Search found 125 matches

by Chicago60
Wed Apr 20, 2016 8:46 am
Forum: Personal Finance (Not Investing)
Topic: 529's for each child
Replies: 12
Views: 1053

Re: 529's for each child

Any reason? Maybe you don't want Kid #2 and Kid#3 (and so on) thinking Kid#1 is favored, particularly because I see no downside to multiple 529's?
by Chicago60
Wed Apr 20, 2016 8:26 am
Forum: Investing - Help with Personal Investments
Topic: Voya Fixed Account 4%
Replies: 11
Views: 1845

Re: Voya Fixed Account 4%

Why invest in something you do not fully understand? In fact, it seems you have received conflicting information, which I would also find troubling. I searched "fixed account" and "fixed account 02" on Voya Financial's website, and could not find either. I did see a Fixed Annuity...
by Chicago60
Mon Apr 18, 2016 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: How Did You File Your Income Taxes for 2015?
Replies: 101
Views: 3814

Re: How Did You File Your Income Taxes for 2015?

2015 was the 40th straight year I filed my federal and state tax returns, and I have done so the same way every year: by hand with pen and paper and mailed, usually in mid-February.
by Chicago60
Fri Apr 08, 2016 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Any limitation on self employed health insurance premium deduction?
Replies: 6
Views: 301

Re: Any limitation on self employed health insurance premium deduction?

Here is a limitation, I believe: If you are a sole practitioner, I believe you can deduct the health insurance premiums only to the extent you have profits on Schedule C. So, OP, it is possible you have substantial income (from capital gains, dividends, and interest income) but cannot deduct the pre...
by Chicago60
Wed Mar 30, 2016 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 572

Re: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues

I have researched and will be opening a solo Roth 401(k). Thanks for the suggestion. Any Boglehead comments on the other issues?
by Chicago60
Mon Mar 28, 2016 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 572

Re: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues

niceguy7376: I am concerned about adding to my tax advantaged accounts, whether IRA or 401K and the like, considering its current value and likely increase in the next 15 years. I think it likely makes sense only if sole proprietor income pushes me into the top tax bracket.
by Chicago60
Mon Mar 28, 2016 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 572

Re: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues

livesoft: Thanks for the "too much" Roth reference. That should help me nail the correct amount. Quite helpful. I am a sole proprietorship, so no other employees. retiredjg: I had not even considered the Roth-IRA, but that might work nicely depending on the employment income circumstances....
by Chicago60
Sun Mar 27, 2016 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues
Replies: 8
Views: 572

Help with Tax Savings through Roth IRA conversion, tax gain harvesting, and related issues

Bogleheads, thank you very much in advance for those of you who take the time to read the lengthy post and answer some of the questions. With the idea to minimize taxes for the next 15 years and beyond, I am looking for help with the timing of, and amounts to, convert my tIRA to Roth versus tax gain...
by Chicago60
Thu Mar 03, 2016 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Divorce - Splitting Finances
Replies: 25
Views: 2716

Re: Divorce - Splitting Finances

I do not know what a certified divorce financial planner is, but it might make sense for you to jointly hire one or someone similar, particularly since you seem to have issues to work through: you want to divide $1 million (approximate) of joint assets evenly, but they are located in different tax f...
by Chicago60
Wed Feb 24, 2016 5:55 pm
Forum: Investing - Theory, News & General
Topic: Reporter Seeking Retirees Who File Their Own Tax Returns
Replies: 5
Views: 869

Re: Reporter Seeking Retirees Who File Their Own Tax Returns

The OP likely is Tara Siegel Bernard ("TSB") who is one of the writers for the Your Money section of The New York Times.
by Chicago60
Wed Jul 22, 2015 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: What type of Professional do I Need, or do I just need Bogleheads?
Replies: 17
Views: 2162

Re: What type of Professional do I Need, or do I just need Bogleheads?

Thanks, AWH....what source would I use to find such a person? You are correct: I am not seeking financial advice at all. I am looking to minimize tax consequences, determine how much of my IRA I should be converting to Roth, and how I should be selling assets and which ones to fund our budget and ma...
by Chicago60
Wed Jul 22, 2015 1:54 pm
Forum: Investing - Help with Personal Investments
Topic: What type of Professional do I Need, or do I just need Bogleheads?
Replies: 17
Views: 2162

Re: What type of Professional do I Need, or do I just need Bogleheads?

Good questions, thanks. I do plan on undertaking my own analysis of those very questions, and yes, a substantial amount of the I-bonds were bought with the fixed rates portion at 3.4, 3.6, 3.0, 2.0, and 1.6%. My real question is what credentials of a paid professional do I likely need?
by Chicago60
Wed Jul 22, 2015 1:32 pm
Forum: Investing - Help with Personal Investments
Topic: What type of Professional do I Need, or do I just need Bogleheads?
Replies: 17
Views: 2162

What type of Professional do I Need, or do I just need Bogleheads?

I am contemplating early retirement, or semiretirement, but either way my wages income will drop dramatically in 2016. I am 55, spouse is 54, and I expect to wait until 70 to collect SS. All of our equity investments are in low cost index funds. All of our income investments are in US I-bonds or EE ...
by Chicago60
Fri Feb 20, 2015 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding oneself from a class action lawsuit?
Replies: 8
Views: 952

Re: Excluding oneself from a class action lawsuit?

THAT link contains the proper information. You should read the Notice and other documents, and decide for yourself whether to submit a claim. You may conclude, knowing that your maximum recovery is $50 per class member, that it is not worth your time. You may not. But either way, you are at least ma...
by Chicago60
Fri Feb 20, 2015 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding oneself from a class action lawsuit?
Replies: 8
Views: 952

Re: Excluding oneself from a class action lawsuit?

From the article (NOT the Class Notice) you posted, it appears your question is likely moot: the District Judge was scheduled to consider the Final Settlement in January. If accurate, the Notice must have been sent months earlier, and the deadline whether to submit a claim form (where, according to ...
by Chicago60
Fri Feb 20, 2015 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding oneself from a class action lawsuit?
Replies: 8
Views: 952

Re: Excluding oneself from a class action lawsuit?

Respectfully, do not ignore. The Notice will describe what, if anything, you might be entitled to. You may be able to submit a claim and receive something (likely not pennies, but also likely not $10,000--but I have seen everything in between). Should you choose to ignore it, you will be bound by th...
by Chicago60
Mon Jan 05, 2015 11:28 am
Forum: Investing - Theory, News & General
Topic: 2015 BOGLEHEAD CONTEST REGISTRATION
Replies: 557
Views: 26848

Re: 2015 BOGLEHEAD CONTEST REGISTRATION

Sadly, my prediction is: 1709
by Chicago60
Sat Oct 25, 2014 11:11 am
Forum: Personal Consumer Issues
Topic: File in Small Claims Court [against a cable TV provider]?
Replies: 8
Views: 951

Re: Filing Small Claims

You have, in my opinion, no chance of winning $ against them. The best you can hope for is that you do not owe them the amount they say, or some lesser amount. Other than non compensable aggravation, I see no damages for you.
by Chicago60
Sat Jul 05, 2014 10:34 am
Forum: Personal Finance (Not Investing)
Topic: windfall legal settlement - tax treatment?
Replies: 13
Views: 1911

Re: windfall legal settlement - tax treatment?

Kenner is correct. Simply calling something "pain and suffering" is meaningless to the IRS and does not bind it. The IRS will look to the nature of the claims and the facts and circumstances of the jury (or judge's) award. Your attorney MIGHT know how to handle it, but lawyers who handle l...
by Chicago60
Thu Jul 03, 2014 4:36 pm
Forum: Personal Consumer Issues
Topic: Class-action lawsuits
Replies: 16
Views: 1812

Re: Class-action lawsuits

A quick search revealed this MIGHT be your case (from Reuters in 2012): "Wells Fargo Bank NA was accused in a lawsuit of charging inflated premiums when it procures “force- placed” property insurance for homeowners whose coverage has lapsed. The premiums are inflated to cover kickbacks in the f...
by Chicago60
Wed Jun 11, 2014 10:21 am
Forum: Investing - Help with Personal Investments
Topic: What would "you" do?? [in this case]
Replies: 50
Views: 4314

Re: What would "you" do?? [in this case]

I would read sscritic's comments, and follow them. Completely. His writing is almost always concise and clear. (I might quibble with his comment that the last post was "illegal." It might violate this Blog's rules, but I see nothing illegal about the post.
by Chicago60
Thu May 22, 2014 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1046

Re: Help with my Northwestern Mutual Modified Endowment

Thanks for the responses. My initial purchase was for three reasons, in order of importance at the time: (1) shelter 100K from possible creditors (never became an issue), (2) provide a safe haven for the 100K and provide bond like returns for future years, and (3) ancillary life insurance benefits. ...
by Chicago60
Wed May 21, 2014 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1046

Re: Help with my Northwestern Mutual Modified Endowment

Term insurance covers those issues.
by Chicago60
Wed May 21, 2014 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1046

Re: Help with my Northwestern Mutual Modified Endowment

No interest in a 1035 Exchange, but thanks. I either keep the policy in effect and have the death benefit for my heirs (doubt I will do that), or take the cash (seems to make sense in December 2019 or January 2020).
by Chicago60
Wed May 21, 2014 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1046

Re: Help with my Northwestern Mutual Modified Endowment

My math tells me 5.26% as well. Not as high as I received in earlier years, but a high return in this rate environment. Cash value on our life policies (less about 40% for tax) is, in my view and consideration, part of the fixed income of our asset allocation, with the balance in CDs and I-Bonds. I ...
by Chicago60
Wed May 21, 2014 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my Northwestern Mutual Modified Endowment
Replies: 18
Views: 1046

Help with my Northwestern Mutual Modified Endowment

In January 1997, I purchased for $100,000 a Modified Endowment Contract with NML. (I already know the general views of members of the blog as to the wisdom, or lack thereof, of purchasing whole life, let alone a MEC. The purchase was made so no need to dwell on the merits, or lack thereof, of that d...
by Chicago60
Wed Jan 22, 2014 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: FINRA Investor Complaint
Replies: 7
Views: 803

Re: FINRA Investor Complaint

You likely will have a difficult time finding an experienced securities litigator willing to take the case based simply on the amount at issue. No matter how simple you think the claim might be, they take considerable time and effort, and might require an expert witness. I would not pay a lawyer hou...
by Chicago60
Tue Jan 21, 2014 6:55 pm
Forum: Investing - Theory, News & General
Topic: Educational as the best investment?
Replies: 30
Views: 1651

Re: Educational as the best investment?

I would need more information. I agree with most of the comments here: I place an extremely high value, monetarily and otherwise, on getting a good education from a top school. For me, it is a no brainer. But....an advanced degree? Maybe, but maybe not....Tell me the specific circumstances. For exam...
by Chicago60
Tue Jan 14, 2014 2:39 pm
Forum: Personal Consumer Issues
Topic: college related advice for 11th grader
Replies: 180
Views: 15063

Re: college related advice for 11th grader

One other point worth considering: no matter how convinced he is now that STEM is what will interest him in college, I have seen others decide to change their majors and interests (as a result of burn-out or too competitive in extremely selective Universities) so consider as you narrow your choices ...
by Chicago60
Mon Jan 13, 2014 3:15 pm
Forum: Personal Consumer Issues
Topic: college related advice for 11th grader
Replies: 180
Views: 15063

Re: college related advice for 11th grader

Read and spend a great deal of time with collegeconfidential.com to get a sense of your child's likely acceptance and interest in the schools. Our three (2 graduated and one a college junior) attended selective schools. Their desires to visit schools varied from first visits in the fall junior year ...
by Chicago60
Wed Dec 11, 2013 9:21 pm
Forum: Personal Consumer Issues
Topic: Punitive damages - what car insurance won't cover
Replies: 7
Views: 1540

Re: Punitive damages - what car insurance won't cover

Punitive damages are generally not covered by an insurance policy as to do so would be against public policy. The acts described above likely would not lead to any claim or recovery of punitive damages.
by Chicago60
Sat Dec 07, 2013 10:57 pm
Forum: Investing - Help with Personal Investments
Topic: No Retirement Plan at Work: Income limits for Deduct IRA?
Replies: 4
Views: 412

Re: No Retirement Plan at Work: Income limits for Deduct IRA

Thanks, DSInvestor. I think I will make the 6500 contribution and take the deduction and leave my spouse's as is.
by Chicago60
Sat Dec 07, 2013 5:25 pm
Forum: Investing - Help with Personal Investments
Topic: No Retirement Plan at Work: Income limits for Deduct IRA?
Replies: 4
Views: 412

Re: No Retirement Plan at Work: Income limits for Deduct IRA

Thanks, sscritic. I read the IRS website the same way and I guess I feel the Wiki is misleading. I will make a deductible IRA for myself this year for the first time in years. Question: my non-working spouse made an IRA contribution earlier this year and promptly converted to backdoor Roth. Can she ...
by Chicago60
Sat Dec 07, 2013 4:05 pm
Forum: Investing - Help with Personal Investments
Topic: No Retirement Plan at Work: Income limits for Deduct IRA?
Replies: 4
Views: 412

No Retirement Plan at Work: Income limits for Deduct IRA?

For the first time in years, I have no retirement plan at work. In prior years, I contributed to an IRA and backdoored ROTH for spouse and for me. My question is what are the income limits, if any, for a deductible IRA if I have no retirement plan at work, and spouse does not work? The Wiki seems to...
by Chicago60
Fri Dec 06, 2013 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Help me be fair to my Real Estate Agent
Replies: 15
Views: 1125

Re: Help me be fair to my Real Estate Agent

Being "fair" is complying with the terms of the contract, which, as you described, you have fulfilled. Allowing the realtor to continue to assist you might mean that the realtor is owed additional amounts, either under the terms of the original contract, or by quantum meruit. If you want t...
by Chicago60
Wed Dec 04, 2013 11:17 am
Forum: Investing - Theory, News & General
Topic: New PenFed CD rates!
Replies: 313
Views: 41260

Re: New PenFed CD rates!

Kevin: Thanks for the link to your blog. A nice read.
by Chicago60
Wed Dec 04, 2013 11:14 am
Forum: Investing - Help with Personal Investments
Topic: Lawsuit Proceeds, Now What......
Replies: 45
Views: 4849

Re: Lawsuit Proceeds, Now What......

SNA: I am curious, should you decide to answer, what did the accountant tell you as to the taxability, or not, of the settlement?
by Chicago60
Tue Dec 03, 2013 9:55 am
Forum: Personal Consumer Issues
Topic: Fort Myers Beach, Marco Island, or ?
Replies: 22
Views: 1728

Re: Fort Myers Beach, Marco Island, or ?

5 second search just now for the week of 12/22-12/29 found a couple of (expensive) options still available on Marco (no longer the Marriott or Hilton) and I assume similar depleted (and expensive) inventory at other locations mentioned.
by Chicago60
Mon Dec 02, 2013 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: Calling all Lawyers, need advice on potential lawsuit
Replies: 7
Views: 1862

Re: Calling all Lawyers, need advice on potential lawsuit

You will have a difficult time finding a competent lawyer who handles securities arbitration cases in light of the size of your claimed losses. You may want to contact PIABA.org and see if someone locally will handle your case (likely on a contingency basis). If you are confident in your abilities, ...
by Chicago60
Mon Dec 02, 2013 5:34 pm
Forum: Personal Consumer Issues
Topic: Fort Myers Beach, Marco Island, or ?
Replies: 22
Views: 1728

Re: Fort Myers Beach, Marco Island, or ?

I second FSRPH's comments: We have been to Marco in late December and prefer it over the other locations mentioned, though the nightlife is pretty boring. I also prefer the Marriott and its beach over any other hotels on Marco, but the rates will be pricey in late December, if there is availability.
by Chicago60
Mon Dec 02, 2013 5:31 pm
Forum: Investing - Theory, News & General
Topic: First early withdrawals from Ally [and Barclays] CDs
Replies: 14
Views: 1399

Re: First early withdrawals from Ally [and Barclays] CDs

Kevin, I am curious (if you are willing to disclose, of course): Did you purchase the Ally CD before or after Ally changed (or in Ally's view clarified) its policy concerning whether Ally's consent was needed to break a CD before maturity?
by Chicago60
Sun Dec 01, 2013 8:24 pm
Forum: Investing - Theory, News & General
Topic: New PenFed CD rates!
Replies: 313
Views: 41260

Re: New PenFed CD rates!

I became a new Pen Fed Member three weeks ago and sent a check for over 25K, had it deposited in the new savings account, printed the CD application online, filled it out with my spouse and mailed it to PenFed and purchased a 3 year 2% CD. Today I cancelled the 3 year CD and transferred the funds to...
by Chicago60
Fri Nov 29, 2013 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits Question
Replies: 4
Views: 539

Re: Social Security Survivor Benefits Question

Thanks for the helpful responses.
by Chicago60
Fri Nov 29, 2013 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits Question
Replies: 4
Views: 539

Social Security Survivor Benefits Question

I did some quick searching this morning on ssa.gov and could not find the answer to this question and thought I would post here in light of numerous superb experts on social security questions. My 92 year old father passed earlier this month and had been receiving social security. My 83 year old mot...
by Chicago60
Sat Nov 16, 2013 9:12 am
Forum: Investing - Theory, News & General
Topic: Share Certificate 3 year PenFed 2.02% apy
Replies: 61
Views: 7097

Re: Share Certificate 3 year PenFed 2.02% apy

I became a member last week and promptly opened a savings account online for $5. I then printed the online application form for a 3 year CD and mailed a check for in excess of 25K to PenFed yesterday. Seemed pretty easy to me.
by Chicago60
Sat Nov 16, 2013 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Washington Mutual class action suit- should I file a claim?
Replies: 58
Views: 16167

Re: Washington Mutual class action suit- should I file a cla

Penglish: Generally settlement checks are not sent to class members until after a settlement is completed (and then reviewed and approved by the court), and all appeals (if any) have been exhausted. It appears from the class action website, that all appeals were exhausted earlier this year and initi...

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