Search found 5731 matches

by pshonore
Sun Dec 17, 2017 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Spousal SS benefits
Replies: 6
Views: 135

Re: Spousal SS benefits

You can still suspend benefits at FRA or later, but there's little benefit since no one else can collect on your earnings record when you do that. If you file and change your mind, you will earn DRCs by suspending.
by pshonore
Sat Dec 16, 2017 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing childhood home from my parents (for us to live in)
Replies: 7
Views: 922

Re: Purchasing childhood home from my parents (for us to live in)

There's usually a conveyance tax which ranges from probably .5% top 1.5% depending on where you live. Here's what Google says about NYC: Tax rate. Tax is computed at a rate of two dollars for each $500, or fractional part thereof, of consideration. An additional real estate transfer tax (sometimes r...
by pshonore
Sat Dec 16, 2017 5:49 pm
Forum: Investing - Help with Personal Investments
Topic: Taxes on 401(k)withdrawl
Replies: 11
Views: 791

Re: Taxes on 401(k)withdrawl

Thanks for the response. I guess that I’m asking just what the tax is on $7000.00 if the rate I withhold is single and 0 dependents.What will I receive after taxes on that amount? Federal withholding, according to the percentage method given in Publication 15 (2017), (Circular E), Employer's Tax Gu...
by pshonore
Sat Dec 16, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Prices
Replies: 24
Views: 3413

Re: TurboTax Prices

Any thoughts on whether the online program is similar/identical to the downloaded version? My thoughts on this revolve around security. I simply don't trust this type of thing. I don't want to be putting such personal data online, and that said, I suspect that TT is downloading my info from my desk...
by pshonore
Sat Dec 16, 2017 9:28 am
Forum: Personal Consumer Issues
Topic: New Car - Always use parking brake ?
Replies: 35
Views: 2980

Re: New Car - Always use parking brake ?

I just got rid of a Subaru Outback after it needed a new "electronic" parking brake at 70000 miles to the tune of $1300. It perhaps was used by the driver a dozen times over 5 years.
by pshonore
Fri Dec 15, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Prices
Replies: 24
Views: 3413

Re: TurboTax Prices

I purchased desktop-TT for my Macbook this week, but discovered that it would not run on my mid-2009 Mac's IOS, and that I can't upgrade the OS (my computer is too old). I called TT, and they issued a refund. They also urged me to use the online version of the program. Any thoughts on whether the o...
by pshonore
Fri Dec 15, 2017 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Dependent Care Reimbursement Account
Replies: 7
Views: 339

Re: Dependent Care Reimbursement Account

Note the most you can claim for expenses is 6K. 5K will go toward the DCFSA leaving 1K to apply toward the child care credit and for most folks the result is a credit of $200
by pshonore
Fri Dec 15, 2017 9:17 am
Forum: Personal Finance (Not Investing)
Topic: LTC policy increase - keep, reduce coverage or ditch?
Replies: 18
Views: 1318

Re: LTC policy increase - keep, reduce coverage or ditch?

Premium sounds a little high for one person but it is a 10 year pay policy. 44K a year would not cover much in CT but but might ok in lower cost states.
by pshonore
Fri Dec 15, 2017 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Social Security 2018 Wage Base has been revised
Replies: 4
Views: 1010

Social Security 2018 Wage Base has been revised

Not sure if this has already been posted but the Social Security 2018 Wage Base has been revised. It was originally stated as $128,700 in October. Evidently SS received 500,000 corrected W2 forms in late October which were enough to push the Wage Base down to 128,400. 2018 Bend points were revised a...
by pshonore
Wed Dec 13, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

If I don’t write it in, it’t won’t appear. That much is certain. Let me rephrase my consideration about the cost of first-class stamps: The price for the 2017 edition of Turbo-tax may turn out to be thousands of dollars for some. You can override any line of Turbotax you want. You might have to buy...
by pshonore
Wed Dec 13, 2017 11:45 am
Forum: Investing - Help with Personal Investments
Topic: Prepayment of Property Taxes with Escrow
Replies: 9
Views: 557

Re: Prepayment of Property Taxes with Escrow

I plan on paying most (but not all) of my property taxes, so that a little still gets billed to the mortgage company / escrow account. Assuming they get billed for that and pay the remainder, I'll eventually get my money back through reduced escrow contributions. Not sure if this will work, but it'...
by pshonore
Wed Dec 13, 2017 11:36 am
Forum: Personal Consumer Issues
Topic: Homeowner's Insurance - How Do You Evaluate?
Replies: 23
Views: 1398

Re: Homeowner's Insurance - How Do You Evaluate?

In my opinion, you are under insured. I know in southern New England, it would cost significantly more to replace your house than $100/sq ft for a total loss and that's not including debris removal, etc. When you say rural NH, Fire protection code is a key factor in rating Homeowners. If you have a ...
by pshonore
Wed Dec 13, 2017 10:43 am
Forum: Investing - Help with Personal Investments
Topic: How does the IRS know the value of my 401K at end of year for RMDs
Replies: 30
Views: 3651

Re: How does the IRS know the value of my 401K at end of year for RMDs

And there's the fact that the first RMD can be deferred until April 1 of the following year. Does that apply for 401K RMDs and does it also apply to people who continue working past 70 1/2? I worked till I was 73 and my 401K was with my employer so I did not have to take RMDs until I retired. I kno...
by pshonore
Wed Dec 13, 2017 10:29 am
Forum: Investing - Help with Personal Investments
Topic: Anyone own property used solely for Airbnb?
Replies: 9
Views: 1044

Re: Anyone own property used solely for Airbnb?

I also heard that if doing Airbnb for lots of short term rentals, you are in the "hotel" business and would file Schedule C for that rather than Sched E. If true, that has ramifications; possible SE Tax on Sched C net income among others, using the income for IRA contributions, etc.
by pshonore
Wed Dec 13, 2017 10:05 am
Forum: Investing - Help with Personal Investments
Topic: How does the IRS know the value of my 401K at end of year for RMDs
Replies: 30
Views: 3651

Re: How does the IRS know the value of my 401K at end of year for RMDs

And there's the fact that the first RMD can be deferred until April 1 of the following year. Does that apply for 401K RMDs and does it also apply to people who continue working past 70 1/2?
by pshonore
Tue Dec 12, 2017 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

Connecticut has just muddied the waters for this strategy by implementing MANDATORY withholding for all private and public pensions effective 1/1/18. Failure to file a new CT W4 equivalent form with your pension payer will require them to withhold 6.99% for state tax (the maximum rate). AGI of less ...
by pshonore
Tue Dec 12, 2017 12:40 pm
Forum: Personal Consumer Issues
Topic: Microwave - Reliable built-in with vent?
Replies: 11
Views: 701

Re: Microwave - Reliable built-in with vent?

We had a built-in LG which bit the dust the dust after two years - think water vapor from boiling water on the stove got into the key panel and shorted out 1/2 the keys. Would never buy another LG appliance. Replaced it with a built-in Whirlpool which is still ok after three years. Both were vented ...
by pshonore
Mon Dec 11, 2017 12:14 pm
Forum: Personal Consumer Issues
Topic: Best Parmesan Cheese for Salad
Replies: 29
Views: 1643

Re: Best Parmesan Cheese for Salad

Peccorino Romano wedges sell in Costco for about $7/lb, considerably less than Reggiano. Buy a cheap grater and your cheese will always be fresh
by pshonore
Mon Dec 11, 2017 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

It is not clear to me how the States will report 2018 tax payments in 2017. Nor do I understand how the IRS document matching program will compare the State reporting document with the (modified) TurboTax return. Any insights would be appreciated. This thread has been very useful to me. I appreciat...
by pshonore
Sun Dec 10, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Which version of tax software?
Replies: 10
Views: 401

Re: Which version of tax software?

All versions of Turbo Tax will handle this assuming you get the CD or download file. No guarantees if you use the online version
by pshonore
Sun Dec 10, 2017 10:28 am
Forum: Personal Consumer Issues
Topic: Hit a deer and may be car shopping
Replies: 8
Views: 755

Re: Hit a deer and may be car shopping

Glad you are safe. You've contacted your insurer, correct? That may seem obvious but people regularly post here that they have not contacted their insurer after an accident. Your insurer will bring in a claims adjustor who probably will look at the car in person but may just look at photos. Usually...
by pshonore
Sun Dec 10, 2017 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax bug with Medical Expenses
Replies: 7
Views: 582

Re: Turbo Tax bug with Medical Expenses

The latest update for TT appears to have fixed this problem. It is now applying a 10% floor for medical deductions. There are probably millions of DVDs out there with the buggy version so be sure to download the latest changes from their website.
by pshonore
Sun Dec 10, 2017 8:09 am
Forum: Personal Consumer Issues
Topic: Hit a deer and may be car shopping
Replies: 8
Views: 755

Re: Hit a deer and may be car shopping

Generally collision with an animal is paid under Comprehensive coverage subject to any deductible. If you have Rental reimbursement, that should pay for a rental as well while your car is being fixed or looking for a replacement if its undriveable (subject to policy limits of course)
by pshonore
Sun Dec 10, 2017 7:42 am
Forum: Personal Finance (Not Investing)
Topic: timing of new conversion to Roth if recharacterizing previous year conversion
Replies: 3
Views: 208

Re: timing of new conversion to Roth if recharacterizing previous year conversion

My understanding is the waiting period applies if you convert the same funds after recharacterizing a Roth conversion. Therefore if you convert and recharacterize less than 1/2 of your original IRA balance(s), the waiting period does not apply. For these purposes the IRS looks at all your TIRAs as o...
by pshonore
Sat Dec 09, 2017 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

Without a change in the tax law that is absolutely not true. So how can you make that statement? It might not even be true with a change in the tax law since we don't know what is in the law that will have been passed by then - or not. Sure! In fact the best thing that a smart investor can do at pr...
by pshonore
Fri Dec 08, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

So if I had a $10K medical procedure (my net cost) scheduled for say Mar 2018 and I paid in Dec 2017, I could deduct on it on 2017 taxes?
by pshonore
Fri Dec 08, 2017 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

But is that estimated tax for the current tax year or the next tax year? If you can make a good faith estimate for the next year, why not the year after that and so on. In any case, unless your state accounts for the years properly (like CA evidently), it doesn't work. In most states, estimated pay...
by pshonore
Fri Dec 08, 2017 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

But is that estimated tax for the current tax year or the next tax year? If you can make a good faith estimate for the next year, why not the year after that and so on. In any case, unless your state accounts for the years properly (like CA evidently), it doesn't work. In most states, estimated paym...
by pshonore
Fri Dec 08, 2017 10:23 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Deluxe Online for 2017
Replies: 12
Views: 1696

Re: TurboTax Deluxe Online for 2017

I have the download version of TT Deluxe for 2017. TD Ameritrade is in the list of financial institutions for downloads; Interactive Brokers is not. About 300 financial institutions are listed. Will they be there when forms are released in early Feb? No way to tell. Is Fidelity on the list for down...
by pshonore
Fri Dec 08, 2017 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Offline Tax Software For What-If Analysis Regarding IRA Early Withdrawals
Replies: 6
Views: 366

Re: Offline Tax Software For What-If Analysis Regarding IRA Early Withdrawals

If you know enough about taxes to work in Form mode in Turbo Tax, "what ifs" are fairly easy. Going through the interview would be cumbersome though.
by pshonore
Fri Dec 08, 2017 9:01 am
Forum: Personal Consumer Issues
Topic: Extended warranty on 2018 Outback
Replies: 47
Views: 1607

Re: Extended warranty on 2018 Outback

Depends on what the extended warranty covers. They usually come in a couple of flavors - Silver, Gold Platinum, etc. Probably all cover the "powertrain,etc. " but I would read each very carefully to see what is excluded. The electronic parking brake went on our 2013 Outback which cost about $1300 to...
by pshonore
Thu Dec 07, 2017 6:34 pm
Forum: Personal Consumer Issues
Topic: sharing cost of tree cutting
Replies: 31
Views: 1594

Re: sharing cost of tree cutting

Here's how Larry Ellison (Oracle CEO) handled his tree problem a few years back

https://www.hollywoodreporter.com/news/ ... les-193984
by pshonore
Thu Dec 07, 2017 1:39 pm
Forum: Personal Consumer Issues
Topic: 2018 Subaru Outback
Replies: 65
Views: 8416

Re: 2018 Subaru Outback

Consumer Reports December issue predicts reliability for 2018 models: Outback - score of 57 (middle of the road along with VW Alltrack and Volvo V60. Highest score in wagons went to Audi Allrod (81) Forester - score of 81 (along with RAV4, CR-V. Middle of the pack is Rogue, Tiguan, Escape, Cherokee,...
by pshonore
Thu Dec 07, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Deluxe Online for 2017
Replies: 12
Views: 1696

Re: TurboTax Deluxe Online for 2017

I have the download version of TT Deluxe for 2017. TD Ameritrade is in the list of financial institutions for downloads; Interactive Brokers is not. About 300 financial institutions are listed. Will they be there when forms are released in early Feb? No way to tell.
by pshonore
Thu Dec 07, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: House on the market less than a day. Did listing agent commit fraud?
Replies: 56
Views: 6934

Re: House on the market less than a day. Did listing agent commit fraud?

Nothing illegal about it with my limited experience. Unfortunately, someone beat you to the house. No reason you can't see the house and put a backup offer, in case, the primary buyer falls out. I will say for the seller it is more advantageous to keep showing the house. The big mistake I did when ...
by pshonore
Thu Dec 07, 2017 9:12 am
Forum: Personal Finance (Not Investing)
Topic: House on the market less than a day. Did listing agent commit fraud?
Replies: 56
Views: 6934

Re: House on the market less than a day. Did listing agent commit fraud?

Most MLS Boards probably have a rule about this.......the listing must be put into MLS within xx hours of a signed listing agreement. XX could 24, 48, etc. When I was an agent and selling in a hot market, we would routinely wait until the last possible minute to put it in MLS. Preferable to sell in ...
by pshonore
Wed Dec 06, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

It will also appear as a corresponding refund of state taxes on my 2018 filing increasing my liability for next year. Rather than a refund (bad, avoid) how about just designating that to be applied to your 2018 estimated taxes? The IRS does not get a copy of my state tax return, though the state do...
by pshonore
Wed Dec 06, 2017 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

I have overpaid (somewhat by accident) my 2017 SALT. And I deliberately paid about 60% of my 2018 SALT this month in order to deduct it all in 2017. I am a 'cash' taxpayer, and pay taxes on what goes in and out in each year. I will DEDUCT every penny I paid in 2017 and 2018 estimated taxes on my 20...
by pshonore
Tue Dec 05, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

All that "making a generous estimate" will do is increase your refund which will then be taxable next year. You have to think of some legal way to pay the tax and have it not show up on your 2017 state return as a payment Disagree. According to the CA 540 form Line 72 instructions, for this year's ...
by pshonore
Tue Dec 05, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20155

Re: Prepayment of SALT Taxes? [State and Local]

The due dates for my estimated state tax are the same as for federal tax. I plan to pay my payment for the 4th quarter estimated state tax (due Jan 16) this month so that it can be deducted on my 2017 federal return. I will make a very generous estimate of my state taxes due. All that "making a gen...
by pshonore
Tue Dec 05, 2017 1:36 pm
Forum: Investing - Help with Personal Investments
Topic: Medicare and retirement for high earner
Replies: 49
Views: 2384

Re: Medicare and retirement for high earner

My gripe with the system is that you only have to work for 40 quarters to get SS and medicare and pay the same as those who worked for 50 years. True - but such folks are overwhelmingly low or very low income. While the SS retirement system is slanted toward paying more to such individuals, nonethe...
by pshonore
Tue Dec 05, 2017 1:29 pm
Forum: Personal Consumer Issues
Topic: Concrete vs Pavers
Replies: 18
Views: 2003

Re: Concrete vs Pavers

Pavers look great, but for a driveway you will need a much more substantial base (than for a walkway) and heavy duty pavers.
by pshonore
Tue Dec 05, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax bug with Medical Expenses
Replies: 7
Views: 582

Re: Turbo Tax bug with Medical Expenses

HueyLD wrote:
Tue Dec 05, 2017 1:23 pm
Have you reported this to TT?
Its been reported by others. I just discovered it myself while using it. The real truth is the rate for 2017 has not been determined (if you know what I mean).
by pshonore
Tue Dec 05, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax bug with Medical Expenses
Replies: 7
Views: 582

Turbo Tax bug with Medical Expenses

Seniors should be aware there is a bug in the 2017 Turbo Tax Deluxe edition regarding the medical expense deduction. They are still using a 7.5% floor for those over 65 even though that expired at the end of 2016. That gives a larger itemized deduction than it should. I'm sure it will get fixed even...
by pshonore
Tue Dec 05, 2017 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2596

Re: Lowering real estate agent costs when selling?

Generally if you list your house with a conventional agency, the commission is 6%. You can ask for 5% and you might be successful. The agency decides the split, but its usually 50/50 with the agency that produces a buyer. So each of the following four parties usually gets 1.5% - the agent who got th...
by pshonore
Mon Dec 04, 2017 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Handling after death affairs for my deceased domestic partner
Replies: 17
Views: 2097

Re: Handling after death affairs for my deceased domestic partner

Agree with others, definitely don't pay out of your account, and I don't think you can just pay out of her account, either. I would give her bank a call to see what will be involved in setting up an estate account. I would also give your local probate court a call to see what is involved in serving...
by pshonore
Mon Dec 04, 2017 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Handling after death affairs for my deceased domestic partner
Replies: 17
Views: 2097

Re: Handling after death affairs for my deceased domestic partner

Agree with others, definitely don't pay out of your account, and I don't think you can just pay out of her account, either. I would give her bank a call to see what will be involved in setting up an estate account. I would also give your local probate court a call to see what is involved in serving...
by pshonore
Mon Dec 04, 2017 11:08 am
Forum: Personal Consumer Issues
Topic: Understanding the World of Credit Card "Points"
Replies: 60
Views: 3374

Re: Understanding the World of Credit Card "Points"

I believe if you use the Amazon Prime Rewards card (not sure about that name) to charge your purchases at Amazon, you get a 5% "credit" to be applied toward future Amazon purchases. I use AX Blue preferred for groceries (6% back but there is an annual fee) Costco Visa card for gas (4% back but not i...
by pshonore
Sun Dec 03, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: How do QCDs relate to RMDs?
Replies: 22
Views: 1274

Re: How do QCDs relate to RMDs?

I have a related question. I will turn 70-1/2 in 2018. I have three tIRA accounts. I'm planning to take withdrawals in the following order: 1) wait until I have turned 70-1/2 to take QCD from tIRA account #1 (take amount equal to the RMD for account #1) 2) Next, take RMDs from tIRA accounts #2 and ...
by pshonore
Sat Dec 02, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: How will i be taxed when switching jobs?
Replies: 25
Views: 1423

Re: How will i be taxed when switching jobs?

Generally you'll be taxed on the full amount unless you request different withholding. Are these two different employers?