Search found 50 matches

by ABS
Tue Feb 20, 2024 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: Security concern [Vanguard proxy email]
Replies: 15
Views: 2111

Security concern [Vanguard proxy email]

Like many of you I received an email from "id@edelivery.proxypolling.com". The email was automatically delivered to my junk folder as it was identified as spam. It asked me to click on a link to get more information on proxy voting options. I forwarded this to Vanguard as I was concerned it was a spoofing and scamming operation. Vanguard responded that it was a legitimate email from a trusted Vanguard partner. The most dangerous and lethal tactic used by scammers is to have the recipient click on a link. Once a link is clicked the fraudulent perpetrators show a spoofed web page which looks legitimate. They then ask for login and password information and if there is no 2FA the account is compromised. All cyber security experts caut...
by ABS
Sat Dec 16, 2023 2:26 pm
Forum: Personal Investments
Topic: VIG v SCHD
Replies: 2
Views: 970

VIG v SCHD

What are the differences? Why would one select one over the other?
by ABS
Mon Apr 03, 2023 11:46 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax software
Replies: 3
Views: 354

Re: H&R Block tax software

Sorry, it is 403 Forbidden
by ABS
Mon Apr 03, 2023 11:06 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax software
Replies: 3
Views: 354

H&R Block tax software

I am using the Basic software. It downloaded the Vanguard Brokerage tax information. However, it does not download the mutual fund account information. Error message: Forbidden 404...
Any insight is appreciated.
by ABS
Sun Nov 27, 2022 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate property tax timing
Replies: 3
Views: 697

Real estate property tax timing

I closed on a Cook County, IL condo last June (2022). At closing, an amount was retained by the title company (paid by the seller) to pay the second installment of the property tax for the second half of 2021. Cook County just billed the amount for the second half of 2021. It is a much higher amount than was anticipated. The title company is now asking me to make up the difference. I did not own the property in 2021. Does not seem right that I have to pay part of the property tax for the period that I did not own the property. Your thoughts?
by ABS
Sun Sep 18, 2022 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Re: Changing Roth IRA contribution to traditional IRA (deductible) contribution

OK folks. I looked at the 5498s for 2020 and 2021. The 2020 form shows the Roth contribution and the 2021 form shows the re-characterized amount (Its almost the same). I did not have the 2021 form (which I received in 2022) when I filed my 2020 return.
Since the contributions were for 2020 shouldn't it be deductible for the 2020 tax year? How do I convince the IRS that the contributions were for 2020 and hence deductible? Or does Vanguard have to provide some documentation?
by ABS
Sun Sep 18, 2022 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Re: Sloppy reporting by Vanguard causing problems with the IRS

Homestretch: Yes, I was eligible for a traditional IRA deduction. I did not receive a 1099 R for 2020.
by ABS
Sun Sep 18, 2022 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Re: Sloppy reporting by Vanguard causing problems with the IRS

Starboi: No I did not include a letter with my return. But I did provide all the documentation and explanation to the IRS when they questioned my deduction 8 weeks ago.
by ABS
Sun Sep 18, 2022 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Re: Sloppy reporting by Vanguard causing problems with the IRS

Response to TimeLord - From the link you provided:
"A recharacterization lets you move that year's contribution—in whole or in part—to a traditional IRA."
This is exactly what I did before the deadline and in the time frame permitted. So my contribution should be tax deductible for 2020 and should have been reported as such to the IRS.
by ABS
Sun Sep 18, 2022 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Re: Sloppy reporting by Vanguard causing problems with the IRS

No, I have not. I just got the IRS notice yesterday. I will be calling Vanguard tomorrow. Based on all their customer service issues, I mentioned escalate because of my lack of confidence. Just want to be prepared if the telephone rep brushes me off.
by ABS
Sun Sep 18, 2022 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Sloppy reporting by Vanguard causing problems with the IRS

[Thread merge into here --admin LadyGeek] My wife and I made Roth contributions in September 2020. First week of April 2021, I called Vanguard and had the contributions re-characterized as traditional IRA contributions. Vanguard confirmed this in writing. To my dismay, Vanguard reported the amounts to the IRS as 2021 contributions. I took the IRA deductions for 2020. Now, the IRS is hounding me stating that Vanguard did not report the IRA contributions for 2020. I have provided the IRS all the documentation to prove the sequence of events. But no dice. They are billing me for almost $4K. Have any of you gone through this type of situation and how did you resolve it. Is there anyone at Vanguard I can escalate this to and help me resolve this.
by ABS
Sat Aug 27, 2022 12:58 pm
Forum: Personal Investments
Topic: Social Security benefit at age 70
Replies: 32
Views: 4901

Re: Social Security benefit at age 70

Thank you for your responses that clarify that the PIA amounts are adjusted for COLA when the age 70 benefit commences.
by ABS
Sat Aug 27, 2022 12:53 pm
Forum: Personal Investments
Topic: Social Security benefit at age 70
Replies: 32
Views: 4901

Re: Social Security benefit at age 70

Clarification: I meant adjusted PIA not adjusted FRA.
by ABS
Sat Aug 27, 2022 12:42 pm
Forum: Personal Investments
Topic: Social Security benefit at age 70
Replies: 32
Views: 4901

Social Security benefit at age 70

As I understand it, the benefit at age 70 is 32% more than at FRA. So, when one reaches 70, is the benefit amount calculated based on an adjusted FRA - not the benefit amount when FRA was first reached which is lower.
by ABS
Thu May 12, 2022 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: Venturing into a condo rental investment
Replies: 11
Views: 1109

Re: Venturing into a condo rental investment

Thank you all for your comments and insights. I should have provided a little more detail about my intentions and thinking in my post. So, here it is.... 1) We intend staying in the condo for 3 to 6 months at a stretch. Its very difficult, almost impossible, to find rentals for less than a year. 2) the mortgage payment and expenses are considerably less than (almost half) compared to rent in this area. The down payment and closing costs are a little over 20%. 3) we will not be doing any Airbnb or vrbo type rentals. Our ideal tenant would be an academic on a 6 month sabbatical who needs a furnished dwelling. 4) If we can rent the condo for 6 months per year, the cash flow would be break even. 5) The opportunity cost is of course, the investm...
by ABS
Wed May 11, 2022 1:14 pm
Forum: Personal Consumer Issues
Topic: Tire change at a Lexus dealership: are these costs reasonable?
Replies: 54
Views: 7064

Re: Tire change at a Lexus dealership: are these costs reasonable?

The only time to use a new car dealership is if the car is under manufacturer's warranty. Find an independent mechanic that focuses on Lexus type vehicles. For tires shop around - Discount Tire, Costco etc. The savings are substantial.
by ABS
Wed May 11, 2022 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Venturing into a condo rental investment
Replies: 11
Views: 1109

Venturing into a condo rental investment

The only real estate my wife and I have owned is our primary residence. We are in the process of buying a condo, out of state, to spend part of the year close to friends and relatives. We are considering renting out the condo during the months we are not there. Being close to universities we think there will be a good demand for short term rentals.
Should we set up an LLC?
Would I be correct in assuming that expenses incurred during the rental period are tax deductible (depreciation, interest etc.)?
Any other insights you can provide?
by ABS
Tue Feb 22, 2022 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Importing 1099s from Schwab to H&R Block software
Replies: 27
Views: 7676

Re: Importing 1099s from Schwab to H&R Block software

I got a response from H&R Block on their Facebook site: "I apologize for the inconvenience, and I can help you with this. This is a known issue that the Developer Team is currently working and at this time and it is a high priority. We do not have an estimated fix date. You can choose to either enter the Investment information manually."
by ABS
Tue Feb 22, 2022 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Importing 1099s from Schwab to H&R Block software
Replies: 27
Views: 7676

Importing 1099s from Schwab to H&R Block software

Schwab is not on the list of financial institutions in H&R Block's Deluxe edition of tax software. Would like to download 1099 information. Is H&R Block just slow or do I have to be resigned to entering Schwab i1099s manually?
by ABS
Tue Dec 28, 2021 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: SS Restricted Application - Final Steps
Replies: 16
Views: 1967

Re: SS Restricted Application - Final Steps

OP, I will be in the same situation as you next year. I am currently receiving spousal benefits based on my wife's earning record and she is receiving benefits based on her earnings history, When I turn 70 next year I will switch to my earnings record and she will claim spousal benefits. Were you able to accomplish this online? Any insight you or any other member of the Bogleheads community can provide is appreciated.
by ABS
Tue Oct 19, 2021 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Retirement savings contribution credit
Replies: 2
Views: 510

Retirement savings contribution credit

The IRS code states that the retirement savings credit can be reduced by the amount of distributions from a retirement account. Does this include Social Security distributions?
by ABS
Mon Oct 11, 2021 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Question on tax brackets
Replies: 10
Views: 1449

Re: Question on tax brackets

cas, thank you for providing the link to the tax visualizer. Excellent tool!
by ABS
Sun Oct 10, 2021 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Question on tax brackets
Replies: 10
Views: 1449

Question on tax brackets

My wife and I, age 65+, filing status MFJ: am I correct in stating that we should keep our AGI below $108,600 to avoid the 22% marginal tax on income and the 15% tax on Dividends and LT capital gains? If I am correct I would have to pay $220 tax on every $1K of income above the limit and $150 tax on every $1K of Dividends and Long term capital gains.
There is no avoiding the dividends and mutual fund capital gains but I can refrain from Roth conversions. Also, since I have some earned income I could reduce my AGI by making a traditional IRA contribution.
Your thoughts?
by ABS
Sun Apr 11, 2021 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Recharacterizations of IRA contribution for 2020

[Thread merged into here --admin LadyGeek]

I contributed $7K for 2020 to my Roth IRA last July. I had the contribution re-characterized as a traditional IRA. The $7K I had contributed had reduced in value by a few hundred dollars.
Can I deduct the full $7K on my tax return or do I need to make up the difference?
by ABS
Mon Apr 05, 2021 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Re: Changing Roth IRA contribution to traditional IRA (deductible) contribution

cas wrote: Mon Apr 05, 2021 4:23 pm "How do I recharacterize Roth contributions?" article posted at the top of the Vanguard Tax Center page after you log in. (Apparently the question gets asked a lot.)

https://investor.vanguard.com/ira/ira-r ... terization
CAS - Thank you very much. You directed me to the exact spot. Took me less than 15 minutes to fill out the forms and submit electronically.
by ABS
Mon Apr 05, 2021 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Changing Roth IRA contribution to traditional IRA (deductible) contribution
Replies: 23
Views: 763

Changing Roth IRA contribution to traditional IRA (deductible) contribution

I made a Roth contribution for 2020. I would like to change this to a traditional(deductible) IRA contribution. I believe I have until the tax filing deadline to do this.
What is the procedure to do this at Vanguard?
Getting a response from Vanguard is like pulling teeth - long wait times and boiler plate responses through the message center which don't address my question.
Any help from the community is appreciated.
by ABS
Thu Dec 10, 2020 9:41 am
Forum: Investing - Theory, News & General
Topic: Life Strategy Funds
Replies: 6
Views: 1099

Re: Life Strategy Funds

Thanks for the explanation. So one could
be better off investing in the Admiral shares of the underlying funds and periodically rebalancing to mirror the LS funds?
by ABS
Wed Dec 09, 2020 11:03 am
Forum: Investing - Theory, News & General
Topic: Life Strategy Funds
Replies: 6
Views: 1099

Life Strategy Funds

Just curious why Vanguard's LFS funds use investor share funds instead of the lower cost Admiral shares. Also, is the expense ratio quoted in addition to the expense ratio of the underlying funds?
by ABS
Mon Aug 24, 2020 7:11 pm
Forum: Personal Investments
Topic: Foreign tax credits
Replies: 10
Views: 910

Foreign tax credits

I recently read that it is a good strategy to invest in international funds in non tax advantaged accounts to take advantage of foreign tax credits. Is there merit to this recommendation?
by ABS
Mon Oct 28, 2019 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: GE Pension Buyout
Replies: 89
Views: 16997

Re: GE Pension Buyout

I am an ex-employee of a GE Capital business that was sold. My vested pension benefit is with a GE retirement plan ("Retirement Plan for Select GE Businesses") that includes several GE Capital businesses that were divested. Are there any ex GE Capital individuals on this forum who are aware of how the recent developments may affect the pension plan? I have not received any communication from the pension plan so am I right in believing that my pension plan will remain as is?
by ABS
Mon Feb 18, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: "Noncovered" security sales reporting
Replies: 4
Views: 668

"Noncovered" security sales reporting

I sold some Wellsley Income fund shares for the first time in 2018. I had invested the money for a specific life event in 2005. The 1099-B that I received from Vanguard describes it as a "noncovered security". I do not understand how the cost basis was determined by Vanguard. The note states that the cost basis is not reported to the IRS. Do I need to report my original investment as the cost basis? Does Vanguard report only the sales proceeds to the IRS?
by ABS
Sat Jan 12, 2019 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Variable Percentage Withdrawal (VPW-adv) for Advanced Users
Replies: 52
Views: 11800

Re: Variable Percentage Withdrawal (VPW-adv) for Advanced Users

longinvest, many thanks for developing this powerful tool. For the longest time I have struggled to wrap my head around the 4% withdrawal rate strategy, which does not address the myriad of variables that impacts an individual's financial situation. This tool takes into account a range of asset allocations, pensions with and without COLA, social security at different stages. Excellent job!
I look forward to your continuous tweaks of this spreadsheet.
by ABS
Thu Jan 18, 2018 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: GE Capital pension fund
Replies: 2
Views: 581

Re: GE Capital pension fund

Yeah, I read the article too. Not being familiar with how pension liabilities are handled when a division is sold, I am interested in finding out if the status of the pension fund for the division I worked for is independent of what may transpire at GE. The fund that applies to my pension appeared to be healthy the last time they sent out the annual report. I need to be fearful if my pension can sink with the decline of GE or relieved if it is independent.
by ABS
Thu Jan 18, 2018 10:49 am
Forum: Personal Finance (Not Investing)
Topic: GE Capital pension fund
Replies: 2
Views: 581

GE Capital pension fund

Are there any Bogleheads who are eligible or recipients of a defined benefit payout from the now divested GE Capital companies? i am interested in finding out how safe and robust the fund is.
by ABS
Mon Dec 04, 2017 9:24 pm
Forum: Investing - Theory, News & General
Topic: Account Valuation Report
Replies: 1
Views: 611

Account Valuation Report

The Account Valuation Report offered on Vanguard's site has all the description and information of my accounts in a format that is useful for me.
Its a pdf file. I would like to have the same data in the same format in Excel. Any simple way to get this accomplished?
by ABS
Wed Nov 01, 2017 10:14 am
Forum: Personal Finance (Not Investing)
Topic: New Car: Ever make sense to lease?
Replies: 148
Views: 23436

Re: New Car: Ever make sense to lease?

There is a major flaw being perpetuated by some posters on the characteristics of a lease. Its a false belief that manufacturers/lessors/financial institutions are absorbing the depreciation risk of a vehicle. As someone who was in the automobile business, both with a manufacturer and on the financial side, I can tell you unequivocally that residual values are projected VERY conservatively and a cushion of safety is added on. The lessor is in the business of making money (and leases are very profitable). If a vehicle has high residual value, the lessor is not taking much of a risk; the customer is better off profiting from the eventual sale of the vehicle. In the few instances that a mistake is made, the lessor will make every effort to sel...
by ABS
Tue Oct 31, 2017 9:41 am
Forum: Personal Finance (Not Investing)
Topic: New Car: Ever make sense to lease?
Replies: 148
Views: 23436

Re: New Car: Ever make sense to lease?

From a financial perspective leasing NEVER makes sense. 1) Leases are based on projected/estimated miles. If you drive less miles, you do not get credit and the leasing company comes out ahead. If you exceed the miles allowed, you get whacked with extra mileage penalties. Some lessors may cut you some slack but only if they can hook you into another lease. 2) Even if you have minimal scratches or dings at turn in, watch out! The leasing company will try and squeeze what ever they can out of you; they need to maximize profit on the resale of the car. 3) Leases are focused on selling monthly payments; unless you are persistent and dig deep enough the true costs are hidden or obfuscated - cost of the vehicle, interest rate, residual value, pen...
by ABS
Sun Jul 23, 2017 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying pension benefits - what would you do?
Replies: 21
Views: 5981

Re: Delaying pension benefits - what would you do?

Thank you #cruncher for your analysis and guidance and thanks to everyone for your insights. As long as I am comfortable living off my current assets, I'll delay collecting pension payments until 70. SS strategy is to collect spousal benefits at FRA and full benefits at 70.
by ABS
Sat Jul 22, 2017 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying pension benefits - what would you do?
Replies: 21
Views: 5981

Re: Delaying pension benefits - what would you do?

I have my corrected pension payment at age 65 and also my estimates for ages 66, 68 and 70. Using #cruncher's guidance I came up with the following rates of return if I choose to delay collecting my benefit (life expectancy of 20 years):

Monthly payment at age 65: $2628

Delaying to age 66: Payment $2903, return 8.08%
68 Payment $3578, return 9.46%
70 Payment $4470, return 11.14%

Assuming my calculations are correct, and I can manage without the need for the payments till age 70 am I on the right path if I wait to collect till reach 70? My projected return for the rest of my portfolio is 5 to 7%.
by ABS
Mon Jul 10, 2017 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying pension benefits - what would you do?
Replies: 21
Views: 5981

Re: Delaying pension benefits - what would you do?

Ralph,
Yes sir, it does. I have requested the amounts for 68 and 70 and will post them when I get it.
#cruncher,
Thank you for your analysis. I'll re-run it with the additional information I receive for 68 and 70.
ThePrune,
I am confident about the stability of my pension plan.
Peter Foley,
My SS strategy is to collect spousal benefits next year after I turn 66 and then wait for my own benefits until I turn 70.
by ABS
Fri Jun 23, 2017 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Delaying pension benefits - what would you do?
Replies: 21
Views: 5981

Delaying pension benefits - what would you do?

I will be turning 65 in a few months and will be eligible for a pension, 100% J & S, amount $2640/month. If I wait till 66 it increases to $2903/month. My spouse will not have any pension from her job. I am figuring the break even point to be 11 years, based on the following:

Retiring at 65 cumulative benefits after 11 years: $2640X12X11 = $348,480
Retiring at 66 Cumulative benefits after 10 years: $2903X12X10 = $348, 360

If I do not have an issue with cash flow and assuming life expectancy till 85, would I be better off delaying taking my benefit?

Please critique; your feedback is appreciated.
by ABS
Fri Feb 03, 2017 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax software - Deluxe
Replies: 17
Views: 3042

Re: H&R Block tax software - Deluxe

harikaried & mervinj7, you were absolutely right regarding the timing and availabilty of W2s for downloading. While my employers were able to provide hard copies third week in January, ADP did not have the information for downloading via H&R Block till earlier this week. I have downloaded the W2 information; however, I now need to wait for brokerage houses to finalize transaction data, which will not happen till the 14th of this month.
by ABS
Thu Jan 26, 2017 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax software - Deluxe
Replies: 17
Views: 3042

Re: H&R Block tax software - Deluxe

An employer provided me a hard copy W-2 and access to it it electronically through ADP last week. So, silly me, I thought I should be able to down load it via HRB's software. It would be nice if ADP/HRB would let users know that information may not available till February.
by ABS
Thu Jan 26, 2017 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax software - Deluxe
Replies: 17
Views: 3042

Re: H&R Block tax software - Deluxe

For God's sake, it is not a question of how much time it takes or how much you value your time etc. Its a matter of having information entered accurately and eliminating errors. If a couple have multiple jobs each and dependent children with part time jobs the number of W-2s can add up. I do not believe that a widely published software package from a dominant tax preparer should be deficient on the most fundamental input.
by ABS
Thu Jan 26, 2017 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block tax software - Deluxe
Replies: 17
Views: 3042

H&R Block tax software - Deluxe

I just installed the version for doing my 2016 returns. Purchased the disc from Wal Mart.

I did not have any issues with the program last year. This year I am unable to import my W-2 information - same employer, same payroll provider (ADP). The H&R call center was no help - they asked me to enter the information manually.

Has any one else run into this problem? Before I give up on H&R Block and kiss off my $25 I am hoping to learn of a solution.
by ABS
Tue Dec 06, 2016 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: Is Quicken Worth it?
Replies: 58
Views: 15688

Re: Is Quicken Worth it?

I decided get Quicken Deluxe 2017. Bought it from Best Buy for about $45. I am finding it to be very intuitive and well designed. No hiccups yet. My major concern was security with having to share passwords with Quicken. This concern has dissipated. When downloading transactions from financial institutions one can choose to enter passwords manually.
by ABS
Sat Nov 19, 2016 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Is Quicken Worth it?
Replies: 58
Views: 15688

Re: Is Quicken Worth it?

Does Quicken support multi factor authentication?
by ABS
Fri Nov 18, 2016 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: Is Quicken Worth it?
Replies: 58
Views: 15688

Re: Is Quicken Worth it?

Sunnyday, I have the same questions as you did back in 2013. I am currently looking for a Quicken Deluxe\Premier type program to manage my finances. I was wondering if you could share which program you ended up using, your experience with the same and what you might do or have done differently. Your feedback is appreciated.
I am hesitant to use a web based program like Mint or Personal Capital. I am leery of using login and pw information for my different investment accounts through a third party.