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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: 2
Views: 85

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: 407

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: 75
Views: 6143

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: 2135

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: 313

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: 634

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: 3586

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: 1442

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: 1442

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: 2882

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: 1226

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: 3212

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: 1495

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: 894

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: 1259

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: 722

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: 1069

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: 722

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: 634

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: 1123

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: 8732

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: 203
Views: 28002

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: 7534

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: 1798

Re: Cash - Throw it on the table!

Usually just a couple of months expenses in the checking account. I strongly believe the rest should be invested. If I need extra cash I'll sell something.
by earlyout
Wed Nov 05, 2014 11:03 am
 
Forum: Personal Finance (Not Investing)
Topic: Cash - Throw it all on the table!!!
Replies: 51
Views: 3922

Re: Home phone

Google "Obi and Google Voice". Almost free.
by earlyout
Sun Nov 02, 2014 9:14 am
 
Forum: Personal Consumer Issues
Topic: Home phone [service provider]
Replies: 15
Views: 826

Re: Bucket Approach Redux

Wizard....so you are 50/50....when the stock market tanks like in 2008 how do you handle it?Do you withdraw only from the bond portion? And when the stock market tanks and you have to take 1/12 of next year to refill your bucket, will you withdraw only from your bond portion? Or do you plan to time...
by earlyout
Sat Oct 25, 2014 7:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bucket Approach Redux
Replies: 35
Views: 2971

Re: Statute of Limitations on Medical Billing?

I don't know if this is governed by state law or by the contractual arrangement between the provider and the insurance company. My only experience was a few years ago when a physical therapy provider billed the insurance company about 18 months after the therapy. The insurance company refused to pay...
by earlyout
Fri Oct 24, 2014 1:36 pm
 
Forum: Personal Consumer Issues
Topic: Statute of Limitations on Medical Billing?
Replies: 12
Views: 1903

Re: Roth IRA Rollover and Capital Gains Reinvestment

When and how capital gain distributions are made from RYLPX are defined in the prospectus for the fund and you should check there. With some funds, if you do not own the fund on the distribution date, you get none of the distribution. With other funds the amount you receive is prorated based on leng...
by earlyout
Fri Oct 24, 2014 1:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Rollover and Capital Gains Reinvestment
Replies: 2
Views: 249

Re: Draw down taxable saving first?

For 2013 tax year, If your single adjust your numbers so the total taxable income (income after all adjustments, exemptions and deductions) is $36,249. If your are married and filing a joint return, adjust the total taxable to $72,499. If you add another $100 of regular income, the tax should increa...
by earlyout
Sat Oct 11, 2014 11:33 am
 
Forum: Investing - Theory, News & General
Topic: Draw down taxable saving first?
Replies: 43
Views: 3816

Re: Draw down taxable saving first?

Anon1234, I didn't understand this point: "[so if you convert traditional to a roth you can effectively pay 30% tax on the conversion!]" If the total of your regular taxable income and long term capital gain is at the maximum of the 15% bracket, any additional regular income from a Roth c...
by earlyout
Sat Oct 11, 2014 11:10 am
 
Forum: Investing - Theory, News & General
Topic: Draw down taxable saving first?
Replies: 43
Views: 3816

Re: Draw down taxable saving first?

I plan to retire in 2 years. I will have to start using savings to fund retirement. Does it make sense to draw down taxable savings first? Most of mine in in TSM and Vanguard International. Have you seen the "Optimal Retirement Planner" website and calculator? If you take the time to put ...
by earlyout
Fri Oct 10, 2014 10:06 am
 
Forum: Investing - Theory, News & General
Topic: Draw down taxable saving first?
Replies: 43
Views: 3816

Re: Slick Airline Ticket Phishing Scam

It is a pretty well known scam.
Just Google "scam delta air ticket"
by earlyout
Wed Oct 01, 2014 2:39 pm
 
Forum: Personal Consumer Issues
Topic: Slick Airline Ticket Phishing Scam
Replies: 14
Views: 1810

Re: POLL: When I gift/will shares to my relatives, I expect

We don't think of it as shares of anything, its just money. What the children inherit from us is just part of our investments and we expect them to use it to complement their own investment plans or convert it to cash if that is what they need to do. If they want to convert shares of Vanguard funds ...
by earlyout
Mon Sep 29, 2014 7:33 am
 
Forum: Personal Finance (Not Investing)
Topic: POLL: When I gift/will shares to my relatives, I expect ...
Replies: 24
Views: 1786

Re: What is your best estimate of the SWR (Safe Withdrawal R

How many years? Ten years would be a lot different than 40.
by earlyout
Fri Sep 26, 2014 1:42 pm
 
Forum: Investing - Theory, News & General
Topic: What is your best estimate of the SWR (Safe Withdrawal Rate)
Replies: 77
Views: 4168

Re: Would you pay for these upgrades in a new construction h

Most of it is just personal preference. What is "in style" today may be completely wrong 5 years from now. (Don't try to time the market!) Use whatever is most attractive to you. It would be much better to buy high quality chrome fixtures rather than poor quality brushed nickel. Have you c...
by earlyout
Fri Sep 26, 2014 1:19 pm
 
Forum: Personal Consumer Issues
Topic: Would you pay for these upgrades in a new construction house
Replies: 17
Views: 1425

Re: Why don't you do Financial Planning?

When I retired several years ago I did become a financial planner of sorts. Every year I work as a volunteer tax preparer in the Tax-Aide program. Most of the clients are elderly and often unaware of the intricacies of tax law. Tax preparation requires me to understand their tax situation, income, i...
by earlyout
Thu Sep 25, 2014 6:42 pm
 
Forum: Personal Consumer Issues
Topic: Why don't you do Financial Planning?
Replies: 41
Views: 3521

Re: Coordination of Benefits: Two HDHPs with Different Rules

I think the secondary insurer would pay nothing. If they were primary they would pay $9180 for this claim but since this is less than the $9200 paid by the primary insurer they would not pay. That's the way my secondary health insurance works. Maybe you should call the secondary insurer and ask your...
by earlyout
Sun Sep 21, 2014 8:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Coordination of Benefits: Two HDHPs with Different Rules
Replies: 2
Views: 495

Re: Mechanics of paying a financial advisor?

I don't mind writing a check to my investment manager each quarter. I think it is money well spent and I sleep better at night knowing that when I am not be here any longer my spouse will not have to take on a task for which she has no interest or skill. Furthermore, having a trusted investment man...
by earlyout
Sun Sep 21, 2014 5:39 pm
 
Forum: Investing - Theory, News & General
Topic: Mechanics of paying a financial advisor?
Replies: 23
Views: 1401

Re: Mechanics of paying a financial advisor?

I don't mind writing a check to my investment manager each quarter. I think it is money well spent and I sleep better at night knowing that when I am not here any longer my spouse will not have to take on a task for which she has no interest or skill. Furthermore, having a trusted investment manager...
by earlyout
Sun Sep 21, 2014 2:18 pm
 
Forum: Investing - Theory, News & General
Topic: Mechanics of paying a financial advisor?
Replies: 23
Views: 1401

Re: 4% SWR: Any difference for high income vs. low income?

Usually SWR studies assume the annual amount withdrawn is a gross amount and income and other taxes are paid out of the amount withdrawn. The higher income people may pay a higher percentage of the withdrawal as income tax but then again their accounts may be structured that most of their withdrawal...
by earlyout
Sat Sep 20, 2014 5:53 pm
 
Forum: Investing - Theory, News & General
Topic: 4% SWR: Any difference for high income vs. low income?
Replies: 4
Views: 611

Re: OBi110 -or- Ooma Telo for home phone service?

The Cisco VOIP telephone is effectively a telephone with the OBi functionality (telephone to web interface) built into the telephone. The Cisco phone would plug directly into the router or it may be possible to plug the phone into the modem and your pc into the phone if you do not otherwise need rou...
by earlyout
Mon Sep 15, 2014 6:31 pm
 
Forum: Personal Consumer Issues
Topic: OBi110 -or- Ooma Telo for home phone service?
Replies: 33
Views: 1345

Re: IRA to Roth conversion after retirement ?

Two other things to consider. At some point in the future one of you will have passed. That means income taxes from the RMD alone will probably put the survivor in the 25% bracket. Paying 15% now results in a definite savings for the single spouse. You show a total of 1344 for the two cases in your ...
by earlyout
Fri Sep 12, 2014 8:44 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA to Roth conversion after retirement ?
Replies: 14
Views: 1444

Re: Alzheimer's and Prenup

I'm not trying to add things for you to be concerned about but If your husband's POA for Healthcare was written before you were married you may not even have that authority. Being the primary caregiver for a person with AD without having POA for healthcare could make things very difficult. I'd encou...
by earlyout
Tue Sep 02, 2014 8:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Alzheimer's and Prenup
Replies: 20
Views: 3140

Re: Where to withdraw?

The "I" is for individual. Each individual must take required RMDs from their own IRA(s). If an individual has more than 1 IRA account the size of the RMD is based on the total of all of the individual's IRA accounts but the actual distribution can come from one or all of their IRAs. They ...
by earlyout
Mon Sep 01, 2014 3:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Where to withdraw?
Replies: 12
Views: 910

Re: passing an IRA to a parent

The only way I know how you could do that would be for you to name your mother the beneficiary on the IRA and then die before she does. I guess you could take the money out of the IRA, pay the taxes and the penalty and gift your mother what remains.
by earlyout
Sun Aug 31, 2014 2:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: passing an IRA to a parent
Replies: 5
Views: 559

Re: vacation destinations similar to Savannah or Charleston

New Orleans would be a nice trip. A lot to see and do. Good food. Interesting history.
by earlyout
Tue Aug 26, 2014 7:18 pm
 
Forum: Personal Consumer Issues
Topic: vacation destinations similar to Savannah or Charleston SC
Replies: 28
Views: 2311

Re: Trying to understand the 1040 Tax Table

The tax you calculated from the tax table is just a combination of the various marginal rates on regular income. Depending on how much regular taxable income you may have, some of that income is taxed at 10%, some at 15%, some at 25%, etc. Using the table replaces a calculation where you would use t...
by earlyout
Mon Aug 25, 2014 3:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trying to understand the 1040 Tax Table
Replies: 36
Views: 2558

Re: SS Benefit Amounts

What month did you reach FRA? DRCs are earned at a rate of 2/3% per month and are applied starting in January of the next year. Calculation using 8% per year will give incorrect answers. The wiki has a more detailed explanation. I'm surprised the person you spoke to at Social Security was not aware ...
by earlyout
Sat Aug 23, 2014 11:28 am
 
Forum: Personal Finance (Not Investing)
Topic: SS Benefit Amounts
Replies: 6
Views: 1141

Re: using the 15% tax bracket

Peter Foley wrote:
...and the potential for stepped up basis for heirs.


Don't overlook Peter's point about the stepped up basis. Your heirs can inherit the appreciated stock and pay no tax on all that gain. It might be better to use that 10 and 15% space for Roth conversion.
by earlyout
Fri Aug 22, 2014 8:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: using the 15% tax bracket
Replies: 42
Views: 4878
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