Search found 3484 matches

Go to advanced search

by pshonore
Wed May 20, 2015 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Question
Replies: 12
Views: 1275

Re: Social Security Question

To answer your question simply, the answer is YES. I have done that very thing. (collected prior to FRA and then suspended at FRA). You can also resume anytime, even retroactively, but you only get the DRCs for the months you do not collect if you resume before 70.
by pshonore
Wed May 20, 2015 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Maryland Income Tax Ruling
Replies: 3
Views: 534

Re: Maryland Income Tax Ruling

Sounds like the OP was a part year resident. In that case the calculation may be different than a MD resident working in another state. Most, but not all states charge PY residents on the portion of income earned in the state and there are no credits. Not sure how Maryland does it though.
by pshonore
Sun May 17, 2015 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Social Security question about Restricted Application
Replies: 27
Views: 1997

Re: Social Security question about Restricted Application

Have you looked at the option of you claiming first? Your wife could collect a spousal benefit (at the same time regardless of age) if she is caring for your dependent child (disabled or not).
by pshonore
Sat May 16, 2015 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS (I think they are wrong)
Replies: 21
Views: 2796

Re: Letter from IRS (I think they are wrong)

I was expecting a refund from the IRS, but instead I received a letter from them to the effect that I made a mistake in my calculation and I owed much more in taxes. I checked my calculations and I saw that the IRS did not include withholding that my wife and I paid from our monthly Social Security...
by pshonore
Sat May 16, 2015 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Establishing Revocable Trust vs Will
Replies: 42
Views: 3880

Re: Establishing Revocable Trust vs Will

I don't think most disagree with the advantages of a trust but what is the minimum amount one should have to make a creating a trust "worthwhile"? That would be considering the costs of creating a trust, trustee fees, tax prep fees, possible higher tax rates on trust income, etc.
by pshonore
Sat May 16, 2015 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Chasing the Big Dogs
Replies: 16
Views: 2215

Re: Chasing the Big Dogs

I just can't imagine that on average 1/100 of fifty year olds has $8.4 million. The table shows the median net worth and not the average net worth, so you do not have to stress your imagination. Interestingly, the numbers of the recent chart are lower than the previous numbers he put out in his 201...
by pshonore
Fri May 15, 2015 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: House Insurance Site Similar to Term4Sale?
Replies: 11
Views: 907

Re: House Insurance Site Similar to Term4Sale?

[If my house burned down for some reason and was a total loss why on earth would I pay more than double what my house would go for on the open market? Because the company is telling you that's what it would to clean up and rebuild your house with like materials. You can always get another opinion f...
by pshonore
Fri May 15, 2015 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS (I think they are wrong)
Replies: 21
Views: 2796

Re: Letter from IRS (I think they are wrong)

I filed a Form 4952 and I claimed the qualified dividends on line 4g so that I could use them on Schedule A. What does this statement mean? What investment interest expenses do you actually have? That form, as I understand it, is merely making sure that if your investment interest expenses exceed y...
by pshonore
Thu May 14, 2015 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: House Insurance Site Similar to Term4Sale?
Replies: 11
Views: 907

Re: House Insurance Site Similar to Term4Sale?

[If my house burned down for some reason and was a total loss why on earth would I pay more than double what my house would go for on the open market? Because the company is telling you that's what it would to clean up and rebuild your house with like materials. You can always get another opinion f...
by pshonore
Mon May 11, 2015 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: New car, lease or buy?
Replies: 33
Views: 1331

Re: New car, lease or buy?

Is anyone able to speak to the legal justification for a state charging sales tax on the full purchase price of a vehicle that is leased, rather than charging tax on only the portion (value) of the vehicle that you are leasing? Maybe it's a bad analogy, but if I stay in a hotel, I'll pay the rate f...
by pshonore
Mon May 11, 2015 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: New car, lease or buy?
Replies: 33
Views: 1331

Re: New car, lease or buy?

Also find out the money factor and then google how to convert it to an interest rate. I did and mine was very good. I decided to lease for many of the reasons stated here. I may very well buy it at the end the lease. It won't ultimately be cheaper, but it won't be that much more expensive. Also- yo...
by pshonore
Mon May 11, 2015 11:47 am
Forum: Personal Consumer Issues
Topic: Brand Loyalty
Replies: 60
Views: 4010

Re: Brand Loyalty

Hellmanns Mayo
Bounty paper towels (although Kirkland are probably just as good and much better value)
NO Carhartt - since they got popular, they've gone way downhill and gotten expensive. try Cabela"s instead.
AngelSoft TP
Talienti Gelato
by pshonore
Mon May 11, 2015 11:37 am
Forum: Personal Finance (Not Investing)
Topic: New car, lease or buy?
Replies: 33
Views: 1331

Re: New car, lease or buy?

Also find out the money factor and then google how to convert it to an interest rate. I did and mine was very good. I decided to lease for many of the reasons stated here. I may very well buy it at the end the lease. It won't ultimately be cheaper, but it won't be that much more expensive. Also- yo...
by pshonore
Mon May 11, 2015 10:55 am
Forum: Personal Finance (Not Investing)
Topic: New car, lease or buy?
Replies: 33
Views: 1331

Re: New car, lease or buy?

Compare the price of the new vehicle if purchased to the cost of the lease (down payment, monthly "rent" and buyout). If you buyout the lease, the sales tax is close to a wash. If you don't, then you will save lots of money on sales tax but you will have to buy another car or a lease and p...
by pshonore
Mon May 11, 2015 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Age 70 1/2: Think through your RMD choices.
Replies: 9
Views: 1819

Re: Age 70 1/2: Think through your RMD choices.

In the year you reach 70 1/2, the first IRA distribution(s) you take count toward your RMD, which cannot be converted to a Roth. If you want to do Roth conversions, you must satisfy your RMD first. Does that apply in later years as well?
by pshonore
Sat May 09, 2015 9:03 am
Forum: Personal Consumer Issues
Topic: dishwasher service plan
Replies: 18
Views: 972

Re: dishwasher service plan

My concern is that kitchenaid dishwashers have a reputation for needing service. If that were true, don't you think the company offering the service plan would know it too and factor it into the cost of their plan? Plus a hefty amount extra so that they can make a profit? So you can bet that, over ...
by pshonore
Tue May 05, 2015 10:27 am
Forum: Personal Consumer Issues
Topic: Neighbor wants to excavate shallow water hole common to both properties
Replies: 31
Views: 2590

Re: Neighbor wants to excavate shallow water hole common to both properties

Good points on checking with the authorities. Perhaps the County Soil and Water Conservation folks. Is there enough annual rainfall to create a pond and how will he prevent the water from just leaching back out?
by pshonore
Sat May 02, 2015 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Help with Property Taxes (2nd year New Build)
Replies: 18
Views: 953

Re: Help with Property Taxes (2nd year New Build)

A 10k difference in appraised value is insignificant in my opinion. Unless your appraisal is way off, I don't think you will get anywhere with an appeal. Probably true; but I think everyone should review the Assessors field card for their property to get an understanding of the process. A lot of ti...
by pshonore
Sat May 02, 2015 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Help with Property Taxes (2nd year New Build)
Replies: 18
Views: 953

Re: Help with Property Taxes (2nd year New Build)

Just consider yourself lucky and don't raise a stink about this with the county assessor. Property tax assessment of market value does not impact selling price anyway. You could have a situation where your house could be assessed at the high end of the neighborhood and you pay a ton more in taxes. ...
by pshonore
Fri May 01, 2015 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Property Taxes (2nd year New Build)
Replies: 18
Views: 953

Re: Help with Property Taxes (2nd year New Build)

Every jurisdiction assesses property differently. The town I live does it like this: They measure the house in great detail to get sq footage. They multiply sq ft by a cost factor per sq ft. The bigger the house, the lower the factor. 1600 sq ft might be $80/sq ft, 2000 sq ft might be $75/sq ft (eco...
by pshonore
Fri May 01, 2015 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Help with Property Taxes (2nd year New Build)
Replies: 18
Views: 953

Re: Help with Property Taxes (2nd year New Build)

Are you paying for a full year? Or was the CO (certificate of occupany) issued after the "tax period" started. Taxes should always be evaluated by looking at the assessments for comparable houses. That's fairly easy to do with new construction.
by pshonore
Fri May 01, 2015 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Residents of states w/o income tax, do you itemize?
Replies: 34
Views: 2085

Re: Residents of states w/o income tax, do you itemize?

A question for those proposing to alternate between itemized and standard each year - don't you run into AMT when you itemize with 2 years worth of mortgage interest, etc? I think its difficult to pay 2 years of mortgage interest within 1 yr. Easy for extra principal but check with your lender if y...
by pshonore
Fri May 01, 2015 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Residents of states w/o income tax, do you itemize?
Replies: 34
Views: 2085

Re: Residents of states w/o income tax, do you itemize?

Its called a Donor Advised Fund and they're offered by Fido, Schwab and Vanguard among others. Fido is a $5K minimum and I think VG is 25K. It must be taxable stuff (cash, appreciated securities, etc). You get an immediate itemized deduction for the total but can dole it out over several years. Of c...
by pshonore
Thu Apr 30, 2015 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance Disparity
Replies: 9
Views: 625

Re: Auto Insurance Disparity

Older drivers pay higher rates, not as high as youthful operators, but higher none-the-less. Many companies start to trend rates upward around age 65 and every five years after. Aggregate accident data provides the actuarial justification for the higher rates for older drivers. Can you cite a relia...
by pshonore
Thu Apr 30, 2015 8:20 am
Forum: Investing - Help with Personal Investments
Topic: Question about moving PM from taxable acct to Roth
Replies: 5
Views: 448

Re: Question about moving PM from taxable acct to Roth

PM is Phillip Morris International. It was spun off a few years back from MO (Altria which was renamed from Phillip Morris). Which stock do you own?
by pshonore
Tue Apr 28, 2015 1:36 pm
Forum: Investing - Theory, News & General
Topic: RE Social security being taxed--new chart by Scott Burns
Replies: 41
Views: 4689

Re: RE Social security being taxed--new chart by Scott Burns

I bet 99.9999% of retirees haven't a clue. I'd take that bet. I'd only need to find 64 retirees with a clue to win. I'm confident I can name more than that from posts on this board. Pet peeve: 99.9999% is a number, not just some vague approximation meaning most or many. What's wrong with 90% which ...
by pshonore
Tue Apr 28, 2015 10:52 am
Forum: Personal Finance (Not Investing)
Topic: How is property tax handled in a real estate LLC?
Replies: 22
Views: 1304

Re: How is property tax handled in a real estate LLC?

The most common reason I hear about people having LLC for rental properties is that deductions on rentals is limited if their income is more than 120 or 150K or something. So they create a LLC and put all income and expenses of the property into the LLC and do taxes separately for that and bring th...
by pshonore
Tue Apr 28, 2015 10:10 am
Forum: Investing - Help with Personal Investments
Topic: How Long Do You Have to Own a Bond ETF to Get a Dividend?
Replies: 4
Views: 328

Re: How Long Do You Have to Own a Bond ETF to Get a Dividen

One needs to own "settled" shares of a bond ETF at the close of the record date. So one can buy late on the day before it goes ex-dividend, sell the next morning, and still receive the full monthly dividend. This is in contrast to bond mutual fund shares which generally do the pro-rated m...
by pshonore
Tue Apr 28, 2015 9:14 am
Forum: Personal Finance (Not Investing)
Topic: How is property tax handled in a real estate LLC?
Replies: 22
Views: 1304

Re: How is property tax handled in a real estate LLC?

RE income on Sched E does not qualify as earned income for retirement plan contributions
by pshonore
Sun Apr 26, 2015 9:39 am
Forum: Personal Finance (Not Investing)
Topic: SAHP, Social Security, and Life Insurance and taxes
Replies: 6
Views: 769

Re: SAHP, Social Security, and Life Insurance and taxes

Also be aware that any benefit Mom receives as "caregiver to kids" is subject to earning limits (her benefit would be reduced if she earns more than $15720 for 2015; if she were to work full time, she would probably get nothing). The family limit would still apply so 3+ kids would then qua...
by pshonore
Sat Apr 25, 2015 9:30 am
Forum: Investing - Theory, News & General
Topic: What I learned at my mandatory employee 403(b) info meeting
Replies: 52
Views: 5969

Re: What I learned at my mandatory employee 403(b) info meet

Teachers pensions vary all over the lot. In CT a teacher can retire at any age with 35 years of service and get 70% of their highest 3 yr average with a COLA the same as SS. That is substantially better than SS. For this, they contribute approx. 7% of their salary. And if they leave teaching early, ...
by pshonore
Thu Apr 23, 2015 5:46 pm
Forum: Investing - Help with Personal Investments
Topic: JABAX Capital gain and dump or not?
Replies: 4
Views: 366

Re: JABAX Capital gain and dump or not?

Since its beat its Vanguard counterpart - VBINX over the last 10 years (8.58% vs 7.57% average annualized return) as well as over their roughly 23 year life, why sell it?
by pshonore
Mon Apr 20, 2015 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for GFs school - any way to help myself?
Replies: 76
Views: 4860

Re: Paying for GFs school - any way to help myself?

While how you spend you money is your business, please forgive those that question the wisdom of such expenses, especially under the circumstances. Many young people make more money than they have the experience to handle and make poor decisions with their money. This type of "generosity"...
by pshonore
Mon Apr 20, 2015 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for GFs school - any way to help myself?
Replies: 76
Views: 4860

Re: Paying for GFs school - any way to help myself?

While how you spend you money is your business, please forgive those that question the wisdom of such expenses, especially under the circumstances. Many young people make more money than they have the experience to handle and make poor decisions with their money. This type of "generosity"...
by pshonore
Mon Apr 20, 2015 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to Help Parents - No EOI Life Insurance?
Replies: 22
Views: 1598

Re: Trying to Help Parents - No EOI Life Insurance?

Most "retail" life insurance that is written without EOI, limits payouts to premiums paid (plus a small factor like 5%) for any claims made within the first two years of a policy so that is most likely not an option.
by pshonore
Mon Apr 20, 2015 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for GFs school - any way to help myself?
Replies: 76
Views: 4860

Re: Paying for GFs school - any way to help myself?

Beware of the "kiddie tax" if she's under 24. Kiddie Tax wouldn't apply because she's not his child. Gill Figure the child's tax on Form 8615 (PDF), Tax for Certain Children Who Have Unearned Income, and attach it to the child's tax return when: 1.The child's unearned income was more than...
by pshonore
Mon Apr 20, 2015 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Paying for GFs school - any way to help myself?
Replies: 76
Views: 4860

Re: Paying for GFs school - any way to help myself?

At first I thought MD in the username might mean doctor, but it can also mean Maryland. A 529 plan in Maryland allows a small deduction, but that would require getting married from what I can tell. http://www.finaid.org/savings/state529deductions.phtml There aren't that many benefits for parents to...
by pshonore
Mon Apr 20, 2015 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Paying for GFs school - any way to help myself?
Replies: 76
Views: 4860

Re: Paying for GFs school - any way to help myself?

If you can claim your girlfriend as a dependent, then you might qualify for a credit or deduction for her education expenses. Your income is probably too high to qualify for the education benefits, but if she qualifies as your dependent, then you might be able to claim as head of household which wo...
by pshonore
Mon Apr 20, 2015 10:20 am
Forum: Personal Finance (Not Investing)
Topic: SS COLA for 2016 not looking good
Replies: 13
Views: 1890

Re: SS COLA for 2016 not looking good

I agree, but unfortunately I'm not seeing low inflation. Energy prices are certainly down, but my electricity generation rate just increased from .0759 to .103 per Kw, an increase of over 35%. Property taxes are going up by probably 4%. And everything in the grocery store (except Chicken) has increa...
by pshonore
Mon Apr 20, 2015 9:03 am
Forum: Personal Finance (Not Investing)
Topic: SS COLA for 2016 not looking good
Replies: 13
Views: 1890

SS COLA for 2016 not looking good

We're now half way through the "cycle" for calculating the SS COLA and its not looking good. The SS COLA is determined by comparing the three month average CPI-W for July through September 2015 to the same period in 2014. The CPI-W average for that period in 2014 is 234.222. The CPI-W aver...
by pshonore
Thu Apr 16, 2015 2:11 pm
Forum: Personal Consumer Issues
Topic: using MS Excel for tracking personal finances ?
Replies: 5
Views: 1293

Re: using MS Excel for tracking personal finances ?

There are so many corporate "legacy apps" using Excel and Word and VBA that I think they'll be around for a long time. You may want to eventually upgrade the software to newer versions and perhaps tweak your code a bit though.
by pshonore
Wed Apr 15, 2015 9:23 am
Forum: Personal Consumer Issues
Topic: Vehicle for tall people/Spouse wants 50k car help!
Replies: 77
Views: 5843

Re: Vehicle for tall people/Spouse wants 50k car help!

Side note, Subaru Outbacks have a huge amount of headroom and good backseat legroom, but I've not been in a Forrester. I'd agree with two additional comments. Getting in out of an Outback can be a real chore if you're over 6 ft and I find the seats to be on the small side. Why do those darned conso...
by pshonore
Tue Apr 14, 2015 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Preparer Guarantees
Replies: 11
Views: 1165

Re: Tax Preparer Guarantees

POMG is Peace of Mind Guarantee - a Block product. They normally cover any penalties and interest resulting from their mistake. For an extra $40-$50, they will cover any additional tax up to $5500. If you do collect on it, you'll get a 1099 for that amount.
by pshonore
Tue Apr 14, 2015 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Preparer Guarantees
Replies: 11
Views: 1165

Re: Tax Preparer Guarantees

Here's what the IRS says: To be deductible, your expenses must be for education that (1) maintains or improves your job skills or (2) that your employer or a law requires to keep your salary, status or job. However, even if the education meets either of these tests, the education cannot be part of a...
by pshonore
Tue Apr 14, 2015 12:38 pm
Forum: Investing - Help with Personal Investments
Topic: MFs needs better way of reporting performance/returns
Replies: 22
Views: 1282

Re: MFs needs better way of reporting performance/returns

For example, here it is for the five years ending 12/31/2014 based on the cumulative, yearly, and quarterly historical returns from the performance tab for Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX): Thanks Cruncher. Still cumulative performance based on investing Jan 1st of ever...
by pshonore
Tue Apr 14, 2015 11:19 am
Forum: Investing - Help with Personal Investments
Topic: Help in this tragic time(unexpected windfall)
Replies: 20
Views: 2091

Re: Help in this tragic time(unexpected windfall)

Collecting Disability and survivors benefits at the same time is confusing but it appears you cannot collect both benefits in full: According to http://www.pbs.org/newshour/making-sense/can-you-take-more-than-one-soc/ Denise — Palm Bay, Fla.: I am receiving Social Security disability for myself, but...
by pshonore
Tue Apr 14, 2015 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Help with Landlord Insurance for NC investment property
Replies: 2
Views: 300

Re: Help with Landlord Insurance for NC investment property

DP2 appears to cover named perils only; DP3 is all risk except for perils excluded (generally much broader coverage) Now let’s take a look at the DP-2 form in NC. We can start with all of the perils insured against in the DP-1 form and then add the following additional perils: Damage Caused by Burgl...
by pshonore
Mon Apr 13, 2015 11:26 am
Forum: Investing - Theory, News & General
Topic: Record keeping with Excel
Replies: 19
Views: 1616

Re: Record keeping with Excel

While on this subject, whats the best way of pulling current prices for stocks, mfs, etfs, etc into a spreadsheet? The Microsoft "method" hasn't worked in months. I'm currently using the PSQ function in Excel but that only pulls last price and doesn't always work.
by pshonore
Mon Apr 13, 2015 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Need help with Form 1041 Schedule K-1
Replies: 6
Views: 581

Re: Need help with Form 1041 Schedule K-1

You may want o go into Form view in TT and look at the K1 as input to make sure you did it right.

If the estate is passing through a long term loss carryover, that could certainly account for a decrease in taxes but without seeing your entire return, that's just a guess.
by pshonore
Sun Apr 12, 2015 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with Form 1041 Schedule K-1
Replies: 6
Views: 581

Re: Need help with Form 1041 Schedule K-1

I used TurboTax Pro to prepare my takes and already filed my return, so I will have to file a revised one. I opened up TurboTax to try and figure out what to do but it says you need TurboTax Business to complete Form 1041. That is correct but you are not completing Form 1041, you are entering a K1 ...

Go to advanced search