Search found 1019 matches

by CAsage
Sat Feb 23, 2019 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: State and Property tax deduction - how to get
Replies: 13
Views: 515

Re: State and Property tax deduction - how to get

For my understanding, So I have 22K as Mortgage interest and 5K as property tax, do I get deduction of 27K? A bit confused. Will standard deduction work better for me? Study Schedule A carefully. You are allowed all your mortgage (there is a max on the amount of the loan...), all your charity, plus...
by CAsage
Sat Feb 23, 2019 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: words in trust to safeguard assets
Replies: 5
Views: 288

Re: words in trust to safeguard assets

Swampland does sound foolish. Can you leave your house in trust to your grandson to pay for his college? Skip the daughter! Yes, you need to see a good estate lawyer to ensure that it's as protected as possible. And you will need another responsible adult to oversee it. Good luck!
by CAsage
Sat Feb 23, 2019 2:39 pm
Forum: Personal Consumer Issues
Topic: Income tax software, "Tax Slayer".
Replies: 27
Views: 2317

Re: Income tax software, "Tax Slayer".

Go line by line through form 1040 and associated schedules. Where do TT and TS diverge? Print them out, all the forms to file, schedules and backup worksheets. Then you can find out where they diverge, and investigate which one is correct. I find that all my mistakes doing my own taxes are because ...
by CAsage
Fri Feb 22, 2019 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: How to finance car purchase for teen
Replies: 60
Views: 2678

Re: How to finance car purchase for teen

Is the reason for buying a new car reliability concerns or financial? Because it seems you view buying a new car is a better financial decision because you can research it and not "get ripped off". Check the Carfax, buy from a reputable dealer or a local one-owner and save the money. Or not. I've b...
by CAsage
Fri Feb 22, 2019 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: How to finance car purchase for teen
Replies: 60
Views: 2678

Re: How to finance car purchase for teen

I fully expect it to depreciate to very small sums over the years of ownership, but serve my son well as transportation. Then he can buy a "real" car when he gets a "real" job. This part made me laugh. A brand-new car right off the lot not being a "real" car. Ok, I really wasn't thinking that! I me...
by CAsage
Fri Feb 22, 2019 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: W-4 State Tax Withholding Question
Replies: 8
Views: 360

Re: W-4 State Tax Withholding Question

I've always considered those exemption numbers to just be dials you need to tinker with, until you get the "right" amount actually withheld. As prior post, calculate how much you need to have withheld for the remaining pay periods, and either bump the exemptions up or specify the dollar withholding ...
by CAsage
Fri Feb 22, 2019 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: How to finance car purchase for teen
Replies: 60
Views: 2678

Re: How to finance car purchase for teen

Lots of great ideas and feedback here! Responses in part: 1) He's not getting near my 2018 much nicer car; he may not be allowed to park near it. All prior family beaters have been handed off to other needier relatives the last couple years. 2) If I could find a late model low-feature comparable car...
by CAsage
Thu Feb 21, 2019 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: How to finance car purchase for teen
Replies: 60
Views: 2678

Re: How to finance car purchase for teen

I hope to God that all we are expecting is the usual backing into block walls, missing the tight turns at In'n'Out, bashing into car doors in tight spaces, gouging over high curbs ... Not crashes! The car is intended to provide transportation during college and an expected year of Grad School, possi...
by CAsage
Thu Feb 21, 2019 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: How to finance car purchase for teen
Replies: 60
Views: 2678

Re: How to finance car purchase for teen

Open to cheaper cars! It's been my experience that you can't find bottom-line "base" models that easily used, and the pricing on new cars is at least well documented online (Kelley blue book, consumer reports, Costco etc). Since we parents are footing the bill for college, and the car, and insurance...
by CAsage
Thu Feb 21, 2019 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: How to finance car purchase for teen
Replies: 60
Views: 2678

How to finance car purchase for teen

I plan to buy a cheap, bottom-of-the-line, no-frill but new car for my teenager. Wandering by the dealership, the salesman mentioned that I should lease it because then I don't have to pay for any minor damage? I don't believe that... but he did also mention that if I financed it, and cosigned for m...
by CAsage
Mon Feb 18, 2019 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Selling My House - How Much $ Ends Up in My Pocket?
Replies: 10
Views: 2250

Re: Selling My House - How Much $ Ends Up in My Pocket?

How much you keep also depends on how much capital gains you have. As a single person, I think you are limited to $250K, which while in many parts of the country might not seem likely.... So, you need to see if all the receipts/improvements you have knock the net profit down... Roughly, the net sale...
by CAsage
Sun Feb 17, 2019 12:17 pm
Forum: Personal Consumer Issues
Topic: Should I Feed the Aide?
Replies: 31
Views: 3963

Re: Should I Feed the Aide?

We provided groceries that one could help themselves to. Some of them brought their own food, and I figured if they are fixing Mom lunch, what do I care if they have some also? I would not cater anything special! Food is probably the least of your economic hits in this situation.
by CAsage
Sat Feb 16, 2019 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to Transfer property
Replies: 8
Views: 461

Re: Best way to Transfer property

The best way would be for him to create a Transfer on Death Deed and record the title of the house that way, and for you to inherit it. Then you would not a) need any probate to transfer the title and b) owe no taxes on his presumed capital gains because you would inherit it. Need more details about...
by CAsage
Sat Feb 16, 2019 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Stolen check, what should I do?
Replies: 18
Views: 1454

Re: Stolen check, what should I do?

While the information is on a stolen check ... the routing (just points to the bank) and account number are also handed out and visible to everyone anywhere you have ever written a check to. I would not change the account number. I would definitely stop payment on that check - which you have already...
by CAsage
Sat Feb 16, 2019 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: MA Tax Issue: SS card or letter, and processing cancellation threat.
Replies: 16
Views: 739

Re: MA Tax Issue: SS card or letter, and processing cancellation threat.

I don't know about Massachusetts but California's Franchise Tax Board sent me FTB 4734D last year when I did my state income taxes. I was required to provide a copy of my social security card, my W-2 and 1099-R forms, and my paycheck stubs. The letter stated: Your tax return was selected for review...
by CAsage
Sat Feb 16, 2019 7:40 pm
Forum: Personal Finance (Not Investing)
Topic: MA Tax Issue: SS card or letter, and processing cancellation threat.
Replies: 16
Views: 739

Re: MA Tax Issue: SS card or letter, and processing cancellation threat.

I do not recall the great state of California EVER requiring me to upload bank statements. I did have to verifying my linked checking account for online payment. And of course you give them the routing/account info for refunds. No taxing authority has ever questioned my SSN. Or asked me to prove my ...
by CAsage
Sat Feb 16, 2019 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: Parents fell for scam: sent cash -- what now?
Replies: 46
Views: 5031

Re: Parents fell for scam: sent cash -- what now?

Is it possible to at least limit future damage, by (with your parents cooperation) have their day-to-day checking account hold only a months worth of nominal expenses, and keep the rest in a separate bank that will take several days to ETF, ensuring a small delay? My mom was certainly losing her gri...
by CAsage
Sat Feb 16, 2019 3:00 pm
Forum: Personal Investments
Topic: Inherited asset allocation
Replies: 37
Views: 2290

Re: Inherited asset allocation

Index or mutual funds are just buckets - they contain stocks, and therefore behave the same way as an account holding the same stocks would. An analogy is ... is water in small cups better for me than water in gallon jugs? Same stuff, different buckets. So... Index funds holding stocks will apprecia...
by CAsage
Thu Feb 14, 2019 5:52 pm
Forum: Personal Investments
Topic: Girlfriend's Financial Advisor Recommendations...
Replies: 63
Views: 7526

Re: Girlfriend's Financial Advisor Recommendations...

Load funds are just thievery. And those expense ratios are insanely high. A 30 year old investing for the long term should just pick a couple low-cost (below 0.10%) index funds, diversify between stocks (mostly) and bonds (as needed to feel secure, very minimal with a long time horizon) and keep stu...
by CAsage
Mon Feb 11, 2019 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Siblings and Inherited Property
Replies: 17
Views: 2537

Re: Siblings and Inherited Property

Take the average of several appraisals, and subtract 8~10% for normal and expected transaction costs if the property was to be sold today. You can swing that number a little higher if you are feeling generous, but do not overlook the fact that if sold today, there would be costs and expenses that wo...
by CAsage
Mon Feb 11, 2019 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: Inherited home
Replies: 5
Views: 727

Re: Inherited home

One tangential comment. If the house was truly appraised and would sell today for $210,000, the sister will not recover $70k. That is because in many areas, it costs about ~10% for broker fees, title insurance, etc to sell a house. Selling today she would net ~90% of 210,000 less the mortgage payoff...
by CAsage
Sun Feb 10, 2019 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Attempting To Be Debt Free
Replies: 56
Views: 4586

Re: Attempting To Be Debt Free

I would totally keep up the 401k (you want to get the maximum your employer matches), then the Roth, and in your shoes I would skip the taxable investments for now. Sell those and dump the money on your debt - in order of interest. Hopefully those personal loans are simple interest, so you can pay t...
by CAsage
Wed Feb 06, 2019 2:31 pm
Forum: Personal Investments
Topic: Locating All tIRAs to prep for Backdoor Roth
Replies: 5
Views: 327

Re: Locating All tIRAs to prep for Backdoor Roth

Most states have a specific unclaimed property website. Search under each state you or your parents lived in. Then, you've really searched every rock at that point....
by CAsage
Sun Feb 03, 2019 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes on small inheritance IRA
Replies: 2
Views: 329

Re: Taxes on small inheritance IRA

You can create an account on FTB.CA.gov, which will allow you to review the status of your various past returns and payments. It takes a bit of confirmation process to open the account (due to fraud, they check carefully, allow time) but it might help. You can at least see what they think the transa...
by CAsage
Sat Feb 02, 2019 8:38 pm
Forum: Personal Investments
Topic: Need to file a correction to Form 8606 from a prior year
Replies: 19
Views: 861

Re: Need to file a correction to Form 8606 from a prior year

I guess not. "Although Form 8606 is normally submitted with a timely-filed Form 1040, the IRS will process a late-filed Form 8606—even one that is filed after the normal three-year statute of limitations for claiming a refund has expired. The Form 8606 can be submitted without a Form 1040 or a Form ...
by CAsage
Sat Feb 02, 2019 8:12 pm
Forum: Personal Investments
Topic: Need to file a correction to Form 8606 from a prior year
Replies: 19
Views: 861

Re: Need to file a correction to Form 8606 from a prior year

You can file an amended tax return for 2012, it's 1040X. You would attach the 8606. Send it to the IRS address used for non-payment forms. I don't believe there is any penalty due (and it would be too late if there was a change to your tax refund).
by CAsage
Sat Feb 02, 2019 6:15 pm
Forum: Personal Investments
Topic: Efficiently Disposing of Girlfriend's LPL Financial Advisor - Vanguard or Schwab?
Replies: 27
Views: 2650

Re: Efficiently Disposing of Girlfriend's LPL Financial Advisor - Vanguard or Schwab?

That little 1% for professional handholding... is a whopping big chunk of your future returns. Just for fun, do a 20 year projection of what a 3% vs 4% total return would look like - in that example, the advisor gets 25% of your future growth. It's a bit less for higher returns, but who knows what t...
by CAsage
Thu Jan 31, 2019 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Getting hit with higher tax
Replies: 5
Views: 776

Re: Getting hit with higher tax

I so feel your pain. The only thing I can suggest is sway the property tax (which in my county is due Nov 1 and Feb 1) and pay only the November payment in odd years (and then don't itemize at all) and pay the Feb, Nov & Feb payments in the alternate years. Bunch all your charity the same way, if an...
by CAsage
Thu Jan 31, 2019 10:03 am
Forum: Personal Investments
Topic: Keeping Track / Seeing Impact of Fees
Replies: 15
Views: 609

Re: Keeping Track / Seeing Impact of Fees

Other than calculating how much it costs to invest, there isn't any point to "tracking" those fees. They are overhead. Personally, I have a spreadsheet listing all my mutual funds in Excel, current balances and the expense ratio. I then calculate that (just multiply and sum them up) to "see" about h...
by CAsage
Thu Jan 31, 2019 12:58 am
Forum: Personal Finance (Not Investing)
Topic: Fed taxes on state refund
Replies: 15
Views: 1335

Re: Fed taxes on state refund

I was also thinking of the SALT limits here. New territory for taxing those state refunds. I am guessing that if you paid more than $10K last year in SALT, and therefore cannot benefit from deducting all of it, you will also not have to pay taxes on >10k when filing 2019. Yet another wrinkle to work...
by CAsage
Wed Jan 30, 2019 6:25 pm
Forum: Personal Investments
Topic: What would you do with 100k inheritance.....
Replies: 17
Views: 1809

Re: What would you do with 100k inheritance.....

The $500 or so monthly payment from the annuity is what your sister can realistically plan on taking out of this inheritance, roughly. If she is uncomfortable with investing, or feels she might be inclined to mismanage it in any way, a SPIA is not at all a bad idea. Otherwise, consider putting it al...
by CAsage
Wed Jan 30, 2019 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 Tax help
Replies: 5
Views: 831

Re: 2019 Tax help

One step ahead already by estimating your 2019 taxes! If you used tax software for 2018, sometimes they have a 2019 model. I'm also quite fond of the free Excel 1040 model, which a very busy guy has modeled darn near every form and tax in Excel, and you can download and play with for free. I think t...
by CAsage
Wed Jan 30, 2019 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: Can someone help my math? (getting rid of CDs)
Replies: 6
Views: 620

Re: Can someone help my math? (getting rid of CDs)

If you want to find out the actual "best" numerical financial solution, try the handy tool. By the time you subtract the interest lost and reduce that by taxes....

https://www.depositaccounts.com/tools/b ... lator.aspx
by CAsage
Wed Jan 30, 2019 1:53 pm
Forum: Personal Investments
Topic: California high tax bracket, where to park cash?
Replies: 18
Views: 1649

Re: California high tax bracket, where to park cash?

I'm quite happy with the Vanguard Ca Intermediate Admiral bond fund = current SEC yield is 2.24%, 0.09% expense ratio, and all tax free to those in the Golden State. I'm leery about long term bond funds.... the tricky problem here is your "sometime in the next 5 years" might restrict how many term C...
by CAsage
Tue Jan 29, 2019 7:29 pm
Forum: Investing - Theory, News & General
Topic: 2018 Vanguard Tax-Exempt Interest By State
Replies: 1
Views: 334

Re: 2018 Vanguard Tax-Exempt Interest By State

Just in the nick of time. I needed this data to finish filing = and here are my favorite Bogleheads on top of it!
by CAsage
Tue Jan 29, 2019 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: A Tax Question
Replies: 11
Views: 878

Re: A Tax Question

You mean, and forget to tell them about the house? Hmmm.... Suggest you contact them, or have a Tax CPA (possibly an Enrolled agent?) contact them on your behalf. You will sleep much better with a clean slate and an honest disclosure - they know all, and will find out.
by CAsage
Tue Jan 29, 2019 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 8606 Free File Fillable Forms
Replies: 6
Views: 774

Re: IRS Form 8606 Free File Fillable Forms

I would wait until 2/1/2019, since you are so close to it probably likely maybe being final. My HRBlock Taxcut says a Federal Update will be available on 1/31/2019.... so I think it's almost cooked. E-filing is so good, I'd give a little time.
by CAsage
Sat Jan 26, 2019 2:28 pm
Forum: Personal Consumer Issues
Topic: Tax Season Tax Options
Replies: 39
Views: 3539

Re: Tax Season Tax Options

Googling on '1040 Excel" will find you the well maintained, free, downloadable tax template. I really like it.....

https://sites.google.com/site/excel1040/home/download
by CAsage
Sun Jan 20, 2019 5:01 pm
Forum: Personal Investments
Topic: Help needed escaping from Ameriprise [Denmark]
Replies: 6
Views: 614

Re: Help needed escaping from Ameriprise [Denmark]

Go find your tax expert/CPA first, then decide. A good one should be able to tell you want penalties there are... but I would still want to cash out as much as possible. Ask around locally, call a few CPAs. Whoever does your taxes (two country returns?) might help. Good luck! Enjoy the food!
by CAsage
Sun Jan 20, 2019 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Recovery of faux state refund applied to use tax
Replies: 2
Views: 573

Re: Recovery of faux state refund applied to use tax

I am not sure my understanding is quite in line with yours. First, the "use" tax is a sales tax, not an income tax, and you can choose to deduct either your sales tax or your income tax on your federal return. This is only beneficial to people who live in low-income tax states. And it's a taxpayer d...
by CAsage
Thu Jan 17, 2019 3:15 pm
Forum: Personal Investments
Topic: Help needed escaping from Ameriprise [Denmark]
Replies: 6
Views: 614

Re: Help needed escaping from Ameriprise [Denmark]

First - I know nothing about the specifics but have some thoughts to look into. Your situation is massively complicated by your living in Denmark, which has a very different social tax and support structure. You really need to consult with a local tax expert or accountant to see what taxes you would...
by CAsage
Thu Jan 17, 2019 2:49 pm
Forum: Personal Consumer Issues
Topic: Audio book options
Replies: 28
Views: 1103

Re: Audio book options

Totally your library! I would expand that thought... to include every library in your state that you can get to. I have found several excellent options in small local city libraries and county - they serve smaller areas, but all are available to anyone within (your) state. Widen the net, and you are...
by CAsage
Sat Jan 12, 2019 1:07 pm
Forum: Personal Consumer Issues
Topic: Discounted Postage Stamps
Replies: 25
Views: 2110

Re: Discounted Postage Stamps

At the Post office, supposedly they will accept sheets of postage stamps as payment. Sending a package or an express mail thing can potentially use up a lot of stamps that way. :happy I do not believe the USPS accepts returns - which is kind of what that is. But you can certainly stick them on all ...
by CAsage
Wed Jan 09, 2019 5:51 pm
Forum: Personal Consumer Issues
Topic: Discounted Postage Stamps
Replies: 25
Views: 2110

Re: Discounted Postage Stamps

I read about this sometime ago here, and could not resist hopping over to ebay to buy a lot (or two...) of 30% discounted unused U.S. postage stamps. Then I amused myself for a rainy afternoon gluing them all to envelopes in 50 Cent increments.... and used a bunch of the 25 cent stamps on some small...
by CAsage
Mon Jan 07, 2019 9:35 pm
Forum: Personal Consumer Issues
Topic: Buying Fabric for Drapes: How to Order Cuts Online
Replies: 4
Views: 198

Re: Buying Fabric for Drapes: How to Order Cuts Online

So, your panels are 12'. You definitely want those panels in single cuts of fabric, as drapes really would look awful with a horizontal seam. If the bolts are about 9 yards, then you can get 2 panels per bolt. I would order the fabric in 8 yard increments - so that you can guarantee a single uncut s...
by CAsage
Mon Jan 07, 2019 9:23 pm
Forum: Personal Investments
Topic: In Need of (Real) Financial Advice
Replies: 14
Views: 1558

Re: In Need of (Real) Financial Advice

The reality is that I don’t even pay attention to it because I’ve just been focusing on living a comfortable stress-free (financial) life. It might be useful for you to carefully track every penny for a couple months. Don't necessarily budget or sacrifice - just hone those numbers. You may find it ...
by CAsage
Mon Jan 07, 2019 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Is it appropriate to take deduction for donating items belonging to deceased?
Replies: 8
Views: 1018

Re: Is it appropriate to take deduction for donating items belonging to deceased?

Completely proper and very common. Do watch the $ value of individual donations - I believe you can value the goods yourself for any single donation under $250. So don't do it all in one day or one trip. When my mom passed, it took weeks to clean out her home, and I made multiple trips to the local ...
by CAsage
Wed Jan 02, 2019 2:32 pm
Forum: Investing - Theory, News & General
Topic: Will you contribute the max to your IRA and then invest it all in equities for the first market day of the new year?
Replies: 159
Views: 7949

Re: Should I fully fund IRA each January?

Funding your IRA every January is dollar cost averaging across years, and in most cases the best bet - more years the market goes up than down. There is no single right answer - if you have the money, it's not a bad plan. Quibbling about the frequency of the investing is probably the least important...
by CAsage
Mon Dec 31, 2018 4:07 pm
Forum: Personal Consumer Issues
Topic: Low maintenance yard - new home and HOA
Replies: 27
Views: 2185

Re: Low maintenance yard - new home and HOA

Get a decent landscape architect, and be clear about what your goals are (interview them to ensure they have done your type of plan before). I think that if you get a decent mix of lots of groundcover shrubs, hardscape, with some grassy areas for the children, maybe a mulch play area under the swing...
by CAsage
Mon Dec 31, 2018 3:57 pm
Forum: Personal Investments
Topic: Opinions sought re: age-related investing issue
Replies: 39
Views: 2110

Re: Opinions sought re: age-related investing issue

...-someone who will take defensive measures if needed to mitigate the effects of market losses, someone whose job it is to watch the markets and react quickly or anticipate what changes might be necessary. ... Assuming a portfolio of $500,000, you'd be paying $5000 to your advisor, but your adviso...