Search found 3923 matches

by kaneohe
Mon Feb 27, 2017 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 837

Re: Help with 2016 taxes

After a recharacterization, you can possibly do a Roth conversion. There are requirements for that, so don't do a conversion without understanding what you are doing. This would essentially be a so-called Back door Roth IRA conversion which is discussed muchly on the bogleheads.org forum and elsewh...
by kaneohe
Mon Feb 27, 2017 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 837

Re: Help with 2016 taxes

...................................... 4. Wages - Excess Social Security Tax Act says my total social security withholding is over the maximum amount required, and the software applied the difference to reduce my taxable income. How does this happen? Is it an issue the employee can avoid? ............
by kaneohe
Mon Feb 27, 2017 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 837

Re: Help with 2016 taxes

...................................... 4. Wages - Excess Social Security Tax Act says my total social security withholding is over the maximum amount required, and the software applied the difference to reduce my taxable income. How does this happen? Is it an issue the employee can avoid? ............
by kaneohe
Mon Feb 27, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2016 taxes
Replies: 19
Views: 837

Re: Help with 2016 taxes

..................................................... 1. Sale of Mutual Fund Shares For my 1099-B, the software asks if I want to check this option: "Check here to treat gain/loss as ordinary interest income (box 2)" Should I? Box 2 on my 1099-B doesn't say anything about this. It just sa...
by kaneohe
Mon Feb 27, 2017 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about Medicare Part D cost estimates
Replies: 4
Views: 358

Re: Questions about Medicare Part D cost estimates

Are you looking at the insurance company's site or are you getting your numbers from the medicare site? If the latter, and the numbers don't agree, maybe you could sic Medicare on them. They probably won't be pleased that the numbers are not accurate if it's because they are supplied bad info. My nu...
by kaneohe
Mon Feb 27, 2017 8:49 am
Forum: Personal Finance (Not Investing)
Topic: tax calculators don't agree!
Replies: 6
Views: 611

Re: tax calculators don't agree!

Never used efile.com either. Perhaps try a few others and take the majority vote. Have used mostly Taxcaster and the HR Block calculator and they generally agree (except when one has a boo boo that eventually gets fixed). Do you have a capital loss carryover? If possible, compare intermediate result...
by kaneohe
Sat Feb 25, 2017 12:08 pm
Forum: Investing - Help with Personal Investments
Topic: Need Help with iBonds Tax Question
Replies: 3
Views: 483

Re: Need Help with iBonds Tax Question

I'm assuming you mean START paying taxes on bonds held in one name in one tax yr and then start paying on bonds held in the other name the following yr so as to split the big lumps of accrued interest into separate yrs? Don't know for sure but it reminds me of IRAs which are handled separately even ...
by kaneohe
Fri Feb 24, 2017 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Worksheet Question
Replies: 5
Views: 317

Re: Tax Worksheet Question

Agree w/ Huey. There are 2 components of tax in the wksht. QDIV/LTCG of 16K is taxed at 15% for tax of 2400 on line 20.
The rest of the taxable income 125.4K has a tax of 22938 on line 24.
by kaneohe
Thu Feb 23, 2017 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to report 1099B cost basis discrepancy on non-covered shares?
Replies: 22
Views: 1300

Re: How to report 1099B cost basis discrepancy on non-covered shares?

............................................ Would using a code "B" really raise a red flag saying "audit me"? I ask because before covered shares, we were always reporting a "trust me, I'm correct" basis on our (uncovered) transactions. So should not an uncovered tran...
by kaneohe
Wed Feb 22, 2017 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: How to report 1099B cost basis discrepancy on non-covered shares?
Replies: 22
Views: 1300

Re: How to report 1099B cost basis discrepancy on non-covered shares?

[............................................ Not completely. You can ignore the 1099B cost basis and use your own records, but you have to inform the IRS that you did that. Now the question is how. I use H&R Block for my tax software. In the software, for each capital sale there are 2 question...
by kaneohe
Wed Feb 22, 2017 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: I didn't report 1099-G?
Replies: 15
Views: 957

Re: I didn't report 1099-G?

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

check out instructions/wksht for line 10 onp.24. not all of refund may be reportable or all may be
by kaneohe
Tue Feb 21, 2017 11:41 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement and LTCG help please
Replies: 14
Views: 781

Re: Retirement and LTCG help please

So am I reading this right, if our income is 27.3K (40K minus standard deduction of 12.7 K)that to stay in the 15% category of 75K or so you are entitled only to add LTCG amount of the difference between income and 75K ? That is 75K -27.3K = 47.7K. ........................... don't forget the exemp...
by kaneohe
Tue Feb 21, 2017 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Specified ID Shares and Older VG Accounts/Purchases
Replies: 9
Views: 481

Re: Specified ID Shares and Older VG Accounts/Purchases

............................................. Questions: ======== 1)Can I simply list the 'correct' basis in my tax return per my records and ignore the erroneous cost basis/dates VG is providing me? 2)Should I *NOT* select adjustment code 'B' on my return (1099-B Basis Reported Incorrect) since ba...
by kaneohe
Tue Feb 21, 2017 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Help please on estimated tax payments
Replies: 4
Views: 410

Re: Help please on estimated tax payments

........................................ 3. This is for CA residents: CA asked for three payments instead of four by IRS, but CA's form has four payment days... What gives? got confused. thanks in advance! CA used to be like federal requesting 4 = payments "quarterly". Then when times got...
by kaneohe
Tue Feb 21, 2017 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: How to report 1099B cost basis discrepancy on non-covered shares?
Replies: 22
Views: 1300

Re: How to report 1099B cost basis discrepancy on non-covered shares?

[............................................ Not completely. You can ignore the 1099B cost basis and use your own records, but you have to inform the IRS that you did that. Now the question is how. I use H&R Block for my tax software. In the software, for each capital sale there are 2 question...
by kaneohe
Tue Feb 21, 2017 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: How to report 1099B cost basis discrepancy on non-covered shares?
Replies: 22
Views: 1300

Re: How to report 1099B cost basis discrepancy on non-covered shares?

I probably would put the original purchase date, rather than the admiral conversion date. In the old days before covered shares came along, if you were selling specific shares, you were supposed to specify the shares at time of sale and get a timely verification from broker in writing of those speci...
by kaneohe
Mon Feb 20, 2017 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: Another IRS Form 1116 (Foreign Tax Credit) Question
Replies: 6
Views: 481

Re: Another IRS Form 1116 (Foreign Tax Credit) Question

from the instructions for line 3b: Line 3b. Enter on line 3b any other deductions that don't definitely relate to any specific type of income (for example, the deduction for alimony paid from Form 1040, line 31a). ******************************************************* Since the HSA deduction is in ...
by kaneohe
Mon Feb 20, 2017 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Taxes in a community property state
Replies: 5
Views: 287

Re: Taxes in a community property state

http://www.planotaxprep.com/married-filing-separately-in-texas/ http://budgeting.thenest.com/can-married-couples-residing-texas-file-separate-tax-returns-33957.html These links are specifically about TX. Note that even the wages are split 50-50 which is good since it reduces taxes. You allude to th...
by kaneohe
Sun Feb 19, 2017 9:15 pm
Forum: Investing - Theory, News & General
Topic: Great CD Promo! Andrews FCU 84 mo 3.01%
Replies: 184
Views: 22946

Re: Great CD Promo! Andrews FCU 84 mo 3.01%

I have a question about adding a beneficiary and wondered whether anyone can help me. As I understand, if you add an beneficiary to a individual account, your NCUA insurance coverage increases to $500,000. But does the coverage requires the beneficiary must be a member of the credit union as well? ...
by kaneohe
Sun Feb 19, 2017 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Tax credit for disabled child
Replies: 6
Views: 479

Re: Tax credit for disabled child

The benefit is that you can claim the disabled child as a dependent. As mentioned previously, that does not give you any added benefits when the child is young but when the child ages out of the dependent category (either as student or non-student) , you may still be able to claim as dependent if th...
by kaneohe
Sun Feb 19, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Is it worth filing an amended tax return?
Replies: 18
Views: 1173

Re: Is it worth filing an amended tax return?

Did not see that form in the list of available forms. Easy enough to download the paper form and file tho. The small return is matched by the small effort so I would do it. For 10 min of work and first class postage, a fair return if you measure by units/hr. return.
by kaneohe
Sun Feb 19, 2017 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Please help me with Tax / form 8606 adjustment!
Replies: 21
Views: 1477

Re: Please help me with Tax / form 8606 adjustment!

I think it may affect your 2016 return a little. from https://www.irs.gov/pub/irs-pdf/p590a.pdf Withdrawal of excess contributions. For purposes of determining excess contributions, any contribution that is withdrawn on or before the due date (including exten- sions) for filing your tax return for ...
by kaneohe
Sat Feb 18, 2017 9:07 am
Forum: Personal Finance (Not Investing)
Topic: No need to amend 2015 federal return?
Replies: 3
Views: 397

Re: No need to amend 2015 federal return?

Not many eligible for this Saver's Credit but if you are, if you used tax software, it may or may not know that you contributed to a retirement plan.
https://www.irs.gov/uac/save-twice-with-the-savers-credit
by kaneohe
Fri Feb 17, 2017 11:51 pm
Forum: Investing - Help with Personal Investments
Topic: Interest on EE Bonds
Replies: 4
Views: 525

Re: Interest on EE Bonds

https://www.treasurydirect.gov/indiv/research/articles/res_invest_articles_mud_0105.htm

I think they stop earning interest at maturity. You are responsible for paying taxes for the yr they mature.
Not aware of any way to avoid paying taxes.
by kaneohe
Fri Feb 17, 2017 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: What is my Roth IRA basis?
Replies: 3
Views: 455

Re: What is my Roth IRA basis?

https://www.irs.gov/pub/irs-pdf/i8606.pdf For a more comprehensive view, see the instructions for lines 22 & 24 of the F8606. Basically you have contribution basis........how much did you make in original contributions to the Roth; you also have conversion basis.......how much did you convert t...
by kaneohe
Thu Feb 16, 2017 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tracking TIRA basis
Replies: 3
Views: 219

Re: Tracking TIRA basis

It is not clear to me if you are asking about keeping track of basis in the TIRA (as in the title) or basis in the Roth (as suggested in your discussion). I'm assuming it's the latter. Not all withdrawals from Roth are penalty or tax-free. see this table about withdrawals from Roth IRAs. http://fair...
by kaneohe
Wed Feb 15, 2017 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: Adult Child 18 + SSI + 529
Replies: 32
Views: 1621

Re: Adult Child 18 + SSI + 529

Kaneohe, You said the child is a "young adult." if she is at least 19, and receiving a disability related payment from Social Security, there are three possibilities: Social Security Disability Insurance benefits (SSDI, or DI); Supplemental Security Income (SSI), or what's called Childhoo...
by kaneohe
Wed Feb 15, 2017 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth Form 8606 Question
Replies: 6
Views: 410

Re: Backdoor Roth Form 8606 Question

no other TIRAs?
by kaneohe
Wed Feb 15, 2017 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for custodial account for minor child
Replies: 5
Views: 419

Re: Taxes for custodial account for minor child

You are correct about not having to file. A situation where you might want to file even tho you don't have to:

1) If your son ever does take you up on your offer of earned income and his employer withholds tax to limit his spending money,
then you might want to file to get that money back.
by kaneohe
Wed Feb 15, 2017 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: Never-Ending Foreign Tax Credit Problem
Replies: 33
Views: 2410

Re: Never-Ending Foreign Tax Credit Problem

............................. But what I am really looking for is someone who has been able to get out of the situation of ever-increasing foreign tax credit carryforwards. Please comment on that aspect only. ...................................... When I first retired, I had relatively low income a...
by kaneohe
Wed Feb 15, 2017 9:46 am
Forum: Investing - Help with Personal Investments
Topic: Cost basis of fractional shares for ACAT transfer?
Replies: 8
Views: 364

Re: Cost basis of fractional shares for ACAT transfer?

I................................. But what is the cost basis and purchase date of the combined shares that are composed of several fractions? For example: Jan 1, DRI results in 0.5 shares at $1 per share Feb 1, DRI results in 0.4 shares at $2 per share March 1, DRI results in 0.3 shares at $3 per ...
by kaneohe
Wed Feb 15, 2017 8:56 am
Forum: Investing - Help with Personal Investments
Topic: Never-Ending Foreign Tax Credit Problem
Replies: 33
Views: 2410

Re: Never-Ending Foreign Tax Credit Problem

................................ The allowable foreign tax credit is only for the percentage of foreign income to total worldwide income. For example, if I have foreign income from my VG fund of $1000 and $10,000 in total income from my VG funds (the other $9000 from the US), that means only 10% (1...
by kaneohe
Wed Feb 15, 2017 8:33 am
Forum: Personal Consumer Issues
Topic: How do you handle switching your handbag?
Replies: 62
Views: 3628

Re: How do you handle switching your handbag?

This woman's purse/handbag stuff has always completely mystified me. ....................... She seems to have an ungodly number of smaller bags that magically fit inside it. I got a new wallet 5 years ago. I "packed" it once when I moved my stuff into it, it took 2 minutes. I can't imagi...
by kaneohe
Wed Feb 15, 2017 12:50 am
Forum: Personal Finance (Not Investing)
Topic: Cost basis reporting
Replies: 15
Views: 515

Re: Cost basis reporting

......................................... How do you determine the ST cap gain. VG doesn't differentiate the amount of stock that is ST. Go back to records and do from there? Is this something my accountant should be familiar with? Thanks for the help ST shares would have been held < 1 yr. so they ...
by kaneohe
Wed Feb 15, 2017 12:37 am
Forum: Personal Finance (Not Investing)
Topic: Cost basis reporting
Replies: 15
Views: 515

Re: Cost basis reporting

So I added up the reports cost basis and then added up my cost basis from original purchase date until Dec 2011. It is within 2 dollars of what VG reports on my actual account info. So it looks like the reported basis on the 1099 B is correct for all my covered shares . ...............................
by kaneohe
Wed Feb 15, 2017 12:21 am
Forum: Personal Finance (Not Investing)
Topic: Cost basis reporting
Replies: 15
Views: 515

Re: Cost basis reporting

https://www.irs.gov/instructions/i8949/ch02.html "Stock acquired on various dates. If you sold a block of stock (or similar property) that you acquired through several different purchases, you may report the sale on one row and enter “VARIOUS” in column (b). However, you still must report the s...
by kaneohe
Wed Feb 15, 2017 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Cost basis reporting
Replies: 15
Views: 515

Re: Cost basis reporting

If these are non-covered shares purchased before 2012?, then VG will not report basis to IRS. You will. You can report on 8949 by sale date w/ description VARIOUS for buy date so only 1 line item if you sold all on the same date. These would be long term, no basis reported to IRS. You may have some ...
by kaneohe
Sun Feb 12, 2017 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Adult Child 18 + SSI + 529
Replies: 32
Views: 1621

Re: Adult Child 18 + SSI + 529

I............................................... These things can be complicated and easily confusing. One letter added or left out in the acronym can make things even more confusing. ................................. Made my day.......now I don't feel so bad :happy ********************************...
by kaneohe
Sun Feb 12, 2017 1:38 pm
Forum: Investing - Help with Personal Investments
Topic: Unqualified Roth distributions after age 59.5
Replies: 10
Views: 526

Re: Unqualified Roth distributions after age 59.5

http://fairmark.com/forum/read.php?2,63970 This link has a wonderful table by kawill . The relevant section for your question is **************************************************************************************** OVER AGE 59.5 LESS THAN FIVE YEARS SINCE OPENING FIRST ROTH IRA Contributions: Ta...
by kaneohe
Sun Feb 12, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Adult Child 18 + SSI + 529
Replies: 32
Views: 1621

Re: Adult Child 18 + SSI + 529

According to the IRS Pub 4012 page C-3 (in the footnote section), benefits provided by the state to a needy person are generally considered support provided by the state. IOW, such benefits are not considered support provided by the person one tries to claim as a qualifying child/relative. State pr...
by kaneohe
Sun Feb 12, 2017 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Adult Child 18 + SSI + 529
Replies: 32
Views: 1621

Re: Adult Child 18 + SSI + 529

sorry if this is a hijack but I wanted to learn more about SSI. Originally I thought it was for low income and SSDI was for disability. A Google search, however seems to indicate that both are for disability, but SSI has a needs test and SSDI needs some previous work history. Any other important thi...
by kaneohe
Sat Feb 11, 2017 12:59 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question...Confusion about form 8949 (easily confused about taxes)
Replies: 10
Views: 732

Re: Tax Question...Confusion about form 8949 (easily confused about taxes)

Did you see this instruction on F8949? Note: You may aggregate all long-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required. Enter the totals directly on Schedule D, line 8a; you aren't required to report these transac...
by kaneohe
Fri Feb 10, 2017 8:52 pm
Forum: Investing - Help with Personal Investments
Topic: Another Roth IRA conversion question
Replies: 2
Views: 261

Re: Another Roth IRA conversion question

The basis of a TIRA includes only non-deductible contributions which are tracked on Form 8606. The basis of a taxable account includes investments you make and reinvestments of dividends/capital gains (distributions) that you make. It would seem that keeping cost basis data for a TIRA like you keep ...
by kaneohe
Fri Feb 10, 2017 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Yr. End Dividends, Foreign Tax, and 1099-DIV
Replies: 6
Views: 590

Re: Yr. End Dividends, Foreign Tax, and 1099-DIV

Huey........thanks for the note. Might have not noticed the additional comments otherwise. Might call them again and make sure I understood
and perhaps why they added to dividends but not to FTP.
by kaneohe
Fri Feb 10, 2017 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Yr. End Dividends, Foreign Tax, and 1099-DIV
Replies: 6
Views: 590

Re: Yr. End Dividends, Foreign Tax, and 1099-DIV

Huey...........thanks for applying your gray matter to this..........I got my 1099 early when I called them to inquire about when the mailing was going to be and the rep was sympathetic enough to offer an early mailing. From the 1099 numbers: Total (gross) dividend = 0.1403004/sh CG = 0 FTP = 0.0083...
by kaneohe
Fri Feb 10, 2017 8:43 am
Forum: Investing - Help with Personal Investments
Topic: LTCG
Replies: 5
Views: 512

Re: LTCG

Here's a picture from tfb that may help: https://thefinancebuff.com/fiscal-cliff-deal-and-dividends-and-capital-gains.html The LTCG/QDIV income is considered sitting on top of the other income. The deductions/exemptions come out of the bottom stack of income creating your taxable income. The tax on ...
by kaneohe
Thu Feb 09, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Yr. End Dividends, Foreign Tax, and 1099-DIV
Replies: 6
Views: 590

Yr. End Dividends, Foreign Tax, and 1099-DIV

I am used to having dividends on the 1099-DIV being higher than the yr.end statement dividends by the amount of the foreign tax and don't recall being surprised by the 1099. Today I received a 1099-DIV where the amount on the 1099 exceeds the yr. end statement dividends plus the foreign tax. Does th...
by kaneohe
Tue Feb 07, 2017 9:42 am
Forum: Personal Consumer Issues
Topic: Insights for Long Distance Grandparents
Replies: 23
Views: 1270

Re: Insights for Long Distance Grandparents

Congratulations on your new elevated status in life! Warning: Prepare to have your heart stolen :happy We were promoted from geezers to grandparents so the change was even more appreciated. We were fortunate that the grandmothers' offer to babysit was accepted so each set of grandparents drove or fl...
by kaneohe
Mon Feb 06, 2017 9:10 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Loss Harvesting--Carry Forward
Replies: 6
Views: 638

Re: Tax Loss Harvesting--Carry Forward

Yes, you have to apply the loss each yr. However, note that applying (or using) the loss does not necessarily mean that you lose it. See the wksht on p. D11 in the Sch D instructions. If your income is very low such that your AGI less deductions (but not exemptions) is very low (esp. if negative), i...

Go to advanced search