Search found 3047 matches

by dodecahedron
Thu Jun 22, 2017 9:36 am
Forum: Investing - Theory, News & General
Topic: Does TIAA violate ERISA when administering 403b loans?
Replies: 6
Views: 279

Re: Does TIAA violate ERISA when administering 403b loans?

According to this document from TIAA, some 403(b) plans sponsored by private institutions may also be exempt from ERISA. Unclear whether that's the case here. Also a bit odd that the plan sponsor (Wash U) is not a defendant. If ERISA applies, Wash U bears at least as much of a responsibility as thei...
by dodecahedron
Wed Jun 21, 2017 12:43 pm
Forum: Investing - Theory, News & General
Topic: Argentina issuing 100-year bond.
Replies: 41
Views: 3655

Re: Argentina issuing 100-year bond.

Consols (perpetuities or perpetual bonds with no maturity date) were issued in Britain beginning in the 1700s. They continued to be issued as late as WWI. The British authorities redeemed the last of the outstanding consols in 2015.
by dodecahedron
Tue Jun 20, 2017 3:47 pm
Forum: Investing - Help with Personal Investments
Topic: Beneficiary IRA Rollover without deceased's SSN
Replies: 9
Views: 575

Re: Beneficiary IRA Rollover without deceased's SSN

Can she request a copy of the death certificate for her mother from public officials? At least in my state (NY), the death certificate has the SSN on it. Yes. It will be filed with the county where she died . Eventually it may also be forwarded to the state, but still be available at the county. Co...
by dodecahedron
Tue Jun 20, 2017 2:39 pm
Forum: Investing - Help with Personal Investments
Topic: Beneficiary IRA Rollover without deceased's SSN
Replies: 9
Views: 575

Re: Beneficiary IRA Rollover without deceased's SSN

Can she request a copy of the death certificate for her mother from public officials? At least in my state (NY), the death certificate has the SSN on it.
by dodecahedron
Tue Jun 20, 2017 12:49 am
Forum: Personal Consumer Issues
Topic: House selling - timeline question
Replies: 23
Views: 1639

Re: House selling - timeline question

Interesting. What's in it for a realtor if a potential client is talking about selling the house in several years? Would they consider it good will if they talked over an improvement plan, even knowing you might not use them for several years? If so, I'd be curious about the best approach. It would...
by dodecahedron
Mon Jun 19, 2017 11:14 pm
Forum: Investing - Help with Personal Investments
Topic: Maxed out my Roth for 2017 - now what???
Replies: 1
Views: 350

Re: Maxed out my Roth for 2017 - now what???

Since you are self-employed, have you considered an SEP IRA? They can be very easy to set up and will allow you to contribute even more (they can be funded in addition to your Roth IRA.) My late husband and I had an SEP IRA for our business that Schwab set up for us, minimal paperwork and minimal ha...
by dodecahedron
Mon Jun 19, 2017 11:01 pm
Forum: Personal Consumer Issues
Topic: House selling - timeline question
Replies: 23
Views: 1639

Re: House selling - timeline question

How much time will a realtor typically "allow" for improvements to be done? You are the one calling the shots, not the realtor! It's a matter of how much lead time do you have before you need the property to be actively marketed. It seems to me that there are scenarios where you might kno...
by dodecahedron
Mon Jun 19, 2017 8:15 pm
Forum: Investing - Help with Personal Investments
Topic: Earliest/Latest date for making that first RMD a QCD
Replies: 10
Views: 438

Re: Earliest/Latest date for making that first RMD a QCD

So, if I want to do a $100K QCD for my first and second RMDs it sounds like, using my example dates above (70½ on 6/1), I must make the first QCD between 6/1 and 12/31 of the year I turn 70½ and then I can make the second QCD any time in the next calendar year, right? Exactly right. And see the Kit...
by dodecahedron
Mon Jun 19, 2017 6:18 pm
Forum: Investing - Help with Personal Investments
Topic: Earliest/Latest date for making that first RMD a QCD
Replies: 10
Views: 438

Re: Earliest/Latest date for making that first RMD a QCD

I also seem to recall that if you wait until the next calendar year to take that first RMD (as long as it's before 4/1), you've lost the opportunity to make that RMD a QCD for that previous, first RMD year. 3) Is that correct? The only issue this appears to raise would be if you expect that the tot...
by dodecahedron
Mon Jun 19, 2017 7:08 am
Forum: Personal Finance (Not Investing)
Topic: Change Auto & Umbrella Insurance after 52 years?
Replies: 21
Views: 1744

Re: Change Auto & Umbrella Insurance after 52 years?

I have never known or ever heard of any insurance company lowering their rates to get you to stay. Part of this is may be due to insurance regulations in many states, but even in the least regulated states, I have never heard it done. When my mother (at age 70-something) called her auto insurer to ...
by dodecahedron
Sun Jun 18, 2017 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Negotiating a House Using Seller's Agent (opinions wanted)
Replies: 75
Views: 2703

Re: Negotiating a House Using Seller's Agent (opinions wanted)

Should I give the seller's agent a heads up we are thinking of getting our own agent, since he has already shown us the house twice and spent time with us looking at a few other houses? Of course we have not signed anything with him, but I feel like he deserves a call first. I believe you are under...
by dodecahedron
Sun Jun 18, 2017 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: Income Tax Calculation?
Replies: 18
Views: 1536

Re: Income Tax Calculation?

I like using Taxcaster from TurboTax. https://turbotax.intuit.com/tax-tools/calculators/taxcaster The OP was already using Taxcaster, but it is a fairly opaque black box that sheds little light on what is actually going on "under the hood." #Cruncher's spreadsheet is much more illuminatin...
by dodecahedron
Sun Jun 18, 2017 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Income Tax Calculation?
Replies: 18
Views: 1536

Re: Income Tax Calculation?

The additional 20K distribution will cause more of your SS to be subject to taxation and therefore your AGI and taxable income go up by more than $20K.

More explanation here: https://www.kitces.com/blog/the-taxatio ... -increase/
by dodecahedron
Sun Jun 18, 2017 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: How best to Donate?
Replies: 20
Views: 1193

Re: How best to Donate?

With a DAF, you will need to be aware on IRS limits on contributions. I think for cash it can not exceed 50% of AGI annually. No limit on contributions to a DAF but there is an annual limit on the amount of the contribution that can be deducted each year, which is 50% of AGI for cash contributions ...
by dodecahedron
Sun Jun 18, 2017 10:03 am
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation and Fund Recommendations for 403(b) Accounts
Replies: 12
Views: 600

Re: Asset Allocation and Fund Recommendations for 403(b) Accounts

Am I correct in understanding that until/unless we are maxing out the 403b accounts, that should be our single focus? Many folks on this forum advocate a rule of prioritizing employer accounts only up to the amount matched by the employer, then contributing to a Roth IRA, and only then maxing out c...
by dodecahedron
Sat Jun 17, 2017 9:40 pm
Forum: Investing - Help with Personal Investments
Topic: Asset Allocation and Fund Recommendations for 403(b) Accounts
Replies: 12
Views: 600

Re: Asset Allocation and Fund Recommendations for 403(b) Accounts

You say that you and your spouse are no longer eligible to contribute to your Roth IRAs, but I don't see why not. Even if your AGI is too high, you should be able to contribute to a Roth via the back-door method. See the following references: https://www.bogleheads.org/wiki/Backdoor_Roth_IRA https:/...
by dodecahedron
Sat Jun 17, 2017 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Is TIAA-CREF one of the "good guys"?
Replies: 51
Views: 8110

Re: Is TIAA-CREF one of the "good guys"?

If you just want something "just like my Vanguard account but with the ability to talk to someone face-to-face," that's something that Fidelity and Schwab offer, if their storefronts are convenient. Is TIAA-CREF offering this now? My TIAA Wealth Management Advisor (WMA) has been available...
by dodecahedron
Sat Jun 17, 2017 9:14 am
Forum: Investing - Help with Personal Investments
Topic: Advice for late 40's couple with high savings rate
Replies: 12
Views: 1806

Re: Advice for late 40's couple with high savings rate

A back door Roth IRA could allow you to add $11k/year to those accounts at Vanguard. The steps are quite easy. You contribute $5,550 (each) to a non-deductible Traditional IRA (at Vanguard). Then you recharaterize convert it to Roth (Vanguard helps with this). When you file your taxes you fill out ...
by dodecahedron
Fri Jun 16, 2017 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

bsteiner, Your detailed but succinct post, addressing numerous suggestions, is very much appreciated by all of us - we know it took time to write it. Good education for all of us. Thank you :happy Very much agree with Miriam that this is valuable for those of us with plenty of time to plan for futu...
by dodecahedron
Fri Jun 16, 2017 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

As a former son-in-law, I would suggest convincing your spouse to tell her brother that she would like to inherit a Roth IRA and not have the traditional IRA withdrawn. The conversion could leave the Roth IRA in cash, so there would be no market risk if that is something the brother is worried abou...
by dodecahedron
Fri Jun 16, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

OP, I hope this awful period goes as well as can be for your wife and extended family. Kudos to you for responding to your family's request and doing the best you could. I am impressed at your ability to disengage from the whole thing once your brother-in-law spoke up. I know that when I'm in a hig...
by dodecahedron
Fri Jun 16, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

BIL could cash in an inherited Roth IRA all at once, so conversion would not prevent him from getting the money or change his (BIL) taxes. Agreed and useful for those who have the luxury of planning ahead, but I can understand why the OP would not want to spend precious time offering unsolicited ta...
by dodecahedron
Fri Jun 16, 2017 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

So my brother in law just informed me that he is going to liquidate the tIRA before his dad passes and distribute the cash. He believes he will be taxed at a 10% rate, which I offered up to him is not going to be the case. I didnt push. The $30k or so he is going to burn isnt worth damaging the rel...
by dodecahedron
Fri Jun 16, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

So my brother in law just informed me that he is going to liquidate the tIRA before his dad passes and distribute the cash. He believes he will be taxed at a 10% rate, which I offered up to him is not going to be the case. I didnt push. The $30k or so he is going to burn isnt worth damaging the rel...
by dodecahedron
Fri Jun 16, 2017 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

Zen: If it was me, I would just go ahead and convert all of it. The majority of the taxes will be @ 15%, with some @ 25%. Only a small % of the Life Insurance proceeds will be needed to cover the conversion taxes. Either way, the maximum rate is as good or the same as your BIL's rate. Both siblings...
by dodecahedron
Fri Jun 16, 2017 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: URGENT TIME SENSITIVE: Deathbed Roth
Replies: 45
Views: 4093

Re: URGENT TIME SENSITIVE: Deathbed Roth

I assume the house may have capital gains when sold which may further increase the tax cost of conversion and also affect medical expense deduction. I don't think that's right. Generally there is a step-up in basis to the house's value as of the date of death. And, in any case, if the home is sold ...
by dodecahedron
Fri Jun 16, 2017 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Underpayment Penalty
Replies: 9
Views: 896

Re: Estimated Tax Underpayment Penalty

The dollar amount is trivial and really just amounts to paying interest at slightly over what you might pay on your HELOC. The more meaningful concern is just having to deal with the hassle of that non-trivial IRS form to calculate what you owe (there may be an option for them to do the calculation...
by dodecahedron
Thu Jun 15, 2017 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

Dodeca, If you've been contributing to your HSA for only four years, the sums that you will withdraw are very unlikely to raise any eyebrows with the IRS. I really think that you're going to be just fine without any hiccups. With 4.75 years of family contributions and recent bull market, my HSA bal...
by dodecahedron
Wed Jun 14, 2017 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

The second red flag would be for extremely large withdrawals in any given year. How big? I don't know. Out-of-pocket expenses can easily be over $10,000 for someone needing medical care, but it would make me somewhat nervous taking disbursements over $50,000 in one year. You can DO it and have ever...
by dodecahedron
Wed Jun 14, 2017 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

Fortunately, my qualified HSA expenses are all much more straightforward. I suspect this is true for many. I have no foreign currency payments, airline travel, lodging or medical dependents. If I did encounter such things, I would likely consider withdrawals from the HSA as incurred for the reasons...
by dodecahedron
Wed Jun 14, 2017 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: HSA, deducting medical expenses, best practices
Replies: 13
Views: 743

Re: HSA, deducting medical expenses, best practices

You do NOT want to claim a deduction for those expenses. That changes those expenses from tax-free distributions to only deductible expenses > 2% AGI. This is a very bad trade off as it prevents you from ever making tax-free distributions for these expense. It is not a >2% AGI requirement for Sched...
by dodecahedron
Wed Jun 14, 2017 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

Yet, we haven't heard any IRS HSA claim audit horror stories. The few reports we've had suggest that the types of approaches others have shared are more than sufficient with the IRS. HSAs are new enough that nobody has experienced the "audit after filing a return claiming reimbursement for dec...
by dodecahedron
Wed Jun 14, 2017 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

Admittedly, this could be an issue for vision or dental work if you don't have insurance coverage there. I've been fortunate to have insurance there and I get very detailed EOBs from my separate dental insurance carrier. Again, a difference in perspective. I don't have either of those kinds of insu...
by dodecahedron
Wed Jun 14, 2017 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

I think there are sound reasons for not keeping medical receipts for a long period of time, but difficulty in proving an entitlement to HSA reimbursement is not one of them. If you can prove entitlement today, you should be able to prove that 10 or 20 years later if you keep a good head on your sho...
by dodecahedron
Tue Jun 13, 2017 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: medicare premium amount
Replies: 37
Views: 2194

Re: medicare premium amount

One can also use an HSA to reimburse FEHB insurance payments ( or any other health insurance you're paying ) after 65 years old. . No! The underlined section above is not correct; it is too strong a statement. The types of insurance payments eligible for tax-free HSA reimbursement are: Insurance pr...
by dodecahedron
Tue Jun 13, 2017 12:22 am
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

The point is that you still need to keep the same three proofs even if you pay/reimiburse from the HSA in a timely manner. The three year clock starts ticking from the tax filing deadline for the tax year of reimbursement. So the only difference is how long you have to keep the proofs. With current...
by dodecahedron
Tue Jun 13, 2017 12:08 am
Forum: Personal Consumer Issues
Topic: Anyone enrolled in Part B of Medicare?
Replies: 25
Views: 1367

Re: Anyone enrolled in Part B of Medicare?

Monthly premiums for both B and D are means tested. So if you have pensions and Social Security, you will likely pay more than the standard premium. Actually, there are plenty of people with pensions and Social Security who do not pay more than the standard premium. The average SS benefit is about ...
by dodecahedron
Mon Jun 12, 2017 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

The point is that you still need to keep the same three proofs even if you pay/reimiburse from the HSA in a timely manner. The three year clock starts ticking from the tax filing deadline for the tax year of reimbursement. So the only difference is how long you have to keep the proofs. With current...
by dodecahedron
Mon Jun 12, 2017 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Kiddie Tax
Replies: 8
Views: 999

Re: Kiddie Tax

I am the OP. It seems like if she turns 18 and then uses the money for college and declares long term capitol gains of $2800 there will be no tax on that as long as she remains in the low (<15%) tax bracket. True? No! If she is under 24 and at least a half-time student, her unearned income will be ...
by dodecahedron
Mon Jun 12, 2017 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs and "Saving Medical Receipts"
Replies: 94
Views: 6237

Re: HSAs and "Saving Medical Receipts"

Does it make any difference if a non-spouse beneficiary could use the deceased qualified expenses? What happens with nonspouse beneficiaries is sufficiently muddled that I have chosen to designate my donor advised fund (DAF) the beneficiary of my HSA (with my daughters set up as successor advisers ...
by dodecahedron
Sat Jun 10, 2017 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: "Paying" a minor for otherwise uncompensated work
Replies: 37
Views: 2802

Re: "Paying" a minor for otherwise uncompensated work

...I’m attempting to work this summer in my dad’s genetics lab. Because he is a scientist at the Department of Veterans' Affairs (VA)... Is it your dad's lab? I mean in the sense that he makes grant applications and gets grant money that he has wide latitude to spend as he deems fit, such as in hir...
by dodecahedron
Sat Jun 10, 2017 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: "Paying" a minor for otherwise uncompensated work
Replies: 37
Views: 2802

Re: "Paying" a minor for otherwise uncompensated work

I'd also be fairly surprised if the WOC paperwork you have to fill out doesn't include some sort of sworn statement that you are actually working without compensation. Which would mean that this plan would involve lying on your hiring paperwork (generally a bad idea. It looks like WOC status just r...
by dodecahedron
Sat Jun 10, 2017 1:23 pm
Forum: Personal Finance (Not Investing)
Topic: "Paying" a minor for otherwise uncompensated work
Replies: 37
Views: 2802

Re: "Paying" a minor for otherwise uncompensated work

W-2 employment requires a legitimate business/employer to pay Fair Market Wages (FMV) wages for work performed for that business/employer. Historically, especially in the humanities, many academic researchers employed by universities have hired non-family members as assistants for clerical tasks in...
by dodecahedron
Fri Jun 09, 2017 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Is there a calculator that solves for optimal Roth conversion
Replies: 54
Views: 4047

Re: Is there a calculator that solves for optimal Roth conversion

+1. The problem with all these calculators is that none of them are able to accurately dissect your marginal tax rate in retirement. There are many reasons for this: 1) Your nominal marginal rate can change from year to year 2) IRMAA surcharges should be incorporated in some manner although this is...
by dodecahedron
Thu Jun 08, 2017 9:09 am
Forum: Investing - Help with Personal Investments
Topic: Items with mimimal risk of inflation increase
Replies: 17
Views: 1127

Re: Items with mimimal risk of inflation increase

I can't imagine why anyone would think water or water/sewer would qualify. Aging infrastructure in many places, possibility of water authorities discovering contamination issues that need to be addressed, growing reliance on non-tax sources of revenue (i.e., user fees like water/sewer charges), wate...
by dodecahedron
Wed Jun 07, 2017 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Only home I dont live in
Replies: 11
Views: 769

Re: Selling Only home I dont live in

I only own 1 home that i bought, but live in a different state where I rent. This has been over 5 years. I am now selling that only home. Would I be paying capital gains? I never rented it to anyone, and only used it for personal use several times a year. Would this be exempt since its my only home...
by dodecahedron
Wed Jun 07, 2017 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Dependent now first job, tax question.
Replies: 5
Views: 321

Re: Dependent now first job, tax question.

If you haven't already, I suggest you look into the educational credits you may be eligible for if you're paying for some or all of her tuition expenses. Good advice in general but since the OP said he was "deep into the top tax bracket," it is unlikely that he qualifies for any federal e...
by dodecahedron
Wed Jun 07, 2017 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Dependent now first job, tax question.
Replies: 5
Views: 321

Re: Dependent now first job, tax question.

Unless she is providing more than half her support (unlikely!), she is still your dependent as long as she is under 24, at least a half-time student, and "lives with you" for more than half the year. (Temporary absences, e.g., living in college dorm still count as "living with you.&qu...
by dodecahedron
Tue Jun 06, 2017 6:48 am
Forum: Personal Consumer Issues
Topic: Flying first class, business, versus economy.
Replies: 105
Views: 6747

Re: Flying first class, business, versus economy.

As an aside if you don't want to spend $ on business have you considered premium economy? You would get more seat room( think exit row) an upgraded menu option and some perks like extra baggage, dedicated check-in, etc. Not business class but much less cost as well. I sprang for Delta version of pr...

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