Search found 1302 matches

by Katietsu
Wed Apr 18, 2018 4:26 pm
Forum: Personal Consumer Issues
Topic: Association Property tax appeal - opt in
Replies: 8
Views: 521

Re: Association Property tax appeal - opt in

My question is, since similar properties are supposed to be assessed the same, and most of the units here are identical, if I don't do anything, will my assessed value actually rise higher than my neighbors? These things are local. But, where I am, the answer would be, yes. In other words, let's sa...
by Katietsu
Wed Apr 18, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Checking in -- fresh ideas?
Replies: 9
Views: 1200

Re: Checking in -- fresh ideas?

Second looking into Roth conversions. It does not make sense to pay 0% for 15 years and then jump to 35%. The jump in tax rate could be even more than anticipated from the AGI increase associated with the RMD and SS. Unfortunately, at some point, most people will be paying taxes on the 401k withdraw...
by Katietsu
Wed Apr 18, 2018 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 37
Views: 3579

Re: Can I *not* claim all the state tax in my itemized deduction?

Here, see if this article helps. I think one of the issues might be that in the simple view of whether or not the state tax refund is taxable, the question is just "did you itemize last year." For many people, that results in the correct answer as to the taxability of the refund. But that is not suf...
by Katietsu
Wed Apr 18, 2018 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 37
Views: 3579

Re: Can I *not* claim all the state tax in my itemized deduction?

" The effect is to transfer deduction from one year into income for the next year. Deduction is not the same as "negative income" or "net reduction in income". They can be render irrelevant/invalid. For example if you don't itemize. Or if you're hit with AMT. Then it doesn't matter if you take half...
by Katietsu
Wed Apr 18, 2018 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: State Taxes for 2017 Paid in 2018 Deductible in 2018?
Replies: 2
Views: 156

Re: State Taxes for 2017 Paid in 2018 Deductible in 2018?

No. You can not amend 2017 because you did not pay the taxes in 2017. Deductions are based on when you paid not on the year of the liability. Yes, you would have been better off making the payment in December. Too late now. There are worse mistakes.
by Katietsu
Wed Apr 18, 2018 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Broke up with my girlfriend for financial reasons: crazy?
Replies: 53
Views: 2967

Re: Broke up with my girlfriend for financial reasons: crazy?

I think there is a bigger question here and it is about financial life. The OP is choosing to spend 36k on a 260k salary. He is questioning the purchase of lattes as extravagant. And, I think, he may care more about his money than his relationship. His choice. And this particular relationship might ...
by Katietsu
Wed Apr 18, 2018 9:44 am
Forum: Personal Consumer Issues
Topic: PC laptops
Replies: 89
Views: 3640

Re: PC laptops

Your 5 year old iMac is a better computer for email and surfing the web than any new $350 laptop. I would spend your time on the iMac. Think of it like saying, I am going to trade in my 2014 Mercedes S class because it needs new tires, brake pads, and an oil change and I am going to replace it with...
by Katietsu
Wed Apr 18, 2018 8:50 am
Forum: Personal Consumer Issues
Topic: PC laptops
Replies: 89
Views: 3640

Re: PC laptops

Your 5 year old iMac is a better computer for email and surfing the web than any new $350 laptop. I would spend your time on the iMac. Think of it like saying, I am going to trade in my 2014 Mercedes S class because it needs new tires, brake pads, and an oil change and I am going to replace it with ...
by Katietsu
Tue Apr 17, 2018 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Please help figuring out cost of medical treatment(s)
Replies: 8
Views: 725

Re: Please help figuring out cost of medical treatment(s)

See if the hospital has a financial counselor that you can meet with. This is different than just the billing department.
by Katietsu
Tue Apr 17, 2018 9:16 pm
Forum: Investing - Help with Personal Investments
Topic: How to handle former employer’s retirement plan
Replies: 23
Views: 1605

Re: How to handle former employer’s retirement plan

You do not say how much is in each plan. If you can achieve a desirable asset allocation with one of the former employer's low cost funds, then it is reasonable to leave it there. For instance, you could put all the old employer's plan money into TIAA-CREF S&P 500 Index Fund (Institutional). Then, y...
by Katietsu
Tue Apr 17, 2018 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 37
Views: 3579

Re: Can I *not* claim all the state tax in my itemized deduction?

The only reason to do what is proposed would be if it was helpful to you to lower your 2018 AGI at the expense of increasing your 2017 taxable income. I can see this being desirable if your marginal tax bracket in 2018 was going to be higher than in 2017 or if having the extra income on 2018 would d...
by Katietsu
Tue Apr 17, 2018 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Too much rent?
Replies: 21
Views: 1758

Re: Too much rent?

The typical American spends much more than 20% of gross income on rent. So, the rent itself is reasonable. It sounds like you are getting a good value. So, you and your spouse will just need to decide on the relative value of the rental compared to other uses for that income. If you can meet your sa...
by Katietsu
Tue Apr 17, 2018 6:51 pm
Forum: Personal Consumer Issues
Topic: How to buy a gravestone online?
Replies: 8
Views: 583

Re: How to buy a gravestone online?

I would take a look at a few online companies but work with a local company. The small local monument business I used was familiar with the cemetery. They were able to advise on regulations and customs specific to that cemetery. They had a website with samples though there website naturally showcase...
by Katietsu
Tue Apr 17, 2018 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Yet another CP2000 for Roth IRA conversion thread
Replies: 10
Views: 733

Re: Yet another CP2000 for Roth IRA conversion thread

Did you file electronically or by paper and mail? If by mail, your form 8606 probably was not entered as part of your tax return. I submitted the return by mail. I checked my copy of the mailed return and it definitely had both 8606s included. It would certainly explain the issue it if the IRS didn...
by Katietsu
Tue Apr 17, 2018 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Yet another CP2000 for Roth IRA conversion thread
Replies: 10
Views: 733

Re: Yet another CP2000 for Roth IRA conversion thread

Did you file electronically or by paper and mail? If by mail, your form 8606 probably was not entered as part of your tax return.
by Katietsu
Tue Apr 17, 2018 9:48 am
Forum: Personal Consumer Issues
Topic: How to delist a bogus Craigslist entry
Replies: 7
Views: 1284

Re: How to delist a bogus Craigslist entry

If you have not found the ad yet, you should probably ask the next caller what make model year of the car and city of listing so you can find the ad. I looked at a legitimate car for sale from Craigslist a few years ago. When I first saw the listing, I was unable to reach the seller. Turns out she h...
by Katietsu
Tue Apr 17, 2018 9:37 am
Forum: Personal Consumer Issues
Topic: car at 80
Replies: 59
Views: 4058

Re: car at 80

As to your snow issues, I am still convinced that the tires are more important than the car. As to a new vehicle, go with all the safety features. Your thoughts on the sedan are fine. But I think you might be surprised to find that many of the new small to midsize SUV’s will give a ride almost as co...
by Katietsu
Mon Apr 16, 2018 8:43 pm
Forum: Investing - Help with Personal Investments
Topic: No long term capital gain taxes???
Replies: 9
Views: 1717

Re: No long term capital gain taxes???

This can't be right, can it? You can have no tax liability on a $250K long term gain profit if you earn less than $35k in the year you sell? I am sure I don't understand the brackets, please help. You are right. It can't be right. You are forgetting that the 35k that you earn is added to the long t...
by Katietsu
Mon Apr 16, 2018 4:11 pm
Forum: Personal Consumer Issues
Topic: High Mileage Car Lease
Replies: 14
Views: 704

Re: High Mileage Car Lease

Relative is on third Hyundai lease, 3 years and $60,000 miles. Great deals and very comfortable cars. And if you are turning the car in 3 years from now, whether it will last 170k miles vs 300k miles is not relevant.
by Katietsu
Mon Apr 16, 2018 2:06 am
Forum: Personal Consumer Issues
Topic: Google Pixel just died
Replies: 10
Views: 1406

Re: Google Pixel just died

I would expect to go through 5 or 6 charging cords and one adaptor replacement during the lifetime of a phone. So another vote to confirm the phone is the problem before you proceed.
by Katietsu
Mon Apr 16, 2018 1:40 am
Forum: Personal Finance (Not Investing)
Topic: Dog walker - Last Minute Schedule C Panic
Replies: 9
Views: 890

Re: Dog walker - Last Minute Schedule C Panic

First, I would consider an extension. I want you to make sure you understand the choices you are making because I am a bit concerned. It would be highly unusual for a small business dog walker to use the accrual method. This is a big red flag to me. Second, the expenses you are going to claim should...
by Katietsu
Sun Apr 15, 2018 10:43 pm
Forum: Personal Finance (Not Investing)
Topic: better? Lowering taxable income to 12%, go below 63k to collect Savers credit, or max all Roths
Replies: 31
Views: 2307

Re: better? Lowering taxable income to 12%, go below 63k to collect Savers credit, or max all Roths

Do you expect to have a defined benefit pension when you retire? Do you expect to have a significant income increase in the future? If the answer to these questions is No, then I would put more money into the traditional/tax deferred plans.
by Katietsu
Sun Apr 15, 2018 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Can't afford health insurance -- options?
Replies: 23
Views: 2488

Re: Can't afford health insurance -- options?

This is always a complicated topic. Hopefully, there are not any bits of information or details that will be a "gotcha." My best guess is that the family contribution through the ACA should be about $2500 per year. He should also be eligible for lower deductibles and cost sharing if he chooses a sil...
by Katietsu
Sun Apr 15, 2018 2:59 pm
Forum: Investing - Help with Personal Investments
Topic: Gift Trust - Best thing to do?
Replies: 2
Views: 304

Re: Gift Trust - Best thing to do?

I saw your comment elsewhere about not getting much response to your previous post and decided to take a look. Have you already made changes or decided to stay put? I noticed you report an income of $88,000 and most of your savings in tax advantages accounts. This should put you in the 15% tax brack...
by Katietsu
Sun Apr 15, 2018 2:20 pm
Forum: Personal Consumer Issues
Topic: Decisions on a Two Car Strategy
Replies: 24
Views: 2039

Re: Decisions on a Two Car Strategy

A few random comments on the comments. I used to refuse to take a Kia rental car. But more recently, I have proactively chosen a Kia a few times. So I would try it out if your wife has not test drive a Kia in the last few years. I am having trouble putting a CRV in the running to replace an Odyssey,...
by Katietsu
Sun Apr 15, 2018 2:01 pm
Forum: Personal Consumer Issues
Topic: Having Child; Car Purchase maybe?
Replies: 40
Views: 1714

Re: Having Child; Car Purchase maybe?

Also, if you are traveling to visit close family to stay for a week, you do not need to take everything with you. In other words, get on Amazon, Target.com, or whatever you prefer and have a the requisite supply of diapers, wipes, baby food, etc delivered to your destination in advance. Also, decide...
by Katietsu
Sat Apr 14, 2018 11:12 pm
Forum: Personal Finance (Not Investing)
Topic: Unaffordable prescription drug
Replies: 42
Views: 3464

Re: Unaffordable prescription drug

I would go to a world-class center in the US to discuss it with an expert. No doubt they will be familiar with options. I am going to one of the supposed top centers in the US. They are familiar with the options, and we've tried all the more affordable ones already. The only research on it is being...
by Katietsu
Fri Apr 13, 2018 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: 1040 goes into the ether. what now?
Replies: 21
Views: 1619

Re: 1040 goes into the ether. what now?

White Coat Investor wrote:
Fri Apr 13, 2018 8:03 pm
It just has to be postmarked by Monday. It doesn't have to arrive by Monday. Do you have evidence that you mailed it?
Just to avoid anyone panicking - Tuesday, April 17, 2018 is the deadline.
by Katietsu
Fri Apr 13, 2018 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: 365 Day rollover rule
Replies: 6
Views: 378

Re: 365 Day rollover rule

Not a penalty. You can not do an indirect rollover with the money if you already withdrew it today. It is now a Roth distribution period.
by Katietsu
Fri Apr 13, 2018 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Could you support family on 1 income?
Replies: 88
Views: 5592

Re: Could you support family on 1 income?

I am the sole provider for my family. I wish that weren't the case, as my anxiety due to being the sole source of income is paralyzing. My wife has been a stay at home mom, and has recently become unable to work even if she wanted to, so that is our reality. We make some sacrifices. Vacations are m...
by Katietsu
Fri Apr 13, 2018 8:03 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard 1099-R Error
Replies: 13
Views: 957

Re: Vanguard 1099-R Error

That is good. Since both traditional contributions will be deductible contributions, the entire $11190 converted will show up as both the IRA distribution and the taxable amount on the 1040 line 15a and 15b and on Form 8606 lines 16 and 18. The SEP IRA won’t be a problem then. Sounds like you’ve fig...
by Katietsu
Fri Apr 13, 2018 1:29 am
Forum: Personal Finance (Not Investing)
Topic: Benefits of using CPA for taxes
Replies: 14
Views: 1663

Re: Benefits of using CPA for taxes

First of all, I will say I am surprised that you are sending the return back to add the savers credit. The software should automatically calculate and add that credit if you are eligible. I do not get the impression that very many CPA's and preparers spend much time on proactive tax planning when yo...
by Katietsu
Fri Apr 13, 2018 12:18 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard 1099-R Error
Replies: 13
Views: 957

Re: Vanguard 1099-R Error

Ans. It seems I should be able to deduct the Traditional IRA, but Im still trying to figure out if I can deduct the whole amount of $11,000 or only the $5,500 for the tax year 2017. Just to clarify, the 2016 Contribution should have been reported on last year’s return. Did you deduct it on your 201...
by Katietsu
Fri Apr 13, 2018 12:14 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard 1099-R Error
Replies: 13
Views: 957

Re: Vanguard 1099-R Error

So you have three separate transactions. 1) Contribution of $5500 for 2016. This should have been reported on your 2016 tax return. It sounds like you probably took a deduction for it on the front page of the 1040/1040A . The alternative would be reporting it as a non deductible contribution on a fo...
by Katietsu
Thu Apr 12, 2018 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 50
Views: 3478

Re: How do I make sure IRS receives my manual tax return ?

The only time I would worry about proof of mailing is if it was April and I owed a chunk of money. In this case, I have used some form of USPS mail that gives me the cheapest proof of mailing with tracking. There are usually no repercussions if due a refund, except a few weeks delay. And if I am sen...
by Katietsu
Thu Apr 12, 2018 11:37 am
Forum: Investing - Help with Personal Investments
Topic: Trying to help my father
Replies: 8
Views: 1040

Re: Trying to help my father

While this forum is heavily a DIY forum, I would suggest you proceed with caution. The period just before and just after a retirement around age 60 is the time that worries me the most in my own life. Also, your post indicated that you were a busy person and that you may not have a lot of time to le...
by Katietsu
Thu Apr 12, 2018 11:18 am
Forum: Investing - Help with Personal Investments
Topic: Crazy to start 529 without kids??
Replies: 49
Views: 3464

Re: Crazy to start 529 without kids??

My vote is for not crazy. I agree with limiting the amount contributed. The $5000 that you mentioned seems reasonable. If you do this for a few years, and still have no concrete plans for the 529, you may wish to stop contributing. These funds will represent a small part of your net worth. Otherwise...
by Katietsu
Thu Apr 12, 2018 10:19 am
Forum: Personal Consumer Issues
Topic: Help with shared child being spoiled
Replies: 46
Views: 3884

Re: Help with shared child being spoiled

I would separate these issues. 1) Do you have a problem with the items the grandparents are gifting? For instance, I am careful not to buy tablets or video consoles for other people's kids without the parents' consent. Similarly, if the grandparents promise your son a car without your consent or the...
by Katietsu
Wed Apr 11, 2018 11:52 pm
Forum: Personal Finance (Not Investing)
Topic: [Help completing the TN state tax return]
Replies: 73
Views: 2208

Re: Why is TurboTax saying I need to file multiple state tax returns?

You said your wife was not a resident of CA in Jan - May 2017. Why not? She lived there. She was married to you and you were working there and considering yourself a resident. What state do you think was her Tax Home during those months? Is there a third state to consider? Note that a resident for p...
by Katietsu
Wed Apr 11, 2018 11:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax emergency--Almost done filing with TurboTax but a couple things are wrong
Replies: 13
Views: 876

Re: Tax emergency--Almost done filing with TurboTax but a couple things are wrong

I think the HSA contribution should also get picked up from the W-2. Also, it should be listed as a employer contribution since it came from a payroll deduction. The contribution amount should have already lowered your reported wage income. You can always say you want to print and mail the return bu...
by Katietsu
Wed Apr 11, 2018 11:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax emergency--Almost done filing with TurboTax but a couple things are wrong
Replies: 13
Views: 876

Re: Tax emergency--Almost done filing with TurboTax but a couple things are wrong

I think the HSA contribution should also get picked up from the W-2. Also, it should be listed as a employer contribution since it came from a payroll deduction. The contribution amount should have already lowered your reported wage income. You can always say you want to print and mail the return bu...
by Katietsu
Tue Apr 10, 2018 9:51 pm
Forum: Investing - Help with Personal Investments
Topic: IRA with basis - what can be done?
Replies: 15
Views: 1295

Re: IRA with basis - what can be done?

Have you opened the i401k? I believe Fidelity and Etrade are most frequently mentioned as being good for accepting the rollover.
by Katietsu
Tue Apr 10, 2018 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Under the student loan forgiveness plan (PAYE), how do they decide each year what your income is?
Replies: 5
Views: 476

Re: Under the student loan forgiveness plan (PAYE), how do they decide each year what your income is?

If you file separately, then your wife’s payments will be based on her income alone. They will use the amount from 2017 tax return unless she says that her current income is significantly different. Then they will use her current income from the time she recertifies. If you file joint, then they use...
by Katietsu
Tue Apr 10, 2018 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Questions on TurboTax, filing status, stocks, loan forgiveness, etc.
Replies: 15
Views: 770

Re: Questions on TurboTax, filing status, stocks, loan forgiveness, etc.

There are calculators that will let you know what the student loan payment will be under each situation. You will need to factor that in to your decision. And it is 10% of discretionary income with a limit based on a standard payment plan.
by Katietsu
Tue Apr 10, 2018 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Questions on TurboTax, filing status, stocks, loan forgiveness, etc.
Replies: 15
Views: 770

Re: Questions on TurboTax, filing status, stocks, loan forgiveness, etc.

I agree with allowing yourself the option of an extension. Your situation is not simple. First of all, brokerage statements are confusing if you are not used to dealing with them. Second, the decision as to the best filing status when PAYE is in play, is definitely difficult. Third, many people stru...
by Katietsu
Tue Apr 10, 2018 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Questions regarding Medicaid eligibility and owning a home (not lived in)
Replies: 7
Views: 441

Re: Questions regarding Medicaid eligibility and owning a home (not lived in)

Yes, consult someone knowledgeable in your state. But, I will say that, in my experience, your plan has a huge problem. You have identified the problem. If your Mom owns the condo which is not her residence, typically, the condo must be sold and the proceeds spent before she is eligible for Medicaid...
by Katietsu
Tue Apr 10, 2018 2:41 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard 1099-R Error
Replies: 13
Views: 957

Re: Vanguard 1099-R Error

Part of the problem is that you are using the words conversion and recharacterization as if they mean the same thing. They do not. Do you have a traditional IRA at all right now? When did you make the contribution and for what tax year? When did you make the conversion? Are you eligible to deduct yo...
by Katietsu
Tue Apr 10, 2018 1:26 pm
Forum: Personal Consumer Issues
Topic: Porting a Landline Phone Number to Wireless?
Replies: 7
Views: 436

Re: Porting a Landline Phone Number to Wireless?

You can port from a landline to a cell. It does not need to be AT&T to AT&T. However, you can not switch to just any provider. Pick your preferred cell provider then check to see if you are eligible to port the number. I had to go with one of the Big 3 myself as I could not port to most of the small...
by Katietsu
Tue Apr 10, 2018 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Need help with form 1099-B
Replies: 7
Views: 417

Re: Need help with form 1099-B

Yes. You can sell it all and use a zero basis. You can have a problem using various with some software and it does not sound like various is accurate anyway. So, I would just pick a date that represents your best guess.
by Katietsu
Mon Apr 09, 2018 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with form 1099-B
Replies: 7
Views: 417

Re: Need help with form 1099-B

Did your mother purchase them 15 years ago for your son? Or had she already owned them for some time and she gifted them 15 years ago? You can use a $0 basis as Kevin said if you can not establish the basis otherwise. For the $20, it really isn’t going to make enough of a difference to worry about. ...