Search found 185 matches

by markfaix
Sat Apr 21, 2018 10:12 am
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 89
Views: 6071

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

Spectec Not to thread jack, but awhile back you had advocated paper filing over e-filing, for various reasons. If I remember correctly, you felt it reduced audit risk, and you got special permission from the IRS to paper file for your clients. Do you still maintain the same position and practice? Th...
by markfaix
Mon Apr 16, 2018 7:39 am
Forum: Personal Consumer Issues
Topic: Ogden UT/Salt Lake City summer children's activities?
Replies: 8
Views: 564

Ogden UT/Salt Lake City summer children's activities?

In July, DW has a weeklong course at Weber State University in Ogden, UT, outside of Salt Lake City. I'll be tagging along with 2 of our children, ages 8 and 10. Any suggestions on activities for me to do with the kids? Looking mostly for daytime activities. Maybe one overnight trip is possible, but...
by markfaix
Wed Apr 04, 2018 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Maryland 529 College Investment Plans
Replies: 13
Views: 1271

Re: Maryland 529 College Investment Plans

This is a relatively specific question and I'm not sure if anyone will know, but thought I'd ask. I currently have separate 529 College Investment Plans for my 2 children and file my taxes as "Married filing Jointly" with my wife. My understanding of these accounts is that you can deduct up to $250...
by markfaix
Wed Mar 21, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Business Use of Car - Personal Property Tax
Replies: 4
Views: 370

Re: Business Use of Car - Personal Property Tax

If I use the standard mileage deduction for business use of my car, which also has some personal use, am I still allowed to deduct the business use of the personal property tax? I read that the personal property tax could be the sales tax of a newly purchased car. So if I purchased a car in 2017, c...
by markfaix
Mon Mar 19, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: Would you switch investment advisor to save $3000+/yr?
Replies: 24
Views: 3425

Re: Would you switch investment advisor to save $3000+/yr?

Hi MarkFaix, I am curious if you ended up with Derek Tinnin (or if anyone else has used Derek). My wife and I are thinking of going with him. We've been with am AUM advisor and really liked Derek's style and his investment & fee philosophy. Has anyone used him and if so, can you share your experien...
by markfaix
Fri Mar 16, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: HSA family max contribution lowered to $6850 for 2018 [and changed to $6900 again]
Replies: 128
Views: 13754

Re: HSA family max contribution lowered to $6850 for 2018

Hold on. Do NOT rush to remove excess contributions: I do not know of any HSA custodian who doesn't charge to remove excess contributions and their earnings, typically $20 - $25. It is far less expensive to file form 5329 with your 2018 tax return and pay a $50 * 6% = $3 excise tax, stay $50 under ...
by markfaix
Mon Mar 05, 2018 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: How to delete/diminish/replace Quicken and minimize time tracking finances?
Replies: 45
Views: 2663

Re: How to delete/diminish/replace Quicken and minimize time tracking finances?

Based on feedback from DW, I need to spend less time tracking our family's finances and more time/energy with family. I would like to see how other balance their checkbook etc. My current system: * Enter checks into Quicken, reconcile 3-4x/month * Download credit card transactions into Quicken and ...
by markfaix
Mon Mar 05, 2018 4:02 pm
Forum: Personal Finance (Not Investing)
Topic: How to delete/diminish/replace Quicken and minimize time tracking finances?
Replies: 45
Views: 2663

How to delete/diminish/replace Quicken and minimize time tracking finances?

Based on feedback from DW, I need to spend less time tracking our family's finances and more time/energy with family. I would like to see how other balance their checkbook etc. My current system: * Enter checks into Quicken, reconcile 3-4x/month * Download credit card transactions into Quicken and a...
by markfaix
Sun Mar 04, 2018 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: How to handle state taxes for resident who worked out of state
Replies: 5
Views: 470

How to handle state taxes for resident who worked out of state

My son is a Maryland resident who lives with me and DW. Last summer, my son did an internship in Ohio, which does not have reciprocity with Maryland for state taxes. * The physical location of his employment was in Ohio. * His W2 says his employer was based in Maryland. * The home address listed on ...
by markfaix
Sun Mar 04, 2018 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: How to recover 2016 income tax inappropriately withheld?
Replies: 7
Views: 362

Re: How to recover 2016 income tax inappropriately withheld?

Thank you very much! Unfortunately, she did not claim the $1000 paid on her 2016 taxes, so I will help her file a 1040X.
by markfaix
Sun Mar 04, 2018 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: How to recover 2016 income tax inappropriately withheld?
Replies: 7
Views: 362

How to recover 2016 income tax inappropriately withheld?

My mother, a retired federal govt employee, did not pay into Social Security because she was covered by the Civil Service Retirement System (CSRS). Therefore, she does not receive any SS benefit from her work. When my father, a former non-federal employee, passed away a few years back, she applied f...
by markfaix
Mon Feb 05, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: US Citizen working abroad -- how to get US Soc Sec credits?
Replies: 7
Views: 842

Re: US Citizen working abroad -- how to get US Soc Sec credits?

rkhusky wrote:
Mon Feb 05, 2018 11:15 am
Perhaps look at Form 8819 and/or the filing of Self-Employment tax.
Thanks for your reply.

My cousin is an employee, so she would not pay SE tax and form 8819 appears to be for corporations. I'm not aware that an employee could pay SE tax ... how does one do that?
by markfaix
Mon Feb 05, 2018 10:39 am
Forum: Personal Finance (Not Investing)
Topic: US Citizen working abroad -- how to get US Soc Sec credits?
Replies: 7
Views: 842

US Citizen working abroad -- how to get US Soc Sec credits?

My cousin, a US citizen by birth, works in Seoul for Samsung and is paid in Korean currency. She pays only Korean income tax, no US income tax. According to her father, also a US citizen who worked in France, it is possible to accumulate SS credits by the voluntarily paying FICA on foreign earned in...
by markfaix
Tue Jan 09, 2018 1:23 pm
Forum: Personal Consumer Issues
Topic: Men's no iron dress shirt recommendations
Replies: 66
Views: 4613

Men's no iron dress shirt recommendations

Looking for recommendations on men's no iron dress shirts. I wear a blazer and dress shirt to work every day and prefer not to pay for dry cleaning. This is what I've tried. Would appreciate any other suggestions: Nordstrom: excellent for non-solid colors, but solid white/blue shirts wrinkle free la...
by markfaix
Fri Dec 29, 2017 11:18 pm
Forum: Investing - Help with Personal Investments
Topic: S Corp to C Corp for medical/personal service professionals?
Replies: 6
Views: 1087

Re: S Corp to C Corp for medical/personal service professionals?

No medical training here. I run a service corporation. Beta is a reference to market beta. On the distributions question. Yes you would pay 21+24+3.8. My point there is how to minimize distributions while maintaining lifestyle. That is close to the 37% you’d pay as a top tax rate pass thru anyway. ...
by markfaix
Sat Dec 23, 2017 11:20 pm
Forum: Investing - Help with Personal Investments
Topic: S Corp to C Corp for medical/personal service professionals?
Replies: 6
Views: 1087

Re: S Corp to C Corp for medical/personal service professionals?

I’m thinking through this now. Hard to say without running the exact numbers. Here is what I’ve thought about: as S Corp can you break the practice up and have real estate in a pass through or any other potential non-service revenue streams and service revenue in a c? If not then also consider any ...
by markfaix
Sat Dec 23, 2017 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: S Corp to C Corp for medical/personal service professionals?
Replies: 6
Views: 1087

S Corp to C Corp for medical/personal service professionals?

I am the sole owner/employee of an S corp medical practice. As many others do, I pay myself a reasonable salary, about half my S corp income, and take other half as a shareholder's distribution, the latter of which is free of SE tax. I'm trying to get my head around potential benefits, if any, of co...
by markfaix
Sat Dec 23, 2017 12:50 am
Forum: Personal Finance (Not Investing)
Topic: Prepay mortgage vs invest when itemizing in alternate years
Replies: 7
Views: 933

Re: Prepay mortgage vs invest when itemizing in alternate years

I have a 10 year fixed mortgage at 3%, due to be paid off in mid-2022. I am in a 44% marginal tax bracket (high tax state), and I have typically itemized, making an effective mortgage rate of 1.68% (3%*(1-0.56)). So far, I have not prepaid the loan. However, in 2018, I will take the 24k MFJ standar...
by markfaix
Fri Dec 22, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Prepay mortgage vs invest when itemizing in alternate years
Replies: 7
Views: 933

Re: Prepay mortgage vs invest when itemizing in alternate years

Hi Mark: will your mortgage interest be truly fully deductible in 2019? From what I can tell, for the entire mortgage interest payment to provide true tax savings, you have to have other itemized deductions of at least $24,000. Since taxes are capped at $10,000 that suggests that you need charitabl...
by markfaix
Thu Dec 21, 2017 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Prepay mortgage vs invest when itemizing in alternate years
Replies: 7
Views: 933

Prepay mortgage vs invest when itemizing in alternate years

I have a 10 year fixed mortgage at 3%, due to be paid off in mid-2022. I am in a 44% marginal tax bracket (high tax state), and I have typically itemized, making an effective mortgage rate of 1.68% (3%*(1-0.56)). So far, I have not prepaid the loan. However, in 2018, I will take the 24k MFJ standard...
by markfaix
Tue Dec 12, 2017 11:12 pm
Forum: Personal Consumer Issues
Topic: How easy is it to minimize tax liability yourself without a CPA/accountant?
Replies: 26
Views: 2885

Re: How easy is it to minimize tax liability yourself without a CPA/accountant?

Here is a 'gray area' trick that a friend's CPA told me a long time ago. You know you need a disability insurance policy. You know that if the employer pays the premium for it and you need to avail yourself of the policy benefits, then those benefits will be taxable. If you pay the premium yourself...
by markfaix
Wed Nov 22, 2017 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Which HDHP (high deductible health plan) would you choose?
Replies: 5
Views: 522

Re: Which HDHP (high deductible health plan) would you choose?

ILnative wrote:
Wed Nov 22, 2017 11:22 am
are the deductibles embedded? that is important to consider.
Deductibles are embedded
by markfaix
Wed Nov 22, 2017 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Which HDHP (high deductible health plan) would you choose?
Replies: 5
Views: 522

Which HDHP (high deductible health plan) would you choose?

Our Family of 5 (myself, wife, 3 children ages 7-17). I'm self employed and am trying to choose between two HDHPs from the same company. I plan to contribute the maximum amount into the HSA. Wife is anticipating minor surgery next year, estimated out of pocket cost $2000 One child has a chronic medi...
by markfaix
Wed Jul 19, 2017 9:01 pm
Forum: Personal Consumer Issues
Topic: Would you let your teenager spend all his savings on a gaming computer?
Replies: 123
Views: 8855

Would you let your teenager spend all his savings on a gaming computer?

My son, a rising high school junior, has saved $1500 through summer jobs, chores, gifts, etc. He now wants to spend almost all of it on a gaming computer that he plans to build this summer. He has been talking about this for over a year. I am conflicted about whether we should allow him to do this. ...
by markfaix
Tue Mar 14, 2017 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: privacy issues
Replies: 7
Views: 1113

Re: privacy issues

After some research, I was deciding to open a Schwab account, and then ran into the following: 1) I was using Chrome browser and its autofill is on. I was very surprised it kept my DOB / SSN since I always assumed it only keeps phone/address etc. What damage did I potentially do, and what should I ...
by markfaix
Mon Mar 13, 2017 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Quicken's future direction - a cause for concern
Replies: 516
Views: 71289

Re: Quicken's future direction - a cause for concern

Unfortunately, looking at what happened to Quicken and the competing products, there just doesn't seem to be that many that want to track their expenses and investments at that level. Most people get their IRA/401k or whatever statement quarterly, look at it, and then throw it in the trash. Most pe...
by markfaix
Mon Mar 13, 2017 2:39 pm
Forum: Investing - Help with Personal Investments
Topic: Back door Coverdell for higher incomes - [White Coat Investor]
Replies: 4
Views: 750

Re: Back door Coverdell for higher incomes - [White Coat Investor]

ESA expenses can also be lower than a 529. Even Utah's super low cost 529 has higher expenses than can be had in the Vanguard ESA. "Vanguard no longer opens new ESAs (also known as "Coverdell ESAs"), nor do we allow new ESAs to be created with money from an account transfer." https://personal.vangu...
by markfaix
Mon Mar 13, 2017 12:03 pm
Forum: Investing - Help with Personal Investments
Topic: Back door Coverdell for higher incomes - [White Coat Investor]
Replies: 4
Views: 750

Re: Back door Coverdell for higher incomes - [White Coat Investor]

Dr Dahle included in his monthly newsletter, not his website. Here is the relevant portion below. The idea of the S corp is from my reading of the tax code: Tip of the Month This month I thought it would be fun to talk about a Coverdell Education Savings Account, or ESA. This is the little brother o...
by markfaix
Mon Mar 13, 2017 9:26 am
Forum: Investing - Help with Personal Investments
Topic: Back door Coverdell for higher incomes - [White Coat Investor]
Replies: 4
Views: 750

Back door Coverdell for higher incomes - [White Coat Investor]

In the most recent WCI newsletter, Dr Dahle wrote about a backdoor Coverdell if your annual income exceeds the limits to fund one. You can gift the money to your child and have him/her fund the Coverdell from their UTMA. The tax code also allows Coverdell contributions from corporations regardless o...
by markfaix
Thu Feb 02, 2017 12:21 am
Forum: Investing - Theory, News & General
Topic: Does credit risk show up at the wrong time? [A look at 89 years of corporate bond data]
Replies: 42
Views: 4263

Re: Does credit risk show up at the wrong time? [A look at 89 years of corporate bond data]

Lackey and Kevin Yes I am well aware that the higher yield creates bit low duration, and so does the call risk---and thus it understates the credit premium but then overstates the term premium earned by the same bonds. In other words the returns are the same, but where you attribute the return to i...
by markfaix
Wed Feb 01, 2017 5:50 pm
Forum: Investing - Theory, News & General
Topic: Ilmanen/AQR new method (and figures) for stock return forecasts: variants on earnings yield and DDM yield
Replies: 24
Views: 2029

Re: Ilmanen/AQR new method (and figures) for stock return forecasts: variants on earnings yield and DDM yield

markfaix Have it backwards. OIL specifically has been in large CONTANGO for most of the last 8 years or so, and when commodities are in contango they tend to have poor returns---that's simply another version of the carry trade (buy what's cheap and sell what's expensive, with definition being cheap...
by markfaix
Mon Jan 30, 2017 11:08 pm
Forum: Investing - Theory, News & General
Topic: Ilmanen/AQR new method (and figures) for stock return forecasts: variants on earnings yield and DDM yield
Replies: 24
Views: 2029

Re: Ilmanen/AQR new method (and figures) for stock return forecasts: variants on earnings yield and DDM yield

Thank you for posting lack_ey. With your caveats noted in the OP, I'll post the info everyone wants! ;-) Our current estimate for the long-run real return of U.S. equities is 4.2%, somewhat lower than most other developed markets (average 4.6%) and emerging markets (5.4%). Our current estimate for ...
by markfaix
Mon Jan 30, 2017 11:04 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage CD ladders - worth the hassle over bond funds?
Replies: 5
Views: 1424

Re: Brokerage CD ladders - worth the hassle over bond funds?

In a Roth I would look at brokered CD's, if your broker doesn't offer them I would change brokers. Fidelity will setup an entire ladder in 2 clicks, so I'm not sure what the hassle is. That being said, just like bonds / bond etfs, the value on your statement will fluctuate with interest rates. My R...
by markfaix
Mon Jan 30, 2017 10:20 pm
Forum: Investing - Help with Personal Investments
Topic: Brokerage CD ladders - worth the hassle over bond funds?
Replies: 5
Views: 1424

Brokerage CD ladders - worth the hassle over bond funds?

After reading various threads about CDs and posts/columns by Larry Swedroe and other gurus, I started to look into buying brokerage CDs in my Roth IRAs for the fixed income part of my portfolio. I couldn't believe the large number of new issue and secondary market CDs offered! For a goal 10 year CD ...
by markfaix
Wed Jan 25, 2017 8:47 pm
Forum: Investing - Theory, News & General
Topic: Swedroe's guidelines to Bonds
Replies: 113
Views: 11072

Re: Swedroe's guidelines to Bonds

markfaix If going to take corporate risk one place to do it is short end (the other is with fallen angels) where don't have anywhere near the default risk nor the call risk which is asymmetric. The effective yields look effectively the same, so why take the credit risk for very little premium? Larr...
by markfaix
Wed Jan 25, 2017 8:26 pm
Forum: Investing - Theory, News & General
Topic: Swedroe's guidelines to Bonds
Replies: 113
Views: 11072

Re: Swedroe's guidelines to Bonds

Another implementation question: For my 401(k) non-TIPS bond allocation, I'm trying to decide between a CD ladder or the Vanguard short term corporate bond fund (which I know Larry S doesn't fully endorse, but a short end of the spectrum, there does seem to be some benefit). In my 401(k) provider, a...
by markfaix
Sat Jan 21, 2017 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: What do the loading factors in Portfolio Visualizer mean?
Replies: 1
Views: 416

What do the loading factors in Portfolio Visualizer mean?

When you enter a mutual fund on portfoliovisualizer.com, you get an analysis of how much loading the fund gives to beta, size, value, momentum, etc. Newb question: What do the numbers mean? For example, if a fund has a value loading of 0.5, does that mean that the fund captured 50% of the value prem...
by markfaix
Wed Jan 18, 2017 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Would you switch investment advisor to save $3000+/yr?
Replies: 24
Views: 3425

Re: Would you switch investment advisor to save $3000+/yr?

Thanks for the replies so far. Portfolio value is ~1.3MM. Current advisor does TLH, pre-fills RMD/Roth conversion forms for signature. My father is pretty hands off. He basically does whatever the advisor recommends. In 2008, he never once questioned all the rebalancing to the bottom of the bear mar...
by markfaix
Wed Jan 18, 2017 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Would you switch investment advisor to save $3000+/yr?
Replies: 24
Views: 3425

Would you switch investment advisor to save $3000+/yr?

[Please note this topic has been revived a couple years after originally started - moderator prudent] My father, a retired professor and government employee, has invested with the same passive/DFA type investment advisor for 12-15 years. I have some minor disagreements with the advisor -- I prefer ...
by markfaix
Sat Dec 03, 2016 3:06 pm
Forum: Investing - Theory, News & General
Topic: P2P Lending Dead
Replies: 54
Views: 8800

Re: P2P Lending Dead

P2P lending should never be done by individuals IMO, way to much concentration risk and too much asymmetry in information. Now with that said IMO it's an excellent asset class as alternative (not substitute) for safe fixed income. And I personally have a large investment in LENDX fund run by Stone ...
by markfaix
Sat Dec 03, 2016 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: How to dispute bill collector for car rental damages I didn't cause?
Replies: 3
Views: 1771

How to dispute bill collector for car rental damages I didn't cause?

I rented a car from Dollar at O'Hare in August. I returned the car without any damages, as ascertained by a longer than usual walk-around inspection by the return agent. Recently, over 3 months later, I received a letter from Viking Billing Service on behalf of Dollar/Hertz requesting I pay them $30...
by markfaix
Mon Sep 12, 2016 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: S-corp business use of home
Replies: 8
Views: 873

Re: S-corp business use of home

Not an accountant, but I see no problems with having a S-Corp line item for Rent. If you were renting an office building location nobody would bat an eye. Same thing. Just make sure it is fair and reasonable for what you've got. Using the IRS guidelines for how to split this room out of the whole h...
by markfaix
Mon Sep 12, 2016 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: S-corp business use of home
Replies: 8
Views: 873

Re: S-corp business use of home

Deleted for typos
by markfaix
Mon Sep 12, 2016 9:54 am
Forum: Personal Finance (Not Investing)
Topic: S-corp business use of home
Replies: 8
Views: 873

Re: S-corp business use of home

Hi, I have an S-corp in which I am the only employee. I operate out of home. I am operating an 'accountable plan' where I reimburse myself monthly for home office expenses. See here for more info: http://www.watsoncpagroup.com/kb/Pull-Money-Out-of-the-S-Corp-Accountable-Plan_184.html What I am not ...
by markfaix
Mon Sep 05, 2016 12:35 pm
Forum: Investing - Theory, News & General
Topic: Part 2 of series on how frequency of checking values can impact returns
Replies: 22
Views: 3195

Re: Part 2 of series on how frequency of checking values can impact returns

Note you might want to consider a higher tilt to small/value which would allow for an even lower equity allocation. I would suggest you consider the "Larry" portfolio which would allow you to hold say 30% stocks and sleep lot better when the next bear market hits. Congratulations Larry Larry A bit ...
by markfaix
Tue May 17, 2016 3:34 pm
Forum: Investing - Help with Personal Investments
Topic: Negative alpha for AQR momentum funds?
Replies: 3
Views: 515

Re: Negative alpha for AQR momentum funds?

The fund I use is AQMRX and it has huge positive alpha And so does QMHRX, Larry Thanks for replying, Larry. How do you fit managed futures funds like AQMRX and QMHRX with the rest of your portfolio? Also, when I enter the small MOM fund into portfolio visualizer, it says alpha -3%/yr for both FF an...
by markfaix
Tue May 17, 2016 12:28 pm
Forum: Investing - Help with Personal Investments
Topic: Negative alpha for AQR momentum funds?
Replies: 3
Views: 515

Negative alpha for AQR momentum funds?

My 401(k) recently added access to many of the AQR momentum funds, including the domestic, intl and EM momentum and multi-style funds. Because I use a heavy value tilt, I thought this would be a great opportunity to add MOM, which has negative correlation to value but similar expected returns. Howev...
by markfaix
Fri Apr 08, 2016 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: S Corp Owner/Employee Drives For Continuing Education. Business Expenses?
Replies: 7
Views: 791

Re: S Corp Owner/Employee Drives For Continuing Education. Business Expenses?

1. Yes
2. You cannot use the per diem amount if you are the S Corp owner/employee. You can only deduct actual expenses.
3. If per diem were permitted (which is not, see #2), yes, 50% would be disallowed.
by markfaix
Tue Mar 22, 2016 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Prepay mortgage vs invest for 2nd home down payment?
Replies: 6
Views: 1091

Re: Prepay mortgage vs invest for 2nd home down payment?

How much do you have saved toward your purchase so far? If the 3-year mark is important to you (ie, delaying is bad), then I'd go with option 1. Paying off a 3% mortgage early doesn't seem to make much sense to me. We have saved about $35K in a savings accounts for a potential down payment. My conc...
by markfaix
Mon Mar 21, 2016 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: Prepay mortgage vs invest for 2nd home down payment?
Replies: 6
Views: 1091

Prepay mortgage vs invest for 2nd home down payment?

In about 3 years, we plan to buy a 2nd home. This will be a 2nd residential home, not a rental. What do you think is the best way to save for the 2nd home down payment? Current home is worth $300K. Mortgage balance is $140K, at 3% fixed with 7 years left. Marginal tax bracket is 38%. We itemize. Cur...