Search found 154 matches

by SuzBanyan
Sun Jul 22, 2018 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: Property tax + deductions
Replies: 25
Views: 2867

Re: Property tax + deductions

Politics and personal incentives aside, this is an easy question and should be a 9-0 decision if it actually gets to SCOTUS. States do not get to decide what is deductible under federal income taxes. To my knowledge, the only lawsuit filed to date challenges the constitutionality of any limitation ...
by SuzBanyan
Wed Jul 18, 2018 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: How Unclaimed Property Laws Can Affect Retirees
Replies: 36
Views: 2977

Re: How Unclaimed Property Laws Can Affect Retirees

If they are IRA's with zero activity, what about the taxes? Do they just withhold (at max tax rate?) and send the rest to the state ? And what about penalties for those "underage"? And what about money in 403b/etc., plans - money that cannot be removed per rules? RM This was stated in the article W...
by SuzBanyan
Sun Jul 15, 2018 9:23 pm
Forum: Personal Finance (Not Investing)
Topic: Where to get a $100 bill?
Replies: 49
Views: 4939

Re: Where to get a $100 bill?

My Chase bank ATM dispenses $100 bills.
by SuzBanyan
Fri Jul 13, 2018 6:06 pm
Forum: Investing - Help with Personal Investments
Topic: massive Roth conversion
Replies: 39
Views: 3106

Re: massive Roth conversion

Thanks to those posting that MAGI for Roth contribution limits is determined based on AGI minus income from tIRA conversions to Roth. I was not aware of this and now have one less threshold to balance when looking a Roth conversions; IRMAA and tax brackets are more than enough to bogle my mind. As a...
by SuzBanyan
Fri Jul 13, 2018 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life - We're doing it. What to look for?
Replies: 128
Views: 7503

Re: Whole Life - We're doing it. What to look for?

OP: Maybe I missed it, but are you also planning to convert Term to WL on you life for the benefit of your SO? The “peace of mind following the death of a loved one” argument seems to apply more to the least financially savvy spouse. You appear to be more financially savvy and thus, getting WL on yo...
by SuzBanyan
Wed Jun 27, 2018 8:54 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 156
Views: 16510

Re: IRS publishes draft 2018 1040 - Huge changes made

One new adjustment on page 2 of the 1040 is line 9 for “qualified business income deductions (see instructions)” which I assume is for the 20% small business deduction under Section 199A.
by SuzBanyan
Mon Jun 25, 2018 9:54 am
Forum: Personal Consumer Issues
Topic: Q on appealling Medicare surcharge
Replies: 6
Views: 817

Re: Q on appealling Medicare surcharge

OP: If you are applying in 2018, your 2016 MAGI will initially determine whether you will need to pay IRMAA. For this purpose, MAGI is based on line 37, plus tax-exempt interest in line 8b, of Form 1040. If 2017 MAGI would result in a lower (or no) IRMAA, or you expect 2018 MAGI will, then you can a...
by SuzBanyan
Fri Jun 22, 2018 10:08 am
Forum: Investing - Help with Personal Investments
Topic: Help a 'Three Funder' Allocate Inherited IRA
Replies: 10
Views: 976

Re: Help a 'Three Funder' Allocate Inherited IRA

With RMDs immediately on the horizon, you want the Inherited IRA to grow as slowly as possible and push the growth likely from your AA to your 401(k)s. Thus, I suggest you put your entire bond allocation in the Inherited IRA. Then fill the balance in the Inherited IRA with your equity fund(s). This ...
by SuzBanyan
Thu Jun 14, 2018 10:10 am
Forum: Personal Finance (Not Investing)
Topic: Timeshare ever worth it? Please share details
Replies: 123
Views: 10735

Re: Timeshare ever worth it? Please share details

We have owned points at WDW through Disney Vacation Club (DVC) for over 10 years and have also added points at the hotel at Disneyland. We like the easy walking access to the theme parks. We also use the points for an annual stay at the Aulani Resort on Oahu. We feel like we get a fair economic valu...
by SuzBanyan
Thu May 31, 2018 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Writing Checks on a Schwab IRA
Replies: 22
Views: 1120

Re: Writing Checks on a Schwab IRA

I also received the email today (just turned 59.5). Not that it is an option before 70.5, but it wasn’t clear to me that this Checkwriting could be used for QCDs. The language referenced writing checks for “donations to charities. And if you are over 70.5, it is also a great way for you to take your...
by SuzBanyan
Tue May 29, 2018 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Selling car in CA, titled in absent owner's name
Replies: 14
Views: 770

Re: Selling car in CA, titled in absent owner's name

pshonore wrote:
Tue May 29, 2018 7:39 am
I'd call a local CARMAX in NJ and ask them. I'd then verify that with a CARMAX near San Luis Obispo.
OP: The closest CarMax to San Luis Obispo is a couple of hours’ drive away. If you have family here, they may be able to suggest an alternative other than a private sale.
by SuzBanyan
Sun May 27, 2018 10:03 am
Forum: Investing - Help with Personal Investments
Topic: Portfolio Review for a DIY'er approaching retirement
Replies: 16
Views: 2260

Re: Portfolio Review for a DIY'er approaching retirement

togb: 1. Because you have an inherited IRA from which you are currently taking RMDs, I would fill this account with a bond index fund. This will minimize the growth in an account which will be spinning off taxable income and allow you to place equities -- which are expected to have higher returns --...
by SuzBanyan
Wed May 23, 2018 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Buying a Vacation Rental Property as an Investment
Replies: 53
Views: 4590

Re: Buying a Vacation Rental Property as an Investment

My husband and I have owned vacation rental property in Maui for many years: one unit for 16 years and another for 11 after a 1031 exchange from commercial property we owned. After we paid off the mortgages with cash from a windfall I received, we are cash flow positive, even after paying a high man...
by SuzBanyan
Fri May 11, 2018 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Please Advise on My/My Spouse’s Social Security Claiming Strategy
Replies: 10
Views: 1318

Re: Please Advise on My/My Spouse’s Social Security Claiming Strategy

OP: To me, it looks like you are so focused on the HSA tree that you are ignoring the forest that is your total healthcare costs. While a high-deductible plan may be a more cost-effective choice for you and your spouse than Medicare with a supplemental and drug plan, this is by no means the only pos...
by SuzBanyan
Wed May 09, 2018 11:43 am
Forum: Personal Finance (Not Investing)
Topic: How to pass life insurance proceeds from my parents' second to die policy on to my children tax free?
Replies: 17
Views: 1174

Re: How to pass life insurance proceeds from my parents' second to die policy on to my children tax free?

OP: Are you sure that your share on the life insurance policy is 5/12ths, not 1/5th? Usually, 5 surviving siblings would each receive an equal share of a life insurance policy, but of course, it depends on the way the beneficiaries are actually named.
by SuzBanyan
Sun May 06, 2018 9:22 am
Forum: Investing - Help with Personal Investments
Topic: Help with post retirement IRA portfolio
Replies: 14
Views: 1313

Re: Help with post retirement IRA portfolio

OK - so, in taxable accounts, the rationale for NOT reinvesting dividends in the same MF is twofold ... first, to start moving to a smaller number of MF holdings (given they are duplicative in purpose and holdings), and second, to find lower expense funds. I'm assuming this rationale is NOT the sam...
by SuzBanyan
Thu May 03, 2018 6:23 pm
Forum: Investing - Help with Personal Investments
Topic: Help with post retirement IRA portfolio
Replies: 14
Views: 1313

Re: Help with post retirement IRA portfolio

My taxable accounts are kinda set in stone a bit - pretty big hit if I were to reallocate too much. Will draw them down first over the next few years.... (snip) I can understand your hesitancy about making any changes in your taxable account which might trigger gains. However, we still don’t know h...
by SuzBanyan
Wed May 02, 2018 8:12 pm
Forum: Investing - Help with Personal Investments
Topic: Consolidate to Vanguard/Fidelity - Need Help Deciding
Replies: 8
Views: 1162

Re: Retirement Plan Checkup / Inherited IRAs

The wiki here is very comprehensive: https://www.bogleheads.org/wiki/Target_date_funds I would expect that you can continue to have nothing except Target funds until you reach the point that you have filled all your tax-defferred accounts each year and want to start saving in taxable accounts. Then ...
by SuzBanyan
Wed May 02, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Continuing Care facility - shielding some assets for the kids
Replies: 37
Views: 4052

Re: Continuing Care facility - shielding some assets for the kids

If you think you have enough assets to qualify for CCRC without using the money you plan to gift, you could make the gifts now and disclose them as part of the CCRC financial disclosure. If you don’t want your kids to have unlimited access to the funds now, you could set up an irrevocable trust with...
by SuzBanyan
Wed May 02, 2018 1:26 pm
Forum: Investing - Help with Personal Investments
Topic: Consolidate to Vanguard/Fidelity - Need Help Deciding
Replies: 8
Views: 1162

Re: Retirement Plan Checkup / Inherited IRAs

My husband has an Inherited IRA and it holds nothing but Total Bond Market Index. He has had the Inherited IRA for almost 20 years. In the early years it was invested only in equities as the RMDs were small enough that even a 100% increase in the asset value would have little impact on our tax liabi...
by SuzBanyan
Wed May 02, 2018 11:53 am
Forum: Investing - Help with Personal Investments
Topic: Consolidate to Vanguard/Fidelity - Need Help Deciding
Replies: 8
Views: 1162

Re: Retirement Plan Checkup / Inherited IRAs

Please help me with my overall retirement plan. Emergency funds: 6 months of expenses Debt: $0.00 Tax Filing Status: MFJ w/ 2 Dep Tax Rate: 22% Federal, 5% State State of Residence: AL Age:45-50 Desired Asset allocation: 70%-75% stocks / 25%-30% bonds Desired International allocation: 30-40% of sto...
by SuzBanyan
Sun Apr 29, 2018 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Elimination of unreimbursed employee expenses means no need to keep receipts?
Replies: 4
Views: 686

Re: Elimination of unreimbursed employee expenses means no need to keep receipts?

It is also possible unreimbursed business expenses may be deductible on state tax returns.
by SuzBanyan
Sat Apr 14, 2018 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: NJ passes law in response to SALT limits
Replies: 9
Views: 2107

Re: NJ passes law in response to SALT limits

Hmmm, I'm not sure if it's not worth it to try it if you get a more favorable result. Afterall if it fails in court, you just owe what you would have owed plus interest. Even before the 2017 tax law, many states had tax laws that allowed state tax credits for taking charitable contributions. Since ...
by SuzBanyan
Fri Apr 13, 2018 8:31 am
Forum: Personal Finance (Not Investing)
Topic: NJ passes law in response to SALT limits
Replies: 9
Views: 2107

NJ passes law in response to SALT limits

For those who reside in NJ, you may want to follow how your local government agencies respond to a new law passed 4/12/18. The law “authorizes municipality, county or school district to establish charitable funds for specific purposes; permits property tax credit for certain donations.” The text is ...
by SuzBanyan
Thu Apr 05, 2018 11:15 am
Forum: Investing - Theory, News & General
Topic: New Tax Law- Out of State 529 Plans
Replies: 11
Views: 982

Re: New Tax Law- Out of State 529 Plans

The New York State Department of Taxation and Finance issued a Preliminary Report to the Governor on H.R.1, indicating that K-12 distributions may not be considered qualified distributions under New York statutes and may require recapture of any New York State tax benefits that accrued on contribut...
by SuzBanyan
Wed Apr 04, 2018 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 6101

Re: NY passes law to get around SALT limit

It's interesting to see states pass various measures. Connecticut passed a measure that would tax pass through income and offset personal income tax liability with a credit. http://www.taxanalysts.org/content/connecticut-finds-salt-workaround-would-actually-work I wonder what CA will eventually do....
by SuzBanyan
Wed Apr 04, 2018 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 6101

Re: NY passes law to get around SALT limit

I believe this topic must be acceptable because, as OP references, it is already enacted legislation. Whether it's a good or bad idea might descend into a political discussion. PJW It also seems actionable for those in NY. Businesses will have to decide whether to opt in to the new payroll tax and ...
by SuzBanyan
Wed Apr 04, 2018 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 6101

Re: NY passes law to get around SALT limit

Dan Shapiro, a tax professor at NYU, argues that the increase in payroll tax in exchange for an employee tax credit and the charitable contribution in exchange for the same is consistent with the underlying principals on the 2017 Tax law: “But this [payroll tax] provision, like that pertaining to th...
by SuzBanyan
Wed Apr 04, 2018 11:53 am
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 6101

Re: NY passes law to get around SALT limit

For those in NY intrigued by the new law passed as part of the recent state budget, an analysis of deductibility was published in January, 2018, by a number of tax policy experts, entitled, “Federal income Tax Treatment of Charitable Contibutions Entitling Donors to State Tax Credits.” It can be rea...
by SuzBanyan
Thu Mar 08, 2018 9:48 am
Forum: Personal Finance (Not Investing)
Topic: When does the 1-year HSA rollover clock start and end?
Replies: 12
Views: 1058

Re: When does the 1-year HSA rollover clock start and end?

Can I ask how indirect rollovers are reported on 1099s? I have been doing an annual indirect rollover for years to avoid a $25 trustee to trustee transfer fee, but the transferee just reports the amount as a distribution on the 1099. Should I be doing something other than keeping a copy of the check...
by SuzBanyan
Wed Mar 07, 2018 12:25 pm
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1820

Re: Medicare IRMAA

It may also be possible to create a “life-changing event” for the year in which you would otherwise have to pay IRMAA: 2022: Redeem Savings Bonds and increase MAGI by interest earned. 2023: Get a job that doesn’t pay so much that it pushes you into IRMAA. 2024: Quit your new job and use this “life-c...
by SuzBanyan
Mon Feb 26, 2018 12:07 pm
Forum: Investing - Help with Personal Investments
Topic: 66 yr old Woman Needs HELP!
Replies: 68
Views: 4067

Re: 66 yr old Woman Needs HELP!

I agree with those who have said there is no need to rush. You said your health is poor and you only expect to live 20 years or less. Even if you never earn another penny in interest, dividends or gains, your accounts would give you almost $39K per year for 20 years. This is more than you currently ...
by SuzBanyan
Mon Feb 19, 2018 10:25 am
Forum: Personal Finance (Not Investing)
Topic: How to qualify wife for ACA subsidy in 2018
Replies: 18
Views: 1681

Re: How to qualify wife for ACA subsidy in 2018

Although lumping rental income into 2019 has been discussed, I would think that lumping expenses, such as property taxes into 2018, might be easier.
by SuzBanyan
Sat Feb 17, 2018 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Catastrophic medical insurance
Replies: 8
Views: 731

Re: Catastrophic medical insurance

JBTX wrote:
Sat Feb 17, 2018 8:38 pm
NotWhoYouThink wrote:
Sat Feb 17, 2018 6:41 pm
I thought ACA prohibited catastrophic plan for those over 30. We'd like one, too.
I'm going to guess that you can still get them but it would not have waived the ACA penalty, which was just repealed.
Note that the ACA penalty was not repealed until 2019.
by SuzBanyan
Mon Feb 05, 2018 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Home Office Tax Deduction
Replies: 14
Views: 1037

Re: Home Office Tax Deduction

I thought home office deductions, along with other unreimbursed employee business expenses, had been eliminated for 2018 and beyond by the recent tax bill. Is this not the case?
by SuzBanyan
Thu Jan 18, 2018 10:18 am
Forum: Personal Finance (Not Investing)
Topic: How will or might nonprofits be affected by tax law changes?
Replies: 36
Views: 2046

Re: How will or might nonprofits be affected by tax law changes?

Until we see what legislation the states pass in reaction to the Federal tax bill, it may be too early to speculate about long term effects on charitable giving. Personally, anticipating that we would not itemize in the future, we both doubled our 2017 donations and made a large donation (about 5 ye...
by SuzBanyan
Wed Jan 17, 2018 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Can We Retire in Hawaii? Please Critique
Replies: 146
Views: 15156

Re: Can We Retire in Hawaii? Please Critique

One thing you might want to do is to look at your numbers as if you are buying instead of building. This would give you firmer numbers to work with and give you a better idea of what is possible. I would be cautious about the plan on homeschooling your kids to make this work since being able to do ...
by SuzBanyan
Wed Jan 10, 2018 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Sell bonds, pre-pay mortgage instead?
Replies: 10
Views: 941

Re: Sell bonds, pre-pay mortgage instead?

For anyone for whom the choice in 2018 is a wash between the standard deductions and itemizing, it may make sense to understand how your state will react to the new federal tax law — if at all — before making changes to your finances.
by SuzBanyan
Sun Jan 07, 2018 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Early retirement and a different angle on paying off the mortgage...
Replies: 8
Views: 2166

Re: Early retirement and a different angle on paying off the mortgage...

A couple of thoughts. Have you looked at delaying SS until later? Given your current ages, you probably are not even at full retirement age at 65. For a couple, it will often make sense for the person with the highest SS to delay until 70. Is your pension reduced if one of you dies? Your mortgage in...
by SuzBanyan
Thu Jan 04, 2018 3:24 pm
Forum: Investing - Help with Personal Investments
Topic: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?
Replies: 53
Views: 5800

Re: Can no longer invest in Vanguard admiral funds in Chase account. Suggestions?

chase said nothing to me about not being able to buy an admiral fund earlier this week. but i didn’t actually buy it, just indicated i planned to soon. i can't see this has anything to do with dol. i’ll probably buy the etf. I moved a large position in a non-retirement account invested in a Vanguar...
by SuzBanyan
Thu Dec 28, 2017 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: [Pass-Thru Entities Questions Thread]
Replies: 141
Views: 11262

Re: [Pass-Thru Entities Questions Thread]

I am not clear on this either. Since Engineering and Architecture are excluded from the specified professions (not sure I said that right), does this mean that the income thresholds do not apply to these businesses? If that's not what it means (being excluded), what does it mean? I hope that the in...
by SuzBanyan
Tue Dec 26, 2017 10:41 am
Forum: Investing - Theory, News & General
Topic: Implications of tax bill on residential real estate (house prices)
Replies: 62
Views: 6403

Re: Implications of tax bill on residential real estate (house prices)

I would think vacation homes will be impacted the most. If I understand correctly, primary residence plus vacation home mortgage combined is limited to $750k and no deductions for HELOC. I think it will take a while for people to appreciate exactly how HELOC is defined: any loan not use to acquire ...
by SuzBanyan
Sat Dec 23, 2017 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: [Pass-Thru Entities Questions Thread]
Replies: 141
Views: 11262

Re: Question about pass through income in new tax law

—snip— Regardless of your business field, you do not get the deduction if you are a sole prop at income levels above $207k/$415k. If you are over those income levels, you will need to have W-2 wages to qualify for the deduction - and you do not get the deduction at all in you are in one of the prof...
by SuzBanyan
Fri Dec 22, 2017 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 58881

Re: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]

Page 33 of the new law has the effective date in (b). When Thuronyi wrote his blog, the conference bill had a bad date. That date was corrected in the final version passed by both houses. The language now states that for tax years after 2016 you cannot pay 2018 state and local income taxes and take ...
by SuzBanyan
Fri Dec 22, 2017 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 886
Views: 58881

Re: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]

When Thuronyi wrote his blog, the conference bill had a bad date. That date was corrected in the final version passed by both houses. The language now states that for tax years after 2016 you cannot pay 2018 state and local income taxes and take the deduction in 2017. Thus, it is specifically prohib...
by SuzBanyan
Mon Dec 18, 2017 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Clever use of a "C" Corporation
Replies: 23
Views: 3563

Re: Clever use of a "C" Corporation

Here is the update: https://papers.ssrn.com/sol3/papers.cfm ... id=3084187

There is a footnote to a blog in the update that may also be of interest to some: https://medium.com/@vthuronyi/a-mistake ... 6f55865e04
by SuzBanyan
Sun Dec 17, 2017 7:55 pm
Forum: Personal Finance (Not Investing)
Topic: Clever use of a "C" Corporation
Replies: 23
Views: 3563

Re: Clever use of a "C" Corporation

According to Daniel Shaviro, one of the authors of that paper, an updated paper should be published in the next day or 2: http://danshaviro.blogspot.com. The current article is linked in his blog.
by SuzBanyan
Mon Oct 30, 2017 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Help with 2018 HSA contribution limit (child turns 26 in December 2018)
Replies: 8
Views: 873

Re: Help with 2018 HSA contribution limit (child turns 26 in December 2018)

HDHP/HSA eligible insurance will cover your daughter to the end of the month in which she turns 26, which for her is to the end of December. Thus, you can contribute the full family plan amount for 2018 to your HSA. However, even though your daughter is on your insurance plan, you cannot reimburse h...
by SuzBanyan
Thu Sep 21, 2017 8:37 am
Forum: Personal Consumer Issues
Topic: What's a good big e-reader?
Replies: 10
Views: 1123

Re: What's a good big e-reader?

In my opinion, my Kindle Paperwhite is too small for reading .pdf documents. My favorite is the standard size iPad. I read with it flat on the desk or my lap. With the IPad Pro, I can annotate with the Apple Pencil. I rarely read documents on my computer after I got the iPad Pro. For books, I love m...
by SuzBanyan
Mon Jul 24, 2017 9:03 am
Forum: Personal Finance (Not Investing)
Topic: MAGI and Medicare
Replies: 29
Views: 2831

Re: MAGI and Medicare

Appreciate the insight on appeals. In my case I retired 2 years ago, but then from June 2016 thru March of this year worked as a full time consultant, making 2-3 times my previous salary. I think my working days are now over, and my appeal will be based on no longer working. My husband is on Medica...