Search found 65 matches

by Sandwich
Mon Aug 03, 2020 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Need advice on reducing EFC [Expected Family Contribution]
Replies: 33
Views: 2023

Re: Need advice on reducing EFC

Consider timing when you plan on filing the FAFSA. We're considering filing next in January, 2021 ** AFTER ** making 2021 ROTH IRA contributions and paying first half of 2021 property taxes. This may reduce our assets and our EFC by $ 800+. Unknown where DS will attend college at this point ... but ...
by Sandwich
Sat Jul 25, 2020 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: IRS refund delay
Replies: 58
Views: 3411

Re: IRS refund delay

Here's an update with data that may provide timing data for others Tax return for relative sent via USPS certified mail on or around March 7th to the IRS Fresno, CA office Refund Status Results Your tax refund is scheduled to be sent to your bank by July 29, 2020. If your refund is not credited to y...
by Sandwich
Mon Jul 13, 2020 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: [Government stimulus payments]
Replies: 360
Views: 29131

Re: [Government stimulus payments]

My deceased father received a stimulus check deposit the same time my mother did ... about 4-5 weeks ago. Thanks to the Bogleheads I was able to learn what to do with it and sent back that amount to the required IRS office about 4 weeks ago. However, the check has not cleared yet. Anyone else have ...
by Sandwich
Fri Jul 03, 2020 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: "Lost" Estimated Tax Payment
Replies: 15
Views: 1456

Re: "Lost" Estimated Tax Payment

Harbormaster wrote:
Fri Jul 03, 2020 8:52 am
Finally. The IRS cashed my check today - after twelve weeks. I won't make that mistake again.
Good to read that there is some movement. Elderly relative sent a return of partial stimulus payment for a deceased spouse to the Fresno office in May ... hope that check gets cashed soon.
by Sandwich
Mon Jun 29, 2020 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Planning for eventual inherited accounts
Replies: 33
Views: 2582

Re: Planning for eventual inherited accounts

... She hasn't been required to file a tax return in years. SS and a very small pension is her only income... Consider converting some (all) of your Mom's IRA into the ROTH IRA ... perhaps up to the top of the 0% bracket to reduce eventual taxes to you and your siblings ... maybe into the 10% or 12...
by Sandwich
Thu Jun 25, 2020 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: IRS broadens rollover options for 2020 RMD distributions
Replies: 47
Views: 3003

Re: IRS broadens rollover options for 2020 RMD distributions

I talked with a Vanguard Retirement Specialist today and asked if the RMD could be "returned / rolled over" from taxable brokerage account back into the brokerage IRA account. I was informed that this process can not be done "directly" from a Vanguard account and that the funds must come from a "non...
by Sandwich
Tue Jun 23, 2020 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: IRS broadens rollover options for 2020 RMD distributions
Replies: 47
Views: 3003

Re: IRS broadens rollover options for 2020 RMD distributions

.... I called Vanguard this afternoon in an attempt to roll it back. They were not at all up to speed on this and, after considerable time on hold, I was advised to call back in a few days so that it may be reviewed by their legal department. No rush I guess. We have until August 31. Gill Saw this ...
by Sandwich
Mon Jun 08, 2020 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Asked to be a trustee
Replies: 30
Views: 2047

Re: Asked to be a trustee

... From what I understand there are two trusts, one for DW and one for SIL. I believe the estate will basically be split in half and half placed into each trust. But DW's trust has not restrictions, while SIL's trust only allows 4% draw per year. .. If your SIL physically, mentally unable to work ...
by Sandwich
Tue May 26, 2020 8:46 pm
Forum: Personal Investments
Topic: First post - any advice appreciated
Replies: 9
Views: 911

Re: First post - any advice appreciated

2020 Retirement Savers Credit is not available for Singles with AGI > $ 32,500
by Sandwich
Tue May 19, 2020 12:16 pm
Forum: Personal Investments
Topic: Advice on Mom's retirement accounts
Replies: 14
Views: 990

Re: Advice on Mom's retirement accounts

... A person that is in already in Memory Care Facility is likely to deficient in enough ADL's ( Activities of Daily Living ) to have the care cost as a deductible medical expense. This could change her the tax situation a lot, especially with respect to possibly drawing down her IRA quickly. You a...
by Sandwich
Tue May 19, 2020 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Turning 65, Medicaire questions
Replies: 71
Views: 4853

Re: Turning 65, Medicaire questions

..... In any event, OP, contact your state SHIP for some free and unbiased advice. Nearly all the seminars that you would attend are sponsored by Medicare Advantage firms; mostly HMO-type plans so that will be the focus of their pitch. You have time for research. But given COVID and lower staffing ...
by Sandwich
Mon May 18, 2020 4:39 pm
Forum: Personal Investments
Topic: Seeking Advice on Allocation of Elderly Relative's Investment Portfolio
Replies: 5
Views: 479

Seeking Advice on Allocation of Elderly Relative's Investment Portfolio

Hi all, I am seeking the "wisdom of the crowd" from fellow BHs regarding an elderly relative's portfolio. After months of paperwork, the bulk of the assets have been transferred to Vanguard Brokerage. Emergency funds: Three to six months of expenses – YES Debt: Only modest credit card balance which ...
by Sandwich
Tue May 12, 2020 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Undoing your already-taken RMD for 2020
Replies: 119
Views: 8052

Re: Undoing your already-taken RMD for 2020

Congress is considering legislation which would allow "rolling back" of 2019 and 2020 RMDs. (Not discussing the legislation at this point to keep within the forum guidelines.) :D Pass the popcorn and keep tuned to see what transpires. Link --> https://www.forbes.com/sites/kellyphillipserb/2020/05/12...
by Sandwich
Wed May 06, 2020 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus Check for Person Who Died in 2019
Replies: 27
Views: 3045

Re: Stimulus Check for Person Who Died in 2019

... So the stimulus payment was less than $2,400--that is, it was based on 2018 income? .. Yes, less than $ 2,400 as based on 2018 AGI ... Keep in mind that the payment is an "advance refund" of a 2020 tax credit. If the surviving spouse has less than $75,000 AGI in 2020, then he/she will be entitl...
by Sandwich
Wed May 06, 2020 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus Check for Person Who Died in 2019
Replies: 27
Views: 3045

Re: Stimulus Check for Person Who Died in 2019

The IRS addressed this issue today: .... The instructions for return are in FAQ 41. Interesting .... Unclear how much to return in the case of relative. 2018 MFJ return, AGI was in "phase-out" ... stimulus direct deposit was calculated as if both spouses were living. 2019 final MFJ (spouse passed i...
by Sandwich
Mon May 04, 2020 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Home - How Near Parents?
Replies: 30
Views: 3027

Re: Buying Home - How Near Parents?

..... I bring this up only to emphasize that your parents likely won't be your children's babysitters for their whole childhood, they also may need your help more as they age, and things could change in ways you never saw coming. I would base my housing decision on what was best for my immediate fa...
by Sandwich
Thu Apr 30, 2020 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Get My Payment up and running
Replies: 369
Views: 25160

Re: IRS Get My Payment up and running

Here's data from my experience. Filed paper returns for 2018 and 2019. Taxes owed both years. (Return for 2019 was more favorable than 2018 so was hoping that stimulus would be based on 2019 return.) 2019 return filed in early February via USPS Certified mail return receipt. Saw that check for taxes...
by Sandwich
Wed Apr 29, 2020 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus Check for Person Who Died in 2019
Replies: 27
Views: 3045

Re: Stimulus Check for Person Who Died in 2019

Will be awaiting IRS guidance on this one as it impacts an elderly relative. 2018 MFJ return, AGI was in "phase-out" ... stimulus direct deposit was calculated as if both spouses were living. 2019 final MFJ (spouse passed in 2019) return - AGI is below AGI phase-out. 2019 return was filed on paper i...
by Sandwich
Mon Apr 27, 2020 11:44 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Get My Payment up and running
Replies: 369
Views: 25160

Re: IRS Get My Payment up and running

Has anyone here received their rebate who is subject to AGI income phaseout? Another data point .... Relative filed MFJ for 2018 in Spring 2019. Spouse passed away in 2019. Filed a 1040X for 2018 return in mid-December, 2019 due to finding error in originally filed return. 1040X clearly stated that...
by Sandwich
Sun Apr 26, 2020 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: File tax return electronically
Replies: 64
Views: 2601

Re: File tax return electronically

I am pretty sure I have e-filed returns at Taxaide for surviving spouses (MFJ, year of death). Maybe the limitation is software vendor specific. I am preparing one now (privately) for a widow of a friend using H&R Block Deluxe but have not attempted to file yet. I am an AARP Tax-Aide preparer and i...
by Sandwich
Sun Apr 26, 2020 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 45836

Re: College in fall

Saw information on an offer from Arizona State's online education arm on another education related blog. A few courses such as math and writing are available at a discounted rate for the summer. The $ 99 summer teaser rate is lower than the tuition for the local community college. I checked and the ...
by Sandwich
Sun Apr 26, 2020 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: File tax return electronically
Replies: 64
Views: 2601

Re: File tax return electronically

For the many Bogleheads who fear/loathe e-filing, note paper returns are essentially sitting in an endless wait state. https://www.fool.com/taxes/2020/04/25/no-tax-refund-yet-heres-why-the-irs-might-be-givin.aspx I assisted elderly relative prepare a complicated 2019 MFJ return. Spouse passed away ...
by Sandwich
Mon Apr 20, 2020 7:36 pm
Forum: Personal Investments
Topic: Disappointed with Vanguard service. Better options?
Replies: 66
Views: 5863

Re: Disappointed with Vanguard service. Better options?

I have been working on consolidating assets for a deceased relative's trust account (a longtime Vanguard investor) from a couple of different sources to a Vanguard Brokerage account. The process has taken months with the submission of numerous forms, phone calls, letters, and emails. I talked with V...
by Sandwich
Mon Apr 20, 2020 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 45836

Re: College in fall

I think it is quite obvious that those job opportunities will be greatly decreased, which is exactly my point. Remote learning may not be ideal, but it is a lot better than the likely alternative. If I am counseling a young adult, this is a great time to reevaluate your options. See if it is possib...
by Sandwich
Thu Apr 09, 2020 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Obtaining Medallion Signatures - COVID 19
Replies: 6
Views: 1080

Obtaining Medallion Signatures - COVID 19

After months of paperwork following the passing of a relative, my family is attempting to transfer his last investment from a local bank to Vanguard Brokerage. Normally, the process would require a medallion signature guarantee. Thru mid-March, we were able to obtain medallion signatures fairly easi...
by Sandwich
Thu Apr 09, 2020 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Is it worth asking car insurer to decrease premium during pandemic?
Replies: 32
Views: 1643

Re: Is it worth asking car insurer to decrease premium during pandemic?

I saw this thread and then went to the USAA website and found the following ...

"USAA to Return $520 Million to Members ..."

See link --> https://communities.usaa.com/t5/Press-R ... a-p/228150

Hopefully other insurers will follow suit.
by Sandwich
Sun Mar 29, 2020 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 549
Views: 45836

Re: College in fall

... I know that our state universities have sent students home where they're taking classes remotely online. Sounds like the best guess at this point is that the virus may or may not wane in the summer months but will most likely rebound in the normal flu season. Are plans changing for kids going t...
by Sandwich
Sat Mar 28, 2020 9:51 pm
Forum: Personal Consumer Issues
Topic: What will you do first, once COVID pandemic is over?
Replies: 271
Views: 17648

Re: What will you do first, once COVID pandemic is over?

Visit Mom in care facility .... visitors have been barred since CDC guidelines were put in place.

Get a hair cut.
by Sandwich
Sat Mar 28, 2020 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: RMDs May Not Be Required for 2020
Replies: 142
Views: 9939

Re: IRS Suspends RMD

Question: if one has taken 2020 RMD, can it be reversed? That’s the big question, particularly where more than 60 days has elapsed. It would only seem fair to allow the return of the amount distributed. Hoping this will be clarified. Gill + 1 CARES Act wording implies that one can "repay" the RMD i...
by Sandwich
Fri Mar 27, 2020 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Donations or QCD?
Replies: 5
Views: 250

Re: Donations or QCD?

Are donations going to a charity that you give regularly to anyway ? I have an elderly relative who I set up a QCD last month for her to cover her church pledge. It reduces the headache of keeping track of weekly checks and shortens the process to balance the checkbook. The QCD was modest and she ha...
by Sandwich
Wed Mar 25, 2020 2:46 pm
Forum: Personal Consumer Issues
Topic: Documentaries?
Replies: 14
Views: 1354

Re: Documentaries?

A documentary on the 1918 epidemic that I watched last year ... appears to be streaming for free --> https://www.pbs.org/wgbh/americanexperience/films/influenza/ Also, PBS NOVA episode on Vaccines ... appears to be streaming for free --> https://www.pbs.org/video/nova-vaccinescalling-shots/ PBS has ...
by Sandwich
Sat Mar 21, 2020 8:47 pm
Forum: Personal Investments
Topic: How much you lost/gain since Feb 20,2020 ?
Replies: 320
Views: 26355

Re: How much you lost/gain since Feb 20,2020 ?

Percentages down from February 20 - March 20 on Vanguard Holdings .... Rollover IRA down 2.0 % (100% Total Bond Market Index) ROTH IRA down 29.5% (over 80% 500 Index) Taxable down 15.8% (mix of Money Market, 500 Index, and Wellesley) Staying the course ... next move I am considering is tax loss harv...
by Sandwich
Sun Mar 15, 2020 8:59 pm
Forum: Personal Finance (Not Investing)
Topic: When Can a Living Trust Be Terminated after Death?
Replies: 2
Views: 303

Re: When Can a Living Trust Be Terminated after Death?

..... Do I need to keep the Living Trust open for that period of time, even after it contains no other assets? Do I need to file an annual tax return for the Living Trust, even when it has no income? There are many other things that I have yet to find out, too (for example, does the Living Trust no...
by Sandwich
Thu Mar 12, 2020 11:51 am
Forum: Personal Investments
Topic: Large amount of cash to invest, not sure if I should wait for further dip. Thoughts?
Replies: 32
Views: 3645

Re: Large amount of cash to invest, not sure if I should wait for further dip. Thoughts?

WIAV8TOR wrote:
Thu Mar 12, 2020 10:52 am
..... I’ll do more as time goes on. This is 15+ yr IRA $$

No reason to be all or nothing, dip the toe, a little at a time.
Same here, did a dribble of funds from Prime Money Market to 500 Index on Monday, 3/9 (market down) and then another dribble today (market down 8+% so far).
by Sandwich
Thu Mar 12, 2020 1:45 am
Forum: Personal Finance (Not Investing)
Topic: Parent has ALS; Need Financial & General Advice
Replies: 68
Views: 2868

Re: Parent has ALS; Need Financial & General Advice

I have been the financial POA for an uncle and my mother (not ALS, but years of chronic conditions) for over a decade. I focused on maintaining assets for the purpose of providing the best care available for each. This meant selling each relative's respective condo and using the funds to private pay...
by Sandwich
Mon Mar 09, 2020 11:36 am
Forum: Personal Investments
Topic: Good day to buy?!
Replies: 31
Views: 3612

Re: Good day to buy?!

I'll bite. I made my 2020 ROTH IRA contribution the first week of January - 100% into Vanguard Prime Money Market Fund. Today, I exchanged a small portion of that into Vanguard 500 Index. My strategy is to exchange ROTH IRA funds from Money Market into 500 Index during "down" days like this. I have ...
by Sandwich
Fri Mar 06, 2020 2:42 am
Forum: Personal Investments
Topic: 75K-mortgage vs. taxable account
Replies: 11
Views: 933

Re: 75K-mortgage vs. taxable account

Hi all, I have 75K that I received last week by selling all of my recently vested company stocks. Our financial situation: Ages: 44 & 43 with 2 kids (13, 7) Combined 401K:500K (haven't changed anything last 2 weeks, staying the course - thanks for wise advice here). 529 plans: 100K .... I noticed t...
by Sandwich
Mon Mar 02, 2020 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Reducing the Tax
Replies: 5
Views: 509

Re: Reducing the Tax

If you are filing status is MFJ and you have a plan at work, it appears that the MAGI limit is $123k for Traditional IRA deductibility. ROTH has phase-out at $ 193k+ Consider calculating what benefit a traditional IRA contribution may have depending on your MAGI. See link --> https://www.fidelity.co...
by Sandwich
Mon Mar 02, 2020 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Trying to get a handle on Trust Taxation Issue
Replies: 5
Views: 450

Re: Trying to get a handle on Trust Taxation Issue

..... If the trust provides that Martha receives all of the income, then the income will pass through to Martha. However, the capital gains will generally be taxable to the trust except in the trust's final year. Capital losses pass through in the trust's final year. Whether the trustees may termin...
by Sandwich
Mon Mar 02, 2020 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Trying to get a handle on Trust Taxation Issue
Replies: 5
Views: 450

Re: Trying to get a handle on Trust Taxation Issue

.... Capital losses can’t be passed out to the income beneficiary. Why has the trustee waited so long to make changes in the investments? This is a good example of the risk a trustee takes in retaining original assets of a trust without a prompt review. Also, why are you using an elder law attorney...
by Sandwich
Sun Mar 01, 2020 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Long Term Care Insurance Increase Options Advice
Replies: 12
Views: 1159

Re: Long Term Care Insurance Increase Options Advice

I attended a training on Long-Term Care Insurance provided by my State's Department of Health and the issue of gender and LTCI was brought up. The training presentation explained that overall women outlive men and women are often the caregivers for their ailing husband's as time goes on. Women actua...
by Sandwich
Sun Mar 01, 2020 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to get a handle on Trust Taxation Issue
Replies: 5
Views: 450

Trying to get a handle on Trust Taxation Issue

Hi Bogleheads, I am looking to the wisdom of the crowd to hopefully clarify / confirm my understanding of trust taxation issue. Here’s the situation …. “Uncle George” passed away in Fall, 2019 and he had funds invested in the “Uncle George” Trust with his Social Security Number. His trust document s...
by Sandwich
Sat Jan 25, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Planning for in-law retirement/elder-care
Replies: 19
Views: 1447

Re: Planning for in-law retirement/elder-care

.... My wife and I are aligned on this. When I said "me", I really meant "us". A big chunk of the questions in this list arose from her comments and suggestions. It does my heart good to be reminded that for many folks, this works out OK, even without a long-term plan. At the same time, I believe t...
by Sandwich
Fri Jan 24, 2020 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 98
Views: 6872

Re: Umbrella insurance cost

$ 3M, 1 adult, two vehicles. Quote was $ 285 for annual premium from State Farm which also provides Auto and Homeowners Insurance
by Sandwich
Mon Jan 13, 2020 12:14 am
Forum: Personal Finance (Not Investing)
Topic: RMD Distribution: All in one go or spread out over year?
Replies: 12
Views: 1604

Re: RMD Distribution: All in one go or spread out over year?

...That eliminates the opportunity to make QCD donations later in the year. Unfortunately, Mom is not in the position to pay for anything except her care facility and taxes. So this does not apply to her. I have mentioned to another elder in the family of the option of using her RMD as a QCD to cov...
by Sandwich
Sun Jan 12, 2020 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: RMD Distribution: All in one go or spread out over year?
Replies: 12
Views: 1604

Re: RMD Distribution: All in one go or spread out over year?

… Appealing to the IRS for waiver of the penalty for not taking a RMD on time is almost a virtual guarantee if proper steps are taken by the recipient and the actual payment of the RMD is documented properly..... I suspected that a waiver, if necessary, would have been granted by the IRS, if the RM...
by Sandwich
Sun Jan 12, 2020 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: RMD Distribution: All in one go or spread out over year?
Replies: 12
Views: 1604

Re: RMD Distribution: All in one go or spread out over year?

Another perspective to consider ….what happens if the IRA holder passes away near the end of the year ? Real life scenario involved a relative who had his RMD set for mid-December. He passed away a month or so before the RMD date. Upon notifying the IRA custodian of the death, the account was frozen...
by Sandwich
Sun Jan 12, 2020 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: Family member with almost no retirement savings or assets, what to do?
Replies: 55
Views: 7499

Re: Family member with almost no retirement savings or assets, what to do?

As he ages, depending on where he is living, he may consider applying for government subsidized senior housing. Some programs may charge 30% or some other percent of his "income" for rent. Minimum age to apply may be as low as 62 in some areas. Maybe he could apply now based on his disability status...
by Sandwich
Sat Jan 11, 2020 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: Share your "Funds Depletion" - May help those who are managing an elder's funds while they are in a care facility ....
Replies: 0
Views: 333

Share your "Funds Depletion" - May help those who are managing an elder's funds while they are in a care facility ....

Hi all, I saw the "Share your net worth progression" thread which can be inspiring for those in the accumulation phase of their lives. At the other end of the life cycle, I sense there are Bogleheads who are managing the finances of elderly relatives as they experience health declines. Sharing "fund...
by Sandwich
Sat Jan 11, 2020 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Mom is updating her will - any “gotchas”?
Replies: 40
Views: 4369

Re: Mom is updating her will - any “gotchas”?

...... Her intent is to provide a secure home for my sibling and hopefully some roots (single, drifting about with no job, living off a few hundred K inheritance from dad several years ago). Previously, sibling was to receive an annuity “to keep her from being homeless in her old age”. I’m a horrib...