Search found 5458 matches

by jebmke
Wed Mar 29, 2017 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Any tax deductions from vacant second home?
Replies: 24
Views: 1019

Re: Any tax deductions from vacant second home?

So that means the place can still be considered a rental, regardless of what the condo laws say. I could list it for rent and just never sign a lease with anyone. In this case the condo folks will never fine me and the IRS will be satisified I am making an effort to rent it out. According to google...
by jebmke
Wed Mar 29, 2017 2:39 pm
Forum: Investing - Theory, News & General
Topic: anyone factor in future inheritance?
Replies: 44
Views: 1560

Re: anyone factor in future inheritance?

Chan_va wrote:I do. I also factor in the Powerball lottery I will win in 2026.

The $64 question though - do you tax effect that? Nominal or real dollars? :P
by jebmke
Wed Mar 29, 2017 1:51 pm
Forum: Investing - Theory, News & General
Topic: opinions on VNQ?
Replies: 8
Views: 356

Re: opinions on VNQ?

If I recall correctly, REIT dividends are not qualified so it may not make sense for you to hold them in a taxable account.
by jebmke
Wed Mar 29, 2017 10:55 am
Forum: Investing - Theory, News & General
Topic: Christine Benz's Three Bucket System
Replies: 46
Views: 4363

Re: Christine Benz's Three Bucket System

Not smart for retirees to sell down safe assets like bonds to buy more risky assets like stocks, IMO. Your stock allocation should be systematically declining anyway. If a bear market speeds up that process, then so be it. I think it is hard to make this generalization. This may be true for some an...
by jebmke
Tue Mar 28, 2017 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Daugther's Credit Card Windfall
Replies: 39
Views: 3444

Re: Daugther's Credit Card Windfall

When people would come to me at work with an ethical dilemma my first question would normally be "what would your mother say?" That would normally end the discussion. I guess I have to re-think that response.
by jebmke
Tue Mar 28, 2017 4:31 pm
Forum: Personal Consumer Issues
Topic: $50 AMEX Gift Card - What does a Boglehead/minimalist do?
Replies: 27
Views: 1471

Re: $50 AMEX GIFT CARD - What does a Boglehead/minimalist do?

Since when did being a Boglehead come to mean minimalism? Somehow, sound fiscal management morphed to eating road pizza and munching on pine cones. I don't subscribe to that characterization.
by jebmke
Tue Mar 28, 2017 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution from prior employer not reported
Replies: 6
Views: 173

Re: HSA contribution from prior employer not reported

Yes, you want the 8889 to show the total contributions made by an employer (one line) and you, if any on another line. Sounds like the total of the two employers is the annual max -- the 8889 should reflect that. Keep what the HSA custodian shows as the deposit (probably on the statement for Januar...
by jebmke
Tue Mar 28, 2017 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution from prior employer not reported
Replies: 6
Views: 173

Re: HSA contribution from prior employer not reported

Yes, you want the 8889 to show the total contributions made by an employer (one line) and you, if any on another line. Sounds like the total of the two employers is the annual max -- the 8889 should reflect that. Keep what the HSA custodian shows as the deposit (probably on the statement for January...
by jebmke
Tue Mar 28, 2017 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution from prior employer not reported
Replies: 6
Views: 173

Re: HSA contribution from prior employer not reported

I think at a minimum you need to account for the $1,000 on your Form 8889 since this and the 5498 is how the IRS will reconcile your account if they ever decide to check on this. The only time my HSA was inquired about by the IRS I provided the W2, the 1099 and the 5498s to reconcile the account (pl...
by jebmke
Tue Mar 28, 2017 12:37 pm
Forum: Personal Consumer Issues
Topic: Picture / video / file backup
Replies: 44
Views: 1010

Re: Picture / video / file backup

As a related aside, I'll say that my experience in moving all my data from local HD as primary storage, to cloud-drive services, has been an all-good experience, and I would highly, unequivocally recommend it unless you really are dealing with such large amounts of data regularly so that it's unwie...
by jebmke
Tue Mar 28, 2017 9:29 am
Forum: Investing - Help with Personal Investments
Topic: Parents offering to invest $300,000 in my name as graduation gift; initial thought is to invest in a house?
Replies: 33
Views: 2670

Re: Parents offering to invest $300,000 in my name as graduation gift; initial thought is to invest in a house?

Parents will have to file a gift tax return whether it is a house or money. I'm not a fan of owning hard real estate - especially remotely. In addition to the hassle of managing the property, keep in mind that it will complicate your US taxes (adds Schedule E and the Depreciation forms at a minimum).
by jebmke
Tue Mar 28, 2017 9:25 am
Forum: Personal Consumer Issues
Topic: Picture / video / file backup
Replies: 44
Views: 1010

Re: Picture / video / file backup

It took a few days to completely restore everything. I think that is the main issue -- time. If you don't have a real fast download, it could take a while. Any backup routine should involve periodic testing of restores to make sure the files are there and you know how to get them. Ideally this shou...
by jebmke
Tue Mar 28, 2017 9:04 am
Forum: Personal Consumer Issues
Topic: Picture / video / file backup
Replies: 44
Views: 1010

Re: Picture / video / file backup

Have you folks with Crashplan actually tested whether or not a recovery of your files actually works? I've seen complaints about some of these backup services not working very well during a large recovery. I have used Crashplan and recovered files. Large recoveries may be an issue. It would be prud...
by jebmke
Tue Mar 28, 2017 8:25 am
Forum: Personal Consumer Issues
Topic: Picture / video / file backup
Replies: 44
Views: 1010

Re: Picture / video / file backup

Consider Google Drive. It will upload pictures from your cell using wifi or data - you choose. You can transfer pictures from your computer or Zip drive. You can store Excel and Word files. You can create new files (Google Sheets and Google Docs) on Google Drive. In order for the photos not to coun...
by jebmke
Tue Mar 28, 2017 8:22 am
Forum: Personal Consumer Issues
Topic: Picture / video / file backup
Replies: 44
Views: 1010

Re: Picture / video / file backup

sox2017 wrote: Do you just choose the folder to backup and it automatically backs up in the background? Or do you have to go in manually to every photo file to back up?

I installed their app on my computer and it automatically uploads any files I stick in the Amazon Cloud drive on my computer.
by jebmke
Tue Mar 28, 2017 8:04 am
Forum: Personal Consumer Issues
Topic: Picture / video / file backup
Replies: 44
Views: 1010

Re: Picture / video / file backup

I use Amazon. We have a Prime account so I can upload an unlimited amount of photo files. There is a limit on non-video files - not sure what it is - probably something like 5gb. I use Google for non-video storage.

Neither is technically a back up. They are mirrors.
by jebmke
Tue Mar 28, 2017 7:46 am
Forum: Personal Finance (Not Investing)
Topic: H&R block? My CPA is MIA
Replies: 12
Views: 1072

Re: H&R block? My CPA is MIA

I would file for an extension. Your CPA may be less busy in August. Even if you decide to stick with him, purchase some tax software, prepare your return yourself in parallel and see if you get the same results. You may find that you can cut out the paid preparer next year. If you have rental income...
by jebmke
Mon Mar 27, 2017 4:42 pm
Forum: Investing - Theory, News & General
Topic: Does your asset allocation derate tax-deferred holdings to account for future tax liability?
Replies: 96
Views: 2994

Re: Does your asset allocation derate tax-deferred holdings to account for future tax liability?

I am with avalpert on this one. The only obligation you have is to withdraw the money from the account and report it on your tax return (if you are required to file). Their is no fixed obligation here as there is with a loan.
by jebmke
Mon Mar 27, 2017 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion
Replies: 27
Views: 1980

Re: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion

I guess I shouldn't have explained to that nice older couple on Friday why it made sense to itemize their deductions even though the software suggested they take a larger standard deduction. Well....do tell us why it might make sense.... Indeed, do tell us... In some states, you are required to ele...
by jebmke
Mon Mar 27, 2017 4:15 pm
Forum: Investing - Help with Personal Investments
Topic: Large capital loss, how to think about harvesting.
Replies: 10
Views: 689

Re: Large capital loss, how to think about harvesting.

Claim the loss, the full loss, and nothing but the loss. There is nothing to think about. The tax forms practically fill themselves out, so you cannot manipulate them. Schedule D is actually one of the simpler forms in the whole bunch. The input (form 8949 or GUI forms that feed 8949) are just plac...
by jebmke
Mon Mar 27, 2017 11:04 am
Forum: Personal Finance (Not Investing)
Topic: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion
Replies: 27
Views: 1980

Re: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion

Now, time to get back to getting paid for typing into a computer. I don't even get paid -- I'm a volunteer. I guess I shouldn't have explained to that nice older couple on Friday why it made sense to itemize their deductions even though the software suggested they take a larger standard deduction. ...
by jebmke
Mon Mar 27, 2017 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Any tax deductions from vacant second home?
Replies: 24
Views: 1019

Re: Any tax deductions from vacant second home?

Right. We had some painting and repairs done to ready the unit for sale. These were expensed as cost to sell. Condo fees and utilities we ate.
by jebmke
Mon Mar 27, 2017 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Any tax deductions from vacant second home?
Replies: 24
Views: 1019

Re: Any tax deductions from vacant second home?

No, you can't claim a property you are not trying to rent is a rental - that is called fraud. Well I do want to rent it but the condo rules don't allow it. If it isn't available for rent (essentially, offered as a rental) you cannot take a deduction. I had a condo rented out. When the tenant left a...
by jebmke
Mon Mar 27, 2017 9:23 am
Forum: Investing - Help with Personal Investments
Topic: Weathering sell-off days like today
Replies: 106
Views: 5662

Re: Weathering sell-off days like today

I remind myself of the good old days of October 1987. We didn't have internet then - we had to listen to the panic in the voices of the talking heads on the wireless and watch for falling stock investors when walking in the financial district.
by jebmke
Mon Mar 27, 2017 8:06 am
Forum: Investing - Theory, News & General
Topic: Christine Benz's Three Bucket System
Replies: 46
Views: 4363

Re: Christine Benz's Three Bucket System

I will guess that Bucketeers will withdraw from their fixed income buckets to pay expenses during downturns, but I don't think they will use their fixed income buckets to buy more equities when equities have tanked. That is, they really probably only do half of the rebalancing act by only rebalanci...
by jebmke
Sun Mar 26, 2017 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: HSA & Form 8889 Responses
Replies: 7
Views: 257

Re: HSA & Form 8889 Responses

Last-month rule. Under the last-month rule, if you are an eligible individual on the first day of the last month of your tax year (December 1 for most taxpayers), you are considered an eligible individual for the entire year. You are treated as having the same HDHP coverage for the entire year as y...
by jebmke
Sun Mar 26, 2017 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: HSA & Form 8889 Responses
Replies: 7
Views: 257

Re: HSA & Form 8889 Responses

If you were not in an HDHP for all of 2016, then you cannot deduct the max. If you changed plans midyear, you need to do the pro-rata calculation. Simply enrolling on 12/1/16 does not mean you can max out the HSA. Actually, yes, you can. If you are enrolled in the last month of the year you can tak...
by jebmke
Sun Mar 26, 2017 5:10 pm
Forum: Investing - Help with Personal Investments
Topic: Keep JNJ or invest everything in index funds?
Replies: 18
Views: 1075

Re: Keep JNJ or invest everything in index funds?

We have been opportunistically moving legacy individual stock holdings to our Donor Advised Fund when our tax rate was high. This is an easy way to avoid taking the tax hit plus you would normally get a good deduction on Schedule A if you are itemizing.
by jebmke
Sun Mar 26, 2017 4:46 pm
Forum: Investing - Theory, News & General
Topic: Christine Benz's Three Bucket System
Replies: 46
Views: 4363

Re: Christine Benz's Three Bucket System

livesoft wrote:There are investors/retirees who insist on buckets and so Benz satisfies their cravings.

I can't stand buckets and view them as unnecessary complicated mental accounting.

I have enough trouble keeping up with regular accounting. If I had to do mental accounting I'd be in real trouble.
by jebmke
Sun Mar 26, 2017 4:32 pm
Forum: Investing - Theory, News & General
Topic: Christine Benz's Three Bucket System
Replies: 46
Views: 4363

Re: Christine Benz's Three Bucket System

I retired in December 2007. Not a big fan of cash. Have not carried significant cash balance for decades. A moderately low duration bond fund will provide adequate stability and better returns than cash IMO.
by jebmke
Sun Mar 26, 2017 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Is Exchange the same as Sell for TLH purposes at Vanguard?
Replies: 3
Views: 167

Re: Is Exchange the same as Sell for TLH purposes at Vanguard?

yes it is the same as a sale and buy (of the destination fund).
by jebmke
Sun Mar 26, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion
Replies: 27
Views: 1980

Re: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion

This is the reason I do my own taxes.. you are essentially paying this person to type into a computer what you tell them. If you type it yourself you save hundreds of dollars. Outcome is exactly the same... Not only that, but I think the onus is on the taxpayer to make sure that the numbers were co...
by jebmke
Sun Mar 26, 2017 10:58 am
Forum: Personal Finance (Not Investing)
Topic: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion
Replies: 27
Views: 1980

Re: CPA failed to file an 8606 on a 2014 backdoor Roth IRA conversion

You lost 33% of the $5500, which is $1815. And since this was the CPA's mistake, you shouldn't be charged an extra fee for fixing it if you need the CPA to file the amended return. (You can also do it yourself.) Thank you for your reply Grabiner! Is there a resource on how to do it step by step? Wh...
by jebmke
Sat Mar 25, 2017 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: ACH deposits on weekends?
Replies: 10
Views: 747

Re: ACH deposits on weekends?

wow, that is pretty remarkable service. Do these VG transactions to your checking account involve actual sale of fund shares? Or something else? In February, I initiated a sale of around $9,000 in shares from a TRowePrice fund. Took a full four days for the money to hit my checking account! Last ti...
by jebmke
Sat Mar 25, 2017 8:02 pm
Forum: Investing - Theory, News & General
Topic: Does your asset allocation derate tax-deferred holdings to account for future tax liability?
Replies: 96
Views: 2994

Re: Does your asset allocation derate tax-deferred holdings to account for future tax liability?

I don't adjust anything. Who knows, by then I might just decide to give it all away anyway.
by jebmke
Sat Mar 25, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: ACH deposits on weekends?
Replies: 10
Views: 747

Re: ACH deposits on weekends?

for the last year or so I have found that my ACH transactions always complete within one day. If I submit a transaction to VG or my savings bank in the morning, the funds hit my checking account the next day.
by jebmke
Sat Mar 25, 2017 4:24 pm
Forum: Investing - Theory, News & General
Topic: "Find out if your [Vanguard] fund is declaring a quarterly dividend in June."
Replies: 20
Views: 5049

Re: "Find out if your [Vanguard] fund is declaring a quarterly dividend in June."

fireman44 wrote:Would anyone know how often and when dividends are paid out for Vanguard Target Retirement Funds? Specifically the 2060 fund? ( VTTSX )

It isn't listed in the prospectus? If not, the history will show on the Vanguard site - that will be a pretty good predictor.
by jebmke
Sat Mar 25, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-B Gain or loss "(not reported to the IRS)"
Replies: 7
Views: 349

Re: Form 1099-B Gain or loss "(not reported to the IRS)"

How does the IRS confirm my reported basis in a case like this in which the mutual fund company does not report this information? If they decide they don't like you, they will either audit your return or send you a letter asking you to support the number you provide voluntarily. I'm not sure why T....
by jebmke
Sat Mar 25, 2017 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-B Gain or loss "(not reported to the IRS)"
Replies: 7
Views: 349

Re: Form 1099-B Gain or loss "(not reported to the IRS)"

Matahari wrote:How does the IRS confirm my reported basis in a case like this in which the mutual fund company does not report this information?

If they decide they don't like you, they will either audit your return or send you a letter asking you to support the number you provide voluntarily.
by jebmke
Sat Mar 25, 2017 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: How did you do your income taxes?
Replies: 96
Views: 3611

Re: How did you do your income taxes?

H&R Block 2016 Deluxe Federal + State: Direct download from H&R Block for $31.98 in late October. I needed to get it as soon as it was available in order to run the numbers. I couldn't find a way in the Deluxe Edition to do a "capital loss carryover". Maybe next year I need to go ...
by jebmke
Fri Mar 24, 2017 4:40 pm
Forum: Investing - Help with Personal Investments
Topic: 401k Rollover
Replies: 5
Views: 160

Re: 401k Rollover

ellwood wrote:It was invested in VG Index funds 40/60 ratio.

Unless something fundamental has changed in your situation, I'd just put it back to where it was.
by jebmke
Fri Mar 24, 2017 4:11 pm
Forum: Investing - Help with Personal Investments
Topic: 401k Rollover
Replies: 5
Views: 160

Re: 401k Rollover

What was it invested in before you rolled it over?
by jebmke
Fri Mar 24, 2017 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: VALIC refusing to send 1099-R
Replies: 2
Views: 325

Re: VALIC refusing to send 1099-R

If this was a transfer of the IRA from one custodian to another custodian, a 1099-R is not issued and this activity is not reported on your tax return, even as a "rollover."
by jebmke
Fri Mar 24, 2017 7:07 am
Forum: Investing - Help with Personal Investments
Topic: 100% stocks w/pension?
Replies: 36
Views: 3653

Re: 100% stocks w/pension?

I agree. This far out I wouldn't assume the pension is a sure thing. I have a pension from a private company. I start drawing next year. It is well funded but when I was 35 I excluded the pension from my retirement planning.
by jebmke
Fri Mar 24, 2017 6:34 am
Forum: Personal Finance (Not Investing)
Topic: Questions about itemizing state income taxes and about foreign tax credit carry forward
Replies: 7
Views: 400

Re: Questions about itemizing state income taxes and about foreign tax credit carry forward

I'd prefer to use sales tax to avoid doing the wksht. Looks pretty simple. Actually, this worksheet is a bit more comprehensive and does all the calculations for you. http://cotaxaide.org/tools/Refund%20Calculator.html I haven't checked my current version of HRBlock but some software has a workshee...
by jebmke
Thu Mar 23, 2017 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about itemizing state income taxes and about foreign tax credit carry forward
Replies: 7
Views: 400

Re: Questions about itemizing state income taxes and about foreign tax credit carry forward

dbltrbl wrote:If you used itemized deductions this year you will may pay income tax on tax refund next year. If you use standard deduction you will not pay any tax on refund.
by jebmke
Thu Mar 23, 2017 4:58 pm
Forum: Investing - Help with Personal Investments
Topic: Why did my fund GO UP so much?
Replies: 33
Views: 2627

Re: Why did my fund GO UP so much?

Really good day!
by jebmke
Thu Mar 23, 2017 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Reimburse Medical Expenses in "Arrears" with HSA?
Replies: 25
Views: 1085

Re: Reimburse Medical Expenses in "Arrears" with HSA?

Personally, I would do whatever it took to maximize the HSA contribution. IMO, HSA is as close as it gets to legal money laundering.
by jebmke
Wed Mar 22, 2017 5:01 pm
Forum: Personal Finance (Not Investing)
Topic: Enrolled Agent or CPA for current issues
Replies: 20
Views: 1035

Re: Enrolled Agent or CPA for current issues

For amendments, I would go back to whoever filed your taxes. They would normally have all your information in their tax software. Preparing an amendment is quite simple -- especially if done on the software where the original return was done. For 2016 you need to get a corrected W2 from the employer...

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