Search found 4077 matches

by pshonore
Fri Feb 05, 2016 8:49 am
Forum: Personal Finance (Not Investing)
Topic: file for social security so wife can get widow benefit?
Replies: 7
Views: 561

Re: file for social security so wife can get widow benefit?

Yes, she can get a widows benefit when you pass. It would generally be equal to what you were receiving or would have received if you had filed. There will be a reduction if she files for it before she reaches FRA (age 66). Have you considered doing a file and suspend? She could collect a spousal be...
by pshonore
Thu Feb 04, 2016 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Payments and Capital Gains
Replies: 24
Views: 1908

Re: Estimated Tax Payments and Capital Gains

If you had only one year where you had a large bump in income, you do the Safe Harbor for that year only. The following year you go back to the 90%/$ 1000 rule. If you don't, then you're correct; that results in a large overpayment. You usually don't sail into Safe Harbor when your income drops. Th...
by pshonore
Thu Feb 04, 2016 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Tax Payments and Capital Gains
Replies: 24
Views: 1908

Re: Estimated Tax Payments and Capital Gains

If this starts coming up often for you, you may want to consider tracking your income a bit closer and using the Annualized Income Installment Method at the end of the year to demonstrate that you didn't make the income evenly throughout the year and thus avoid the penalty. I used to just do Safe H...
by pshonore
Thu Feb 04, 2016 2:18 pm
Forum: Investing - Help with Personal Investments
Topic: Teacher's Retirement
Replies: 12
Views: 1236

Re: Teacher's Retirement

So if one pays out of the MM fund, then it is like a $19K additional contribution to a retirement plan, though not tax-deductible and does not create future tax-free income like a contribution to a Roth IRA ... unless one is in a very low income tax-bracket. Furthermore, does the pension go away up...
by pshonore
Thu Feb 04, 2016 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited a home, any tax benefits?
Replies: 30
Views: 1220

Re: Inherited a home, any tax benefits?

I have no idea how widespread this benefit may be in various jurisdiction, but this is the kind of "issue" I was referring to in a previous post. In my local jurisdiction, "Seniors" ( I think when one or both spouses, etc. are above 60 or 65), there is either a complete exemptio...
by pshonore
Thu Feb 04, 2016 1:54 pm
Forum: Personal Consumer Issues
Topic: Am I Over Insuring My House?
Replies: 16
Views: 1528

Re: Am I Over Insuring My House?

After the initial shock, they've regrouped. To be honest, they've made out like bandits. I'm not sure if they were extremely overinsured, but from a financial sense this was a windfall. I thought that insurance companies only paid the actual cost to rebuild even if you were way overinsured? For exa...
by pshonore
Thu Feb 04, 2016 1:47 pm
Forum: Personal Consumer Issues
Topic: Am I Over Insuring My House?
Replies: 16
Views: 1528

Re: Am I Over Insuring My House?

My guess is your vehicles are not covered by Homeowners insurance, but would be covered by Comprehensive coverage on a separate auto policy. I'll bet if you added up the contents of your house - all the furniture, clothing, tools, lawnmowers, appliances, toys, books, wall decorations, sewing machine...
by pshonore
Wed Feb 03, 2016 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation of fellowship
Replies: 37
Views: 1480

Re: Taxation of fellowship

If Box 7 is checked on the 1099MISC, it usually represents taxable income to the recipient. If you don't agree with that, you (or the student) need to get a corrected 1099MISC.
by pshonore
Wed Feb 03, 2016 11:23 am
Forum: Personal Consumer Issues
Topic: Cost of home addition? Should I do it?
Replies: 44
Views: 2863

Re: Cost of home addition? Should I do it?

You don't have to hire an architect although if you know nothing about the building process, it might be a good idea. Some folks have a good "sense of design" and some do not. I can tell you from experience, you will need a detailed plan and drawing of what you want to do. Otherwise no wil...
by pshonore
Wed Feb 03, 2016 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Spousal Contributions to HSA to lower AGI (married filing separately)
Replies: 6
Views: 393

Re: Spousal Contributions to HSA to lower AGI (married filing separately)

Last I looked, there are not many physicians who fail to max out Social Security so that's a moot point. There would a slight saving on the Medicare piece however but not enough to worry about. You probably should run some numbers to make sure the sure the savings from MFS status are worth it since ...
by pshonore
Wed Feb 03, 2016 9:27 am
Forum: Personal Consumer Issues
Topic: How to stop MS loading Windows 10?
Replies: 32
Views: 2432

Re: How to stop MS loading Windows 10?

Any experienced people who can explain how I can block MS from loading Windows 10 on to my Windows 7 desk top machine? My understanding is that they are now forcing it on people.<br abp="594"><br abp="595">Is GWX Control Panel the best answer?<br abp="596"><br abp=&quo...
by pshonore
Tue Feb 02, 2016 4:45 pm
Forum: Personal Consumer Issues
Topic: Cost of home addition? Should I do it?
Replies: 44
Views: 2863

Re: Cost of home addition? Should I do it?

I have been contemplating an almost identical project for a year or so (right down to the master bath being at the back of the house, wanting to remodel it and tack a new master bedroom and closet behind it). I discussed it with a general contractor friend and asked him for a very rough back-of-the...
by pshonore
Tue Feb 02, 2016 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Babysitter not providing SSN
Replies: 59
Views: 5289

Re: Babysitter not providing SSN

Sorry I just got back on the board today and wowser! To clarify something, the childcare provider is used very sporadically, mainly for work related issues necessitating need so eligible for dep care FSA. I'm sorry but this doesn't make any sense. If you are a two income family, you have well over ...
by pshonore
Tue Feb 02, 2016 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Babysitter not providing SSN
Replies: 59
Views: 5289

Re: Babysitter not providing SSN

I have no idea what the IRS will do if you leave out the provider's SS# on Form 2441. They may just ignore it and everything will be fine, or they may disallow the expense and assess taxes on the contributions that you made pre-tax (similar to what happens if you make excess contributions to a DCSA.)
by pshonore
Tue Feb 02, 2016 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Already filed taxes, didn't include small amount of interest income
Replies: 27
Views: 2611

Re: Already filed taxes, didn't include small amount of interest income

Make sure the extra $20 causes an increase in tax owed. If you used the "tax tables", note they are $50 "wide", meaning adding $20 to your income may or may not jump into the next higher $50 range. The worse that will probably happen if you do nothing, is you will get a CP 2000 l...
by pshonore
Mon Feb 01, 2016 4:48 pm
Forum: Personal Consumer Issues
Topic: Buy a bigger vehicle to grow into?
Replies: 28
Views: 1587

Re: Buy a bigger vehicle to grow into?

I just today bought another Ford Expedition. Great car. Thrifty on gas? - no. Reasonably priced? - no. But I love it. (I've had a few in the past) Easy to get in and out of - especially the third seat which I think would be difficult on anything less than a full sized SUV (vans excepted). I've not h...
by pshonore
Sun Jan 31, 2016 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Deductibility of After-Tax Pension Contribution [CalPERS]
Replies: 3
Views: 236

Re: Tax Deductibility of After-Tax Pension Contribution [CalPERS]

As Cheese_breath stated, it reduces the taxable amount of your pension, but usually spread over 20 or 30 years depending on age at retirement and other factors. More details in IRS Pub 575
by pshonore
Sun Jan 31, 2016 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B premiums
Replies: 33
Views: 2031

Re: Medicare Part B premiums

Yes, thanks. I looked into QCD's and it looks as if Congress made them permanent. So when after I retire, I will pay my RMD into Fidelity Donor Advised Fund. The following year, I can purchase a deferred SPIA of up to $125,000 for when I turn 80. By then my pensions won't will have been reduced in ...
by pshonore
Sat Jan 30, 2016 11:34 am
Forum: Investing - Help with Personal Investments
Topic: backdoor roth mess up
Replies: 7
Views: 810

Re: backdoor roth mess up

I believe most custodians will value that as of the closing price on Monday. You may want to wait until mid Monday afternoon and see if you like the price. The difference will be very small when measured over the years of holding and probably not worth worrying about.
by pshonore
Sat Jan 30, 2016 10:47 am
Forum: Personal Finance (Not Investing)
Topic: SOLVED: Understanding Tax Implications of Mutual Fund Sales
Replies: 15
Views: 576

Re: SOLVED: Understanding Tax Implications of Mutual Fund Sales

Not to add to the confusion but cap gain distributions (along with dividends) from funds you own show up on 1099DIV. Cap gains resulting from sales go on 1099B
by pshonore
Sat Jan 30, 2016 10:13 am
Forum: Personal Finance (Not Investing)
Topic: SOLVED: Understanding Tax Implications of Mutual Fund Sales
Replies: 15
Views: 576

Re: Understanding Tax Implications of Mutual Fund Sales

Did you look at the Cap Gains and Dividend Worksheet in Turbo Tax to see the calculation for Cap Gains taxes? Interesting. When I tried to do this, I noticed that ~$33K from schedule D was being reported on my 1040. The amount should be ~$25K. Of course with the online version of turbo tax, you can...
by pshonore
Sat Jan 30, 2016 9:01 am
Forum: Personal Finance (Not Investing)
Topic: SOLVED: Understanding Tax Implications of Mutual Fund Sales
Replies: 15
Views: 576

Re: Understanding Tax Implications of Mutual Fund Sales

Did you look at the Cap Gains and Dividend Worksheet in Turbo Tax to see the calculation for Cap Gains taxes?
by pshonore
Thu Jan 28, 2016 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B premiums
Replies: 33
Views: 2031

Re: Medicare Part B premiums

The base Medicare Part B premiums are meant to cover the shortfall between how much Medicare took in and the amount they paid out in benefits . However, for those already collecting Social Security, any premium increase cannot make the Social Security check they receive be smaller than the previous...
by pshonore
Thu Jan 28, 2016 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Question
Replies: 8
Views: 838

Re: Turbo Tax Question

They're not really fill in forms - more of an interview process. You will need to know adjustments to CT income - tax exempt from other states, taxation of SS, etc http://www.ct.gov/drs/cwp/view.asp?a=1433&q=265878 thanks Pshonore , do you click the "Individual" tab or the one labeled...
by pshonore
Thu Jan 28, 2016 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax Question
Replies: 8
Views: 838

Re: Turbo Tax Question

They're not really fill in forms - more of an interview process. You will need to know adjustments to CT income - tax exempt from other states, taxation of SS, etc

http://www.ct.gov/drs/cwp/view.asp?a=1433&q=265878
by pshonore
Thu Jan 28, 2016 9:00 am
Forum: Investing - Theory, News & General
Topic: Question on MLPs
Replies: 7
Views: 544

Re: Question on MLPs

Toons wrote:Check Out Vanguard
MLP :happy

https://personal.vanguard.com/pdf/ISGPMLP.pdf


That's a fairly decent summary of the subject matter. Their graphs need to updated though as a significant decline in MLP performance started in quarter 4 - 2014 , and continued in 2015.
by pshonore
Thu Jan 28, 2016 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Question about the timing of SS filing
Replies: 9
Views: 862

Re: Question about the timing of SS filing

Its possible your wife's filing will not be effective until she is 62 + 1 month (she needs to be 62 for a whole month) . In that case your spousal benefit maybe delayed a month but I would file a couple of months early to be on the safe side
by pshonore
Thu Jan 28, 2016 8:32 am
Forum: Investing - Theory, News & General
Topic: Question on MLPs
Replies: 7
Views: 544

Re: Question on MLPs

One of the big advantages of MLPs is the fact most of the distributions are tax deferred. This is not the case with ETNs of course. AFAIK all ETNs distribute fully taxable ordinary income. And of course an ETN is only as good as the financial stability of the issuer. Its all on paper. Here's one thi...
by pshonore
Wed Jan 27, 2016 12:25 pm
Forum: Investing - Theory, News & General
Topic: Do you tax loss harvest by selling in taxable and buying in tax-adv?
Replies: 13
Views: 422

Re: Do you tax loss harvest by selling in taxable and buying in tax-adv?

1) Sell VGTSX to get the loss and then buy it in my tax advantaged space (which would require some selling of other assets); 2) Sell it and wait the 30 days and buy it again in the same account; 3) Sell it and do nothing; 4) Do nothing. Option 1 sure seems like a wash sale to me unless you're waiti...
by pshonore
Tue Jan 26, 2016 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for Resident Aliens
Replies: 11
Views: 513

Re: Taxes for Resident Aliens

I'll just add that preparing 1040NR returns for non-resident aliens can be a real bear. You have to read and understand the tax treaty between the US and their country of residence to get started.
by pshonore
Tue Jan 26, 2016 9:52 pm
Forum: Personal Consumer Issues
Topic: Selling a car - private party
Replies: 12
Views: 887

Re: Selling a car - private party

I've been buying cars with financing and also paying cash for the last 50 years. If I financed, the title had a lien and was kept by the lendor until paid and then sent to me with a stamp releasing the lien. I have never had the titles changed or re-issued nor have I had any problem selling or trans...
by pshonore
Tue Jan 26, 2016 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for Resident Aliens
Replies: 11
Views: 513

Re: Taxes for Resident Aliens

Resident alien usually refers a Green card holder whose tax return is pretty much identical to a US citizen.

Not so much for non-resident aliens.
by pshonore
Tue Jan 26, 2016 2:20 pm
Forum: Personal Consumer Issues
Topic: Cutting Cable Cord Only to Strengthen Internet Cord
Replies: 53
Views: 3213

Re: Cutting Cable Cord Only to Strengthen Internet Cord

These companies shouldn't even be the internet providers. Municipalities should be providing internet, just like many provide electricity, water, etc at reasonable rates. Of course, the cable companies try to block this at every turn. Like Flint, Michigan ? - doubt that would have happened had ther...
by pshonore
Tue Jan 26, 2016 12:59 pm
Forum: Personal Consumer Issues
Topic: Cutting Cable Cord Only to Strengthen Internet Cord
Replies: 53
Views: 3213

Re: Cutting Cable Cord Only to Strengthen Internet Cord

Truly, you can't just put your Netflix on autoplay at HD level and forget about it. Binge watch a season or two of your favorite show, and you've hit the monthly limit. On the other hand, set it at Medium resolution, and you might get 2 orders of magnitude more watching available. I'm sure that as ...
by pshonore
Tue Jan 26, 2016 9:53 am
Forum: Personal Consumer Issues
Topic: Cutting Cable Cord Only to Strengthen Internet Cord
Replies: 53
Views: 3213

Re: Cutting Cable Cord Only to Strengthen Internet Cord

$90 a month?? Wow! Comcast is offering hi speed internet with cable TV and phone service as well as including HBO for $90 in CT. They claim their Internet is the fastest. Of course that's a 12 month deal and then rates go up. We pay $25 a month for DSL through local phone company (was AT&T, now ...
by pshonore
Tue Jan 26, 2016 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Dental and vision insurance payments withheld from paycheck, taxed?
Replies: 17
Views: 1498

Re: Dental and vision insurance payments withheld from paycheck, taxed?

Does her employer have a Section 125 plan in place? It would be unusual to offer those benefits without one but not impossible.
by pshonore
Mon Jan 25, 2016 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard TurboTax - Not Available 2015?
Replies: 319
Views: 30019

Re: Vanguard TurboTax - Not Available 2015?

Meg77 wrote:
Rob54keep wrote:Costco has a $20 off TurboTax coupon starting in January.


How can I find this coupon? I'm a Costco member, but I don't see anything for Turbotax in my Jan-Feb coupon book that just came in the mail.
It was in last month's book 12/29 - 1/24 saving was $10 off Deluxe and $15 off higher versions
by pshonore
Mon Jan 25, 2016 9:55 am
Forum: Personal Consumer Issues
Topic: Do you have or know anybody with rare coins?
Replies: 20
Views: 1514

Re: Do you have or know anybody with rare coins?

I don't collect coins, but had a relative who was an expert. Expect to get silver value for your coins unless you become educated in grading and consult with a reputable coin publication concerning current values. Sellers grade up and buyers grade down. Buys made from the uninitiated were incredibl...
by pshonore
Mon Jan 25, 2016 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Not Sure Which Federal Tax Form to File
Replies: 14
Views: 933

Re: Not Sure Which Federal Tax Form to File

Most folks claim AOC starting with the first year of attendance (ie. the student who started in Fall 2015). That allows you claim for four years (2015, 2016, 2017, 2018) but not the year of graduation (2019)
by pshonore
Mon Jan 25, 2016 8:53 am
Forum: Personal Finance (Not Investing)
Topic: Medicare: Impact of delaying - What to do?
Replies: 14
Views: 894

Re: Medicare: Impact of delaying - What to do?

crefwatch, You are WRONG. Your employer health insurance is PRIMARY if you (or spouse) have CURRENT employment based health insurance, provided your employer has more than 20 employees. If your employer health insurance is adequate, then there is NO need to enroll in Medicare Part B: https://www.me...
by pshonore
Sun Jan 24, 2016 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Tax boo-boo (Have not previously depreciated rental property)
Replies: 18
Views: 1346

Re: Tax boo-boo (Have not previously depreciated rental property)

Your state tax laws need to be looked at too since they could be different. I think it would be a good idea for anyone who has a rental property should have their taxes professionally done for at least the first year or two, and to get professional tax advice before they sell it. And forward. Tax l...
by pshonore
Sun Jan 24, 2016 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Tax boo-boo (Have not previously depreciated rental property)
Replies: 18
Views: 1346

Re: Tax boo-boo (Have not previously depreciated rental property)

avenger wrote:Thanks for all who have responded. Certainly I'll be happy to hear more anyone else has to say.

I suppose now would be a great time to ask for CPA recommendations. :happy I'm in Chicago.


You don't need a CPA. Look for an Enrolled Agent.
by pshonore
Sun Jan 24, 2016 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Tax boo-boo (Have not previously depreciated rental property)
Replies: 18
Views: 1346

Re: Tax boo-boo (Have not previously depreciated rental property)

Your state tax laws need to be looked at too since they could be different. I think it would be a good idea for anyone who has a rental property should have their taxes professionally done for at least the first year or two, and to get professional tax advice before they sell it. Great advice - if ...
by pshonore
Sun Jan 24, 2016 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Help needed re Roth conversion & recharacterization
Replies: 15
Views: 660

Re: Help needed re Roth conversion & recharacterization

If I used the interview method, it would easily take twice as long to do my taxes. I much prefer the form method although I may use the Interview method if there is a new wrinkle that I have not seen before.
by pshonore
Sun Jan 24, 2016 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Help needed re Roth conversion & recharacterization
Replies: 15
Views: 660

Re: Help needed re Roth conversion & recharacterization

If you're using Turbo Tax, go into Form mode (by pressing CTRL 2) and look at the 1099R for the original conversion. Scroll to the section titled "Additional Distribution Information" Be sure the lines in Section B and C are filled out correctly. Its probably easier to go thru the Intervie...
by pshonore
Sat Jan 23, 2016 1:39 pm
Forum: Personal Consumer Issues
Topic: What 55" TV to Buy
Replies: 51
Views: 3313

Re: What 55" TV to Buy

Go with Samsung. Get one with Motion Rate 240 or whatever it's called. It apparently interpolates between 60 hz frames to make a much smoother picture. The difference was immediately evident to me... That's interesting - Most sets are 120. But the 240 sets are probably 2 - 3 times the cost of the 1...
by pshonore
Sat Jan 23, 2016 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare: Impact of delaying - What to do?
Replies: 14
Views: 894

Re: Medicare: Impact of delaying - What to do?

I think most employers require enrollment in Part A of Medicare which is free for most people who have worked under SS. Part B is another ballgame.
by pshonore
Sat Jan 23, 2016 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Bogleheads Real Estate Agents
Replies: 32
Views: 2841

Re: Question for Bogleheads Real Estate Agents

I think in most states a real estate "agent" has to work under the supervision of a real estate "broker". However the hurdle to become a "broker" is usually just a few more education classes and the requisite years of experience (usually two or three) working as an agen...
by pshonore
Fri Jan 22, 2016 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Question for Bogleheads Real Estate Agents
Replies: 32
Views: 2841

Re: Question for Bogleheads Real Estate Agents

Hello all. Are any Bogleheads here career real estate agents? Any words of wisdom? I am going for my license. There are definitely naysayers and discouraging words out there, saying that it's quite hard to become successful and make it a full-time job. But I have excellent drive and motivation. And...

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