Search found 650 matches

by snowman
Wed Feb 07, 2018 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

These are all new tax situations for me. My son also got some scholarships. How do you know if they are taxable? The software will calculate it for you based on 1098-T your son gets from his school. However, before blindly putting the numbers into TT, verify that they are correct. Taxable scholarsh...
by snowman
Wed Feb 07, 2018 12:05 am
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

Is his standard deduction $6350 even if I claim him as a dependent? Turbo Tax is putting it in as $1050. You must be making a mistake somewhere. Try HRB online to see where you are making mistake. Or try new TT return - sometimes TT keeps the numbers even after you thought you deleted them. As a de...
by snowman
Tue Feb 06, 2018 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

Is his standard deduction $6350 even if I claim him as a dependent? Turbo Tax is putting it in as $1050. You must be making a mistake somewhere. Try HRB online to see where you are making mistake. Or try new TT return - sometimes TT keeps the numbers even after you thought you deleted them. As a de...
by snowman
Tue Feb 06, 2018 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

His standard deduction is $6,350, not 1,050, so his taxable income is 647, his FIC likely being 65.
by snowman
Tue Feb 06, 2018 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

It belongs on line 21 of the 1040. It does not belong on a Sch C. There is no self employment taxes. And if this is his only income, there is also no federal taxes since it is less than $6350. I do not know how to answer the Turbo Tax questions to get this right. Your suggestion if answering No to ...
by snowman
Tue Feb 06, 2018 10:09 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

Hmm. Does he need to file a CA return as well? The NASA center he interned at in was in CA, but he was paid by USRA in MD. We live in neither. I don't think you need to do that if no income tax was withheld (but again, I am no CPA). The issue our son has every year is that state B withholds state t...
by snowman
Tue Feb 06, 2018 8:47 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

Got it. We are in similar situation, my son is 2 years ahead of yours. I cannot help you with your specific problem (seems like FICA to me), but I do have 2 suggestions that might help you. One is to do a search or post a question on collegeconfidential.com. Lots and lots of people dealing with simi...
by snowman
Tue Feb 06, 2018 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about reporting an internship with a 1099-MISC
Replies: 36
Views: 1076

Re: Questions about reporting an internship with a 1099-MISC

I may be missing something, but if this is your kid, currently in college, that means he is your dependent, right? Which means he will take standard deduction, and his taxable income is going to be zero (since you said he has no other income).

So why bother with deductions? What am I missing?
by snowman
Tue Feb 06, 2018 9:52 am
Forum: Investing - Theory, News & General
Topic: Vanguard site is crashed now?
Replies: 188
Views: 14623

Re: Vanguard site is crashed now?

I logged in multiple times throughout the day into Fidelity and TDA. No issues whatsoever. After seeing this thread, I tried to log in to Vanguard just to see if true - yep, no access. No need to trade for me, but I though other BHs might find this info useful. I logged in successfully just a few m...
by snowman
Mon Feb 05, 2018 6:31 pm
Forum: Investing - Theory, News & General
Topic: Vanguard site is crashed now?
Replies: 188
Views: 14623

Re: Vanguard site is crashed now?

I logged in multiple times throughout the day into Fidelity and TDA. No issues whatsoever. After seeing this thread, I tried to log in to Vanguard just to see if true - yep, no access. No need to trade for me, but I though other BHs might find this info useful. I logged in successfully just a few m...
by snowman
Mon Feb 05, 2018 6:16 pm
Forum: Investing - Theory, News & General
Topic: Vanguard site is crashed now?
Replies: 188
Views: 14623

Re: Vanguard site is crashed now?

I logged in multiple times throughout the day into Fidelity and TDA. No issues whatsoever. After seeing this thread, I tried to log in to Vanguard just to see if true - yep, no access.

No need to trade for me, but I though other BHs might find this info useful.
by snowman
Thu Feb 01, 2018 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: (Refundable) Child Tax Credit in 2018
Replies: 5
Views: 626

Re: (Refundable) Child Tax Credit in 2018

Look here, pages 564-566 out of the 1097 page document:

http://docs.house.gov/billsthisweek/201 ... PT-466.pdf
by snowman
Thu Feb 01, 2018 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Doubling of Standard Deduction--Really??
Replies: 56
Views: 7040

Re: Doubling of Standard Deduction--Really??

I ran the spreadsheet with our scenario - 2 parents plus 2 kids in college. We - the parents – lose, but assuming $500 dependent credit (not sure how it’s calculated), not by much. For the kids and their incomes, I assumed new standard deduction of $12K. Since they are not losing exemption (they don...
by snowman
Wed Jan 31, 2018 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Charles Schwab Checking Account (Hard Credit Check)
Replies: 6
Views: 566

Re: Charles Schwab Checking Account (Hard Credit Check)

Yes, Schwab does a hard pull, but you will be OK, the score may go down a few points. I think they do it because you automatically get brokerage account as well, whether you like it or not. They will even deposit $100 into your account if you open it from here (no affiliation with the site): https:/...
by snowman
Tue Jan 30, 2018 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Denver Metro Real Estate market
Replies: 17
Views: 1330

Re: Denver Metro Real Estate market

You pay the price to live in Colorado. Yet, there are many, many people here making much less than you, and doing just fine. I would absolutely recommend renting first - the areas/neighborhoods are quite different all around metro area. So are the schools. So is access to the mountains. Plus, your e...
by snowman
Sat Jan 27, 2018 5:27 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 41
Views: 3559

Re: ROTH Ira for kids

I think so, but I am not an accountant and don't want to give bad advice. I am sure Spirit Rider will provide correct answer. At a time, I had a CPA doing my business taxes (S-Corp), and I did our personal taxes. I remember asking him about the rules when it came to kid's income, and I followed his ...
by snowman
Sat Jan 27, 2018 4:13 pm
Forum: Investing - Help with Personal Investments
Topic: Leaving Edward Jones...Why is Vanguard and Fidelity Always the Recommendation?
Replies: 24
Views: 2556

Re: Leaving Edward Jones...Why is Vanguard and Fidelity Always the Recommendation?

I have accounts with TDA (over 20 years), Fidelity, and Vanguard. All my investments are Vanguard ETFs. Until last November, I used to recommend TDA. I no longer do after TDA pulled the plug on Vanguard commission-free ETFs. Vanguard is OK and does the job, though their website is years behind compe...
by snowman
Sat Jan 27, 2018 12:33 pm
Forum: Investing - Theory, News & General
Topic: Starting to feel like the late 1990s?
Replies: 145
Views: 12661

Re: Starting to feel like the late 1990s?

The whole crypto thing feels very much like the late 90’s. The rest of the market, not so much. In the 90’s all a company had to do is put “.com” after their name to get a billion dollar valuation. The company I worked for during that time had a billion dollar valuation and a product with no custom...
by snowman
Sat Jan 27, 2018 11:52 am
Forum: Investing - Theory, News & General
Topic: When did the bad news start in 2008?
Replies: 135
Views: 12683

Re: When did the bad news start in 2008?

Piling on to what other BHs already said - there was no writing on the wall, no clear signal to sell, no loud horn to get back in in March of 2009. There never is. The only thing I was 99% sure of (I am never at 100% as I remind myself I don't have a crystal ball) was housing. From about 2001-2002 I...
by snowman
Sat Jan 27, 2018 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Quit jobs to gain lower EFC [Expected Family Contribution]
Replies: 110
Views: 8628

Re: Quit jobs to gain lower EFC [Expected Family Contribution]

OP, First, I would head to collegeconfidential forum, financial aid section. You will find answers to 99% questions you might have just by browsing and searching the forum. In case you don't find answer, you can post your own question and knowledgeable people will point you in the right direction. I...
by snowman
Sat Jan 27, 2018 9:59 am
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 41
Views: 3559

Re: ROTH Ira for kids

Just a thought, why not take the kids money, let them pick a stock or fund to buy and you buy it in your IRA while keeping a record of the purchase as theirs and make them the beneficiary of the IRA? Or track and give them the equivalent $ of what was earned or lost while in your account to open th...
by snowman
Fri Jan 26, 2018 10:34 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 41
Views: 3559

Re: ROTH Ira for kids

We were never charged any fees. I believe that fee is waived if you elect to receive statements and documents electronically. I would call Vanguard to confirm.
by snowman
Fri Jan 26, 2018 4:59 pm
Forum: Investing - Theory, News & General
Topic: Starting to feel like the late 1990s?
Replies: 145
Views: 12661

Re: Starting to feel like the late 1990s?

Listening to armchair economists can be injurous to your wealth. Listening to Nobel winning economists can also derail one's path to wealth. One boastfully declared the market would NEVER recover after the last election. I remember that - he literally said that if so and so (we know who) wins the e...
by snowman
Fri Jan 26, 2018 2:39 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 41
Views: 3559

Re: ROTH Ira for kids

You will open Roth IRA Minor account - where a minor is your kid, and you are the custodian. It's not UTMA, and the advantage is that when your kids apply to college, this account (unlike UTMA) will not even be reported on FAFSA as asset because it is a retirement account. Once they reach adult age ...
by snowman
Fri Jan 26, 2018 2:15 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 41
Views: 3559

Re: ROTH Ira for kids

We did that with our kids. It was more about the financial lesson, not the amount. We opened accounts at TDA and were buying single shares of VTI or VEU when enough funds were available. No minimums, no fees (the accounts have since moved to Vanguard). I told the kids to keep earnings records in a ...
by snowman
Fri Jan 26, 2018 12:57 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 41
Views: 3559

Re: ROTH Ira for kids

We did that with our kids. It was more about the financial lesson, not the amount. We opened accounts at TDA and were buying single shares of VTI or VEU when enough funds were available. No minimums, no fees (the accounts have since moved to Vanguard). I told the kids to keep earnings records in a s...
by snowman
Fri Jan 26, 2018 12:44 pm
Forum: Personal Consumer Issues
Topic: Amica Increase
Replies: 45
Views: 3477

Re: Amica Increase

Are you in Colorado? I just spoke with them, they of course said they had to raise all rates due to all the crazy weather going on. The Lady I spoke with said the base increase was 10%, of course I was way over that. We've been in this house for about 3 years and the rates were basically the same u...
by snowman
Fri Jan 26, 2018 12:13 pm
Forum: Personal Consumer Issues
Topic: Amica Increase
Replies: 45
Views: 3477

Re: Amica Increase

Mine home insurance went from $2400 to $2800... Double Ouch Similar story here - $2,500 - $3,000. That's on top of last year increase $2,000-$,2500. Been with Amica for 12 years now, excellent credit score and no claims - not really sure what's going on. I guess they really want me to leave. They a...
by snowman
Fri Jan 26, 2018 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Tax Software Recommendations
Replies: 28
Views: 1805

Re: Tax Software Recommendations

I have used TT for what it seems like forever. This year, thanks to BH post, I downloaded H&R Block Deluxe since the price was only $15 (state included). I figured it's a small price to pay if I don't like it and have to buy TT Deluxe anyway. As a background, I also consider myself to be really good...
by snowman
Fri Jan 26, 2018 9:35 am
Forum: Investing - Help with Personal Investments
Topic: Your bond allocation when you were 48
Replies: 125
Views: 6050

Re: Your bond allocation when you were 48

Not to hijack this thread. What are your thoughts on 86/14% for a 37-year-old? Too conservative? I think so, but I would recommend reading "Winning the Loser's Game" by Charles Ellis. Very well written book, easy read, an investment classic. His take on bonds is different from Bogle (although they ...
by snowman
Thu Jan 25, 2018 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: My boneheaded financial mistakes
Replies: 124
Views: 17560

Re: My boneheaded financial mistakes

However, I do remember when Apple was on borderline bankruptcy in late 90's, and a lot of smart people didn't want anything to do with it. I remember that time! Nobody wanted to touch Apple, not even Dell who was a high-flier at that time and could have bought Apple for next to nothing. Of course I...
by snowman
Thu Jan 25, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: High Yield Savings Account Recommendations?
Replies: 45
Views: 2803

Re: High Yield Savings Account Recommendations?

Thanks again, KATNYC. So it seems like Amazon is not fully automated - does that mean you go in and manually enter $.50 10x in a row to hit the 10 monthly debits minimum? Or does LMCU have daily limits? Thanks again!
by snowman
Thu Jan 25, 2018 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: High Yield Savings Account Recommendations?
Replies: 45
Views: 2803

Re: High Yield Savings Account Recommendations?

We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000 Easy monthly usage requirements: Direct deposit into any LMCU account (transfer $10 minimum from another account, automated) Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card ...
by snowman
Thu Jan 25, 2018 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: My boneheaded financial mistakes
Replies: 124
Views: 17560

Re: My boneheaded financial mistakes

I drilled my mistakes into my kids' heads from early age, hoping they would not repeat them. So far so good! I can only wish I had someone like myself then... For all others than my kids, here are my big ones: 1. QQQ in dot com era. It was my idea of diversification, that's where the majority of my ...
by snowman
Thu Jan 25, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: High Yield Savings Account Recommendations?
Replies: 45
Views: 2803

Re: High Yield Savings Account Recommendations?

We have 2 Max Checking accounts with Lake Michigan Credit Union 3% on balances up to $15,000 Easy monthly usage requirements: Direct deposit into any LMCU account (transfer $10 minimum from another account, automated) Minimum of 10 posted debit card purchases per month (add .50 to Amazon gift card ...
by snowman
Wed Jan 24, 2018 8:32 pm
Forum: Investing - Help with Personal Investments
Topic: Your bond allocation when you were 48
Replies: 125
Views: 6050

Re: Your bond allocation when you were 48

It appears "age in bonds" is not the norm. That's an understatement... On threads like this, I'm often shocked by how different what people here actually do is from some of the supposed principles or "accepted wisdom" that many of us assume about the BH strategy. It's somewhat confidence-shaking to...
by snowman
Wed Jan 24, 2018 7:37 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy to take a step off from work at age 35
Replies: 13
Views: 1711

Re: Strategy to take a step off from work at age 35

Financially you are set. There are multiple FIRE websites, I would search there as well. The question is what will you do. Some people have always stuff to do, some get bored and want to come back to work (which may be hard or next to impossible). 2 points come to mind: 1. Manage your income to qual...
by snowman
Wed Jan 24, 2018 7:26 pm
Forum: Investing - Help with Personal Investments
Topic: Your bond allocation when you were 48
Replies: 125
Views: 6050

Re: Your bond allocation when you were 48

100-0, therefore 0 for bonds. Went with that allocation through both 2000-2003 and 2008 bear markets. Not for everyone, obviously.
by snowman
Wed Jan 24, 2018 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Working in the real world
Replies: 118
Views: 8825

Re: Working in the real world

Maybe little off topic, but last year I read "Coming Apart" - excellent and highly recommended book by Charles Murray. It was eye-opening! The median household income in the US is almost meaningless number. Author goes deep into social fabric of America over the last 50 years, which explains not onl...
by snowman
Sun Jan 21, 2018 9:36 pm
Forum: Personal Consumer Issues
Topic: New Brake Pads
Replies: 67
Views: 4574

Re: New Brake Pads

From the OP's second post: "I am not a handy person at all, so I will not do it myself" Seems to me you ( and some others here) are injecting your opinion, without any regard to what the OP's stated position is. Not helpful. Some people are not mechanically inclined and have no wish to be. Just bec...
by snowman
Sun Jan 21, 2018 2:28 pm
Forum: Personal Consumer Issues
Topic: New Brake Pads
Replies: 67
Views: 4574

Re: New Brake Pads

Brake pads are not incredibly or even very easy to replace unless you have lots of experience and exactly the correct tools. "Familiar with wrenching" means "very experienced." The tools usually required are not ones anyone would own unless they have done a great deal of mechanical work, and some o...
by snowman
Tue Jan 09, 2018 8:49 pm
Forum: Personal Consumer Issues
Topic: New Honda CRV - first oil change full synthetic?
Replies: 72
Views: 4855

Re: New Honda CRV - first oil change full synthetic?

For those BHs that do oil changes themselves (myself included) or the ones that buy oil at Walmart and take it to the mechanic, this is the best deal I have found over the years: buy the 5 qt jug of Mobil 1 at Walmart when on sale (say 22.88 instead of 25.99). Buy it in the spring or fall when Mobi...
by snowman
Tue Jan 09, 2018 6:26 pm
Forum: Personal Consumer Issues
Topic: New Honda CRV - first oil change full synthetic?
Replies: 72
Views: 4855

Re: New Honda CRV - first oil change full synthetic?

For those BHs that do oil changes themselves (myself included) or the ones that buy oil at Walmart and take it to the mechanic, this is the best deal I have found over the years: buy the 5 qt jug of Mobil 1 at Walmart when on sale (say 22.88 instead of 25.99). Buy it in the spring or fall when Mobil...
by snowman
Tue Jan 02, 2018 3:07 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 847
Views: 144951

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

For those of you that have done transfers in retirement accounts - does that show up on your taxes following year? I understand it's non-taxable event, but apparently broker sends out some sort of form indicating dollar amount of transfer. Does that HAVE TO go on 1040?
by snowman
Mon Jan 01, 2018 5:02 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Fund - Stock or Bond?
Replies: 11
Views: 684

Re: ROTH Fund - Stock or Bond?

Depends. Let's say your have a $100,000 portfolio. 50% in taxable and 50% in tax advantaged, in this case, a Roth IRA. Your desired AA is 50% stocks and 50% bonds. If you wanted to put the $50,000 stocks in your Roth IRA, you would then have to put your $50,000 of bonds in your taxable account. Not...
by snowman
Thu Dec 28, 2017 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: S-Corp Solo 401k employER contribution is 25% of what?
Replies: 15
Views: 566

Re: S-Corp Solo 401k employER contribution is 25% of what?

The answer in your case is $6K. Fidelity reps are usually very well trained in this area, I wonder if there was some misunderstanding. Usually, as a single person S-Corp, you are trying to find the right (and legal) balance between the salary you pay yourself (W-2) and profit (distribution). You may...
by snowman
Thu Dec 28, 2017 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: Roth 401(k) a better option with new tax law?
Replies: 17
Views: 1617

Re: Roth 401(k) a better option with new tax law?

The new tax law does seem to favor Roth in your case. But there are always other moving parts as well, which makes the math fuzzy at times. One moving part you may not have thought of are the state taxes. Even if you retire in your current state, it does not necessarily mean you will pay that rate i...
by snowman
Wed Dec 27, 2017 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax 2017 - Medical deduction floor still at 10%
Replies: 11
Views: 687

Re: TurboTax 2017 - Medical deduction floor still at 10%

Yet another workaround I did playing with 2016 version was to change birth year in personal section to make yourself 65 or older as those folks currently enjoy 7.5% AGI deduction vs. 10% for the rest of us. BTW, I am still not certain it's the law - while all media sources reported 2 years of reduce...
by snowman
Thu Nov 30, 2017 9:22 pm
Forum: Personal Consumer Issues
Topic: Does it make sense to drop health insurance?
Replies: 198
Views: 8121

Re: Does it make sense to drop health insurance?

Keep your insurance, and lower your income to get subsidy. The math was already provided on first page. As an independent contractor, you have a lot of flexibility to lower your MAGI - use it!
by snowman
Mon Nov 20, 2017 12:40 pm
Forum: Personal Consumer Issues
Topic: Snow tires- are Hankooks any good?
Replies: 18
Views: 1169

Re: Studded vs. non-studded snow tires for MA

I live in Western MA. Most of my winter driving is highway driving between MA and NYC on weekends. Otherwise it is largely limited to driving around town a few times a week. I am very rarely on country roads in the winter. Would you recommend studded or non-studded snow tires, and why? For the type...