Search found 91 matches

by Ace1
Sat Jan 28, 2017 9:39 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Reporting & Step Up in Basis for Account Owned with Parent?
Replies: 8
Views: 449

Re: Tax Reporting & Step Up in Basis for Account Owned with Parent?

I think you will get a step up on only half the account.
Since it is a joint account, you already own half at whatever the basis
is in the account. So when your parent passes, you will inherit the other half,
and the basis on that half steps up to date of death value.
by Ace1
Sat Jan 28, 2017 8:43 pm
Forum: Investing - Help with Personal Investments
Topic: Actively Managed Account tax question
Replies: 11
Views: 990

Re: Actively Managed Account tax question

Let me see if I can clarify your question. It sounds like in your taxable account you have capital gain dividends you include on your tax return each year and pay taxes at whatever your cap gain rate is, and these dividends are reinvested in the taxable account. If this is true, then every dollar yo...
by Ace1
Wed Jan 18, 2017 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Final Income Tax Return
Replies: 5
Views: 981

Re: Final Income Tax Return

Even though a return may not be requird based on income amount, I would file a final return anyway so the service can close the account. You can also include a letter declining any refund and asking to donate it to the public debt. If a check does turn up, it can be returned again asking for it to b...
by Ace1
Wed Jan 18, 2017 7:04 am
Forum: Personal Finance (Not Investing)
Topic: 1099-R Tax question
Replies: 5
Views: 802

Re: 1099-R Tax question

1) the distribution amount should be on 1040 line 15 and will be taxed as ordinary income. The 10% penalty will be computed on form 5329 and wind up on line 59 of the 1040 Whatever was withheld and noted on the 1099 will wind up on line 64 of 1040. 2) the 1099g is issued because you had an overpayme...
by Ace1
Mon Jan 16, 2017 5:33 pm
Forum: Investing - Theory, News & General
Topic: Selling Old Coins?
Replies: 20
Views: 1693

Re: Selling Old Coins?

Taylor, First, I'd like to personally thank you for all you have done for this forum. You and it are a treasure trove ! Regarding collectible coins, never clean a coin and only handle them by the edges if they are not in a holder or book of some kind. Best bet is to interview one or two local dealer...
by Ace1
Mon Jan 16, 2017 5:05 pm
Forum: Personal Consumer Issues
Topic: Medicare insurance premium AND payroll tax ?
Replies: 11
Views: 796

Re: Medicare insurance premium AND payroll tax ?

If you are still employed at a company with greater than 20 employees, you do NOT have to sign up for medicare A or B as long as your plan meets certain guidelines including prescriptions. You WILL need a document from your employer when you eventually do sign up otherwise you could be penalized for...
by Ace1
Fri Jan 13, 2017 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Depreciation math for condo - Does this look reasonable?
Replies: 7
Views: 579

Re: Depreciation math for condo - Does this look reasonable?

I believe you would find a more appropriate land value by using the entire property, ... driveways, parking areas, green space etc. It is not just the land the building itself sits directly on. You/your condo "owns" 1/xx of the total property, usually including other buildings and all comm...
by Ace1
Thu Jan 12, 2017 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 1715

Re: Options for parents' Social Security

Mac .. you have laid out correctly as I understand it, the restricted application process. File and suspend USED to allow what you described, dad at 66 files and suspends, mom then files as dads spouse to get the 50% spousal benefit. Dad then refiles at 70 to collect 32% larger amount. This opportun...
by Ace1
Thu Jan 12, 2017 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 1715

Re: Options for parents' Social Security

Mac, I believe your understanding is correct, however, the approximate multiplier for your dad's delayed retirement credit (waiting to 70) is 1.32 ( +8% per year). You should be able to get these numbers from the annual report social security sends out to everyone, or establish accounts at the my ss...
by Ace1
Wed Jan 11, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 1715

Re: Options for parents' Social Security

Yeah, FRA went away when she filed at 62.
Roughly should be 25% more than the amount she first received at 62.
By the way, make sure dad waits to be 66 to execute this, not before.
by Ace1
Wed Jan 11, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 941 - Confusion Regarding 'Balance Due' Field
Replies: 2
Views: 181

Re: IRS Form 941 - Confusion Regarding 'Balance Due' Field

1/2 of the total social security/medicare tax ( 1912.50) is expense to the s corp. The other 1/2 is withheld from your pay by the scorp. The federal income tax withheld from your pay, and the total social security ( both the withheld from you and the company expense) is what the scorp remits to the ...
by Ace1
Wed Jan 11, 2017 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 1715

Re: Options for parents' Social Security

Since your dad was at least 62 by Dec 2015, he can file a restricted application as your moms spouse, and collect a spousal benefit, which would be 1/2 of your moms FRA benefit. He can collect this until he files for his own at age 70 or whatever age he decides to start collecting. As has been said ...
by Ace1
Tue Jan 10, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Looking to hear from interest rate prognosticators...what to do with my ARM
Replies: 11
Views: 566

Re: Looking to hear from interest rate prognosticators...what to do with my ARM

I think what you are doing is terrific. Continue to aggressively pay down so that by the time the rate adjusts, worst case it will only be 4.625 % for a much smaller amount of principal. If you have any spreadsheet skills, prepare an amortization schedule for yourself and see what the numbers would ...
by Ace1
Tue Jan 10, 2017 9:10 am
Forum: Investing - Help with Personal Investments
Topic: Mitigating currency risk between USD and CAD
Replies: 11
Views: 633

Re: Mitigating currency risk between USD and CAD

Thetether Sounds like you want to hedge a bit against the CAD strengthening against the USD. Perhaps you could consider dollar cost averaging into a high interest savings vehicle at a canadian domiciled bank such as scotia or TD. This way you would slowly begin moving into CAD. Might not gain much, ...
by Ace1
Mon Jan 09, 2017 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Not reporting capital losses on taxes?
Replies: 12
Views: 985

Re: Not reporting capital losses on taxes?

Since you sold the stock, you WILL get a 1099 B ... and so will the irs.
If the sale does not show up on your return, you will eventually get a letter from the irs.
They will assume you underreported the entire amount of the sale.
Doesn't matter if the sale is $100 or $100,000.
You must report it!
by Ace1
Sat Jan 07, 2017 9:05 pm
Forum: Investing - Help with Personal Investments
Topic: Suggestions for 70-year-old retiree's portfolio
Replies: 18
Views: 2255

Re: Suggestions for 70-year-old retiree's portfolio

Zuma, Since she will be taking the first RMD this year, which for an ira of 230k would be something around 8700, depending on how soon it will be withdrawn, consider holding that much in the cash settlement fund once the account is established at Vanguard. This avoids buying whatever funds and then ...
by Ace1
Sat Nov 26, 2016 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Reducing federal withholding
Replies: 9
Views: 1246

Re: Reducing federal withholding

No disrespect intended .... just a point of clarification...
It's actually Publication 15, which is also known as Circular E
by Ace1
Sat Nov 26, 2016 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Reducing federal withholding
Replies: 9
Views: 1246

Re: Reducing federal withholding

Should be no issues.
A number of years ago, there was a requirement to report allowances greater than 9,
but that was eliminated. You can claim 99 if you want to.
I increased my fed allowances to 30 prior to retiring because it fit my situation.
by Ace1
Thu Oct 27, 2016 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Probate Frustrations: Father's Penny Stock
Replies: 14
Views: 1975

Re: Probate Frustrations: Father's Penny Stock

Leigh I am administering an estate here in Ohio that is larger than the "gross" value of your estate. The law in Ohio is VERY clear as to executor fee calculation. Gross value of inventory (assets) plus/minus net income (interest, divs, cap gains/losses). 1st 100,000 x 4% Next 300,000 x 3%...
by Ace1
Wed Oct 26, 2016 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Probate Frustrations: Father's Penny Stock
Replies: 14
Views: 1975

Re: Probate Frustrations: Father's Penny Stock

Check with the court... depending on the state, it is possible the date of death valuation is adjusted by the net income or loss incurred by the estate assets subsequent to the date of death valuations and the executor fees are based on the reduced valuation. Further, 7% of the gross estate seems hi...
by Ace1
Tue Oct 25, 2016 10:23 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall and New to Investing
Replies: 11
Views: 1209

Re: Windfall and New to Investing

Aardvark, Regarding the coins, the most important element with collectible coins is condition. NEVER clean a coin and always handle it by the edges if it is not in a holder. I would recommend interviewing at least 2 reputable coin dealers in your area. If you inherited the collection, perhaps an inv...
by Ace1
Mon Sep 26, 2016 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes [withholding vs. estimated payments]
Replies: 20
Views: 1757

Re: Taxes [withholding vs. estimated payments]

I believe that estimated payments are due Apr 15, Jun 15, Sep 15, and Jan 15. (Coincides with long form calculations on the 2210 underpayment schedule -3, 5, 8, 12 months.) Depending on employer, withholding taxes from paychecks are remitted either weekly or monthly, and reported quarterly. It is po...
by Ace1
Thu Sep 01, 2016 10:27 pm
Forum: Investing - Theory, News & General
Topic: Social Security Consulting?
Replies: 26
Views: 2710

Re: Social Security Consulting?

Deleted
by Ace1
Thu Sep 01, 2016 9:34 pm
Forum: Investing - Help with Personal Investments
Topic: HSA Question - New Employer and Now Paying Monthly Fees
Replies: 3
Views: 378

Re: HSA Question - New Employer and Now Paying Monthly Fees

I don't believe TDA offers an HSA account.
I suspect you will need to keep the HSA bank account.
by Ace1
Wed Aug 31, 2016 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: IRA--Joint Acct---Tax loss
Replies: 7
Views: 592

Re: IRA--Joint Acct---Tax loss

Not sure that you can do this ... I believe the distribution from tIRA should be cash, not stock, etc. Unless it is a non deductible IRA, you do not have any basis in the IRA. The only way a loss in a tIRA can be written off, is if it is a non deductible ( you have basis) IRA, and you are making a f...
by Ace1
Sat Aug 27, 2016 10:03 pm
Forum: Personal Consumer Issues
Topic: What is your system for dealing with coins?
Replies: 123
Views: 8829

Re: What is your system for dealing with coins?

Coins go into a sorting bank on the dresser, get rolled and deposited when sufficient. Canada eliminated pennies several years ago, and round to nearest nickel when making change on purchases. However Canada also eliminated paper $1 and $2 bills back in the 80's and replaced them with coins .. a hea...
by Ace1
Mon Aug 15, 2016 12:29 pm
Forum: Investing - Help with Personal Investments
Topic: Living in US - What to do with CAD / Canadian $ inheritance?
Replies: 24
Views: 1680

Re: Living in US - What to do with CAD / Canadian $ inheritance?

Quantum..... One additional thought... If the amount is substantial enough, you might be able to negotiate a slightly better exchange rate than the "street" rate, perhaps from the bank the check is drawn on. We did this with Scotia bank for a large check when we sold Canadian real estate w...
by Ace1
Sun Aug 14, 2016 1:47 pm
Forum: Investing - Help with Personal Investments
Topic: Living in US - What to do with CAD / Canadian $ inheritance?
Replies: 24
Views: 1680

Re: Living in US - What to do with CAD / Canadian $ inheritance?

First, sorry for your loss. If the inheritance is sizable, I would suggest opening a Canadian account and consider leaving it there for future travel and / or dollar cost averaging it into USD. The " investment " depends on what portion of your overall asset base this is. There is nothing ...
by Ace1
Fri Aug 05, 2016 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Switching to Medicare -- cost vs health insurance
Replies: 22
Views: 1297

Re: Switching to Medicare -- cost vs health insurance

Just started the Medicare maze in June... and not subject to IRMAA Medicare part A ...free Medicare part B ... $121.80 per month billed quarterly (not taking social security yet) Medicare part B supplement ... Plan F $149.62 per month .. from UHC thru AARP Medicare part D ... $19.60 per month .. fro...
by Ace1
Thu Jun 02, 2016 10:23 am
Forum: Personal Finance (Not Investing)
Topic: 2016 HSA limit calculation
Replies: 3
Views: 672

Re: 2016 HSA limit calculation

AD
Thanks for the feedback :happy
Interesting that the catchup is not restricted in this situation.
by Ace1
Thu Jun 02, 2016 9:26 am
Forum: Investing - Help with Personal Investments
Topic: GE Stock: Letter to stockholders Re:GEID
Replies: 1
Views: 528

Re: GE Stock: Letter to stockholders Re:GEID

DPD I am a shareholder of both GE shares and GE mutual funds. These accounts were managed by GEID and were only available to GE employees. I received that letter but only for my mutual fund shares. My GE shares are at the transfer agent, Computershare and there is no change in these. I suspect your ...
by Ace1
Wed Jun 01, 2016 8:25 am
Forum: Personal Finance (Not Investing)
Topic: 2016 HSA limit calculation
Replies: 3
Views: 672

Re: 2016 HSA limit calculation

Seattlecpa ... Would you review and comment please?
by Ace1
Mon May 30, 2016 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 HSA limit calculation
Replies: 3
Views: 672

2016 HSA limit calculation

I'm trying to determine correct HSA limits for 2016 for my specific situation. I retired earlier this year and will go on medicare June 1. Before retiring, I contributed to the employer HDHP HSA what I believe to be the max ... $7750/12*5=$3229 for family coverage, up to the month I go on Medicare. ...
by Ace1
Sat Feb 27, 2016 11:23 pm
Forum: Local Chapters and Bogleheads Community
Topic: Roll Call for the Retirement Class of 2016!
Replies: 234
Views: 27411

Re: Roll Call for the Retirement Class of 2016!

Victoria Please add me to the class of 2016. I was planning on joining the " every day is Saturday " club later this year, however the company I work for sprung a voluntary retirement package on a small group with certain qualifications and it is an offer I just couldn't refuse. So my last...
by Ace1
Sat Aug 29, 2015 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare and HSA question
Replies: 3
Views: 464

Medicare and HSA question

In the year one turns 65, and still working and covered by employers HDHP with HSA, is it advisable to delay filing for Medicare part A, so as to be able to continue contributing to and maxing one more years contribution to the HSA ? Employer plan does NOT require an employee to have Medicare part A...
by Ace1
Thu Aug 13, 2015 7:07 am
Forum: Investing - Help with Personal Investments
Topic: A retiree's Investment Policy Statement
Replies: 32
Views: 4317

Re: A retiree's Investment Policy Statement

Bertilak
Thanks much for sharing.
Insightful and very informative.
And thanks to the other posters for the contributions.
Most helpful.
by Ace1
Sun Aug 09, 2015 5:04 am
Forum: Personal Finance (Not Investing)
Topic: Got laid off last Friday
Replies: 68
Views: 12820

Re: Got laid off last Friday

JohnBDB I agree with other responses ... You should NOT if at all possible withdraw 401k to pay off mortgage. IF you take the entire 125k, you increase your taxable income and easily push your taxable income into the 25% or higher tax bracket. Add in the 10% early withdrawal penalty, and you will pa...
by Ace1
Sat Jul 26, 2014 9:08 am
Forum: Investing - Help with Personal Investments
Topic: is this ( simple) retirement calculation correct?
Replies: 11
Views: 1573

Re: is this ( simple) retirement calculation correct?

#cruncher ...
Awesome spreadsheet ...
Love it for its simplicity :thumbsup
by Ace1
Mon Apr 21, 2014 12:03 pm
Forum: Personal Consumer Issues
Topic: Turbo Tax Accuracy Guarantee Experience
Replies: 4
Views: 994

Re: Turbo Tax Accuracy Guarantee Experience

Would you divulge which state ?
by Ace1
Wed Jan 01, 2014 11:43 pm
Forum: Investing - Theory, News & General
Topic: REGISTRATION FOR THE 2014 BOGLEHEAD CONTEST
Replies: 537
Views: 24815

Re: REGISTRATION FOR THE 2014 BOGLEHEAD CONTEST

My guess is 2050.
The mid term election in Nov will have a lot to say about where things end up IMO.
by Ace1
Mon Dec 02, 2013 1:22 pm
Forum: Personal Consumer Issues
Topic: Home office printer
Replies: 19
Views: 1930

Re: Home office printer

Had an old HP 4L for over 20 years ... A turtle but a tank. Finally had to replace it and decided to switch to a Brother based on similar commentary on this forum. Acquired the 5470DW this past January on sale about $200. I am quite happy with it so far, it is VERY fast, and love the wireless printi...
by Ace1
Thu Sep 05, 2013 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: 2009 Schedule D-1
Replies: 9
Views: 829

Re: 2009 Schedule D-1

Description. Sold date sold amt. acq date cost amt. gain/loss 2500s Zale corp 6/24/09 $8255. 6/22/09 $7748.17. $507 1000s Zale corp 6/22/09 $3067. 6/22/09 $3100.83. ($34) Curious why you would buy and sell on the same day ..... And at a loss ? SALE DATE SALE AMOUNT STOCK QTY 6/24/2009 $8,255.00 ZALE...
by Ace1
Sun Aug 04, 2013 10:54 pm
Forum: Personal Consumer Issues
Topic: High handicap golf nut
Replies: 18
Views: 2248

Re: High handicap golf nut

How far you hit it doesn't matter ... Where (direction) does ! The game is played from 150 yards and in. Practice on the short game 150 yards in produces the best chances for scoring improvement. A 6 inch putt counts the same as a 300 yard drive. A "perfect" par round of golf is typically ...
by Ace1
Tue Jun 25, 2013 6:45 am
Forum: Investing - Help with Personal Investments
Topic: Tax Harvest - Replacement or Wait 60 days.
Replies: 11
Views: 1098

Re: Tax Harvest - Replacement or Wait 60 days.

From a tax perspective, the 60 days is the 30 days BEFORE and 30 days AFTER part of the wash sale rule.
The " re- purchase " can be executed on the 31st day after the sale.
by Ace1
Fri Mar 29, 2013 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Deductions on Rental Property
Replies: 11
Views: 991

Re: Tax Deductions on Rental Property

Regarding depreciation, you are correct in that only the building should be depreciated ( land does not usually wear out), however the first year the asset is placed in service, it is a different percentage based on month placed in service. All years thereafter it is 27 1/2 years life calculation. T...
by Ace1
Mon Mar 11, 2013 5:47 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Prime Money Market Fund (VMMXX) Question?
Replies: 33
Views: 11842

Re: Vanguard Prime Money Market Fund (VMMXX) Question?

Exactly ... I believe that's what I said with different numbers.
My point was the earnings, as little as they are the past few years, have covered the ER.
The op seemed to imply he would see a deduction of his principal.
by Ace1
Mon Mar 11, 2013 5:32 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Prime Money Market Fund (VMMXX) Question?
Replies: 33
Views: 11842

Re: Vanguard Prime Money Market Fund (VMMXX) Question?

I'm pretty sure that the er is deducted from the earnings, ie managers earn .25, deduct the .16 er,
and credit the account with what's left, in this example .09.
I have had prime money fund since the 90's and I believe I have NEVER seen a deduction.
by Ace1
Sat Mar 09, 2013 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 estimates
Replies: 2
Views: 335

Re: 1099 estimates

TT has a form called " what if worksheet". There is a check box to use next year (2013) rates and it starts with 2012 data from your return. You can modify / add data as needed. Periodically you can review your 1099 income and adjust either your withholding or make estimated payments. And ...

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