Search found 272 matches

by fabdog
Fri Jun 15, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: How to find a good CPA?
Replies: 8
Views: 560

Re: How to find a good CPA?

Agree you don't need a CPA. If it's confusing and the IRS can't explain it when you call and you want help, you can see if a local enrolled agent (they may have their own firm) can help. They will be cheaper than a CPA and have to pass exams to get the designation and take continuing ed. They can ce...
by fabdog
Thu Jun 14, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?
Replies: 11
Views: 662

Re: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?

they are talking about the exemption amount that can be passed on without taxes. So it was $2 million in 2017, then it goes to $2.6 million this year, $3.6 million next year, and then in 2020 matches the federal exemption at $11.2 million So in your case with an estate of $7 million, in 2018, $2.6 m...
by fabdog
Thu Jun 14, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?
Replies: 11
Views: 662

Re: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?

Some info below on the Connecticut exclusions. There is a nice chart showing the changes upcoming but had trouble getting it pasted in So I assume you are trying to nudge your CT taxable estate down before you pass. I am sorry you find yourself in that spot. In gifting the shares to your son, you wi...
by fabdog
Wed Jun 13, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?
Replies: 11
Views: 662

Re: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?

As opposed to one of us giving it our best shot, if it is a complex state specific gift/estate tax question, maybe spend a few $ and ask a local CPA and/or lawyer who specializes in this area. Depending on how much money is at stake, could be well worth the effort I would not expect the folks answer...
by fabdog
Wed Jun 06, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: how to buy more time -- job offer
Replies: 9
Views: 1583

Re: how to buy more time -- job offer

Or, what can you say to job #2?

I'm really excited to come work for you but I have a great offer on the table and need to make a decision...

What happens if job #2 keeps rolling out? Have you gotten feedback that it's jut a paperwork issue or they are just slow?

Mike
by fabdog
Wed Jun 06, 2018 1:27 pm
Forum: Investing - Help with Personal Investments
Topic: I bonds to 529 -- state tax deduction allowed?
Replies: 1
Views: 135

Re: I bonds to 529 -- state tax deduction allowed?

It depends on the state. For VA, amounts brought in from Coverdell or Savings bonds into the 529 count as contributions, amounts rolled over from other states do no. For Oklahoma, it appears that it would count, as they specifically mention amounts from another states 529 plan brought over will coun...
by fabdog
Mon Jun 04, 2018 7:39 pm
Forum: Investing - Help with Personal Investments
Topic: Business Income - Solo 401(k) - open the Roth BackDoor
Replies: 3
Views: 258

Re: Business Income - Solo 401(k) - open the Roth BackDoor

If she has self employment earnings you can open a Solo 401(K). You'd need to check that the provider you select (Vanguard, Schwab, Fidelity) allows rollovers from IRa into the plan, and if there is any restriction on the source. You won't be able to go back to prior years, the Solo 401K must be ope...
by fabdog
Fri May 25, 2018 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Does IRS penalize for overpayment of taxes?
Replies: 19
Views: 2025

Re: Does IRS penalize for overpayment of taxes?

Son the only way this makes sense is if you didn't pay the estimated payments in a timely fashion, ie all a big lump sum at the end, and there was a penalty for one or more quarters where you underpaid and there was a penalty for that specific quarter, (or quarters) even if your overall estimated pa...
by fabdog
Fri May 25, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Does IRS penalize for overpayment of taxes?
Replies: 19
Views: 2025

Re: Does IRS penalize for overpayment of taxes?

I've never heard of such a thing. IRS/Gov't is happy to have you give them an interest free loan of as much as you'd like. Underpayment, well, that's a whole different story. Perhaps you could help us by including the title of the letter and the specific verbiage around the penalty you are being ass...
by fabdog
Thu May 24, 2018 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America ATM card not working internationally
Replies: 38
Views: 2496

Re: Bank of America ATM card not working internationally

Sorry. Only other suggestion is if you have a card linked to only 1 account (we almost always use our Schwab debit card when overseas linked to our MM there and never have issues). I've had the issues exactly as you describe when trying to use our Wells Fargo card which has both checking and MM acce...
by fabdog
Thu May 24, 2018 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Bank of America ATM card not working internationally
Replies: 38
Views: 2496

Re: Bank of America ATM card not working internationally

I've seen this issue before if the debit card has access to both checking and savings accounts. Some ATM's don't deal with the choice and you have to keep trying, although in past experience I don't remember having to try more than 4 or 5. The big bank suggestion above is a good one, their ATM's sho...
by fabdog
Tue May 22, 2018 9:52 am
Forum: Investing - Theory, News & General
Topic: Roth IRA contributions during semi-retirement?
Replies: 14
Views: 752

Re: Roth IRA contributions during semi-retirement?

I'm mostly retired for several years, and still below 59.5. Have a part time job in the winter and my wife works as well. We max out Roth every year and my small time consulting money goes to the Solo 401K We plan to continue that as long as we have at least $13K of earned income and use taxable acc...
by fabdog
Sat May 19, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Very old series EE savings bond
Replies: 3
Views: 632

Re: Very old series EE savings bond

It will come as a 1099-INT and you'll enter it along with any other interest you receive

Make sure to enter it as federal interest (your program may have a specific question on savings bonds) so you don't pay state tax (if you live in a state
that charges income tax)

Mike
by fabdog
Tue May 15, 2018 5:30 pm
Forum: Personal Consumer Issues
Topic: Rent Car before Buying
Replies: 19
Views: 1285

Re: Rent Car before Buying

increment wrote: ↑
Tue May 15, 2018 4:22 pm
Toyota has a web page that can direct you to those dealers who rent cars.
Excellent. Thanks for the lead. For some reason I had not found that

Mike
by fabdog
Tue May 15, 2018 2:27 pm
Forum: Personal Consumer Issues
Topic: Rent Car before Buying
Replies: 19
Views: 1285

Re: Rent Car before Buying

Did you do an internet search with term "Rent A Subaru Outback" or "Rent a Highlander" or "Rent a ...." instead of just looking at some rental car web sites? Yes. Unfortunately that did not lead to anything in my area. Had also found Turo but also not much selection in my area. Likely will just see...
by fabdog
Tue May 15, 2018 1:44 pm
Forum: Personal Consumer Issues
Topic: Rent Car before Buying
Replies: 19
Views: 1285

Rent Car before Buying

We're in the market for a new car over the next few months, and have started winnowing down the list. Once concept we'd like to try is once we get down to the final 2 or 3 vehicles is rent them for a week to try out. We're likely to end up on Toyota/Honda/Subaru models which i don't find on any rent...
by fabdog
Mon May 07, 2018 1:17 pm
Forum: Investing - Help with Personal Investments
Topic: Converting Admiral fund to ETF
Replies: 24
Views: 1553

Re: Converting Admiral fund to ETF

Pretty sure that would be a taxable event (exchanging the fund for the ETF) So if you have more than you want, sell some of the mutual fund. why do you think the ETF is lower fee? Vanguard website shows VGRLX as .14, and the ETF (VNQI) as .14 expense ratio. Only if you move to investor shares does t...
by fabdog
Sun May 06, 2018 7:34 pm
Forum: Investing - Help with Personal Investments
Topic: Is there a time limit to roll over 401K from previous employer to IRA?
Replies: 4
Views: 298

Re: Is there a time limit to roll over 401K from previous employer to IRA?

no time limit. If she had a small balance (less than $5K) they may have required her to roll it over. If she had a larger balance she can keep it there. If it has good options, may want to leave it. If poor options, high cost, roll to an IRA and get better, cheaper options. The only time limit on mi...
by fabdog
Sat May 05, 2018 6:54 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover pension into IRA after maxing 2018 contribution
Replies: 8
Views: 421

Re: Rollover pension into IRA after maxing 2018 contribution

In order to keep things clean in case you ever need to roll that money anywhere else, you may want to open a separate Rollover IRa to hold those funds, vs your current contributory IRA

Mike
by fabdog
Thu May 03, 2018 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Capital gains in a trust
Replies: 8
Views: 710

Re: Capital gains in a trust

you'll want to check with your accountant on the trust taxes... dividends and interest distributed from the trust go on the K1 to the beneficiary... more than that income can be distributed to the beneficiary... but I understand that capital gains stay in the tax and are taxed there (much lower thre...
by fabdog
Mon Apr 30, 2018 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited Stock
Replies: 4
Views: 645

Re: Inherited Stock

Computershare also handles Wal-Mart's Dividend reinvestment plan. So, you could if desired, have Edward Jones give you the stock certificate, then contact Computershare to open an account and send in the certificate Be aware Edward Jones will likely charge to issue the certificate. You can contact C...
by fabdog
Mon Apr 30, 2018 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: Need to amend 2017 tax returns / Wrong IRA info ... advice?
Replies: 5
Views: 301

Re: Need to amend 2017 tax returns / Wrong IRA info ... advice?

If an accountant prepared your taxes, he/she should be available to help you with this. Just be aware that it won't be free, since he/she prepared it using the data you gave him. This was for a deductible IRA, so your deduction will be reduced and you'll owe more tax? That would likely drive a state...
by fabdog
Mon Apr 30, 2018 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Testimonials on moving with a family
Replies: 29
Views: 2712

Re: Testimonials on moving with a family

This is a very personal question only you can answer... what would drive the move? Career Opportunity? Better schools? I moved a lot with the family. It was tough especially as the kids got older but we got to live in some great places including overseas, and it was very good for me career wise. I k...
by fabdog
Mon Apr 30, 2018 7:35 am
Forum: Personal Consumer Issues
Topic: Temporary mobile phone
Replies: 2
Views: 241

Re: Temporary mobile phone

Assuming they have a GSM phone, they can buy a pre paid sim here (make sure it's GSM, providers like ATT, T-Mobile, Walmart, others) and it should plug and play. Depending on their phone model they may need to enable data roaming before they leave home (on mine, when I go to Europe, it won't get dat...
by fabdog
Sun Apr 29, 2018 5:16 pm
Forum: Investing - Help with Personal Investments
Topic: Relatively stable 1 year investment that doesn't involve interest?
Replies: 37
Views: 2431

Re: Relatively stable 1 year investment that doesn't involve interest?

Sounds like you need a Shariah compliant bank. I am not sure if there are any in the US, but a Google search may turn one up. I understand there are lenders who comply but not sure on deposit institutions in the US

Mike
by fabdog
Sun Apr 29, 2018 5:11 pm
Forum: Investing - Theory, News & General
Topic: 1099s from Merrill Edge, Fidelity,etc., when available each year?
Replies: 3
Views: 266

Re: 1099s from Merrill Edge, Fidelity,etc., when available each year?

I also work at a CPA's office doing tax returns. My experience, both personal and at work, are that all the brokerages have their 1099's out anywhere from early Feb to Feb 15th. I have not noted one broker over any other as being any better or worse with corrected 1099's, it's what's in the accounts...
by fabdog
Thu Apr 26, 2018 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Should have contacted auto insurance rep sooner
Replies: 5
Views: 776

Re: Should have contacted auto insurance rep sooner

I'm not sure I'm following your post. Most folks end up checking around for rates every 2-3 years as prices tend to rise once you have been with the same company for a while Sounds like you were able to get a much lower rate with the same company by calling and asking. And in general, especially if ...
by fabdog
Mon Apr 23, 2018 9:26 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 869

Re: wash sale rule on final disposition

yes, that would work... but that final transaction does not have to happen in November... it can be in December, as long as it settles before end of the year, and you don't re purchase within 31 days. So what you've outlined would certainly work, but you are not limited by the 31 days on your final ...
by fabdog
Mon Apr 23, 2018 9:13 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 869

Re: wash sale rule on final disposition

no, unfortunately you still don't understand... It's not the waiting 31 days that makes the loss "adjust" It's disposing of the position that has the wash sale loss added to it, and not re purchasing within 31 days. So to go back to the example above, where after 2 trades in January you have an $800...
by fabdog
Mon Apr 23, 2018 8:45 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 869

Re: wash sale rule on final disposition

Sigh... you can have multiple wash sales on the same stock during the year and end up with the total loss being deducted. The key is not Dec 31st, or 31 days in front of that. It's disposing of the position that has the accumulated wash sales added to it's basis. Sp to extend the example I previousl...
by fabdog
Mon Apr 23, 2018 7:48 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 869

Re: wash sale rule on final disposition

Since the general example above wasn't clear enough for you to follow and apply to your situation, let's take your example and hopefully put this one to bed purchase 200 Jan 4th Sell all 200 Jan 6th, loss of $300. That would be deductible, but then: Purchase 200 back on Jan 8th. Since you purchased ...
by fabdog
Sun Apr 22, 2018 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: DAF Suggested?
Replies: 13
Views: 959

Re: DAF Suggested?

The donor advised fund would be able to handle monthly donations you direct to a church. However, it's not clear how this would help you, unless you planned to "bunch" 2 or more years of your $17K gifts in one year so that you could itemize deductions Given the new tax rules your standard deduction ...
by fabdog
Sun Apr 22, 2018 7:13 pm
Forum: Investing - Help with Personal Investments
Topic: Back Door Roth
Replies: 4
Views: 418

Re: Back Door Roth

as he said, the IRS does not care where the cash came from as long as you have sufficient earned income to qualify for the contribution the only downside is if you sell appreciated assets from investment account, and have to pay capital gains on that money. May still be a good deal if you are in the...
by fabdog
Sun Apr 22, 2018 7:09 pm
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 869

Re: wash sale rule on final disposition

Sorry, I am not sure how many different ways it can be said...the wash sales are a part of each trade. Those suspended losses on each trade are added to your basis. So stopping in December, October, July, or April is irrelevant. The loss is deferred until you sell those shares in a non wash sale tra...
by fabdog
Sun Apr 22, 2018 4:32 pm
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 869

Re: wash sale rule on final disposition

I think you're missing the point. There is no "holding period". Each wash sale is treated as a stand alone event and adjusts the basis of your shares. So when you get your 1099 at the end of the year, each of those sales will have it's own wash sale adjustment. Even if you make all your trades in Ja...
by fabdog
Sat Apr 21, 2018 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Best Way to Decline an International Job Assignment
Replies: 23
Views: 1756

Re: Best Way to Decline an International Job Assignment

Sorry, you still haven't helped us help you For many folks this would be a great opportunity. Depending on your company, it may be a gateway to a bigger job. So what specifically is the request, and why don't you want to do it? As others have noted, simply telling the boss no and why is the simplest...
by fabdog
Fri Apr 20, 2018 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Sanity check on my taxes
Replies: 3
Views: 715

Re: Sanity check on my taxes

In addition to the non allowable items your friends preparer used (you can't claim commuting, and regular work clothes) he may have encouraged an IRA or HSA contribution which may have been deductible. If you have a HDHP, and don't contribute the full amount to the HSA through payroll deduction you ...
by fabdog
Tue Apr 17, 2018 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Individual HSA Monthly Investment Fees
Replies: 2
Views: 237

Re: Individual HSA Monthly Investment Fees

That's HealthEquity's fee structure. My wife has them as HSA provider thru her work insurance. HSA Bank uses TD Ameritrade as a broker, and as long as you keep $5K in the main account, no fees, and there are no fee ETF's at TDAmeritrade. They ditched their Vanguard funds a few months back but have o...
by fabdog
Tue Apr 17, 2018 3:52 pm
Forum: Investing - Help with Personal Investments
Topic: What type of EIN for solo 401k?
Replies: 2
Views: 290

Re: What type of EIN for solo 401k?

I opened mine as individual (sole Prop).

You don't even have to use the EIN for your business, but you need it for the Solo 401(k)

None of the other options really fit you (Trust, partnership, estate, corporation)

Mike
by fabdog
Tue Apr 17, 2018 2:11 pm
Forum: Personal Consumer Issues
Topic: paying California state taxes with multiple gift cards
Replies: 2
Views: 460

Re: paying California state taxes with multiple gift cards

This handy site leads to their credit card vendor... looks like you can pay as many times as you like, as long as you're willing to pay the fee

https://www.ftb.ca.gov/online/CCard.shtml

Mike
by fabdog
Sun Apr 01, 2018 11:48 am
Forum: Investing - Help with Personal Investments
Topic: 529 Question
Replies: 1
Views: 216

Re: 529 Question

Sure, an easy way. What's your state tax marginal rate (let's use 5% as an example). Then the tax benefit of the deduction (assuming you put in $4660 annually) is $4660*.05 or $233 per year. The expense ratio savings of your $20K going from .30/year in your plan to Vanguard at .16 is $20K*.0014 (the...
by fabdog
Sun Mar 25, 2018 8:28 am
Forum: Investing - Help with Personal Investments
Topic: IRA Transfer Mix up
Replies: 0
Views: 163

IRA Transfer Mix up

I did a search but didn't find this specific situation I've been encouraging my adult daughter to consolidate her trailing retirements from various jobs so she doesn't lose track of them over time. So far, so good, until this last round. She was trying to roll over her FERS contributions to IRA's at...
by fabdog
Sat Mar 03, 2018 5:45 pm
Forum: Investing - Help with Personal Investments
Topic: Can't find statements for but got K-1 for PowerShares funds
Replies: 5
Views: 330

Re: Can't find statements for but got K-1 for PowerShares funds

Well if she's getting a K1 from the fund and it shows a basis of $11K, she owns it somehow.

I'd see if I could find the successor To Currian, where did their assets go when they closed?

Mike
by fabdog
Sat Feb 24, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Tax deduction question
Replies: 3
Views: 349

Re: Tax deduction question

The investment fees are subject to the limit of only the amount above 2% of her AGI is deductible. If you go to the forms view and look at Schedule A you''ll see entries down towards the bottom (line 23) for the investment expense (and any other items like cost of the software for tax prep) It the m...
by fabdog
Sat Feb 17, 2018 10:19 am
Forum: Investing - Help with Personal Investments
Topic: Help with DIY 529
Replies: 6
Views: 666

Re: Help with DIY 529

Absolutely. Every one of the 529 plans i have dealt with has an auto invest option, and encourages it. So you can set up recurring withdrawals from your checking account. Depending on what tax benefits you got from Alaska by contributing (many states that allow a tax deduction for contributions will...
by fabdog
Fri Feb 09, 2018 4:49 pm
Forum: Personal Consumer Issues
Topic: Financially secure, horrible workplace but just can't FIRE
Replies: 55
Views: 7735

Re: Financially secure, horrible workplace but just can't FIRE

I agree that you should be looking to jump from this place... no one needs the stress at any age. If you haven't worked out the plan of what to retire to, maybe look for something part time so you have some structure, and use the new free time to explore things (volunteer or paid, maybe even your ow...
by fabdog
Fri Feb 02, 2018 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: How to see the 1099s the IRS received
Replies: 3
Views: 666

Re: How to see the 1099s the IRS received

you can check your taxpayer transcript, that should have all the 1099, W2, etc they got for you

Unfortunately I have never tried getting one for a current year, only to recon past years

Mike
by fabdog
Thu Feb 01, 2018 8:10 pm
Forum: Investing - Help with Personal Investments
Topic: I Bonds and TD Account
Replies: 3
Views: 455

Re: I Bonds and TD Account

for the kids under 18, you open a "linked" account using their SSN, and then can purchase 10K yearly for them under their SSN, without impacting your yearly limit. When the kids turn 18 there is a process to move the account over to them You access these linked accounts from your TD login, and can m...
by fabdog
Wed Jan 31, 2018 5:21 pm
Forum: Investing - Help with Personal Investments
Topic: Q. solo 401k
Replies: 36
Views: 1664

Re: Q. solo 401k

so the key is if your "real estate/rentals" activity is a business. Are you considered a professional real estate person, with a Schedule C for that? Or you have rentals on Schedule E. If you're just doing rentals on Schedule E, I would not consider that you have a business that would qualify you fo...
by fabdog
Sun Jan 28, 2018 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Tax or Other Implications for Out of State House Sale?
Replies: 7
Views: 468

Re: Tax or Other Implications for Out of State House Sale?

based on what you replied, not likely. If her name IS on the title (not the mortgage) and when the home settles, the title company issues her any money, then you'll be getting a 1099 for the proceeds for her share, and will have to account for it using her share of the cost basis If she doesn't get ...