Search found 127 matches

by Ace1
Wed Dec 13, 2017 1:07 pm
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 957

Re: How to get some taxable income out of a 401k quickly

Tashina, One more thing to consider.... if you go ahead and do the rollover at fidelity, BEFORE you execute that, inquire what fees you would see for selling in the 401k versus selling in the ira at fidelity. If selling in the 401k is less expensive, consider moving some to cash / money market befor...
by Ace1
Wed Dec 13, 2017 12:48 pm
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 957

Re: How to get some taxable income out of a 401k quickly

Tashina, Yes you can continue to make tIRA to Roth conversions in future years. Making those conversions at little or zero tax cost are optimal. Depending on your overall position, you might convert the entire 401k/tIRA over the next several years and be totally Roth before your DH turns 70.5 and el...
by Ace1
Wed Dec 13, 2017 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 957

Re: How to get some taxable income out of a 401k quickly

KF,
Thanks for the clarification.... 72t appears to be usable regardless of age, whereas the pub 575 rule
is for those 55 and above and allows unequal amounts...
In any case, there are penalty escape routes.
Ace
by Ace1
Wed Dec 13, 2017 11:56 am
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 957

Re: How to get some taxable income out of a 401k quickly

Rkhusky,
There is a rule (72t I believe), that allows equal distributions at/after age 55 for 5 years or attaining age 59.5
and that avoids the 10% penalty.
by Ace1
Wed Dec 13, 2017 11:40 am
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 957

Re: How to get some taxable income out of a 401k quickly

Tashina, If you are trying to create income on your tax return, but dont need the cash, I think doing the rollover to an ira, and then converting the 10k to a roth accomplishes that. If you can do that in one step instead of two, even better. I would suggest if you do this, to do it at fidelity sinc...
by Ace1
Fri Dec 08, 2017 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Should I file taxes w/o her?
Replies: 54
Views: 3484

Re: Should I file taxes w/o her?

My perception of the OP’s question is simply will MFS produce a lower tax bill than MFJ. When he was single he was in the 28% bracket with an effective rate of 17%, and probably withheld accordingly. When he married, the huge jump in combined income and the resulting tax bracket jump, his income now...
by Ace1
Thu Nov 30, 2017 10:01 pm
Forum: Personal Consumer Issues
Topic: Price of haircut?
Replies: 194
Views: 10341

Re: Price of haircut?

$20 includes tip
Suburban northeast ohio MCOL area
by Ace1
Thu Nov 30, 2017 12:50 pm
Forum: Investing - Help with Personal Investments
Topic: Please help with this cost basis nightmare!
Replies: 22
Views: 1734

Re: Please help with this cost basis nightmare!

GG I will add in a +1 to the calculations suggested above. Given the age of the account, you might also contact the Investor Relations dept of the company. They might have some original purchase data plus some of the subsequent dividend reinvestment facts you could use as the starting point. Good Lu...
by Ace1
Mon Nov 27, 2017 7:03 pm
Forum: Investing - Help with Personal Investments
Topic: Divs and Cap Gains are killing me
Replies: 96
Views: 7645

Re: Divs and Cap Gains are killing me

I thought the point of investing was to make income and for growth of the investment.
Paying taxes means you are making money.... what could be wrong with that?
by Ace1
Mon Nov 27, 2017 6:55 pm
Forum: Personal Consumer Issues
Topic: I have Microsoft Office 2007. Should I upgrade?
Replies: 37
Views: 1864

Re: I have Microsoft Office 2007. Should I upgrade?

[quote=petulant post_id=3636863 time=1511822974 user_id=112943] Excel 2016 allows you to have spreadsheets open in multiple excel windows instead if being open inside a single excel window. That was a huge quality of life improvement for our analysts. If that was available on 2010, we didn’t know ho...
by Ace1
Mon Nov 27, 2017 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Amend 2015 taxes based on a new K-1 two years later?
Replies: 35
Views: 1783

Re: Amend 2015 taxes based on a new K-1 two years later?

tmz +1 to everything marknyc indicated above. There is nothing preventing you/your wife from inquiring of the uncle/executor OR the accountant why they decided to amend the estate/trust 1041 and subsequently allocate the income of the trust/estate to the benficiaries. They should provide you a copy ...
by Ace1
Sat Nov 25, 2017 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Amend 2015 taxes based on a new K-1 two years later?
Replies: 35
Views: 1783

Re: Amend 2015 taxes based on a new K-1 two years later?

I would inquire “from an educational standpoint”, what prompted the revision. However, since the amended 1041 and resulting K1’s are now filed, it behooves you to file an amended 1040 for the year 2015. It wouldn’t hurt to include a letter asking for waiver of any penalty / interest due to late issu...
by Ace1
Wed Nov 08, 2017 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Change Withholding in Anticipation of Marriage?
Replies: 4
Views: 413

Re: Change Withholding in Anticipation of Marriage?

st Your obligation at the end of the year in order to avoid any underpayment penalty/interest is 90% of the current year liability, or 100% (110 if above certain income level) of last years tax liability. ( I believe there is a modification when the tax filing status on the 1040 changes). It is perf...
by Ace1
Tue Nov 07, 2017 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1992

Re: What's the most "interesting" job in corporate finance?

csm I spent most of my career in the general accounting and fp&a areas. I would agree with everything MikeG indicated. However I would add a newer area in the accounting profession that to me seems like it would be quite interesting, is forensic accounting, the search for embezzlement, money launder...
by Ace1
Thu Nov 02, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: tax law - when does mortgage need to be entered to avoid $500k interest deduction cap?
Replies: 9
Views: 1117

Re: tax law - when does mortgage need to be entered to avoid $500k interest deduction cap?

Under current law, mortgage interest can only be deducted on mortgage debt of $1 million or less.
by Ace1
Fri Oct 27, 2017 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: AmEx referral bonuses & taxes
Replies: 8
Views: 534

Re: AmEx referral bonuses & taxes

Since you are likely a cash basis taxpayer, its not technically your income until it is credited to you on the statement. Therefore, I would just add up the appropriate amounts from your Jan - Dec statements. It will go on the Other income line (21) on the 1040 with a description like “credit card r...
by Ace1
Fri Oct 27, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Account for child's money
Replies: 17
Views: 992

Re: Account for child's money

One item to consider... funds in the childs name are included at a heavier percentage
than assets in the parents name when you get to the time for completing the college FAFSA.
Having said that, having something in the childs name creates a great teaching opportunity.
by Ace1
Tue Oct 24, 2017 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: How to save inheritance from grandfather for 18 & 20 year old sons
Replies: 28
Views: 2942

Re: How to save inheritance from grandfather for 18 & 20 year old sons

RHM Much sympathy for your losses. It is a lot to deal with. We can only speculate on how the life insurance may be distributed. There is a chance your husbands share might go to his beneficiaries ( you / your sons), in which case you could direct the funds to your family trust or any other investme...
by Ace1
Sat Oct 21, 2017 9:35 am
Forum: Investing - Help with Personal Investments
Topic: help with inheritance and financial planning
Replies: 6
Views: 673

Re: help with inheritance and financial planning

Prudent...
“Have enough saved for my retirement” is a goal of hers, not a conclusion.

All_mine... welcome to the forum, and much sympathy for your loss.
by Ace1
Thu Oct 19, 2017 5:53 pm
Forum: Investing - Help with Personal Investments
Topic: How much tax do I pay on stocks sold through brokerage account?
Replies: 6
Views: 406

Re: How much tax do I pay on stocks sold through brokerage account?

When you sell the $1000 worth, some portion of that is your cost (basis... not taxable)
and some part is profit upon which you pay income tax.... and since you only held it 3 months,
ordinary income tax.
by Ace1
Wed Oct 04, 2017 7:17 pm
Forum: Personal Consumer Issues
Topic: accounting software for churches?
Replies: 24
Views: 1779

Re: accounting software for churches?

Mouse I have been treasurer for my church 30 years. I have been using the Power Church Plus software for over 20 years. It is designed specifically for churches for things like membership data, contributions, events, record keeping (sermons, equipment, music), and accounting. I am very happy with th...
by Ace1
Tue Sep 26, 2017 4:00 pm
Forum: Personal Consumer Issues
Topic: The Rolex and The Boglehead
Replies: 274
Views: 11997

Re: The Rolex and The Boglehead

As a graduation gift to myself, I bought a Rolex oyster perpetual stainless steel watch in 1969. I still own and wear it daily. Gets serviced every so many years and I get enjoyment from having and wearing it. One of the advantages of accumulating is the opportunity to obtain something nice from tim...
by Ace1
Sat Sep 23, 2017 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion conundrum
Replies: 5
Views: 633

Re: Roth conversion conundrum

Thank you to all for your replies. I was looking first for more general direction, which is why I did not incude some of the specific info. However, we are in mid 60's, delaying SS although eligible for restricted application, which we plan to deploy beginning next year (used an optimizer... spouses...
by Ace1
Fri Sep 22, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion conundrum
Replies: 5
Views: 633

Roth conversion conundrum

Spouse and I are currently retired and in the 15% fed tax bracket. Plan to do Roth conversions to the top of the 15% bracket every year while both of us are alive from our asset alignment that is currently 81% Tira, 11% tax free Roth/HSA, and 8% cash/cap gains eligible. Knowing that the survivor wil...
by Ace1
Mon Sep 18, 2017 8:14 am
Forum: Investing - Help with Personal Investments
Topic: My in-laws' nest egg of $50k
Replies: 34
Views: 4471

Re: My in-laws' nest egg of $50k

Agree with all the above, however I think there is one more item, besides eventually losing
the smaller of the two SS checks.
Have they pre-planned end of life expenses?
Might be a good time to look into one of the modest burial insurance policies.
by Ace1
Sun Sep 17, 2017 4:46 am
Forum: Personal Finance (Not Investing)
Topic: Help me solve: Not allowed access to savings at Canadian bank
Replies: 13
Views: 1961

Re: Help me solve: Not allowed access to savings at Canadian bank

I opened an account in person at a ScotiaBank. Have online access and no problems since. If I were you, plan a trip up to anywhere close to you in Canada to appear in a branch, and document yourself to them, especially if you want to keep the account. There are plenty of interesting places to visit ...
by Ace1
Thu Sep 14, 2017 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Question on Taxes (W-4) on a Lump Sum Payout
Replies: 5
Views: 532

Re: Question on Taxes (W-4) on a Lump Sum Payout

If I were you, I would first inquire with her payroll dept and learn which withholding table they will use for that payment... the biweekly or the annual. Then, go to irs.gov and get publication 15 (aka circular e), and apply the proper withholding table. You are permitted to use as many exemption a...
by Ace1
Wed Sep 13, 2017 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: SS Deemed filing eligibility
Replies: 10
Views: 1168

Re: SS Deemed filing eligibility

I believe you may be interested in the option of filing a restricted application. To be eligible, the filer needed to be 62 by Dec 31, 2015, which appears to qualify you. Your wife files for her benefit (anytime) and once you reach age 66, you file a restricted application as her spouse. She collect...
by Ace1
Sun Sep 03, 2017 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security analyzer
Replies: 9
Views: 1878

Re: Social Security analyzer

Thanks for the link.
Nice calculator... simple yet several options to tinker with the result.
:sharebeer
by Ace1
Sat Aug 19, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Should we file taxes separately?
Replies: 5
Views: 399

Re: Should we file taxes separately?

In turbo tax there is a what-if worksheet under the federal forms list. One of the options on this worksheet is mfj vs mfs. This calculation is only for federal returns, not for state. In Ohio, there are occasions where mfs does produce a net lower tax than mfj. Ohio requires the same filing status ...
by Ace1
Mon Aug 14, 2017 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule A Tax Modeling for 2017 >age65
Replies: 9
Views: 1109

Re: Schedule A Tax Modeling for 2017 >age65

I don't know about other tax software, but if you use turbo tax, there is a form in the fedforms list called What-if worksheet. This is a nice little tool to experiment with various things, including planning for next year. You can start by copying the 2016 data to any of the what if columns, or you...
by Ace1
Mon Aug 14, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Enrollment Question
Replies: 3
Views: 692

Re: Medicare Enrollment Question

As long as your employer health plan meets certain minimum coverage requirements, including prescription, you are not obligated to sign up for part A, even though it is free, or part B. You will need a document from your employer stating you were covered by the employer plan for the time after you t...
by Ace1
Thu Aug 10, 2017 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Scorp wants to understand when to pay sales tax
Replies: 1
Views: 239

Re: Scorp wants to understand when to pay sales tax

Generally speaking sales/use taxes are charged to / paid by the end user / consumer. You need to determine if the product/service you provide is taxable in your /your customer's state. If it is taxable and your customer is the end user, you should be charging sales tax to your customer and remiting ...
by Ace1
Sat Jul 29, 2017 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Finance as a college major?
Replies: 50
Views: 4713

Re: Finance as a college major?

by carolinaman » Sat Jul 29, 2017 8:06 am If someone wants to pursue a career in finance, I recommend getting a degree in Accounting. It is a more rigorous study and gives more options and potentially more income. Someone with an accounting degree is capable of doing anything a finance degreed perso...
by Ace1
Sat Jul 08, 2017 6:40 pm
Forum: Personal Consumer Issues
Topic: Excel 2010 and Windows 7 -- Where to go from here?
Replies: 39
Views: 3217

Re: Excel 2010 and Windows 7 -- Where to go from here?

I have been an excel user since the 90's (Before that, Lotus123 since its creation in 1981). Bought a new laptop with W10 and excel 2016 last December. A huge annoyance that the brains at MS decided to implement in excel 2013 is the elimination of the ability to have multiple workbooks open in the s...
by Ace1
Tue May 30, 2017 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: old Canadian money
Replies: 13
Views: 1585

Re: old Canadian money

Condition of the bills is everything.
You can go to coinsandcanada.com .... banknotes ... to get an idea of what they might be worth
to a collector.
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: 854

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: 1205

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: 1145

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: 948

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: 2112

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: 1028

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: 830

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: 2052

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: 2052

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: 2052

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: 316

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: 2052

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: 818

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 ...