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Re: HSA - must contributions be through employer?

Generally you can contribute directly, but that money will be subject to FICA unlike when employer withholds your contribution. Also, as long as you are eligible on 12/1, you can usually make an entire years contribution in that year. If you do, and do not stay eligible for the entire next year, the...
by pshonore
Wed Nov 26, 2014 3:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA - must contributions be through employer?
Replies: 7
Views: 591

Re: Definition of "have a retirement plan at work"

I recall after I retired, an exercise of NQ stock options would produce a W2 with the "profit" shown as wages in Box 1 with the required withholding, and the Retmt Plan box NOT checked. Also seem to recall the HR folks saying if that caused a problem with SSA because a person was collectin...
by pshonore
Tue Nov 25, 2014 1:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Definition of "have a retirement plan at work"
Replies: 12
Views: 1266

Re: Dog food - how cheap is too cheap?

I've had good luck with Costco no-grain dog food (about $1/lb for either Salmon or Beef based). I've fed Eukanuba for years as it was always on sale for about 60 cents/lb + a free bag for every six bought (from their breeder program. Those days are long gone though and its now around $1.30/lb
by pshonore
Tue Nov 25, 2014 11:51 am
 
Forum: Personal Consumer Issues
Topic: Dog food - how cheap is too cheap?
Replies: 62
Views: 3748

Re: Turbo Tax - Returns for different people & different sta

I could be mistaken but I though you had to list individual sales unless you attach a Broker Statement with summaries (via a separate mail in for e-filed returns with IRS transmittal Form 8453, also used with POA, Release of Exemption, etc)
by pshonore
Tue Nov 25, 2014 11:45 am
 
Forum: Personal Consumer Issues
Topic: Turbo Tax - Returns for different people & different states
Replies: 6
Views: 562

Re: Homeowner's Insurance

In the case of joists, modern materials are probably better. (Oak was very seldom used for frames, etc because it is way too heavy and not terribly easy to work with hand tools). Rather a lot of Chestnut, pine, hemlock, etc was used. I'd go with modern lumber and LVLs as necessary
by pshonore
Tue Nov 25, 2014 10:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Homeowner's Insurance
Replies: 10
Views: 733

Re: Homeowner's Insurance

Many (most?) policies simply cover replacement value of the home (structure) and then separate contents coverage for lost articles (your clothing and furniture, for example). In essence, what it would cost you to rebuild the home from scratch if it burns down. It's unlikely they would niggle over a...
by pshonore
Tue Nov 25, 2014 9:28 am
 
Forum: Personal Finance (Not Investing)
Topic: Homeowner's Insurance
Replies: 10
Views: 733

Re: Create new account in case mom outlives assets--How to?

It seems some folks got caught up on the dependent part. Don't forget that's a technical tax term for getting an exemption on one's tax return. One can still pay for all the support of someone (it is not illegal to do so) who is not your dependent in the eyes of the IRS. How many folks have unemplo...
by pshonore
Tue Nov 25, 2014 9:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Create new account in case mom outlives assets--How to?
Replies: 15
Views: 1319

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

Remember if you use Deluxe in Form mode, you cannot efile but have to mail in your return.
by pshonore
Sun Nov 23, 2014 1:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 87
Views: 9204

Re: File and Suspend timing mechanics for max benefit

I read somewhere that the least crowded day to go to an SSA office is the day after Thanksgiving. A relative just received her spousal benefit. She also received a check for the few months since she turned 66 her FRA. I think they will go back for up to the last 6 months. I plan on filing and suspe...
by pshonore
Sun Nov 23, 2014 12:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: File and Suspend timing mechanics for max benefit
Replies: 12
Views: 1199

Re: File and Suspend timing mechanics for max benefit

Sure, The husband can claim a Spousal benefit as long as he is FRA (otherwise he is deemed to be filing for his own benefit as well) and the wife is collecting her own benefit.
by pshonore
Sun Nov 23, 2014 12:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: File and Suspend timing mechanics for max benefit
Replies: 12
Views: 1199

Re: One person LLC, Solo 401k, 1 Employee - Question

You could pay the employee on a 1099 (rather than a W2) , assuming they meet the test for an independent contractor. The IRS does not really care about LLCs, but they do care about owners not extending the same retirement benefit to employees that the owner has.
by pshonore
Sun Nov 23, 2014 11:59 am
 
Forum: Investing - Help with Personal Investments
Topic: One person LLC, Solo 401k, 1 Employee - Question
Replies: 25
Views: 724

Re: One person LLC, Solo 401k, 1 Employee - Question

Is the one employee the same person as the LLC owner?
by pshonore
Sun Nov 23, 2014 9:37 am
 
Forum: Investing - Help with Personal Investments
Topic: One person LLC, Solo 401k, 1 Employee - Question
Replies: 25
Views: 724

Re: File and Suspend timing mechanics for max benefit

Do I even have to file and suspend at all for her to get the spousal benefits? I do understand that if I file and suspend that I can go back in a year or two if I have a financial emergency and retroactively get the back benefits from when I filed and suspended, but this is really something that do...
by pshonore
Sat Nov 22, 2014 5:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: File and Suspend timing mechanics for max benefit
Replies: 12
Views: 1199

Re: ACA subsidy and income calculation

Do any of you know the reason Healthcare.Gov isn't straight forward on how to calculate income for a subsidy. If I took them at face value I would think my only deduction is for an IRA. A self employed person unless I am wrong gets to deduct 50% of Social Security tax, SEP IRA @ 25%, Traditional IR...
by pshonore
Sat Nov 22, 2014 5:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy and income calculation
Replies: 5
Views: 608

Re: Standard questions on found stock certificate

ARCO merged with BP, Sunoco and Disney are still in business. Was your late husband still receiving dividends from those companies? As the ARCO shares were probably not tendered, that may not be the case. You may to check with whoever in your state of residence receives escheated (unclaimed) propert...
by pshonore
Fri Nov 21, 2014 11:54 am
 
Forum: Personal Finance (Not Investing)
Topic: Standard questions on found stock certificate
Replies: 10
Views: 490

Re: Can Non-Tax Filers Contribute to IRA?

If she does a Roth, she should probably file a tax return documenting her income. Then it cannot be questioned at a future date. She can file a Form 1040EZ quite easily and almost certainly will owe no tax.
by pshonore
Thu Nov 20, 2014 8:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can Non-Tax Filers Contribute to IRA?
Replies: 12
Views: 1242

Re: ACA subsidy question

Remember that in addition to premium subsidies that are reconciled at tax time, there also can be cost-sharing subsidies that are not reconciled. (explained at http://www.healthinsurance.org/obamacare/the-acas-cost-sharing-subsidies) Its probably not a good idea to deliberately misstate your income ...
by pshonore
Thu Nov 20, 2014 10:51 am
 
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy question
Replies: 8
Views: 849

Re: Healthcare FSA - expecting, due in July

The last child birth bill we had cost $28,800 so I would suggest maxing out from the first of the year. How times have changed! My kids were born in the mid 70s. At that time, pregnancy was not treated the same as other illness for insurance purposes. And for that matter, pregnancy leave was not el...
by pshonore
Wed Nov 19, 2014 1:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Healthcare FSA - expecting, due in July
Replies: 17
Views: 1241

Re: Chip and Signature (not PIN) in Europe

Last month in Paris I used my chip enabled Penfed Visa Card - always got asked for a signature even though the card has a PIN (I think the PIN is for US cash advances only but not sure). I did not try to use it "unattended". My plain old BOA ATM card worked in ATM's. No chip but like all A...
by pshonore
Tue Nov 18, 2014 2:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Chip and Signature (not PIN) in Europe
Replies: 15
Views: 783

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

Still don't understand the footnote. It wasn't true last year and its not true this year from what I've read. Are you sure it was not true last year? I got the desktop version of TT Deluxe (via Vanguard) and was able to use it for Schedules C and D. It looks as if that may not be the case this year...
by pshonore
Mon Nov 17, 2014 5:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 87
Views: 9204

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

Still don't understand the footnote. It wasn't true last year and its not true this year from what I've read.
by pshonore
Mon Nov 17, 2014 10:41 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 87
Views: 9204

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

Patrick, I think you can find that here: https://personal.vanguard.com/us/insights/taxcenter/qdi/turbotax Now I'm confused - the referenced VG page has this †TurboTax Online users who are filing Schedules D or E are required to use TurboTax Premier. Users filing Schedules C or F must use TurboTax H...
by pshonore
Mon Nov 17, 2014 9:52 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 87
Views: 9204

Re: Tax Planning for 2015 Roth conversion

I will be doing the same thing next year, but have no pension so i will have to calculate the estimated taxes also. Isn't there a requirement to pay the taxes in the quarter when they are earned? Since we have just retired, our taxes next year will be markedly lower, making it easy to run afoul of ...
by pshonore
Sun Nov 16, 2014 8:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Planning for 2015 Roth conversion
Replies: 11
Views: 1391

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

I believe in the past, ALL desktop versions of TT from Basic through Home and Business all handled the same forms. The differences were in interview help, and Deduction Manager, etc. Seems to me its a lot more trouble ripping out the code. How many calls will their Support folks receive from people ...
by pshonore
Sat Nov 15, 2014 1:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 87
Views: 9204

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

If you use Sched D or E, you need the Premier version; If you use Sched C (not C-EZ), then you need Home and Business.

This page compares all the download/cd versions: https://turbotax.intuit.com/personal-ta ... ew=desktop
by pshonore
Sat Nov 15, 2014 12:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax '14 Deluxe (Desktop) Excludes Schedule D
Replies: 87
Views: 9204

Re: My DISH tv bill just keeps going up and up

What's the solution for current shows on premium channels like HBO, Shotime, etc like Boardwalk Empire, Ray Donovan, Homeland, Episodes, Shameless, etc. Is there any legal way to get current episodes for those other than through cable? I doubt most people watch those channels for the movies. Well, ...
by pshonore
Wed Nov 12, 2014 10:39 am
 
Forum: Personal Consumer Issues
Topic: My DISH tv bill just keeps going up and up
Replies: 50
Views: 4550

Re: Ouch! IRS penalty for underpayment, Any ideas?

I don't understand the "Failure to Pay Penalty". From the IRS website: April 15 is the annual deadline for most people to file their federal income tax return and pay any taxes they owe. By law, the IRS may assess penalties to taxpayers for both failing to file a tax return and for failing...
by pshonore
Wed Nov 12, 2014 9:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Ouch! IRS penalty for underpayment, Any ideas?
Replies: 24
Views: 3107

Re: Yet Another Credit Card Thread

I have three cashback cards I use. 1. Fidelity Investment Rewards AMEX - straight 2% on everything, no caps, no limit. 2. Penfed Cash Rewards Visa - 5% on gas, no caps, no limit. Used for gas. 3. AMEX Blue Cash Preferred - $75 annual fee, 6% on groceries (up to $6000 grocery spending per year), 3% ...
by pshonore
Tue Nov 11, 2014 6:24 pm
 
Forum: Personal Consumer Issues
Topic: Yet Another Credit Card Thread
Replies: 24
Views: 1888

Re: Dependent care FSA

Believe the max child care expense is $6K assuming two eligible kids - that leaves $1K for the credit or $200 additional
by pshonore
Tue Nov 11, 2014 5:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Dependent care FSA
Replies: 6
Views: 385

Re: My DISH tv bill just keeps going up and up

What's the solution for current shows on premium channels like HBO, Shotime, etc like Boardwalk Empire, Ray Donovan, Homeland, Episodes, Shameless, etc. Is there any legal way to get current episodes for those other than through cable? I doubt most people watch those channels for the movies.
by pshonore
Tue Nov 11, 2014 4:09 pm
 
Forum: Personal Consumer Issues
Topic: My DISH tv bill just keeps going up and up
Replies: 50
Views: 4550

Re: Dependent care FSA

If you claim the DCC credit, you'll likely save $600 (20% of expenses x $3000 allowable expense per child). If you're in the 25% bracket, the $5K DCFSA is pretax and pre FICA I believe, so you save (.32765 x $5K or $1637). In the 15% bracket (.2265 x $5K or $1132). In short the DCFSA lets you "...
by pshonore
Tue Nov 11, 2014 2:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Dependent care FSA
Replies: 6
Views: 385

Re: Electricity costs going up

Connecticut has 2 electric companies, CL+P and UI (neither of which own any generation facility) Effective Jan 1 2015, the "standard rate offer" is increasing from 9.99 cents per KW to 12.629 (26.3% increase) for CL+P and from 8.66 cents per KW to 13.35 for UI (a 54% increase). Both also h...
by pshonore
Tue Nov 11, 2014 10:58 am
 
Forum: Personal Consumer Issues
Topic: Electricity costs going up
Replies: 46
Views: 3281

Re: Large Tax Deductible Business Expense

Depending on the purchase, depreciation over the useful life (assuming greater than 1 yr) of the asset would be how it is handled. Of course there is accelerated as well as special depreciation which just muddies the waters and which have their rules on recapture, etc. Best to talk to a good tax per...
by pshonore
Fri Nov 07, 2014 9:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Large Tax Deductible Business Expense
Replies: 1
Views: 221

Re: A Returns Spreadsheet for Bogleheads

My guess in on or about Dec 1, a new line will appear for November 2014

edit: (I see the SS creator beat me to it)
by pshonore
Mon Nov 03, 2014 7:12 pm
 
Forum: Investing - Theory, News & General
Topic: A Returns Spreadsheet for Bogleheads
Replies: 31
Views: 3576

Re: 2015 Suburu Outback

Beware of Subaru dealers who try to get you take their 30K, 60K and 90K service packages. We're getting close to 30k and the dealer is quoting $650 for the 30K service. For example, they recommend replacing brake fluid at 30K. I don't ever recall replacing brake fluid on any vehicle unless brake wo...
by pshonore
Mon Nov 03, 2014 12:45 pm
 
Forum: Personal Consumer Issues
Topic: 2015 Suburu Outback
Replies: 52
Views: 5326

Re: Thunderbird [e-mail client] Question

But I understand what you're saying about using a web interface. Unfortunately my wife is not very tech savvy and T-Bird is easier for her to use. I know I'll have to bite the bullet someday, but not today. I really don't like the web interfaces I've seen. And I like my email right in my own hands....
by pshonore
Mon Nov 03, 2014 12:01 pm
 
Forum: Personal Consumer Issues
Topic: Thunderbird [e-mail client] Question
Replies: 14
Views: 1357

Re: Car Maintenance

Can anyone tell me why brake fluid is being changed at 20K? (Subaru is "recommending" to do it at 30K). I don't recall ever changing brake fluid unless it was in conjunction with brake work (new pads, rotors, etc). Fluids deteriorate over time. They get water, debris and other contaminant...
by pshonore
Mon Nov 03, 2014 11:50 am
 
Forum: Personal Consumer Issues
Topic: Car Maintenance
Replies: 32
Views: 4014

Re: Solo Physician Practice

My guess is the IRS would consider that commuting expense unless you're going to multiple hospitals in the same day. As to going the S-Corp route vs Sole proprietor; the latter is considerably less complicated accounting and tax wise but the former will probably allow greater retirement plan contri...
by pshonore
Mon Nov 03, 2014 11:45 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo Physician Practice
Replies: 13
Views: 1975

Re: Car Maintenance

Can anyone tell me why brake fluid is being changed at 20K? (Subaru is "recommending" to do it at 30K). I don't recall ever changing brake fluid unless it was in conjunction with brake work (new pads, rotors, etc).
by pshonore
Mon Nov 03, 2014 11:33 am
 
Forum: Personal Consumer Issues
Topic: Car Maintenance
Replies: 32
Views: 4014

Re: Tax Question

Sounds like OP lived in the house from 1997 until May 2011. He sold in Feb 2014. Feb 2009 (5 yr period begins) - May 2011 is 2 yrs 3 months when it was his principal residence, so it sure sounds like he qualifies to exclude the gain. I do believe he will have to recapture the depreciation though.
by pshonore
Mon Nov 03, 2014 11:28 am
 
Forum: Personal Finance (Not Investing)
Topic: Tax Question
Replies: 14
Views: 1724

Re: 2015 Suburu Outback

Beware of Subaru dealers who try to get you take their 30K, 60K and 90K service packages. We're getting close to 30k and the dealer is quoting $650 for the 30K service. For example, they recommend replacing brake fluid at 30K. I don't ever recall replacing brake fluid on any vehicle unless brake wor...
by pshonore
Mon Nov 03, 2014 10:37 am
 
Forum: Personal Consumer Issues
Topic: 2015 Suburu Outback
Replies: 52
Views: 5326

Re: Solo Physician Practice

I would say if you are not leasing space to do admin. work which is regular and needed I would take the home office deduction. That way you can deduct mileage from your home office to hospital to see patients. Also, can deduct portions of property taxes, mortgage insurance, utililities, etc... Good...
by pshonore
Mon Nov 03, 2014 10:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Solo Physician Practice
Replies: 13
Views: 1975

Re: Shares of my own 'C' Corp in IRA

Here's a link to a Forbes article on an evidently legal way to do something similar (load up a Roth)

http://www.forbes.com/sites/deborahljac ... -in-taxes/
by pshonore
Mon Nov 03, 2014 9:01 am
 
Forum: Investing - Theory, News & General
Topic: Shares of my own 'C' Corp in IRA
Replies: 9
Views: 545

Re: A Returns Spreadsheet for Bogleheads

Tried to download and open in Excel. Got an error message about "unreadable data" when trying to open. Using the repair option gives this error message Excel completed file level validation and repair. Some parts of this workbook may have been repaired or discarded. Replaced Part: /xl/wor...
by pshonore
Sun Nov 02, 2014 10:44 am
 
Forum: Investing - Theory, News & General
Topic: A Returns Spreadsheet for Bogleheads
Replies: 31
Views: 3576

Re: A Returns Spreadsheet for Bogleheads

Tried to download and open in Excel. Got an error message about "unreadable data" when trying to open. Using the repair option gives this error message Excel completed file level validation and repair. Some parts of this workbook may have been repaired or discarded. Replaced Part: /xl/work...
by pshonore
Sun Nov 02, 2014 8:48 am
 
Forum: Investing - Theory, News & General
Topic: A Returns Spreadsheet for Bogleheads
Replies: 31
Views: 3576

Re: Appealing a Tax Assessment on Home

One tip - check the county's records for your property to make sure their facts on your home are accurate. I was able to eliminate several thousand of assessed value because of correcting their records. This cuts both ways. Oftentimes, property improvements do not get added to property records, res...
by pshonore
Sat Nov 01, 2014 9:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Appealing a Tax Assessment on Home
Replies: 11
Views: 837

Re: Appealing a Tax Assessment on Home

As a famous politician once said :" All assessments is "local" :happy and therefore policies vary in just about every jurisdiction as well as state mandates. In some, you may be able to appeal based on a sales price lower than your assessment; in others places, that's not going to hap...
by pshonore
Fri Oct 31, 2014 2:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Appealing a Tax Assessment on Home
Replies: 11
Views: 837

Re: Home Sale Disclosure Advice

When I sold my house in California, the real estate attorney guided me through the stack of disclosure forms. I remember them as being a foot high, but my memory may be exaggerating. Including stuff like is there wildlife in your neighborhood? Yes, birds, squirrels, who knows what all. On the other...
by pshonore
Sun Oct 26, 2014 3:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Home Sale Disclosure Advice
Replies: 7
Views: 953

Re: How to do taxes for sale of deceased father's stocks?

Aren't we talking a 1041 Estate Tax return here?
by pshonore
Sun Oct 26, 2014 2:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to do taxes for sale of deceased father's stocks?
Replies: 18
Views: 1596

Re: Give me a road map!

I'm seeing a CPA on Thurs but would like some advice first. I'm currently netting $1-2k per day. Starting next year, I expect that will change to $2-4k a day. I started my own business in February. There is no overhead. There is no inventory. It's PERFECTLY scalable. It's strictly a digital world. ...
by pshonore
Wed Oct 22, 2014 12:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Give me a road map!
Replies: 21
Views: 2282
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