Search found 5316 matches

by kaneohe
Wed Jan 23, 2019 3:29 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab does not allow specific tax lots to be selected online when selling mutual funds
Replies: 53
Views: 1769

Re: Schwab does not allow specific tax lots to be selected online when selling mutual funds

One thing I discovered (and rediscovered today) during my Spec Lot trials w/ Schwab.
Don't talk to the reps who answer or the brokers they transfer you to. Ask to speak to the Cost Basis group....
they seem to know more about the specifics.
by kaneohe
Wed Jan 23, 2019 1:15 pm
Forum: Investing - Help with Personal Investments
Topic: Schwab does not allow specific tax lots to be selected online when selling mutual funds
Replies: 53
Views: 1769

Re: Schwab does not allow specific tax lots to be selected online when selling mutual funds

curious why you would want spec ID if you can sell shares with the largest losses (smallest gains) or largest gains(smallest losses.......when would you use it? Just one example, you might want to pick short term vs long term losses or gains to sell. They are not the same for tax purposes. Good poi...
by kaneohe
Wed Jan 23, 2019 11:45 am
Forum: Investing - Help with Personal Investments
Topic: Schwab does not allow specific tax lots to be selected online when selling mutual funds
Replies: 53
Views: 1769

Re: Schwab does not allow specific tax lots to be selected online when selling mutual funds

If you absolutely must have Spec ID, you are probably out of luck. There appears to be no Spec ID option for mutual funds. That is the point, people who want to purchase mutual funds in a brokerage account using specific ID should avoid Schwab. Having great customer service is wonderful, but it doe...
by kaneohe
Wed Jan 23, 2019 10:08 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth and Pro Rata Rules
Replies: 11
Views: 492

Re: Backdoor Roth and Pro Rata Rules

POF has an article on how the backdoor Roth may not be worth it over investing in taxable if it willl be a lot of hasssle. Basically he says it is worth about 50 bucks a year. https://www.physicianonfire.com/value-of-backdoor-roth/ POF also says this: re: disadvantages of Roth IRA (they are not tru...
by kaneohe
Wed Jan 23, 2019 9:12 am
Forum: Investing - Help with Personal Investments
Topic: Schwab does not allow specific tax lots to be selected online when selling mutual funds
Replies: 53
Views: 1769

Re: Schwab does not allow specific tax lots to be selected online when selling mutual funds

................................................................. 3) Even after submitting the form and changing the cost basis method from the default "average cost basis" to "specific identification of shares" for mutual funds, you still cannot select specific tax lots of mutual fund purchases wh...
by kaneohe
Tue Jan 22, 2019 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Websites for tax simulations?
Replies: 23
Views: 1377

Re: Websites for tax simulations?

I'd calculate myself using the paper forms from the feds/state. Those online websites have never been completely accurate (only estimates). want to race? :happy For most basic things, the online calculators are probably just as accurate as your paper and a lot faster. I speak from experience using ...
by kaneohe
Tue Jan 22, 2019 12:29 pm
Forum: Personal Consumer Issues
Topic: Have you searched for your unclaimed property?
Replies: 30
Views: 1746

Re: Have you searched for your unclaimed property?

I have checked our state site several times over the years, until today I never found anything. Today I see an unclaimed amount of $48.88 from UPROMISE. Not bad for 10 minutes work. :sharebeer Broken Man 1999 ...................................................... Broken Man 1999. but you're only do...
by kaneohe
Tue Jan 22, 2019 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Websites for tax simulations?
Replies: 23
Views: 1377

Re: Websites for tax simulations?

If you purchase a product like TurboTax (download/CD), you can put in your info, then try different scenarios and see the difference. For example, in 2018 we did ROTH 401K and ROTH IRA contributions. I'll do my taxes, write down the total tax amount (Fed and State), then change the ROTH 401K to tax...
by kaneohe
Tue Jan 22, 2019 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Amending 2017 Tax Return
Replies: 5
Views: 553

Re: Amending 2017 Tax Return

BL wrote:
Tue Jan 22, 2019 12:22 am
You might want forms for 2017 Schedule D and Form 8949 and their instructions.
F8949 only lists the transactions and should not be needed. Sch D has the loss carryovers so it along w/ the 1040X should do the trick.
by kaneohe
Tue Jan 22, 2019 11:21 am
Forum: Forum Issues and Administration
Topic: Forum login problems
Replies: 19
Views: 659

Re: Forum login problems

Had the same problem last night to this morning.......at least this time there was an error message saying the (log in) function was not available. Thanks to Huey for getting through on the forum and alerting folks. I sent an e-mail to admin because I couldn't post in forum but it will probably not ...
by kaneohe
Tue Jan 22, 2019 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Websites for tax simulations?
Replies: 23
Views: 1377

Re: Websites for tax simulations?

pdavi21 wrote:
Mon Jan 21, 2019 9:23 pm
I'd calculate myself using the paper forms from the feds/state.

Those online websites have never been completely accurate (only estimates).
want to race? :happy For most basic things, the online calculators are probably just as accurate as
your paper and a lot faster.
by kaneohe
Tue Jan 22, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Websites for tax simulations?
Replies: 23
Views: 1377

Re: Websites for tax simulations?

If you purchase a product like TurboTax (download/CD), you can put in your info, then try different scenarios and see the difference. For example, in 2018 we did ROTH 401K and ROTH IRA contributions. I'll do my taxes, write down the total tax amount (Fed and State), then change the ROTH 401K to tax...
by kaneohe
Mon Jan 21, 2019 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Websites for tax simulations?
Replies: 23
Views: 1377

Re: Websites for tax simulations?

Like This ? :happy https://smartasset.com/taxes/california-tax-calculator This has both federal and state together, thanks Toons! It does not allow very detailed inputs but it is pretty good for a quick estimate. I prefer the dinkytown calculator which is pretty detailed. Perhaps the smartasset cal...
by kaneohe
Sun Jan 20, 2019 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable social security and medicare payments
Replies: 7
Views: 636

Re: Taxable social security and medicare payments

It is easier to understand if you have the tax document SSA-1099 with filled in numbers. The key number is highlighted in pink for the real document (gray here on p. 20 ) https://www.irs.gov/pub/irs-pdf/p915.pdf#page=20 This Box 5 , somewhat misleadingly called net benefits is typically equal to Box...
by kaneohe
Sat Jan 19, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 564
Views: 60344

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

And just like that, after I called them to confirm my employer is on their list for membership and I go to submit the application, this offer no longer exists! Bummer! I also see that the offer no longer appears on their website (using the link I shared). I hope they accept our deposits when we vis...
by kaneohe
Sat Jan 19, 2019 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Tax basis in TIRA after backdoor Roth conversion
Replies: 8
Views: 397

Re: Tax basis in TIRA after backdoor Roth conversion

........................... I have an annual battle with Turbotax to account properly for my backdoor Roth IRA. Assuming that I contribute a nondeductible $5,500 to a TIRA in 2018 and convert it to a Roth in the same year after a gain of $100 (so $5,600 converted in total), what would my tax basis ...
by kaneohe
Fri Jan 18, 2019 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 564
Views: 60344

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

[...................................................... How many times did you take advantage of the offer? I mean, in how many distinct accounts? Just curious for the next time. Thanks Two joint accts.........was advised by Ally to have different primary owners on each....so A w/jt owner B; and B ...
by kaneohe
Fri Jan 18, 2019 9:38 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Question:
Replies: 6
Views: 690

Re: TurboTax Question:

Are you itemizing?
by kaneohe
Fri Jan 18, 2019 9:34 am
Forum: Personal Finance (Not Investing)
Topic: 2018 H&R Block problem: Pension + IRA with non-taxed money
Replies: 8
Views: 630

Re: 2018 H&R Block problem: Pension + IRA with non-taxed money

.................................................................. .... Where did you find that instruction? I couldn't find it in the instructions for line 4 but could easily have missed it since there were so many words. I found it on page 29, column 3. Look for the bold text "More than one excep...
by kaneohe
Thu Jan 17, 2019 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 H&R Block problem: Pension + IRA with non-taxed money
Replies: 8
Views: 630

Re: 2018 H&R Block problem: Pension + IRA with non-taxed money

.................................................................. If you (or your spouse if filing jointly) received more than one distribution, figure the taxable amount of each distribution and enter the total of the taxable amounts on line 4b. Enter the total amount of those distributions on li...
by kaneohe
Thu Jan 17, 2019 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 564
Views: 60344

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

[.......................................................... I funded the offer with just over $100k spread across checking, savings, and a CD. During the period my total balance dipped slightly below (maybe $97k) for a few days yet I also received the email stating I will receive the full $1000 bon...
by kaneohe
Tue Jan 15, 2019 12:34 pm
Forum: Investing - Help with Personal Investments
Topic: Oops Over Roth IRA Income Limit - Maybe...
Replies: 10
Views: 518

Re: Oops Over Roth IRA Income Limit - Maybe...

............................................. It is possible you'll have to look at last year's W2 compared with last year's pay stubs to figure this out. .............................................. This is an excellent idea........check the W2 vs the final pay stub. You should see that the W2 i...
by kaneohe
Tue Jan 15, 2019 10:30 am
Forum: Investing - Help with Personal Investments
Topic: Oops Over Roth IRA Income Limit - Maybe...
Replies: 10
Views: 518

Re: Oops Over Roth IRA Income Limit - Maybe...

Do you contribute to 401K? That would reduce income. I don't what number you are looking at on paystub. Some call gross income what I call the bragging number.....the highest number. Then after before-tax contributions are made (like 401K), there is a Federal gross income which goes on the 1040. Tha...
by kaneohe
Mon Jan 14, 2019 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Secure a foreign tax credit carry forward?
Replies: 23
Views: 2559

Re: Secure a foreign tax credit carry forward?

So OP, do you understand that a foreign tax credit carry forward is essentially worthless? ... if you really get into the nitty gritty of how Form 1116 works, you'll discover that it is extremely unlikely that you'll ever be in a situation that you'll ever get to take advantage of a foreign tax cre...
by kaneohe
Mon Jan 14, 2019 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Calculating 2018 Tax Liability
Replies: 28
Views: 3346

Re: Calculating 2018 Tax Liability

Kaneohe wrote: » Thu Oct 25, 2018 9:34 pm Almost there wrote: ↑ Thu Oct 25, 2018 8:37 pm ] The Mortgage Calculator worked better for me than HRB. With both I couldn't find where I would post the taxes I had deducted from my Social Security payments. Almost there Edit: found it in the Mortgage Calcu...
by kaneohe
Mon Jan 14, 2019 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Ally bonus question
Replies: 26
Views: 3332

Re: Ally bonus question

SrGrumpy - you do realize it is only complicated by the fact that you are trying to pay a bill that is due a day before the promo has completed? Of all the bonuses I have participated in - this one has been one of the simplest. No, but thank you for the comment. "LOL." It is complicated only by you...
by kaneohe
Sun Jan 13, 2019 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated tax penalty exceptions [ACA premium underpayment penalty]
Replies: 24
Views: 1263

Re: Estimated tax penalty exceptions

................................................................................. Just curious what your estimated payments vs expected tax were? Reason is I'm in same boat w/ large Q4 distributions. When I went thru SchAI it looked like if I increased my Q4 est. tax so total for yr was 90% of tota...
by kaneohe
Sun Jan 13, 2019 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated tax penalty exceptions [ACA premium underpayment penalty]
Replies: 24
Views: 1263

Re: Estimated tax penalty exceptions

........................................................ Why wouldn't F2210 Sch AI have helped? It is designed for the lumpy income that you received and the timing of the estimated taxes paid is supposed to correlate w/ the lumpy income........so you would not be subject to penalties for not havin...
by kaneohe
Sun Jan 13, 2019 1:35 pm
Forum: Investing - Theory, News & General
Topic: Schwab SWSXX going away
Replies: 37
Views: 2649

Re: Schwab SWSXX going away

What were you trading? I asked a Schwab rep if there would be margin interest if I bought a Schwab mutual fund (not ETF) and sold the money fund the same day. He said no but I didn't ask 10 of them to get a consensus answer........and even then it might not be the correct answer. The issue involves...
by kaneohe
Sun Jan 13, 2019 1:33 pm
Forum: Investing - Help with Personal Investments
Topic: Capital Gains Question from Novice
Replies: 13
Views: 1257

Re: Capital Gains Question from Novice

.............................. The Fidelity Total Market Index Fund (FSKAX) information page lists dividends and capital gains separately. ............................... Second question: Is there a way to know whether any of the dividends are "qualified" (eligible for the capital gains right, if I...
by kaneohe
Sun Jan 13, 2019 1:20 pm
Forum: Investing - Theory, News & General
Topic: Schwab SWSXX going away
Replies: 37
Views: 2649

Re: Schwab SWSXX going away

This part isn't right; irrespective of getting settled funds from sale on account on settlement day for the buy, it would represent a free ride because over the first night both the purchased T+2_settlement holding and the T+1_settlement mutual fund holding would be "in the market"; that is, the tr...
by kaneohe
Sun Jan 13, 2019 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated tax penalty exceptions [ACA premium underpayment penalty]
Replies: 24
Views: 1263

Re: Estimated tax penalty exceptions

[................................................................... I haven't been hit with any underpayment penalty or interest, but I have been in a similar situation as you with regard to a large cap gains distribution at the end of the year erasing the ACA premium subsidy I got during the year...
by kaneohe
Sun Jan 13, 2019 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax and MAGI Question
Replies: 3
Views: 413

Re: Turbo Tax and MAGI Question

https://www.irs.gov/publications/p590a# ... 1000230985

#3 : might give you a better feeling for the details in the Roth MAGI
by kaneohe
Sat Jan 12, 2019 6:55 pm
Forum: Investing - Help with Personal Investments
Topic: HELP Wash Sale Idiot - Anything I can do?
Replies: 12
Views: 987

Re: HELP Wash Sale Idiot - Anything I can do?

.......................................... What to do now? This is my first TLH attempt, and I bungled it, which is fine and a good lesson I guess. Write a post-it note to future you, dummy! .......................................... Perhaps you can invent a TLH "breathalyzer" that would prevent us...
by kaneohe
Fri Jan 11, 2019 10:02 pm
Forum: Personal Finance (Not Investing)
Topic: IRA to Roth IRA conversion
Replies: 9
Views: 931

Re: IRA to Roth IRA conversion

OP, I may be missing something but think we need more info.... A rollover from 401k to an IRA should not generate a taxable event .... - are their After tax funds in the 401k ? - are their Roth Funds in the 401k? (............................ WoodSpinner perhaps what you are missing is that OP is p...
by kaneohe
Thu Jan 10, 2019 8:34 am
Forum: Investing - Theory, News & General
Topic: Ally-14 month Select CD at 2.85%
Replies: 25
Views: 6173

Re: Ally-14 month Select CD at 2.85%

Has anyone incurred an EWP penalty and if so how is it reported on a 1099 if at all? Is there a good calculator which helps decide if a locked-in with penalty CD rate is better than a no-penalty one? I've only used the 11-mo no penalty but am tempted to spring for either the 12-mo or 14-mo special....
by kaneohe
Thu Jan 10, 2019 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Check My Math: Tax Benefits of Mortgage?
Replies: 8
Views: 1129

Re: Check My Math: Tax Benefits of Mortgage?

As others have suggested, perhaps a more global view (besides just the taxes) should be considered despite the many variables/uncertainty. When you buy, you hopefully will be building equity and someday may own the property so no more monthly payments on the mortgage. We know folks who never bought ...
by kaneohe
Wed Jan 09, 2019 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Ally bonus question
Replies: 26
Views: 3332

Re: Ally bonus question

Withdrawing on Jan. 15. Actually I have a c/c bill due on Jan. 14, so I will initiate a pull from the c/c that day, which hopefully won't register at the Ally end for a day or so. Through Jan 15th. . That means no withdrawals until the 16th or bonus gets reduced. "New deposits must remain in the el...
by kaneohe
Tue Jan 08, 2019 12:17 pm
Forum: Investing - Help with Personal Investments
Topic: Where do I start? I can’t do a Roth IRA?
Replies: 12
Views: 685

Re: Where do I start? I can’t do a Roth IRA?

................................ Or does the 401k have income thresholds as well? I am not aware of any income thresholds that would forbid having a corporate 401K. You should find out for sure but I would be surprised if a solo 401K had any such restrictions https://www.irs.gov/retirement-plans/on...
by kaneohe
Tue Jan 08, 2019 9:21 am
Forum: Investing - Help with Personal Investments
Topic: Where do I start? I can’t do a Roth IRA?
Replies: 12
Views: 685

Re: Where do I start? I can’t do a Roth IRA?

Some suggested areas for learning: (#1 topic) TIRA vs Roth: you indicated some preference for Roth. Why. Yes, you can't make Roth contributions directly but you can do a backdoor Roth (#2 topic) . Conventional thinking is that you consider tax rates now and when you withdraw the funds. If your tax r...
by kaneohe
Tue Jan 08, 2019 8:41 am
Forum: Personal Finance (Not Investing)
Topic: What is the minimum amount of money that you have to spend for following item deductions to kick in?
Replies: 3
Views: 509

Re: What is the minimum amount of money that you have to spend for following item deductions to kick in?

1) Money spent on continuing educations to receive credits to maintain your professional license(or just to improve your knowledge/skill in your area/field), ........................................ depending on where taken,perhaps this: https://www.irs.gov/credits-deductions/individuals/llc https:...
by kaneohe
Mon Jan 07, 2019 11:24 pm
Forum: Investing - Help with Personal Investments
Topic: Superfund or not 529
Replies: 8
Views: 842

Re: Superfund or not 529

Supefunding is worth it................................ That is it’s composed of the standard $30k for 5 years + $30k for 4 years + $30k for 3 years... ....................... Not sure what you mean here.................I understand putting in 300K in yr 1 (for 2 kids) but what's 30K for 4 yrs and ...
by kaneohe
Mon Jan 07, 2019 5:09 pm
Forum: Personal Consumer Issues
Topic: Medicare billing question
Replies: 7
Views: 664

Re: Medicare billing question

I................................................. Except, last month I got a bill for $109 for something that was denied. I have spent an hour on the phone talking to my insurance agent and then on hold to AARP insurance. I decided it is more trouble than it is worth and I would just pay the $109....
by kaneohe
Mon Jan 07, 2019 4:56 pm
Forum: Investing - Help with Personal Investments
Topic: Roth Conversion Question
Replies: 4
Views: 407

Re: Roth Conversion Question

It might help if you change your terminology: Taxable accounts have capital gains. Tax deferred accounts have gains which are taxed at ordinary income tax rates when withdrawn. Capital losses are netted against capital gains first; only then if there are excess losses is that excess (up to 3K annual...
by kaneohe
Sat Jan 05, 2019 3:50 pm
Forum: Investing - Help with Personal Investments
Topic: Stock Basis, taxes, company buyout for cash and shares
Replies: 3
Views: 227

Re: Stock Basis, taxes, company buyout for cash and shares

perhaps this might help https://fairmark.com/investment-taxation/capital-gain/stock-sales/cash-received-in-mergers/ You'll need to do your own studying to confirm. My first impression that if your gain is larger than the cash received (gain64/sh vs cash of 50/sh) you report the cash as the gain and ...
by kaneohe
Sat Jan 05, 2019 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Tax withholding on stock option exercise
Replies: 10
Views: 356

Re: Tax withholding on stock option exercise

Make sure you file the proper paperwork with your tax return to account for the 1099 which will be filed with the IRS. I failed to do that one year when I used to do my own tax returns. Proceeds from stock options had already been taxed as ordinary income so I didn't think I had to do anything. I w...
by kaneohe
Sat Jan 05, 2019 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Tax withholding on stock option exercise
Replies: 10
Views: 356

Re: Tax withholding on stock option exercise

Are you sure you don't meet the safe harbor based on last yr taxes? You need to have withheld 100% of last yr taxes for the whole yr (110% if AGI > 150K).
by kaneohe
Fri Jan 04, 2019 11:00 pm
Forum: Investing - Help with Personal Investments
Topic: State Taxation of SNOXX
Replies: 2
Views: 226

Re: State Taxation of SNOXX

Huey,thanks for that link........actually the one I was interested in only has about 43% in govt obligation.
by kaneohe
Fri Jan 04, 2019 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: HRBlock Appears to be Calculating Tax Wrong 1/4/2019
Replies: 25
Views: 2163

Re: HRBlock Appears to be Calculating Tax Wrong 1/4/2019

Try using this tax calculator: https://www.mortgagecalculator.org/calcs/1040-calculator.php I have played with it it while I was attempting to estimate 2018 taxes and the tax numbers jive with another site's tax calculator. I will say my taxes are extremely simple, so more exotic tax items might tr...
by kaneohe
Fri Jan 04, 2019 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: HRBlock Appears to be Calculating Tax Wrong 1/4/2019
Replies: 25
Views: 2163

Re: HRBlock Appears to be Calculating Tax Wrong 1/4/2019

This is a very simple calculation which onlyinvolves only multiplying the amount on line 10 of the form 1040 (which is correct) by the tax percent (.24 in this case) and then deducing a specific number. The tax calculation is nowhere near as simple as multiplying an income by 0.24 . Some income is ...