Search found 4214 matches

by pshonore
Wed May 04, 2016 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing Medigap Insurance
Replies: 19
Views: 846

Re: Choosing Medigap Insurance

Hi gang. I'm approaching that magical age when I'll be eligible for Medicare. DH will follow a couple of months after me, but in a different calendar year. DH is still working and I/we can stay on his group health policy if I/we want to. However, he is considered self-employed and pays 100% of the ...
by pshonore
Wed May 04, 2016 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Should my Mom take a large distribution from her IRA before I inherit it?
Replies: 21
Views: 1730

Re: Should my Mom take a large distribution from her IRA before I inherit it?

One problem is a large IRA distribution or conversion may cause her otherwise likely untaxed Social Security to be taxed. As others have stated, you should run some scenarios in Taxcaster or other Tax software to determine the best course.
by pshonore
Tue May 03, 2016 8:57 am
Forum: Personal Consumer Issues
Topic: buyer's broker
Replies: 10
Views: 455

Re: buyer's broker

Builders have a choice. They can market their homes through a regular Realtor just like any other existing home. They can have their own employees do the marketing, contracts, negotiation, etc although I think in most states, the person would need a real estate license. In this case they may or may ...
by pshonore
Tue May 03, 2016 8:46 am
Forum: Investing - Help with Personal Investments
Topic: Help A Special Education Teacher Retire!
Replies: 19
Views: 1603

Re: Help A Special Education Teacher Retire!

She did work outside of the school system for about 10-15 years before 1990, but her income was very low then so if she even could claim SS on that money it would likely be very small. It wouldn't necessarily be "very small". Her long ago wages are inflation indexed upward in determining ...
by pshonore
Mon May 02, 2016 1:20 pm
Forum: Investing - Help with Personal Investments
Topic: Help A Special Education Teacher Retire!
Replies: 19
Views: 1603

Re: Help A Special Education Teacher Retire!

I am guessing ahe had to sign off on losing her SS benefits from work but what about former? husband? Can she claim a spousal from that? Tough to collect on another's SS record if you receive a pension from a job not covered by SS. In her case it might be possible since her pension is relatively lo...
by pshonore
Sun May 01, 2016 3:30 pm
Forum: Investing - Help with Personal Investments
Topic: I own an S-Corp, can I not pay myself and only my contractors?
Replies: 22
Views: 1485

Re: I own an S-Corp, can I not pay myself and only my contractors?

I agree with Hayden, you must pay yourself a reasonable salary. One recent court case went so far as to state that you must pay yourself a reasonable salary even if it causes the S-Corp to lose money in a given year. What is or isn't in the business bank account has no relevance as far as tax liabi...
by pshonore
Sun May 01, 2016 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Do I need to file an amended tax return?
Replies: 5
Views: 294

Re: Do I need to file an amended tax return?

They most certainly will catch it although it could take up to a year or more; if you amend your return now, you can minimize the additional interest that the IRS may tack on.
by pshonore
Sat Apr 30, 2016 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k question
Replies: 9
Views: 474

Re: Solo 401k question

Assuming she contributes the max, what will her W2 say in Box1 for wages? That will determine how much tax is paid.
by pshonore
Thu Apr 28, 2016 11:18 am
Forum: Personal Consumer Issues
Topic: What are Costco's best deals?
Replies: 286
Views: 37782

Re: What are Costco's best deals?

Agree with the prime steaks but they're not that expensive (whole sirloin cap for $7/lb) and they are tough to find unless you go to Whole Foods where they're much more expensive. Also their no-grain dog food is about 1/2 of comparable brands. ($33 for 32 lbs)
by pshonore
Thu Apr 28, 2016 10:03 am
Forum: Personal Consumer Issues
Topic: fairly new router keeps checking out, get a new one?
Replies: 22
Views: 1375

Re: fairly new router keeps checking out, get a new one?

Had a similar problem with a Netgear router last week. Error message was "not in range". I was about 3 feet away. Did a factory reset by sticking a paper clip in the little reset button. Everything then worked great. If you do that, be sure to reset your security/password etc. in the route...
by pshonore
Mon Apr 25, 2016 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Please help with my home office
Replies: 8
Views: 1142

Re: Please help with my home office

Great to see that people haven't had a problem with this. Maybe it's not the audit red flag that it's made out to be. How close were you guys to the 300 square foot maximum? That only applies to the "simplified" method. There's no limit the traditional way although the higher your percent...
by pshonore
Mon Apr 25, 2016 12:59 pm
Forum: Personal Consumer Issues
Topic: Cost to refinish hardwood floors and to install new floors
Replies: 16
Views: 1075

Re: Cost to refinish hardwood floors and to install new floors

You can try using oxalic acid to bleach the black spots and then sand. Be sure to read and follow the precautions on the label. You can get pre-finished Bruce solid oak flooring for about $3/sq ft but I would get something a little better for high traffic areas. Figure another $3 sq foot for install...
by pshonore
Mon Apr 25, 2016 12:50 pm
Forum: Investing - Help with Personal Investments
Topic: VUL - help me out of this mess
Replies: 20
Views: 1483

Re: VUL - help me out of this mess

If you cancel, you'll have nothing. Can you stop paying monthly and will the cash value be used to pay the premiums until the finds run out? You might get 4 yrs coverage out of the policy if that works.
by pshonore
Mon Apr 25, 2016 10:23 am
Forum: Personal Consumer Issues
Topic: Just washed and stained my cedar house. You'll never guess my next question :)
Replies: 16
Views: 2436

Re: Just washed and stained my cedar house. You'll never guess my next question :)

What kind of Cedar are we talking about? Shingles, shakes, claps, vertical boards? Hardiplank has a lot of advantages although easy installation is not one of them.
by pshonore
Sat Apr 23, 2016 12:17 pm
Forum: Personal Finance (Not Investing)
Topic: IRA for 10 year old
Replies: 16
Views: 1705

Re: IRA for 10 year old

Thanks to mhalley for linking to the kiplinger article which answered a few lingering questions I had. Definitely start by keeping records of sources, such as including the purpose and source on the description line of bank deposits she makes from her earnings. There is an additional way to documen...
by pshonore
Fri Apr 22, 2016 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Qualifying for Company Retirement Health Insurance. Worth it?
Replies: 8
Views: 766

Re: Qualifying for Company Retirement Health Insurance. Worth it?

Dental could make it worthwhile all else being equal. Loose a molar and need an extraction with a bone graft, followed by an implant and crown and that by itself is easily $5k to $7.5k. OTOH, dental sometimes is a world of it's own with limiting annual payouts. I'd look carefully to determine that ...
by pshonore
Fri Apr 22, 2016 10:12 am
Forum: Investing - Help with Personal Investments
Topic: Social Security timing
Replies: 8
Views: 925

Re: Social Security timing

You should be aware, if she does not qualify for her own SS entitlement, she might not qualify for a Medicare Part A free premium. In such a case, the Medicare Part A premium could be up to $411/month. I don't know how it is calculated. How close is she to 40 quarters? For 2016, the minimum/quarter...
by pshonore
Thu Apr 21, 2016 3:56 pm
Forum: Investing - Help with Personal Investments
Topic: Do I need a professional tax/investment advisor?
Replies: 11
Views: 1404

Re: Do I need a professional tax/investment advisor?

His RMD starting in 2017 (say 20K for this example) or a Roth conversion this year could make more of his SS taxable (assuming he's collecting SS) so he conceivably could add 30-40K to his AGI which might push him into the 25% bracket. Impossible to say without knowing the breakdown of the 59K AGI, ...
by pshonore
Tue Apr 19, 2016 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?
Replies: 34
Views: 3537

Re: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?

Here's a link to the Connecticut Insurance Dept LTC Rate Increase filings page if anyone is interested. http://www.catalog.state.ct.us/cid/portalApps/LongTermCareFiling.aspx It shows all companies writing LTC in CT, who has filed for rate increase over the last several years and how much, if any, wa...
by pshonore
Tue Apr 19, 2016 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting startup expenses on personal taxes
Replies: 18
Views: 1367

Re: Deducting startup expenses on personal taxes

I looked into the startup expenses deduction and read Pub 535. It seemed like these deductions can be taken on my personal return, rather than on the business return, which conflicts with above. Does anyone know which is correct? Also, does home-office rent count as a startup expense? Start up expe...
by pshonore
Tue Apr 19, 2016 7:53 am
Forum: Personal Finance (Not Investing)
Topic: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?
Replies: 34
Views: 3537

Re: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?

I think most folks would recommend some kind of inflation adjustment feature if you're buying LTC.
by pshonore
Mon Apr 18, 2016 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?
Replies: 34
Views: 3537

Re: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?

A partnership policy, of course, is attractive because of the excluding assets for Medicaid qualification purposes. But the average cost of the partnership policy was about $5400 a year, more than double the non-partnership policy. Of course, if you know that it will be needed then that is worth it...
by pshonore
Mon Apr 18, 2016 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Complication donating Vanguard mutual fund to charity
Replies: 21
Views: 1446

Re: Complication donating Vanguard mutual fund to charity

This is one of many reasons a donor advised fund is so great. I do not have to worry about whether the charity has a brokerage account, and with whom. I donate the appreciated shares to the DAF. They send a check to my charity. That's what it's for, to set that up with a local foundation. I'm not s...
by pshonore
Mon Apr 18, 2016 2:49 pm
Forum: Personal Consumer Issues
Topic: [Need umbrella insurance but current condo carrier does not offer it]
Replies: 8
Views: 715

Re: [Need umbrella insurance but current condo carrier does not offer it]

No, not necessarily, although I've been led to believe that there are not many options for our condo development, and I've just paid the annual premium less than a month ago. I'm open to suggestions, however, if I can't find a company who will write the umbrella policy without the condo insurance. ...
by pshonore
Mon Apr 18, 2016 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance
Replies: 13
Views: 1900

Re: Long Term Care Insurance

For some reason, the link claims partnership LTC policies are cheaper; I don't understand why that would be the case, unless they're comparing vastly different policies. (different elimination periods, etc)
by pshonore
Sun Apr 17, 2016 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Planning For Social Security Survivor Benefits In Will
Replies: 6
Views: 724

Re: Planning For Social Security Survivor Benefits In Will

The same earnings test for a person who collects prior to FRA would apply to a person collecting a child in care benefit.
by pshonore
Sun Apr 17, 2016 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Planning For Social Security Survivor Benefits In Will
Replies: 6
Views: 724

Re: Planning For Social Security Survivor Benefits In Will

BL wrote:There would, however, be an income test for mother of child under 16 if she tries to collect for herself. She would also be eligible for widow's benefits after age 60, but that would have income limits as well.

And the same would be true for the father of the child if the mom dies first
by pshonore
Thu Apr 14, 2016 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Filed my Form 4868 this week (extension to file tax return)
Replies: 31
Views: 1111

Re: Filed my Form 4868 this week (extension to file tax return)

I filed my 4868 thru IRS Direct Pay (and made a payment of tax due at the same time). Very simple and easy. (There's no question they got my "check" either as I can see the withdrawal). I usually file on time but this year I have some Roth re-characterizations I may do between now and 10/1...
by pshonore
Tue Apr 12, 2016 12:47 pm
Forum: Personal Consumer Issues
Topic: Cast Iron Frying Pans
Replies: 71
Views: 6796

Re: Cast Iron Frying Pans

Or you can try a carbon-steel pan which is supposedly what the pros use. (somewhat lighter than cast-iron) I really like the Cook's Illustrated reviews: https://www.cooksillustrated.com/equipment_reviews/1623-carbon-steel-skillets also one for cast iron: https://www.cooksillustrated.com/equipment_re...
by pshonore
Mon Apr 11, 2016 6:36 pm
Forum: Personal Consumer Issues
Topic: Hail damage avoidance/minimization (vehicles)
Replies: 22
Views: 1386

Re: Hail damage avoidance/minimization (vehicles)

How do the new aluminum cars hold up to hail? F150, Tesla, etc
by pshonore
Sun Apr 10, 2016 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: USO - Received both 1099-B and K-1
Replies: 1
Views: 178

Re: USO - Received both 1099-B and K-1

The 1099B reports a sale transaction and documents the proceeds (and correctly with basis not reported). The K1 documents current year income and deductions. The amount withdrawn equals the amount invested plus the net of any income. Turbo Tax should have no problem handling the K1. You will have to...
by pshonore
Sun Apr 10, 2016 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-B for child account managed by grandparents - who files?
Replies: 9
Views: 799

Re: 1099-B for child account managed by grandparents - who files?

The income is below the limit for filing a return for the child. The kiddie tax does not apply. If it did, your income would affect the child's tax rate, but the return would still be in the child's name.
by pshonore
Sun Apr 10, 2016 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Question about eligibility for self-employment health insurance deduction
Replies: 2
Views: 264

Re: Question about eligibility for self-employment health insurance deduction

This might be a sticking point: From the IRS: https://www.irs.gov/publications/p535/ch06.html#en_US_2015_publink1000208843 The insurance plan must be established, or considered to be established as discussed in the following bullets, under your business. •For self-employed individuals filing a Sched...
by pshonore
Sun Apr 10, 2016 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?
Replies: 34
Views: 3537

Re: I read Boglehead posts on LTC ins. Has anyone made a claim yet? How'd it go? Claims paid?

My mom has a John Hancock LTCi policy that was originally purchased she she was mid-60s. When she was 77, her dementia got to the point that she was moved to assisted living. At that point I contact JH and initiated a claim. They have paid every month (direct deposit) the full amount of her care. L...
by pshonore
Sat Apr 09, 2016 2:56 pm
Forum: Personal Consumer Issues
Topic: Outdoor Granite Restoration Product
Replies: 11
Views: 552

Re: Outdoor Granite Restoration Product

Monument dealers might be one source to ask and they may even provide some kind of cleaning service.
by pshonore
Fri Apr 08, 2016 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Required minimum distribution question
Replies: 31
Views: 2234

Re: IRA Required minimum distribution question

Just a reminder - if you turn 70 in the second half of a year, your first RMD is due the following year and the divisor is 26.5 since you use the table entry for your attained age in that year. 27.4 is the divisor if you turn 70 in the first 1/2 of the year in which case your RMD is due that year. N...
by pshonore
Thu Apr 07, 2016 11:38 am
Forum: Personal Consumer Issues
Topic: Concrete or Asphalt driveway?
Replies: 35
Views: 2524

Re: Concrete or Asphalt driveway?

Recently had my 25 year old asphalt drive redone. The "technology" has changed. In the old days, they came in with a Bobcat, pried up the old asphalt, hauled it away, brought in some new base material, rolled it with a small roller and then paved. A few months ago, they showed up with a hu...
by pshonore
Wed Apr 06, 2016 1:25 pm
Forum: Personal Consumer Issues
Topic: Buying a car off lease?
Replies: 6
Views: 758

Re: Buying a car off lease?

If buying a car off lease, don't forget to try and negotiate the purchase price. I did this successfully with Subaru once - it saved me a few thousand bucks. Depends a lot on the length of the lease and current market value of the car versus pay-off (residual) amount. But never hurts to ask. Google...
by pshonore
Wed Apr 06, 2016 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Rental Property Depreciation Carry over loss in Turbo Tax
Replies: 33
Views: 2081

Re: Rental Property Depreciation Carry over loss in Turbo Tax

It can be difficult to "set up" an existing rental for the first time in new software. Did you tell TT the "date put in service" and the previous depreciation taken? If not, there's no way they'll get it correct. Hopefully you have that info available from last year's return. And...
by pshonore
Tue Apr 05, 2016 8:58 am
Forum: Personal Consumer Issues
Topic: Auto collision, best way to claim
Replies: 25
Views: 1378

Re: Auto collision, best way to claim

I have never heard of an individual receiving diminished value on a collision claim. Is this common? I thought that these tricks like "diminished value" and "loss of use" were invented by rental car companies to gouge the consumer. Individuals PAY diminished value and loss of us...
by pshonore
Mon Apr 04, 2016 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can my parents use file and suspend or restricted application?
Replies: 5
Views: 525

Re: Can my parents use file and suspend or restricted application?

Mom will get a spousal benefit of 50% of Dads PIA (age 66 benefit) if she is FRA or older, with no adjustment for delayed retirement credits. If Dads age 66 benefit is $1116, his age 70 benefit will be $1116 *1.32 or $1473. Your numbers don't match
by pshonore
Mon Apr 04, 2016 7:55 am
Forum: Personal Finance (Not Investing)
Topic: No federal tax with $90K of income??
Replies: 26
Views: 4084

Re: No federal tax with $90K of income??

It is pretty straight forward - the LTCG and the qual dividends are taxed at 0% since you are in the 15% bracket due to the standard deduction and exemptions. Since your LTCG and qual dividends are greater than your taxable income you pay 0% overall. If your son is under 17 you probably qualify for...
by pshonore
Sun Apr 03, 2016 7:39 am
Forum: Personal Finance (Not Investing)
Topic: Bought a farm for $1
Replies: 18
Views: 3292

Re: Bought a farm for $1

Why are you entering anything on Turbotax? Did you sell the land? I suspect the deed recites nominal considering when it was in fact a gift transferring the donor's basis. Was there a sales contract or a deed of gift? If the basis question was overlooked, maybe the attorney could correct this retro...
by pshonore
Sat Apr 02, 2016 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Spousal SS question
Replies: 15
Views: 1071

Re: Spousal SS question

You are correct; the GPO applies to folks who worked in jobs NOT COVERED by SS collecting Spousal or survivor benefits while collecting a government pendion.
by pshonore
Sat Apr 02, 2016 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Help with LLC and taxes question
Replies: 15
Views: 757

Re: Help with LLC and taxes question

Here are some related questions that go along with the question you asked about social security taxes for a person who takes employee income from an LLC: If you have multiple employers and your combined social security withholding goes over the maximum amount, then you get any excess returned to yo...
by pshonore
Fri Apr 01, 2016 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Living Trust vs Transfer on Death
Replies: 54
Views: 3609

Re: Living Trust vs Transfer on Death

And living trusts do not always avoid probate fees. In Connecticut they are subject to the same statutory Probate fees. As an example:

$1 mil Estate $1865
$2 mil Estate $5615
$5 mil Estate $21615
by pshonore
Fri Apr 01, 2016 8:24 am
Forum: Personal Consumer Issues
Topic: Living in/near New Haven CT
Replies: 21
Views: 1545

Re: Living in/near New Haven CT

I think it really depends where you're moving from. Living in Berlin, CT now, you would have to pay me to live in New Haven, CT - which is basically on the same level as Hartford, CT. Look up the crime rate for New Haven - it is pretty bad. New Haven often makes lists of worst cities to live in - p...
by pshonore
Wed Mar 30, 2016 6:44 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate License for your own personal RE
Replies: 15
Views: 1404

Re: Real Estate License for your own personal RE

Maybe I'll just find a newbie local agent that will work for 1% of the 3% commission and rebate me back 2% with the caveat that I'll do everything except will need him/her to get into a property. I don't anticipate more than a single transaction every 4 or 5 years so licensing renewals and CE will ...
by pshonore
Tue Mar 29, 2016 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate License for your own personal RE
Replies: 15
Views: 1404

Re: Real Estate License for your own personal RE

The broker who holds your license (in most states) will probably want 50% or more of any commissions you bring in so your share is down to 15K. Why would they want to take a "small fee"? A good way to go out of business if they do a lot of that do a lot
by pshonore
Mon Mar 28, 2016 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Moving - Paycheck State Tax Question
Replies: 5
Views: 250

Re: Moving - Paycheck State Tax Question

Remember there is a STATE code on your W2 which in theory is where your income was earned, where you owe taxes, and where any withheld taxes are documented. Just because you move to Colorado doesn't mean your W2 will reflect that, especially if you don't tell your company. You really should talk to ...

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