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Re: Options used to fund ROTH after retirement?

papiper, I can assure you they do count. The safe harbor for IRA contributions with respect to W2 income is Box 1 less Box 11. My option profits (NSO's) show up in Box 1 on a W-2 from my former employer. I make sure to exercise enough options each year to realize $13,000 of income to cover Roth for...
by jebmke
Tue Apr 15, 2014 6:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: Options used to fund ROTH after retirement?
Replies: 9
Views: 362

Re: Stocks: How Bad It Can Get

Taylor Larimore wrote:
Cosmo wrote:So what action can I take on this information?

Cosmo:

Allocate a sufficient amount of bonds in your portfolio so that you will not lose sleep or sell during the next bear market.

Best wishes.
Taylor

Or make sure you are at sea when the market takes a dive. :wink:
by jebmke
Tue Apr 15, 2014 5:53 pm
 
Forum: Investing - Theory, News & General
Topic: Stocks: How Bad It Can Get
Replies: 56
Views: 4008

Re: Last Minute Help with Foreign Tax Paid and 1099R

If the foreign tax is < $300 (if filing single) or $600 (if filing married) you can enter the tax amount directly on the 1040 on line 47. Right, I know that. That doesn't answer my question #3. I really don't know what TA requires but if your foreign passive income is less than $20K you don't have ...
by jebmke
Tue Apr 15, 2014 5:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Last Minute Help with Foreign Tax Paid and 1099R
Replies: 12
Views: 286

Re: Last Minute Help with Foreign Tax Paid and 1099R

If the foreign tax is < $300 (if filing single) or $600 (if filing married) you can enter the tax amount directly on the 1040 on line 47.
by jebmke
Tue Apr 15, 2014 5:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Last Minute Help with Foreign Tax Paid and 1099R
Replies: 12
Views: 286

Re: Options used to fund ROTH after retirement?

More specifically, "compensation". NQ options income does not qualify.
by jebmke
Tue Apr 15, 2014 4:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Options used to fund ROTH after retirement?
Replies: 9
Views: 362

Re: Last Minute Help with Foreign Tax Paid and 1099R

Not knowing how much foreign tax was withheld from your distributions, I am going to punt and suggest completing form 1116. It looks scary but for passive investments in funds (RIC) it is really quite simple.
by jebmke
Tue Apr 15, 2014 10:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Last Minute Help with Foreign Tax Paid and 1099R
Replies: 12
Views: 286

Re: Estimated taxes on capital gains later offset by losses

although filling out Form 8606 comes close. Form 8889 is pretty good as well. Schedule D is remarkably simple, especially in answering questions about treatment of tax loss carry-forward. I sometimes have to "chastise" my preparers for not reading the words on the form they are completing...
by jebmke
Tue Apr 15, 2014 10:50 am
 
Forum: Investing - Help with Personal Investments
Topic: Estimated taxes on capital gains later offset by losses
Replies: 7
Views: 474

Re: message questions

Actually, my email doesn't work like yours. Sometimes the server is down or my internet connection is down, and the mail I send sits in my Outbox in Apple Mail. I thought all email programs had outboxes, but perhaps not. Because I use Thunderbird with Gmail, mine works this way as well. Years ago I...
by jebmke
Tue Apr 15, 2014 10:10 am
 
Forum: Forum Issues and Administration
Topic: message questions
Replies: 11
Views: 277

Re: Savers credit question

Retirement savings credit is non-refundable. Can only be used to reduce your tax liability.
by jebmke
Sat Apr 12, 2014 5:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Savers credit question
Replies: 3
Views: 534

Re: Tax Question: How to Depreciate Water Heater?

I agree with Huey. My reasoning would be that I could, without reducing the value of the remaining asset, disconnect the HWH and put it in another unit. Like a refrigerator but a little more work.
by jebmke
Sat Apr 12, 2014 5:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Question: How to Depreciate Water Heater?
Replies: 16
Views: 790

Re: deferred comp plans

Depends on how much risk you want to take. I assume you are talking about a NQ plan which is only backed by the company (you become a general creditor). Many of these don't even have segregated funding.
by jebmke
Fri Apr 11, 2014 9:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: deferred comp plans
Replies: 20
Views: 1314

Re: Errors on 1099R, What happens?

livesoft wrote:We have a similar problem. Bu we file for an extension and will wait until the correction of the correction of the correction of the corrected 1099R gets to us.

This is what I would do. OP, your tax return isn't due until October 15. You have plenty of time to sort this out with ING.
by jebmke
Fri Apr 11, 2014 4:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Errors on 1099R, What happens?
Replies: 4
Views: 274

Re: Tax audit poll

sscritic wrote: jebmke wrote:

sscritic wrote:What's an audit?


Letter 566.


Interesting. The IRS doesn't include it in the list of notices and letters (from CP01 to CP3219N, from Letter 0484C to Letter 5071C).


Maybe I am getting personalized letters :shock:
by jebmke
Fri Apr 11, 2014 8:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax audit poll
Replies: 19
Views: 918

Re: TaxAct HSA Question

The amounts taken out of your paycheck pre-tax for your health insurance are not "contributions" and have nothing to do with how your HSA is reported. Are you sure about that? I mean that $1,500 goes into my HSA and counts against my contribution limit. Are you saying I don't need to put ...
by jebmke
Fri Apr 11, 2014 8:29 am
 
Forum: Personal Finance (Not Investing)
Topic: TaxAct HSA Question
Replies: 8
Views: 457

Re: Tax audit poll

sscritic wrote:What's an audit?


Letter 566.

Dear Taxpayer:

We are examining your 2010 federal income tax return. We need you to provide us with additional information to substantiate the items checked below that you claimed on your return.

Long list of items with check boxes -- some checked some not
by jebmke
Fri Apr 11, 2014 8:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax audit poll
Replies: 19
Views: 918

Re: KeePass vs LastPass

Another KeePass fan here. I share the same database file between Linux and Windows 7. The main reason I use KeePass is because it's totally offline - which is the "Trust No One" security model. For those who don't have administrator rights on their PC, also give Portable Firefox a try. It...
by jebmke
Thu Apr 10, 2014 5:56 pm
 
Forum: Personal Consumer Issues
Topic: KeePass vs LastPass
Replies: 93
Views: 4572

Re: heartbleed - widespread internet security problem

Info_Hound wrote:However I am not feeling good about Comcast

Has anyone ever felt good about Comcast?
by jebmke
Thu Apr 10, 2014 5:53 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 159
Views: 14546

Re: Tax deductions from charities

Theoretically, a giver with a tax break should be willing to give more. At the top end of the tax bracket, if I'm willing to fork over $600 to a charity, I should be willing to give $1000 and get $400 back from the goverment. Without the tax break, the charity would only get $600 from me. Of course...
by jebmke
Thu Apr 10, 2014 5:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax deductions from charities
Replies: 31
Views: 1590

Re: Vanguard website & Heartbleed security flaw

sscritic wrote: You will be merged, sooner or later.

Very Borg-like.

Maybe the search box should be BIGGER.
by jebmke
Thu Apr 10, 2014 4:48 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 159
Views: 14546

Re: Tax audit poll

Two years in a row. Schedule A. The first year was due to a very large claim of right deduction. The second one was due to a large-ish donation of appreciated shares to our DAF. Both times were "desk audits" but they requested all documents supporting all entries on Schedule A. In the seco...
by jebmke
Thu Apr 10, 2014 4:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax audit poll
Replies: 19
Views: 918

Re: KeePass vs LastPass

SnapShots wrote:How secure is DropBox? Or, Google Drive for that matter?

I wouldn't put anything sensitive there without encryption.
by jebmke
Thu Apr 10, 2014 3:57 pm
 
Forum: Personal Consumer Issues
Topic: KeePass vs LastPass
Replies: 93
Views: 4572

Re: TaxAct HSA Question

111 wrote:I'm not sure why they have a separate "W-2 Box" type.


The W and amount in Box 12 kick the value to Line 9 on Form 8889 so you can finish that form for your HSA.
by jebmke
Thu Apr 10, 2014 3:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: TaxAct HSA Question
Replies: 8
Views: 457

Re: heartbleed - widespread internet security problem

It appears that USAA has implemented a patch. I guess that means that one should change that PW and all related security codes (secret questions, online PIN). https://communities.usaa.com/t5/USAA-News/USAA-Takes-Measures-Against-Heartbleed-Bug/ba-p/25876?sf24845029=1 04-09-2014 01:15 PM heart-bleed....
by jebmke
Thu Apr 10, 2014 12:57 pm
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 159
Views: 14546

Re: Heartbleed Security Flaw

teacher wrote: I can't find any discussion


What popped up when you put "heartbleed" in the search box? Perhaps the search system isn't working.
by jebmke
Thu Apr 10, 2014 11:24 am
 
Forum: Personal Consumer Issues
Topic: heartbleed - widespread internet security problem
Replies: 159
Views: 14546

Re: Tax deductions from charities

You can deduct sales tax even if there is a state income tax. You can't deduct both, but sometimes the sales tax is higher even in a high tax state like NY. Also, sometimes it is better to take the sales tax deduction instead of the income tax deduction even if the sales tax is lower due to the way...
by jebmke
Thu Apr 10, 2014 10:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax deductions from charities
Replies: 31
Views: 1590

Re: Always understand taxes do not trust software

Mudpuppy wrote:It's just a matter of how to account for the difference between what's on my 1098 for real estate taxes and what's actually deductible.


Just report the deductible part. I've done hundreds of these and it doesn't matter that the amount on Schedule A disagrees with the 1098.
by jebmke
Thu Apr 10, 2014 8:33 am
 
Forum: Personal Consumer Issues
Topic: Always understand taxes do not trust software
Replies: 33
Views: 2568

Re: Always understand taxes do not trust software

sarahjane wrote:TT Deluxe this year wouldn't handle CGs. Necessary to upgrade to Premiere.

According to Intuit, Deluxe has Schedule D and Form 8949.

https://turbotax.intuit.com/personal-ta ... deluxe.jsp
by jebmke
Wed Apr 09, 2014 4:50 pm
 
Forum: Personal Consumer Issues
Topic: Always understand taxes do not trust software
Replies: 33
Views: 2568

Re: Tax deductions from charities

My gifts to charity are given without regard to tax benefit. I count them as deductions when I can but that is not WHY I give them. I think that is true for many people. I do a lot of tax returns for low-middle income people. Most do not itemize and many give substantial donations to their church w...
by jebmke
Wed Apr 09, 2014 4:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax deductions from charities
Replies: 31
Views: 1590

Re: 401K rollover to Roth IRA

Hi guys, I am completing a form by my employer as I switch to a new job. However, my new job does not have a retirement savings account so I am going to directly rollover my 401K to my Roth IRA. When completing the form there is a section about withholding taxes. The options are: 1. Do not have fed...
by jebmke
Wed Apr 09, 2014 4:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401K rollover to Roth IRA
Replies: 6
Views: 318

Re: Income Investing

JoMoney wrote:I think it's a mistake to think of a share of stock as your principle, and that only spending dividends is not touching the principle.

When dividends are reinvested, do they become principle? Does it happen instantly or is there a vesting period? :P
by jebmke
Wed Apr 09, 2014 4:28 pm
 
Forum: Investing - Theory, News & General
Topic: Income Investing
Replies: 19
Views: 1657

Re: Income Investing

it wouldn't matter that my shares are all from dividends since I'd get the same tax-treatment if I sell shares. Not true. One, dividend distributions have no cost basis. When you sell shares, there is a cost basis so only the gain is considered income. Two, if you are ever in a situation with capit...
by jebmke
Wed Apr 09, 2014 3:09 pm
 
Forum: Investing - Theory, News & General
Topic: Income Investing
Replies: 19
Views: 1657

Re: Missing 1099-R for Rollover to Roth IRA

The 1099-R is issued by the sending custodian, not the receiving custodian.
by jebmke
Wed Apr 09, 2014 3:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Missing 1099-R for Rollover to Roth IRA
Replies: 9
Views: 353

Re: Tax deductions from charities

22twain wrote:If you are already able to itemize deductions without that gift (that is, itemized deductions are more than your standard deduction), then you will may be able to deduct 100% of the gift.


Cash donations may be limited to 50% or 30% of your AGI depending on the charity.
by jebmke
Wed Apr 09, 2014 3:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax deductions from charities
Replies: 31
Views: 1590

Re: Always understand taxes do not trust software

I read in some other posts that TT deluxe does not include Schedule D. Since you have a copy of TT Deluxe, there is no need to guess here. Go to forms view and see. I would be surprised if Schedule D is not there. It has been a couple years since I looked under the hood on TT but my basic version a...
by jebmke
Wed Apr 09, 2014 8:40 am
 
Forum: Personal Consumer Issues
Topic: Always understand taxes do not trust software
Replies: 33
Views: 2568

Re: Carbonite vs Backblaze - an ongoing comp

I have been using SOS backup for a couple of years. I have never tested it or used it. How do you test one? How do you download to a new computer/hard drive? Thanks for bring this up. At a minimum you can use another computer or a USB drive, log in and attempt to restore a sample of files to the ne...
by jebmke
Tue Apr 08, 2014 11:52 am
 
Forum: Personal Consumer Issues
Topic: Carbonite vs Backblaze - an ongoing comp
Replies: 25
Views: 1065

Re: Always understand taxes do not trust software

I have said this before. When you enter data in a tax program you should already know what should show up on what line of the 1040. If you don't, you have no way to check whether you did the job correctly or not. The software is just a tool. If it becomes a crutch, you are in trouble.
by jebmke
Tue Apr 08, 2014 9:59 am
 
Forum: Personal Consumer Issues
Topic: Always understand taxes do not trust software
Replies: 33
Views: 2568

Re: How do you walk away from a good job?

To me a "good job" was never about the money. The money just came. I never took a job for the money. When I finally stopped, money was never a consideration.
by jebmke
Tue Apr 08, 2014 9:57 am
 
Forum: Personal Finance (Not Investing)
Topic: How do you walk away from a good job?
Replies: 29
Views: 3282

Re: Do I take the separation package offer?

Vinny: Hey, Vincent LaGuardia Gambini-- Lisa: His name's J.T. Vinny: J.T., I believe you and Lisa played a game of pool for two hundred dollars, which she won; I'm here to collect. J.T.: How 'bout if I just kick your ass? Vinny: Oh, a counteroffer. That's what we lawyers, I'm a lawyer, call that a ...
by jebmke
Mon Apr 07, 2014 10:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Do I take the separation package offer?
Replies: 49
Views: 3985

Re: Home improvement plans not filed with town?

I always keep copies of the permits issued for home renovation. You might ask the seller for a copy. I have moved a lot - in some cases, shortly after the purchase the local assessor set up an appointment to survey the property for the next assessment. I don't think you want to go into a deal assumi...
by jebmke
Mon Apr 07, 2014 9:48 am
 
Forum: Personal Finance (Not Investing)
Topic: Home improvement plans not filed with town?
Replies: 21
Views: 935

Re: Time for Internet Explorer 11?

I have been using 11 for a few months for an online app that will only run under IE. It seems to work fine for me.
by jebmke
Sun Apr 06, 2014 10:32 am
 
Forum: Personal Consumer Issues
Topic: Time for Internet Explorer 11?
Replies: 19
Views: 1136

Re: Financial question about a Doctor’s Visit

or maybe he is an investor in the lab.
by jebmke
Sun Apr 06, 2014 10:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 3378

Re: Financial question about a Doctor’s Visit

Our in-network lab is Quest so we solved this for routine lab work by not doing it in the doctor's office. We go directly to the lab where they do the draw etc. This doesn't work for path though -- you can't just walk in and ask them to carve off a section of your forehead and send the results to yo...
by jebmke
Sun Apr 06, 2014 9:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 3378

Re: Tax Filing Extension

I normally file in September. I work at TaxAide for the entire tax season. I would rather wait until my brain clears out the 400-500 returns that I have worked on.

Filing an extension is simple. My state doesn't even require one.
by jebmke
Thu Apr 03, 2014 5:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Filing Extension
Replies: 11
Views: 328

Re: How did you determine your "number" for retirement

HomerJ wrote: you better hope your car doesn't break down

and your teeth stay healthy.
by jebmke
Thu Apr 03, 2014 3:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: How did you determine your "number" for retirement
Replies: 51
Views: 3266

Re: Gave IRS incorrect Dep. Acct. # for refund due, what now

Did you call the regular number 1-900-829-1040 or the refund hotline 1-800-829-1954?

If you live near an IRS office you might try to go in to speak with a person.
by jebmke
Wed Apr 02, 2014 4:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Gave IRS incorrect Dep. Acct. # for refund due, what now?
Replies: 2
Views: 306

Re: I need an ETF equivalent to VMLTX (Muni Limited Tax Exem

I'm sure iShares has something similar in their ETF products. But why would you put Tax Exempt bonds in an HSA? HSAs are tax free to the extent the money is used for qualified medical expenses.
by jebmke
Wed Apr 02, 2014 12:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: I need an ETF equivalent to VMLTX (Muni Limited Tax Exempt)
Replies: 6
Views: 678

Re: GPS with "favor interstates" option?

I have only found my Garmin useful when I am in a place I don't know and need to find gas, food, or lodging. For getting from A to B, I use my AAA maps and Google Maps. I don't always want to use the main routes when I travel which the Garmin is programed to do. Same here. Years with a GPS in Europ...
by jebmke
Wed Apr 02, 2014 8:57 am
 
Forum: Personal Consumer Issues
Topic: GPS with "favor interstates" option?
Replies: 37
Views: 1319

Re: The Finance Buff uses a Vanguard Planner.

SpringMan wrote:Is there any reason cash is better than a short term bond fund for RMD withdrawals?

Not that I know of.
by jebmke
Tue Apr 01, 2014 4:41 pm
 
Forum: Investing - Theory, News & General
Topic: The Finance Buff uses a Vanguard Planner.
Replies: 27
Views: 3595

Re: Charities selling or sharing our data?

nhrdls wrote:What can we do to stop this flood?

Use a donor advised fund and donate anonymously.
by jebmke
Tue Apr 01, 2014 4:13 pm
 
Forum: Personal Consumer Issues
Topic: Charities selling or sharing our data?
Replies: 15
Views: 720
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