Search found 111 matches

by Flora
Tue Aug 04, 2020 6:55 am
Forum: Personal Finance (Not Investing)
Topic: Idea to reduce EFC, what am I missing?
Replies: 7
Views: 558

Re: Idea to reduce EFC, what am I missing?

You can't exclude the $200k undeposited check you are holding until FAFSA is complete unless you want to commit financial aid fraud.
by Flora
Sun Aug 02, 2020 10:44 am
Forum: Personal Finance (Not Investing)
Topic: More than $500K profit on sale of primary residence
Replies: 24
Views: 3175

Re: More than $500K profit on sale of primary residence

Invest the $300k gain piece into a Qualified Opportunity Zone to defer the gain and reduce the taxable portion. Consider any state tax implications.
by Flora
Thu Jul 30, 2020 3:02 pm
Forum: Personal Consumer Issues
Topic: Toyota RAV4 Gas vs Hybrid?
Replies: 64
Views: 3346

Re: Toyota RAV4 Gas vs Hybrid?

Are you aware of the issue with the Rav4 Hybrid gas tank? People report that they are not able to fill the tank with more than about 10 gallons of gas due to the saddle-shaped tank design so cannot achieve 550 miles on one tank. https://www.rav4world.com/threads/have-you-had-trouble-filling-your-hyb...
by Flora
Wed Jul 29, 2020 10:27 am
Forum: Personal Investments
Topic: College age children opening 1st Roth IRA Account
Replies: 22
Views: 1096

Re: College age children opening 1st Roth IRA Account

I love Roth IRAs for working kids!

When my oldest was a toddler he contributed his W-2 Box 1 earnings to a traditional IRA and subsequently converted the balance to a Roth in 1998 when Roths were established.
by Flora
Sun Jul 26, 2020 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparents help college funding
Replies: 15
Views: 1420

Re: Grandparents help college funding

In Wisconsin the state benefit is limited per beneficiary per year so grandparents and parents cannot each take a maximum deduction in the same year on different amounts contributed for the same beneficiary account (though there is a carryover).
by Flora
Thu Jul 09, 2020 6:09 pm
Forum: Personal Investments
Topic: What's My Basis in This Stock
Replies: 7
Views: 394

Re: What's My Basis in This Stock

What basis did you report on Schedule D when you sold shares previously?
by Flora
Thu Jul 02, 2020 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: Donation Write Offs
Replies: 5
Views: 488

Re: Donation Write Offs

Deleted
by Flora
Thu Jun 25, 2020 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: IRS to Pay Interest on Tax Refunds
Replies: 27
Views: 3591

Re: IRS to Pay Interest on Tax Refunds

I highly doubt you will get interest if you applied your 2019 overpayment to 2020.
by Flora
Tue Jun 23, 2020 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Quarterly estimated taxes for a Trust- EFTPS?
Replies: 2
Views: 167

Re: Quarterly estimated taxes for a Trust- EFTPS?

What are the choices?

Is there an option for 1041 (and then choose 12/31/2020 year end)?
by Flora
Fri Jun 19, 2020 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1574

Re: Setting up and Managing a Private Foundation

I looked at your spreadsheet and have a few comments. 1. (FYI) A Private Foundation can avoid excise tax on the appreciated stock by distributing the appreciated stock itself (instead of selling it, realizing a gain, distributing cash). Obviously you can't give away shares of stock as a scholarship ...
by Flora
Thu Jun 18, 2020 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up and Managing a Private Foundation
Replies: 42
Views: 1574

Re: Setting up and Managing a Private Foundation

Keep in mind that if the PF sells the stock you donated to it, the PF pays the 1.39% excise tax on the gain calculated as the excess of the proceeds over your own original cost basis.
by Flora
Sun Jun 07, 2020 9:56 am
Forum: Personal Finance (Not Investing)
Topic: DAF -> 501(c)(3) -> Scholarship
Replies: 28
Views: 1125

Re: DAF -> 501(c)(3) -> Scholarship

In comparing a DAF over your own PF (501c3 private foundation) compare the costs and control: DAF less control DAF fees (% of assets charged annually?) PF more control PF costs & considerations include: 1. File Form 1023 to form a PF with scholarship intention 2. Legal fees for formation documents 3...
by Flora
Sat Jun 06, 2020 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Federal employees- will mypay allow you to over contribute to HSA?
Replies: 11
Views: 527

Re: Federal employees- will mypay allow you to over contribute to HSA?

Similar situation for 2020 but excess MyPay HSA contribution was already withdrawn directly from Fidelity. Does anyone know if VA payroll can correct this by withholding the necessary FICA and Medicare after the fact and moving the excess from pre-tax to regular wages so that the W-2 will be accurat...
by Flora
Sat Jun 06, 2020 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Roth 401k becuase of house deduction and pension?
Replies: 8
Views: 469

Re: Roth 401k becuase of house deduction and pension?

As an aside, you mention 'house deduction'.

Are you aware of the $10,000 SALT limit?

Will your mortgage interest (and charitable contributions) exceed $14,800 annually?
by Flora
Thu Jun 04, 2020 4:59 pm
Forum: Personal Consumer Issues
Topic: Buying a Bike - What Should I Choose?
Replies: 14
Views: 1525

Re: Buying a Bike - What Should I Choose?

What's your budget? Is your friend close to your height?

Trek Crossrip is a nice bike for those purposes.

For example I recently saw a lightly used 2018 Trek Crossrip 1 on craigslist for $550 for a person who is 5'7 to 5'9 (54cm frame).
by Flora
Wed May 13, 2020 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Problems applying for IRS Identity Protection PIN
Replies: 7
Views: 498

Re: Problems applying for IRS Identity Protection PIN

Is the billing address for your cell phone the same as your home address (i.e. tax return address)?
by Flora
Sun May 10, 2020 1:25 pm
Forum: Personal Consumer Issues
Topic: Got divorced how to get most value for exes wedding ring
Replies: 42
Views: 5201

Re: Got divorced how to get most value for exes wedding ring

Is it GIA certified? Is it a round diamond or a less desirable shape? Carats, color, clarity?
by Flora
Wed May 06, 2020 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: No tax return after >10 weeks?
Replies: 66
Views: 5094

Re: No tax return after >10 weeks?

The filing is called a Tax RETURN.

The overpayment you receive as a check in the mail or a direct deposit to your bank account is called a Tax REFUND.


The terms are not interchangeable.
by Flora
Wed May 06, 2020 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to make out a scholarship check
Replies: 3
Views: 282

Re: Best way to make out a scholarship check

I think it is best to make it payable to the school and mail it yourself directly to the school with the student's info.

I read once on a college forum about a student who said his/her family made them use up a scholarship check over the summer before college to pay the family's household bills.
by Flora
Sun May 03, 2020 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus payment tax filing question
Replies: 2
Views: 307

Re: Stimulus payment tax filing question

To answer the OP's first question: yes, if your 2019 AGI is in the phaseout range and it is higher than your 2018 AGI then it is better to wait until you receive the EIP before filing your 2019 return.
by Flora
Sat May 02, 2020 12:09 am
Forum: Personal Finance (Not Investing)
Topic: Trying to lower tax on short term capital gains. Do conservation easements work?
Replies: 137
Views: 9359

Re: Trying to lower $800k tax on short term capital gains. Do conservation easements work?

It does not work to change state residency after the capital gain transactions occurred.
by Flora
Wed Apr 29, 2020 8:21 am
Forum: Personal Consumer Issues
Topic: Highlander or RAV4
Replies: 57
Views: 3422

Re: Highlander or RAV4

Watch out for the possible gas tank fill issue with 2019 and 2020 Hybrid RAV4 vehicles (unable to fill completely).
by Flora
Fri Apr 24, 2020 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: American Opportunity Tax Credit (AOTC) for student
Replies: 7
Views: 458

Re: American Opportunity Tax Credit (AOTC) for student

Are you an undergraduate student? Has the credit been claimed for fewer than 4 years? Do you provide over half of your support (food, rent, health insurance, clothing, entertainment, toothpaste, etc.) from earned income?
by Flora
Mon Apr 20, 2020 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on how to file taxes for teenager
Replies: 19
Views: 718

Re: Advice on how to file taxes for teenager

Did he file a state return?

Will he make a 2019 Roth IRA contribution by 7/15/2020?

Did he have unearned income?
by Flora
Mon Apr 20, 2020 7:29 pm
Forum: Personal Consumer Issues
Topic: Renewal by Anderson window prices
Replies: 39
Views: 3776

Re: Renewal by Anderson window prices

I highly recommend Kolbe & Kolbe windows which are made in Wausau, Wisconsin. I replaced all of my windows with top of the line Kolbe & Kolbe windows for about $20k, + installation from a local contractor (8 years ago). This was for 13 windows of varying sizes including barely noticeable screens and...
by Flora
Fri Apr 10, 2020 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: [Government stimulus payments]
Replies: 361
Views: 29436

Re: just got my $1200 stimulus payment

The IRS will send a check if you did not pay a balance due by direct debit or receive a refund by direct deposit.
by Flora
Wed Apr 08, 2020 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: 2020 estimated tax dates
Replies: 30
Views: 2263

Re: 2020 estimated tax dates

Here's an idea: extend your federal return and make your July 15 extension payment larger by adding your 2020 federal 1st and 2nd quarter payments to it. Then file your federal 2019 return by October 15 and apply the overpayment to 2020.
by Flora
Tue Mar 10, 2020 10:15 pm
Forum: Personal Consumer Issues
Topic: Coronavirus Movie Suggestions
Replies: 104
Views: 7217

Re: Coronavirus Movie Suggestions

+1

12 Monkeys (the TV Series)
by Flora
Mon Mar 09, 2020 12:48 am
Forum: Personal Investments
Topic: Inherited 401k unknown to me until 7 years later...
Replies: 33
Views: 4159

Re: Inherited 401k unknown to me until 7 years later...

OP did state that his dad was 58.
by Flora
Sun Mar 08, 2020 12:37 pm
Forum: Personal Investments
Topic: Inherited 401k unknown to me until 7 years later...
Replies: 33
Views: 4159

Re: Inherited 401k unknown to me until 7 years later...

Or, like Alan mentioned, the possibility of two different inherited accounts: one associated with the 2018 1099R and escheated to the state and a second one that was transferred to Fidelity.
by Flora
Sun Mar 08, 2020 10:31 am
Forum: Personal Investments
Topic: Inherited 401k unknown to me until 7 years later...
Replies: 33
Views: 4159

Re: Inherited 401k unknown to me until 7 years later...

From the 2018 1099R comment from the OP, it sounds like the retirement account has been fully distributed out and there would be no inherited 401K account remaining, only a plain old investment account. If so, amended 2018 fed/state returns may be in order with potential additional tax, interest, pe...
by Flora
Thu Mar 05, 2020 10:02 am
Forum: Personal Finance (Not Investing)
Topic: How to handle windfall for taxes and future
Replies: 13
Views: 1214

Re: How to handle windfall for taxes and future

Effective for deaths occurring after December 31, 2019, funds from an inherited IRA must be fully withdrawn by the beneficiary within 10 years of the decedent's passing.

Roll it to an inherited IRA. There's no need to take a large distribution now for a house downpayment in 2 years.
by Flora
Thu Mar 05, 2020 12:39 am
Forum: Personal Finance (Not Investing)
Topic: Federal govt position - negotiating leave
Replies: 22
Views: 1916

Re: Federal govt position - negotiating leave

If it is an NTE position ('not to exceed' 2 years), you might not be eligible to contribute to the TSP (thus obviously no matching, as well). Consider all the costs of taking the job.
by Flora
Sat Feb 29, 2020 9:40 am
Forum: Personal Investments
Topic: Managing a huge tax bill
Replies: 8
Views: 1212

Re: Managing a huge tax bill

Assuming both returns have been completed, you can file both returns now without including any IRS payment. Then later when you receive the state refund you can mail the 1040-V payment voucher and a $50k check to the IRS, even if it is after April 15. You will receive an IRS notice later for any int...
by Flora
Sun Feb 23, 2020 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Just abandoned PSLF for SoFi - how aggressively should I pay this off?
Replies: 45
Views: 3372

Re: Just abandoned PSLF for SoFi - how aggressively should I pay this off?

I'm glad that my idea will result in an additional $23k plus in refunds! You are welcome! Now please keep in mind that any state refunds may be taxable in the year received (presumably 2020) if you originally received a tax benefit on your federal return for the years deducted and paid (Did you item...
by Flora
Sun Feb 23, 2020 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Post Divorce Business Sale Sharing, Reality Check
Replies: 33
Views: 4061

Re: Post Divorce Business Sale Sharing, Reality Check

ES has zero percent current ownership in your medical practice today and you want the buyers to give her $100,000 of your gross proceeds. It sounds like essentially you are gifting her $100,000 thus you will need to 1) file a gift tax return to report this gift as well as 2) include the $100k as par...
by Flora
Tue Feb 18, 2020 11:41 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 B from Vanguard Question
Replies: 7
Views: 574

Re: 1099 B Question

How many years ago did you invest in the CDs? Maybe they are 'noncovered' and basis was not required to be reported to you or to the IRS on the 1099B.
by Flora
Tue Feb 18, 2020 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Passive Carryover Loss on Sale of Out of State Property
Replies: 12
Views: 570

Re: Passive Carryover Loss on Sale of Out of State Property

You report ALL of your income on your federal return and on your RESIDENT state tax return. It does not matter if the income was earned in- or generated from property owned in- another state or even another country. Again - you report ALL of your items of taxable income on your federal return AND on...
by Flora
Mon Feb 17, 2020 2:20 am
Forum: Personal Finance (Not Investing)
Topic: Just abandoned PSLF for SoFi - how aggressively should I pay this off?
Replies: 45
Views: 3372

Re: Just abandoned PSLF for SoFi - how aggressively should I pay this off?

For curiosity sake, please post an update to let us know how much my idea saved you in amending your returns back to 2016. Please do not wait until April 15 to file the amended 2016 return, that's cutting it close. Also, send the amended returns by Certified Mail, Return Receipt for proof of timely ...
by Flora
Sun Feb 16, 2020 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Just abandoned PSLF for SoFi - how aggressively should I pay this off?
Replies: 45
Views: 3372

Re: Just abandoned PSLF for SoFi - how aggressively should I pay this off?

Have you considered amending any remaining open tax years to change from MFS to MFJ if that would generate additional substantial income tax refunds?
by Flora
Sun Feb 09, 2020 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Not filing prior 1099's
Replies: 25
Views: 2117

Re: Not filing prior 1099's

Not having any earned income does not make you 'except' (do you mean 'exempt'?) from filing a return.
by Flora
Wed Jan 29, 2020 2:01 am
Forum: Personal Finance (Not Investing)
Topic: Tax Questions: Selling part of my land to the county
Replies: 5
Views: 614

Re: Tax Questions: Selling part of my land to the county

Can you refuse to sell to the county? Is this an involuntary conversion? https://www.irs.gov/businesses/small-businesses-self-employed/involuntary-conversions-real-estate-tax-tips "Gain or loss from an involuntary conversion of your property is usually recognized for tax purposes unless the property...
by Flora
Wed Jan 29, 2020 1:52 am
Forum: Personal Finance (Not Investing)
Topic: Can tax preparer work on just a single complicated aspect for you?
Replies: 11
Views: 1139

Re: Can tax preparer work on just a single complicated aspect for you?

The statement means that the partnership is electing out of the centralized partnership audit regime (CPAR) and that is generally a good thing. Any audit is at the partner level instead of the partnership level. Consider asking the person who prepared the partnership return about a fee quote for you...
by Flora
Sun Jan 26, 2020 10:32 am
Forum: Personal Finance (Not Investing)
Topic: AOTC and Kiddie Tax for 2019 and 2020
Replies: 2
Views: 303

Re: AOTC and Kiddie Tax for 2019 and 2020

To clarify - under the SECURE Act changes to the kiddie tax, you have the option to use the parents' marginal rate for 2019 instead of trust rates (and can amend 2018 to use parents' marginal rate as well).
by Flora
Thu Jan 23, 2020 8:58 am
Forum: Personal Investments
Topic: Contribution Limit for HSA Plan Started Jan 5th, 2020
Replies: 15
Views: 1091

Re: Contribution Limit for HSA Plan Started Jan 5th, 2020

Full year contribution if covered on December 1, 2020. Since you mentioned GEHA, then you are a federal employee. If you are single and if your GEHA HDHP premium passthrough is $900, then you can contribute $2550 to your HSA (because GEHA will contribute $900). You can open an HSA at Fidelity and th...
by Flora
Sat Jan 18, 2020 8:36 pm
Forum: Personal Investments
Topic: Wife left
Replies: 43
Views: 9271

Re: Wife left

OP asked 'What would you do?', so to answer that question, I would attempt to determine a division of assets that is equalized for tax attributes.
by Flora
Sat Jan 18, 2020 2:38 pm
Forum: Personal Investments
Topic: Wife left
Replies: 43
Views: 9271

Re: Wife left

Say she pays combined federal and state rate of 22% on the $170k; then you are only giving her $132k. Meanwhile you get up to $250k gain tax-free on sale of your home...

How about giving her $170k Roth?