRA? (Saver's Credit available)

Remember that the I in IRA stands for Individual.

You might want to you look at IRS form 8880 and the instructions. The maximum amount that will qualify for the saver's credit for an individual, even if filing jointly, is $2000.
by earlyout
Thu Mar 05, 2015 2:35 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA account options
Replies: 14
Views: 822

Re: Traditional or Roth IRA? (Saver's Credit available)

I think you're right, the saver's credit should be $800 and $400 if you contribute to IRAs for both parents. The accountant assumed you were only contributing to 1 IRA. It is a tossup on which is the better since they have a low tax rate now and, unless they have large pensions, won't pay a very hig...
by earlyout
Thu Mar 05, 2015 2:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA account options
Replies: 14
Views: 822

Re: Tax payment for interest on joint accounts if unmarried?

I think your first suggestion is best. When you open the account, make it a joint account and make certain that the person in the lower tax bracket provides the ssn for the account. Keep in mind that money is fungible, it doesn't make any difference to the IRS or anyone else if your s.o. puts all th...
by earlyout
Thu Mar 05, 2015 12:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax payment for interest on joint accounts if unmarried?
Replies: 6
Views: 317

Re: Chicago Meatball becoming a Georgia Peach (Relocation)

No, the tax shock will come if the company withholds the extra taxes from your paycheck. Think of just one part of the total move -- the company pays the movers $10,000 to pack and move your household goods. If they withhold 20% of that amount for income taxes that $2000 will come out of your next p...
by earlyout
Wed Mar 04, 2015 9:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Chicago Meatball becoming a Georgia Peach (Relocation)
Replies: 21
Views: 1427

Re: Method for repayment of long term care expenses

There is another consideration you may want to consider in your tax planning for these LTC expenses. Since your Mother's medical deductions and exemptions may be larger than her AGI, this is a good opportunity to convert some of her traditional IRA to a Roth and pay very little, if any, income taxes...
by earlyout
Mon Mar 02, 2015 5:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Method for repayment of long term care expenses
Replies: 18
Views: 809

Re: Form 1099-D - Block 2A Total Cap Gains Distribution

The number reported in Box 2A of the Form 1099-DIV is the total of the capital gain distributions during the year from the mutual funds/etfs held in the account and they are all long term gains. Your tax software will create the appropriate entry for these in Schedule D. This number has nothing to d...
by earlyout
Mon Mar 02, 2015 5:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Form 1099-D - Block 2A Total Cap Gains Distribution
Replies: 3
Views: 278

Re: Where's your Will?

I have copies in a file cabinet at home, copies in our safe deposit box and the attorney that created our estate plan has copies. The original wills and trust documents are with the trustee/executor. Siblings and children have the contact information for the trustee/executor.
by earlyout
Mon Mar 02, 2015 4:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Where's your Will?
Replies: 46
Views: 2957

Re: Social Security Taxation

The portion of your Social Security that is taxed is based on your income for the entire year.
by earlyout
Sat Feb 28, 2015 3:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security Taxation
Replies: 4
Views: 657

Re: Turbotax 2014: Buyer Beware

That would be very frustrating. I had no problem this year with TurboTax. With a PC there were no issues with saving PDF files, printing, or getting $25 back from my "extorted" upgrade to Premier. There were very sorry about messing up and they were gracious in making things right. Just s...
by earlyout
Fri Feb 27, 2015 7:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Turbotax 2014: Buyer Beware
Replies: 73
Views: 7608

Re: Automatic refresh

The solution suggested by Angst works very well for me --use http://www.bogleheads.org as your starting page and after that all of the pages displayas https://www... Is there some inherent danger to doing it this way?
by earlyout
Fri Feb 20, 2015 8:21 pm
 
Forum: Forum Issues and Administration
Topic: Automatic refresh
Replies: 22
Views: 1477

Re: Music / Song Help

"Seven Spanish Angles" by Ray Charles and Willie Nelson
by earlyout
Thu Feb 19, 2015 10:18 am
 
Forum: Personal Consumer Issues
Topic: Music / Song Help
Replies: 52
Views: 2372

Re: Should I amend last year's 2013 tax return?

Filing an amended return is an easy process so my suggestion is amend your 2013 return so that it is correct and then you 2014 return can also be correct. If you don't amend the incorrect return, you will have two returns that could raise flags and greatly increase you chance of having to explain wh...
by earlyout
Wed Feb 18, 2015 8:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I amend last year's 2013 tax return?
Replies: 5
Views: 669

Re: Health Insurance Debacle, need advice...

The only provider that I have on autopay is my supplementary health insurer. When they pull the premium from my checking account they send an email stating that the premium has been paid. If I ever not receive that email I will first go online and check my bank account and then start making phone ca...
by earlyout
Wed Feb 18, 2015 4:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Debacle, need advice...
Replies: 35
Views: 2714

Re: Automatic refresh

Thank you!

I removed the https:// from the bogleheads.org URL and the site no longer refreshes when I exit an open topic with the "go back" icon. I should note that I do have the "HTTPS-Everywhere" extension installed and did not create a rule for bogleheads.org.
by earlyout
Wed Feb 18, 2015 4:05 pm
 
Forum: Forum Issues and Administration
Topic: Automatic refresh
Replies: 22
Views: 1477

Re: Social Security - collecting portion of husband's

My wife is older than I am and started to receive SS at 62. I filed a restricted application at my FRA and received 1/2 of her FRA benefit, not 1/2 of her reduced benefit, until I was 70. Her FRA benefit was just a little more than 1/2 of my FRA benefit so file and suspend was not necessary. At 70 I...
by earlyout
Wed Feb 18, 2015 12:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security - collecting portion of husband's
Replies: 11
Views: 883

Re: Social Security - collecting portion of husband's

If you wait until your FRA and your spouse is already collecting their retirement benefit, you can file a resitricted application and receive 1/2 of your spouse's FRA benefit. At 70 you can switch to your own benefit which will have increased due to the delayed retirement credits.
by earlyout
Wed Feb 18, 2015 12:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social Security - collecting portion of husband's
Replies: 11
Views: 883

Re: Converting to a Roth

It depends on your current tax rate. What is your marginal tax rate today and what do you project it to be in the future? Can you save taxes by converting? Usually, conversion only makes sense if you can convert at a tax rate lower than what your tax rate would be for a future distribution from the ...
by earlyout
Wed Feb 18, 2015 12:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Converting to a Roth
Replies: 4
Views: 402

Re: Automatic refresh

Thanks for asking. I also close a topic by clicking the back button.

There is something in Firefox that forces the automatic refresh. Google Chrome does not behave the same way.
by earlyout
Wed Feb 18, 2015 11:27 am
 
Forum: Forum Issues and Administration
Topic: Automatic refresh
Replies: 22
Views: 1477

Automatic refresh

Something has changed and I don't know if it is a Firefox browser setting or a change in forum software. Recently I noticed that the bogleheads.org page is refreshed/reloaded every time I close a topic (click the back icon). It used to refresh only when requested. What caused this change?
by earlyout
Wed Feb 18, 2015 11:20 am
 
Forum: Forum Issues and Administration
Topic: Automatic refresh
Replies: 22
Views: 1477

Re: Vanguard brokerage tax forms changed to late Feb. questi

Maybe most of us are already TaxAide volunteers.
by earlyout
Wed Feb 18, 2015 9:57 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard brokerage tax forms changed to late Feb. question
Replies: 93
Views: 7496

Re: Vanguard brokerage tax forms changed to late Feb. questi

We have 2 taxable brokerage accounts at Schwab and have not received the 1099s. The accounts cosist of DFA and Vanguard etfs or MFs. IIRC there has not been a once in the past 6 or 7 years when we did not receive a corrected 1099s in March. The most common corrections are an increase in the amount o...
by earlyout
Wed Feb 18, 2015 9:39 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard brokerage tax forms changed to late Feb. question
Replies: 93
Views: 7496

Re: RMDs and recharacterization

From Alan's response above:

"Note that this adjustment ignores what the value of the conversion WOULD HAVE been on 12/31, so the IRS has opted for expediency instead of an extra calculation."
by earlyout
Wed Feb 04, 2015 5:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMDs and recharacterization
Replies: 7
Views: 421

Re: Selling Mutual Funds Capital Gains Tax Implications

The first thing to do is calculate how much long term capital gain and short term capital gain you will have if you sell your current holdings. That's a fairly simple calculation. Add up what you paid for shares of the the funds that were purchased more than 1 year ago and subtract that total from h...
by earlyout
Mon Feb 02, 2015 7:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Selling Mutual Funds Capital Gains Tax Implications
Replies: 2
Views: 411

Re: Tax calculation for recharacterization of Roth conversio

David, Welcome to the forum! It is not clear what was done. Are you saying you started with 2 traditional IRA accounts with a total of $59,000 and a Roth IRA account of $2500 and then converted both traditional IRA accounts to Roth accounts with tIRA1 converted to Roth IRA1 and tIRA2 converted to Ro...
by earlyout
Sun Feb 01, 2015 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax calculation for recharacterization of Roth conversion
Replies: 29
Views: 2179

Re: Wife lived in separate state last year. Tax Question.

FWIW, I would treat you wife's job in California as a temporary assignment and your wife as a Michigan resident. You should file a joint non-resident California state return and hopefully Michigan will give you credit for taxes paid to California. You can't avoid reporting her California income to C...
by earlyout
Sat Jan 31, 2015 9:58 am
 
Forum: Personal Finance (Not Investing)
Topic: Wife lived in separate state last year. Tax Question.
Replies: 6
Views: 570

Re: tax question

I am a NC resident and took the standard deduction on both my federal and state returns. The state held my refund for several months until I provided proof for my charitable giving. The matter was resolved favorably and my refund from the state included a small amount of interest. I received a form...
by earlyout
Fri Jan 30, 2015 11:54 am
 
Forum: Personal Finance (Not Investing)
Topic: tax question
Replies: 4
Views: 511

Re: best way to handle incorrect name/SSN on 1099-INT

Since you haven't yet received the 1099s and they both show up under your online account, I would just wait and see what they send you. If your husband's name and SSN is on one of the 1099s I would call Ally and get a corrected 1099. Straightening the mess out with the IRS after you file with an inc...
by earlyout
Sun Jan 25, 2015 11:57 am
 
Forum: Personal Finance (Not Investing)
Topic: best way to handle incorrect name/SSN on 1099-INT
Replies: 10
Views: 465

Re: Surviving the Tax Bite of RMD Withdrawals in Retirement

Financial Dave ... Second, the concern you point out may only apply to the top 20% of the 1%. So most folks don't care. However of that 20% of the 1% there are very few of them who are BHs so they aren't here to hear your cautionary tale. ... Again thank you for reminding us of this issue and conce...
by earlyout
Fri Jan 23, 2015 10:32 am
 
Forum: Investing - Theory, News & General
Topic: Surviving the Tax Bite of RMD Withdrawals in Retirement
Replies: 79
Views: 7212

Re: Intuit Turbo Tax Refund

Intuit forced people that need Schedule D to upgrade to the Premier version and that was not well received. Now they are offering a rebate to those customers but you really have to question if they thought very much about this announcement. If you look into this a little further it turns out you mus...
by earlyout
Fri Jan 23, 2015 9:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Intuit Turbo Tax Refund
Replies: 23
Views: 2190

Re: Help - tax issue with IRA transfer -- advice needed

Do you do your own taxes? Code 1 or code 7 is reasonable for a distribution to the owner of the IRA. When you enter this 1099-R your tax software should ask you if you rolled this over within 60 days to another custodian. If your software doesn't ask if you rolled over this distribution, you will ha...
by earlyout
Sun Jan 18, 2015 2:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help - tax issue with IRA transfer -- advice needed
Replies: 6
Views: 325

Re: How does a dependent care account work?

Part III of the 2241 is the part required by the IRS if your employer contributes to a dependent care account. If your W2 has an amount in box 10 you are required to fill out Part III so you may want to look at the back of the 2241 form. TurboTax probably does this automatically since it is simple t...
by earlyout
Thu Jan 15, 2015 2:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: How does a dependent care account work?
Replies: 13
Views: 732

Re: Social Security and Pension Question:

Your asset allocation is one of the ways you control risk and only you can decide what is a comfortable risk level for your portfolio. If you are comfortable with 62:38 and want to move to 70:30 then my suggestion would be to modify your investment plan and make the change. If you think you are real...
by earlyout
Sat Jan 10, 2015 12:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Social Security and Pension Question:
Replies: 36
Views: 3642
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