Search found 5118 matches

by pshonore
Fri Feb 24, 2017 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Filing For Extension?
Replies: 8
Views: 191

Re: Filing For Extension?

You can use most software (Turbo Tax as an example) to file the extension and schedule any necessary payment. You do need a good estimate of tax liability though.
by pshonore
Fri Feb 24, 2017 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 958

Re: Credit Card Points After Death

What happens if the card issuer is not informed of the death? I "pay" some bills by an automatic CC charge (Netflix, cable, insurance, etc.). The CC also gets paid via auto-payment from a joint checking account. As long as there's money going into the checking account, I would think that ...
by pshonore
Fri Feb 24, 2017 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 958

Re: Credit Card Points After Death

What happens if the card issuer is not informed of the death? I "pay" some bills by an automatic CC charge (Netflix, cable, insurance, etc.). The CC also gets paid via auto-payment from a joint checking account. As long as there's money going into the checking account, I would think that ...
by pshonore
Fri Feb 24, 2017 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card Points After Death
Replies: 15
Views: 958

Re: Credit Card Points After Death

What happens if the card issuer is not informed of the death? I "pay" some bills by an automatic CC charge (Netflix, cable, insurance, etc.). The CC also gets paid via auto-payment from a joint checking account. As long as there's money going into the checking account, I would think that c...
by pshonore
Fri Feb 24, 2017 8:34 am
Forum: Investing - Help with Personal Investments
Topic: In a bit of a pickle as executor with individual stocks
Replies: 14
Views: 873

Re: In a bit of a pickle as executor with individual stocks

Sorry for your loss. You may be her fiduciary, as such, it is in your best interest to liquidate those holdings. Many of them are not common stocks, instead they are limited partnership units in a master limited partnerships. The main attractant for those who typically speculate in such entities is...
by pshonore
Thu Feb 23, 2017 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing for a recent college grad
Replies: 15
Views: 814

Re: Tax filing for a recent college grad

I will add one caveat to all of the good advice above. She needs to be clear on the dependency status. Whether or not her parent DOES claim her is not the issue. It is based on whether she QUALIFIES as a dependent or not that counts. If she qualifies, even if her mother doesn't claim her, she still...
by pshonore
Thu Feb 23, 2017 10:45 pm
Forum: Investing - Help with Personal Investments
Topic: Recharacterization Roth conversion
Replies: 10
Views: 587

Re: Recharacterization Roth conversion

Thanks, yes I am aware but I also cashed in some non-retirement stock funds and therefore wanted to stay under 15% so no tax on Capitol gains. I still cannot figure out how to,reflect recharacterization on turbotax. I went to IRS today and three people there didn't know but they finally decided I h...
by pshonore
Thu Feb 23, 2017 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: IRS share federal tax information with states?
Replies: 7
Views: 736

Re: IRS share federal tax information with states?

My understanding is the Feds can cut a file for all returns with CT as a "wage state" on the W2. Connecticut can then check to see who "forgot" to file a CT return
by pshonore
Thu Feb 23, 2017 11:13 am
Forum: Personal Consumer Issues
Topic: Best fencing for a dog
Replies: 35
Views: 1522

Re: Best fencing for a dog

Echoing what other have said. Off leash obedience is a pretty basic task that would not be very difficult to train and does not require shocking your dog. Objectively, shocking your dog is not an effective training method. It's also illegal in many countries because it's inhumane and ineffective. J...
by pshonore
Wed Feb 22, 2017 5:48 pm
Forum: Personal Consumer Issues
Topic: Best fencing for a dog
Replies: 35
Views: 1522

Re: Best fencing for a dog

I've had an Innotek invisible fence that I've used with several dogs over almost 25 years. Its buried an inch or so deep where people walk, cut grass, etc. but no need to bury in the woods as it gets covered by leaves, weeds and debris quickly. I do check the collars EVERY day for a flashing green l...
by pshonore
Wed Feb 22, 2017 3:27 pm
Forum: Investing - Theory, News & General
Topic: Carry forward loss / tax loss harvesting (TLH) question
Replies: 3
Views: 306

Re: Carry forward loss / tax loss harvesting (TLH) question

Just look at lines 6,7 and 14,15 of Sched D. Thats where it happens.
by pshonore
Wed Feb 22, 2017 1:09 pm
Forum: Investing - Help with Personal Investments
Topic: Roth vs Traditional IRA contribution pending a recharacterization
Replies: 3
Views: 190

Re: Roth vs Traditional IRA contribution pending a recharacterization

There really is no 20% bracket unless you're talking about the increased cap gain tax on high earners. The normal brackets are 15% and 25% for ordinary income; 0% for cap gains falling in the 15% bracket limits and 15% for cap gains that are above the 15% bracket limits (until you get to the magic 2...
by pshonore
Wed Feb 22, 2017 10:26 am
Forum: Investing - Help with Personal Investments
Topic: Recharacterization Roth conversion
Replies: 10
Views: 587

Re: Recharacterization Roth conversion

Contact your custodian and request the recharacterization. Prepare your 2016 return as though the recharacterization was done in 2016, in effect telling the software you recharacterized $X. IMPORTANT: be sure to attach an explanation showing what you've done. You will get an additional 1099R in Jan ...
by pshonore
Tue Feb 21, 2017 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Loss Carryover Question
Replies: 3
Views: 216

Re: Capital Loss Carryover Question

Briefly, my question is can you skip years using up a capital loss carryover? More detail: In 2015, we had capital losses of -$4957 (line 16 on Schedule D). We used -$3000 on our 2015 taxes (line 21 on Schedule D). Our carryover is -$1957. In 2016, we had capital losses of -$2972 (line 16 on Schedu...
by pshonore
Tue Feb 21, 2017 12:26 pm
Forum: Personal Consumer Issues
Topic: Which puppy to buy: golden retriever or labrador retriever?
Replies: 118
Views: 5894

Re: Which puppy to buy: golden retriever or labrador retriever?

As many others have noted, you would be well-served by consulting a rescue organization for goldens or labs -- those groups are plentiful, and good rescues have established foster parents who can give you ample background about the dog, his/her tolerance for cats, etc. This is actually a MUCH safer...
by pshonore
Tue Feb 21, 2017 10:59 am
Forum: Personal Consumer Issues
Topic: Which puppy to buy: golden retriever or labrador retriever?
Replies: 118
Views: 5894

Re: Which puppy to buy: golden retriever or labrador retriever?

Our lab managed to get into the bathroom, knock something into the sink causing the drain plug to go down and then flipped the water lever up. Flooded the finished basement and the carpet in the whole house had to be replaced. Don't ask my why my dad didn't make sure the sinks had overflow drains, ...
by pshonore
Tue Feb 21, 2017 8:49 am
Forum: Personal Consumer Issues
Topic: Which puppy to buy: golden retriever or labrador retriever?
Replies: 118
Views: 5894

Re: Which puppy to buy: golden retriever or labrador retriever?

English Pointer - (not be confused with GSP). All the great benefits of a Sporting breed. NO grooming required.
Excellent family dogs. There's a reason why they are the symbol of the Westminster Kennel Club

http://eastconn.com/dogs/VictorandMarg.JPG
http://eastconn.com/dogs/makemyday.jpg
by pshonore
Mon Feb 20, 2017 11:54 am
Forum: Personal Finance (Not Investing)
Topic: Tax prep training recommendations?
Replies: 14
Views: 921

Re: Tax prep training recommendations?

Knowing taxes is only half the battle. The other part is setting the business up, hiring staff and becoming an electronic return originator. There are tons of regulations for compliance to learn (what papers to keep, how long, all the intricacies of EIC including due diligence,) just to name a few....
by pshonore
Mon Feb 20, 2017 11:06 am
Forum: Personal Finance (Not Investing)
Topic: S-Corp owners - which Turbox Tax
Replies: 2
Views: 181

Re: S-Corp owners - which Turbox Tax

All versions (cd/download) of TT will handle an S-Corp K1 form (even Basic).
by pshonore
Mon Feb 20, 2017 10:48 am
Forum: Personal Consumer Issues
Topic: Cost of tax preparation
Replies: 43
Views: 3226

Re: Cost of tax preparation

Thanks to everyone who replied. H&R Block does a lot of simple tax returns. How are they for more complicated ones? HRB does a lot of complicated returns. If you get a preparer who has experience with those, they will probably do just as good a job an anyone else. Don't hesitate to ask the prep...
by pshonore
Mon Feb 20, 2017 10:33 am
Forum: Investing - Help with Personal Investments
Topic: fidelity equivalent of vanguard total international bond index?
Replies: 11
Views: 843

Re: fidelity equivalent of vanguard total international bond index?

If you drop the top line onto the bottom line when they were both in existence, there's not much difference. Looks like about a 5% total return for both
by pshonore
Mon Feb 20, 2017 9:06 am
Forum: Personal Consumer Issues
Topic: Costco: 6 quarts of Mobil 1 $27.99, normally $37.99
Replies: 33
Views: 3120

Re: Costco: 6 quarts of Mobil 1 $27.99, normally $37.99

Anyone's Costco charge them an additional $2.97 for their 6-pak of oil? One annoying thing about Costco is that their manufacturers discounts are applied after tax. So they tax you on the full $37 not the discounted price. That depends on your State Tax regulations. In CT, tax is charged on the net...
by pshonore
Mon Feb 20, 2017 8:38 am
Forum: Personal Consumer Issues
Topic: Costco: 6 quarts of Mobil 1 $27.99, normally $37.99
Replies: 33
Views: 3120

Re: Costco: 6 quarts of Mobil 1 $27.99, normally $37.99

Anyone's Costco charge them an additional $2.97 for their 6-pak of oil? One annoying thing about Costco is that their manufacturers discounts are applied after tax. So they tax you on the full $37 not the discounted price. That depends on your State Tax regulations. In CT, tax is charged on the net...
by pshonore
Sun Feb 19, 2017 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Tax prep training recommendations?
Replies: 14
Views: 921

Re: Tax prep training recommendations?

Knowing taxes is only half the battle. The other part is setting the business up, hiring staff and becoming an electronic return originator. There are tons of regulations for compliance to learn (what papers to keep, how long, all the intricacies of EIC including due diligence,) just to name a few. ...
by pshonore
Sun Feb 19, 2017 6:17 pm
Forum: Investing - Help with Personal Investments
Topic: Investment in Limited Partnership?
Replies: 13
Views: 855

Re: Investment in Limited Partnership?

LPs (especially publicly traded partnerships) can produce some horrible K1s for tax preparation purposes. This causes a couple issues for taxes: 1) You need to wait for your K1 - these usually appear at the end of March - so you only have 15 days to finish preparing your personal tax return usually...
by pshonore
Sun Feb 19, 2017 1:35 pm
Forum: Investing - Theory, News & General
Topic: Boglehead mentality re todays oil price
Replies: 59
Views: 4682

Re: Boglehead mentality re todays oil price

Valuethinker: if the US, India, and China shifted car and rail to electric, and trucks to natural gas, what impact do you think that would have on the price of oil? I.e. oil was mainly used for transportation for ships and air in those markets. And assuming other emerging markets continued as is, t...
by pshonore
Sun Feb 19, 2017 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: UTMA 2016 Filing Question 8949/1099B
Replies: 5
Views: 232

Re: UTMA 2016 Filing Question 8949/1099B

Hi All, We changed the direction of our kids UTMA investments in 2016. We sold the one fund each account held and invested in another fund. We received 1099-B for these. Do we have to file individual returns for the kids for 2016? They were sold at a small loss (about $200 for each account), so if ...
by pshonore
Fri Feb 17, 2017 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: Requesting Social Security retirement benefits to be stopped.
Replies: 4
Views: 586

Re: Requesting Social Security retirement benefits to be stopped.

JGoneRiding wrote:I could be wrong but i thought the pay back option was cut. But she never actually got any benefits! I would speak to a supervisor. Was she working?

No, before FRA, you can still do it within 12 months of starting.
https://www.ssa.gov/planners/retire/withdrawal.html
by pshonore
Fri Feb 17, 2017 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Requesting Social Security retirement benefits to be stopped.
Replies: 4
Views: 586

Re: Requesting Social Security retirement benefits to be stopped.

I believe in order to stop benefits before FRA, it must be within 12 months of when she started collecting and all benefits must be paid back. After FRA, I think you can still stop (suspend) at any time and earn DRCs. Did she ever get any written notification from SS about her benefit amount, etc? T...
by pshonore
Fri Feb 17, 2017 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Withdrawing from HSA to pay for medical bills is as simple as they say?
Replies: 13
Views: 753

Re: Withdrawing from HSA to pay for medical bills is as simple as they say?

Hi all, I have been researching how to withdraw funds from HSA to pay for medical expenses. From my research (and from what others have been telling me), this is as simple as transferring X dollars from your HSA account to a bank account, and be prepared to have receipts/invoices for medical servic...
by pshonore
Fri Feb 17, 2017 12:33 pm
Forum: Personal Consumer Issues
Topic: What to ask puppy breeder?
Replies: 43
Views: 1570

Re: What to ask puppy breeder?

I'm guessing this is a Cavalier/Poodle cross? The problem with "designer" dogs is you're never sure what you're going to get. How about just a plain old Cavelier OR Poodle? Most AKC breeds have what I will call Health Registries. These show common health problems (inherited or otherwise) t...
by pshonore
Fri Feb 17, 2017 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax only reading 1st page of 1099-INT
Replies: 14
Views: 1103

Re: Turbo Tax only reading 1st page of 1099-INT

There are also .txf files which I believe are designed to work with Turbo Tax and possibly other software, although I don't know if the brokers are producing those. I have seen some for K1 forms. Agree its probably better to manually input unless you've got a large numbers of 1099B transactions. Tha...
by pshonore
Fri Feb 17, 2017 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Do we need an agent to buy a home?
Replies: 18
Views: 1197

Re: Do we need an agent to buy a home?

I used an agent to buy my first home (a condo) years ago and realized how useless they are. At some point I can see why they were needed but with the internet I see that as a profession that is going to be extinct or change drastically very soon. They open a door for you and get 6% of the biggest p...
by pshonore
Fri Feb 17, 2017 10:10 am
Forum: Personal Finance (Not Investing)
Topic: 1099s Up for Brokerage
Replies: 5
Views: 385

Re: 1099s Up for Brokerage

I had my 1099 consolidated late last night at Vanguard for my new-style brokerage account, still waiting on Fidelity... Fido says March 3 for mine. I'm guessing some of my Qual Divs are going to ROC instead. Thats ok with me since ROC reduces basis and the increased gain upon sale can be offset by ...
by pshonore
Fri Feb 17, 2017 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Calculator - COLA Adjustment
Replies: 13
Views: 1206

Re: Social Security Calculator - COLA Adjustment

clydewolf wrote:Don't get too excited, the next SS Cola for many folks will go directly to Medicare B premium. This is because the Medicare B premium is increasing faster than the SS Cola.
Quite true. I'll bet the COLA would have to be at least 1.5% - 2% to make everyone "whole"
by pshonore
Fri Feb 17, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Calculator - COLA Adjustment
Replies: 13
Views: 1206

Re: Social Security Calculator - COLA Adjustment

How old are you? For the year you turn 63 and later you get a CPI-U based COLA. For the year you turn 60 and earlier your PIA will be increase based on the National Average Wage Index. For the years you turn 61 and 62 there are no adjustments. SS COLA is actually based on the CPI-W (Urban Wage Earn...
by pshonore
Thu Feb 16, 2017 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: heloc status with no work income
Replies: 9
Views: 603

Re: heloc status with no work income

I think I can sleep very well now. Hate to see anyone get a good night's sleep. :wink: The fun begins when the bank does a full title search on the house. Right now, we're chasing through the weeds because a now defunct mortgage company did not take the lien off the property back in 1983 - 1985 whe...
by pshonore
Wed Feb 15, 2017 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: 401k, Income Taxes, and Moving During Calendar Year
Replies: 15
Views: 391

Re: 401k, Income Taxes, and Moving During Calendar Year

You'll probably pay MA taxes on what your W2 says you earned in MA( as well as investment income, etc while you lived there). I would guess if you front load your contributions, your taxable income will be less for the MA portion
by pshonore
Wed Feb 15, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Tax Prep Software Getting Roth Conversion Worksheet Wrong
Replies: 19
Views: 953

Re: Tax Prep Software Getting Roth Conversion Worksheet Wrong

I'm starting to wonder if HRBlock, Tax Act, and TurboTax simply can't handle this situation. One of HRBlock's help pages says something to this effect: If you inherited a traditional IRA from anyone other than a deceased spouse, you cannot treat the inherited IRA as your own. This means that you ca...
by pshonore
Wed Feb 15, 2017 9:45 am
Forum: Personal Finance (Not Investing)
Topic: UPDATED: Confirmed H&R Block chokes on Line 29
Replies: 20
Views: 2585

Re: UPDATED: Confirmed H&R Block chokes on Line 29

Have you resolved the issue that the policies were not issued your wifes name (or business) and therefore not eligible for the SE health deduction?
by pshonore
Tue Feb 14, 2017 3:24 pm
Forum: Personal Consumer Issues
Topic: Question on car leases
Replies: 12
Views: 779

Re: Question on car leases

How do car leases work in terms of the buy out? Never having had one (I've only financed) but now considering one, I'm most interested in whether the dealer gives the buy-out number up front, or whether it is variable. The residual/buy-out value is set at the inception of the lease. The price of th...
by pshonore
Tue Feb 14, 2017 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Prep Software Getting Roth Conversion Worksheet Wrong
Replies: 19
Views: 953

Re: Tax Prep Software Getting Roth Conversion Worksheet Wrong

It's a 1040A, so I think you mean 11a and 11b. These are $20371 and $17621, respectively. Sounds right to me. The inherited IRA (17538) is 100% taxable. So is $83 of the conversion. Total taxable = 17621 (11b) Total distribution was (17538) + (2833) = 20371 (11a) Inherited IRA makes no difference e...
by pshonore
Tue Feb 14, 2017 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Tax Prep Software Getting Roth Conversion Worksheet Wrong
Replies: 19
Views: 953

Re: Tax Prep Software Getting Roth Conversion Worksheet Wrong

Can you look at Form 1040? What is on line 15a and 15b?
by pshonore
Tue Feb 14, 2017 9:43 am
Forum: Personal Consumer Issues
Topic: Contractors Estimates (accessory dwelling unit). What should we look for?
Replies: 12
Views: 1105

Re: Contractors Estimates (Granny Unit). What should we look for?

Just like buying a used house you should have it in the contract that you have the right to have a home inspector check out the construction several times during the building process. Just knowing that the home will be inspected will likely get your a lot better quality and they will be less likely...
by pshonore
Mon Feb 13, 2017 11:35 am
Forum: Investing - Help with Personal Investments
Topic: Simple Inherited IRA Portfolio
Replies: 25
Views: 1163

Re: Simple Inherited IRA Portfolio

Again, these are not UTMA accounts. This is not money that I am giving to my kids. This is their money that they inherited (don't ask me why my uncle set it up this way, but he did), I am just the custodian. Whether they were left to an already set up UTMA account or these are accounts in their nam...
by pshonore
Mon Feb 13, 2017 10:50 am
Forum: Investing - Help with Personal Investments
Topic: Simple Inherited IRA Portfolio
Replies: 25
Views: 1163

Re: Simple Inherited IRA Portfolio

I was incorrect. I always thought the Kiddie Tax was just on "investment income". While that is true for the vast majority of "Kiddies". pshonore is correct. The Kiddie Tax is on all "unearned income" and that includes retirement income (e.g inherited IRAs) That jogged...
by pshonore
Mon Feb 13, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Late father appears not to have taken RMDs
Replies: 34
Views: 3762

Re: Late father appears not to have taken RMDs

Turns out the CPA has been putting the RMDs from the 1099-R on the Pensions line (16b) rather than IRA distributions (16a). So it looks like amending returns may not be needed after all. At this stage my beef with the CPA is limited to the failure to alert my Dad as to the need to take RMDs from th...
by pshonore
Mon Feb 13, 2017 10:25 am
Forum: Investing - Help with Personal Investments
Topic: Simple Inherited IRA Portfolio
Replies: 25
Views: 1163

Re: Simple Inherited IRA Portfolio

Some tax considerations. Kiddie Tax rules only apply to investment income, not distributions from IRA accounts . Most states exempt some or all IRA distributions from their income taxes. This would mean that it would be best to minimize taxable investment earnings, especially those taxed at ordinar...

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