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Re: state income tax withheld from IRA distribution?

Vanguard has five rules depending on where you live. I will let you figure out which applies to your state. If federal tax is withheld, state tax withholding is mandatory. Vanguard will automatically withhold the minimum required by your state unless you specify a higher amount below. If federal tax...
by sscritic
Tue Jul 29, 2014 10:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: state income tax withheld from IRA distribution?
Replies: 11
Views: 438

Re: CSRS and SS, check my logic

As I understood it, since her CSRS is >> than my SS and CSRS is treated like SS (as I think it makes sense) she would get the larger of the two pensions which would be hers. She did not pay into SS during here working days. So I see it as two people contributing to a government sponsored retirement...
by sscritic
Tue Jul 29, 2014 9:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: CSRS and SS, check my logic
Replies: 14
Views: 614

Re: CSRS and SS, check my logic

GPO: Your Social Security benefits will be reduced by two-thirds of your government pension [from uncovered work]. In other words, if you get a monthly civil service pension of $600, two-thirds of that, or $400, must be deducted from your Social Security benefits. Say her pension is $6,000. Her soci...
by sscritic
Tue Jul 29, 2014 8:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: CSRS and SS, check my logic
Replies: 14
Views: 614

Re: Goodbye and Good Luck!

3000 posts; banned three times; average time between bans, 750. Well since there have only been 450 since the last, it is probably more like

850 + 850 + 850 + 450 (each plus sign being a ban).

Can you reveal your previous three identities?
by sscritic
Tue Jul 29, 2014 7:39 pm
 
Forum: Local Chapters and Bogleheads Community
Topic: Goodbye and Good Luck!
Replies: 12
Views: 1855

Re: Your 401k, u die, must beneficiary withdraw within 5 yea

There is a 5 year rule for an IRA if the beneficiary is not an individual (you didn't specify) and the death is before the RBD. If the owner died before his or her required beginning date (defined earlier) ... If the owner's beneficiary is not an individual (for example, if the beneficiary is the ow...
by sscritic
Tue Jul 29, 2014 7:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Your 401k, u die, must beneficiary withdraw within 5 years?
Replies: 5
Views: 405

Re: Your 401k, u die, must beneficiary withdraw within 5 yea

I think placeholder has it. From 2006, showing the old and the new: In the past, though, inheriting a 401(k) from someone who wasn't your spouse was a lesson in diminishing returns. By law, "non-spouses" couldn't roll over an inherited 401(k) into their own IRAs. Most company 401(k) plans ...
by sscritic
Tue Jul 29, 2014 6:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Your 401k, u die, must beneficiary withdraw within 5 years?
Replies: 5
Views: 405

Re: state income tax withheld from IRA distribution?

Lower cost. They do what they have to, not what you want them to do.
by sscritic
Tue Jul 29, 2014 3:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: state income tax withheld from IRA distribution?
Replies: 11
Views: 438

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

The wiki for CIT says they are tax exempt, which I did not know and is certainly interesting. If you could trust that they were not gouging investors with unjustifiable fees or excessive cash positions, I suppose the tax exempt as opposed to tax deferred status has some attraction. I am in the midd...
by sscritic
Tue Jul 29, 2014 3:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: Price per share of funds different in 401K from actual price
Replies: 8
Views: 484

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

Interesting thread. I have a number of 401k options with no ticker symbol that seem to be set up this way, either a collection of "mutual funds" it invests in under one wrapper (some of the component funds themselves have no ticker symbol but are provided by big name firms), or some undis...
by sscritic
Tue Jul 29, 2014 2:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Price per share of funds different in 401K from actual price
Replies: 8
Views: 484

Re: Who determines 1099-R Codes?

You need to read their notice carefully to determine which rollovers the IRS maintains are taxable for this reason, and what info they are requesting. For the Roth IRAs, if you reported a rollover on your return correctly, you should not have to amend 2012, but need to send the IRS a copy of the st...
by sscritic
Tue Jul 29, 2014 12:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Who determines 1099-R Codes?
Replies: 7
Views: 467

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

I signed several documents when I bought my house. One was a note, my promise to repay. The note says nothing about turning in my house or even about the lender taking my house. It does mention that if I don't pay I am in default. It doesn't detail what the consequences of default are. It does menti...
by sscritic
Tue Jul 29, 2014 12:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 63
Views: 2691

Re: CSRS and SS, check my logic

I get 50%. So what income needs will you have as a widower? Is 50% of hers plus your age 66 SS plenty? [You didn't mention any other assets, but I assume they are some and that when looking at your income needs you are including them.] Now maybe the odds are that you will be long gone by the time s...
by sscritic
Tue Jul 29, 2014 12:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: CSRS and SS, check my logic
Replies: 14
Views: 614

Re: CSRS and SS, check my logic

No. Given the size of her pension (I am taking your word for it), you are essentially a single person as far as SS is concerned. So do what a single person would do. But first answer this: if she dies, what do you get? If you get nothing, you, as a single person, may want to delay. I am not saying i...
by sscritic
Tue Jul 29, 2014 12:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: CSRS and SS, check my logic
Replies: 14
Views: 614

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

I signed an agreement with the bank saying I would pay my loan or give them the house back. My guess is that is not what your agreement actually says if you read the words. My guess is that you gave a promise to repay. Now the agreement probably has a remedy clause if you fail to live up to your ag...
by sscritic
Tue Jul 29, 2014 12:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Taking out mortgage with zero down. Smart or no?
Replies: 63
Views: 2691

Re: Fidelity Customer Protection Guarantee

Never share your user name, password, or other account-related information with anyone.

So if you give any of this information to your spouse or children, you lose the protection.
by sscritic
Tue Jul 29, 2014 12:13 pm
 
Forum: Investing - Theory, News & General
Topic: Fidelity Customer Protection Guarantee
Replies: 19
Views: 832

Re: negotiating fees with a real estate agent?

Our friend negotiate the fee down, but learned the agent was only willing to give the buyer agent 1.5%. So don't assume it will be fair to the buyer agent. That was a mistake. The split is part of the agreement. When I got 4.5%, the split was clearly stated in the contract. Don't sign a contract yo...
by sscritic
Tue Jul 29, 2014 12:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: negotiating fees with a real estate agent?
Replies: 14
Views: 1754

Re: Invest in pricey 403(b),or skip it and go taxable?

We guessed that tax deferred was the way to go. I think we more or less broke even on the decision in the sense that tax bracket differential will compensate for the 403(b) costs. By tax bracket differential are you talking about a lower bracket in retirement? With a decent pension, your bracket do...
by sscritic
Tue Jul 29, 2014 11:56 am
 
Forum: Investing - Help with Personal Investments
Topic: Invest in pricey 403(b),or skip it and go taxable?
Replies: 21
Views: 1251

Re: Invest in pricey 403(b),or skip it and go taxable?

Keep in mind that because we're talking about a government job with a pension And no social security (unless SAUSD is out their all on their own). The pension is CalSTRS I assume. CalSTRS is not as well funded as CalPERS, but it is not going away. At long last, Gov. Jerry Brown has stopped ignoring...
by sscritic
Tue Jul 29, 2014 11:41 am
 
Forum: Investing - Help with Personal Investments
Topic: Invest in pricey 403(b),or skip it and go taxable?
Replies: 21
Views: 1251

Re: Advice wanted on first computer purchase since 1982!

Question: when do stores get stock? Is it not in advance of the official sale start date? If not, how could new iPhones be in the stores on the release date?

Which brings me to this: did your friendly campus guy already have the new ones in stock on Friday when he sold you the old one?
by sscritic
Tue Jul 29, 2014 11:28 am
 
Forum: Personal Consumer Issues
Topic: Advice wanted on first computer purchase since 1982!
Replies: 103
Views: 5076

Re: Advice on when to start Social Security

You can take one without the other. If she can support herself until 62, here is one possible strategy: Take as herself at 62. Take as a widow at 66 (her FRA if born in 1953 or 1954, when someone age 60 was born). Even if her income from work reduces her own benefit from 62 to 66, it can't be less t...
by sscritic
Tue Jul 29, 2014 11:15 am
 
Forum: Personal Finance (Not Investing)
Topic: Advice on when to start Social Security
Replies: 2
Views: 373

Re: Revocable Trust Tax Treatment

P.S. You may be confusing taking money out with taking income out. Income is taxed whether it is taken out or not. Taking out money that is already taxed is not taxed again. Go back and read a few of those article more carefully.
by sscritic
Tue Jul 29, 2014 10:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Revocable Trust Tax Treatment
Replies: 9
Views: 418

Re: Revocable Trust Tax Treatment

For a typical irrevocable trust (there are many kinds) the simplified version is that income is taxed, but who pays is the question. (The answer for the revocable grantor trust is the grantor pays, as all the income belongs to the grantor, but the grantor can use the money in the trust to pay if he ...
by sscritic
Tue Jul 29, 2014 10:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Revocable Trust Tax Treatment
Replies: 9
Views: 418

Re: Advice wanted on first computer purchase since 1982!

It's now official. Today sees Apple refresh its premium MacBook Pro with Retina display lineup, bumping the CPU speeds and RAM, as well as dropping the prices of the high-end models, ahead of the release of OS X 10.10 Yosemite, and also in advance of the back-to-school buying frenzy. Prior to this u...
by sscritic
Tue Jul 29, 2014 10:42 am
 
Forum: Personal Consumer Issues
Topic: Advice wanted on first computer purchase since 1982!
Replies: 103
Views: 5076

Re: Revocable Trust Tax Treatment

Thanks sscritic. So, let's say this trust has $250k liquid cash. In one year, the individual beneficiary receives $40k cash from the trust. You're saying that the $40k is NOT taxed in any way, right? What forms would have to be filled out in that case? I think I understand if there's a capital gain...
by sscritic
Tue Jul 29, 2014 10:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Revocable Trust Tax Treatment
Replies: 9
Views: 418

Re: Revocable Trust Tax Treatment

The trust passes through, as you say. However, gifts aren't income and anyway what you give yourself isn't a gift, certainly not a taxable gift. There is a gain. The gain passes out to the grantor. The grantor pays the income tax. The grantor gives the money to anyone, including you. There is no add...
by sscritic
Tue Jul 29, 2014 10:09 am
 
Forum: Personal Finance (Not Investing)
Topic: Revocable Trust Tax Treatment
Replies: 9
Views: 418

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

P.S. One other fact about community property that is often overlooked: it is not wros unless so stated (at least in CA, which is what I know). When someone in the community dies, that person can leave half of their house, say, to the children by a previous marriage. The children get the step-up beca...
by sscritic
Tue Jul 29, 2014 10:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 23
Views: 655

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

According to Vanguard rep: This is the only form they have for adjusting the cost basis for inherited shares. Community property states would use the same form but might fill it out differently. My parent can choose to not step up the value and therefore not complete the form. Or, choose to step up...
by sscritic
Tue Jul 29, 2014 9:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Help with "Cost Basis Adjustment Form for Inherited Shares"
Replies: 23
Views: 655

Re: Where to keep "emergency fund" and how much to keep in b

What do you get for keeping $5k in your bank? One of my banks gives me freebies if I keep $10k. Another if I keep $2.5k. What are your freebies worth?

Obviously freebies aren't free as you are foregoing the difference in interest between what you get at your bank and what you can get elsewhere.
by sscritic
Tue Jul 29, 2014 9:05 am
 
Forum: Investing - Help with Personal Investments
Topic: Where to keep "emergency fund" and how much to keep in bank?
Replies: 16
Views: 1996

Re: negotiating fees with a real estate agent?

It can also depend on the price. 4.5% of $1,000,000 is more than 6% of $700,000 (45 is more than 42). Most agents like to make money, not percents of sales they don't get. It also depends if the brokers are sitting around their desks with nothing to do. What is the trend in broker employment (unempl...
by sscritic
Tue Jul 29, 2014 8:55 am
 
Forum: Personal Finance (Not Investing)
Topic: negotiating fees with a real estate agent?
Replies: 14
Views: 1754

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: 16
Views: 1043

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: 14
Views: 1754

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: 8
Views: 484

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: 23
Views: 655

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: 7
Views: 467

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: 23
Views: 655

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: 23
Views: 655

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: 23
Views: 655

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: 2557

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: 23
Views: 655

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: 23
Views: 655

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: 23
Views: 655

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: 2557

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: 23
Views: 655

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: 2557

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: 2557

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: 2557

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: 2557

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: 2557

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: 23
Views: 655

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: 2557
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