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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: 11
Views: 458

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: Traditional or Roth IRA? (Saver's Credit available)
Replies: 13
Views: 601

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: Traditional or Roth IRA? (Saver's Credit available)
Replies: 13
Views: 601

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: 283

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: 1306

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: 772

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: 257

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: 42
Views: 2208

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: 647

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: 69
Views: 6559

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: 21
Views: 1206

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: 2262

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: 653

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: 2602

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: 21
Views: 1206

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: 847

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: 847

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: 391

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: 21
Views: 1206

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: 21
Views: 1206

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: 90
Views: 6224

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: 90
Views: 6224

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: 413

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: 402

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: 2090

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: 556

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: 503

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: 442

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: 7160

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: 2175

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: 320

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: 704

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: 3617

Re: Financial Advisor

duplicate post
by earlyout
Fri Jan 02, 2015 5:35 pm
 
Forum: Investing - Theory, News & General
Topic: Financial Advisor
Replies: 12
Views: 1458

Re: Financial Advisor

As we get older an important role for an advisor is to serve as your backup should you become seriously ill or die. This is very important when your spouse/partner has not been involved in managing the family finances. I sleep much better knowing that we have someone in place to manage the portfolio...
by earlyout
Fri Jan 02, 2015 5:34 pm
 
Forum: Investing - Theory, News & General
Topic: Financial Advisor
Replies: 12
Views: 1458

Re: Google Drive, DropBox, etal. - Anonymity

Yup, I had the same thought a while ago, while sharing an Excel file of mine. Also comments in Excel cells tend to carry the name of the author. Don't know how to solve the problem either. You can change the default text in Excel comments. Go to Excel Help and search for "default comment text&...
by earlyout
Thu Jan 01, 2015 12:18 pm
 
Forum: Personal Consumer Issues
Topic: Google Drive, DropBox, etal. - Anonymity
Replies: 27
Views: 2954

Re: Is a Feit LED bulb safe in enclosed area?

Why not use a screw in Christmas tree light? They have a candelabra base. How much are you trying to save going to a LED bulb?
by earlyout
Fri Dec 26, 2014 8:13 pm
 
Forum: Personal Consumer Issues
Topic: Is a Feit LED bulb safe in enclosed area?
Replies: 11
Views: 1235

Re: Christmas day ACA health insurance stress

You mentioned you changed plans. Perhaps the notice of no insurance is just a mandatory notice that you did not renew your current plan.
by earlyout
Thu Dec 25, 2014 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Christmas day ACA health insurance stress
Replies: 30
Views: 3298

Re: Roth conversion -estimated tax Q

Payment by check is fine.

When calculating your estimated tax payment don't forget to consider any income tax withheld on your bonus last spring or on you recent paycheck.
by earlyout
Sun Dec 21, 2014 9:54 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth conversion -estimated tax Q
Replies: 14
Views: 1537

Re: Help being smart about prescriptions (generics)

Do you know when the generic form is supposed to be available?
by earlyout
Sun Dec 14, 2014 9:51 pm
 
Forum: Personal Consumer Issues
Topic: Help being smart about prescriptions (generics)
Replies: 9
Views: 897

Re: Convert T-IRA to Roth - in Tax steps ?

Other things to think about before converting all of your traditional IRA to a Roth are charitable contributions and unexpected medical or LTC expenses. Large deductible expenses can be used to offset distributions from a traditional IRA resulting in part of the traditional IRA not being taxed. It m...
by earlyout
Sun Dec 14, 2014 2:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Convert T-IRA to Roth - in Tax steps ?
Replies: 14
Views: 1276

Re: SS Spouse along with GPO Question

We're all posting at the same time. My apologies for confusing the Oblivious Investor w/ TFB.
by earlyout
Sat Dec 13, 2014 5:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: SS Spouse along with GPO Question
Replies: 9
Views: 731

Re: Vanguard/TurboTax purchase experience

You think maybe it was designed that way? :shock:
by earlyout
Sat Dec 13, 2014 2:28 pm
 
Forum: Personal Consumer Issues
Topic: Vanguard/TurboTax purchase experience
Replies: 4
Views: 1079

Re: SS Spouse along with GPO Question

Since your wife applied early and started receiving benefits at age 62, her spousal benefit is also reduced. Her widow benefits, should you go first, will not be reduced.

CORRECTION: See discussion below.
by earlyout
Sat Dec 13, 2014 2:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: SS Spouse along with GPO Question
Replies: 9
Views: 731

Re: Using ZeroTax Long Term Gains for IRA Contr

You are correct, it is not overly complicated. Turbo Tax has a free online program called TaxCaster that will give you good estimates of the tax consequences of different scenarios. You can enter numbers for different combinations of income, capital gains, Roth conversions, etc. and see what happens...
by earlyout
Mon Dec 01, 2014 9:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Using ZeroTax Long Term Gains for IRA Contr
Replies: 7
Views: 637

Re: Help with mother's Revocable Living Trust after she pass

Why don't you involve a trusted local attorney to advise the three of you? It appears that at least two of the three co-trustees (you and your brother) are in business together and perhaps your sister and BIL are also involved in the business. If you have an attorney that helps you with your busines...
by earlyout
Sun Nov 23, 2014 12:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help with mother's Revocable Living Trust after she passes
Replies: 9
Views: 1162

Re: Bumped out of first class at boarding - compensation?

Did you fly first class on your return trip? If so it might be a stretch to go for a payment of 160K miles. Please let us know how this all settles out. I suspect there is something in their frequent flyer agreement that allows them to bump you back to economy and that any compensation is defined th...
by earlyout
Sun Nov 23, 2014 11:12 am
 
Forum: Personal Consumer Issues
Topic: Bumped out of first class at boarding - compensation?
Replies: 61
Views: 8862

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

Usually Bob Meighan of Intuit jumps into these conversations and tries to straighten out the confusion. He's strangely silent this time.
by earlyout
Fri Nov 21, 2014 6:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 223
Views: 30647

Re: What temperature for house for long winter absence?

It would help a lot if you told us where you live.
by earlyout
Thu Nov 20, 2014 12:00 pm
 
Forum: Personal Consumer Issues
Topic: What temperature for house for long winter absence?
Replies: 54
Views: 7639

Re: Shower silicone replacement - Price? DIY?

One other caution before you start this task. Bathtub finishes can be easily damaged, particularly if it is a fiberglass or plastic tub. Cover the bottom of the tub with cardboard and a spare packing blanket and take your shoes off. Also be careful that you don't gouge the top of the tub where it me...
by earlyout
Sun Nov 16, 2014 4:26 pm
 
Forum: Personal Consumer Issues
Topic: Shower silicone replacement - Price? DIY?
Replies: 27
Views: 1835
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