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Re: Property assessment increase after purchase

I thought a sale price isn't supposed to directly influence the assessment from the city (it will obviously have some influence). The assessed value is under 50% of what I bought the home for, but if it was fully 50% the taxes would be ridiculously high for how much home I have purchased. On a more...
by pshonore
Fri Feb 27, 2015 10:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Property assessment increase after purchase
Replies: 30
Views: 1602

Re: Preventing IRS Fraud

If you paid estimated taxes and forget to include them, the IRS will add those to your return (and increase your refund or lower your balance due)
by pshonore
Wed Feb 25, 2015 10:02 am
 
Forum: Personal Finance (Not Investing)
Topic: [Protection against fraudulent IRS tax returns]
Replies: 39
Views: 1629

Re: College tax credit ?

Could be they did not notice the grants and used the full tuition. Those kind of things happen every so often. Why did they amend the return?
by pshonore
Sat Feb 21, 2015 10:15 am
 
Forum: Personal Finance (Not Investing)
Topic: College tax credit ?
Replies: 11
Views: 787

Re: College tax credit ?

If her grants (loans don't count) exceeded her tuition, then she had no net cost for AOC purposes and would not get a credit. I've never heard of "unbundling" the 1098T and claiming as income but I learn something new every day. Wouldn't the student have to claim the grants as income in th...
by pshonore
Sat Feb 21, 2015 9:01 am
 
Forum: Personal Finance (Not Investing)
Topic: College tax credit ?
Replies: 11
Views: 787

Re: UGA: Locking in the Current Price of Gasoline

One thing you should know is UGA is structured as a limited partnership. Taxes are reported on a K1 and while not terribly complicated, they are somewhat complex. Your profit/loss for tax purposes may be different than you think. None of this matters in a retirement account and since UGA is not oper...
by pshonore
Fri Feb 20, 2015 2:10 pm
 
Forum: Investing - Theory, News & General
Topic: UGA: Locking in the Current Price of Gasoline
Replies: 15
Views: 1242

Re: CPA doing taxes for first time

If I were you I'd try to reschedule that meeting sometime in Mid March. CPAs get very busy in April and you may be looking at an extension.
by pshonore
Wed Feb 18, 2015 4:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: CPA doing taxes for first time
Replies: 8
Views: 553

Re: Accountant Cost When Taxes Done During Meeting

Sounds cheap to me. It would be interesting to estimate what H&R Block would charge in a store front, because your described meeting and result sounds like what I'd expect from them: (you) Here's my numbers. (HRB) I'll enter them and here's your return. An aside: are H&R Block preparers acc...
by pshonore
Wed Feb 18, 2015 4:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Accountant Cost When Taxes Done During Meeting
Replies: 19
Views: 1447

Re: Accountant Cost When Taxes Done During Meeting

I believe OP is not getting an S-Corp return but only the K1 produced by the S-Corp. There's a big difference. Still, any tax prep guy who can do 3 rentals, a Roth conversion or backdoor, 1099DIV, and itemized deductions, and maybe a dependent or two, possibly a state return with a complete review i...
by pshonore
Wed Feb 18, 2015 1:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Accountant Cost When Taxes Done During Meeting
Replies: 19
Views: 1447

Re: A Special Message From Social Security

Browser wrote:Does anyone EVER click on a link in an email? If you do, you're an idiot or have been living in a cave for the last 5 years. NEVER DO THAT!
Does that mean we never should click on a link in a Boglehead post? How many people do that?
by pshonore
Wed Feb 18, 2015 11:21 am
 
Forum: Personal Consumer Issues
Topic: A Special Message From Social Security
Replies: 68
Views: 6158

Re: Dependent eligibility tax return

Bob's not my name and tfb combined to write a little bit about this. Start with this article: http://thefinancebuff.com/how-to-save-4000-in-your-graduation-year-part-1-taxes.html and then http://thefinancebuff.com/how-to-save-4000-in-your-graduation-year-part-2-insurance.html However, it is too lat...
by pshonore
Wed Feb 18, 2015 11:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Dependent eligibility tax return
Replies: 5
Views: 287

Re: Dependent eligibility tax return

"you must have provided at least half of the person’s total support for the year — food, shelter, clothing, etc." Along with 4 other requirements posted in link"Rules for Claiming Children" https://www.1040.com/federal-taxes/taxes-for-families/who-can-you-claim Sorry that's just...
by pshonore
Wed Feb 18, 2015 10:30 am
 
Forum: Personal Finance (Not Investing)
Topic: Dependent eligibility tax return
Replies: 5
Views: 287

Re: TDAmeritrade Forms 1099 Late

The IRS routinely grants extensions on that. Just for laughs I looked for my 1099 at Fido. Here's what I found: The following document is a Preliminary 1099 Tax Reporting Statement. Our records indicate that your tax information is not yet final. All pages of this document are for your information o...
by pshonore
Wed Feb 18, 2015 10:03 am
 
Forum: Personal Finance (Not Investing)
Topic: TDAmeritrade Forms 1099 Late
Replies: 25
Views: 1630

Re: Marvin vs. Andersen Windows: The Eternal Struggle

Epilogue To anyone looking at this thread for guidance, I ultimately went with Marvin Ultimate Clad windows. They're great. Unfortunately, I can't speak to how they would compare to Andersen, even at the sales pitch level, because I was unable to find a sales person that would talk to me about &quo...
by pshonore
Wed Feb 18, 2015 9:53 am
 
Forum: Personal Consumer Issues
Topic: Marvin vs. Andersen Windows: The Eternal Struggle
Replies: 38
Views: 7170

Re: A Special Message From Social Security--NOT!

Evidently http://www.govdelivery.com is a marketing partner of SSA. Here is a response to an email I sent to info@govdelivery.com. concerning the message in question. Of course someone will no doubt ask how do I know the website (and response) can be trusted? Thank you for your message. We can confi...
by pshonore
Tue Feb 17, 2015 7:39 pm
 
Forum: Personal Consumer Issues
Topic: A Special Message From Social Security
Replies: 68
Views: 6158

Re: First Time Dog Owners -- Any Regrets?

I couldn't agree more. Although once in a while you can get a dog who is atypical for the breed. We adopted a purebred who was smart, loyal and everything else but did not like small kids. We knew that going in and our kids were grown so that was not a problem. She turned out to be a great show dog ...
by pshonore
Tue Feb 17, 2015 3:39 pm
 
Forum: Personal Consumer Issues
Topic: First Time Dog Owners -- Any Regrets?
Replies: 83
Views: 5913

Re: Hiring wife as employee and solo 401k questions?

He can certainly open a SEP for 2014 as the deadline is the due date of his tax return with extensions.
by pshonore
Tue Feb 17, 2015 3:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Hiring wife as employee and solo 401k questions?
Replies: 6
Views: 556

Re: Not clearing snow from driveway

If you heat with oil, you will soon learn that its very important to clear your driveway of ice and snow particularly if there's any slope involved. Oil trucks for some reason have terrible traction. DAHIKT.
by pshonore
Tue Feb 17, 2015 2:58 pm
 
Forum: Personal Consumer Issues
Topic: Not clearing snow from driveway
Replies: 81
Views: 5790

Re: grad student - taxes on W-2

Most likely he needs a W2 or a 1099MISC depending on how his earnings were "classified". He definitely should contact HR and out where the documents are. He should definitely do a Federal and CA return since he had withholding for both. There is no way to reflect withholding on a 1098T so ...
by pshonore
Tue Feb 17, 2015 2:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: grad student - taxes on W-2
Replies: 10
Views: 623

Re: A Special Message From Social Security

Its absolutely not a scam or phishing. It allows online access where you can print certain documents online rather than having to go to the local office or wait for snail mail. I think its good to see SSA getting a little more modern Do you work for SSA or did you receive written mail to your home ...
by pshonore
Tue Feb 17, 2015 2:25 pm
 
Forum: Personal Consumer Issues
Topic: A Special Message From Social Security
Replies: 68
Views: 6158

Re: A Special Message From Social Security

Its absolutely not a scam or phishing. It allows online access where you can print certain documents online rather than having to go to the local office or wait for snail mail. I think its good to see SSA getting a little more modern
by pshonore
Tue Feb 17, 2015 2:21 pm
 
Forum: Personal Consumer Issues
Topic: A Special Message From Social Security
Replies: 68
Views: 6158

Re: First Time Dog Owners -- Any Regrets?

I'm not a dog person, so I'll give you a gentle warning. If you get a dog, make sure you train it to NOT BARK when outside if you live within city limits. Most cities have strict ordinances about this and they are all against the dog owner. A new dog owner near me is going to shortly be finding out...
by pshonore
Tue Feb 17, 2015 2:14 pm
 
Forum: Personal Consumer Issues
Topic: First Time Dog Owners -- Any Regrets?
Replies: 83
Views: 5913

Re: tax dependent vs $3950 vs income

Publication 17 has some good charts that walk you thought the various tests. I'll take a look, not a big deal - just was weird that it seemed to be based upon earning more or less than the deduction amount of $3950. WOW - it looks like he fails the age test - he was 24 in 2014 - and the $3950 incom...
by pshonore
Tue Feb 17, 2015 1:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: tax dependent vs $3950 vs income
Replies: 12
Views: 720

Re: LLC Tax question

Note that many states also have a "business entity tax" or something similar in addition to any income tax due. For example in Connecticut, an LLC or S-Corp is subject to a separately filed $250 business entity tax (which is due biennially to make it even more confusing) and is payable whe...
by pshonore
Mon Feb 16, 2015 11:34 am
 
Forum: Personal Finance (Not Investing)
Topic: LLC Tax question
Replies: 9
Views: 301

Re: HSA qualified disbursement question

Read the instructions for Form 8889, which is used to resolve HSA distributions. Many people forget to report Form 1099SA (showing distributions) and receive a CP 2000 letter assessing tax.) I have prepared many amended returns to add Form 8889. Here's what it says for box 14a: Enter the total distr...
by pshonore
Sun Feb 15, 2015 12:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA qualified disbursement question
Replies: 26
Views: 1638

Re: TurboTax turns off all state efiling to prevent fraud

Tell me if I am "mis-remembering". To efile at the Federal level, yes. It's telling that they're going after the state returns instead, where there may be less checking. But yes, that does suggest more than simple names and addresses. I'm not saying it isn't Intuit, just that it's easy to...
by pshonore
Fri Feb 06, 2015 3:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Fraud? [TurboTax Turns Off All State E-Filing]
Replies: 67
Views: 3252

Re: TaxAct: Phish or ID Theft?

Who sent the email? (of course, that can faked too). I believe the efile originator (TT, Tax Act, etc) gets a notification from the IRS and in turn sends you an email.
by pshonore
Fri Feb 06, 2015 3:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: TaxAct: Phish or ID Theft?
Replies: 12
Views: 850

Re: TurboTax fraud?

I thought MEF might have changed that. But they evidently still can "link" the returns?
by pshonore
Fri Feb 06, 2015 2:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Fraud? [TurboTax Turns Off All State E-Filing]
Replies: 67
Views: 3252

Re: Pull permits for a minor remodel?

This is a great blog where a DIY blogger interviewed the Chief Code Official. http://www.prettyhandygirl.com/when-and-why-you-should-get-a-permit-interview-with-a-chief-code-official-for-wake-county/ Of course, some of it is no doubt specific to Wake County NC. That's an excellent article that is m...
by pshonore
Fri Feb 06, 2015 11:41 am
 
Forum: Personal Consumer Issues
Topic: Pull permits for a minor remodel?
Replies: 35
Views: 3028

Re: TurboTax fraud?

Seems like this could happen with any tax software. Why are they singling out TurboTax and not TaxCut or any other program? Excellent point. At one time efile originators did not file a State return until the Federal return was accepted. I don't know if that restriction is still in effect. Will the...
by pshonore
Fri Feb 06, 2015 11:25 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Fraud? [TurboTax Turns Off All State E-Filing]
Replies: 67
Views: 3252

Re: TurboTax fraud?

+1 What I don't quite understand is how someone who has my SSN etc. can file a fraudulent return and actually get away with it? Doesn't the IRS check that the numbers on the W4s, 1099s, etc. that are associated with me actually match with the ones listed on the fake return? It's highly unlikely tha...
by pshonore
Fri Feb 06, 2015 11:20 am
 
Forum: Personal Finance (Not Investing)
Topic: TurboTax Fraud? [TurboTax Turns Off All State E-Filing]
Replies: 67
Views: 3252

Re: TN Hall Income Tax

Seems odd that they tax CG distributions from funds, but seem to exempt CGs from sale of stock.
by pshonore
Fri Feb 06, 2015 11:17 am
 
Forum: Personal Finance (Not Investing)
Topic: TN Hall Income Tax
Replies: 5
Views: 312

Re: For those who have living trusts...

And in Connecticut you pay the exact same probate fees on a living trust so there's no savings here either.
by pshonore
Fri Feb 06, 2015 10:53 am
 
Forum: Investing - Help with Personal Investments
Topic: For those who have living trusts...
Replies: 43
Views: 4758

Re: Pull permits for a minor remodel?

+1 pull permits Down the road, it doesn't take a rocket scientist to notice the kitchen is not original, and then a quick check to see if permits were issued. The horror stories you should have heard are that inspectors have the right, and often do require removal of all "improvements" to...
by pshonore
Thu Feb 05, 2015 3:50 pm
 
Forum: Personal Consumer Issues
Topic: Pull permits for a minor remodel?
Replies: 35
Views: 3028

Re: Changing a submitted order at a broker

Even round lots (100 sh or multiples of 100) can get filled by several lots. I believe you can avoid that by using "fill or kill". Not sure why you would want to do that though. I think the correct order directions would be something like using a minimum order to fill or by "fill all...
by pshonore
Thu Feb 05, 2015 9:14 am
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1568

Re: Changing a submitted order at a broker

Even round lots (100 sh or multiples of 100) can get filled by several lots. I believe you can avoid that by using "fill or kill". Not sure why you would want to do that though.
by pshonore
Thu Feb 05, 2015 8:46 am
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1568

Re: For those who have living trusts...

Absolutely a positive thing to do regardless of the asset base. You do not have to open new accounts, just retitle them in the name of the Revocable Trust. Tim I think that depends on where the account is held. I do know that Fidelity requires you to a open a Trust Account. (which is different than...
by pshonore
Wed Feb 04, 2015 7:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: For those who have living trusts...
Replies: 43
Views: 4758

Re: Mom, Don't Throw It Out!

Why are old Lionel boxes usually worth more than the trains themselves? Because most people threw out the boxes and collected the trains. I did not know that. I still have several old Lionel Train cars, etc, and most are in original boxes. I guess I need to visit e-Bay and look around--if I can get...
by pshonore
Wed Feb 04, 2015 4:09 pm
 
Forum: Personal Consumer Issues
Topic: Mom, Don't Throw It Out!
Replies: 22
Views: 3507

Re: IRS warning on falsifying income

... Yeah, so what is a "reasonable estimate"? If the income is estimated at $30k for a family of 4, they would qualify for the cost-sharing reduction 94% subsidy on top of the premium tax credits. CSR subsidies can't be clawed back by the government. Theoretically the government could cla...
by pshonore
Wed Feb 04, 2015 3:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS warning on falsifying income
Replies: 15
Views: 2937

Re: Changing a submitted order at a broker

Fido, AFAIK, lets you cancel, or cancel and replace (change) an order at any time. Of course that's all subject to the original order not getting executed during the process. If that happens, it gets messy. I don't recall having a problem but that may be because my limit order may not be close to th...
by pshonore
Wed Feb 04, 2015 1:11 pm
 
Forum: Investing - Theory, News & General
Topic: Changing a submitted order at a broker
Replies: 34
Views: 1568

IRS warning on falsifying income

I'm certain that Bogleheads would never attempt this but here's a warning from the IRS on falsifying income to get credits, self employment income, ACA coverage etc. http://www.irs.gov/uac/Newsroom/Falsifying-Income-to-Claim-Tax-Credits-Hits-the-IRS-Dirty-Dozen-List-of-Tax-Scams-for-the-2015-Filing-...
by pshonore
Wed Feb 04, 2015 12:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: IRS warning on falsifying income
Replies: 15
Views: 2937

Re: Calculate maximum SEP contribution

PaddyMac wrote:With small amounts, I think you'd be better off with a SIMPLE IRA where you could contribute up to a flat fee, rather than 20%. The flat fee is more than you made.
Might be a tad late for that for 2014.
by pshonore
Wed Feb 04, 2015 11:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Calculate maximum SEP contribution
Replies: 6
Views: 413

Re: Student Loan Interest Deduction

Remember that any deduction you take should match the 1098-E form sent by the lender. Not necessarily true. I have received several forms 1098-E that did not account for capitalized interest. Let's put it this way: if you think there's a mistake on the form, get a corrected one or be prepared to te...
by pshonore
Wed Feb 04, 2015 11:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Student Loan Interest Deduction
Replies: 12
Views: 1011

Re: 1099 non-employee compensation question

Was the 1099 from the professional society or your employer? The most correct way is to fill out schedule C, with equal income and expense. The easy way out is to simply not tell TaxAct about the 1099, enter it as other income, and take an offsetting travel expense deduction, assuming that you othe...
by pshonore
Wed Feb 04, 2015 9:31 am
 
Forum: Personal Finance (Not Investing)
Topic: 1099 non-employee compensation question
Replies: 6
Views: 579

Re: Student Loan Interest Deduction

Remember that any deduction you take should match the 1098-E form sent by the lender.
by pshonore
Wed Feb 04, 2015 9:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Student Loan Interest Deduction
Replies: 12
Views: 1011

Re: Short term disability tax W2

Not reporting a W2 you received is just like asking for an audit. You'll probably get a CP2000 letter.
by pshonore
Tue Feb 03, 2015 11:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Short term disability W2
Replies: 3
Views: 307

Re: Married with HDHP, spouse not eligible, use HSA for both

I believe all Medicare premiums are qualified medical expenses for purposes of itemized deductions; but not necessarily for HSA reimbursement.
by pshonore
Tue Feb 03, 2015 11:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Married with HDHP, spouse not eligible, use HSA for both?
Replies: 14
Views: 1295

Re: Recharacterization Roth back to TIRA

Sorry, my error, meant $7000 there for Line 15b. Just wanted to make sure that it should not also include the earning portion that Vanguard will calculate along with it and presumably report on the 1099-R. No problem. I hope I also answered the question you intended to ask. Note that the 1099-R tha...
by pshonore
Tue Feb 03, 2015 8:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterization Roth back to TIRA
Replies: 11
Views: 1029

Re: First Social Security Check After Turning 70

After posting the message that started this thread, I received a letter from Social Security urging me to apply for retirement benefits sooner rather than later. I did so, and today received an award letter informing me of the monthly benefit I would receive upon turning 70 in June 2015 (initial pa...
by pshonore
Mon Feb 02, 2015 11:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: First Social Security Check After Turning 70
Replies: 9
Views: 2140

Re: madsinger monthly report (January 2015)

The PP mutual fund (PRPFX) also did well in January. Last time I looked, they had large REIT holding and Swiss Francs which really helped.
by pshonore
Mon Feb 02, 2015 11:36 am
 
Forum: Investing - Theory, News & General
Topic: madsinger monthly report (January 2015)
Replies: 4
Views: 617

Re: Social Security "Death benefit"

If anyone needs info on this, Google is just a few keystrokes away. Here is what you will find:
http://www.ssa.gov/survivorplan/ifyou7.htm
by pshonore
Mon Feb 02, 2015 11:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Social Security "Death benefit"
Replies: 9
Views: 1431
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