Search found 167 matches

by MrsRoos
Fri Mar 22, 2024 3:38 am
Forum: Personal Finance (Not Investing)
Topic: Property auction due to non-payment of property taxes
Replies: 23
Views: 3065

Re: Property auction due to non-payment of property taxes

Just to close the loop on this - Called the local state bar for a recommendation on a local RE attorney but to my surprise, all the ones we talked to weren’t confident enough to give us sound advice. We ultimately didn’t hire anyone. I chanced calling a local realtor who has been working for decades in this area, specializing mostly in mortgage foreclosure properties. She was knowledgeable enough to tell us to stay away with a 10ft pole as the new buyer will inherit all the encumbrances since it’s a property tax foreclosure and not a mortgage-led foreclosure where court systems are involved. We decided there were too many unknowns for us to pursue and gave up. Three folks ended up purchasing the property and it’s still sitting vacant after ...
by MrsRoos
Fri Mar 22, 2024 3:25 am
Forum: Personal Consumer Issues
Topic: Pretty set financially, but considering relocation to VHCOL (Bay Area) for the career/adventure
Replies: 49
Views: 5282

Re: Pretty set financially, but considering relocation to VHCOL (Bay Area) for the career/adventure

This is such a personal matter. You are essentially moving there for the potential upside for your career - is it guaranteed? No. But you’re young and not really tied down so why not give it a try? You only live once and if you don’t give it a whirl, you’ll never find out if it’s right for you. Someone mentioned try doing an extended visit to the Bay Area before moving. I think that’s a very good idea. My husband was born and raised there and I lived there for 20+ years. Every city in the Bay Area is different. We lived on the Peninsula and loved it there…until we didn’t. The tech culture, the rat race and density (traffic, people everywhere) eventually got too much for us so we left 7+ months ago to a VHCOL area further west. Do what your ...
by MrsRoos
Tue May 09, 2023 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Property auction due to non-payment of property taxes
Replies: 23
Views: 3065

Re: Property auction due to non-payment of property taxes

Thanks for all your responses. I have called a few contacts of mine in the RE business but none seem to know the answer either. We will reach out to a local RE lawyer. To address some of the topics in this thread: The owner of the land is an elderly gentleman and probably doesn't have the capacity to deal with any of his property anymore. We had a chat with his son to see if we can make a side offer but he told us that the property is tied up in all sorts of liens. We will not be building anything on the lot, other than maybe a shed for storage or a palapa for shade. Plan on turning it into a garden and outdoor space for the kiddo. So, no need for permits. There is a water meter, underground utilities and a shared road already in place but ...
by MrsRoos
Mon May 08, 2023 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Property auction due to non-payment of property taxes
Replies: 23
Views: 3065

Re: Property auction due to non-payment of property taxes

123 wrote: Mon May 08, 2023 3:25 pm State law might provide a redemption period where the property owner can reclaim their rights to the property. Do your due-diligence.
Thanks, I forgot to add this detail to my post, which I will edit. Indeed, there is a 1 yr redemption period for the current owner. They can reclaim the property by paying all cost + a 12% interest.
by MrsRoos
Mon May 08, 2023 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Property auction due to non-payment of property taxes
Replies: 23
Views: 3065

Property auction due to non-payment of property taxes

Are there any real estate lawyers here? DH and I are considering bidding on a vacant lot that is adjacent to our home to improve usage of our current property, which has limited land space. We aren't familiar with this process, so I'm hoping the BHers can help with this. The lot is being auctioned off by the county for owed property taxes of $20,000 (starting bid) and the lot is currently being valued at $400,000. The title search shows that there are a few liens on the property - 1st and 2nd mortgages, IRS lien, all of which are significant and >$400k. The winning bid will be issued a tax deed, which according to the county is similar to a quitclaim deed. The county is selling the lot as-is. There is a 1 yr redemption period with a 12% int...
by MrsRoos
Mon Feb 13, 2023 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Any Recommendations for Affordable Homeowners Insurance in Hawaii?
Replies: 14
Views: 1342

Re: Any Recommendations for Affordable Homeowners Insurance in Hawaii?

We have AllState for HOI - $600/yr for 300k coverage and wind insurance is with iCAT for $332/yr, also for $300k coverage.
by MrsRoos
Thu Dec 22, 2022 1:11 pm
Forum: Personal Consumer Issues
Topic: Amazon Order Not Received and They Won't Make Right (UPDATE: RESOLVED)
Replies: 161
Views: 15176

Re: Amazon Order Not Received and They Won't Make Right - Consumer Advice?

I had luck just last week reporting an item that was not received and received a refund. The Ship To address is an apartment building and the photo proof of the delivery provided by Amazon shows a pile of packages in the apartment's mail room. I used the Amazon app to request a refund and was routed to a chat function within the app. The Amazon associate who helped me did not ask many questions and refunded the amount to my credit card. I've been a long standing Amazon Prime member, so not sure if that plays a part.
by MrsRoos
Wed Dec 14, 2022 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Holiday gifting/bonus for nanny
Replies: 14
Views: 1555

Holiday gifting/bonus for nanny

This is the first full year that we've hired a nanny and I'd like to find out from the Bogleheads on what the appropriate holiday gifting/bonus is for a part-time nanny. She currently works about 16 hrs/week (~$450/wk) taking care of our child and is doing a fantastic job. We plan on gifting her a small gift but want to include cash as well. What sort of monetary compensation is appropriate?
by MrsRoos
Mon Aug 15, 2022 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate market [Home sales]
Replies: 2923
Views: 521092

Re: Tales from this insane real estate market [Home sales]

We've been in the market to purchase a home since late 2020. We had submitted offers on 7 homes in a VHCOL area with limited inventory and got outbid by mostly cash offers, all over asking. After all of this, DH and I felt defeated and was going to pause our home search but miraculously, we were given the opportunity to purchase an off-market property from a friend of a friend. We saw the home, liked it and submitted an offer. We even got the house inspected and was able to negotiate a price cut for a few things that needed to be fixed. We're still in escrow but everything looks good so far. The other harrowing part was locking in the interest rate the week of the Fed's meeting in June. We locked in at 5.5%, which seems high compared to th...
by MrsRoos
Thu Jul 28, 2022 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Solar state tax credit for someone who isn’t a resident yet?
Replies: 2
Views: 287

Solar state tax credit for someone who isn’t a resident yet?

We just purchased a home in Hawaii and we would like to replace the existing failing solar hot water system with a new one. The only issue is that we aren’t planning on moving there until next year and will be renting our place out for a year, so we need the hot water to work for our tenant. If we install a solar hot water system now, I am unsure if we can claim the Hawaii state tax credit of $2,250 since we won’t be filing a HI state tax return for the 2022 tax year. Does anyone know if we can claim this credit a year later on our 2023 tax return if the system is installed in 2022? I believe we should be able to claim the federal tax credit on our 2022 return. If I am unable to claim the HI state tax credit, I’m thinking of installing an e...
by MrsRoos
Thu Jul 07, 2022 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate market [Home sales]
Replies: 2923
Views: 521092

Re: Tales from this insane real estate market [Home sales]

We've been in the market to purchase a home since late 2020. We had submitted offers on 7 homes in a VHCOL area with limited inventory and got outbid by mostly cash offers, all over asking. After all of this, DH and I felt defeated and was going to pause our home search but miraculously, we were given the opportunity to purchase an off-market property from a friend of a friend. We saw the home, liked it and submitted an offer. We even got the house inspected and was able to negotiate a price cut for a few things that needed to be fixed. We're still in escrow but everything looks good so far. The other harrowing part was locking in the interest rate the week of the Fed's meeting in June. We locked in at 5.5%, which seems high compared to the...
by MrsRoos
Mon Jun 20, 2022 6:38 pm
Forum: Personal Finance (Not Investing)
Topic: Tales from this insane real estate market [Home sales]
Replies: 2923
Views: 521092

Re: Tales from this insane real estate market

Interested in buying my first home this year. Potentially in another state. What platforms do you recommend to get started and keep tabs on areas? Do you just check zillow each day? Or is there a better site? How do you go about buying out of town? Never done this before. A bit overwhelmed. We setup Redfin to send us new listings as soon as it's online. When we see a property we like, we forward it to our local realtor who will then set up a showing and send us the MLS listing. I highly recommend getting yourself a local realtor who is knowledgeable about the area and who is willing to FaceTime for showings. It took us awhile and >10 showings, but eventually was able to purchase an off-market property (connection was through a friend of a ...
by MrsRoos
Fri Jun 17, 2022 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Buy a house or wait
Replies: 18
Views: 2657

Re: Buy a house or wait

Hi, We are 41 and 42 without kids and no plans to have them. Combined income ~$500k; self-employed with consistent income. Net worth: $1m in cash and $100k in VTASX. We plan on investing $400k into VTASX once the stock market drops a bit further. We are currently renting a SFH in the Bay Area for $2,900 which is below market. We aren't big spenders and currently save around $200k+ annually. We have been debating on whether to buy a house in the Bay Area or wait to see if the market softens with all of the rate increases. We could get a SFH for around $1.75M-$2M which puts the monthly mortgage between $10k-$12k. Based on those numbers, our DTI would be between 27%-32%. The mortgage amount freaks me out and my wife thinks it's affordable. We...
by MrsRoos
Wed Jun 15, 2022 2:44 pm
Forum: Personal Finance (Not Investing)
Topic: Would you escrow taxes & insurance for a 0.25% discount?
Replies: 20
Views: 1261

Re: Would you escrow taxes & insurance for a 0.25% discount?

mrspock wrote: Wed Jun 15, 2022 2:19 pm Have you checked out the relationship mortgage thread? If you have ~$500k-1m (some banks less... some more) in assets, you can get discounts in the range of 0.25 to 0.5, and $5m is around $0.75 and $10m around 1%. Schwab, BoA, Chase all do this.

As for your original question... I'd consider it, if it was on top of these discounts. But otherwise, I'd heavily favor banks who have relationship discounts which don't require this.
Thanks for your input! Unfortunately, it'll be a hassle to move/consolidate our assets at this point.
by MrsRoos
Wed Jun 15, 2022 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Would you escrow taxes & insurance for a 0.25% discount?
Replies: 20
Views: 1261

Would you escrow taxes & insurance for a 0.25% discount?

We are looking to lock in a rate in this crazy week of mortgage interests. The lender is offering us a 0.25% discount on our interest rate to escrow our taxes and insurance. The loan amount is $607,500 so the 0.25% is not trivial over the life of the loan. But then again, interest rates may fall in a couple of years, giving us the opportunity to refinance down the road. I'm conflicted - we like our monthly payment to be low but at the same time, I would like to save where we can. Also, I've read some posts on here about escrow horror stories. Our taxes and insurance payment are ~$400/mth. What would you do?
by MrsRoos
Fri Oct 15, 2021 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Help with my car situation please!
Replies: 37
Views: 5830

Help with my car situation please!

I'll be retiring my 2007 Subaru Outback with 195,000 miles on it as my trustworthy mechanic has told me that the car may need a new catalytic converter and the cost of the repair is about the same as what the car is worth. A warning sign came up on the dashboard and my mechanic had read the computer code. The BHers on this forum always have such insightful ideas, so maybe it'll help me decide what to do with my current car situation. I've just ordered myself a new Subaru Outback (for under MSRP!) but the estimated delivery date is January 2022. My current 2007 Outback's registration is due 11/18/21 and requires a smog test for renewal (I'm in California). The DH has a stick shift car but alas, I don't know how to drive one. I could learn bu...
by MrsRoos
Fri Oct 15, 2021 12:57 am
Forum: Personal Finance (Not Investing)
Topic: Anyone negotiate a car lately? Any room as consumers?
Replies: 177
Views: 24763

Re: Anyone negotiate a car lately? Any room as consumers?

In the market for a new car and decided that I want a new Subaru Outback. I ended up emailing all of the Subaru dealerships in the Bay Area asking about price and availability. With some quotes in hand, I was able to negotiate with dealers to match the lowest price that I was given. It took a bit of back and forth but maybe no more than 1 hour of emailing spread over a week. Also tried the Costco auto program but they weren’t able to beat lowest pricing. The dealers that have cars in stock wanted $4,000-$5,000 over MSRP. In the end, I ordered a vehicle for $2,000 under MSRP but the car will arrive in January (so I hope).
by MrsRoos
Thu Jul 09, 2020 12:04 pm
Forum: Personal Consumer Issues
Topic: Car Issues - No Oil
Replies: 89
Views: 7985

Re: Car Issues - No Oil

Did the same thing myself this week. The check engine light came on after several trips on the freeway. Took my 2007 Subaru outback to my mechanic the very next day and he tells me that it ALMOST ran dry. :oops: He did an oil change and found only about a quart or less of very dirty oil. The car drove home nicely from the mechanic's but will take the car out for a spin on the freeway tomorrow. Wish me luck. So your Subaru had low oil pressure, and the check engine light went on but not the oil pressure light? Not what I would have expected. Exactly - the oil pressure light did not come on once before the check engine light came on. Took me by surprise as well. Took the car out on the freeway yesterday and it drives fine. I then proceeded t...
by MrsRoos
Thu Jul 09, 2020 12:02 pm
Forum: Personal Consumer Issues
Topic: How would permanent WFH reshape Silicon Valley?
Replies: 79
Views: 8130

Re: How would permanent WFH reshape Silicon Valley?

I think commercial real estate prices will tank since with all employees currently WFH for the foreseeable future, what are companies going to do with their fancy campuses? Maintenance cost on these buildings are astronomical, I'm sure. Residential real estate prices may not change all that much considering this is a nice place to live with lots of nature (mountains, ocean, forests) close by and the innovation by Silicon Valley companies is not going to just evaporate because everyone is WFH. For folks who can afford it, they will continue to live here. The question is if companies and employees realize that they can get the same productivity out of WFH scenarios, then employees who can't afford to live in a HCOL may move to a LCOL area to ...
by MrsRoos
Wed Jul 08, 2020 12:14 am
Forum: Personal Consumer Issues
Topic: Car Issues - No Oil
Replies: 89
Views: 7985

Re: Car Issues - No Oil

Did the same thing myself this week. The check engine light came on after several trips on the freeway. Took my 2007 Subaru outback to my mechanic the very next day and he tells me that it ALMOST ran dry. :oops: He did an oil change and found only about a quart or less of very dirty oil. The car drove home nicely from the mechanic's but will take the car out for a spin on the freeway tomorrow. Wish me luck.
by MrsRoos
Wed Jun 10, 2020 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent Tax Return using our Dependent's SSN
Replies: 17
Views: 1878

Re: Fraudulent Tax Return using our Dependent's SSN

tomd37 wrote: Wed Jun 10, 2020 2:21 pm MrsRoos - A credit score and a credit report are two different reports, often confused. A credit score reports "credit worthiness" of a person while a credit reports reports things like payments on credit cards, revolving charge accounts, mortgages, car loans etc. A credit score impacts what rates you pay for insurances, mortgages, etc. (the better credit score the better your rates).
I am well aware of the differences, thanks :happy
by MrsRoos
Wed Jun 10, 2020 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent Tax Return using our Dependent's SSN
Replies: 17
Views: 1878

Re: Fraudulent Tax Return using our Dependent's SSN

this will not protect him from a fraudulent tax return, but make sure to freeze his credit with all three bureaus just in case anyone's trying to use his SSN to access credit. If they used it successfully to file a fraudulent return, they'd know it works for them and would continue using it to access credit cards, loans, whatever. When you freeze his credit, you'll get pins for each bureau. Secure these. Don't lose them. You'll need them to thaw credit in the future when needed. ID theft is especially common in people under 18, but sadly it's often a parent who's abusing the SSN. Still, before recently you couldn't freeze a minor's credit which left them vulnerable and they'd find out their credit was shot when they first apply for credit ...
by MrsRoos
Mon Jun 08, 2020 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent Tax Return using our Dependent's SSN
Replies: 17
Views: 1878

Re: Fraudulent Tax Return using our Dependent's SSN

This may be obvious- but start by confirming that the SSN is correct on your return. In other words, confirm that your tax preparer is not the one that made the error. If it is correct, go ahead and file by paper. I hope you are not waiting on a significant refund because it could be months. Next, request an Identity Protection PIN from the IRS before next year’s filing season. I did check our tax preparer's work and found no typos there. Perhaps the typo may be on IRS' side. Thanks everyone for chiming in - lots of good information provided here regarding IRS' process and the credit freeze. We just mailed paper copies of our tax return to the IRS and FTB. As a few others have said, due to COVID-19, it may take months before we will even g...
by MrsRoos
Thu Jun 04, 2020 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent Tax Return using our Dependent's SSN
Replies: 17
Views: 1878

Re: Fraudulent Tax Return using our Dependent's SSN

We have just been notified by our tax guy that our electronically filed tax return has been rejected by the IRS because the Dependent SSN on our tax return (ie. my 17 yr old step child) was "used as a Dependent SSN on a previously filed tax filing for the same period". Does anyone have any experience with this and what advice would you provide as next steps? Our tax guy will be sending our paper tax return along with a statement of explanation to file via regular mail. What should we do to rectify the fraud situation? You said that the 17 year old is your step child. Is it possible that the SSN was used by your partner’s ex-spouse? It sounds like the ex-spouse might be a natural parent of the child, and might have claimed the chi...
by MrsRoos
Thu Jun 04, 2020 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent Tax Return using our Dependent's SSN
Replies: 17
Views: 1878

Fraudulent Tax Return using our Dependent's SSN

We have just been notified by our tax guy that our electronically filed tax return has been rejected by the IRS because the Dependent SSN on our tax return (ie. my 17 yr old step child) was "used as a Dependent SSN on a previously filed tax filing for the same period".

Does anyone have any experience with this and what advice would you provide as next steps? Our tax guy will be sending our paper tax return along with a statement of explanation to file via regular mail. What should we do to rectify the fraud situation?
by MrsRoos
Thu May 28, 2020 11:57 pm
Forum: Personal Finance (Not Investing)
Topic: Career advice for science PhD student
Replies: 78
Views: 8050

Re: Career advice for science PhD student

I concur with fatFIRE as well. If you don't intend to do bench science for the rest of your life, then get the Masters and get out. I hold a BS in Biochemistry and did contemplate going to grad school upon graduation but decided to work a little bit first. I ended up getting hired by a biotech firm and after 1-2 years of employment, I decided that grad school would be wasted on me since I quickly realized that bench science isn't going to be my career goal. Besides, many of my PhD colleagues dissuaded me then from going to grad school - they were in debt, earned minimal wage while in grad school and the PhD degree didn't catapult them into a higher starting salary. Many years later, I've pivoted out of R&D and into a business role still...
by MrsRoos
Tue May 05, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: [thinking about buying a house in LA, wait for RE crash?]
Replies: 72
Views: 7634

Re: do you expect there to be a housing market crash? If so, when?

I think many businesses will struggle to stay open after this pandemic is over, which means the unemployment rates will still be high. Unemployed folks may not be able to afford mortgages nor pay rent, especially in HCOL areas. I'd be curious to see a Q2 housing report from a real estate firm to see Q1 vs Q2 trends and 2Q19 vs 2Q20 trends. Of course, as many have said here, the RE market is really localized so YMMV. I expect a dip in housing pricing but then again, this is pure speculation.
by MrsRoos
Wed Apr 29, 2020 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Small business owners - what invoicing and payment solutions do you use?
Replies: 7
Views: 771

Small business owners - what invoicing and payment solutions do you use?

DH owns a music school in the community and he has been using Quickbooks Online to keep track of income and expenses. The primary use is to create and send online invoices to his customers and our customers can then pay us online via a link in the invoice (ACH transfer). DH does not accept credit card payments. We pay $215/year to access QB online, plus QB charges DH a flat fee per transaction. QB restructured their pricing recently and raised their transaction fee from $0.50/ACH transaction to $1/ACH transaction but the kicker is that there is now an additional $20 monthly fee for their payment processing services. This means an additional $240 per year plus the 100% increase in transaction fees. Are there small business owners out there? ...
by MrsRoos
Tue Apr 28, 2020 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Stimulus help for small businesses, sole proprietors, s-corp etc
Replies: 627
Views: 48515

Re: Stimulus help for small businesses, sole proprietors, s-corp etc

DH got the $1,000 grant from the EIDL deposited into his account today. Application date was 4/2. Didn't apply for the PPP.

We are in CA and the unemployment office here didn't start to open for applications from the self-employed, gig workers etc. until today, a month after the PUA was enacted. The website crashed when DH tried to apply this morning. What a joke.
by MrsRoos
Mon Apr 20, 2020 4:48 pm
Forum: Personal Consumer Issues
Topic: Growing Fruit and Vegetables
Replies: 30
Views: 2449

Re: Growing Fruit and Vegetables

Home grown vegetables always tastes better to us than store bought ones. We have grown with success:

Leafy greens - swiss chard, kale, collard greens
Snap peas
Herbs - basil, mint (so good in salads and for bed time tea), oregano, chives
Radish
Lettuce
Cucumbers
by MrsRoos
Wed Apr 15, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: [Government stimulus payments]
Replies: 361
Views: 36755

Re: [Government stimulus payments]

We got ours today as well - all of $552. We are MFJ, 1 dependent and our 2018 AGI was used since we haven't filed our 2019 taxes yet (we wouldn't have qualified otherwise).

DH and I will use the $52 allocated to us adults to support our local favorite local restaurant or donate to charity. We will leave our 17 year old daughter to decide what she wants to do with her $500.
by MrsRoos
Tue Apr 14, 2020 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: SBA EIDL Funds
Replies: 30
Views: 2030

Re: SBA EIDL Funds

DH applied for this last Monday and we have yet to hear anything from the SBA - not a confirmation email nor any follow-up communications. Is this normal? Clark Howard interviewed Ashley Bell from the SBA on April 7th podcast. I recommend anyone dealing with SBA funds to listen to it. I recall this was specifically mentioned. If you don't receive a confirmation email either check your spam folder or reapply. It seems getting that confirmation email is very critical. They also said you can call your nearest SBA office for support. Clark Howard, in a later podcast, corrected this. You will not receive an email. gasdoc It's officially now been 12 days since the DH applied for the EIDL via the SBA website (application date 4/2) and he has not ...
by MrsRoos
Wed Apr 08, 2020 6:21 pm
Forum: Investing - Theory, News & General
Topic: What percentage of your paycheck do you invest?
Replies: 268
Views: 22432

Re: What percentage of your paycheck do you invest?

32% of gross income saved , 23% invested.
by MrsRoos
Wed Apr 08, 2020 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: SBA EIDL Funds
Replies: 30
Views: 2030

Re: SBA EIDL Funds

DH applied for this last Monday and we have yet to hear anything from the SBA - not a confirmation email nor any follow-up communications. Is this normal?
by MrsRoos
Wed Apr 08, 2020 1:15 am
Forum: Personal Finance (Not Investing)
Topic: What did you do cool with your money today?
Replies: 125
Views: 12350

Re: What did you do cool with your money today?

Donated some money to an international student who needed funds to fly back to her home country due to the current COVID-19 situation. It wasn’t much money but it felt good/cool doing it.
by MrsRoos
Wed Apr 08, 2020 12:23 am
Forum: Personal Consumer Issues
Topic: So what are you cooking
Replies: 972
Views: 111110

Re: So what are you cooking

Sautéed kale with garlic and baked sweet potatoes for tonight.

Salad with breaded fish sticks
Pulled pork in the crockpot
Butter tofu
Oregano gruyere omelets. Oregano is from the garden
Baba ganoush
Grilled chicken wings with zucchini
Giant pot of vegetable soup (carrots, kale, sweet potato, onions, tomato)
by MrsRoos
Tue Apr 07, 2020 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Re: Form 8606 - checking my tax guy's work

retiredjg wrote: Tue Apr 07, 2020 2:43 pm Line 22 dies not show up unless you are filling in Part III so the fact that nothing is on your line 22 is not a problem.
Thanks, this is clear now. Appreciate the advice to help me understand all of this as I was pulling my hair out several days ago.

PS: Still have not heard back from the tax guy.
by MrsRoos
Tue Apr 07, 2020 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Re: Form 8606 - checking my tax guy's work

One last thing. You need to be keeping up with how your money has gotten into Roth IRA for each of you. That information needs to be kept for many years in case you need to take money out before age 59.5. I don't think you can depend on your CPA to have accurate records on that. Remember Line 22 --- $6,630 (not sure how he arrived at this number) on DH's Form 8606? That is DH's Roth IRA "basis" - the total of Roth IRA contributions over the years. It is possible that is an accurate number but it may not be. And even if it was right before, it won't be if your CPA doesn't get this form fixed. So go back through all your records and start a list or spreadsheet for each of you on whatever money has gone into Roth IRA over the years....
by MrsRoos
Mon Apr 06, 2020 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Re: Form 8606 - checking my tax guy's work

Alan S. wrote: Mon Apr 06, 2020 7:52 pm Looks good. DH not making a 2019 contribution of any type?
Thanks for confirming my understanding, Alan! DH has a sole proprietorship and is making a tax-deductible contribution to his SEP-IRA for 2019. I believe this gets recorded in Schedule 1.
by MrsRoos
Mon Apr 06, 2020 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Re: Form 8606 - checking my tax guy's work

That's what I want to know as well. For my understanding, are we required to report on Form 8606 the removal of any excess contribution? My understanding is...since you removed it before the due date, it is as if it never happened. The removal is captured on those 1099's and nothing further is needed. A recharacterization does require reporting, and that may be what you are thinking of. But that is not what you did. Or is the coding right and it is not reported on Form 8606 specifically because it was the removal of an excess contribution? This. The coding matches OPs description of the transaction and appears very normal. Removal of excess Roth contributions by the due date are never reported on Form 8606. After the due date, they are rep...
by MrsRoos
Mon Apr 06, 2020 3:48 pm
Forum: Personal Consumer Issues
Topic: Gardening 2020
Replies: 227
Views: 22369

Re: Gardening 2020

Can't go to the nursery, so just started seeds a couple weeks back for these and seeing some sprouts :happy

Food
- Brandywine tomatoes - orange and red varietals
- Swiss chard
- Beets
- Basil Genovese

Flowers for pollination and aesthetics
- Oriental and California poppies
- Zinnia
- Lupine

Where are folks purchasing seeds online?
by MrsRoos
Mon Apr 06, 2020 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Re: Form 8606 - checking my tax guy's work

....but I will be performing a backdoor Roth for 2019 this week, if this additional detail helps. There is no such thing. :D Thanks for the correction on my terminology. Clearly, this is my first time doing this. I am making a non-deductible tIRA contribution for 2019 this week and then converting it to Roth immediately. I understand now that this is a contribution for the 2019 tax year and the conversion is a reportable event for the 2020 tax year. There should not be anything on p 2 of either 2019 8606. In fact DH should not even have an 8606, should he? That's what I want to know as well. For my understanding, are we required to report on Form 8606 the removal of any excess contribution? Yes, the 8606 for DH is wrong. A removal of exces...
by MrsRoos
Mon Apr 06, 2020 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Re: Form 8606 - checking my tax guy's work

Not sure I can help much, but here's some information. For me: Line 10 --- X Line 16 --- $6,000 Line 17 --- $6,000 The x on line 10 is a multiply sign - it is part of the form. I believe this information is all incorrect. It should be Line 1---$6,000 Line 2---blank (unless you have basis carried over from a previous year's Form 8606 which you didn't mention) Line 3--- $6000 Line 14 --- $6000 Lines 16 and 17 should be blank as you did not do a Roth conversion in 2019. (Did you?) The Roth conversion you have not yet done will be recorded on your 2020 Form 8606. As for DH....I'm wondering if the 1099 is coded incorrectly, but that is just a guess on my part. The thing that is concerning is that you both have 1099's and yet only one of them go...
by MrsRoos
Mon Apr 06, 2020 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - checking my tax guy's work
Replies: 30
Views: 1701

Form 8606 - checking my tax guy's work

We just received our tax return from our tax preparer and I'm checking his work. I'm confused about Form 8606 and would like some advice from fellow BH-ers pertaining to our situation as I'm not 100% confident that my tax preparer knows what he is doing with this form. 2018 Tax Year We contributed to 2018 Roth IRAs but found out we were in the phase-out zone due to our 2018 income. Prior to April 15, 2019, we removed all excess contribution except $1,130 per our tax guy's calculation. We received 2019 Form 1099-R for both DH and I with the following amounts: Me: Box 1 = $4,091, Box 4 and 12 = $0, Box 7 = PJ (there were losses in my Roth) DH: Box 1 = $2,966, Box 2a = $238, Box 4 and 12 = $0, Box 7 = PJ (there were gains in DH's Roth) 2019 Ta...
by MrsRoos
Fri Mar 27, 2020 7:51 pm
Forum: Personal Investments
Topic: 2019 excess Roth contribution and backdoor Roth
Replies: 3
Views: 266

Re: 2019 excess Roth contribution and backdoor Roth

If I understand correctly - You contributed some money to a 2019 Roth IRA, back in early 2019. How much exactly? - The current value of that money is $230.76. This value is irrelevant, we need to know the amount of contribution, see above ... - Other than that contribution back in 2019, there has not been any more contributions - You are now looking to maximize the contribution for 2019 Roth IRA, through backdoor, if necessary ... - Are you in the phase out range, and/or are you absolutely sure that your 2019 income precludes you from making any direct Roth-IRA contributions? Do you know your AGI down to the dollar? Please can you confirm the above sequence of events? Correct the erroneous info, or fill in the blanks? Good questions! I've ...
by MrsRoos
Fri Mar 27, 2020 3:22 pm
Forum: Personal Investments
Topic: 2019 excess Roth contribution and backdoor Roth
Replies: 3
Views: 266

2019 excess Roth contribution and backdoor Roth

OK, stupid me. I forgot to stop my automatic contributions to my Roth IRA 2019 contributions early last year when I knew I was going to be over the 2019 income limit. So now I've got $230.76 sitting in my account as my 2019 contribution; no further contribution was made in 2019. I would like to contribute the full $6,000 to my 2019 Roth IRA via a backdoor approach (first time, so no tIRA set up yet). I have not filed my 2019 taxes but know that we are definitely over the $203,000 income limit (married, filing jointly). Should I: 1) remove the $230.76 excess contribution (plus earnings or losses) first and then proceed to contribute the $6,000 via a backdoor Roth? Or... 2) recharacterize the $230.76 to a tIRA and then add another $5,769.24 t...
by MrsRoos
Tue Mar 24, 2020 5:30 pm
Forum: Personal Investments
Topic: Has anyone hit pause on their 401k or monthly IRA contributions?
Replies: 32
Views: 2241

Re: Has anyone hit pause on their 401k or monthly IRA contributions?

I've just increased my 401k contribution from 17% to 23%. Also considering contributing to my 2019 Roth IRA. Emergency fund is setup; I have a bit of worry about job security.
by MrsRoos
Sat Mar 21, 2020 11:09 pm
Forum: US Chapters
Topic: How Is Your Job Being Impacted By The Current Crisis?
Replies: 505
Views: 69217

Re: How Is Your Job Being Impacted By The Current Crisis?

In biotech SGA staff. So far WFH with full pay. However, I think work may start to slow down next week and I won't be surprised if there will be a hiring freeze (we were growing prior to outbreak) after all of this is done.