Bogleheads.org

mentos wrote: ↑Wed Mar 22, 2023 11:55 am

hachiko wrote: ↑Wed Mar 22, 2023 9:50 am They're considering selling some of their loans; wonder if these would be in there.

Would the loan terms change if sold?

If there's any provision in the loan agreement which would allow for FRC to stop additional draws, that would probably be exercised by the buyer given the current interest rates. They can't change the terms of the loan, but if there are terms which would allow them to issue a demand for full payment, that could be a concern that the buyer would exercise that option as well. Even without those occurring, there is risk that the servicer changes, which could be remarkably annoying for FRC customers (which makes me think that FRC would likely still want to continue to service the loans).

If they seize my checking acct, good luck collecting on my cc. This is called right to offset, they have the right but so do you. And no bank is what I consider a place to “save/invest”. Checking and credit cards, mortgages. Better to owe them more than you have on deposit, then when they call to collect you can say, “let me transfer you to my department that pays debt to banks that froze my acct….sorry they are busy now, 2 hour wait, please hold”. And with a low balance, you can take them to small claims court if the CFPB does not get action. As to expected service, many bogleheads reported that their bank will no longer do medallion and don’t know what is a signature guarantee. Even Citi who gave me a medallion, had no idea what TD is ta...

They're considering selling some of their loans; wonder if these would be in there.

vasaver wrote: ↑Mon Mar 20, 2023 3:47 pm What about rentals? If you drop Comprehensive and Collision - are you self-insuring your rentals as well?

The rental car companies carry their own collision insurance (or, possibly insure with a captive). You're usually only responsible for $500 (in the US). But you can avoid that with many credit cards. I would imagine that your liability coverage would carry over to the rental, but that's certainly not a "given".

If they seize my checking acct, good luck collecting on my cc. This is called right to offset, they have the right but so do you. And no bank is what I consider a place to “save/invest”. Checking and credit cards, mortgages. Better to owe them more than you have on deposit, then when they call to collect you can say, “let me transfer you to my department that pays debt to banks that froze my acct….sorry they are busy now, 2 hour wait, please hold”. And with a low balance, you can take them to small claims court if the CFPB does not get action. As to expected service, many bogleheads reported that their bank will no longer do medallion and don’t know what is a signature guarantee. Even Citi who gave me a medallion, had no idea what TD is ta...

None of this makes sense. You're probably allowed to do a lot of the things your proposing, but it wouldn't have the consequences you're hoping for. Is your LLC a disregarded entity? If so, there's no "sale" from the LLC to you for federal income tax purposes. The IRS isn't going to have a problem that you sold the vehicle from from the LLC to you personally for $1. They're going to thank you for documenting the exact date when your vehicle was no longer used for business use, and determine the FMV on that date, and you will have to pay tax on the depreciation recapture.

Whether it was a run or not is semantics, but a number of large investors happened to withdraw large amounts at the same time, causing the sale of bonds at a $2B loss. From what I read that's not what happened. Some customers (particularly startups) had withdrawn increasing amounts of money for several months to cover their liquidity needs, because the capital market was drying up for them. That's what eventually forced SVB to sell, which in turn triggered the run when the news got out. You mean it was a large number of small investors that caused the shortfall? They key point is that it happened over time. It was not a sudden run that forced SVB to sell bonds at a loss, but that they had more outflows than new deposits over several months...

If SVB was systematically important enough to have its depositors made whole by the government, then it's very hard to see how depositors at Chase, BofA, Citi, etc. are anything other than safe. The question is how that would be handled. The FDIC insurance fund (which is used to make the SVB depositors whole) isn't nearly big enough to cover a large scale bank run on these institutions. The fund covers less than 2% of all insured deposits. So the government would have to take extraordinary steps in this case. It wouldn't matter. If one of those banks already had a run they couldn't handle as a result of this systemic problem, many other banks would have already fallen. Since the government is trying to stop those banks from falling, it wil...

Remember when everyone ran out to buy up all the toilet paper at the start of the pandemic, thereby making the one thing they were afraid of happening, happen? There was enough toilet paper for everyone to use a normal amount, but not enough for everyone to buy a year's worth at once. That's what these bank runs are all about. There is nothing to worry about unless a bunch of people panic all at once. Anyone who is involved in that panic is contemptible to me, not too different from the people who refuse to merge on time on the highway and instead wait until the last minute, creating the very traffic delays they are trying to skirt around. Agree with your whole post except the analogy. That's called a zipper merge, and it's actually the mo...

How frequent are these fees? My Fidelity 401k fees are charged quarterly, and almost $700 in fees/year seems crazy to me, regardless of how much you have there. Of course, if you get access to some special funds, the % fees may be more palatable if you have a lot there.

Outer Marker wrote: ↑Sun Mar 19, 2023 10:02 am

hachiko wrote: ↑Sun Mar 19, 2023 9:35 am Assuming interest rates are pretty close, is there any reason to setup a HELOC instead of just getting a personal unsecured loan from one of the online places (Lending Club, Lightstream, etc)?

If it matters, this is for solar panels, but assume the mortgage interest deduction doesn't apply.

HELOC interest for home improvements is deductible.

It's not necessary to hash it all out, but it's not eligible for me in this case.

Assuming interest rates are pretty close, is there any reason to setup a HELOC instead of just getting a personal unsecured loan from one of the online places (Lending Club, Lightstream, etc)?

If it matters, this is for solar panels, but assume the mortgage interest deduction doesn't apply.

I haven t really noticed, but I wonder if the people on this thread who so easily dismiss the savings of 500-1000 dollars a month in state income taxes (or more) are also on the threads that talk about their savings with the use of their credit cards. 🤔 The difference is that there are almost no other factors involved with credit card rebates: you either get them or don't while the products and services you buy remain identical. There are no quality of life differences between credit cards. The cards more or less imply "all other factors being equal", while the choice of where to live doesn't. This post perhaps should have been titled "Should I move to a location with a lower cost of living", whether in the same or diff...

I got greedy LoL. But I bought a relatively small amount. I don't think it's a huge risk. I'm surprised the PLOC is still offered at 3.95%. That's still an excellent rate in the current environment. I may buy again if it drops below 24, otherwise I will jealously watch as you ride it back up to 100. I think it will either go to 0 or back up to the 80 range. It doesn't make sense for it to be around 30. Isn't the current target $5? If you're shorting then yes. I don't follow the question. No, that a consensus target from an online article I read just this morning. Oh, I didn't understand you were talking about the price targets from analysts. I don't believe the consensus is $5. I think $5 may be the low. Either way, analyst price targets a...

ncbill wrote: ↑Fri Mar 17, 2023 9:31 am

hachiko wrote: ↑Fri Mar 17, 2023 6:46 am

mentos wrote: ↑Fri Mar 17, 2023 1:27 am I got greedy LoL. But I bought a relatively small amount. I don't think it's a huge risk.

I'm surprised the PLOC is still offered at 3.95%. That's still an excellent rate in the current environment.

I may buy again if it drops below 24, otherwise I will jealously watch as you ride it back up to 100. I think it will either go to 0 or back up to the 80 range. It doesn't make sense for it to be around 30.

Isn't the current target $5?

If you're shorting then yes. I don't follow the question.

They got bailed out by the big banks. The stock price is currently around $27 after hours. "To Our Valued Clients, Today, First Republic announced we will receive uninsured deposits totaling $30 billion on March 16, 2023, from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist and U.S. Bank. This support from America’s largest banks reflects confidence in First Republic and our ability to continue to provide unwavering service to you — our clients and communities. You can read more by viewing our press release available on our website. We continue to stay focused on the core tenets of First Republic: Operating a simple, straightforward busines...

mentos wrote: ↑Fri Mar 17, 2023 1:27 am I got greedy LoL. But I bought a relatively small amount. I don't think it's a huge risk.

I'm surprised the PLOC is still offered at 3.95%. That's still an excellent rate in the current environment.

I may buy again if it drops below 24, otherwise I will jealously watch as you ride it back up to 100. I think it will either go to 0 or back up to the 80 range. It doesn't make sense for it to be around 30.

mentos wrote: ↑Thu Mar 16, 2023 6:32 am Stock is beaten down again. Just bought 100 shares at 23.44. May not hold long though.

You just paid for my summer vacation as long as I can sell after this halt at 34.

Why would you be fine living in South Dakota or Alaska but not Wyoming?

The best thing to do, IMO, is to use TT to efile a correct 1040 for 2021 now and let the IRS send you a bill for the late filing penalty. If they have already tried to process the 1040-X they probably would have sent you a letter and you have not received same. When they do process the 1040-X and find there are no changes from your correct 1040 they may send you a letter or just ignore the 1040-X since it makes no changes to the 1040. When the IRS receives a 1040-X and has no record of an original return the individual working the return will search in various systems for original returns (checking spouse SSNs, maybe business filings, rejected returns, contacting different offices, etc.) During this time period, they put a freeze on the ac...

It's interesting that you mention that. I thought all my 1099 had no state tax come out of them...because they shouldn't have. My one vanguard 1099-R for my IRA does show a #16 state tax distribution incorrectly on the form. It should be left blank along with 14 and 15 which are blank. I heard other people had this problem as well with vanguard this year (see this post https://www.bogleheads.org/forum/viewtopic.php?t=394627). When I actually filled it out in turbotax and imported it...it correctly left it blank. I wonder if this is the issue? Multiple posts on here pretty much say don't worry about it. If line 14 is blank, and they ask for 1099s with state tax withheld, don't send that. My recommendation is to stop worrying about what may ...

scorcher31 wrote: ↑Sun Mar 12, 2023 10:41 pm They already have a copy for the whole turbotax filing for the state. I presume W2s automatically go out to them, plus they are manually entered in my filing. If anything was withheld for the state from my 1099s, then the total withheld on the tax return would be greater than just the two W2s. I figured maybe the wanted to review all my 1099 to make sure I did not forget to claim income, but they can't tell that by only looking at 1099s with state taxes withheld.

They may not have a copy of your W-2. Maybe the filer hasn't filed their year end withholding return with the state. Regardless, just respond to whatever they ask for.

scorcher31 wrote: ↑Sun Mar 12, 2023 6:15 pm The weird thing is I had no state taxes withheld on my 1099 so I'm not sure what they are looking for. Do they really want like 8 1099s with no state tax withheld

The same letter is issued to every taxpayer that they need this information from. They aren't looking at your return to see what applies to you specifically, and customizing the letter.

You must have reported state tax withholding of some kind. They want proof of that.

They are asking for 1099s that show state tax withholding. You shouldn't send 1099s that don't show state tax withholding. If you don't have any, you don't send any.

It's going to have to be dealt with manually. What I'd probably do is contact the IRS via phone and tell them to notate in the taxpayer notes that you sent the return on a 1040-X, but intend for that to be an original return (assuming that's actually the case, and you have everything in there you need). Hopefully they'll actually notate and the IRS person who eventually goes looking for your original return sees the notation. If not, they're supposed to send you a letter, and you can respond to that stating you want it to be considered an original return. If you don't send a response, the default is that the IRS will process it as an original return, it will probably take a long time with the manual processing along with the correspondence ...

bsteiner wrote: ↑Sun Mar 12, 2023 8:45 am Put it on extension. You can do that yourself.

They should get confirmation from the accountant, or confirm themselves if they can, that the S-Corp election was actually filed.

First thing to do is to get in touch with this accountant. Email them, call them, show up at the office. Being busy is not an excuse for not responding to emails, and not being verbose doesn't have anything to do with sending a "got your docs, will take a look" reply, and you have a deadline in 3 days. Are you sure that you've actually elected S-Corp status already? These are things the accountant needs to handle, assuming they actually agreed to prepare your returns.

Mypath is built on a system often referred to as Taxpayer Access Point or TAP. It's a 3rd party system that most states and many localities use.

Colorado also uses TAP and for some account types you have to be granted specific permission by someone at the taxing authority to make e-payments. Not just you granting yourself the authority, something has to be done on the back end. This is the only taxing authority where I've experienced this. It's possible something like this is happening in PA on your account. If you're able to send a message through mypath, I'd do that, but know that it may take them a long time to get to it. Calling is better, but if you can't get through...

xerxes101 wrote: ↑Sat Mar 11, 2023 9:10 am My guess is that these codes are so new that the experts may not even agree.

I'm not aware of any disagreement among tax professionals on the eligibility for the federal tax credit for an *addition* of solar panels to a solar panel system.

Other providers of incentives (state or local governments, utility companies, etc.) may have different rules. Some places only give credit up to a certain amount of generation, so while additional installations may still qualify, there may be other things to consider as well.

.....so if the rest is in a brokerage account, it would be covered by SIPC? As mentioned earlier, SIPC is NOT the same as FDIC. https://www.sipc.org/for-investors/what-sipc-protects "It is important to recognize that SIPC protection is not the same as protection for your cash at a Federal Deposit Insurance Corporation (FDIC) insured banking institution because SIPC does not protect the value of any security." I assume this is because securities change in value per the market. If a brokerage explodes and you have 1000 shares of VTI for $200k, you’d get 1000 shares after the dust settles, and the market price would be different because the market changes. It could be 210k or 190k. The shares are insured, not the value, right? One t...

SVB collapsed - investors are concerned that FRC might be subject to the risks. They aren’t. But a bank run could still put them in Jeopardy Yep! I meant to say that FRC might be subject to the same risks that would cause a bank run. I don't really see any relationship between SVB and FRC besides the fact that they are/were both subject to bank runs, like all banks. You forget that they are both based in Silicon Valley and share a customer base that works in tech It's true. I don't know whether that alone will cause a bank run on FRC, but personally, I'm inclined to believe the deposit base for FRC is different enough from the deposit base for SVB that I don't see a bank run happening on FRC. This is based on my personal bias though living...

So many of these replies conveniently ignore the fact that when the OP was presented with a contract at the airport counter containing the additional driver fee (which he understood would be at no charge), he SIGNED THE CONTRACT anyway. There has been no explanation from the OP as to why he SIGNED THE CONTRACT containing a fee to which he says he didn't agree. Why did he not simply say, "that isn't what we discussed, I'm not signing it until the additional driver fee is removed?" And even later when neither the employee at the gate nor the employee at the booth could make that "promised" change, why didn't OP simply go back to the counter and address it right then and there with the agent at the counter with whom he dea...

The article says you can increase carryforwards but not that you can "file" an amended return. I'm not saying you're wrong as the article was from 25 years ago.

cowdogman wrote: ↑Thu Mar 09, 2023 5:11 pm And looking at this from a common sense POV, if a customer was a rewards member at the time of the reservation and the third party reservation entitled him to the rewards benefits, don't you think this would have resolved long before now--at the counter, during the follow up phone call, after the credit card dispute had been filed?

No.

"The Auto Rental Collision Damage Waiver benefit provides reimbursement for damages caused by theft or collision up to the Actual Cash Value of most rented cars." From my Chase Sapphire Benefits booklet. But the next sentence says: The Auto Rental Collision Damage Waiver acts as primary coverage and covers theft, damage, valid loss-of-use charges imposed and substantiated by the auto rental company, administrative fees, and reasonable and customary towing charges (due to a covered theft or damage) to the nearest qualified repair facility. If the cover related only to the "Collision" in "Collision Damage Waiver" it wouldn't cover theft. CDW and LDW are often used synonymously. For example, from the Avis site: W...

Can your credit card company speak for you since Thrifty had accepted them as the party which the payment went through? When I challenge a charge coming thru Visa or MC and they accept my refusal to pay, the credit card company solves it with the entity doing the charging. Isn't this the same? That happened, the OP already won the dispute. The credit card company said to Thrifty that they are not allowed to charge the customer. As a result, any charge that hits the credit card in violation of that decision is not allowed and the credit card company will reverse it when contacted. But the credit card company doesn't have any authority to resolve a dispute between two private, unrelated parties. There is often some limited authority that net...

For all the people arguing "OP signed the contract" and people talking about "parol evidence" rules, I disagree. There are many different avenues for invalidating a contract (this has nothing to do with the parol evidence rule, which is an evidentiary rule, btw). And OP clearly got scammed by Thrifty (either directly, or through their representatives). OP is in the right ethically to challenge this charge. They may have legal grounds to challenge the charge as well. That said, as others have stated, Thrifty is fully within their legal rights to pursue the OP for a charge they believe OP owes. There's nothing the credit card company can or will do, unless Thrifty attempts to re-present the charge (which does not appear to...

Amounts available for reimbursement in an FSA do not belong to you. It's more similar to an expense reimbursement benefit than it is to an HSA. Funds in an HSA belong to you.

From the OP: The above locations on average are more advanced than the United States in almost every way. Please explain this. Last I checked we both have color TV. Generally I would take issue with anyone saying another country is more advanced than the US. But in the case of payment processing, most of the world is far more advanced. Any country that brings a credit card reader to your restaurant table, instead of walking away with your credit card, is superior. I hate giving my card to a waiter. Aside from the process taking forever when I’m in a hurry, it also gives them opportunity to steal my card info. And using chip+pin instead of chip+signature is definitely superior. I always grimace when a European clerk has to search for a pen ...

Please explain this. Last I checked we both have color TV. To answer would require a separate thread. If you don't know the answer you haven't traveled recently or extensively to those, and other, European countries. Correct, I haven’t been to Germany or Italy since 2019. Czech Republic or Austria since 2012. Perhaps the flying cars came out since then and I somehow missed the headlines. One example you will notice quickly is airport security. I just don't understand people saying "cash isn't necessary, last time I went to Europe I never even got cash." While I absolutely believe them, and I rarely use cash when I'm in most countries in Europe, things do still happen where you may need cash. Despite how "advanced" many ...

Dunno about anyone else but my CPA has a handoff appointment where we talk about my documents and any changes from the prior year and a review appointment where we go through the final tax return line by line. The later meeting is a good way to find potential errors both from the CPA’s perspective (talking through something with someone else can make it easier to spot problems) and my perspective (if I don’t understand why something was done a certain way I can ask questions). This has had the added benefit of me learning a LOT about how tax returns work. Thankfully other than questions about how we want to handle depreciation, there have been no errors in over a decade. But my CPA does all the work, she is self employed and doesn’t have h...

From the OP: The above locations on average are more advanced than the United States in almost every way. Please explain this. Last I checked we both have color TV. To answer would require a separate thread. If you don't know the answer you haven't traveled recently or extensively to those, and other, European countries. Correct, I haven’t been to Germany or Italy since 2019. Czech Republic or Austria since 2012. Perhaps the flying cars came out since then and I somehow missed the headlines. One example you will notice quickly is airport security. I just don't understand people saying "cash isn't necessary, last time I went to Europe I never even got cash." While I absolutely believe them, and I rarely use cash when I'm in most c...

It's California work days over total work days. The standard total workdays in NY is 240, I'd imagine California is close to that. In New York, you can get it up to 255 pretty easily. As you push past that, auditors want to start seeing more proof that you're actually working on non-standard workdays.

You bring up an interesting point about being a federal employee. I don't know if there's an argument you can make about the state not being able to tax you due to your presence there. I don't think there are any statutory exemptions, but maybe there's a constitutional argument? I can't think of a basis for that at the moment though.

None of the "shoulds" listed in the preceding posts are "shoulds". They are "you can if you want to". I have done none of the "shoulds" as a rule. Age is immaterial. The countries listed in the original post are on average more advanced than the United States in nearly every respect. I have traveled to Europe many times without using a single bank note or coin. Lol. You should carry two credit cards when you go out to eat in a restaurant 10 miles from your house because one could get declined for some odd reason. Then what do you do? I've gone to restaurants thousands of times and never had a problem. But I've also had cards declined a couple of times and it's quite nice to have another one to give. ...

Dunno about anyone else but my CPA has a handoff appointment where we talk about my documents and any changes from the prior year and a review appointment where we go through the final tax return line by line. The later meeting is a good way to find potential errors both from the CPA’s perspective (talking through something with someone else can make it easier to spot problems) and my perspective (if I don’t understand why something was done a certain way I can ask questions). This has had the added benefit of me learning a LOT about how tax returns work. Thankfully other than questions about how we want to handle depreciation, there have been no errors in over a decade. But my CPA does all the work, she is self employed and doesn’t have h...

1) If you as an individual are the sole member of the LLC and you did not elect to be taxed as a corporation, then yes.
2) If you organized in California, you may be exempt from the $800 minimum tax this year. You will likely not be exempt next year (2023 tax year).
3) (unsolicited, aka, probably worth how much you paid for it, advice) consider closing down the LLC if it's not worth paying $800/ year for. Consult with a lawyer first.

He should have some cash before he enters the country. He should have 2 debit cards, each issued by a different bank (check the issuer and servicer if the banks are small). Be aware of foreign transaction fees. Schwab doesn't impose them, but Fidelity does. He should have a credit card or 2. He should inform the State Department of where he is going, you can complete an online form. It's certainly true that the credit card/atm systems in these countries is as good as or better than the US, but there are larger pockets in those countries compared to the US where it may be more difficult to get cash or use credit cards. I don't know where he's going in those countries, but if he's going as part of a tour group, I'd consider this a pretty low ...

I understand that federal income taxes require a pay-as-you-go approach, and I have immediately paid taxes whenever we got income from sources that do not have tax withholding: Intermittent consulting fees, quarterly dividends on taxable investments, interest on redeemed savings bonds (some are hitting 30 years ; I do them all once that year), and Roth conversions in November when we know what the other income for the year will be. I thought that I had been paying taxes on this money for each of the (weird IRS) "quarters," so I was surprised to file our 2022 taxes and realize that even with the Form 2210 and Schedule AI, that I still had an underpayment penalty of $10. Okay, y'all can stop laughing now. On the one hand, this smal...

Generally there is no requirement to amend a return if you were truthful when you signed (the under penalty of perjury statement). While it's not always the case, that's the general rule.

Of course, proving that to the IRS may not be as easy, and I have no experience with that situation.

So if a surgeon botched your surgery, would you say "Oh mistakes happen, no biggie". If a contractor tore out a load-bearing wall that wasn't supposed to be torn out, would you say "No problem, humans make mistakes". If an airline pilot did something wrong while landing the plane, is it your responsibility to notice it and point it out? Please. Those tax preparers are incompetent. The client should not be responsible for catching errors. The tax preparer should have another employee review the return BEFORE sending it back to the client. That's why we pay money for their services. You should not pay for a service then expect there to be mistakes that you are responsible for locating... that's absurd What state are you i...

I know more about our return than the accountant and how things should flow on it, so this year we will use turbotax since I am tired of proofing the return and correcting his errors. This about sums it up. If it is not a knowledge or skill based concern- an individual doesn’t know how to complete a task- then DIY will almost always have better quality control. Taxes, yard work, etc. I am surprised at all the "oh, it's just a mistake, no biggie, you are supposed to check anyway" responses here. If I need to know every number that goes anywhere in the return and know all the IRS rules so I can catch any errors the CPA makesI wouldn't need a CPA. A 10-fold higher number because of an additional digit in the finalized return is just...