Search found 131 matches

by capran
Mon Nov 30, 2020 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: tax planning questions (MAGI, Stimulus check & misc.)
Replies: 8
Views: 729

Re: tax planning questions (MAGI, Stimulus check & misc.)

Why not wait until late December in the base case? There are advantages to waiting. I'm not aware of any disadvantages to waiting. just like to get things done, and don't really want to be spending Christmas time doing it, but with COVID, maybe that really doesn't matter this year. but we can have ...
by capran
Sat Nov 28, 2020 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: tax planning questions (MAGI, Stimulus check & misc.)
Replies: 8
Views: 729

Re: tax planning questions (MAGI, Stimulus check & misc.)

They're also still only a draft, but there actually are 2020 Form 1040 instructions . Instructions for the line 30 recovery rebate are on page 56. Thanks for posting the draft instructions link. It does say on page 56, basically, that you only enter an amount on line 30 if either you did not receiv...
by capran
Fri Nov 27, 2020 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: tax planning questions (MAGI, Stimulus check & misc.)
Replies: 8
Views: 729

tax planning questions (MAGI, Stimulus check & misc.)

I re-read the thread on the stimulus check after seeing line 30 "recovery rebate credit. See instructions" on the 2020 draft 1040. Of course, there are no instructions yet, but am thinking I should keep my MAGI down to at least 171k so that if they somehow create a way to reclaim the credi...
by capran
Sat Nov 21, 2020 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: Pandemic reduced our spending by 30% - How about you?
Replies: 118
Views: 7709

Re: Pandemic reduced our spending by 30% - How about you?

Pretty impressed that people track their spending as thoroughly as so many comments indicated. We rarely eat out anyway, so have not reduced something that is so low to begin with, so no impact there. But we didn't do a 4 to 6 week fall road trip which, even with mostly tent camping, usually costs a...
by capran
Sat Nov 21, 2020 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Who do you all go to for SS filing advice-and COVID ?
Replies: 7
Views: 435

Re: Who do you all go to for SS filing advice-and COVID ?

^no, she can get spousal, but I believe it then caps the growth of her own benefits. Run Mike's calculator and it will solve for the best NPV of her claiming. If I am getting all this correct, I certainly don't think it would be worth getting spousal, which would be 11,757.60 (which is half of mine...
by capran
Sat Nov 21, 2020 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Who do you all go to for SS filing advice-and COVID ?
Replies: 7
Views: 435

Re: Who do you all go to for SS filing advice-and COVID ?

She is approaching her FRA (full retirement age of 66.2) and we are thinking she should apply for spousal benefits (getting half of my benefit if we are understanding correctly) when she reaches her FRA. From reading a number of prior questions, my understanding is by applying for spousal benefits,...
by capran
Sat Nov 21, 2020 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Who do you all go to for SS filing advice-and COVID ?
Replies: 7
Views: 435

Who do you all go to for SS filing advice-and COVID ?

Background: I know I messed up when I filed for SS early, at 63yrs 5 months. At the time, I was still almost 2 years away from getting my pension and had a 70 year old friend slip on the ice and die (which is why I took it early) My spouse, who is three years younger was getting her pension since sh...
by capran
Sun Nov 08, 2020 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Modified Adjusted Gross Income
Replies: 7
Views: 1242

Re: Modified Adjusted Gross Income

I'll bet if you searched this topic under IRMAA and MAGI you will see the discussions from last year. I had similar questions last year and believe I got great answers to clarify in my simple minded understanding. MAGI is all of your taxable income including the taxable portion of SS if any plus all...
by capran
Tue Oct 06, 2020 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: If you have a pension, how do you view it?
Replies: 203
Views: 14409

Re: If you have a pension, how do you view it?

A lot of great info here. We knew we would have a school retiree pension but we didn't let that stop us from saving as much as possible- making our deferred comp, Roth IRA, traditional IRA, and 403b as well as the Individual investment of our own contributions to a second part of our school plan. Bu...
by capran
Tue Sep 15, 2020 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Thinking of moving/emigrating to Canada
Replies: 35
Views: 4849

Re: Thinking of moving/emigrating to Canada

we logged on to their immigration website in 2017 and filled in all the boxes. We also have a substantial retirement income but only 2 mil in cash investments, and when we clicked submit it said "unless you are willing to invest 2 mil in a business you do not qualify for any of our immigration ...
by capran
Tue Sep 08, 2020 2:50 pm
Forum: Investing - Theory, News & General
Topic: refining definition of a bull and bear market
Replies: 10
Views: 566

Re: refining definition of a bull and bear market

My bad, I guess, for trying to make sense of a list of bull and bear markets I came across and if that list was indeed semi accurate, and how the last entry on the bull market was not yet completed (the date was long before we reached the highs.). I guess it has about as much value as reading a pros...
by capran
Tue Sep 08, 2020 11:27 am
Forum: Investing - Theory, News & General
Topic: refining definition of a bull and bear market
Replies: 10
Views: 566

refining definition of a bull and bear market

I used to think that a bull or bear market was defined as a sustained (2 quarters or more) of a 20% rise (bull) or fall (bear) of a market index, as measured from the high or low point of said market. By my figures, the past bull market of the S&P began on 3/9/2009 when the market hit 676.53 and...
by capran
Sun Aug 30, 2020 10:59 am
Forum: Investing - Theory, News & General
Topic: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]
Replies: 178
Views: 19386

Re: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]

I have three Vanguard brokerage accounts and only the Federal MMF is linked, in each account, to my bank--not the stock or bond funds. Did some checking with my CU. They suggested a wire transfer from Vanguard for large amounts, but noted they only allow 10k and under of on line out-going transfers...
by capran
Sat Aug 29, 2020 6:38 pm
Forum: Investing - Theory, News & General
Topic: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]
Replies: 178
Views: 19386

Re: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]

<snip> we do have the ability to transfer money to our credit union via electronic process. When we are required to be switched from Prime to the new Admiral Share, will we lose that feature? <snip> No, you will not lose your EFT/ACH capability. External banks (or credit unions) are linked to one o...
by capran
Sat Aug 29, 2020 10:13 am
Forum: Investing - Theory, News & General
Topic: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]
Replies: 178
Views: 19386

Re: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]

<snip> we do have the ability to transfer money to our credit union via electronic process. When we are required to be switched from Prime to the new Admiral Share, will we lose that feature? <snip> No, you will not lose your EFT/ACH capability. External banks (or credit unions) are linked to one o...
by capran
Fri Aug 28, 2020 11:59 am
Forum: Investing - Theory, News & General
Topic: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]
Replies: 178
Views: 19386

Re: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]

<snip> we do have the ability to transfer money to our credit union via electronic process. When we are required to be switched from Prime to the new Admiral Share, will we lose that feature? <snip> No, you will not lose your EFT/ACH capability. External banks (or credit unions) are linked to one o...
by capran
Fri Aug 28, 2020 11:06 am
Forum: Investing - Theory, News & General
Topic: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]
Replies: 178
Views: 19386

Re: [Vanguard Prime Money Market changes, gets new name. Treasury Money Market reopened]

After reading through the entire thread I did not see anyone with my question. We don't use check writing in our prime account but we do have the ability to transfer money to our credit union via electronic process. When we are required to be switched from Prime to the new Admiral Share, will we los...
by capran
Fri Aug 21, 2020 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: IRS go2 app and refund question
Replies: 7
Views: 314

Re: IRS go2 app and refund question

Just for reference I filed my return in early-mid march. I checked 4 days later with the certified mail tracking number and it was marked received. The paper filing instructions with HR block specified this, so that was great advice on their part, and cost was less than 3 bucks if i recall correctl...
by capran
Fri Aug 21, 2020 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: IRS go2 app and refund question
Replies: 7
Views: 314

Re: IRS go2 app and refund question

unfortunately no, didn't send it certified, but sure will going forward.
by capran
Fri Aug 21, 2020 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: IRS go2 app and refund question
Replies: 7
Views: 314

IRS go2 app and refund question

We filed a joint paper return in early June (after receiving our stimulus check, (since 2019 income was higher than 2018). The IRS web site says do not call and expect delays. but installed the IRS go 2 app and entered my SS, filing status and expected refund, but it says info does not match. so car...
by capran
Thu Jul 09, 2020 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Which College degrees are worthwhile?
Replies: 248
Views: 17463

Re: Which College degrees are worthwhile?

Is it worthwhile to obtain a degree to maximize the probability of acquiring a career that you may not even be interested in? Interesting is overrated. The purpose of a career is make money. When I taught career guidance, I used to say "You will likely work about 40 or so years. if you get two...
by capran
Sat Jul 04, 2020 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: Which College degrees are worthwhile?
Replies: 248
Views: 17463

Re: Which College degrees are worthwhile?

Is it worthwhile to obtain a degree to maximize the probability of acquiring a career that you may not even be interested in? Interesting is overrated. The purpose of a career is make money. When I taught career guidance, I used to say "You will likely work about 40 or so years. if you get two...
by capran
Fri Jul 03, 2020 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: Which College degrees are worthwhile?
Replies: 248
Views: 17463

Re: Which College degrees are worthwhile?

Is it worthwhile to obtain a degree to maximize the probability of acquiring a career that you may not even be interested in? I was a counselor, for almost 40 years, and the last 26 of it as a guidance counselor. Better to ask yourself what combination of interests and skills do you have and can dev...
by capran
Fri Jul 03, 2020 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with all this MONEY ?
Replies: 201
Views: 21296

Re: What to do with all this MONEY ?

What would you do if you found out you had 18 months to live? Do that! If COVID has reminded us of one thing, is that there are no guarantees.
by capran
Fri Jun 19, 2020 4:24 pm
Forum: Personal Investments
Topic: double checking what Vanguard told me re"treasuries" both return and volatility
Replies: 8
Views: 708

Re: double checking what Vanguard told me re"treasuries" both return and volatility

Well, thank you all for those comments. They make more sense than the Vanguard person I spoke with. And we had him on speaker phone with permission since we each have an account, and no way we miss heard. He was very specific about a 2% yield, which didn't make any sense given the little bit I know....
by capran
Fri Jun 19, 2020 11:26 am
Forum: Personal Investments
Topic: double checking what Vanguard told me re"treasuries" both return and volatility
Replies: 8
Views: 708

double checking what Vanguard told me re"treasuries" both return and volatility

I was one the phone yesterday with Vanguard asking about a different issue (an recent bond that has an involuntary call/redemption and asked him if there was something I should be looking at since the Prime money market has fallen off a cliff. He said I should consider short term treasuries which wo...
by capran
Tue Jun 16, 2020 4:03 pm
Forum: Personal Investments
Topic: LEO BYN Mellon Muni bond fund
Replies: 2
Views: 164

Re: LEO BYN Mellon Muni bond fund

Thank you. Had not seen that article that mentions LEO. "Where to Find the Best Municipal-Bond Fund Buys" By Randall W. Forsyth June 10, 2020 11:28 am ET . And thank you for your explanation as to why yields will likely continue to go down, as older bonds expire and are replaced with lower...
by capran
Tue Jun 16, 2020 2:14 pm
Forum: Personal Investments
Topic: LEO BYN Mellon Muni bond fund
Replies: 2
Views: 164

LEO BYN Mellon Muni bond fund

About 1 1/2 years ago we inherited a small position in LEO, about 5200 shares. It used to be 5 star (morningstar rating). I remember a cut in 2018 in the payout, but the monthly dividend has been steady ever since. But recently it went from 4 to 3 to now 2 star ratings. from Stockopedia: "FINAN...
by capran
Sun Jun 14, 2020 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: working longer for free health care? is it worth it?
Replies: 27
Views: 3829

Re: working longer for free health care? is it worth it?

We quit work at 62(Me) and 59.5 (her). She had 30 years with the district and so got her pension right away. I had to wait until 65, but neither pension was even close to yours, (1666 and 1750) so Medical Insurance was our greatest concern and expenditure by far. As retirees we were eligible for the...
by capran
Sat Jun 13, 2020 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: form 8606 blues
Replies: 64
Views: 3715

Re: form 8606 blues

Whew! Thought I was a goner, as every bit of our IRA's were deductible and we have been doing the 8606 as we convert our IRA to roth every year. We just pay income tax on what ever we withdraw. Someday we might dip into roths but probably not. Hope there's no complicated form to go with that one!
by capran
Sat Jun 13, 2020 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: form 8606 blues
Replies: 64
Views: 3715

Re: form 8606 blues

Hello All. I was educating myself regarding IRA contributions- and learnt about the form 8606- needed for reporting non -deductible IRA contributions to IRS. me/wife had had 401ks all these years and exceed the income limit for deductible IRA contribution. I went back through my tax returns all the...
by capran
Wed Jun 03, 2020 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Thresholds in 2020
Replies: 45
Views: 8748

Re: IRMAA Thresholds in 2020

Thanks for the confirmation. Makes sense on my end to go ahead and continue to convert as much as possible now, both to reduce future RMD's when they start which might trigger unwanted IRMAA as well as my belief that taxes will go up, so take advantage of the lower tax rates while I can.
by capran
Tue Jun 02, 2020 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Thresholds in 2020
Replies: 45
Views: 8748

Re: IRMAA Thresholds in 2020

Sawdust, As I read your original response and follow up, I am still curious about the interaction between 2018 income and 2020. Are you suggesting that since you had a higher income in 2018, if you keep your 2020 income below the 150k threshold, you will get some additional tax credit/stimulus? But ...
by capran
Sun May 24, 2020 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Thresholds in 2020
Replies: 45
Views: 8748

Re: IRMAA Thresholds in 2020

-- consider the CARES act when working on your 2020 AGI: Depending on your income level and whether you received the full stimulus payment, the 22% marginal tax rate may be 5% higher for some income above 150k MFJ. I will do less Roth conversions in 2020, to capture the full tax credit by limiting ...
by capran
Sat May 23, 2020 11:46 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA Thresholds in 2020
Replies: 45
Views: 8748

Re: IRMAA Thresholds in 2020

It looks like the base income threshold for MFJ for IRMMA for 2020 (thus 2018 MAGI) is $174k or less per Medicare website. https://www.medicare.gov/your-medicare-costs/medicare-costs-at-a-glance That seems pretty clear from your link on the Medicare site that the threshold on 2018 income for the 20...
by capran
Fri May 22, 2020 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Thresholds in 2020
Replies: 45
Views: 8748

Re: IRMAA Thresholds in 2020

just for clarification of this rook: MAGI for IRMAA purposes is Line 11 of the new tax form 1040 + the add-backs (such as tax-exempt interest). In other words, MAGI+exempt interest is net of the new standard or itemized deductions, correct? (Only asking since 'MAGI' does not appear to be a tax form...
by capran
Fri May 22, 2020 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: IRMAA Thresholds in 2020
Replies: 45
Views: 8748

Re: IRMAA Thresholds in 2020

I was looking at that same question yesterday and found this. https://www.fool.com/retirement/2019/11/17/heres-what-higher-earners-will-pay-for-medicare-pa.aspx If I am reading it right, for 2020 based on 2018 income the max MAGI is $174,000. But then I spent time trying to find that same info on an...
by capran
Wed May 20, 2020 12:04 am
Forum: Personal Finance (Not Investing)
Topic: Thinking of buying a boat during pandemic – am I CRAZY?
Replies: 80
Views: 5913

Re: Thinking of buying a boat during pandemic – am I CRAZY?

At that income and asset base, why would you not buy a boat? We live on a boat every summer full time (to avoid the expensive waterfront property) and have done so since 1986. My only regret is not buying a nicer boat earlier, and we only made a tiny fraction of what you do. Life is too short to not...
by capran
Tue May 19, 2020 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Turning 65, Medicaire questions
Replies: 71
Views: 5209

Re: Turning 65, Medicaire questions

SHIBA is a non profit, non sales organization that can help in the decision making and know the local offerings. I attended one meeting in Spokane and found it very helpful. Depending on your plan, unless it's an all inclusive one, you need a Plan D. We have delta dental offered through our state re...
by capran
Mon Apr 27, 2020 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Car Dealers not really wanting to make a deal
Replies: 245
Views: 36455

Re: Car Dealers not really wanting to make a deal

Does your local dealer offer the Costco deal? For our last three cars over the last 15 years we called the dealer and asked if they will match or do better than the Costco program. We are shown the invoice and pay no more than 500 over invoice, which is usually substantially lower than the MSRP. No ...
by capran
Sat Apr 25, 2020 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone planning on never retiring?
Replies: 173
Views: 19164

Re: Anyone planning on never retiring?

Kinda like that financial commercial where the guy talks about all the things he's done and says "what if I don't want to retire?" and the guy says develop a plan for what's next. If you love working, nothing wrong with that. I loved work until I got the principal from hell and pulled the ...
by capran
Sat Apr 25, 2020 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: I need financial/general advice
Replies: 47
Views: 3042

Re: I need financial/general advice

I spent 37 years as a counselor, and the last 26 of that as a guidance counselor. The very short summary of a career guidance class I used to teach is this. Work life is often a compromise of many factors: what you love/like to do (passion), your interests, what you absolutely must have, what you wa...
by capran
Sat Apr 11, 2020 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: your experience with Vanguard re: revised 1099's
Replies: 5
Views: 351

Re: your experience with Vanguard re: revised 1099's

Thanks for that idea. It hadn't occurred to me. I wonder if my OCD nature would let me. I've spent several hours printing up new forms and finished several. Just amazes me they can do that with so few days left of the regular filing period, especially since the security that was revised was sold 7 m...
by capran
Sat Apr 11, 2020 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: your experience with Vanguard re: revised 1099's
Replies: 5
Views: 351

your experience with Vanguard re: revised 1099's

I don't mind saying, I am more than a bit ticked off! I did my taxes and because there were quite a few new to me forms (passive activity, Captial Gains, schedule E etc) I completed everything but hired a CPA ($250) to review everything. He recommended a few changes (like being able to fully deduct ...
by capran
Fri Mar 27, 2020 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: corona checks as a rebate on 2020 taxes?
Replies: 54
Views: 5179

Re: corona checks as a rebate on 2020 taxes?

With all due respect to the Washington Post (to which I subscribe), I'm basing my interpretation on the wording in the bill. The checks are "advance refunds" of a tax credit on 2020 returns. The credit is based on 2020 income. I'm not seeing anywhere in the bill where it says a taxpayer i...
by capran
Mon Mar 16, 2020 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Just a couple of tax form questions
Replies: 28
Views: 1038

Re: Just a couple of tax form questions

..................................... unfortunately, we are at 167k before using the standard deduction, so still not able to use the tables. ..................................... Are you receiving SS ? If you are your income sounds high enough that your SS taxation is "saturated" at the ...
by capran
Sun Mar 15, 2020 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Just a couple of tax form questions
Replies: 28
Views: 1038

Re: Just a couple of tax form questions

If your taxable income is less than $100,00, you use the tax table, which bases tax on $50 increments, such as "at least $72,000, but less than $72,050". A $2 increase in taxable income in the 12% tax bracket incurs either no additional tax or $6 tax increase. Fortunately, or unfortunatel...
by capran
Sun Mar 15, 2020 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: Just a couple of tax form questions
Replies: 28
Views: 1038

Re: Just a couple of tax form questions

They we bought on the original issue offering but passed on to us as an inheritance. Both hers and ours are in a box titled "Summary of original issue Discount". Since these are all new tax forms for us, I was comparing what was on the family owners 1099 and their Tax forms. Interesting ab...
by capran
Sun Mar 15, 2020 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Just a couple of tax form questions
Replies: 28
Views: 1038

Re: Just a couple of tax form questions

:oops: Ok, I now agree with Duckie's numbers. I ran it through TT and got the same thing that Duckie got. Line 16 and 18 are $70,200 and lines 4a and 4b are $83,500. On line 18, "taxable amount" does not refer to the taxable amount of the distribution. It refers to the amount that ended u...
by capran
Sun Mar 15, 2020 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Just a couple of tax form questions
Replies: 28
Views: 1038

Re: Just a couple of tax form questions

And I wanted to follow up on an earlier question re: 8606. I took an IRA distribution of 83500, but had taxes withheld of 13,300, so I am putting 70,200 on the 8606 form. In my opinion, line 8 should be $83,500. And it says the same number goes on line 16. Again, I'm stumped by the use of "net...