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Re: ex dividend date

An investor only needs to own the stock for one day (the record date) to be entitled to receive the dividend payment. If the investor buys before the ex-dividend date, and sells on the ex-dividend date or after, the investor will receive the dividend payment. Correct. Also, on ex-dividend day, the ...
by pshonore
Tue Mar 31, 2015 11:26 am
 
Forum: Investing - Help with Personal Investments
Topic: ex dividend date
Replies: 7
Views: 520

Re: ex dividend date

If you own the stock at close of business on the business day prior to the ex-dividend date, you get the dividend. The opening price is generally adjusted by the amount of the dividend but good news or bad news released prior to opening can certainly effect the opening price . I believe open orders ...
by pshonore
Tue Mar 31, 2015 10:46 am
 
Forum: Investing - Help with Personal Investments
Topic: ex dividend date
Replies: 7
Views: 520

Re: RMDs for 25-year-old - take out enough to fund annual Ro

There is no "full-time" student box on Form 1098T. Here are the instructions for Box 8
Box 8. Shows whether you are considered to be carrying at least one-half the normal full-time workload for your course of study at the reporting institution.
by pshonore
Mon Mar 30, 2015 6:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMDs for 25-year-old - take out enough to fund annual Roth?
Replies: 38
Views: 1879

Re: Grieving Home Assessment on Long Island (Town of Brookha

Seasonal properties (no heat, etc) that can't be lived in during the winter are certainly worth less than a year round home. And in some areas, this is enforced by turning off water to the house in the winter if there's a community system. However the value of the land would not be affected in most ...
by pshonore
Mon Mar 30, 2015 3:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Grieving Home Assessment on Long Island (Town of Brookhaven)
Replies: 5
Views: 687

Re: MRD and charitable contributions

I believe you are correct. It would be nice if Congress got this settled early in the year so a QCD could also count toward your RMD. I'd rather not wait until the last week in December to take an RMD.
by pshonore
Sun Mar 29, 2015 7:59 pm
 
Forum: Investing - Theory, News & General
Topic: MRD and charitable contributions
Replies: 10
Views: 640

Re: Just completed my taxes... have some questions.

Sidney wrote:
furwut wrote:Read this:
If You Are Self-Employed

According to this, earnings from a limited partnership do not qualify for SS. I guess we don't have enough info from the OP to really diagnose his situation.
Sounds like OP is an "active participant" and would owe SE tax.
by pshonore
Sun Mar 29, 2015 4:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Just completed my taxes... have some questions.
Replies: 14
Views: 1331

Re: Helping my recently widowed mother

Her tax filing status will not be "Qualifying Widow" unless she is supporting a household for herself and at least one dependent child. It doesn't sound like your sister will be her dependent, so I would assume the following about her likely filing status: 1) She can file a final joint re...
by pshonore
Sun Mar 29, 2015 11:34 am
 
Forum: Investing - Help with Personal Investments
Topic: Helping my recently widowed mother
Replies: 18
Views: 1470

Re: K-1 tax question

You did report the income to Maryland, correct?
by pshonore
Sat Mar 28, 2015 5:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: K-1 tax question
Replies: 8
Views: 778

Re: TurboTax Import Error from Vanguard: Who's Fault?

Your best bet is to look at the tax documents received and compare to your return to see if they all got entered or imported. Its possible TT or VG made a mistake but highly unlikely. As others have pointed out, its your job to make sure your return is accurate. In the unlikely event that TT did mak...
by pshonore
Fri Mar 27, 2015 8:34 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Import Error from Vanguard: Who's Fault?
Replies: 15
Views: 1151

Re: Need a tablet maybe

For a Windows guy, this looks pretty versatile and includes Office 365 as well as a detachable keyboard.

http://www.microsoftstore.com/store/msu ... andreviews

Reviews are somewhat mixed though.
by pshonore
Thu Mar 26, 2015 1:47 pm
 
Forum: Personal Consumer Issues
Topic: Need a tablet maybe
Replies: 26
Views: 1871

Re: WSJ Delivery Record - Dismal

My WSJ is delivered with my morning newspaper (around 5 am). Evidently cheaper for WSJ to do that in this area. On time about 99.9% A few years ago it did come with the mail and even then the on-time was quite good. WSJ is printed in several plants around the country and your distance to the closest...
by pshonore
Thu Mar 26, 2015 8:48 am
 
Forum: Personal Consumer Issues
Topic: WSJ Delivery Record - Dismal
Replies: 25
Views: 1866

Re: HSA question

I believe the penalty for non-qualified withdrawals is 20% as of 1/1/15
by pshonore
Thu Mar 26, 2015 8:42 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 20
Views: 1711

Re: HSA deadline for tax deduction eligibility

I don't believe you can get reimbursed for an expense that occurred before the HSA was funded though.
by pshonore
Wed Mar 25, 2015 7:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA deadline for tax deduction eligibility
Replies: 10
Views: 661

Re: Tax Questions - Soccer Coach (1099) & W2

Advantages to your employer of calling you a contractor: * Does not pay employer's share of Social Security on those earnings * Does not pay into Unemployment on those earnings * Does not pay overtime, which is likely to occur when a full-time employee works extra hours * Not responsible for Worker...
by pshonore
Wed Mar 25, 2015 7:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Questions - Soccer Coach (1099) & W2
Replies: 10
Views: 714

Re: Building a new house. Any recommendations?

Assuming you have a chimney, put in an extra flue with access in the basement. May come in handy someday. Probably not cheap though ($1K).
by pshonore
Wed Mar 25, 2015 10:36 am
 
Forum: Personal Consumer Issues
Topic: Building a new house. Any recommendations?
Replies: 51
Views: 4380

Re: Divorced spouse filing for Social Security

dolphinsaremammals wrote:Where did I get the idea that marrying again causes the ex-spouse to lose entitlement to his/her ex-spouse's benefits? Is that a figment of my imagination?
I think that's true but if the ex-spouse becomes widowed again, that goes away and he/she can pick the highest benefit
by pshonore
Tue Mar 24, 2015 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Divorced spouse filing for Social Security
Replies: 6
Views: 893

Re: Divorced spouse filing for Social Security

I gave her my SSN and told her that I was delaying filing until 70 ... Can she withdraw her application if she has already filed as my divorced spouse and apply for widow's benefits under X2? It's my understanding that she is not entitled to a spousal benefit based on your earnings until after you ...
by pshonore
Tue Mar 24, 2015 12:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Divorced spouse filing for Social Security
Replies: 6
Views: 893

Re: Best ways to save on electricity bill

You can buy a special meter that plugs into an outlet and the plug the device into the meter. http://www.amazon.com/P3-P4400-Electricity-Usage-Monitor/dp/B00009MDBU I did that a few years back and here's what I got after leaving the device plugged in for few days (admittedly unscientific, but close ...
by pshonore
Tue Mar 24, 2015 10:23 am
 
Forum: Personal Consumer Issues
Topic: Best ways to save on electricity bill
Replies: 58
Views: 6997

Re: roth conversion recharacterization

I'm not convinced that any text statement attached to an e-filed return is ever read by the IRS. Although I will say that Turbo Tax does prompt me during error checking to enter one for a recharacterization.
by pshonore
Mon Mar 23, 2015 7:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: roth conversion recharacterization
Replies: 8
Views: 657

Re: Child Care Credit, pretax salary contribution, & W-2 Box

Didn't you save $657 (25% backet + SS) in tax on the 2K (+ any state tax)? Why don't you contribute the full $5K pretax (the 3k limit does not apply in that case)
by pshonore
Mon Mar 23, 2015 4:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Child Care Credit, pretax salary contribution, & W-2 Box 10
Replies: 6
Views: 332

Re: Tax Software

I do not believe most online versions of tax software allow you to see the forms until you've paid. Otherwise you could just print them out and mail them in.
by pshonore
Sun Mar 22, 2015 6:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Software
Replies: 23
Views: 1116

Re: Newly retired teacher - tax questions

Assuming a solo small business, the health insurance premiums (for her) are a deductable business expense. Note that the policy must be issued in your name or your business name. If her policy is issued in the name of the School Board, I don't think that will cut it. Of course she can still take an...
by pshonore
Sat Mar 21, 2015 6:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Newly retired teacher - tax questions
Replies: 5
Views: 618

Re: Whats a good Pistol to buy?

As a general rule, in most states (emphasize: MOST) you can carry an unloaded handgun in a locked container in your vehicle without a concealed carry permit. Double check the laws in the states you plan to travel through beforehand. Connecticut is one of the exceptions "Effective April 1, 2014...
by pshonore
Fri Mar 20, 2015 6:36 pm
 
Forum: Personal Consumer Issues
Topic: Whats a good Pistol to buy?
Replies: 109
Views: 7869

Re: Child gift shares to parent to avoid kiddie tax?

...so I would simply increase amount of support I provide to compensate for the gains on the shares. Yes, I do see a problem. This sounds like a sale to me. Gill This is info for the forum, to avoid snarky comments about me ripping her off, or something like that. This is not info for the IRS. Tran...
by pshonore
Wed Mar 18, 2015 6:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Child gift shares to parent to avoid kiddie tax?
Replies: 32
Views: 1307

Re: Child gift shares to parent to avoid kiddie tax?

Depending on the capital gains tax, maybe it is worthwhile to stop using her as a dependent. If she is on her own, she can sell without any capital gains tax up to the 25% tax bracket or $37,450 in 2015. You may even be able to tax gain harvest her now so that in the future she owns at a higher bas...
by pshonore
Wed Mar 18, 2015 4:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Child gift shares to parent to avoid kiddie tax?
Replies: 32
Views: 1307

Re: A great shave at a great price

I've found the Tweezerman Badger Brush for $14.99 at Amazon is great and I just buy a large pack (14?) of disposable Mach III razors at Costco. They seem to last a long time, particularly if I don't skip a day between shaves. I guess 2 or 3 days growth is much tougher on the blade(s)
by pshonore
Wed Mar 18, 2015 4:34 pm
 
Forum: Personal Consumer Issues
Topic: A great shave at a great price
Replies: 50
Views: 5941

Re: Child gift shares to parent to avoid kiddie tax?

tludwig23 wrote:If she's in college, isn't she in the 0% LTCG bracket unless she has significant income from some other source?
Yes, but she's most likely still subject to the 'kiddie tax" (taxed at parent's rate) for investment income over 2K.
by pshonore
Wed Mar 18, 2015 4:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: Child gift shares to parent to avoid kiddie tax?
Replies: 32
Views: 1307

Re: How Much To Negotiate Realtor Commission

Sorry, I read it reversed, (seller got 3.5, buyer got 2%) That's even funnier. I cannot imagine why a selling agent would ever agree to that.
by pshonore
Tue Mar 17, 2015 3:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: How Much To Negotiate Realtor Commission
Replies: 31
Views: 2728

Re: How Much To Negotiate Realtor Commission

You can specify that you offer 5% as 2% to listing agent, standard 3% to selling agent, and you want the MLS listing to show 3% co-op. If they balk, thank them for their time and you will find another realtor. The reality is about all they do is put it in the computer then wait for someone to call....
by pshonore
Tue Mar 17, 2015 3:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: How Much To Negotiate Realtor Commission
Replies: 31
Views: 2728

Re: How Much To Negotiate Realtor Commission

Real estate commission as a percentage of sale price is long overdue for reform imo Completely agree.... but with the near monopoly it's going to be a tough one to crack..... That may be but don't forget all the time Realtors spend with clients who don't buy or listings that don't sell, and they ma...
by pshonore
Tue Mar 17, 2015 2:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: How Much To Negotiate Realtor Commission
Replies: 31
Views: 2728

Re: Previous Home- Now a Rental Property

On a sale, do you have to recapture depreciation even within the three year period? (I don't know the answer)
by pshonore
Tue Mar 17, 2015 2:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Previous Home- Now a Rental Property
Replies: 13
Views: 1350

Re: rental income / passive income generator funds

From the IRS: If you or your spouse actively participated in a passive rental real estate activity, you may be able to deduct up to $25,000 of loss from the activity from your nonpassive income. This special allowance is an exception to the general rule disallowing losses in excess of income from pa...
by pshonore
Tue Mar 17, 2015 7:56 am
 
Forum: Investing - Help with Personal Investments
Topic: rental income / passive income generator funds
Replies: 3
Views: 557

Re: Ice Dams - now what?

I live in CT and in the winter of 2010/2011 we had ice dams and water leaking into our walls. We replaced the roof that following summer and have not had issues since. I still use a snow rake and shovel my older flat roof that never gets sun. I know the feeling, I'm constantly listening for drips a...
by pshonore
Mon Mar 16, 2015 7:15 pm
 
Forum: Personal Consumer Issues
Topic: Ice Dams - now what?
Replies: 49
Views: 4428

Re: Where to retire in New England?

Us New Englander's are not sane..... Live here long enough, the winter's drive us all INSANE! 6 months would be ideal but it's too expensive here in CT. I'd move over one state to be close to the beach. Charlestown RI, taxes are low :) I believe RI taxes SS benefits, if that matters... RI taxes SS ...
by pshonore
Mon Mar 16, 2015 9:47 am
 
Forum: Personal Consumer Issues
Topic: Where to retire in New England?
Replies: 101
Views: 7539

Re: rental income / passive income generator funds

the first few years of rental properties generally generate losses due to interest exp and depreciation exp. however rental losses can't be used to offset ordinary income since rental income is considered passive income. are there any passive income generator funds out there that can be use in conj...
by pshonore
Sun Mar 15, 2015 3:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: rental income / passive income generator funds
Replies: 3
Views: 557

Re: Why Isn't Pension Distribution Taxable? (1099-R, Code G)

Did they check the "Taxable Amount not Determined" Box?
by pshonore
Fri Mar 13, 2015 5:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Why Isn't Pension Distribution Taxable? (1099-R, Code G)`
Replies: 31
Views: 3468

Re: Index Fund Capital Gains Tax, Over the Years

Ideally, retirement plan contributions save you 25% (assuming you're in the 25% bracket). The goal is to be in the 15% or lower bracket when you withdraw the money. Or sell shares that have the smallest gains and live off those funds that while converting TIRAs and 401Ks to Roths at a very low tax r...
by pshonore
Fri Mar 13, 2015 1:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Index Fund Capital Gains Tax, Over the Years
Replies: 19
Views: 764

Re: Index Fund Capital Gains Tax, Over the Years

Unless they're in the 15% tax bracket or lower; in which any cap gains or QDs which fall in that bracket are taxed at 0%. Top limit of the bracket is approx. 78K taxable income (MFJ) . In other word, AGI minus standard or itemized deduction, minus any personal exemptions.
by pshonore
Fri Mar 13, 2015 1:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: Index Fund Capital Gains Tax, Over the Years
Replies: 19
Views: 764

Re: Index Fund Capital Gains Tax, Over the Years

As Toons mentioned, index funds like VTI do distribute dividends which probably exceed cap gains distributed and are part of the equation.
by pshonore
Fri Mar 13, 2015 11:57 am
 
Forum: Investing - Help with Personal Investments
Topic: Index Fund Capital Gains Tax, Over the Years
Replies: 19
Views: 764

Re: quarterly estimated taxes for a new business

You can (and should, IMO) make estimated payments based on income for each quarter. In your scenario, you would pay proportionately less in Q-1 than in Q-4. Keep in mind that as an LLC you can divide your income between wage/salary W-2 income and member draws, on which you do not need to pay Social...
by pshonore
Thu Mar 12, 2015 11:58 am
 
Forum: Personal Finance (Not Investing)
Topic: quarterly estimated taxes for a new business
Replies: 6
Views: 451

Re: Where to retire in New England?

In my experience, Eastern Massachusetts is the most expensive area in New England. Want to trade places? :happy I think Fairfield County CT would give it a good run. Central and Eastern CT are relatively cheap compared to it though and have 1/10 the traffic of Metro Boston. Taxes (both income and p...
by pshonore
Wed Mar 11, 2015 10:16 am
 
Forum: Personal Consumer Issues
Topic: Where to retire in New England?
Replies: 101
Views: 7539

Re: Will you buy an Apple Watch?

Nope, but I might the buy the Apple Car when it comes out. Of course, it will probably priced around 200K in today's $ when that happens. I hear the first model is going to be the "Granny Smith"
by pshonore
Tue Mar 10, 2015 3:31 pm
 
Forum: Personal Consumer Issues
Topic: Will you buy an Apple Watch?
Replies: 329
Views: 17989

Re: Would this margin interest be deductible?

livesoft wrote:One has to itemize and file Schedule A, too.
And Form 4952 as well.
by pshonore
Tue Mar 10, 2015 1:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: Would this margin interest be deductible?
Replies: 6
Views: 372

Re: Son had fraudulent tax return submitted

So someone filed using your son's info (and obviously using correct address since the IRS contacted him)? Wonder what tipped off the IRS that it was a fraudulent return? Assume you have not filed claiming him.
by pshonore
Tue Mar 10, 2015 1:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Son had fraudulent tax return submitted
Replies: 9
Views: 1405

Re: Is this identity theft or just random fraud?

No; it just tells you the name did not match SS records (I think it only matches on the first 3 or 4 characters). One reason why preparers always like to see SS cards.
by pshonore
Tue Mar 10, 2015 12:43 pm
 
Forum: Personal Consumer Issues
Topic: Is this identity theft or just random fraud?
Replies: 16
Views: 1813

Re: How do I calculate depreciation/basis for rental?

We have a single-family home as a rental property. When I look at the state taxation website the most recent data is from 2013: Land: 50k Improvements: 100k Total: 200k Am I doing the math correctly for the basis? Where's the missing 50K? 100+50 does not equal 200. Why did you not take depreciation...
by pshonore
Tue Mar 10, 2015 10:56 am
 
Forum: Personal Finance (Not Investing)
Topic: How do I calculate depreciation/basis for rental?
Replies: 35
Views: 1624

Re: Would this margin interest be deductible?

Rainier wrote:Yes, it's called investment interest but it can only offset inverstment income.

You need to be able to trace the funds if the irs ever asks.
And it will not offset LTCG or QDs unless you forego the reduced tax rates on those.
by pshonore
Tue Mar 10, 2015 10:47 am
 
Forum: Investing - Help with Personal Investments
Topic: Would this margin interest be deductible?
Replies: 6
Views: 372

Re: Cost/Benefit of Tax Payment Plans and Extensions

There is no cost for an extension, but do keep in mind that it is an extension of the time to file and has nothing to do with payments. You are still supposed to make a good faith estimate of what you owe by 4/15 and remit any amount due by that date. No comment on your bank's advice.
by pshonore
Tue Mar 10, 2015 10:32 am
 
Forum: Investing - Help with Personal Investments
Topic: Cost/Benefit of Tax Payment Plans and Extensions
Replies: 2
Views: 244

Re: Quick W2 question

I think it would be strange to see an Employers contribution to a pension plan (except possibly multi-employers Union plans) on a W2. It really wouldn't serve any purpose. Employee contributions usually show up in Box 14 and in most places these days are pre-tax.
by pshonore
Mon Mar 09, 2015 2:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Quick W2 question
Replies: 10
Views: 525
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