Search found 53 matches

by thebigad
Mon Oct 30, 2017 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to a K-1. What do I need to know?
Replies: 15
Views: 1499

Re: Moving to a K-1. What do I need to know?

Thanks, all. Based on the replies, I think I will get with a CPA at least initially. Seems like there is a lot of of smart moves to be made and I don't have the time or skillset to figure those out.
by thebigad
Thu Oct 26, 2017 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to a K-1. What do I need to know?
Replies: 15
Views: 1499

Re: Moving to a K-1. What do I need to know?

fipt2030 wrote:
Thu Oct 26, 2017 3:50 pm
If you haven’t already, look into the availability of more tax deferred savings such as Solo 401K through K1
I'm still going to be under the partnership's 401(k) plan, I'm told.
by thebigad
Thu Oct 26, 2017 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to a K-1. What do I need to know?
Replies: 15
Views: 1499

Re: Moving to a K-1. What do I need to know?

I'm still learning, but I thought there are different considerations of deducting expenses now that previously could not be deducted (or that my employer would cover on my behalf and will no longer do so). And I don't know what else changes in the K-1 scenario. I hear I will lose the dependant care ...
by thebigad
Thu Oct 26, 2017 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Moving to a K-1. What do I need to know?
Replies: 15
Views: 1499

Moving to a K-1. What do I need to know?

I've been a W-2 employee of a partnership, but am now moving to a K-1. What do I need to know? From reading here and online... 1. I assume hiring a CPA becomes an almost-necessity. 2. I pay estimated taxes quarterly, I believe. 3. I pay taxes later than usual. What else? Any tips and tricks? Anythin...
by thebigad
Wed Aug 30, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary Options for Grandfather
Replies: 6
Views: 355

Re: IRA Beneficiary Options for Grandfather

Spirit Rider - I think you mean leave it to the great-grandchildren, right?

Thanks for your advice and everyone else's. Another problem solved!
by thebigad
Wed Aug 30, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: IRA Beneficiary Options for Grandfather
Replies: 6
Views: 355

IRA Beneficiary Options for Grandfather

Hi, related to a recent question I had, my grandfather (in his mid-80s) has roughly $100k in a Traditional IRA. His spouse (my grandmother) passed away earlier this year and he needs to designate new beneficiaries. He is considering designating his grandchildren (two adults in the 40yrs age range wi...
by thebigad
Mon Aug 21, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

Yes. She was 84.
by thebigad
Mon Aug 21, 2017 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

So, on the IRA point, his wife recently passed away (my grandmother). He is being asked to assume or inherit her IRA. Given that he doesn't need any IRA funds now and does not have much taxable income each year to speak of (roughly $12,000), which should he do? Thanks again! What do you mean by he ...
by thebigad
Mon Aug 21, 2017 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

thebigad wrote: So, on the IRA point, his wife recently passed away (my grandmother). He is being asked to assume or inherit her IRA. Given that he doesn't need any IRA funds now and does not have much taxable income each year to speak of (roughly $12,000), which should he do? So much more informat...
by thebigad
Mon Aug 21, 2017 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

So, on the IRA point, his wife recently passed away (my grandmother). He is being asked to assume or inherit her IRA. Given that he doesn't need any IRA funds now and does not have much taxable income each year to speak of (roughly $12,000), which should he do? Thanks again! What do you mean by he ...
by thebigad
Mon Aug 21, 2017 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

If the OP does not understand capital gain tax now he should not be advising anyone about a possible sale containing such versus waiting. :( I do understand capital gains, but obviously did not know about the stepped up basis. Thanks to some helpful folks above, I went and researched that point.
by thebigad
Mon Aug 21, 2017 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

So, on the IRA point, his wife recently passed away (my grandmother). He is being asked to assume or inherit her IRA. Given that he doesn't need any IRA funds now and does not have much taxable income each year to speak of (roughly $12,000), which should he do?

Thanks again!
by thebigad
Mon Aug 21, 2017 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Re: Should my grandfather liquidate?

@BL - He is healthy, but unlikely to live to a 100 based on family history. Should he live that long, he has three children with enough assets and willingness to support him. No real estate - just what I mentioned. I understand that he wouldn't be subject to the gift/inheritance cap, but was wonderi...
by thebigad
Mon Aug 21, 2017 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Should my grandfather liquidate?
Replies: 22
Views: 1862

Should my grandfather liquidate?

My grandfather is in his mid-80s. He has roughly a half million dollars or so tied up in cash, CDs, stocks, bonds, etc. We were going through his will and the question came up of whether he should start selling off his assets slowly and gifting them to his heirs or if we should wait to do it when he...
by thebigad
Wed Apr 26, 2017 2:59 pm
Forum: Personal Consumer Issues
Topic: Is buying a car through a dealer auction still a good value?
Replies: 13
Views: 1734

Re: Is buying a car through a dealer auction still a good value?

It comes down to what you are looking for. I had auction access through a colleague a couple of years back. Just like anything else in economics, it depends on what you are looking for. If you want something more on the specialty end, BMW M Cars, AMG, etc., there are a ton of real and quasi dealers...
by thebigad
Wed Apr 26, 2017 12:17 pm
Forum: Personal Consumer Issues
Topic: Is buying a car through a dealer auction still a good value?
Replies: 13
Views: 1734

Re: Is buying a car through a dealer auction still a good value?

It was a Z3, which were marked up quite a bit back in the day. I hear your points, but Manheim auctions come with certified car condition reports. If you find something not listed, they take it back. And I'm not too worried about other problems as the car I'm considering buying will be under warrant...
by thebigad
Wed Apr 26, 2017 11:41 am
Forum: Personal Consumer Issues
Topic: Is buying a car through a dealer auction still a good value?
Replies: 13
Views: 1734

Is buying a car through a dealer auction still a good value?

Back in the early 2000s, I bought a sports car by paying a dealer to take me to a Manheim auction, picking the price limit for the car he would bid on, and then paying him a flat fee above the auction price and Manheim auction fee. I paid about $10k less than what a dealer would charge for a car on ...
by thebigad
Mon Mar 20, 2017 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Georgia Low Income Housing Tax Credit
Replies: 6
Views: 812

Re: Georgia Low Income Housing Tax Credit

To claim the credit on your GA return you need to file schedule 2 - GA Tax credits. The credit code is going to be 109. You need to fill in the company that generated the credit and the EIN. The rest should be fairly self explanatory. Happy to help if you have any more specific questions feel free ...
by thebigad
Tue Mar 14, 2017 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Georgia Low Income Housing Tax Credit
Replies: 6
Views: 812

Re: Georgia Low Income Housing Tax Credit

Is there a VITA or AARP TaxAide site in your area? Those folks are eager and ready to help with this type of question. I volunteer for AARP TaxAide in Michigan, and many (most?) of our clients qualify for a "Homestead Property Tax credit" based on income versus RE Taxes or rent. If this q...
by thebigad
Mon Mar 13, 2017 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Georgia Low Income Housing Tax Credit
Replies: 6
Views: 812

Georgia Low Income Housing Tax Credit

Anyone on this board avail of this tax credit? This is my first go and I'm a little confused about the paperwork involved in claiming the tax credit. Just looking for a little guidance around Georgia Form IT-HC and Georgia Form 700 Schedule K-1 Equivalent.

Thanks!
by thebigad
Wed Feb 15, 2017 9:42 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Premier Online Deal?
Replies: 18
Views: 2240

Re: TurboTax Premier Online Deal?

I used to get TT Premier Online for free through State Farm, but they stopped it. Vanguard doesn't have discounts anymore either. Does anyone know of the best offer currently available? I'd like to stay online and not do the download/CD option if possible. Not sure why you don't want the download/C...
by thebigad
Mon Feb 13, 2017 9:45 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Premier Online Deal?
Replies: 18
Views: 2240

Re: TurboTax Premier Online Deal?

Regular Fidelity customers get a $20.00 Turbotax discount. My federal and state tax prep for the TurboTax Premier together came out to almost $82.00, even with the $20 discount. They tack on about $5.00 in taxes. I guess the question for me is whether the time spent learning and transitioning to Ta...
by thebigad
Fri Feb 10, 2017 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Premier Online Deal?
Replies: 18
Views: 2240

Re: TurboTax Premier Online Deal?

My only concern would be carrying over the data from online to CD. Is that pretty seamless? When I do returns online, it pulls everything from last year and pre-populates as needed. From Inuit help: Transfer last year's return into TurboTax for Windows Transfer last year's return into 2016 TurboTax...
by thebigad
Fri Feb 10, 2017 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Premier Online Deal?
Replies: 18
Views: 2240

Re: TurboTax Premier Online Deal?

I used to get TT Premier Online for free through State Farm, but they stopped it. Vanguard doesn't have discounts anymore either. Does anyone know of the best offer currently available? I'd like to stay online and not do the download/CD option if possible. Not sure why you don't want the download/C...
by thebigad
Fri Feb 10, 2017 10:52 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Premier Online Deal?
Replies: 18
Views: 2240

Re: TurboTax Premier Online Deal?

Dottie57 wrote:Fidelity has the online version for free for their customers.


I believe that's if you have over $1m in assets and the like, but please correct me if I'm wrong.
by thebigad
Fri Feb 10, 2017 10:43 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Premier Online Deal?
Replies: 18
Views: 2240

TurboTax Premier Online Deal?

I used to get TT Premier Online for free through State Farm, but they stopped it. Vanguard doesn't have discounts anymore either. Does anyone know of the best offer currently available? I'd like to stay online and not do the download/CD option if possible. If I don't see any viable options, I may ju...
by thebigad
Wed Jan 25, 2017 10:14 am
Forum: Personal Consumer Issues
Topic: best way to buy TaxAct
Replies: 39
Views: 5326

Re: best way to buy TaxAct

Here's a deal: m Premium Federal and State E-filed: $27.50 Make sure you scroll down and click on the one you want to get the deal. If you already started a return in TaxAct before clicking this deal, the pricing may not work. In that case, I'm told you have to delete your return, log out, and then ...
by thebigad
Wed Jan 25, 2017 10:12 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax is playing games again.
Replies: 52
Views: 10842

Re: TurboTax is playing games again.

But even if you buy/share the TurboTax desktop version, you only get 1 free state download - so you pay for additional state downloads for each family member AND you pay for each state e-file. After more than 10 years on TT, I am finally going to try TaxAct. Any buyer beware tips? Hopefully, there i...
by thebigad
Wed Mar 02, 2016 11:30 am
Forum: Investing - Help with Personal Investments
Topic: Quick Back-Door ROTH IRA Question
Replies: 6
Views: 375

Re: Quick Back-Door ROTH IRA Question

Thanks for the tip. Unfortunately, I am already invested in funds in my TIRA. But that makes sense for upcoming years...
by thebigad
Wed Mar 02, 2016 10:58 am
Forum: Investing - Help with Personal Investments
Topic: Quick Back-Door ROTH IRA Question
Replies: 6
Views: 375

Re: Quick Back-Door ROTH IRA Question

So, could I just convert / exchange into a ROTH IRA money market fund. And then exchange the proceeds in that fund out for the desired index funds?
by thebigad
Wed Mar 02, 2016 9:45 am
Forum: Investing - Help with Personal Investments
Topic: Quick Back-Door ROTH IRA Question
Replies: 6
Views: 375

Quick Back-Door ROTH IRA Question

I'm about to convert my Traditional IRA balance to a ROTH IRA. I'm in Vanguard. Is it okay to convert one fund at a time (all done the same day)? I'm guessing the IRS doesn't care about the mechanics of it, but want to be sure. Also, do I have to pick the same exact funds on the ROTH IRA side or wou...
by thebigad
Tue Jan 05, 2016 12:16 pm
Forum: Personal Consumer Issues
Topic: Fix Broken Sewer Line-Thoughts?
Replies: 20
Views: 1393

Re: Fix Broken Sewer Line-Thoughts?

I would get 1-2 quotes. That seems high for a 4 ft dig, even by hand.
by thebigad
Tue Jan 05, 2016 12:08 pm
Forum: Personal Consumer Issues
Topic: Fix Broken Sewer Line-Thoughts?
Replies: 20
Views: 1393

Re: Fix Broken Sewer Line-Thoughts?

Largely depends on how deep he has to dig, how many replacement parts/pipes he needs to use, and any obstructions that would make the job difficult. Four years ago, I was quoted $3,700 to $5,800 to replace a 50-60 feet section of pipe that was 11 ft underground (it was an old paper-clay sewer line t...
by thebigad
Wed Apr 30, 2014 8:22 am
Forum: Personal Consumer Issues
Topic: Purchasing first smartphone, need advice
Replies: 62
Views: 6133

Re: Purchasing first smartphone, need advice

You could go with www.pagepluscellular.com (a pre-paid service that uses Verizon's network) and buy a pair of used smartphones on eBay. For example, you could get a Droid X2 in great condition for about $80. You can get minimum minutes or ramp up to one of their monthly plans as your needs change, a...
by thebigad
Wed Apr 30, 2014 8:04 am
Forum: Investing - Help with Personal Investments
Topic: Invest in IPO or stick with index fund strategy exclusively?
Replies: 21
Views: 2496

Re: Invest in IPO or stick with index fund strategy exclusiv

This is why I love this board. Thanks all for your replies and informative comments. I'm going to pass.
by thebigad
Tue Apr 29, 2014 8:31 am
Forum: Investing - Help with Personal Investments
Topic: Invest in IPO or stick with index fund strategy exclusively?
Replies: 21
Views: 2496

Invest in IPO or stick with index fund strategy exclusively?

We've been given the "opportunity" to pre-invest in what is touted to be the biggest IPO ever. I typically shun these solicitations, but wanted to see what you folks thought about investing some money (lets say $25k) in these types of opportunities every now and then, in addition to stayin...
by thebigad
Tue Jul 23, 2013 6:59 pm
Forum: Investing - Help with Personal Investments
Topic: Stay in these bond funds or exchange for different ones?
Replies: 16
Views: 1387

Re: Stay in these bond funds or exchange for different ones?

pastafarian wrote:How about this year old video from Larry's firm How to Invest With Interst Rates So Low. His caution at the one minute mark is worth considering.


Also very good. Thanks.
by thebigad
Tue Jul 23, 2013 6:54 pm
Forum: Investing - Help with Personal Investments
Topic: Stay in these bond funds or exchange for different ones?
Replies: 16
Views: 1387

Re: Stay in these bond funds or exchange for different ones?

Many thanks, Kevin M. Finally some clarity. My bond AA is to get to 20%.

Calm Man, I looked this up on non brokered CDs. http://www.bankrate.com/finance/investi ... d-cds.aspx

Kevin M, any preference as to your bank of choice for CDs?
by thebigad
Tue Jul 23, 2013 4:55 pm
Forum: Investing - Help with Personal Investments
Topic: Stay in these bond funds or exchange for different ones?
Replies: 16
Views: 1387

Re: Stay in these bond funds or exchange for different ones?

That means, of course, that it's late to be "shortening up duration" or going to CDs. That does not mean it isn't worth doing. In fact some of those funds have such minuscule returns that maybe a plain-old bank savings account should be considered too. But I would submit that if what has ...
by thebigad
Tue Jul 23, 2013 4:51 pm
Forum: Investing - Help with Personal Investments
Topic: Stay in these bond funds or exchange for different ones?
Replies: 16
Views: 1387

Re: Stay in these bond funds or exchange for different ones?

Appreciate the responses and welcome more. I edited my post to add the full fund names (Sorry for those who did it for me in their own posts). I have a long-term horizon - maybe 30 years or more. The reason for the switch would be that if everything but short-term bond funds are going to be in a fun...
by thebigad
Tue Jul 23, 2013 4:05 pm
Forum: Investing - Help with Personal Investments
Topic: Stay in these bond funds or exchange for different ones?
Replies: 16
Views: 1387

Stay in these bond funds or exchange for different ones?

I have read several debates about the impending bond crash, to stay the course, to get out and invest in CDs, etc. I think I will stay in bonds, but maybe not at a high AA percentage. I presently hold VWAHX (Vanguard High Yield Tax-Exempt), VWITX (Vanguard Intermediate Term Tax-Exempt), and VBIIX (V...
by thebigad
Thu Apr 25, 2013 12:46 pm
Forum: Investing - Help with Personal Investments
Topic: Selling Home. Put towards current mortgage or invest?
Replies: 6
Views: 680

Re: Selling Home. Put towards current mortgage or invest?

Thanks for the input everyone. I see a couple of recos to refinance. If I do, wouldn't I (best case) be going down just .25% or so? Do you think I could get a refi at 3% or less (which may make sense doing)? If I can only get 3.25 or 3.5%, is it worth the refi cost (which may get absorbed into the r...
by thebigad
Thu Apr 25, 2013 8:05 am
Forum: Investing - Help with Personal Investments
Topic: Selling Home. Put towards current mortgage or invest?
Replies: 6
Views: 680

Selling Home. Put towards current mortgage or invest?

We are going to get a lump sum in low six figures by selling our condo (no mortgage on it). Should we use the funds to make a principal payment towards our current mortgage (year 2 of 30 yr mortg. at 3.75%; condo sale proceeds would cover about a 1/3 of this mortgage)? Or should we apply the funds t...
by thebigad
Tue Mar 26, 2013 10:34 am
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Conversion Questions
Replies: 8
Views: 1627

Re: ROTH IRA Conversion Questions

Thanks, all. I'll reply as I learn more about my spouse.
by thebigad
Mon Mar 25, 2013 4:31 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Conversion Questions
Replies: 8
Views: 1627

Re: ROTH IRA Conversion Questions

Well, based on the responses, I think it makes sense to convert the holdings in my tIRA to a rIRA (all internally at Vanguard). I would re-buy the same holdings in the rIRA and pay tax on any income from the tIRA. Any issues that I'm missing? Spouse tIRA is a different beast. If possible, I would li...
by thebigad
Sat Mar 23, 2013 6:47 am
Forum: Investing - Help with Personal Investments
Topic: ROTH IRA Conversion Questions
Replies: 8
Views: 1627

ROTH IRA Conversion Questions

My Traditional IRA: It has only non deductible contributions. My understanding is that if I convert to ROTH, I pay tax only on the income of those contributions. Seems simple. Spouse Traditional IRA: Made up of non-deductible contributions AND a 401k rollover. So, the income on the contributions is ...
by thebigad
Fri Mar 08, 2013 9:21 pm
Forum: Investing - Help with Personal Investments
Topic: Ditch the mutual funds?
Replies: 13
Views: 1795

Re: Ditch the mutual funds?

Why not? I mean, unless you want to make a bet on specific companies, what reason would there be to keep them? I don't want to generate tax if I don't have to. It made sense to dump the expensive mutual funds, but I don't see a compelling reason yet to sell off the stock. what percent of your total...
by thebigad
Fri Mar 08, 2013 3:21 pm
Forum: Investing - Help with Personal Investments
Topic: Ditch the mutual funds?
Replies: 13
Views: 1795

Re: Ditch the mutual funds?

mptfan wrote:
thebigad wrote:Just did it.

Follow up question: I have some individual stocks I bought about 10 years ago that are in a brokerage account. Some are in positive territory, others are not. They don't incur any expenses, other than posting dividends. Would you get rid of those, too?

Yes.


Why?
by thebigad
Fri Mar 08, 2013 2:55 pm
Forum: Investing - Help with Personal Investments
Topic: Ditch the mutual funds?
Replies: 13
Views: 1795

Re: Ditch the mutual funds?

Just did it. Follow up question: I have some individual stocks I bought about 10 years ago that are in a brokerage account. Some are in positive territory, others are not. They don't incur any expenses, other than posting dividends. Would you get rid of those, too? I feel like individual stocks don'...