Search found 203 matches

by deskjockey
Sat Jan 19, 2019 2:17 pm
Forum: Investing - Help with Personal Investments
Topic: Are 529 account ownership transfers subject to tax recapture in VA?
Replies: 3
Views: 150

Re: Are 529 account ownership transfers subject to tax recapture in VA?

Thanks, guys--that seems like a reasonable take on this. I'll also call the Virginia 529 people to see if they can tell if me anything about the issue.
by deskjockey
Sat Jan 19, 2019 10:45 am
Forum: Investing - Help with Personal Investments
Topic: Are 529 account ownership transfers subject to tax recapture in VA?
Replies: 3
Views: 150

Are 529 account ownership transfers subject to tax recapture in VA?

My in-laws set up Virginia 529 accounts for our kids several years ago and, being residents, deducted their contributions from their state taxes. Now they are mulling whether to transfer those accounts to our name so as simplify their financial life. I did a bit of research for them on the implicati...
by deskjockey
Thu Jan 17, 2019 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Furloughed Fed Employee - How to make best use of time
Replies: 60
Views: 5926

Re: Furloughed Fed Employee - How to make best use of time

SquawkIdent wrote:
Thu Jan 17, 2019 9:23 am

That was a question I had about "non essential" folks returning to work after the furlough is over. In general, how much time are you given to start working again? The next business day, later than that, etc.?

Thanks.
Yes, next business day for the vast majority of feds.
by deskjockey
Thu Jan 17, 2019 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: [Ally online savings now at 2.20%]
Replies: 283
Views: 47481

Re: [Ally online savings now at 1.80%]

Am I missing something? The annual return for VMMXX was less than 2%. Is there another aspect of the fund that would make it better than a savings account at Ally? Was is the operative word. That shows you what the actual yield was in the past 12 months. Since rates started 2018 around 1.3%, it's n...
by deskjockey
Thu Jan 17, 2019 11:17 am
Forum: Investing - Theory, News & General
Topic: Tributes to Jack Bogle
Replies: 118
Views: 10524

Re: Who Will Speak for US?

Who will speak for us may not be the right question ask--I think what will speak for us is more important. The answer: our money . Folks like us (and even a lot of non-bogleheads) have seen the advantages of low-cost index investing, and we're letting our money speak--loudly. Think about it--without...
by deskjockey
Thu Jan 17, 2019 2:15 am
Forum: Investing - Theory, News & General
Topic: John Bogle has died at age 89
Replies: 852
Views: 44949

Re: John Bogle has died at age 89

May he rest in peace.
by deskjockey
Tue Jan 15, 2019 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: What's your experience upgrading to Quicken 2018 or 2019?
Replies: 41
Views: 2166

Re: What's your experience upgrading to Quicken 2018 or 2019?

Certainly. Quicken provides a menu item to import quotes. The quotes should have already been saved in a file, in the .csv (comma delimited) format. The file should have two columns: ticker symbol and price. For example, if you wanted just three symbols, ITOT, BND, and MSFT, the contents of the .cs...
by deskjockey
Tue Jan 15, 2019 3:02 pm
Forum: Investing - Help with Personal Investments
Topic: Treasury Money Market VUSXX
Replies: 4
Views: 534

Re: Treasury Money Market VUSXX

Nothing happens. You can still keep the remaining funds in there, and you can even add and subtract funds as needed.
by deskjockey
Tue Jan 15, 2019 2:04 pm
Forum: Personal Consumer Issues
Topic: Which iPad?
Replies: 19
Views: 1107

Re: Which iPad?

We had the same needs and opted for the 128 GB 9.7 iPad instead of the pro back in November. We're quite happy with it, and I'm quite happy not to have paid the premium for the pro.
by deskjockey
Tue Jan 15, 2019 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: What's your experience upgrading to Quicken 2018 or 2019?
Replies: 41
Views: 2166

Re: What's your experience upgrading to Quicken 2018 or 2019?

The workaround is to enter transactions manually, and import quotes through a spreadsheet. That’s what I do. I’ll keep using Quicken 2016 for hopefully quite a few years, without paying Quicken anything beyond what I spent on the 2016 installation disc. May I ask, how do you import quotes through a...
by deskjockey
Tue Jan 15, 2019 12:21 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3181
Views: 617651

Re: What's Your Credit Card Rewards Strategy?

BTW, even with a Chip and PIN you don't always have to enter a PIN. Most of the times you still sign, PIN only gets used at unmanned stations like train ticket machines Unfortunately, that's incorrect. Most cards in the US are what's called "signature priority" cards, which is the behavior you desc...
by deskjockey
Mon Jan 14, 2019 4:59 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Municipal Money Market VMSXX 1.39%
Replies: 279
Views: 39471

Re: Vanguard Municipal Money Market VMSXX 1.39%

Use whatever marginal rate applies to you. In my case, it's 24% plus the NIIT (3.8%), which brings my marginal rate to 27.8%. Does this calculation include the possibility of paying the 3.8% NIIT? Yes, it does. If you live in a state without an income tax, only the top-most bracket really benefits ...
by deskjockey
Mon Jan 14, 2019 3:19 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Municipal Money Market VMSXX 1.39%
Replies: 279
Views: 39471

Re: Vanguard Municipal Money Market VMSXX 1.39%

Kevin, I have read all your posts, & have learned a lot about bonds & bond funds. Thank you! Children's author James Marshall could write a book in his Stupeds series about me- "The Stupeds Learn Investing". My questions are tax related (so I can use your spreadsheet correctly): Your spreadsheet sh...
by deskjockey
Mon Jan 14, 2019 11:31 am
Forum: Investing - Help with Personal Investments
Topic: Mega-backdoor Roth has a loss
Replies: 13
Views: 1274

Re: Mega-backdoor Roth has a loss

It's a good question and, as you note, many folks will be in a similar situation right now. I don't know the answer, unfortunately, but am curious if anyone does. One thought I had is that maybe the after tax "basis" (for lack of a better term) equal to the loss could remain on the books with your 4...
by deskjockey
Mon Jan 14, 2019 11:15 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Municipal Money Market VMSXX 1.39%
Replies: 279
Views: 39471

Re: Vanguard Municipal Money Market VMSXX 1.39%

Random Poster wrote:
Mon Jan 14, 2019 9:46 am

Does this calculation include the possibility of paying the 3.8% NIIT?
Yes, it does. If you live in a state without an income tax, only the top-most bracket really benefits from the muni MM fund with rates as they stand today (well, as they stood Friday). That can change, as the graph shows.
by deskjockey
Mon Jan 14, 2019 2:56 am
Forum: Personal Finance (Not Investing)
Topic: Savings/Money Market for parking cash
Replies: 19
Views: 2098

Re: Savings/Money Market for parking cash

Minor points. Not FDIC insured Expense ratio of 0.16 $3k minimum investment to start. Admiral shares available with 5 million minimum. FYI, the expense ratio is already factored into the SEC yield, so it's a non-issue when comparing yields. VMMXX's SEC yield is 2.45% now, so that's what you compare...
by deskjockey
Mon Jan 14, 2019 2:28 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard Municipal Money Market VMSXX 1.39%
Replies: 279
Views: 39471

Re: Vanguard Municipal Money Market VMSXX 1.39%

If we don't pay state taxes, then Prime MM is the best gig? Most likely--not paying state taxes makes it easier to compare, but you still need to factor in your federal tax rate to see if the muni MM is better or not. I just quickly modeled it and, as of now, VMMXX is the best for folks in states w...
by deskjockey
Mon Jan 14, 2019 2:27 am
Forum: Personal Finance (Not Investing)
Topic: Savings/Money Market for parking cash
Replies: 19
Views: 2098

Re: Savings/Money Market for parking cash

Minor points. Not FDIC insured Expense ratio of 0.16 $3k minimum investment to start. Admiral shares available with 5 million minimum. FYI, the expense ratio is already factored into the SEC yield, so it's a non-issue when comparing yields. VMMXX's SEC yield is 2.45% now, so that's what you compare...
by deskjockey
Mon Jan 14, 2019 2:21 am
Forum: Personal Finance (Not Investing)
Topic: Savings/Money Market for parking cash
Replies: 19
Views: 2098

Re: Savings/Money Market for parking cash

It does have a small tax advantage, but only in certain states. About 20% of the income it generates is from U.S. Government obligations, so in some states that income is exempt from state taxes. Other states, like California, don't allow this exemption because the proportion of U.S. obligations own...
by deskjockey
Sat Jan 12, 2019 1:09 pm
Forum: Investing - Help with Personal Investments
Topic: TSP vs IRA priority help
Replies: 21
Views: 1424

Re: TSP vs IRA priority help

Another vote for focusing on Roth TSP first (or a blend of Roth and traditional TSP contributions to enable you to fund more Roth IRA contributions), then the Roth IRAs. My wife and I are feds, so we're well acquainted with the uniqueness of the G fund and use it heavily. As for the 60-20-20 AA, it ...
by deskjockey
Sat Jan 12, 2019 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Rollover Question
Replies: 5
Views: 719

Re: 529 Rollover Question

feehater wrote:
Mon Oct 09, 2017 8:44 am
When I read those rules, my question is, what is to keep you from opening a 4th and 5th 529 for each parent, claiming the tax deduction, and then switching the beneficiary to a kid later?
Nothing at all.
by deskjockey
Sat Jan 12, 2019 12:41 pm
Forum: Investing - Help with Personal Investments
Topic: IRS trouble due to "U.S. Savings Bond Interest Previously Reported"?
Replies: 5
Views: 492

Re: IRS trouble due to "U.S. Savings Bond Interest Previously Reported"?

You can always attach a longer explanation to your return if you think that will help avoid trouble. It can even be done in Turbotax (in a more limited fashion).
by deskjockey
Wed Jan 09, 2019 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Virginia 529 state tax deduction
Replies: 23
Views: 14899

Re: Virginia 529 state tax deduction

I had this situation earlier this year. I had money in a Vanguard plan that had gotten no state tax deductions, and asked Va 529 plan how it would be treated when I rolled it over into VA plan. They replied via email it would be treated as a contribution. My end of year statement shows it as a cont...
by deskjockey
Wed Jan 09, 2019 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Virginia 529 state tax deduction
Replies: 23
Views: 14899

Re: Virginia 529 state tax deduction

DealSeeker, I recently thought of the same question you asked back in Feb 2017: "Example: In 2015 I contribute $4K to stock index portfolio, $4K to bond index portfolio, and $4K to REIT portfolio, all for the same beneficiary. I deduct the $12K contribution on my 2015 return. In 2016, I move all $1...
by deskjockey
Wed Jan 09, 2019 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Virginia 529 state tax deduction
Replies: 23
Views: 14899

Re: Virginia 529 state tax deduction

Are rollovers treated the same as contributions for purposes of the state tax deduction? For example, I have about $40,000 in a NY 529 plan that I did not receive a state tax deduction for. If I roll this over to a Virginia plan (where I will have Virginia income this year), will I be able to deduc...
by deskjockey
Wed Jan 09, 2019 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: Front loading vs. monthly contributions into a 529 account
Replies: 7
Views: 280

Re: Front loading vs. monthly contributions into a 529 account

Even in states that limit the deductible contribution amount, front-loading may still make sense. For example, Virginia has a $4,000 limit (per account), but any contributions beyond that can be deducted in subsequent years. So if you put $40,000 in one account all at once, you have ten years of $4,...
by deskjockey
Sun Jan 06, 2019 3:45 pm
Forum: Personal Consumer Issues
Topic: USPS price increase on 1/27/19
Replies: 74
Views: 6638

Re: USPS price increase on 1/27/19

I do not have an upgraded business account, and I use PayPal shipping all the time. Try this link: https://www.paypal.com/signin?returnUri=https%3A%2F%2Fwww.paypal.com%2Fcgi-bin%2Fwebscr&state=%3Fcmd%3D_ship-now That worked--thanks! Not sure why the Get Started link doesn't work for me, but I'm hap...
by deskjockey
Sun Jan 06, 2019 10:41 am
Forum: Personal Consumer Issues
Topic: USPS price increase on 1/27/19
Replies: 74
Views: 6638

Re: USPS price increase on 1/27/19

Not correct. You can generate a postage label from PayPal no matter what you are shipping, or for what reason. https://www.paypal.com/us/webapps/mpp/shipping-center I don't see that option available to me once I log in and open the "get started" button in the page linked above. That page has info o...
by deskjockey
Wed Jan 02, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Contributing too much to a 529?
Replies: 43
Views: 3279

Re: Contributing too much to a 529?

All the above is why the 529 plan will be debated forever on this forum. Unfortunately, the 529 plan can be bad behavioral finance for some: It is a nudge in the wrong direction for the low income folks even though it is a nudge in the right direction for the wealthy. Do the wealthy need nudges? Ye...
by deskjockey
Sun Dec 30, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Any downside to superfunding 529 Plan just before college starts?
Replies: 7
Views: 1088

Re: Any downside to superfunding 529 Plan just before college starts?

The only downside is if your kid flunks out or otherwise drops out of college (or transfers to a cheaper one). Even then, you can use the money for any follow-on schooling. Does your state have a state tax deduction for 529 contributions? If so, check to see if it would be more advantageous to super...
by deskjockey
Sun Dec 30, 2018 11:59 am
Forum: Personal Consumer Issues
Topic: iPad vs iPadPro
Replies: 20
Views: 1760

Re: iPad vs iPadPro

The plain-vanilla iPad (2018 version) has an A10 processor and pencil support standard, so it should be plenty fast and quite a good fit for what you want. The Pro is overkill for your needs. I have a 2016 Pro and a 2018 iPad and, frankly, the 2018 iPad is faster than my old Pro. The weak points of ...
by deskjockey
Sun Dec 30, 2018 11:50 am
Forum: Investing - Theory, News & General
Topic: Michael Kitces said in 2016 that IRS auditors disapproved of backdoor Roth IRAs
Replies: 249
Views: 40845

Re: Michael Kitces says IRS auditors disapprove of Backdoor Roth IRA's

Still, I would not use the term Backdoor Roth in response to a CP2000 notice or any other IRS notification. The term was always unfortunate, because it implies something nefarious when it is two entirely legitimate actions. I would simply state the facts; "I made a non-deductable traditional IRA co...
by deskjockey
Sun Dec 30, 2018 6:33 am
Forum: Investing - Help with Personal Investments
Topic: Question on how to avoid partial wash sale when doing TLH
Replies: 5
Views: 399

Re: Question on how to avoid partial wash sale when doing TLH

I missed that thread, but it makes sense that you'd have to sell all shares if you can't identify specific shares in an IRA. I must admit I'd never even though of trying to use SpecID in my Roth. I think you're right that I may be better off waiting 30 days before realizing the loss, especially sinc...
by deskjockey
Sun Dec 30, 2018 3:12 am
Forum: Investing - Help with Personal Investments
Topic: Question on how to avoid partial wash sale when doing TLH
Replies: 5
Views: 399

Question on how to avoid partial wash sale when doing TLH

I have a question that doesn't appear to have been answered in other posts I've found on the site. First, an overview. My DW and I hold VTIAX in our taxable and Roth accounts. We've had most of these shares for a while, so we didn't incur any losses until the Christmas Eve drop. As a result, we had ...
by deskjockey
Sun Dec 30, 2018 2:57 am
Forum: Investing - Theory, News & General
Topic: Michael Kitces said in 2016 that IRS auditors disapproved of backdoor Roth IRAs
Replies: 249
Views: 40845

Re: Michael Kitces says IRS auditors disapprove of Backdoor Roth IRA's

Although this is an old thread resurrected from the dead, I'll add my personal experience. Earlier this year, I got a letter from the IRS saying I owed 2016 taxes on the distribution from my Traditional IRA that was part of my Roth conversion. I wrote them back explaining that there was no distribut...
by deskjockey
Sat Dec 29, 2018 9:17 am
Forum: Personal Consumer Issues
Topic: Hassle Factor Changing Credit Cards
Replies: 23
Views: 1662

Re: Hassle Factor Changing Credit Cards

Well it went easier than I thought. Didn't even have to mention other credit cards and the better benefits they offer. Told rep I got fee fee waived earlier this year and now fee appears again. Rep said fee waived in July was for 2017 and the one last month was for 2019. Asked if I could have it re...
by deskjockey
Wed Dec 12, 2018 1:05 pm
Forum: Investing - Theory, News & General
Topic: What Happened to you during the Financial crisis of 2007–2008
Replies: 249
Views: 20335

Re: What Happened to you during the Financial crisis of 2007–2008

My wife and I were in our early 30s during this time. Both feds, no kids, but we were saving up to either buy a new house or do a teardown/rebuild. At the end of 2007 we had $206k in TSP (split 90/10) and $180k in taxable money market funds (for the house). Being government employees, our jobs were ...
by deskjockey
Tue Dec 04, 2018 2:45 am
Forum: Personal Consumer Issues
Topic: Pixel 3 early adopters: any feedback?
Replies: 42
Views: 3389

Re: Pixel 3 early adopters: any feedback?

I had 4 google phones in a row. I was on a Pixel XL and the battery was starting to go fast and I needed to find a replacement. Went with the OnePlus 6t and have been very happy with the purchase. I feel like the Pixel 3 has become a little to much like iphones, they expect you to pay a premium for...
by deskjockey
Mon Dec 03, 2018 4:53 pm
Forum: Personal Consumer Issues
Topic: Pixel 3 early adopters: any feedback?
Replies: 42
Views: 3389

Re: Pixel 3 early adopters: any feedback?

My keys go into my right front pocket, and my phone goes into my left front pocket. Everything has its place. :) I'm going to have to correct you there. Keys in the left front pocket, phone in the right front pocket. There, all better now. :wink: On a more serious note, this is the best way I've fo...
by deskjockey
Fri Nov 30, 2018 5:00 pm
Forum: Investing - Theory, News & General
Topic: TSP Lifecycle funds getting less conservative
Replies: 16
Views: 1824

Re: TSP Lifecycle funds getting less conservative

This is one of the reasons I'm not a fan of the L Funds (or lifecycle funds in general). It's not the first time they've changed the allocations/glide path, and I have a feeling it won't be the last. Vanguard has done the same thing, as have other companies. I used to have a lifecycle fund for our 5...
by deskjockey
Fri Nov 30, 2018 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Form 709 [Gift tax] for gifting to child
Replies: 21
Views: 1111

Re: Form 709 [Gift tax] for gifting to child

It looks probable that the money you provided your child may be considered part of the "support" as you very likely claim your child as a dependent on your tax returns. If the money counts toward support, there is no gift tax involved. Here is the IRS support worksheet for your reference. https://a...
by deskjockey
Fri Nov 30, 2018 11:12 am
Forum: Investing - Theory, News & General
Topic: Back Door Roth: Can it trigger an Audit?
Replies: 14
Views: 1261

Re: Back Door Roth: Can it trigger an Audit?

Thanks to all for your replies. Everything mentioned is consistent with my thinking. In regard to the 8606, I believe that my son has done it correctly for the years he has done the Back Door Roth. I have provided him information from this site on how to correctly to complete F 8606, along with doc...
by deskjockey
Fri Nov 23, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: What financial information do you share with your family and relatives?
Replies: 112
Views: 9816

Re: What financial information do you share with your family and relatives?

I do think culture has a major role to play in whether people think these types of questions are normal or out-of-bounds. Like a few others who have posted, I don't mind answering these questions at all. My parents know a lot about our financial picture and I do their taxes, so I know pretty much ev...
by deskjockey
Fri Nov 23, 2018 11:14 am
Forum: Personal Consumer Issues
Topic: Black Friday 2018
Replies: 123
Views: 15227

Re: Black Friday 2018

Anyone seen a sale for Turbotax Premier? Doesn't seem to be on sale either on Amazon or the Turbotax.
by deskjockey
Sat Nov 17, 2018 3:33 am
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 561
Views: 59786

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

Ally is my hub account. I will definitely continue to have deposits and withdrawals throughout the period (just not drop below Nov 5 balance). I'm sure there'll be no problem. I would be shocked if Ally penalized regular customer for using their accounts normally. You might want to reach out to the...
by deskjockey
Fri Nov 16, 2018 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 561
Views: 59786

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance. Or if you do, then the formula (I'm guessing) would be 1% of [minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance. So the emailed estima...
by deskjockey
Fri Nov 16, 2018 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Banking 1% extra back up to $1,000 on new money deposited
Replies: 561
Views: 59786

Re: Ally Banking 1% extra back up to $1,000 on new money deposited

I would expect that you could continue transferring in and out (like a normal bank account), and you'd be okay if you don't dip below the Nov 5 balance. Or if you do, then the formula (I'm guessing) would be 1% of [minimum balance between Nov 5 and Jan 15] MINUS Oct 8 balance. So the emailed estima...
by deskjockey
Tue Oct 09, 2018 11:24 am
Forum: Investing - Help with Personal Investments
Topic: Investing Options for Emergency Funds/Cash Needed in short term (1-2 years)
Replies: 5
Views: 705

Re: Investing Options for Emergency Funds/Cash Needed in short term (1-2 years)

VCTXX https://investor.vanguard.com/mutual-funds/profile/VCTXX Would be free from State and Federal tax and yield 1.34%, but you lose 16 basis points to management fees. The question at that point is whether a 15 basis point gain in after tax returns is worth the hassle of moving things around. Thi...
by deskjockey
Mon Oct 08, 2018 12:40 pm
Forum: Investing - Help with Personal Investments
Topic: Switch to Ally or just Keep more in Vanguard Federal Money Market Fund
Replies: 21
Views: 3173

Re: Switch to Ally or just Keep more in Vanguard Federal Money Market Fund

CalculatedRisk wrote:
Mon Oct 08, 2018 11:30 am

Is there also a federal tax difference between VUSXX and VMFXX?
No, both are fully taxable at the federal level. Only muni money market funds are not taxable by the feds.
by deskjockey
Mon Oct 08, 2018 11:12 am
Forum: Investing - Help with Personal Investments
Topic: Switch to Ally or just Keep more in Vanguard Federal Money Market Fund
Replies: 21
Views: 3173

Re: Switch to Ally or just Keep more in Vanguard Federal Money Market Fund

If you're going to move more than $50K and live in a state with an income tax, consider Vanguard Treasury MM fund (VUSXX). It has the same SEC yield as VMFXX, but is 100% exempt from state taxes. It invests all its money in US Treasuries, so it's very safe.