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Re: Does 529 really hurt the chance to get financial aid?

I get it that if one has high income or has assets, his kid's aid will reduce drastically. Having 529 for the kid is counted like asset and so having assets in 529 or other vehicles is similar in nature. What kind of aid we are looking at here? Is it grant or loan? By grant I mean some scholarship ...
by mlipps
Tue Apr 22, 2014 12:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Does 529 really hurt the chance to get financial aid?
Replies: 50
Views: 2493

Re: Post Your Favorite Recipe (Or Any Recipe You Like)

Made these today. They're insanely good!!

http://www.thecandidappetite.com/2014/0 ... to-scones/

Do you use Pinterest? This board of mine is all recipes I've tried successfully!

http://www.pinterest.com/mlipps/what-we-ate/
by mlipps
Sun Apr 20, 2014 9:05 pm
 
Forum: Personal Consumer Issues
Topic: Post Your Favorite Recipe (Or Any Recipe You Like)
Replies: 17
Views: 1028

Re: Help me find a good slow cooker

For mothers day two years ago I got my mom a Crock Pot brand one that has a temperature probe. You set the desired internal temp of what ever you are cooking and it will cook until you reach the temp. It's wonderful. The one I have is a step down (electronic but no temp probe, same size), and has he...
by mlipps
Thu Apr 17, 2014 10:24 pm
 
Forum: Personal Consumer Issues
Topic: Help me find a good slow cooker
Replies: 29
Views: 1517

Re: Curious on tax return for mom and dad..

Accountant called me back apologizing. Blamed software, has to file amended return. YIKES. Your parents should consider a free VITA site next year. They would be better versed in tax laws and credits for low income families than the average accountant. VITA sites are getting better but they've got ...
by mlipps
Thu Apr 17, 2014 3:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Curious on tax return for mom and dad..
Replies: 22
Views: 1834

Re: Curious on tax return for mom and dad..

UpstateNY86 wrote:Accountant called me back apologizing. Blamed software, has to file amended return. YIKES.


Your parents should consider a free VITA site next year. They would be better versed in tax laws and credits for low income families than the average accountant.
by mlipps
Thu Apr 17, 2014 3:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Curious on tax return for mom and dad..
Replies: 22
Views: 1834

Re: Curious on tax return for mom and dad..

Hey guys. Had to bump this, as my parents tax man only gave them refund of 487 instead of 3250. It is that difference of my little sister being a dependant or not. She is 20yo and lives in dorm at UB, and then home the rest of the time. Why could this have happened? I am waiting on a call back.. If...
by mlipps
Wed Apr 16, 2014 4:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: Curious on tax return for mom and dad..
Replies: 22
Views: 1834

Re: Curious on tax return for mom and dad..

Hey guys. Had to bump this, as my parents tax man only gave them refund of 487 instead of 3250. It is that difference of my little sister being a dependant or not. She is 20yo and lives in dorm at UB, and then home the rest of the time. Why could this have happened? I am waiting on a call back.. As...
by mlipps
Wed Apr 16, 2014 4:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Curious on tax return for mom and dad..
Replies: 22
Views: 1834

Re: Wife to work as a Contractor - Advice needed

The 1099 v W2 will make all the difference. If 1099, yes you'll need to make quarterly estimated ppayments, at least for the SS/Medicaid taxes. If its a W-2, the IRS has a wonderful withholding calculator you can use to complete the W-4 correctly, as well as adjust yours if needed. You can also revi...
by mlipps
Fri Apr 11, 2014 12:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife to work as a Contractor - Advice needed
Replies: 30
Views: 2165

Re: Paying for MBA

You can deduct $10k/year under the Lifetime Learning Credit if your income is below the threshold. If it's not, there is the tuition & fees deduction for up to $4k. You cannot deduct any expenses that are reimbursed by tax free employer assistance, but you can deduct them if the employer assista...
by mlipps
Thu Apr 10, 2014 5:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paying for MBA
Replies: 16
Views: 1317

Re: I saw a "Boglehead" on my flight yesterday!

I was googling something at my VITA site the other day and Bogleheads was one of the first hits. The volunteer whose return I was reviewing asked "What's bogleheads? Is that named after John Bogle of Vanguard?" After I said yes, he said he loved Vanguard and proclaimed John Bogle one of hi...
by mlipps
Thu Apr 10, 2014 10:10 am
 
Forum: Local Chapters and Bogleheads Community
Topic: I saw a "Boglehead" on my flight yesterday!
Replies: 65
Views: 7668

Re: Best way to report scholarships for Spring semesters?

I agree. I work at a VITA tax site and see this problem all the time; the bill gets posted in Dec. but the aid gets posted in January. It makes a big mess. We do it the way you describe all the time for exactly the reason that you state: if you don't, you end up taking educational credits you're not...
by mlipps
Wed Apr 09, 2014 10:14 am
 
Forum: Personal Finance (Not Investing)
Topic: Best way to report scholarships for Spring semesters?
Replies: 4
Views: 322

Re: Brown bagging in a more formal office

Lots of people in my office bring their lunch in a reusable grocery bag. The small rectangular ones from Whole Foods have a great shape. I have never felt out of place using one to transport my lunch. I tend to bring a lot with me (I use a large Tupperware container because it's the only kind I've f...
by mlipps
Wed Apr 09, 2014 10:07 am
 
Forum: Personal Consumer Issues
Topic: Brown bagging in a more formal office
Replies: 43
Views: 3092

Re: Best way to report scholarships for Spring semesters?

1098's lie all the time. You can basically enter whatever is actually correct on the 8863, as long as you can prove where your numbers came from. In this case, I assume you'd be putting down less than the 1098 says, so you'd be even less likely to have problems.
by mlipps
Tue Apr 08, 2014 11:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best way to report scholarships for Spring semesters?
Replies: 4
Views: 322

Re: What age did you reach 100K networth?

mlipps wrote:I will hit that at 24, in May of next year, according to my magical spreadsheet. We'll see if that actually happens.


My magical spreadsheet lied. Beat it by one month. :sharebeer
by mlipps
Tue Apr 08, 2014 11:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: What age did you reach 100K networth?
Replies: 264
Views: 31247

Re: Republic Wireless

I figured I'd try to resurrect this thread rather than starting my own... I'm about to leave my contract with my current provider and am in the market for a new plan/phones. I'm looking for two smart phones (one with low/moderate usage, the other with moderate usage)) and two regular phones (talk a...
by mlipps
Sat Apr 05, 2014 11:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Republic Wireless
Replies: 36
Views: 3178

Re: best vacuum cleaner

I got my Dyson on sale for $240 (reg. $700) on Black Friday last year by stacking Chase Ultimate Rewards 10% portal with Kohls Cash promo & sale. Money (and time) well spent! :sharebeer
by mlipps
Tue Apr 01, 2014 10:52 pm
 
Forum: Personal Consumer Issues
Topic: best vacuum cleaner
Replies: 23
Views: 1653

Re: Republic Wireless

I figured I'd try to resurrect this thread rather than starting my own... I'm about to leave my contract with my current provider and am in the market for a new plan/phones. I'm looking for two smart phones (one with low/moderate usage, the other with moderate usage)) and two regular phones (talk a...
by mlipps
Tue Apr 01, 2014 11:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Republic Wireless
Replies: 36
Views: 3178

Re: Best way to cancel credit card

The easiest way is through secure messaging on their website if they'll let you. They can't give you the hard sell that way.
by mlipps
Mon Mar 31, 2014 9:15 am
 
Forum: Personal Finance (Not Investing)
Topic: Best way to cancel credit card
Replies: 14
Views: 1533

Re: Being older/younger in class -- benefits, issues?

I would take the teacher's advice in this situation. I tested into Kindergarten early (October birthday, started at 4) and was the youngest person all the way through. I don't think it held me back because I was also very smart & mature for my age, but I think your kids teacher is the one who wo...
by mlipps
Sun Mar 30, 2014 7:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Being older/younger in class -- benefits, issues?
Replies: 98
Views: 4863

Re: Where do you buy organic nuts

Had to order some bulk candy for an event & Nuts.com had awesome customer service, packaging, and shipping. Have no opinion on organic nuts...
by mlipps
Wed Mar 26, 2014 9:44 pm
 
Forum: Personal Consumer Issues
Topic: Where do you buy organic nuts
Replies: 11
Views: 568

Re: How much should we put in our 2013 Roths?

Carl53 wrote:
Confused wrote:(who, for some reason, everyone is assuming is female)


I thought I had avoided this assumption, but no, I see I slipped up once.


As did I & I'm a woman! Have to pay more attention. Sorry OP!
by mlipps
Wed Mar 26, 2014 9:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: How much should we put in our 2013 Roths?
Replies: 15
Views: 1533

Re: How much should we put in our 2013 Roths?

It's called the Saver's Credit. If your income is low enough, you'll get a percentage of your Roth contributions back via a tax break. The percentage is dependent on you low your income is. I believe it's capped at $200 back per person. Careful OP, if you were a full time student last year, you don...
by mlipps
Wed Mar 26, 2014 4:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: How much should we put in our 2013 Roths?
Replies: 15
Views: 1533

Re: Savers remorse ?

The timing of this excellent thread is prescient, as I've been struggling with this concept for a few months now, longer even. I started saving very early, and have continued to do so, but as I get somewhat closer to retirement (I'm 41, planning on retiring at 55), the stress has started increasing...
by mlipps
Wed Mar 26, 2014 10:57 am
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11185

Re: Joint but still "separate accounts"

There's a new thread about this every week. It always just comes down to whatever you both want and whatever works for you.
by mlipps
Mon Mar 24, 2014 11:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Joint but still "separate accounts"
Replies: 13
Views: 1180

Re: Creating a "secondary" retirement account

Teacher getting a pension of $85k? No wonder the state is broke! Agree with others that you need to think of the pension as a back up plan, especially if your expenses are $5k/month; not like you're going to do well scraping by on $30k if that's what you're used to.
by mlipps
Mon Mar 24, 2014 9:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Creating a "secondary" retirement account
Replies: 18
Views: 1615

Re: Credit cards during and after college.

You need to apply for a Secured Credit Card. Bank of America has a really good one. Once you get started with that for about 6 months, it'll allow you to get better cards. Please, please, please don't ever get a credit card from Capital One. They are worthless. I love my capital one card. Great cas...
by mlipps
Mon Mar 24, 2014 5:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit cards during and after college.
Replies: 19
Views: 628

Re: Credit cards during and after college.

The CARD Act happened. I'm surprised you can't get ANY card to take you, but a store card is usually the bottom of the rung. I agree you should try for a secured card to start building credit.
by mlipps
Mon Mar 24, 2014 5:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit cards during and after college.
Replies: 19
Views: 628

Re: Roth IRA Withdrawal

Please Help! I have taken my information to another tax sevice and they are indicating I will pay a 10% tax penalty!!! Is there a specific paragraph in the irs publication I can direct them to? I am sick. What can I do? I can't believe you have a two tax services in a row indicating this; they're d...
by mlipps
Mon Mar 24, 2014 10:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA Withdrawal
Replies: 14
Views: 1009

Re: Rate of DCA with a large lump sum in a savings account?

You should dollar cost average in $273.97 every day for 2 years. Is that what you want to hear? Why do you post here if you're just going to argue w/the advice? Do it how you want; you don't need anyone's permission. But don't waste people's time by asking for advice that you have no intention of ta...
by mlipps
Mon Mar 24, 2014 9:04 am
 
Forum: Investing - Help with Personal Investments
Topic: Rate of DCA with a large lump sum in a savings account?
Replies: 30
Views: 1169

Re: Flying in and out of Midway

I think you'd be fine on the way out of the city, but driving into Chicago for an 11am flight, assuming you'd need to be there around 9 to return the car and make it back to the airport, the traffic would be a bear. Maybe you could fly out even earlier and drive in very early to beat the worst of it?
by mlipps
Sat Mar 22, 2014 9:54 pm
 
Forum: Personal Consumer Issues
Topic: Flying in and out of Midway
Replies: 13
Views: 1147

Re: Your thoughts on vacation home or second home

I think for me the main hesitation is your husband's concern about going to the same place for all your vacations. And the idea of weekend house sounds nice, but I need my weekends to get errands done, clean my first home, and do some cooking for the week. When we're gone for one weekend, I always s...
by mlipps
Tue Mar 18, 2014 2:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Your thoughts on vacation home or second home
Replies: 61
Views: 3617

Re: 2013 tax filing issues

Did you just get married or drastically change your W-4 this year? $8k is a crazy amount to owe.
by mlipps
Sun Mar 16, 2014 10:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2013 tax filing issues
Replies: 33
Views: 1007

Re: Favorite gadgets?

My bluetooth headphones & my new Nespresso Vertuoline coffee & espresso maker. Feel like I'm living the posh life with those two!
by mlipps
Wed Mar 12, 2014 2:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Favorite gadgets?
Replies: 28
Views: 1522

Re: 24 year old in over his head: house/MBA/RSUs/tax questio

You can have a Traditional & Roth IRA, but there is an income limit for your contributions to be deductible, which is again much lower than your salary.
by mlipps
Wed Mar 12, 2014 12:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: 24 year old in over his head: house/MBA/RSUs/tax questions
Replies: 17
Views: 1754

Re: 24 year old in over his head: house/MBA/RSUs/tax questio

My husband and I were considering buying a house last summer, but a big reason we decided not to was because he decided to go back to school for his MBA. He's doing a full time weekend program so he'll be done in 21 months, which sounds similar to the schedule you're looking at. He's SUPER busy. If ...
by mlipps
Tue Mar 11, 2014 4:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: 24 year old in over his head: house/MBA/RSUs/tax questions
Replies: 17
Views: 1754

Re: Joint or Separate Accounts? - Married Couples

My husbands makes $92k & I make $38k, but we have 100% joint checking/savings w/no disagreement. Maybe we're just lucky, but the income discrepancy has not been an issue for us. We have separate credit cards, but I track them from our joint budget & pay them out of our joint account.
by mlipps
Thu Mar 06, 2014 6:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Joint or Separate Accounts? - Married Couples
Replies: 82
Views: 3370

Re: Savers remorse ?

But as a first year "full retiree" benefiting from a lifetime of heavy savings I sometimes wonder if heavy savers ever have "savers remorse"? What do you regret NOT spending money on? One thing to remember is that if you planned well and things went well then the day your retire...
by mlipps
Thu Mar 06, 2014 6:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Savers remorse ?
Replies: 91
Views: 11185

Re: Alternatives to MINT.com

I've switched from Mint to Personal Capital. If you have taxable investments, Personal Capital will try to make sales pitches for their investment "theories" (which aren't terrible, just not necessary of course), but since all I have is 401k's and IRA's so far, they haven't bothered me once.
by mlipps
Wed Mar 05, 2014 3:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Alternatives to MINT.com
Replies: 33
Views: 3189

Re: Buying a Car while in Debt

We spent $13k last year for a Toyota hatchback with 23k miles. Can't see spending $35k on a new car, even with your income. I assume it would be a van or SUV instead of a sedan? Not worth the increased gas and insurance if you don't "need" it. I think people get a little silly with those g...
by mlipps
Wed Mar 05, 2014 12:16 am
 
Forum: Personal Consumer Issues
Topic: Buying a Car while in Debt
Replies: 26
Views: 1792

Re: Keurig K-Cups Next Gen

Nespresso, I agree, fabulous. https://www.youtube.com/watch?v=UjtwCf5WWUU Nestle recently announced a new line of SUV-sized coffees for the American consumer, their VertuoLine. Bought one this weekend, might be the craziest splurge I've ever made, but OMG do I love that machine already. Its really ...
by mlipps
Wed Mar 05, 2014 12:08 am
 
Forum: Personal Consumer Issues
Topic: Keurig K-Cups Next Gen
Replies: 10
Views: 740

Re: Tax strategy: college tuituion credit

Yes. But with $10k in income, her personal exemption and standard deduction will cover her to have no taxable income, so unless she paid more than half of her own living expenses, she will receive no benefit from the AOC (see my comment above).
by mlipps
Tue Mar 04, 2014 10:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax strategy: college tuituion credit
Replies: 13
Views: 742

Re: Income Tax For 17 YO

She doesn't have to, but should because she will get back anything that was withheld from her paycheck. Plus, it's a good learning lesson. She can do a Roth up to the amount she earned.
by mlipps
Mon Mar 03, 2014 12:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Income Tax For 17 YO
Replies: 7
Views: 237

Re: Tax strategy: college tuituion credit

To get the refundable portion of the AOC if you're under 24, you must have provided more than half of your own support. That doesn't seem likely unless poor Sara took our a ton of student loans.
by mlipps
Mon Mar 03, 2014 10:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax strategy: college tuituion credit
Replies: 13
Views: 742

Re: What to say to Non-Savers

Need? Not necessarily. But it's a lot easier to get used to a life of luxury if you have more later in life than you need than to learn to live on a meager SS income after living the high life. You have to find the balance, but if you're tempted to buy a luxury car instead of saving for retirement, ...
by mlipps
Mon Mar 03, 2014 12:28 am
 
Forum: Personal Finance (Not Investing)
Topic: What to say to Non-Savers
Replies: 71
Views: 5181

Re: Concerns re: Relocating to Illinois (Chicago)

The thing that is weird to me about Illinois property taxes, which DID dissuade us from buying in Evanston last fall, is that taxes here are not a percentage of your property value. The state and city set their budget, then distribute the charges amongst the tax base. To me that leaves you a more vu...
by mlipps
Sat Mar 01, 2014 10:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Concerns re: Relocating to Illinois (Chicago)
Replies: 40
Views: 2695

Re: Trying to decide between TIAA-Cref and Prudential Retire

I know lots here use TIAA-Cref & like it, but I never could fully understand the annuity aspect of some of their funds. For what it's worth, my husband has some amazing fund choices (Vanguard core funds, without any additional fees) in his 401k at work, so I don't think it should be written off ...
by mlipps
Tue Feb 25, 2014 11:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Trying to decide between TIAA-Cref and Prudential Retirement
Replies: 24
Views: 1824

Re: Free flights with Credit Card offers

I'm planning my wedding/honeymoon right now, and I just recently opened the Barclaycard Arrivals card. 40k "miles" (100miles = $1 of statement reimbursement for travel expenses--airfaire, cruise, hotels, B&Bs, rental cars, etc.) bonus for spending $3k (easily met by the honeymoon crui...
by mlipps
Mon Feb 24, 2014 12:24 pm
 
Forum: Personal Consumer Issues
Topic: Free flights with Credit Card offers
Replies: 19
Views: 1474

Re: Free flights with Credit Card offers

I have 8 inquiries on my credit report right now and a FICO of around 730. So you could say I do this a bit...Honestly, the first inquiry will knock your score down a small bit, the 3rd might hit a bit more, but after that it doesn't matter much. As long as you're not planning on taking out a mortga...
by mlipps
Mon Feb 24, 2014 12:21 pm
 
Forum: Personal Consumer Issues
Topic: Free flights with Credit Card offers
Replies: 19
Views: 1474

Re: 1st time filing tax return

You can E file. If you only have 1 W-2 you can probably do it yourself using one of the free software programs such as Turbo Tax. I would not go to H&R Block if you have an H1B, it's not hard but they have a habit of making things hard that are not and really screwing it up. I would find a CPA o...
by mlipps
Fri Feb 21, 2014 4:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: 1st time filing tax return
Replies: 6
Views: 375
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