Search found 5802 matches

by kaneohe
Sat Sep 14, 2019 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

............................................................................... Consider the case of mutual funds/ETFs containing US treasury portfolios. They aren't exempt from federal taxes so their interest dividends show up in federal line 3b, not 2b. Form CA(540) line 2a and line 2 column A ar...
by kaneohe
Sat Sep 14, 2019 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Question about FDIC limit
Replies: 12
Views: 1404

Re: Question about FDIC limit

I wish this was easier to follow on fdic.gov with EDIE (for me!). Terminology used there is hard to map back to bank accounts to make sure that coverage is understood. If the account is single owner with one beneficiary, coverage is $250k right? If the account is single owner with two beneficiaries...
by kaneohe
Sat Sep 14, 2019 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

.................................................... You wrote: look at the labels 2a/2b instead of the descriptors which are misleading. My comments: Thanks very much! Just for historical record, this Taxable interest (b) was only introduced to California Adjustments — Residents CA (540) schedule ...
by kaneohe
Sat Sep 14, 2019 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

.................................................. To me, the correct amount for [ 2. Taxable interest (a) ◎ _______________. . . . . . . . . . ] would be [Column A - Column B + Column C] and not the tax-exempt amount from Form 1040 (2018) 2a Tax-exempt interest. This happens to be correct only whe...
by kaneohe
Sat Sep 14, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Primer on Paying Taxes With a Credit Card
Replies: 54
Views: 6828

Re: Primer on Paying Taxes With a Credit Card

If you use pay1040.com to make the credit card payment for quarterly estimated taxees, do you still need to mail in a paper Form 1040-ES? Thanks! This thread has been very helpful. I just wanted to bump this question as I am unclear. Thanks First time doing it so I don't really know. When you pay, ...
by kaneohe
Sat Sep 14, 2019 11:11 am
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

................................................................ Radio buttons (bullseyes) only show in 2018 California Adjustments — Residents CA (540) schedules. They were not included in 2017 schedules, although the fields to the right of them are the same as those in 2018 California Adjustments...
by kaneohe
Sat Sep 14, 2019 11:05 am
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

........................................................... Your wrote: Also include on line 2a any exempt-interest ... I say: Why then it says: 2. Taxable interest (a) ◎ _______________. . . . . . . . . . ? Any exempt-interest as far as 1040 (federal) is concerned, but taxable to CA? I think the 5...
by kaneohe
Sat Sep 14, 2019 10:41 am
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

..................................................................... 1) You wrote: I assumed that Col A on the 540SchCA and the column to left of col A are meant to present the exact same info as on the 1040. I say: There is no column to the left of column A comparable to B or C. There is this hug...
by kaneohe
Sat Sep 14, 2019 8:12 am
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

In the new 2018 California Adjustments — Residents CA (540) SCHEDULE, compared to previous forms, in Part I Income Adjustment Schedule, for Items 2 (Taxable interest), 3 (Ordinary dividends), 4 (IRAs, pensions, and annuities) and 5 (Social security benefits), we see new radio buttons (bullseyes) af...
by kaneohe
Sat Sep 14, 2019 7:39 am
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

............................................................... Income from things (individual bonds or funds) that bear federally taxable but CA-exempt interest should be adjusted in line 2 column B (treasury interest/treasury-bond-fund dividends are the most common sources, even though the latter...
by kaneohe
Fri Sep 13, 2019 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question
Replies: 20
Views: 1006

Re: New 2018 California Adjustments — Residents CA (540) SCHEDULE Question

........................................................................................................ Basically the question boils down to this: Is Taxable interest (a) ◎ _______________. . . . . . . . . . Federally Tax-exempt interest or Federally Tax-exempt interest adjusted for CA Taxable int...
by kaneohe
Fri Sep 13, 2019 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: FDIC Insurance
Replies: 3
Views: 452

Re: FDIC Insurance

I called FDIC and was pleasantly surprised to get thru in a few minutes........esp these days when it seems lots of banks (for both bank and cc biz) take forever. The explained as you did, Huey, that coverage is based on the number of beneficiaries if it is POD. When you have 2 owners and 2 benefici...
by kaneohe
Fri Sep 13, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: FDIC Insurance
Replies: 3
Views: 452

Re: FDIC Insurance

Thanks for confirming, Huey Just having trouble putting in words the general rule that covers all 3 situation.......... # owners + # beneficiaries takes care of 1) & 3) but not 2). Thought it might be a calculator error but it's also the same for NCUA .........perhaps not surprising since it looks l...
by kaneohe
Fri Sep 13, 2019 8:32 am
Forum: Personal Finance (Not Investing)
Topic: FDIC Insurance
Replies: 3
Views: 452

FDIC Insurance

Using the FDIC EDIE calculator, I get the following for a jt. POD account w/ 2 owners:
1) 2 owners/0 beneficiaries = 500K insurance
2) 2 owners/1 beneficiary= 500K insurance
3) 2 owners/2 beneficiaries=1M insurance

Is this correct & if so, why the jump from 1) to 3) but no increase from 1) to 2)?
by kaneohe
Fri Sep 13, 2019 7:54 am
Forum: Personal Consumer Issues
Topic: Whether to change phone number for elderly parents
Replies: 34
Views: 2966

Re: Whether to change phone number for elderly parents

Have landline and answering machine and many calls per day. We let the answering machine answer and all but the legit calls don't leave messages. If we're expecting call, we may hover to see if anyone speaks. Otherwise we tend not to respond. May have to train friends to just start talking and maybe...
by kaneohe
Thu Sep 12, 2019 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Can I make multiple estimated income tax payments online (for 1040-ES) in a quarter?
Replies: 8
Views: 892

Re: Can I make multiple estimated income tax payments online (for 1040-ES) in a quarter?

specifically for Direct Pay........
"Is there a limit on the frequency of payments I can make with Direct Pay?
Yes, you can't make more than two Direct Pay payments within a 24-hour period. Please try again after that time period has passed."
https://www.irs.gov/payments/direct-pay-help#q10b
by kaneohe
Thu Sep 12, 2019 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: self employment tax question
Replies: 14
Views: 708

Re: self employment tax question

..................................................... Should I just make an estimated tax payment of $10k to $15k and then sort it out at tax time? Can I do it all at once or is the fact that I already didn't do it for 2 quarters mean I am screwed and shouldn't bother? Should I up my regular payche...
by kaneohe
Thu Sep 12, 2019 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Tax questions for early Roth IRA withdrawals
Replies: 6
Views: 583

Re: Tax questions for early Roth IRA withdrawals

..................................................... 3. After all of my Roth IRA contributions have been withdrawn - is there an advantage of withdrawn the rest of the money I need from my Roth IRA capital gains vs. from my Traditional IRA? ............................................................
by kaneohe
Thu Sep 12, 2019 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Can I make multiple estimated income tax payments online (for 1040-ES) in a quarter?
Replies: 8
Views: 892

Re: Can I make multiple estimated income tax payments online (for 1040-ES) in a quarter?

I don't know specifically about IRS Direct Pay but I know you can pay your estimated payments by credit card in two installments/qtr with
one payer. I've even seen talk about 2 installments/qtr per payer w/ multiple payers but I don't know if that's true,
by kaneohe
Thu Sep 12, 2019 11:26 am
Forum: Personal Investments
Topic: Determining cost basis of inherited shares of stock
Replies: 25
Views: 1394

Re: Determining cost basis of inherited shares of stock

This is a nice site for getting historical quotes on a specific date:
http://bigcharts.marketwatch.com/

enter the symbol and hit "historical quote" and then input the date .
by kaneohe
Wed Sep 11, 2019 3:01 pm
Forum: Personal Investments
Topic: Determining cost basis of inherited shares of stock
Replies: 25
Views: 1394

Re: Determining cost basis of inherited shares of stock

Want to be sure I understand..... upon my mom's death in 1990 I inherited jointly with my dad 1/2 the shares at market price the day of her death and the other half of the shares at market price the day of my fathers death in 2013? That would be significant as the share price difference is roughly ...
by kaneohe
Wed Sep 11, 2019 1:06 pm
Forum: Personal Investments
Topic: Determining cost basis of inherited shares of stock
Replies: 25
Views: 1394

Re: Determining cost basis of inherited shares of stock

What I'm wondering is if you have 2 different cost basis for each half of the shares or 1 blended one for all the shares . If a married couple owned the JTWROS shares, I believe the survivor has a stepup on half of the shares (generally) but in practice there is one blended cost basis since the shar...
by kaneohe
Wed Sep 11, 2019 8:48 am
Forum: Personal Investments
Topic: Determining cost basis of inherited shares of stock
Replies: 25
Views: 1394

Re: Determining cost basis of inherited shares of stock

................. ............................ When she passed away back in 1990 those shares were inherited jointly by myself and my father . .......................... wondering if this means, the inherited shares were owned (titled) jointly or if you simply owned half and your father owned half?
by kaneohe
Tue Sep 10, 2019 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes for Rental and Non-Rental Home
Replies: 1
Views: 203

Re: Taxes for Rental and Non-Rental Home

https://www.kitces.com/blog/limits-to-converting-rental-property-into-a-primary-residence-to-plan-for-irc-section-121-capital-gains-exclusion/ Might try reading this link..........apparently they changed the law to deal w/ old owners coming back to live in former rentals to reclaim the 2 out of 5 y...
by kaneohe
Sat Sep 07, 2019 9:13 am
Forum: Personal Finance (Not Investing)
Topic: CA taxes & allowances
Replies: 6
Views: 592

Re: CA taxes & allowances

agree w/ stan1................make your allowances large enough so you are being underwithheld. Then add an additional fixed $$ amount /pay period so that you get the number you want. That way the result is predictable since you are just changing $$. Unless you understand the dependence of withholdi...
by kaneohe
Sat Sep 07, 2019 7:44 am
Forum: Personal Finance (Not Investing)
Topic: CA taxes & allowances
Replies: 6
Views: 592

Re: CA taxes & allowances

https://www.edd.ca.gov/Payroll_Taxes/pd ... ulator.pdf

have no idea, but perhaps this calculator will help simulate changes /effects?
by kaneohe
Sat Sep 07, 2019 7:22 am
Forum: Personal Investments
Topic: writing off stock loss to off set tax when withdrawing money from 401k.
Replies: 10
Views: 795

Re: writing off stock loss to off set tax when withdrawing money from 401k.

It is a "use it or lose it" deduction. Even if a tax return is not required, the loss carry-forward is reduced by $3,000 per year. I agree with ivk5, this isn't quite correct. If taxable income is low enough (essentially zero without the loss), the capital loss isn't "used" in that year. See the ca...
by kaneohe
Sat Sep 07, 2019 7:12 am
Forum: Personal Investments
Topic: Capital gains
Replies: 5
Views: 830

Re: Capital gains

You can use this calculator to get the taxes due https://www.mortgagecalculator.org/calcs/1040-calculator.php It is difficult to tell exactly from your description since not all of your SS will be taxed and you have not specified how much the dividends are and how much of them are qualified. Just fr...
by kaneohe
Fri Sep 06, 2019 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Downside to Using an Authorized User Card - Not Earning Rewards
Replies: 20
Views: 1140

Re: Downside to Using an Authorized User Card - Not Earning Rewards

The confusion is because Costco uses the terms “Primary Member” and “Primary Household Member” to refer to two different people. If I have a Household Membership, I am the Primary Member. If I add my spouse, they are the Primary Household Member. Uncommon and unhelpful word choice for sure. Thanks ...
by kaneohe
Fri Sep 06, 2019 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Downside to Using an Authorized User Card - Not Earning Rewards
Replies: 20
Views: 1140

Re: Downside to Using an Authorized User Card - Not Earning Rewards

What's a "joint member?" Costco's executive memberships have one "primary member" and one "household member." Both earn the same rewards and get a combined check once a year. I've linked Costco's executive T&C's above. Can you please point to the exclusion that you're talking about there. Like I sa...
by kaneohe
Fri Sep 06, 2019 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Downside to Using an Authorized User Card - Not Earning Rewards
Replies: 20
Views: 1140

Re: Downside to Using an Authorized User Card - Not Earning Rewards

Thanks for posting that. I was not aware........fortunately DW who is the primary does most of the shopping.

One other thing to be aware of...........for Citi Costco rental car insurance, the primary card holder must make the reservation and must
pay using their card.
by kaneohe
Fri Sep 06, 2019 7:47 am
Forum: Personal Investments
Topic: Roth rollover after recharacterization
Replies: 2
Views: 169

Re: Roth rollover after recharacterization

Your question is a bit awkwardly worded (for me) but if all the contributions in all your TIRAs (and similar IRAs) were post tax with minimal earnings, you can convert the whole thing and pay the minimal tax on the minimal earnings. If you have other TIRAs with deductible contributions, then if you ...
by kaneohe
Thu Sep 05, 2019 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion withdrawals
Replies: 8
Views: 509

Re: Roth conversion withdrawals

Do you have to wait 5 years to withdraw Roth conversion money from your Roth at age 67?I was told this today by the Credit Union Investment guy when inquiring about CD rates. Someone is thinking of putting their Roth in a CD?!!! Roth assets are the most valuable as the grow is tax-free (as long the...
by kaneohe
Thu Sep 05, 2019 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: TIRA Contribution Recharacterizing to Roth
Replies: 16
Views: 428

Re: TIRA Contribution Recharacterizing to Roth

Just tell the custodian you want to recharacterize the contribution you made on January whatever and let them worry about how much earnings to recharacterize. They can figure that out. If the $6k and earnings is the only thing in there, they will recharacterize the entire thing. If there were prior...
by kaneohe
Wed Sep 04, 2019 9:16 pm
Forum: Personal Consumer Issues
Topic: Any (medicare plans) experience with Silver & Fit?
Replies: 33
Views: 1885

Re: Any (medicare plans) experience with Silver & Fit?

....................................................................... I looked at Silver Sneakers' website this morning and it states it serves Medicare Advantage folks only. I could misread it. TravelforFun could you provide the link? ................................................................
by kaneohe
Wed Sep 04, 2019 6:05 pm
Forum: Personal Finance (Not Investing)
Topic: Filling out the 8606, misunderstanding terminology
Replies: 7
Views: 593

Re: Filling out the 8606, misunderstanding terminology

However, the 401k rollover will result in any conversion or distribution taken in the future being pro rated between your IRA basis and the total year end adjusted balance of all your non Roth IRA accounts. You would have been better off to delay the 401k rollover until the year after you converted...
by kaneohe
Wed Sep 04, 2019 5:30 pm
Forum: Personal Consumer Issues
Topic: Any (medicare plans) experience with Silver & Fit?
Replies: 33
Views: 1885

Re: Any (medicare plans) experience with Silver & Fit?

....................................................................... I looked at Silver Sneakers' website this morning and it states it serves Medicare Advantage folks only. I could misread it. TravelforFun could you provide the link? This one says otherwise https://www.medicareplanfinder.com/bl...
by kaneohe
Wed Sep 04, 2019 3:16 pm
Forum: Personal Consumer Issues
Topic: Any (medicare plans) experience with Silver & Fit?
Replies: 33
Views: 1885

Re: Any (medicare plans) experience with Silver & Fit?

Just to clarify - fitness programs such as those discussed above are only available with Advantage plans, right? No way to get them with Original Medicare + TRICARE for Life (supplement) as I understand it. This is correct! Silver Sneakers and Silver&Fit are not available for those who have Origina...
by kaneohe
Mon Sep 02, 2019 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting part of RMD's to a 503c
Replies: 23
Views: 1081

Re: Gifting part of RMD's to a 503c

One critical point to remember: Your first QCDs can only be done after you are 70.5 yo … not "in the year" you turn 70.5. How do they determine the exact moment when a QCD was made? There may be a room for ambiguity. A check written, issued, mailed, received, transaction taken place (money changed ...
by kaneohe
Mon Sep 02, 2019 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Prepaid 529 - refund taxable?
Replies: 12
Views: 814

Re: Prepaid 529 - refund taxable?

same caveats as the other posters........free advice worth what you paid for it............... https://www.privatecollege529.com/OFI529/theme/pc529/learn-more/faqs/plan-basics.jsp wondering if item 10 in link applies........you have prepaid tuition plan so only tuition is qualified expense. You can ...
by kaneohe
Mon Sep 02, 2019 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: [How do I convert a nondeductible IRA?]
Replies: 14
Views: 279

Re: amending tax form

Thanks to both HomeStretch and kaneohe! I hadn't thought of using a ROTH 457 at work. I have to open one first, make too much money, but now it would be worth it. I have to do the 8606 forms first. Then do the roll over. I read on the irs.gov website that there is a $50 penalty for filing the 8606 ...
by kaneohe
Mon Sep 02, 2019 11:49 am
Forum: Personal Finance (Not Investing)
Topic: [How do I convert a nondeductible IRA?]
Replies: 14
Views: 279

Re: amending tax form 8606

Now I have a retirement IRA fund that contain both non deductible and deductible IRAs. I want to correct this so when I start withdrawing from this account I will not be double taxed on the IRAs on which I have already paid taxes. My current tax guy has advised me to submit the 8606s for all those ...
by kaneohe
Sat Aug 31, 2019 8:05 pm
Forum: Personal Investments
Topic: Roth IRA questions
Replies: 12
Views: 1056

Re: Roth IRA questions

Thanks for the answers. Would any disadvantages exist by having multiple Roth IRA's? I know that you can only contribute in total 6k a year to Roth IRAs. Only disadvantage is having less compounding power the more spread out into various IRAs are over time? https://personal.vanguard.com/us/insights...
by kaneohe
Sat Aug 31, 2019 11:47 am
Forum: Personal Finance (Not Investing)
Topic: [How do I convert a nondeductible IRA?]
Replies: 14
Views: 279

Re: amending tax form 8606

................................................ When it comes time to withdraw that fund, there will be a complicated formula that has to be done to separate the ones I already paid taxes on. Has anyone else experienced this? I suggest that you try filling out the form 8606 assuming some amount no...
by kaneohe
Thu Aug 29, 2019 11:12 pm
Forum: Personal Investments
Topic: UTMA Account Transfer and Taxation Questions
Replies: 10
Views: 448

Re: UTMA Account Transfer and Taxation Questions

You have owned the stocks since day 1 so your holding period is LT. You don't want to sell and get cash unless you really want to change holdings and accept the tax consequences that result. If your SSN is on the 1099, you report the total amount on your tax return but you are also supposed to issu...
by kaneohe
Thu Aug 29, 2019 5:02 pm
Forum: Personal Investments
Topic: UTMA Account Transfer and Taxation Questions
Replies: 10
Views: 448

Re: UTMA Account Transfer and Taxation Questions

..................................+. Although, I am surprised the IRS hasn't come looking for you with CP2000 notices. They are usually quick to jump on unreported 1099-INT, 1099-DIV and 1099-B income. wondering if it's because the 1099s were w/ aunt's SSN and she did file so there was matching on ...
by kaneohe
Thu Aug 29, 2019 4:56 pm
Forum: Personal Investments
Topic: UTMA Account Transfer and Taxation Questions
Replies: 10
Views: 448

Re: UTMA Account Transfer and Taxation Questions

I also hope dbr is correct cuz I'm in agreement. You have owned the stocks since day 1 so your holding period is LT. You don't want to sell and get cash unless you really want to change holdings and accept the tax consequences that result. If your SSN is on the 1099, you report the total amount on y...
by kaneohe
Thu Aug 29, 2019 8:04 am
Forum: Personal Finance (Not Investing)
Topic: LTCG vs Income Tax Rate
Replies: 5
Views: 335

Re: LTCG vs Income Tax Rate

................................ I've never tried specifying lots, so I don't know if that's easy or hard. .................................... some yrs ago, I got the impression that you could do this online (for funds). I was not able to do it at that time (don't know if things have changed over ...
by kaneohe
Wed Aug 28, 2019 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Tax Aid Volunteering for AARP or VITA
Replies: 42
Views: 1932

Re: Tax Aid Volunteering for AARP or VITA

...................................................... Any pros/cons that you can think of? not necessarily a con (or a pro) but a reality........... The ethics rules prohibit acceptance of fees for service/tips so the grateful taxpayers often do an end run with gifts to the site of cookies/candies...