Search found 532 matches

by MikeG62
Sat Dec 16, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: be careful, no longer allowed to prepay local and state taxes for a deduction

corn18 wrote:
Sat Dec 16, 2017 10:22 am
Image
Ok fair enough. But since this says, with respect to a State or local "income tax" imposed", it does appear to apply to property taxes. So at least there is still that.
by MikeG62
Sat Dec 16, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: be careful, no longer allowed to prepay local and state taxes for a deduction

OK, I am confused. The first link says you can't prepay this year and deduct against your 2018 taxes. But if I pre-pay this year, I would deduct on my 2017 taxes. I wonder if the writer was considering taxes for 2017 filed in 2018 as "2018 taxes". The second link doesn't mention 2018 specifically. ...
by MikeG62
Fri Dec 15, 2017 8:52 am
Forum: Personal Finance (Not Investing)
Topic: For those in retirement, how close is your post retirement spending to your pre-retirement estimate?
Replies: 26
Views: 2304

Re: For those in retirement, how close is your post retirement spending to your pre-retirement estimate?

Retired two full years now. Our spending "in retirement" is higher than our "pre-retirement" spending, and the increase is due to travel and entertainment (which we have ramped significantly in retirement). If you are asking is our spending in retirement higher than we thought it would be, I'd say t...
by MikeG62
Tue Dec 12, 2017 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Year end review with less nerdy spouse
Replies: 67
Views: 6409

Re: Year end review with less nerdy spouse

Carson wrote:
Mon Dec 11, 2017 6:52 pm
The financial analyst in me wants to prepare a year end summmary, yet my #1 stakeholder does not require nor want any manner of financial reporting. :happy
+1
by MikeG62
Mon Dec 11, 2017 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

So whatever a rep on the phone is likely to say (if anything) won't be dispositive under IRS audit anyway. Is it ever? On many topics you can call multiple times and get different answers. Agreed, I would not waste any time calling the IRS on this and expecting to get any useful information. The ar...
by MikeG62
Mon Dec 11, 2017 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

Has anyone tried or is interested in contacting IRS or a tax professional to get more information on whether this would be deductible in 2017 or not? I recommended that upthread. I'd do it myself if I needed this deduction but I have others that are more valuable. Chip I think provided the guidance...
by MikeG62
Mon Dec 11, 2017 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

...I will add a "sticky" note to my 2018 State tax coupon "Please be sure to apply to tax year 2018, NOT 2017". That is a good suggestion Leesbro63 - may use a yellow highlighter to bring attention to the "2018" on the voucher as well. I think I will mail it in too as that way it will get to the pe...
by MikeG62
Sun Dec 10, 2017 1:06 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

It’s actually only 3 weeks early. Don’t confuse deadline with first allowable date. True, but who would pay the tax in early January when it is not due until April 17? Assuming few if anyone, then there is the risk it gets misapplied despite using the 2018 voucher. But the risk is minimal. The wors...
by MikeG62
Sun Dec 10, 2017 11:04 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

Leesbro63 wrote:
Sun Dec 10, 2017 11:00 am
It’s actually only 3 weeks early. Don’t confuse deadline with first allowable date.
True, but who would pay the tax in early January when it is not due until April 17? Assuming few if anyone, then there is the risk it gets misapplied despite using the 2018 voucher.
by MikeG62
Sun Dec 10, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Pre-Pay Property Taxes in 2017?
Replies: 23
Views: 2250

Re: Pre-Pay Property Taxes in 2017?

I was considering posting a similar question as the OP. I too have had an income boost this year - from a lump sum severance package. Not quite at the level of the OP but large nonetheless. I curious as to how much this really helps though. I know the answer is to "model it yourself" but to me, it ...
by MikeG62
Sun Dec 10, 2017 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

Interestingly, my state's (NJ's) online system does not offer the ability to make a payment for 2018 "yet". However, I found the NJ1040ES for 2018 online (see below): http://www.state.nj.us/treasury/taxation/pdf/current/1040es18.pdf What I wonder is whether NJ will actually apply the payment to 2018...
by MikeG62
Sun Dec 10, 2017 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Pre-Pay Property Taxes in 2017?
Replies: 23
Views: 2250

Re: Pre-Pay Property Taxes in 2017?

You can not pay estimates, non assessed values and deduct. I was wondering about that. I have in hand a "Proposed Taxes 2018" for my home's property taxes, but not the actual bill yet. I called the county office and they said I can prepay for 2018 and it will act as a "credit" on my account. I was ...
by MikeG62
Sat Dec 09, 2017 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Bank raises 11 month ($25k min) No Penalty CD from 1.5% to 1.6%
Replies: 25
Views: 3564

Re: Ally Bank raises 11 month ($25k min) No Penalty CD from 1.5% to 1.6%

According to everything I've seen your taxable event would happen when the interest is accrued and therefore available to you. "The answers on how the CD account holder and the bank should report the interest to the IRS is in the IRS Publication 550. This excerpt from page 6 provides some of these ...
by MikeG62
Sat Dec 09, 2017 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 20071

Re: Prepayment of SALT Taxes? [State and Local]

...When is a tax "imposed" ? Estimated tax payments are due before the end of the quarter they refer to, for instance. And we know for a fact that paying in 2017 personal property taxes with a due date in 2018 is kosher . I am not sure we know this for a fact. People do it, but that does not mean i...
by MikeG62
Sat Dec 09, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: Ally Bank raises 11 month ($25k min) No Penalty CD from 1.5% to 1.6%
Replies: 25
Views: 3564

Re: Ally Bank raises 11 month ($25k min) No Penalty CD from 1.5% to 1.6%

Maybe I'm wrong but I thought these CDs only pay interest at maturity, 11mo. But if you exchange for a new CD before the end of the year, you'll owe tax for 2017 on the accumulated interest, no? Otherwise I thought the interest would be due for 2018. There are options on how you take the accrued in...
by MikeG62
Sun Dec 03, 2017 9:01 am
Forum: Personal Finance (Not Investing)
Topic: PSA: consider pre-paying your property taxes and January mortgage payment
Replies: 21
Views: 2658

Re: PSA: consider pre-paying your property taxes and January mortgage payment

We pay our annual real estate taxes into escrow. We have a payment due in June 2018 that i’d love to make before the end of 2017, and I’m certainly willing to write a check for the amount and send it in directly to the local treasurer. But, does anyone know how that works with the escrow company......
by MikeG62
Thu Nov 30, 2017 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Deductible Expenses Paid by Credit Card--Timing
Replies: 6
Views: 528

Re: Deductible Expenses Paid by Credit Card--Timing

I would say that the expense is deductible based upon the date the charge posts to your CC statement. I would offer the following in support of this view: http://dinesentax.com/6062/when-are-purchases-made-with-a-credit-card-deductible https://www.1040.com/tax-guide/health-and-life-insurance/deducti...
by MikeG62
Sun Nov 26, 2017 10:17 am
Forum: Personal Finance (Not Investing)
Topic: The fallacy of spending money on "experiences" vs hard assets
Replies: 336
Views: 17465

Re: The fallacy of spending money on "experiences" vs hard assets

... sounds like you don't like traveling ... me? i'm 32 - have surfed in hawaii, gone scuba diving in the mediterranean, sipped wine under the Eiffel tower, etc. etc. etc. I don't even know how much money I've "wasted" with "nothing to show for it" [aside from mind blowing life altering experiences...
by MikeG62
Wed Nov 22, 2017 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Retention Bonus
Replies: 7
Views: 1077

Re: Retention Bonus

Actually, I believe they can reverse the full amount on the W2 and reverse the tax withholding with the IRS and state if it is in the same year. You still have to give them back the after-tax amount but if this was a direct deposit and the account is still open, they might even be able to debit you...
by MikeG62
Tue Nov 21, 2017 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Car Lease Gotchas
Replies: 41
Views: 3875

Re: Car Lease Gotchas

Jason, I have historically been a buyer of cars - believing it to be a lower cost way of getting into a car, assuming the car is well bought (price negotiated) and kept in very good condition (for re-sale purposes). Having said this, I retired two years ago and have decided that going forward my DW ...
by MikeG62
Tue Nov 21, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: At what age to drop term life insurance?
Replies: 21
Views: 4694

Re: At what age to drop term life insurance?

I would love to get opinions on my situation. I have the assets to cover my eight year younger wife. I am 66 and my 20 year term life policy runs out or should I say increases astronomically in August 2020 and I have no plans to keep beyond 08/2020. I pay $1248.00 a year ($104 a month) for $500K of...
by MikeG62
Tue Nov 21, 2017 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Discover Card Change in Terms
Replies: 28
Views: 2962

Re: Discover Card Change in Terms

...This offer is by invitation only for existing customers. My wife and I both have our own Discover cards (not just authorized users). We typically use one of the cards for years at a time. It seems that after some long period of inactive time, Discover makes some special offer. This has happened ...
by MikeG62
Tue Nov 21, 2017 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Discover Card Change in Terms
Replies: 28
Views: 2962

Re: Discover Card Change in Terms

...Looking at my Discover Card, it shows I have also held my account since 1986 (Discover was founded in 1985, so this is back to the very beginning). Discover recently made us an offer where, after a one year period of charging, they will double any rewards we earn during that period. So the 1% ca...
by MikeG62
Sun Nov 19, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Returns - How Long Do you Keep?
Replies: 56
Views: 4532

Re: Tax Returns - How Long Do you Keep?

I have hard copies of everything (return and all backup) for 6 full years. Once older than 6 years I shred all backup information, but keep the return itself. I have hard copy returns going back for 20 years (no idea what happened to the ones older than that). I must have shredded them long ago (for...
by MikeG62
Sun Nov 19, 2017 12:45 pm
Forum: Investing - Theory, News & General
Topic: College 529 Analysis
Replies: 19
Views: 2015

Re: College 529 Analysis

I do not do any tracking other than checking the balance and transactions a few times a year. Given my investing approach (choose a fund(s) and set it and forget it) and the fact that the investment horizon is relatively short-term in nature, I do not see upside in any sort of analysis or tracking....
by MikeG62
Sun Nov 19, 2017 12:42 pm
Forum: Investing - Help with Personal Investments
Topic: Capital gains timing
Replies: 11
Views: 1022

Re: Capital gains timing

OP, selling it is fine if you want out of the position. However, if your main gripe is having too many different investment accounts, why can't you just move the stock position itself into your main taxable investment account, close the account where the stock is currently held and carry on?
by MikeG62
Sun Nov 19, 2017 11:09 am
Forum: Investing - Theory, News & General
Topic: Investment Portfolio Tracking & Spreadsheets
Replies: 35
Views: 2900

Re: Investment Portfolio Tracking & Spreadsheets

I use an asset aggregator (Fidelity's FullView) to consolidate and track all of my investment accounts and a custom designed multi-tabbed excel spreadsheet to track my spending. Early retired two years ago. These work just fine for my purposes. I do not include assets in this analysis that are used ...
by MikeG62
Sat Nov 18, 2017 9:13 am
Forum: Investing - Theory, News & General
Topic: Retirees: I got this!!
Replies: 82
Views: 9894

Re: Retirees: I got this!!

I am approaching my 18th year of retirement and I'm actually wishing that I had opened the spigot a bit more early on. The only reason I am posting this is that a concern of running out is sort of a mirror image of a regret of having denied oneself experiences that in hind sight were affordable. Th...
by MikeG62
Fri Nov 17, 2017 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Current precarious equity environment for a retiree
Replies: 43
Views: 3430

Re: Current precarious equity environment for a retiree

Early retired two years ago. As others have said, you need to have an asset allocation that allows you to sleep at night. That does not necessarily mean significant underweight to equities (you need to find a balance). OP, if you pull money from equities, where is it going to go? If to fixed income,...
by MikeG62
Fri Nov 17, 2017 4:07 pm
Forum: Investing - Help with Personal Investments
Topic: Spending Taxable to Zero during Retirement
Replies: 42
Views: 5072

Re: Spending Taxable to Zero during Retirement

I know the general guideline is to burn down your taxable first and then tap the tax deferred and Roth last. There is no such general guideline. This quote from the article cited above is instructive... For most retirees, the tax efficient liquidation of a retirement portfolio requires coordinating...
by MikeG62
Wed Nov 15, 2017 7:45 am
Forum: Investing - Help with Personal Investments
Topic: 529 Plans - At what age do I move to conservative?
Replies: 24
Views: 1838

Re: 529 Plans - At what age do I move to conservative?

Great point about the Aged Based vehicles getting more conservative over time. They are both in the 13-14 Age Band of the Aggressive Age Fund which is roughly 50% Equity / 45% Fixed Income / 5% REIT. At the Age 18+ band, this allocation is roughly 23% Equity / 75% Fixed Income / 2% REIT. I'm leanin...
by MikeG62
Tue Nov 14, 2017 9:32 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Plans - At what age do I move to conservative?
Replies: 24
Views: 1838

Re: 529 Plans - At what age do I move to conservative?

What is the current asset allocation of the age-based investment vehicles they are in? What will it be when your kid(s) enter college? Reason I ask is that age-based investment vehicles should be getting more conservative over time. Remember as well that you don’t pay the full amount for four years ...
by MikeG62
Tue Nov 14, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Morningstar: Cognitive decline in aging. A strong case for portfolio simplification?
Replies: 98
Views: 8027

Re: Morningstar: Cognitive decline in aging. A strong case for portfolio simplification?

Bogleheads....Here is a related question on cognitive decline. Have you considered writing a letter to your older self, while you still have your full faculties? Or maybe making a video file? And then giving that to your child (or executor) for safe-keeping. It seems to me that as one experiences c...
by MikeG62
Mon Nov 13, 2017 8:47 am
Forum: Personal Finance (Not Investing)
Topic: Bunching Deductions property state
Replies: 5
Views: 614

Re: Bunching Deductions property state

I am not saying I would not advance pay and deduct your RE taxes, just that this strategy may not be without risk. See here: https://finance.zacks.com/tax-advantages-paying-property-taxes-before-new-year-5926.html I think it comes down to whether those prepaid taxes have been been assessed or whethe...
by MikeG62
Sun Nov 12, 2017 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1305

Re: HSA or Traditional Health Insurance - Need Insights

...Did you run the numbers with two bronze hsa plans? if the premium savings is 1968, and the deductible is 1500 higher.. that leaves almost 500 cheaper, that goes a long way on coinsurance then co-pay.... just something to think about... I did and think it makes a lot of sense to consider the bron...
by MikeG62
Sun Nov 12, 2017 10:18 am
Forum: Personal Finance (Not Investing)
Topic: Retirement Policy Statement (RPS) -- Is anyone else using one?
Replies: 12
Views: 1239

Re: Retirement Policy Statement (RPS) -- Is anyone else using one?

WoodSpinner, I developed a detailed Withdrawal Policy Statement after reading this post by Kitces: https://www.kitces.com/blog/crafting-a-withdrawal-policy-statement-for-retirement-income-distributions-guyton/ I started with Guyton's template (which can be accessed in that post) and then enhanced it...
by MikeG62
Sun Nov 12, 2017 10:01 am
Forum: Personal Finance (Not Investing)
Topic: HSA or Traditional Health Insurance - Need Insights
Replies: 17
Views: 1305

Re: HSA or Traditional Health Insurance - Need Insights

I just checked on two individual plans and the combined monthly premium would be about $75 per month more than the premium under the family plan. Need to think this through more. in my reply i kept forgetting that your expenses are really lopsided. It might make sense with the lopsided expenses to ...
by MikeG62
Fri Nov 10, 2017 6:22 am
Forum: Investing - Theory, News & General
Topic: Investment Books & Your Library
Replies: 36
Views: 2662

Re: Investment Books & Your Library

PFInterest wrote:
Sun Nov 05, 2017 2:11 pm
yes.
also yes.

its been a long time since a finance book added a light-bulb type moment.
+1
by MikeG62
Fri Nov 10, 2017 5:56 am
Forum: Personal Finance (Not Investing)
Topic: PayPal alternative?
Replies: 47
Views: 2551

Re: PayPal alternative?

I use my bank's (Ally) person-to-person payment service, Zelle. Seems to work well for simple payments. BofA has the same service (Zelle). We use it to transfer $ to one of my daughter's college housemates for rent. Works very well. Funds generally transfer in one business day. I have used Paypal i...
by MikeG62
Thu Nov 09, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: Liability insurance for college students in dorms ?
Replies: 13
Views: 1085

Re: Liability insurance for college students in dorms ?

Hard to imagine what liability a parent would be exposed to relating to their kid in a dorm. My daughter lives off campus, and I bought renters insurance which covers not only damage to the property but also provides some liability cover for things which happen on that property. Given I did not sign...
by MikeG62
Thu Nov 09, 2017 8:53 am
Forum: Investing - Theory, News & General
Topic: When is a good time to rebalance?
Replies: 30
Views: 2381

Re: When is a good time to rebalance?

Some good food for thought here...

https://www.kitces.com/blog/best-opport ... hresholds/

FWIW, I am using tolerance bands.
by MikeG62
Thu Nov 09, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1999

Re: What's the most "interesting" job in corporate finance?

Last point, the importance of high moral character cannot be overstated. This is another area where some ambitious people fall short. Not to mention one of the most distressing areas in which to be at odds with your employer from a values standpoint. Our CEO had a clear and easy litmus test for thi...
by MikeG62
Thu Nov 09, 2017 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Lending Money to Business Acquaintance
Replies: 17
Views: 1301

Re: Lending Money to Business Acquaintance

I would absolutely not do this. There is a reason he has run out of money and that reason is why you are not likely to ever get your money back. The fact that he wants some of the money to pay back other investors just adds insult to injury. Thank him for thinking of you, but respectfully pass on th...
by MikeG62
Wed Nov 08, 2017 8:48 am
Forum: Personal Finance (Not Investing)
Topic: When did you start investing in taxable accounts?
Replies: 23
Views: 2627

Re: When did you start investing in taxable accounts?

I started saving money in a taxable account when I got my first job. Not sure I'd call it investing, but I was socking money away. Now this was in the mid 1980's and things like Roth IRA's did not exist. I did sign up for a 401K my first day at my first employer. I think you are on the right path. J...
by MikeG62
Wed Nov 08, 2017 8:31 am
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1999

Re: What's the most "interesting" job in corporate finance?

...Do you see people doing Exec MBAs (accountants that is) to credentialize themselves into more senior management roles? Worth doing? What steps would you recommend to a young accountant to make this sort of career track happen? Yes, getting an MBA definitely helps, but it's not absolutely necessa...
by MikeG62
Tue Nov 07, 2017 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insruance Payment
Replies: 29
Views: 1604

Re: Auto Insruance Payment

My former auto insurer (Travelers) offered a discount for prepaying in full, so I did that, even though it was a rather large ($4,000) payment. My current insurer (NJ Manufacturers) charges me monthly. There is no fee and they allow me to pay by CC (on which I get 2% cash back). So I do that. Will y...