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Re: Purchasing public pension benefits

how can they afford to? Do they have access to better investments. . They have access to taxes. Bogleheads don't. My pension is probably too big; I don't deserve it, but I still cash my check every month. Stupid legislature! [OK, direct deposit, not cash, but that wouldn't read as well.] Really? If...
by sscritic
Tue Jul 29, 2014 2:34 am
 
Forum: Investing - Help with Personal Investments
Topic: Purchasing public pension benefits
Replies: 10
Views: 565

Re: negotiating fees with a real estate agent?

Discount is an acceptable term; kickback isn't. Rebate is also acceptable. Redfin calls theirs a refund.
http://www.redfin.com/buy-a-home/refund

My refund exceeded my closing costs after all adjustments, so they cut me a check for the excess after closing.
by sscritic
Tue Jul 29, 2014 2:29 am
 
Forum: Personal Finance (Not Investing)
Topic: negotiating fees with a real estate agent?
Replies: 9
Views: 1208

Re: Price per share of funds different in 401K from actual p

See Collective Investment Trust (CIT) in the wiki. While the names sound similar, you may be investing in a trust that buys shares in the fund, as rpike suggests, not the shares themselves. 529 plans operate this way. You don't get Vanguard Total Stock Market shares, you get shares in the Vanguard T...
by sscritic
Tue Jul 29, 2014 2:19 am
 
Forum: Investing - Help with Personal Investments
Topic: Price per share of funds different in 401K from actual price
Replies: 2
Views: 167

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

Another way to look at it is to look at community property, applying the law. (1) says the half you get from your deceased spouse gets the step-up; (6) says the half you already own gets treated as if you inherited it and gets the step-up. the following property shall be considered to have been acqu...
by sscritic
Tue Jul 29, 2014 12:36 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: Who determines 1099-R Codes?

There are instructions for form 1099-R. The rules for the correct coding are included. The guide to distribution codes starts on page 15. http://www.irs.gov/pub/irs-pdf/i1099r.pdf I don't think you should have received a 1099-R for the Roth to Roth, but I am no expert. Generally, do not report a tra...
by sscritic
Mon Jul 28, 2014 11:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who determines 1099-R Codes?
Replies: 5
Views: 229

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

I think the issue is what is included in the estate. Property included in your estate for estate tax purposes gets the step-up. Here is an example of joint property (not husband and wife) from Pub 551. Ignore the depreciation. Example. John and Jim owned, as joint tenants with right of survivorship,...
by sscritic
Mon Jul 28, 2014 11:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

I was going by 26 U.S. Code § 1014 - Basis of property acquired from a decedent (a) In general Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, excha...
by sscritic
Mon Jul 28, 2014 10:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

I was going by 26 U.S. Code § 1014 - Basis of property acquired from a decedent (a) In general Except as otherwise provided in this section, the basis of property in the hands of a person acquiring the property from a decedent or to whom the property passed from a decedent shall, if not sold, excha...
by sscritic
Mon Jul 28, 2014 10:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: state pension

I know you don't trust Social Security, but they have a chart for age 62 (when they first compute your PIA) for every year from 1990 to 2014 given from 30 years of substantial earnings on down. For 20 years or less, the maximum difference between the two methods of computing the PIA is $408.0 in 201...
by sscritic
Mon Jul 28, 2014 9:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

For the above example, sscritic, for community property or other states? It is in the wiki linked by LG. There are three sections: Sole property Joint tenancy Community property In this context, joint tenancy means not community property and not sole property. You said your parents were not in a co...
by sscritic
Mon Jul 28, 2014 9:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

Thanks LadyGeek. That was another question I was going to ask them. I'm sure my parent will want to send this with a tracking number, not in a bunch of prepaid envelopes of various sizes. So I'm clear, what should the cost basis be, the same that it was before my parent died (original amount) or th...
by sscritic
Mon Jul 28, 2014 9:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

Also, on the original linked form in question it stated that the form only needs to be completed "if one or more of the following are true:......The inherited shares are being transferred from any account other than an account registered solely in the decedent's name." As this is true (it...
by sscritic
Mon Jul 28, 2014 8:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: state pension

Titles are never considered part of the law. Titles are written by headline writers. The Supreme Court does not recognize titles as far as I know. The title you are referring to is Elimination of windfall benefits. So instead of saying WEP, you should be saying EWB. If you read what that section say...
by sscritic
Mon Jul 28, 2014 8:14 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

If this is the wrong form, what specifically should I tell/ask Vanguard when I or my surviving parent calls? "I got this form for the step-up in basis at death for an account owned jointly by a husband and wife, but it doesn't even ask if they live in a community property state. Since the step...
by sscritic
Mon Jul 28, 2014 7:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: state pension

I also read the law (Social Security Act). See if you see the letters WEP or the words windfall, elimination, or provision. WEP doesn't exist in the law. (7)(A) In the case of an individual whose primary insurance amount would be computed under paragraph (1) of this subsection, who— (i) attains age ...
by sscritic
Mon Jul 28, 2014 7:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: state pension

What if OP does not wind up with 30 years of ss coverage? WEP might apply and put a big dent in the expected benefit. Everybody quotes pubs like they're gospel. if for no other reason pub 963 is extremely helpful near its beginning.......something to the effect that you can't use pubs to support yo...
by sscritic
Mon Jul 28, 2014 7:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: state pension

mah001 wrote:OP didn't say anything about working for feds.

You did. The person starting in 1935 was you, not he. :)
by sscritic
Mon Jul 28, 2014 7:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: state pension

OP didn't say anything about working for feds. But let's say for grins the social security benefit due to OP will be reduced by $500 because of wep. Call me crazy; I'd want to know that as an aid to my retirement planning. You keep saying that, but it is easy to look at your SS statement. Even if h...
by sscritic
Mon Jul 28, 2014 7:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: state pension

Based on facts given , WEP/GPO potentially impacts OP. Pub 963 is a potential resource for millions of workers with a question regarding the interaction of government employment and Social Security. You can lead herds of horses to water............ But apparently you can't get them to look at a W-2...
by sscritic
Mon Jul 28, 2014 6:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: Help with "Cost Basis Adjustment Form for Inherited Shar

One of my parents died in late April, the parent who controlled and managed all investments. I’m starting the process with the surviving parent to switch over a traditional, rollover and Roth and change a non-retirement that was jointly held. Vanguard sent 4 forms after our initial call. I’m stuck ...
by sscritic
Mon Jul 28, 2014 6:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 20
Views: 513

Re: state pension

He doesn't need a 218 agreement, he just needs to look at a pay stub or a W-2 from anytime in the past 14 years. If social security was withheld, it will be there.

3 Social security wages
W-2

For the past 14 years I worked for a state university
by sscritic
Mon Jul 28, 2014 5:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: CD interest payments

https://www.dcu.org/account-services/rates/certificate-rates.html "Jump-Up Jumbo Certificate of Deposit" etc. What is your point? I said that they were of two minds and couldn't decide which was which, using CD here and CnoD there. Are you confirming the two minds and the indecision or di...
by sscritic
Mon Jul 28, 2014 4:31 pm
 
Forum: Investing - Help with Personal Investments
Topic: CD interest payments
Replies: 19
Views: 1308

Re: state pension

Many school teachers are not in SS. They get pensions from "uncovered" work. They need to consider WEP and GPO. Many state workers are in SS. They don't get pensions from "uncovered" work. They don't need to worry about WEP and GPO. There is a difference between being out and bei...
by sscritic
Mon Jul 28, 2014 4:10 pm
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: How to fix door handle?

Why spend money at Lowe's or HD if all you have to do is tighten a screw? I don't get it. Why post a message on an internet forum if all you have to do is tighten a screw? As others have mentioned, it's really hard to know what he has got going on. It sounds to some of us as if it is just loose. At...
by sscritic
Mon Jul 28, 2014 2:07 pm
 
Forum: Personal Consumer Issues
Topic: How to fix door handle?
Replies: 17
Views: 911

Re: How to fix door handle?

Why spend money at Lowe's or HD if all you have to do is tighten a screw? I don't get it.
by sscritic
Mon Jul 28, 2014 1:44 pm
 
Forum: Personal Consumer Issues
Topic: How to fix door handle?
Replies: 17
Views: 911

Re: Does severance pay reduce or relace unemployment benefit

You could have gotten this information long ago if you had mentioned Colorado in your first post. Most bogleheads know that when they want to learn about income taxes in their state, they don't go to the IRS. Answers to questions about a specific state are state specific. There are two reasons post...
by sscritic
Mon Jul 28, 2014 1:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Does severance pay reduce or relace unemployment benefits?
Replies: 49
Views: 2596

Re: Inherited accounts

Tax on $5,250,000 is $350,000 (made up). The lifetime exclusion is $5,250,000; the credit is $350,000.

I think that is what I said.
by sscritic
Mon Jul 28, 2014 1:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited accounts
Replies: 22
Views: 982

Re: Taking out mortgage with zero down. Smart or no?

It depends what the alternatives are. 1) Buy $300k house with zero down, borrow $300k 2) Buy $300k house with cash, borrow $0 3) Buy $600k house with $300k down, borrow $300k If the value of the house drops by 50%, you end up with 1) a $150k house with a $300k debt. 2) a $150k house with no debt. 3)...
by sscritic
Mon Jul 28, 2014 1:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 49
Views: 1895

Re: Inherited accounts

Subject to tax can have several meanings. If I give you $20k, I file a gift tax return. The first thing I do is subtract my $14k annual exclusion. That leaves $6k "subject to tax." I then compute the tax on $6k. I then apply the lifetime credit amount for the year of the gift. Say that amo...
by sscritic
Mon Jul 28, 2014 12:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited accounts
Replies: 22
Views: 982

Re: Inherited accounts

P.S. Dead people don't file gift tax returns.
by sscritic
Mon Jul 28, 2014 12:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited accounts
Replies: 22
Views: 982

Re: Inherited accounts

If I give you $20 and you give $10 to your spouse, who files the gift tax return on the $10 that went to your spouse? Hint: I am not filing. I didn't give your spouse squat. That's all on you. Now make me the account. Make you the beneficiary. Make your spouse the siblings. Answer the same question.
by sscritic
Mon Jul 28, 2014 12:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited accounts
Replies: 22
Views: 982

Re: What amount of Earnest Money - New Pulte Home

If the money is being held in escrow, and not being paid to the builder, then I would not be too worried about 5%. and .... Do you have an attorney who will be handling the closing? Title Insurance, checking for liens, etc.? How about your attorney's escrow account? Florida practices are not Califo...
by sscritic
Mon Jul 28, 2014 11:45 am
 
Forum: Personal Finance (Not Investing)
Topic: What amount of Earnest Money - New Pulte Home
Replies: 34
Views: 1574

Re: Do Bogleheads Feel Wealthier?

placeholder wrote:
sscritic wrote:Do you want to know how I feel about that?

At a guess - critical?

I wish to apologize to the OP. I was being overly critical. I didn't read carefully enough. Not my favorite poll, but on a par with many.
by sscritic
Mon Jul 28, 2014 11:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Do Bogleheads Feel Wealthier?
Replies: 51
Views: 3306

Re: Do Bogleheads Feel Wealthier?

Wealthier than our pre-Boglehead selves? Or wealthier than neighbors, colleagues, family? All of the above, and much more. OK. Of the ten things I compared myself to, I feel wealthier than six and feel not as wealthy as four. I love polls about my feelings. I have so many. Like many boglehead polls...
by sscritic
Mon Jul 28, 2014 11:04 am
 
Forum: Personal Finance (Not Investing)
Topic: Do Bogleheads Feel Wealthier?
Replies: 51
Views: 3306

Re: POLL: My home is worth less/more in 2014 than in 2007?

I don't think Zestimates are as bad as everyone says. Accurate, no, but for knowing when the peak was or when the low was, they aren't going to be off by three years. Since the question is a relative one rather than an absolute one, even if Zillow is constantly 30% too high, a 50% drop will still be...
by sscritic
Mon Jul 28, 2014 10:58 am
 
Forum: Personal Finance (Not Investing)
Topic: POLL: My home is worth less/more in 2014 than in 2007?
Replies: 82
Views: 3875

Re: state pension

Does your being "vested" include medical in retirement? Do you forfeit this by taking a cash payout? It certainly would be worth knowing. Very important. Health care in retirement is a very valuable feature in a pension, and a key reason that state and local pension funds are running out ...
by sscritic
Mon Jul 28, 2014 10:48 am
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: CD interest payments

dcu, federal, on its website has a page of certificate of deposit rates. This page does not contain the word deposit, although it does contain the word certificate. Certificate Accounts https://www.dcu.org/personal-banking/certificate-choices.html There are some pages that say Regular Certificate o...
by sscritic
Mon Jul 28, 2014 10:45 am
 
Forum: Investing - Help with Personal Investments
Topic: CD interest payments
Replies: 19
Views: 1308

Re: How to fix door handle?

But that is not what he described as I read. The handle unit has a small hole at the left side that I'm sure is the way that the necessary adjustment is made (as it appears to allow access to a screw that is exposed on the right side of the inside spindle ). The screw is not in the handle to be tigh...
by sscritic
Mon Jul 28, 2014 10:35 am
 
Forum: Personal Consumer Issues
Topic: How to fix door handle?
Replies: 17
Views: 911

Re: Surge protectors

If you are really lucky, you have destroyed the GFI. I did. It took three days to find which circuit breaker controlled the circuit to the GFI (three days because I was working alone, running back and forth from the breaker box to the bathroom where I had my multimeter set to read voltages; because ...
by sscritic
Mon Jul 28, 2014 10:30 am
 
Forum: Personal Consumer Issues
Topic: Surge protectors
Replies: 24
Views: 1503

Re: CD interest payments

My Credit Union Share Certificates Looking for higher savings yields and greater flexibility? Not comfortable with fluctuations in the stock market? SSCU offers three outstanding certificate programs to help savers meet investment goals with greater ease… and with federally-insured safety. Regular C...
by sscritic
Mon Jul 28, 2014 10:20 am
 
Forum: Investing - Help with Personal Investments
Topic: CD interest payments
Replies: 19
Views: 1308

Re: CD interest payments

If the fee is greater than the earned interest, the difference will be deducted from the principal.

Not Penfed.
by sscritic
Mon Jul 28, 2014 10:18 am
 
Forum: Investing - Help with Personal Investments
Topic: CD interest payments
Replies: 19
Views: 1308

Re: state pension

flyingbison wrote:I think it's overly optimistic to hope that the plan isn't going to change over the next 25 years.

Probably true. My generous state legislature increased the payout of my pension mid-stream. While it was a stupid thing to do, I thank them the first of every month. But that was then, this is now.
by sscritic
Mon Jul 28, 2014 9:12 am
 
Forum: Investing - Help with Personal Investments
Topic: state pension
Replies: 43
Views: 2406

Re: What amount of Earnest Money - New Pulte Home

"Earnest money" is meaningless unless you back out. If so (and thus not being "earnest"), you forfeit the deposit, often styled as "liquidated damages". Not necessarily. Read the contract. In my case it was the deposit or 3%, whichever was less. So I lied, the house wa...
by sscritic
Mon Jul 28, 2014 12:01 am
 
Forum: Personal Finance (Not Investing)
Topic: What amount of Earnest Money - New Pulte Home
Replies: 34
Views: 1574

Re: Vanguard sued for charging too little

Did this website violate any court orders by posting this document? ... Why does the order still say "Sealed" and it's not in the NY State Supreme Court database? Can the legal experts please explain? I am confused. IANALE. I assume that when something is unsealed, the text doesn't change...
by sscritic
Sun Jul 27, 2014 11:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard sued for charging too little
Replies: 105
Views: 9287

Re: What amount of Earnest Money - New Pulte Home

hackermb wrote:Not sure yet if the money goes to the builder or into escrow.

When I bought, it didn't matter. The builder owned the escrow company (that's what we use where I live). Pulte is not going to disappear with your money.
by sscritic
Sun Jul 27, 2014 10:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: What amount of Earnest Money - New Pulte Home
Replies: 34
Views: 1574

Re: POLL: My home is worth less/more in 2014 than in 2007?

I didn't read carefully before I answered the first time. My bad. My house was built in 2002 and I bought it in 2012. Using Zillow's ridiculous numbers, the value is up 14% from July, 2007 to today.
by sscritic
Sun Jul 27, 2014 10:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: POLL: My home is worth less/more in 2014 than in 2007?
Replies: 82
Views: 3875

Re: Does severance pay reduce or relace unemployment benefit

Only slightly off topic. A recent Supreme Court case on whether severance is subject to Social Security tax. Mar 25, 2014 The U.S. Supreme Court decided in favor of the Obama administration in a dispute over taxes on severance compensation, overturning a lower court decision that could have forced t...
by sscritic
Sun Jul 27, 2014 10:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Does severance pay reduce or relace unemployment benefits?
Replies: 49
Views: 2596

Re: Changing cost basis from Average Cost to Specific ID

This is all regulation, not law. Here is the extent of the law: (1) In general In the case of the sale, exchange, or other disposition of a specified security on or after the applicable date, the conventions prescribed by regulations under this section shall be applied on an account by account basis...
by sscritic
Sun Jul 27, 2014 10:08 pm
 
Forum: Investing - Theory, News & General
Topic: Changing cost basis from Average Cost to Specific ID
Replies: 6
Views: 457

Re: Does severance pay reduce or relace unemployment benefit

Flobes wrote:
sscritic wrote: Was social security withheld from the payment?

Yes.

Wages.
by sscritic
Sun Jul 27, 2014 9:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Does severance pay reduce or relace unemployment benefits?
Replies: 49
Views: 2596

Re: What amount of Earnest Money - New Pulte Home

hackermb wrote:Update this is for Indianapolis Fishers region Pulte Home - Avalon community.

Is this the house with the mosquito breeding ponds out back?
by sscritic
Sun Jul 27, 2014 9:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: What amount of Earnest Money - New Pulte Home
Replies: 34
Views: 1574
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