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Re: Do you think the biotech sector will be hurt long term?

Gilead reported Q1 earnings today after the market closed. A real blow out. Sales of Sovaldi were $2.3 BILLION for the quarter and are projected at roughly $10 Billion for the year.
by pshonore
Tue Apr 22, 2014 6:26 pm
 
Forum: Investing - Theory, News & General
Topic: Do you think the biotech sector will be hurt long term?
Replies: 49
Views: 2174

Re: Auto Insurance advice?

When I bought a 2013 Subaru I was made aware of a special program for insurance for Subaru owners provided by Liberty Mutual. Just for laughs I got a quote. It was surprisingly reasonable although I did not switch. Note on Comprehensive coverage. Probably depends on the State where you live but in a...
by pshonore
Tue Apr 22, 2014 1:21 pm
 
Forum: Personal Consumer Issues
Topic: Auto Insurance advice?
Replies: 7
Views: 644

Re: Auto Insurance advice?

I think your 50K property damage is a tad low. With the price of cars these days, you could easily exceed that if you caused a multi-car accident. I'd go for $100K minumum. As far as AAA coverage goes, how far will they tow you? Mine is 5 miles.
by pshonore
Mon Apr 21, 2014 1:21 pm
 
Forum: Personal Consumer Issues
Topic: Auto Insurance advice?
Replies: 7
Views: 644

Re: Caught in the IRS fraud mess

placeholder wrote:It's not entirely certain that it is a case of fraud as there's a possibility that another person made a mistake and put in the wrong SSN but of course the worst case has to be assumed.

Not likely; the IRS also roughly matches the name on the return to SS records.
by pshonore
Sun Apr 20, 2014 2:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Caught in the IRS fraud mess
Replies: 11
Views: 1594

Re: Question about IRS Online Payment from Checking Account

I efiled on the 13th. Printed the voucher and mailed it (only about 20 miles) with my check on the 14th, finds were taken on the 16th. I do recall in previous years it took a few more days for the withdrawal. I think if you mail the return with the check, it might them a few more days to get to it.
by pshonore
Sat Apr 19, 2014 3:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Question about IRS Online Payment from Checking Account
Replies: 24
Views: 865

Re: Looking for Muni income--PML???

I've owned it for years. Note that it uses leverage and is subject to some wide swings in price and can trade at a discount or premium to NAV. Not your typical Boglehead fund by any means.
by pshonore
Sat Apr 19, 2014 1:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Looking for Muni income--PML???
Replies: 6
Views: 594

Re: Amazon.com prices change quickly

Or maybe you enjoy NASCAR and muscle cars, but drive a basic 140 horsepower car. Your insurance company's internal statistical analyses might say that that still makes you a slightly riskier investment, despite your otherwise safe driving history. However, unlike Amazon prices, the auto insurance c...
by pshonore
Sat Apr 19, 2014 1:28 pm
 
Forum: Personal Consumer Issues
Topic: Amazon.com prices change quickly
Replies: 40
Views: 3913

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 pshonore
Thu Apr 17, 2014 1:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Curious on tax return for mom and dad..
Replies: 22
Views: 1830

Re: Map pinning

What a neat way to track stuff! Thanks for sharing it.
by pshonore
Thu Apr 17, 2014 10:38 am
 
Forum: Personal Consumer Issues
Topic: Map pinning
Replies: 7
Views: 443

Re: Did not have fun this year doing my taxes- TT

More than once I swear I entered information, and when I cam back to check it later, it was gone. That gave me very little confidence this year. Also, I almost made a mistake by claiming my son's Full Day Kindergarten bill as a child care deduction, and TT didn't stop me. I had it all entered and I...
by pshonore
Wed Apr 16, 2014 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Did not have fun this year doing my taxes- TT
Replies: 42
Views: 4040

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

There are boxes to check and questions to answer on the EIC form, so if they said, for instance, that the child lived with them 3 months, that might disqualify the child. See: http://www.irs.gov/pub/irs-pdf/f1040sei.pdf This defines a Qualifying Child for EIC purposes. A qualifying child for EIC is...
by pshonore
Wed Apr 16, 2014 6:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Curious on tax return for mom and dad..
Replies: 22
Views: 1830

Re: SEP instead of IRA?

Here's my opinion: you are covered in 2014 by an employer plan (your SEP-IRA). You can make a deductible TIRA contribution for 2014 if you are below the max AGI to do so. Here's the same link I posted yeserday: http://www.irs.gov/Retirement-Plans/2013-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-D...
by pshonore
Wed Apr 16, 2014 11:34 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

Here are the limits:

http://www.irs.gov/Retirement-Plans/201 ... an-at-Work

Note they are drastically different for Married filing separate.
by pshonore
Tue Apr 15, 2014 2:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: Estimated taxes on capital gains later offset by losses

I am pretty sure your penalty free as by default they spread out the income evenly throughout the year. That means if you sell on Dec 31st, you have to fill out a bunch of paper work explaining why you didn't owe estimated taxes for Q1, Q2, and Q3. Most years I just make sure I am in one of the saf...
by pshonore
Tue Apr 15, 2014 2:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Estimated taxes on capital gains later offset by losses
Replies: 7
Views: 491

Re: Did not have fun this year doing my taxes- TT

A lot of states have websites where you can enter your data and efile the state for free. Depending on the state, that may entail almost as much data entry as the Federal. On the other hand, Connecticut starts with Federal AGI so its quite easy.
by pshonore
Tue Apr 15, 2014 1:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Did not have fun this year doing my taxes- TT
Replies: 42
Views: 4040

Re: TRAD. IRA CONVERSION TO ROTH USING RMD

An RMD cannot be converted but since you have earned income you can still contrIbute up to $6500 to the Roth. And you can convert as much as you want of whats left after the RMD.
by pshonore
Tue Apr 15, 2014 12:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Trad. IRA Conversion to Roth Using RMD
Replies: 2
Views: 166

Re: solo 401k

I agree, thats why I asked the question. Otherwise you (the S-Corp) could borrow the money regardless of profit, use it to pay yourself on the W2 (allowing you to defer 17.5K) and make the employer match. And what would that do to the S-Corp basis? Where is SeattleCPA when we need him? (He's probabl...
by pshonore
Tue Apr 15, 2014 12:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: solo 401k
Replies: 16
Views: 873

Re: solo 401k

So lets say I have a S-Corp with 50K of revenue. The S-Corp can "borrow" 25K (from my other funds) and pay me a salary of 75K (ignoring FICA, etc)? And borrow more for the employer match? Sounds kind of odd.
by pshonore
Tue Apr 15, 2014 8:49 am
 
Forum: Investing - Help with Personal Investments
Topic: solo 401k
Replies: 16
Views: 873

Re: Social security benefits as spouse and pension benefits.

Have you confirmed the Texas State job is not covered by SS? The GPO and WEP only effect SS benefits if the job your are working in does not pay into SS. Other than teachers, I think that is unusual today, but certainly possible.
by pshonore
Mon Apr 14, 2014 6:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Social security benefits as spouse and pension benefits.
Replies: 5
Views: 584

Re: selling/buying house question

I'm considering paying cash for a new larger house. I have some outstanding mortgage debt on my current house which I could pay off prior to selling (now). I would need my current equity from my current house in order to pay cash for a new one, so I'd need to sell my current house first before buyi...
by pshonore
Mon Apr 14, 2014 4:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: selling/buying house question
Replies: 6
Views: 836

Re: Free Tax Return Review (Second Look)

I heard about the H&R Block Second Look - a free review of your current or tax returns. Has anyone used that service? I've been preparing my tax return using TurboTax, but I wouldn't mind a "second look", particularly due to various foreign assets and taxes and business income and exp...
by pshonore
Mon Apr 14, 2014 1:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Free Tax Return Review (Second Look)
Replies: 2
Views: 351

Re: SEP instead of IRA?

Well you actually have to have some sort of independent business to open the SEP-IRA and I'm pretty sure the SEP-IRA had to have been established prior to the end of 2013 though the contribution could happen until April 15, 2014. This is not correct. You have until 4/15 to both open and contribute ...
by pshonore
Sun Apr 13, 2014 9:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: 79% of bachelors degree in tax deductions/credits

In the 5th year, the AOC would not be available, but the lifetime learning credit would be. This is 20% of cost, and is not limited to tuition. The AOC uses qulaified expenses, which specifically disallows room&board and books except under certain conditions, so generally it is just tuition and...
by pshonore
Sun Apr 13, 2014 8:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: delete this(edited)
Replies: 17
Views: 1537

Re: 79% of bachelors degree in tax deductions/credits

The 25% tax savings comes from tax-deducting the actual expense that you are paying for school. It's odd that you say books are 500 per session, considering I'm nearly done with my bachelors, and after selling books back, I've spent less than 500 **total** Regardless, this plan finishes college in ...
by pshonore
Sun Apr 13, 2014 8:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: delete this(edited)
Replies: 17
Views: 1537

Re: 79% of bachelors degree in tax deductions/credits

AOC is limited to first four years of undergraduate work; not sure where the 25% tax savings is coming from. Is that the tax savings from the kids personal exemption? You would get that anyway (provided kid lives at home and makes less than $3800 per year). You've also neglected books ($500 per sess...
by pshonore
Sun Apr 13, 2014 2:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: delete this(edited)
Replies: 17
Views: 1537

Re: Wife to work as a Contractor - Advice needed

She will not be able to deduct commuting expenses unless she has a home office. If she is not working from home, then her place of business is the place she works. You can't deduct commuting expenses to your place of work, the same as a regular employee, although she can deduct travel expenses if s...
by pshonore
Sat Apr 12, 2014 3:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Wife to work as a Contractor - Advice needed
Replies: 30
Views: 2142

Re: taxes - grad student - to claim as dep or not

If he is underage 24 and a fulltime student you can claim him as a dependent regardless of his income as long as you provide over half of his support. Depending on your income you might not receive any benefit for doing so( phaseout of exemptions and/or AMT). Also depending on your income you may n...
by pshonore
Sat Apr 12, 2014 3:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: taxes - grad student - to claim as dep or not
Replies: 4
Views: 352

Re: Taxes with New Accountant ... Is this for real??? Invest

He needs to file taxes where his employer said he worked and withheld taxes for on his W2 (assuming he is not self employed). If the income was sourced to NJ, that's where he files, if to NY, then file in NY. He may also need to file where he is a legal resident which sounds like NJ since he rents ...
by pshonore
Fri Apr 11, 2014 5:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxes with New Accountant ... Is this for real??? Investing
Replies: 33
Views: 1932

Re: Taxes with New Accountant ... Is this for real??? Invest

He needs to file taxes where his employer said he worked and withheld taxes for on his W2 (assuming he is not self employed). If the income was sourced to NJ, that's where he files, if to NY, then file in NY. He may also need to file where he is a legal resident which sounds like NJ since he rents t...
by pshonore
Fri Apr 11, 2014 3:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxes with New Accountant ... Is this for real??? Investing
Replies: 33
Views: 1932

Re: Missing 1099-R for Rollover to Roth IRA

Is Box 2b checked? (Taxable amount not determined)
by pshonore
Wed Apr 09, 2014 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Missing 1099-R for Rollover to Roth IRA
Replies: 9
Views: 361

Re: Best way to report scholarships for Spring semesters?

If you're talking the AOC, only the first $4K of tuition and fees count anyway so as long as you spend that much after taking into account scholarships, etc. you should be ok. Remember the AOC is good for 4 years only so you generally take it the tax year the student starts school but not the tax ye...
by pshonore
Wed Apr 09, 2014 5:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best way to report scholarships for Spring semesters?
Replies: 4
Views: 321

Re: How is social security calculated?

You have to index the earnings (adjust for inflation). If you earned the max in 1979 ($22,900) that would be adjusted to around $66000 for the average monthly earnings.

And the bend points change from year to year. Anypia will show you all the calculations
by pshonore
Tue Apr 08, 2014 4:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: How is social security calculated?
Replies: 21
Views: 1212

Re: Asset depreciation for a small business

Just as an aside, you can write off up to $5k in startup expenses the first year you start a new business. So if you have other startup costs, you can write them off as well. plannerman The IRS seems to have a rather narrow definition of startup costs From Pub 535: Business Start-Up Costs Start-up ...
by pshonore
Tue Apr 08, 2014 12:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Asset depreciation for a small business
Replies: 4
Views: 330

Re: IRA for LLC

Sure if she has a net profit from the business, she could contribute to a Sep IRA or a Solo 401K (this should have been established by 12/31). But we need to know more. Does she have employees? Is she taxed as a Sole proprieter, partnership, S-Corp, etc? and she can still do the plain old IRA (subje...
by pshonore
Tue Apr 08, 2014 10:46 am
 
Forum: Investing - Theory, News & General
Topic: IRA for LLC
Replies: 3
Views: 178

Re: Always understand taxes do not trust software

Or possibly forgot to indicate your retirement income was a pension, military, etc.
by pshonore
Tue Apr 08, 2014 10:08 am
 
Forum: Personal Consumer Issues
Topic: Always understand taxes do not trust software
Replies: 33
Views: 2747

Re: Vanguard Investor Shares vs Vanguard ETF

One problem is some Etfs are expensive (per share) like over $100 so it can be tough to invest all your money because you cant buy fractional shares. Not a problem with mutual funds.
by pshonore
Mon Apr 07, 2014 7:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard Investor Shares vs Vanguard ETF
Replies: 8
Views: 690

Re: Reporting Adjusted Gross Income on Individual State Tax

Some states require that you use the same status as your Federal return. Have you checked that?
by pshonore
Mon Apr 07, 2014 3:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Reporting Adjusted Gross Income on Individual State Tax Form
Replies: 6
Views: 350

Re: Advice on negotiating price of home?

Hello - how would I know if it's legal? I can't find permits filed. Here's a excerpt from the regs in Norwood (Mass.) Often we hear questions, “Can I remodel my basement for a family room, playroom, bedroom, etc.? [1] If you can meet the ceiling height required by the 7th edition of the State Build...
by pshonore
Mon Apr 07, 2014 1:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on negotiating price of home?
Replies: 14
Views: 1138

Re: Advice on negotiating price of home?

Is the basement bedroom "legal"? Basement bedrooms usually need an egrees window (assuming below grade). If it has one thats fine but if not you may have a difficult time when it comes to resale.
by pshonore
Mon Apr 07, 2014 12:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advice on negotiating price of home?
Replies: 14
Views: 1138

Re: Home improvement plans not filed with town?

Basements generally don't count as square footage unless there's an at-grade entrance (full size door to walk in and out of). Was all the work done in the basement? Adding a bathroom above grade, but not changing the footprint or roofline of the house usually removes square footage. What would conc...
by pshonore
Mon Apr 07, 2014 10:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Home improvement plans not filed with town?
Replies: 21
Views: 958

Re: Home improvement plans not filed with town?

Below ground square footage is not "counted" by some municipalities. Also, the assessor will update the home's value based on the sale, regardless of how many square feet is in their database. That totally depends on local policy and never happens in Connecticut. By law, houses and all ot...
by pshonore
Mon Apr 07, 2014 10:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Home improvement plans not filed with town?
Replies: 21
Views: 958

Re: Propane and HOA Costs for Home

I normally pay $15.95 for a 20 lb tank of propane (about $3.50 - $4/gallon). I bought some yesterday and it was $17.95 - I asked why it had gone up and the clerk told me it just went down - it was $21.95 two weeks ago. This was a brutal winter for Propane. Started when enormous amounts were used to ...
by pshonore
Sun Apr 06, 2014 5:28 pm
 
Forum: Personal Consumer Issues
Topic: Propane and HOA Costs for Home
Replies: 7
Views: 480

Re: 2014 tax appraisal value

In the town I live in (and in most of Connecticut) , the philosphy is your appraisal is relative to all the other houses. Lets say we have a street with 20 - 3 bedroom, 2 1/2 bath colonials, all valued at $400K +/- (fairly common situation). 2008 happens again and the house prices drop by 20%. Someo...
by pshonore
Sun Apr 06, 2014 4:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2014 tax appraisal value
Replies: 12
Views: 388

Re: Tax Question--IRA Recharacterization and Filing

It does not matter if you convert into a new account or existing account. The earnings calc is done on the account that received the conversion only. In cases where the account no longer exists because you transferred it somewhere else, the custodians are allowed to just use the calc on the account...
by pshonore
Sun Apr 06, 2014 4:44 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Question--IRA Recharacterization and Filing
Replies: 15
Views: 590

Re: Delaying Social Security - best long-term investment?

I looked at this some time ago on the SS website. If I claimed at age 62 or age 70 or any age in between, the amounts paid by age 82 are the same. Beyond 82, claiming later puts you "ahead". L. Close but not quite. Lets say a person who claims at 66 will claim 1 PIA equivalent for 16 year...
by pshonore
Sun Apr 06, 2014 4:19 pm
 
Forum: Investing - Theory, News & General
Topic: Delaying Social Security - best long-term investment?
Replies: 78
Views: 3742

Re: Financial question about a Doctor’s Visit

I must be lucky. If my Doctors want blood work, they give me a written order which I can take to the lab of my choice. The Doc's nurse usually calls within a day or two of when they get the results and shares them with me and is more than happy to send a copy to me.
by pshonore
Sun Apr 06, 2014 1:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 3667

Re: Financial question about a Doctor’s Visit

For those of you are curious and like to do data searches, Medicare has announced they be releasing detailed payment data for Medicare providers starting April 9th - Specifically, the data will include: •Physicians' names and addresses; •Summaries of the services provided; and •The amount providers ...
by pshonore
Sun Apr 06, 2014 11:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 3667

Re: somoene filed a return with my spouses SSN?

I seem to miss here something, but is there nobody at the IRS checking a SSN against the correct name and address? Or are they shipping that money to any name, address, bank account not associated with that SSN? Then IRS would be at fault. The IRS does verify that the name and SS# match. What would...
by pshonore
Sun Apr 06, 2014 10:49 am
 
Forum: Personal Finance (Not Investing)
Topic: somoene filed a return with my spouses SSN?
Replies: 22
Views: 1776

Re: Financial question about a Doctor’s Visit

Why did the doc use an out-of-network lab? Perhaps he did not trust the first lab?
by pshonore
Sun Apr 06, 2014 10:24 am
 
Forum: Personal Finance (Not Investing)
Topic: Financial question about a Doctor’s Visit
Replies: 77
Views: 3667
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