Search found 4919 matches

by pshonore
Wed Jan 18, 2017 10:00 am
Forum: Investing - Theory, News & General
Topic: Spending HSA money versus other
Replies: 13
Views: 1064

Re: Spending HSA money versus other

I itemize medical expenses only in alternate years as I pay one year of a private HDHP and then prepay a second year for the total to breach the 10% AGI hurdle for deductibility. In those years, I spend out-of-pocket for other medical expenses until I reach my insurance deductible. The latter, whic...
by pshonore
Tue Jan 17, 2017 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterizing a Roth Conversion
Replies: 4
Views: 231

Re: Recharacterizing a Roth Conversion

I'm not sure it makes much difference but if you wait until October, you only have one return to file. Also if you convert in 2016 and recharacterize in 2017, you won't get the paperwork until 2018 (which is not a big deal) Regardless of which way you go, you still have come up with any additional t...
by pshonore
Mon Jan 16, 2017 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: A basic question about MAGI
Replies: 10
Views: 633

Re: A basic question about MAGI

The MAGI used is line 37 of Form 1040 increased by any tax exempt income on Line 8b. It does include the taxable portion of SS (from 0 to 85%) from Line 20b.
by pshonore
Mon Jan 16, 2017 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Social Sec Statement - Taxed Medicare Earnings
Replies: 3
Views: 467

Re: Social Sec Statement - Taxed Medicare Earnings

Medicare would be 100K in that case. SS maxes out at around 118K in 2017, but there is no cap on Medicare tax
by pshonore
Sun Jan 15, 2017 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Why nobody understands importance of high-deductible insurance?
Replies: 95
Views: 8103

Re: Why nobody understands importance of high-deductible insurance?

If a high deductible discourages submitting claims (like auto and homeowners), I would probably agree. Not necessarily for health insurance though since they still have to process it and track deductibles.
by pshonore
Sun Jan 15, 2017 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Obamacare question.
Replies: 18
Views: 1434

Re: Obamacare question.

Or if you have no income (you control it) for the first six months, wouldn't you be eligible for "expanded" Medicaid? Might be more of a hassle than it's worth but should provide some protection.
by pshonore
Sun Jan 15, 2017 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Amended return question
Replies: 2
Views: 199

Re: Amended return question

I'm a US citizen residing abroad and last year filed my return to take the Foreign Tax Credit as opposed to the Foreign Earned Income Credit. By doing so, I was able to claim the $1000 tax credit for each of my 2 US citizen children and contribute to my Roth IRA. I now want to file an amended retur...
by pshonore
Sun Jan 15, 2017 1:27 pm
Forum: Personal Consumer Issues
Topic: What are Costco's best deals?
Replies: 344
Views: 52508

Re: What are Costco's best deals?

Just checked Gasbuddy.com local Costco, BJs and Sams (Regular) all at 2.26 most others at 2.34 if you have a BJ's credit card they take another $.10 off. and occasionally they deduct another nickel if you first make an in-store purchase. the best deal at BJ's is that they will also accept manufactu...
by pshonore
Sun Jan 15, 2017 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard on finding a dead person's password
Replies: 61
Views: 4826

Re: Vanguard on finding a dead person's password

What would one do with a Revocable Living Trust?. Can the successor trustee legally withdraw funds, etc without providing a death certificate and a copy of the Trust (assuming the Custodian/Financial Institution does not have one, or it is not up to date)? Same with POD/TOD accounts?
by pshonore
Sun Jan 15, 2017 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion 1099-R modeling?
Replies: 8
Views: 292

Re: Roth conversion 1099-R modeling?

I'm trying to model Roth conversions in TurboTax and therefore want to figure out how to fill in a 1099-R. Is it enough to put the conversion amount in boxes 1 (gross distribution) and 2a (taxable amount), put 7 as the first code in box 7, check IRA/SEP/SIMPLE and check box B5 (TT copies the box 1,...
by pshonore
Sun Jan 15, 2017 12:26 pm
Forum: Personal Consumer Issues
Topic: What are Costco's best deals?
Replies: 344
Views: 52508

Re: What are Costco's best deals?

Just checked Gasbuddy.com local Costco, BJs and Sams (Regular) all at 2.26 most others at 2.34
by pshonore
Sun Jan 15, 2017 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Health insurance and LLC
Replies: 10
Views: 603

Re: Health insurance and LLC

One relevant point I did discover, however, is that a COBRA plan is not deductible for self-employed. See https://ttlc.intuit.com/questions/1935899-deductibility-of-cobra-premiums-for-self-employed. Please read more than the first answer to the question (in that link), which was wrong. The cost &qu...
by pshonore
Sun Jan 15, 2017 10:23 am
Forum: Personal Consumer Issues
Topic: What are Costco's best deals?
Replies: 344
Views: 52508

Re: What are Costco's best deals?

Costco has unadvertised specials throughout the store. They can be recognized by the prices ending in 97 cents, such as $2.97 Did not know this until now. Thanks for the tip. The Costco near me never seems to have any "specials". It is an *extremely* busy store, and I suspect they all get...
by pshonore
Sat Jan 14, 2017 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Verifying pension election for deceased pensioneer
Replies: 22
Views: 986

Re: Verifying pension election for deceased pensioneer

I went to the company’s HR and inquired and they checked (but would not show me any paperwork) and said he had elected NOT TO take the survivor benefit. I would like to verify that. But I am unsure how to go about it. The plan admin is required to have obtained the spouse's notarized signature cons...
by pshonore
Sat Jan 14, 2017 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard investment income downloads in TurboTax?
Replies: 13
Views: 652

Re: Vanguard investment income downloads in TurboTax?

Fidelity has 1099R forms online available for download. TurboTax BASIC tells me I can import the following forms on 1/31. I'm not holding my breath.

1099R
1099B
1099DIV
1099INT
1099MISC
1099OID

Turbo Tax is a much better product
by pshonore
Sat Jan 14, 2017 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 W2 shows state wages for states I neither worked nor lived in
Replies: 11
Views: 1011

Re: 2016 W2 shows state wages for states I neither worked nor lived in

I just got my 2016 W-2 from my former employer. It shows in boxes 15-16 both the states of New York and New Jersey and the entire amount of my bonus, paid in January 2016, as state wages in each state. Is this going to prove a problem? Will New York and/or New Jersey come after me to pay income tax...
by pshonore
Fri Jan 13, 2017 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: "Unsuspending" Social Security Benefits
Replies: 14
Views: 1082

Re: "Unsuspending" Social Security Benefits

blgaarder wrote:It seems like I read somewhere that letting SSA automatically start benefits at 70 might result in a somewhat lower monthly benefit.
I seem to recall that was because they "backdated" the benefits 6 months. You got a lump sum for the six months but 4% less or so in each check after that.
by pshonore
Fri Jan 13, 2017 9:02 am
Forum: Personal Consumer Issues
Topic: Home heating options
Replies: 63
Views: 2501

Re: Home heating options

Sounds like you are adding unnecessary complexity to your build. If you are in a mild climate a heat pump is a great option. Propane for a fireplace is a good idea though. Is a propane dryer the same as a natural gas dryer? Propane appliances (stove, dryer, etc) in the "old days" required...
by pshonore
Thu Jan 12, 2017 12:04 pm
Forum: Personal Consumer Issues
Topic: Insurance company "outdoor steps need a railing"
Replies: 56
Views: 7701

Re: Insurance company "outdoor steps need a railing"

My house, in Canada, had a similar unannounced "external review" of the house, and they gave me less than four months notice since "current building code requires that a handrail be provided for exterior stairs where there are 4 or more riders." This in the middle of a Canadian ...
by pshonore
Thu Jan 12, 2017 11:43 am
Forum: Personal Consumer Issues
Topic: Home heating options
Replies: 63
Views: 2501

Re: Home heating options

Where will this home be located? It is possible that your entire heating bill each year would be under $200 in some locations, so that screwing around with capturing the best price for propane has low rewards. Yeah, that makes a huge difference. My house is a 2,120 sq. ft. two-level + unconditioned...
by pshonore
Thu Jan 12, 2017 9:51 am
Forum: Personal Consumer Issues
Topic: Home heating options
Replies: 63
Views: 2501

Re: Home heating options

Be careful when pricing and comparing oil and propane. I believe a gallon of propane contains approx. 90,000 BTUs while Oil comes in around 140,000. It takes much more propane than oil in terms of gallons to heat a house. Fuel oil seems to be a much more competitive market than propane. You can lite...
by pshonore
Wed Jan 11, 2017 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: How Severe is an HSA Audit?
Replies: 29
Views: 3376

Re: How Severe is an HSA Audit?

I have not had an HSA audit. My understanding is that any monies removed from an HSA account (for any reason) that are not, or have not been, spent on legitimate healthcare needs, are taxed at your marginal tax rate. In addition to ordinary income taxes at your usual rate, if you are under 65 when ...
by pshonore
Wed Jan 11, 2017 12:59 pm
Forum: Personal Consumer Issues
Topic: Keeping kitchen knives sharp
Replies: 53
Views: 3713

Re: Keeping kitchen knives sharp

Supposedly there are three qualities in a knife of which you can have any two on a given knife:

1: sharpens easily
2: holds an edge
3: looks good, doesn't stain (like stainless steel)

I use an earlier model of this:
https://www.amazon.com/Chefs-Choice-120 ... 00004S1B8/
by pshonore
Wed Jan 11, 2017 10:23 am
Forum: Personal Consumer Issues
Topic: truck prices
Replies: 36
Views: 2391

Re: truck prices

I'm reminded of my first pickup purchase. A brand new Chevy C10 Stepside short bed. Had a wooden floor bed. I think the only options were oversize outside door mirrors and an AM radio. 3 speed on the column, no power steering. Price - a whopping $3900. The year - 1978.
by pshonore
Wed Jan 11, 2017 9:13 am
Forum: Personal Consumer Issues
Topic: truck prices
Replies: 36
Views: 2391

Re: truck prices

Why is MSRP a "made up number", considering its printed right on the sticker by the manufacturer? I'd certainly agree no one pays anything close to it, but isn't a starting reference point needed? You might be better off starting with the actual cost and bargaining up than starting high a...
by pshonore
Wed Jan 11, 2017 8:58 am
Forum: Personal Consumer Issues
Topic: truck prices
Replies: 36
Views: 2391

Re: truck prices

Those quoting here about getting "X" off MSRP, realize that MSRP is a made up number that the dealerships use to make you feel like you're getting a deal. TrueCar is the best thing going to find out what people are really paying for the vehicle you want. Why is MSRP a "made up number...
by pshonore
Wed Jan 11, 2017 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Inheritance Tax Question
Replies: 9
Views: 1035

Re: Inheritance Tax Question

... What type of tax implications did I just unleash on myself? Thanks! Welcome luderiffic, Sorry for your loss. As another poster stated, you will get a step up in basis of price of shares on the date of grandmother's death. From the day of grandmother's death to day of sell: 1, the share price we...
by pshonore
Tue Jan 10, 2017 5:58 pm
Forum: Personal Consumer Issues
Topic: New to medicare, I thought they billed quarterly?
Replies: 9
Views: 1158

Re: New to medicare, I thought they billed quarterly?

First bill is to get you on a cycle. You will get quarterly bills after that. This way all beneficiaries are on same cycle. Note that if you're collecting SS and you monthly benefit is not enough to pay for Part B, you may get an annual bill. Even though collecting SS, those people are not in the &...
by pshonore
Tue Jan 10, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Open a DAF?
Replies: 15
Views: 1101

Re: Open a DAF?

And donating appreciated shares (held long term) is a good way to do it. Fido makes it very easy (and Schwab probably does too).
by pshonore
Tue Jan 10, 2017 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question on a Jointly Owned Property
Replies: 8
Views: 568

Re: Tax Question on a Jointly Owned Property

Does the partnership exist with a tax ID? I (who am not a tax pro) think your method is fine, especially if you attach a note to your return or prepare to explain that you are reporting half and the other half is Jane/John Doe. I think (and am not a tax pro...) that you can split it as long as it's...
by pshonore
Tue Jan 10, 2017 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: How Severe is an HSA Audit?
Replies: 29
Views: 3376

Re: How Severe is an HSA Audit?

I'm hijacking this thread with a slightly different question regarding HSA audits. The year I retired, I started Medicare Part A 2-3 months before I dropped my employer's health coverage, so made HSA contributions during that 2-3 month period. How likely is it that an audit will match my HSA part-y...
by pshonore
Mon Jan 09, 2017 3:15 pm
Forum: Investing - Help with Personal Investments
Topic: kiddie tax
Replies: 15
Views: 1326

Re: kiddie tax

No; the support requirement for a "qualifying child" is the child cannot provide more than 1/2 of his support. The parent does not have to provide a single $ of support to claim the child . And there's no rule that says the parent must claim the child. However there are limits on who can c...
by pshonore
Mon Jan 09, 2017 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Is a charitable donation from an IRA regarded as taxable income?
Replies: 17
Views: 629

Re: Is a charitable donation from an IRA regarded as taxable income?

And to further clarify Even if you were 70.5 and did a QCD, it would still not be deductible as a charitable contribution. HOWEVER, it is even better than deductible. Instead of hitting your income, and then deducting the amount you donate to charity if you itemize, if you do a QCD, the amount of t...
by pshonore
Mon Jan 09, 2017 1:27 pm
Forum: Investing - Help with Personal Investments
Topic: kiddie tax
Replies: 15
Views: 1326

Re: kiddie tax

I read publication 17 form the IRS. I found that I will have to file the gains on my own tax return rather than it be filed on my parents tax return. Where did you see that? I am not sure that is correct. Cap Gains (not distributions) must go on the childs return; interest and dividend income less ...
by pshonore
Mon Jan 09, 2017 12:40 pm
Forum: Personal Consumer Issues
Topic: Laundry lifestyle creep
Replies: 48
Views: 6516

Re: Laundry lifestyle creep

My observation is that most water supply to the washer in the US is NOT hot at all and the 110V washing machines are not heating up properly... I'm puzzled by that. Do washing machines "heat" water? (Most dishwashers probably do) . But if you want hot water in a washing machine, best to t...
by pshonore
Mon Jan 09, 2017 12:29 pm
Forum: Personal Consumer Issues
Topic: How to replace shower arm pipe? Plumbing question.
Replies: 26
Views: 1468

Re: How to replace shower arm pipe? Plumbing question.

I think in order to lubricate it, he needs to enlarge the hole. Be careful that the escutcheon/flange still covers it. Also know in advance where the shut off valve is located. :happy
by pshonore
Mon Jan 09, 2017 12:22 pm
Forum: Investing - Help with Personal Investments
Topic: kiddie tax
Replies: 15
Views: 1326

Re: kiddie tax

If you have 9K in capital gains, your LTCG rate is not "0%". I will echo Livesoft's recommendation, head over to IRS.gov and start reading. When you've thoroughly read the publication, come back and tell us what you've learned. I read publication 17 form the IRS. I found that I will have ...
by pshonore
Sun Jan 08, 2017 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes for the first time--Please help!
Replies: 33
Views: 1913

Re: Doing taxes for the first time--Please help!

RudyS wrote:Agree with livesoft (above).TurboTax Deluxe is entirely adequate, despite what their marketing info suggests about extra help with stock sales, etc.with Premier. Deluxe does all you need.
And so does Basic although with up to $15 off MSRP this week, you might as well go with Deluxe.
by pshonore
Sat Jan 07, 2017 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes for the first time--Please help!
Replies: 33
Views: 1913

Re: Doing taxes for the first time--Please help!

May I suggest an even bolder proposal? Can you do your taxes by reading the Form 1040 instructions and filling out the return with a pencil? That is really the only way you are going to get your first benefit about learning. IRS Publication 17 will get you started. irs.gov has all the forms and ins...
by pshonore
Sat Jan 07, 2017 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: How to find out if a foreign dividend is qualified?
Replies: 15
Views: 471

Re: How to find out if a foreign dividend is qualified?

You could also send an email to Investor Relations at TDBank and ask them.
by pshonore
Sat Jan 07, 2017 11:58 am
Forum: Investing - Help with Personal Investments
Topic: Taxable company choice to allow TLH?
Replies: 43
Views: 1899

Re: Taxable company choice to allow TLH?

The IRS has never told us precisely how to interpret Congress's words substantially identical with respect to mutual funds, and there is no case law, but it would be hard to imagine a fund from one company being substantially identical to a fund from another, even if they followed the same index. I...
by pshonore
Fri Jan 06, 2017 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: December Roth Conversion
Replies: 5
Views: 242

Re: December Roth Conversion

I have had withheld from my paycheck slightly more federal tax in 2016 than my entire fed tax bill for 2015, so I'm thinking I can qualify for safe harbor and simply pay the extra tax by April 18, if I am understanding correctly. Yea or nay? Depends, Safe Harbor is 100% or 110% of last years tax de...
by pshonore
Thu Jan 05, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: MA no longer offers state-run tax e-filing
Replies: 6
Views: 554

Re: MA no longer offers state-run tax e-filing

CT still has web filing, but not until 1/17/17
by pshonore
Wed Jan 04, 2017 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on sign-on bonus check
Replies: 31
Views: 2636

Re: Taxes on sign-on bonus check

Son will be completing his usual 4-year college this summer; so no Law School or anything like that! Since the check is dated December but most likely was mailed in January; would the income be considered for FY2016 or FY2017 ? I am going to have very hard time convincing him that he will need to k...
by pshonore
Wed Jan 04, 2017 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Roth conversion - when is taxable value established?
Replies: 19
Views: 726

Re: Fidelity Roth conversion - when is taxable value established?

It actually comes up on a screen when doing an online conversion. I just stopped at the screen where you pick your holdings to convert. Its on that one as well as the previous screen where you indicate you're doing either a partial of full conversion from the TIRA account you chose. Doubt you can bo...
by pshonore
Wed Jan 04, 2017 10:54 am
Forum: Investing - Help with Personal Investments
Topic: Indirect Rollover - 1099-R in 2016 but 5498 in 2017?
Replies: 2
Views: 124

Re: Indirect Rollover - 1099-R in 2016 but 5498 in 2017?

I believe you won't get the 5498 until 2018. That form doesn't go on your return AFAIK
by pshonore
Wed Jan 04, 2017 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity Roth conversion - when is taxable value established?
Replies: 19
Views: 726

Re: Fidelity Roth conversion - when is taxable value established?

The rep I spoke with today said it is not at all like a sell/buy transaction. The terminology they use is a "journal transfer." The rep was being pedantic. Yes, the terminology is "journal transfer", but that is why I wrote "it is like an …" and not "it is an ….&q...
by pshonore
Tue Jan 03, 2017 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Roth conversion - when is taxable value established?
Replies: 19
Views: 726

Re: Fidelity Roth conversion - when is taxable value established?

I've done it with stocks/ETFs (at the closing price) but never with a mutual fund. I recall you had make the selection by roughly 7 pm.
by pshonore
Tue Jan 03, 2017 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct Estates and Trusts only prepares one return
Replies: 5
Views: 275

Re: TaxAct Estates and Trusts only prepares one return

What would happen if you moved the prepared return to another directory on your PC? Or save the return remotely and uninstall and reinstall the software.

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