Search found 38 matches

by jaypee
Wed Mar 20, 2019 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Early Inheritance from Non US person
Replies: 4
Views: 587

Re: Early Inheritance from Non US person

This is a very complicated area of tax law. Seeking professional help is warranted. Assuming your parents are non-US persons you must fill out a form 3520 to report to the IRS the gift received if more than $100,000 USD. No tax is due for a gift received including foreign gifts. This is all depende...
by jaypee
Wed Mar 20, 2019 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Early Inheritance from Non US person
Replies: 4
Views: 587

Early Inheritance from Non US person

Dear Bogleheads, I am a US citizen - but my parents are not. They live in Europe. They are considering giving me the ownership of their primary residence as an "early inheritance". They would still live in the house but I would legally own the house. They like to plan ahead and would like me not to ...
by jaypee
Fri Mar 01, 2019 4:35 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1989
Views: 339971

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Hello Bogleheads! Two questions for the Bank Account Bonus churners on this forum: - Do you close your online saving account as soon as the bonus is posted? - Besides the Capital one MM360 bonus, the recent $1000 bonus from Ally, and the $200 Discover Savings bonus, is there any other online bank bo...
by jaypee
Wed Feb 20, 2019 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: How to report Free Stock and Dividends received from Robinhood on tax return
Replies: 10
Views: 601

Re: How to report Free Stock and Dividends received from Robinhood on tax return

If you log in to your Robinhood account, there are no tax forms available to download? You could potentially have 3 1099 related items. 1099-INT if your settlement account received any interest 1099-DIV for the dividends received from the stocks 1099-B (Short A and Long D) for sale transactions (ga...
by jaypee
Wed Feb 20, 2019 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: How to report Free Stock and Dividends received from Robinhood on tax return
Replies: 10
Views: 601

Re: How to report Free Stock and Dividends received from Robinhood on tax return

If you log in to your Robinhood account, there are no tax forms available to download? You could potentially have 3 1099 related items. 1099-INT if your settlement account received any interest 1099-DIV for the dividends received from the stocks 1099-B (Short A and Long D) for sale transactions (ga...
by jaypee
Wed Feb 20, 2019 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: How to report Free Stock and Dividends received from Robinhood on tax return
Replies: 10
Views: 601

Re: How to report Free Stock and Dividends received from Robinhood on tax return

I would consider the stock having a basis of zero since it was free to you. I would then report the income when it is sold. I found this on the Robinhood website in the tax FAQ: " How Does Receiving Stocks from Robinhood’s Referral Program Affect My Taxes? The stocks you receive through the referra...
by jaypee
Wed Feb 20, 2019 11:55 am
Forum: Personal Finance (Not Investing)
Topic: How to report Free Stock and Dividends received from Robinhood on tax return
Replies: 10
Views: 601

Re: How to report Free Stock and Dividends received from Robinhood on tax return

If you log in to your Robinhood account, there are no tax forms available to download? You could potentially have 3 1099 related items. 1099-INT if your settlement account received any interest 1099-DIV for the dividends received from the stocks 1099-B (Short A and Long D) for sale transactions (ga...
by jaypee
Tue Feb 19, 2019 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: How to report Free Stock and Dividends received from Robinhood on tax return
Replies: 10
Views: 601

How to report Free Stock and Dividends received from Robinhood on tax return

Dear Bogleheads, I opened a Robinhood account last year and received a free stock for doing so. I also received a small amount in dividends. I did not receive a 1099 form from Robinhood because the total amount was well below the $600 threshold. Two questions for you: 1/ How / where do I report the ...
by jaypee
Wed Jan 02, 2019 1:23 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1989
Views: 339971

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

I opened a Money Market 360 at Capital One in October (bonus offer "OFFER500"), funded it then and received the bonus today. Can I just close the account now? Or do I have to leave it open for a period of time to avoid losing the bonus credited to the account? Any bogleheads with a recent experience...
by jaypee
Wed Nov 21, 2018 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about new 20% Qualified Business Income Deduction
Replies: 5
Views: 523

Re: Questions about new 20% Qualified Business Income Deduction

A secondary note on #2, if you're a sole-prop it also does not have any impact on the max one can contribute to a Solo 401k or SEP IRA (compared to previous years), however, contributing to one may lower your QBI deduction! This is because the QBI deduction is based on the lesser of your biz income...
by jaypee
Wed Nov 21, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about new 20% Qualified Business Income Deduction
Replies: 5
Views: 523

Re: Questions about new 20% Qualified Business Income Deduction

djpeteski wrote:
Wed Nov 21, 2018 2:05 pm
1) It depends on the state, I am sure.

2) No. A 401K is based upon individual income not business income. The deduction is for business income and it is a "below the line" deduction, or after your AGI.
Thank you!
by jaypee
Wed Nov 21, 2018 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about new 20% Qualified Business Income Deduction
Replies: 5
Views: 523

Questions about new 20% Qualified Business Income Deduction

Dear Bogleheads, I have two questions about the new 20% Qualified Business Income Deduction for small business owners: - Does this deduction only reduce the federal taxable income ? Or will it also be applicable to s tate and local taxable income? - Does this new deduction have any impact on the max...
by jaypee
Fri Sep 21, 2018 10:37 pm
Forum: Personal Investments
Topic: Fidelity brokerage account - question about automatic investment
Replies: 13
Views: 1639

Re: Fidelity brokerage account - question about automatic investment

welderwannabe wrote:
Fri Sep 21, 2018 2:14 am
jaypee wrote:
Thu Sep 20, 2018 8:52 pm
That really sucks if it it the case.
Can anyone with a Fido account and automatic transfers set up to buy mutual funds confirm this?
Jay
I automatically buy a fund every month directly from my checking account. This works just fine.
Ok thanks!
by jaypee
Thu Sep 20, 2018 9:32 pm
Forum: Personal Investments
Topic: Fidelity brokerage account - question about automatic investment
Replies: 13
Views: 1639

Re: Fidelity brokerage account - question about automatic investment

HueyLD wrote:
Thu Sep 20, 2018 9:16 pm
Fidelity is open 24x7. The OP should give Fido a call.


I tried several times - seems like they are very busy (I hung up after waiting 15 minutes each time)
by jaypee
Thu Sep 20, 2018 8:52 pm
Forum: Personal Investments
Topic: Fidelity brokerage account - question about automatic investment
Replies: 13
Views: 1639

Re: Fidelity brokerage account - question about automatic investment

I seem to remember a similar thread not too long ago, and the conclusion of the discussion was that all transfers pass through the core account on their way from a bank account to a mutual fund, even when the transaction is described as buying a mutual fund with money from an outside checking accou...
by jaypee
Thu Sep 20, 2018 8:43 pm
Forum: Personal Investments
Topic: Fidelity brokerage account - question about automatic investment
Replies: 13
Views: 1639

Re: Fidelity brokerage account - question about automatic investment

Thank you Dave for your answer.

You can choose to transfer the funds to the core position or to the funds.
I set up the automatic transfer to the funds directly.
That's why I don't understand that note.

Best,

JP
by jaypee
Thu Sep 20, 2018 6:49 pm
Forum: Personal Investments
Topic: Fidelity brokerage account - question about automatic investment
Replies: 13
Views: 1639

Fidelity brokerage account - question about automatic investment

Hello Bogleheads, I tried to call Fidelity about this multiple times, but it appears that don't have any representative available... I recently opened a brokerage account at Fidelity and bought shares of FIDELITY TOTAL MKT INDEX PREMIUM CL FSTVX and FIDELITY TOTAL INTL INDEX FD PREMIUM CL FTIPX I wo...
by jaypee
Tue Feb 20, 2018 10:18 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?
Replies: 15
Views: 1825

Re: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?

Thanks a lot tfb and rkusky for your input!

I was able to E-file for free for both Federal and State returns.

I didn't have to upgrade to the deluxe version. Not sure why I received the warning message from H&R saying I would need to...
by jaypee
Tue Feb 20, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?
Replies: 15
Views: 1825

Re: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?

Now it is ready to be filed and I checked it - all the forms seem to be present (form 1040, schedule A, Schedule B + NY 201 form for state filing). Can I just file with with the free H&R block version, even though it said at some point that I'll need the H&R Block Deluxe version since my taxable in...
by jaypee
Tue Feb 20, 2018 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?
Replies: 15
Views: 1825

Re: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?

No you can't. A quick google search reveals this. Bogleheads is not the best place to get fast answers to questions of this nature that can readily be found on the web. I googled my issue several times but didn't find any answer nor any mention of a $99,999 limit to file for free on H&R block. Coul...
by jaypee
Tue Feb 20, 2018 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?
Replies: 15
Views: 1825

Re: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?

No you can't. A quick google search reveals this. Bogleheads is not the best place to get fast answers to questions of this nature that can readily be found on the web. I googled my issue several times but didn't find any answer nor any mention of a $99,999 limit to file for free on H&R block. Coul...
by jaypee
Sun Feb 18, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?
Replies: 15
Views: 1825

Can I use Free H&R Block online to file my taxes if my taxable income is more than $99,999?

Hi I'm filing my 2017 taxes through HRBlock website. It advertises that fed & State returns are free for simple returns (including 1040 Form with schedule A). My return is very simple - 1040 Form with schedules A & B only. I completed the info using the free version, and at some point during the pro...
by jaypee
Fri Jan 20, 2017 7:04 pm
Forum: Investing - Theory, News & General
Topic: Vanguard 1099s available - Other companies just as good for sending 1099s???
Replies: 67
Views: 9443

Re: Vanguard 1099s available - Other companies just as good for sending 1099s???

johnanglemen wrote:Could someone who received a 1099 for Total Stock dividends let us know what % of the dividend was qualified for 2016?
From what I see on my 1099-DIV, 92.75% of Total Stock Market Dividends were qualified dividends.
by jaypee
Wed Jan 18, 2017 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA - Income Limit question for Self Employed with individual 401K
Replies: 5
Views: 634

Re: Roth IRA - Income Limit question for Self Employed with individual 401K

Hello Spirit Rider, I found the MAGI definition on this website: "http://www.rothira.com/roth-ira-com-financial-glossary#MAGI" So neither the 50% of Self employment tax deducted nor the EmployER and EmployEE contributions to a Solo 401 K would need to be added back to calculate the MAGI for Roth IRA...
by jaypee
Wed Jan 18, 2017 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA - Income Limit question for Self Employed with individual 401K
Replies: 5
Views: 634

Roth IRA - Income Limit question for Self Employed with individual 401K

Dear Bogleheads, From what I read: "If you are single, you must make less than $117,000 to contribute to a Roth IRA for the 2016 tax year." My understanding is the the income taken into consideration is the Modified Adjusted Gross Income (MAGI). The definition of MAGI I found is: "MAGI is used to de...
by jaypee
Thu Jan 12, 2017 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications of marriage for Self employed (1099) marrying an employee (W2)
Replies: 10
Views: 1125

Re: Tax implications of marriage for Self employed (1099) marrying an employee (W2)

I know little about about backdoor Roth IRAs but my understanding is that it is mostly interesting when one is in a lower tax bracket, which is not our case. This is not correct. The backdoor into Roth IRA is used by folks with higher income (higher tax brackets) whose income is too high to allow f...
by jaypee
Thu Jan 12, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications of marriage for Self employed (1099) marrying an employee (W2)
Replies: 10
Views: 1125

Re: Tax implications of marriage for Self employed (1099) marrying an employee (W2)

Thanks a lot Livesoft for your answers. It is surprising to see that two people have to pay more taxes once they're married than when they were single... I know little about about backdoor Roth IRAs but my understanding is that it is mostly interesting when one is in a lower tax bracket, which is no...
by jaypee
Wed Jan 11, 2017 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implications of marriage for Self employed (1099) marrying an employee (W2)
Replies: 10
Views: 1125

Tax implications of marriage for Self employed (1099) marrying an employee (W2)

Dear Bogleheads, I am currently self employed (1099 status). I am considering getting married to someone who is employed (W2 status). I currently contribute to a Solo 401K and to a Roth IRA every year. My fiancee contributes to a pension plan, and to a regular 401K through her job. Are there other B...
by jaypee
Sat Mar 19, 2016 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Brick & mortar bank rec in NYC
Replies: 9
Views: 1263

Re: Brick & mortar bank rec in NYC

+1 for TD Bank. - Open 7 days a week and later than the other banks. - They're everywhere in the city now - They reimburse my ATM fees if I keep a $2,500 balance all month - Free coin counting machines - nice staff - I lost my debit card one day, went to the bank and they gave me a new one within 10...
by jaypee
Mon Dec 14, 2015 8:07 pm
Forum: Personal Investments
Topic: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)
Replies: 47
Views: 6425

Re: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)

vagabond wrote:Hi Jaypee,

Quick question for you: can you post a link to the source of that Dec 18 distribution date you quoted in your original post?

Thanks!

Vagabond
Dec 18th was last year's date for the distribution, I don't know the exact date for this year yet.
by jaypee
Mon Dec 14, 2015 8:06 pm
Forum: Personal Investments
Topic: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)
Replies: 47
Views: 6425

Re: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)

Thanks to all of you for your answers. last question for you: Do I receive an official document from Vanguard at the end of the year (or beginning of next) that takes everything into consideration (wash sale, short/long term gain, qualified and non qualified dividends etc...)? Meaning that they wil...
by jaypee
Sat Dec 12, 2015 7:29 pm
Forum: Personal Investments
Topic: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)
Replies: 47
Views: 6425

Re: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)

Thanks to all of you for your answers. last question for you: Do I receive an official document from Vanguard at the end of the year (or beginning of next) that takes everything into consideration (wash sale, short/long term gain, qualified and non qualified dividends etc...)? Meaning that they will...
by jaypee
Mon Dec 07, 2015 3:39 pm
Forum: Personal Investments
Topic: Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)
Replies: 47
Views: 6425

Tax Loss Harvesting with VTIAX (Vanguard Total International Stock Index Fund)

Dear Bogleheads, I am new to investing and I have some questions about Tax Loss Harvesting: I started investing in VTIAX (Vanguard Total International Stock Index Fund Admiral Shares) in May 2015 in my Vanguard Taxable account - Dividends automatically reinvested in the fund (last dividends payment ...