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Re: RMD taxes

Shawcroft - The IRS is pretty lenient in forgiving the 50% penalty for what they call "excess contributions" but it is failure to take RMDs on the part of the taxpayer. If you can present a valid reason the RMD was not taken and show proof that it has been subsequently taken, they will in ...
by tomd37
Fri Nov 21, 2014 12:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMD taxes
Replies: 17
Views: 1448

Re: RMD taxes

Shawcroft - Simply put the answer is no. When you do start taking the RMD you will receive a Form 1099-R for the tax year in which you took the distribution. Since you turned 70.5 in August of 2014 your required beginning date (RBD) is April 1, 2015. You must take your first required minimum distrib...
by tomd37
Fri Nov 21, 2014 12:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMD taxes
Replies: 17
Views: 1448

Re: Donating for a specific family

Just wondering if the church was sponsoring this family in any way, that is making announcements seeking support for this family. If so, maybe the funds should have been donated to and in the name of the church for transfer to the family. The way the donation was made to a qualified charitable organ...
by tomd37
Fri Nov 21, 2014 9:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Donating for a specific family
Replies: 12
Views: 841

Re: Any Bird Experts?

I have wrens that constantly come to my windows and screens to eat the various small bugs and gnats on the window sills and frames. Just yesterday a cedar waxwing flew into a large window over my front door and broke its neck. :( Fortunately it died instantly and did not suffer long. I love all my b...
by tomd37
Wed Nov 19, 2014 9:29 pm
 
Forum: Personal Consumer Issues
Topic: Any Bird Experts?
Replies: 23
Views: 1434

Re: Humidifier: How much condensation is too much?

Darin, Where do you live and what are the temperature swings you see in the winter? Are your windows single, double, or possibly triple-paned? From what I read the best humidity level in a home in the winter is between 30 and 40 percent. You can search in the subject online and come up with some goo...
by tomd37
Wed Nov 19, 2014 10:39 am
 
Forum: Personal Consumer Issues
Topic: Humidifier: How much condensation is too much?
Replies: 34
Views: 1861

Re: Daughter Owes 2013 Taxes-Any Advice?

MarkNYC,
Please note my comment near the top of the posts that the IRS does not normally send CP2000 letters until late spring of the year following the due date of the return.
by tomd37
Tue Nov 18, 2014 1:13 pm
 
Forum: Personal Consumer Issues
Topic: Daughter Owes 2013 Taxes-Any Advice?
Replies: 21
Views: 2737

Re: Daughter Owes 2013 Taxes-Any Advice?

The IRS normally does not send out CP2000 letters to taxpayers until summer of the YEAR following the April 15th due date. In her case the 2013 return was due April 15, 2014 and she probably will not hear from the IRS until late Spring of 2015. When she does hear she will be told how much she owes w...
by tomd37
Mon Nov 17, 2014 3:27 pm
 
Forum: Personal Consumer Issues
Topic: Daughter Owes 2013 Taxes-Any Advice?
Replies: 21
Views: 2737

Re: 401K catch-up if >70.5

I acknowledge the OP did not ask about traditional or Roth IRA contributions, but I just make note that one cannot contribute to a traditional IRA in or after the year they attain age 70.5 as per IRS Publication 590. Contributions to a Roth IRA can be made at any age provided the taxpayer meets the ...
by tomd37
Mon Nov 17, 2014 10:38 am
 
Forum: Investing - Theory, News & General
Topic: 401K catch-up if >70.5
Replies: 5
Views: 366

Re: car sensor showing TPMS sign

The TMPS light may come on when there is a significant change in temperature. I was visiting Asheville, NC several years ago when the temperature overnight dropped to 12 degrees. When I started the car the TMPS light came on so I went to a local gas station and, using my tire pressure gauge, checked...
by tomd37
Mon Nov 17, 2014 10:04 am
 
Forum: Personal Consumer Issues
Topic: car sensor showing TPMS sign
Replies: 26
Views: 1658

Re: Hoa resurrection

Steelersfan,
By the way, our Tennessee Titans are hosting the Steelers tomorrow here in Nashville on Monday Night Football. I won't discuss the probable results......
by tomd37
Sun Nov 16, 2014 1:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: HOA resurrection
Replies: 35
Views: 2931

Re: Hoa resurrection

Steelersfan, Our HOA (private homes) CCRs and Bylaws clearly state that a special assessment requires the vote and approval of 75% of the 162 homeowners. Please note that I used the term "special assessment". About five years ago we needed to fund and initiate a 20-year capital improvement...
by tomd37
Sun Nov 16, 2014 1:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: HOA resurrection
Replies: 35
Views: 2931

Re: Harry's razors

Leonard - Do you have a recommendation and source for a double-edge razor and blades? I have looked for a DE razor and blades in drugstores and the like around here, but none carry them. :annoyed
by tomd37
Fri Nov 14, 2014 3:30 pm
 
Forum: Personal Consumer Issues
Topic: Harry's razors
Replies: 53
Views: 4831

Re: Minimum required Distributions Question

Ralph, Regardless of when you take your RMD and have federal tax withheld, that tax withheld is considered paid throughout the year. For example, if you take your RMD in December and have federal tax withheld, that tax is considered withheld throughout the year and no penalty is assessed. I know of ...
by tomd37
Thu Nov 13, 2014 3:17 pm
 
Forum: Investing - Theory, News & General
Topic: Minimum required Distributions Question
Replies: 8
Views: 975

Re: Your favorite classic toys for kids

Nisiprius, No, they are not made any longer. My staff at my last job before retirement bought one off the internet and it was exactly like the one I had as a young child of about seven. Same exact color of light green and in its original box although the bottom portion of the box was damaged. I reme...
by tomd37
Tue Nov 11, 2014 9:39 pm
 
Forum: Personal Consumer Issues
Topic: Your favorite classic toys for kids
Replies: 89
Views: 3808

Re: Your favorite classic toys for kids

Hoot-Nanny No. 1 Google it if you don't know what it was. It was a favorite toy of this 77 year old.
by tomd37
Tue Nov 11, 2014 8:11 pm
 
Forum: Personal Consumer Issues
Topic: Your favorite classic toys for kids
Replies: 89
Views: 3808

Re: Tax Withholding assistance

She, with your help if needed, should follow the instructions carefully for form W-4 when she fills it out for her new employer. It might help to look at the form and its instructions online (or print it out) ahead of time. :dollar
by tomd37
Tue Nov 11, 2014 8:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax Withholding assistance
Replies: 4
Views: 296

Re: Jack bogle's common sense on mutual funds

Stemikger, Thanks for reminding me of the three chapters in those two books. I pulled both off my library shelf above my computer and read all three chapters again . I am in my late 70s with a 50/50 ratio and am contemplating the further simplification of my already simplified Vanguard portfolio. Th...
by tomd37
Sun Nov 09, 2014 9:14 pm
 
Forum: Investing - Theory, News & General
Topic: Jack bogle's common sense on mutual funds
Replies: 15
Views: 2710

Re: Attend new car "launch event" for free meal?

The heck with it all; just go enjoy yourself with the free wine and buffet and enjoy looking at the new model(s). You are not under any obligation other than to give a proper RSVP! :sharebeer
by tomd37
Sat Nov 08, 2014 2:53 pm
 
Forum: Personal Consumer Issues
Topic: Attend new car "launch event" for free meal?
Replies: 10
Views: 827

Re: Vanguard site percentage info

Am not sure if this is what you are looking for. Once your account is open go to the Investment Prices & Return tab, then to Personal Performance tab. The personal rate of return is shown at the top.
by tomd37
Sat Nov 08, 2014 8:18 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard site percentage info
Replies: 6
Views: 772

Re: Question re Bogle interview with Benz

Nisiprius, Can you post a similar chart for the past ten years ? Looking online at the Vanguard site I see different results that show VFICX moving more significantly ahead in about mid-2009 and as it approaches 2014. By the way, I looked at the two Admiral funds (VBTLX and VFIDX) when looking on th...
by tomd37
Fri Nov 07, 2014 5:22 pm
 
Forum: Investing - Theory, News & General
Topic: Question re Bogle interview with Benz
Replies: 8
Views: 885

Re: I-T Bond Funds in IRA

Ojd,
Thanks for the link. Have been out of the loop all day long and missed seeing it.
by tomd37
Thu Nov 06, 2014 9:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: I-T Bond Funds in IRA
Replies: 3
Views: 422

Re: Pension lump sum offer - am I thinking clearly?

Jimb, The firm was Nortel Networks Inc the U.S. subsidiary of Nortel Networks Corp headquartered in Toronto. I see now that PBGC did pick up responsibility for the US employees sometime after the bankruptcy with certain limits. Sorry if I misled anyone. I lost some of my retirement benefits that cou...
by tomd37
Thu Nov 06, 2014 8:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Pension lump sum offer - am I thinking clearly?
Replies: 32
Views: 2372

Re: Pension lump sum offer - am I thinking clearly?

Twelve years ago in 2002,upon reaching retirement age of 65, I had the option to take a pension plan payment option or a lump sum payment option. I had a "gut" feeling at the time about the financial stability of the company (a very large telecommunications company) and opted to take the l...
by tomd37
Wed Nov 05, 2014 11:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Pension lump sum offer - am I thinking clearly?
Replies: 32
Views: 2372

I-T Bond Funds in IRA

We have reached a point in life (late 70s) where we have reached our financial goal and recognize we no longer “need to take the risk” of our current 50/50 portfolio and will increase the bond side to 60%. We currently use the Vanguard Intermediate-Term Investment Grade (VFIDX) and the Vanguard Tota...
by tomd37
Wed Nov 05, 2014 10:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: I-T Bond Funds in IRA
Replies: 3
Views: 422

Re: Increased Premium Paid for Premium Gas

Filled up one of my vehicles today at a BP station in the Nashville, TN area today. Regular grade price was $2.76 per gallon and price differential between each succeeding grade was $0.20 per grade.
by tomd37
Wed Nov 05, 2014 7:08 pm
 
Forum: Personal Consumer Issues
Topic: Increased Premium Paid for Premium Gas
Replies: 24
Views: 1821

Re: Track your car's fuel use (mileage)

For the past thirty years I have tracked and logged the actual gas consumption and mpg on my two cars using an auto log put out by At-a-Glance. I used to make an entry at each fill up, but now just record everything on a piece of paper placed in the log book and then enter the totals each quarter. I...
by tomd37
Sun Nov 02, 2014 12:35 pm
 
Forum: Personal Consumer Issues
Topic: Track your car's fuel use (mileage)
Replies: 31
Views: 1952

Re: Relatively new here. What did you do in 2008/09

Just looked at detailed ten-year personal performance data that is available online to Vanguard clients in the personal performance section of the website and found that I did absolutely nothing. Maintained my desired asset allocation plan and took my required minimum distribution in the distributio...
by tomd37
Sat Nov 01, 2014 12:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: Relatively new here. What did you do in 2008/09
Replies: 130
Views: 9926

Available Vanguard Data Online

I started investing in Vanguard in the year 2000, two years prior to my retirement at age 65, and have used an asset allocation of 50/50 until now. My fund selection consists of the following and their percentage of my total portfolio. VTSAX - Total Stock Market Index - 30% VTIAX - Total Internation...
by tomd37
Sat Nov 01, 2014 11:53 am
 
Forum: Investing - Theory, News & General
Topic: Available Vanguard Data Online
Replies: 2
Views: 393

Re: Paying for new car with loan or IRA?

As to tapping your traditional IRA, how old are you because you will incur a 10% early withdrawal penalty if you are under the attained age of 59.5. As to tapping your Roth IRA, I believe you can only take out the contributions that you made free of taxes if that IRA is not qualified (i.e. less than...
by tomd37
Fri Oct 31, 2014 7:50 am
 
Forum: Personal Consumer Issues
Topic: Paying for new car with loan or IRA?
Replies: 12
Views: 544

Re: Heat pump question

Thanks Jim. At age 77 I think about my own "infrastructure". :)
Tom
by tomd37
Thu Oct 30, 2014 2:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Heat pump question
Replies: 50
Views: 3289

Re: Heat pump question

It's time to a least think about a replacement system. Sounds like it might be a very inefficient system even when running. You could probably contact the manufacturer with your model and serial number and find out more about its efficiency. R22 refrigerant went out many years ago and is extremely c...
by tomd37
Thu Oct 30, 2014 2:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Heat pump question
Replies: 50
Views: 3289

Re: Joint accounts or separate accounts for married couples?

Married 48 years and always had only one type of account - - - joint! :moneybag :moneybag
by tomd37
Thu Oct 30, 2014 9:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Joint accounts or separate accounts for married couples?
Replies: 59
Views: 4607

Re: Vanguard's Voice Recognition

Been using it for a year or so and no issues thus far.
by tomd37
Wed Oct 29, 2014 1:25 pm
 
Forum: Personal Consumer Issues
Topic: Vanguard's Voice Recognition
Replies: 18
Views: 1251

Re: Feeling rich to feeling poor overnight

RosieQ,
Here in middle TN, three people with a combined income of $300,000 might be hard put to find a place meeting their requirements. Housing isn't cheap here. $300K in this area is not too unusual as income for an individual.
by tomd37
Sat Oct 25, 2014 11:50 am
 
Forum: Personal Finance (Not Investing)
Topic: Feeling rich to feeling poor overnight
Replies: 85
Views: 10836

Re: How often do you change your car's oil?

We only drive each of our two cars 5,000 miles per year and change oil and filter in each once a year.
by tomd37
Thu Oct 23, 2014 9:48 pm
 
Forum: Personal Consumer Issues
Topic: How often do you change your car's oil?
Replies: 168
Views: 10901

Re: Please help with asset allocation and investments.

Retiredjg,
I think you mean a portfolio with 80% "stocks" (not bonds)
by tomd37
Sun Oct 12, 2014 11:28 am
 
Forum: Investing - Help with Personal Investments
Topic: Please help with asset allocation and investments.
Replies: 25
Views: 2159

Re: How to avoid tax on sale of home?

Consciousoverride,
Just to clarify, as mentioned by others, the "old rules" went out with signing of the Taxpayer Relief Act of 1997 by President Clinton on August 5, 1997.
by tomd37
Fri Oct 10, 2014 9:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to avoid tax on sale of home?
Replies: 10
Views: 962

Re: Bank Blackmail? [Credit Card Upgrade]

Too many people here (like me today) have nothing better to do with their time than to sit and read all these ridiculous posts and their replies and perpetuate the issue. :annoyed Haven't you (we) something more important or valuable to do with your/our time?
by tomd37
Fri Oct 10, 2014 9:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Bank Blackmail? [Credit Card Upgrade]
Replies: 22
Views: 1845

Re: Cleaning Up Leaves

My local Stihl dealer did not recommend the small unit. Said it was too underpowered and is just a hand-held that was turned on its side.
by tomd37
Fri Oct 10, 2014 7:47 am
 
Forum: Personal Consumer Issues
Topic: Cleaning Up Leaves
Replies: 40
Views: 3281

Re: Cleaning Up Leaves

I have a lot of leaves, but not an over abundance of them. I use my mulching mower until December when a large number of Bradford Pear tree leaves finally come off. At that time I blow them into the street curbside and use my mulching mower on them in the street (about fifteen passes). Over the year...
by tomd37
Thu Oct 09, 2014 9:37 pm
 
Forum: Personal Consumer Issues
Topic: Cleaning Up Leaves
Replies: 40
Views: 3281

Re: Tax deduction (if any) of air commuting?

All I will say in "Don't mess with the IRS". You never want them on your case for any reason. They stick like a "fly on s..." once they get the scent.
by tomd37
Thu Oct 09, 2014 6:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax deduction (if any) of air commuting?
Replies: 5
Views: 449

Re: Hyundai vs. Toyota

Anonenigma, The check engine light of my wife's 2001 Lexus ES300 started coming on intermittently and then constantly a few weeks ago. Fortunately we have a local repair shop owned and operated by a former Lexus Certified Master Mechanic. He specializes in the Lexus and Toyota brands and was immedia...
by tomd37
Mon Oct 06, 2014 9:05 am
 
Forum: Personal Consumer Issues
Topic: Hyundai vs. Toyota
Replies: 45
Views: 4883

Re: Paying off a 6.5% mortgage

It's a no brainer in my opinion. Where else are you guaranteed a 6.5% return these days? What a great feeling once the monkey is off your back. :sharebeer Be sure you invest the mortgage payments as you indicate.
by tomd37
Sat Oct 04, 2014 3:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paying off a 6.5% mortgage
Replies: 46
Views: 3937

Re: How Long Should I Keep My Car?

Park - Just curious. What would happen if you broke your leg one day at home and could not go to work the next day? What is so unique about your work? :?:
by tomd37
Sun Sep 28, 2014 4:51 pm
 
Forum: Personal Consumer Issues
Topic: How Long Should I Keep My Car?
Replies: 50
Views: 4225

Re: TIPS & Rick Ferri

Thanks to both Rick and Larry for their response. Your contributions to this forum are appreciated by the readers. :beer
by tomd37
Sun Sep 28, 2014 1:04 pm
 
Forum: Investing - Theory, News & General
Topic: TIPS & Rick Ferri
Replies: 28
Views: 5102

TIPS & Rick Ferri

I own and have read all of Rick Ferri's books. I am wondering if anyone knows if Rick has made any changes in the TIPS portion of his asset allocation recommendations since short-term TIPS have come onto the market. He always used the regular TIPS fund in his portfolio examples, but I am wondering i...
by tomd37
Sun Sep 28, 2014 10:47 am
 
Forum: Investing - Theory, News & General
Topic: TIPS & Rick Ferri
Replies: 28
Views: 5102

Re: Gas Water Heater Upgrade worth the $$$

Dolphin,
Not sure gas will be there for you. If your gas heater has or requires a power vent, electricity runs that vent. No electricity, no power vent.
by tomd37
Fri Sep 26, 2014 4:56 pm
 
Forum: Personal Consumer Issues
Topic: Gas Water Heater Upgrade worth the $$$
Replies: 31
Views: 1943

Re: What is your best estimate of the SWR (Safe Withdrawal R

SWR is impacted by your other income. For example, I have a military pension and social security benefits that are very stable and impacted by any COLA. My SWR could be higher than it is if need be. Had I chosen a company pension over a lump sum payout when I retired twelve years ago I would have be...
by tomd37
Fri Sep 26, 2014 2:22 pm
 
Forum: Investing - Theory, News & General
Topic: What is your best estimate of the SWR (Safe Withdrawal Rate)
Replies: 77
Views: 4065

Re: Gas Water Heater Upgrade worth the $$$

I sure would want to know what brand and grade the contractor is proposing to install for you. You sure don't want a "builder grade" water heater if you get a choice. What exactly is he proposing to give and do for the $1,400?
by tomd37
Fri Sep 26, 2014 2:14 pm
 
Forum: Personal Consumer Issues
Topic: Gas Water Heater Upgrade worth the $$$
Replies: 31
Views: 1943

Re: Gas Water Heater Upgrade worth the $$$

Are you talking natural gas already in the area or propane that has to be tanked in? Any other gas appliances serving the home? I would go for natural gas any time I could get it. We have it in our current home for heating, cooking, and hot water.


Edit: We were both writing at the same time....
by tomd37
Fri Sep 26, 2014 2:08 pm
 
Forum: Personal Consumer Issues
Topic: Gas Water Heater Upgrade worth the $$$
Replies: 31
Views: 1943
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