Search found 52 matches

by DrCheese
Wed Jan 15, 2020 8:11 am
Forum: Personal Finance (Not Investing)
Topic: NJ Shared Responsibility Payment
Replies: 11
Views: 738

Re: NJ Shared Responsibility Payment

So you are saying that NJ can tax "tax-exempt" interest? The worksheet you linked to simply says to enter a line from NJ's 1040 as income. Are you sure that includes tax-exempt interest ? I doubt it. Line 2 of the worksheet actually says "enter the amount from 16b (tax-exempt interest) of your NJ-1...
by DrCheese
Wed Jan 15, 2020 8:04 am
Forum: Personal Finance (Not Investing)
Topic: NJ Shared Responsibility Payment
Replies: 11
Views: 738

Re: NJ Shared Responsibility Payment

So you are saying that NJ can tax "tax-exempt" interest? The worksheet you linked to simply says to enter a line from NJ's 1040 as income. Are you sure that includes tax-exempt interest ? I doubt it. Line 2 of the worksheet actually says "enter the amount from 16b (tax-exempt interest) of your NJ-1...
by DrCheese
Wed Jan 15, 2020 7:48 am
Forum: Personal Finance (Not Investing)
Topic: NJ Shared Responsibility Payment
Replies: 11
Views: 738

Re: NJ Shared Responsibility Payment

Jack FFR1846 wrote:
Wed Jan 15, 2020 7:44 am
Of course they can. Massachusetts has had similar with "RomneyCare" which became ObamaCare for the country. We have similar fines, although I think ours are more fixed. I've always had health insurance, so have never had to pay anything.
So you are saying that NJ can tax "tax-exempt" interest?
by DrCheese
Wed Jan 15, 2020 7:39 am
Forum: Personal Finance (Not Investing)
Topic: NJ Shared Responsibility Payment
Replies: 11
Views: 738

NJ Shared Responsibility Payment

NJ is charging the 2.5% Shared Responsibility Payment for failure to have health insurance on all income including tax-exempt interest (ie US Savings Bond Interest, Treasury Bills, Municipal Bonds etc). https://www.state.nj.us/treasury/taxation/pdf/current/srp.pdf Worksheet is on page 3. Can they do...
by DrCheese
Tue Jan 07, 2020 4:11 pm
Forum: Personal Investments
Topic: Why are all my dividends non-qualified?
Replies: 11
Views: 1378

Re: Why are all my dividends non-qualified?

not4me wrote:
Tue Jan 07, 2020 4:08 pm
It is too early in the year to find the qualified dividend number. You'll have to wait until 1099 comes out. Especially true for cases in which Fidelity is only the broker.
+1

Ishares has not released their 2019 QDI percentages yet. Give it another two weeks and it will be updated.
by DrCheese
Mon Dec 23, 2019 1:38 pm
Forum: Personal Investments
Topic: I'm at the ACA cliff and need to reduce my taxable income by placing assets in tax-deferred investment vehicles
Replies: 28
Views: 2665

Re: I'm at the ACA cliff and need to reduce my taxable income by placing assets in tax-deferred investment vehicles

Also be aware of the impact of tax deferral of interest on i-bonds. If you are buying a large amount, buy it in small chunks and perhaps various maturities. This makes no sense. There is only one maturity - 30 years. Buy in small chunks????????? You can redeem your i-bond in any amount you choose a...
by DrCheese
Mon Nov 04, 2019 8:21 am
Forum: Personal Investments
Topic: Nice surprise from Computershare after transfer to VG
Replies: 10
Views: 1745

Re: Nice surprise from Computershare after transfer to VG

I hope they use it when reporting 1099s. Nope, self inputted data is never reported to the IRS. These trades are from over 20 years ago, so I hope you're wrong or they change things. I've read you should keep 3 or 7 years of tax records, but keeping brokerage and transaction records nearly forever ...
by DrCheese
Sun Nov 03, 2019 8:01 am
Forum: Personal Investments
Topic: Nice surprise from Computershare after transfer to VG
Replies: 10
Views: 1745

Re: Nice surprise from Computershare after transfer to VG

inbox788 wrote:
Sat Nov 02, 2019 7:17 pm
I hope they use it when reporting 1099s.
Nope, self inputted data is never reported to the IRS.
by DrCheese
Tue Oct 22, 2019 6:59 pm
Forum: Personal Investments
Topic: Fidelity Disclosed Personal Account Information
Replies: 20
Views: 2814

Re: Fidelity Disclosed Personal Account Information

My Fidelity rep would call me once a month asking "how I was doing". I called the 800 number, asked for that rep to be taken off my account and for me to placed on the "do not call list". Five years later, I have yet to receive a phone call from Fidelity nor to be assigned another rep.
by DrCheese
Tue Oct 15, 2019 7:28 am
Forum: Personal Investments
Topic: I-bonds with kids
Replies: 18
Views: 1733

Re: I-bonds with kids

As co-owners, what's to stop your kids from redeeming them regardless of what you want? Not telling them about Treasury Direct...until they’re 45! Mwahahahahahaha! (Cue lightning bolts and screeching bats) See that is one of my biggest fears. That I die and no one knows that I have a Treasury Direc...
by DrCheese
Sat Oct 05, 2019 4:34 pm
Forum: Investing - Theory, News & General
Topic: How many are switching from Fidelity?
Replies: 140
Views: 16818

Re: How many are switching from Fidelity?

Just curious how many Bogleheads are switching from fidelity to TD Ameritrade, Schwab, or ETrade with the dropping of commission fees? I have accounts at vanguard and Fidelity, and was considering moving the Fidelity accounts to one of the companies that has dropped commissions. I have already aske...
by DrCheese
Sat Oct 05, 2019 1:29 pm
Forum: Investing - Theory, News & General
Topic: How many are switching from Fidelity?
Replies: 140
Views: 16818

Re: How many are switching from Fidelity?

Yeah, I will be moving my stocks to Schwab. However, I will be keeping my IRA and HSA at Fidelity. No commission trades plus the bonus is enough to make me switch. Easy $1,200 (minus taxes). Bonus link: https://www.schwab.com/public/schwab/nn/investor_reward.html Bonus tiers: $200 bonus for $50,000–...
by DrCheese
Sun Aug 11, 2019 7:24 pm
Forum: Investing - Theory, News & General
Topic: The Fate of the World’s Largest ETF Is Tied to 11 Random Millennials
Replies: 13
Views: 2551

The Fate of the World’s Largest ETF Is Tied to 11 Random Millennials

Very interesting article on the ETF SPY. The fate of the world’s largest exchange-traded fund rests on the health of a group of twenty-somethings. Thanks to a quirk in the legal structure used to set up the SPDR S&P 500 ETF Trust, known as SPY, more than $250 billion rests on the longevity of 11 ord...
by DrCheese
Sat Jul 20, 2019 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Harrassed at work, what steps to take to protect her future employment
Replies: 93
Views: 8984

Re: Harrassed at work, what steps to take to protect her future employment

Will do good wrote:
Thu Jul 18, 2019 8:53 am
She has taken to communicating with her manager by email to document all requests and to limit verbal requests.

If I was her manager and she told me how I should interact with her, I would label her as trouble and try to get rid of her.
by DrCheese
Mon Jul 15, 2019 12:25 pm
Forum: Personal Investments
Topic: Does health premium costs lower MAGI?
Replies: 7
Views: 742

Re: Does health premium costs lower MAGI?

Yes it gets deductes pre tax Can you deduct health premiums? Maybe... If you are employed and the premiums (that you pay) are taken out of your paycheck. Yes If you are self employed. Yes If you are paying medicare or ACA premiums. No. Unless you meet the 7.5% threshold of your adjusted gross incom...
by DrCheese
Mon Apr 08, 2019 4:49 pm
Forum: Personal Investments
Topic: Pay off mortgage better or worse than investing in bonds?
Replies: 24
Views: 3287

Re: Pay off mortgage better or worse than investing in bonds?

The tax break for mortgages is all but dead. I have a $24,000 standard deduction. I use $10,000 for state and local taxes so the first $14,000 of mortgage interest gets me nothing.
by DrCheese
Sat Jan 19, 2019 7:32 am
Forum: Personal Investments
Topic: Hesitant to sell
Replies: 11
Views: 1428

Re: Hesitant to sell

Thanks for the reply. It's only about 7% of my portfolio, and I probably will not hold on to it long enough to pass it on to my heirs. I have been reinvesting dividends, but I've actually had a capital loss in those lots over the last 12 months, so yay? If you sell with a loss (even on one purchase...
by DrCheese
Sat Dec 15, 2018 9:33 pm
Forum: Personal Investments
Topic: HDV dividend down 10.4%. Why?
Replies: 1
Views: 497

HDV dividend down 10.4%. Why?

Does anyone know why the HDV (High Dividend Fund ETF) dividend is down 10.4% this quarter?

The last three quarters the dividend was above 79 cents, this quarter it is .70881

https://www.ishares.com/us/products/239 ... ckerSearch
by DrCheese
Fri Oct 12, 2018 4:40 pm
Forum: Investing - Theory, News & General
Topic: If someone keeps 500K in two different FDIC insured bank accounts, 250K at each, are they still covered?
Replies: 8
Views: 1311

Re: If someone keeps 500K in two different FDIC insured bank accounts, 250K at each, are they still covered?

Yes, the entire 500k is insured by the FDIC if you keep 250k at two separate banks. Anything over 250k will not be insured. Regarding Beneficiaries: Number of Unique Beneficiaries Maximum Deposit Insurance Coverage 1 Beneficiary $250,000 2 Beneficiaries $500,000 3 Beneficiaries $750,000 4 Beneficiar...
by DrCheese
Fri Jul 06, 2018 8:32 am
Forum: Personal Finance (Not Investing)
Topic: Anyone with experience in Social Security/SSA Hearings?
Replies: 15
Views: 1734

Re: Anyone with experience in Social Security/SSA Hearings?

What is the total dollar amount Social Security wants paid back?
by DrCheese
Wed Jun 27, 2018 8:38 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 181
Views: 25787

Re: IRS publishes draft 2018 1040 - Huge changes made

We should all wait until April to file for the developers to work out the bugs. But we're told that we need to file early so the identity thieves don't beat us to the punch. Arrange to owe and then you don't need to worry about someone else filing in your name. Identity thieves just put down that y...
by DrCheese
Wed Jun 27, 2018 5:21 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 181
Views: 25787

Re: IRS publishes draft 2018 1040 - Huge changes made

yousha wrote:
Tue Jun 26, 2018 10:40 pm
Does anyone know whether the new IRS forms will be mailed to the taxpayers?
Tax forms have not been automatically mailed out for many years.

However, if you call 1-800-tax-form and request the forms after December 1, 2018, the IRS will mail the forms to you.
by DrCheese
Tue Jun 26, 2018 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 181
Views: 25787

Re: IRS publishes draft 2018 1040 - Huge changes made

The only "problem" I have with this is putting capital gains on schedule 1. It should be on the 1040. Now if I have a few capital gains, I have to file Schedule 1, Schedule D and Form 8949. It is a little too much.
by DrCheese
Tue Jun 26, 2018 12:04 pm
Forum: Investing - Theory, News & General
Topic: Where to find qualified dividend income for funds?
Replies: 15
Views: 1548

Re: Where to find qualified dividend income for funds?

Those links are good for mutual funds but not ETFs. I, too, have never been able to find QDI for ETFs.

In my only bad call to a Fido rep, when I asked where to find the QDI information for ETFs, he said I had to buy the ETF to find out that information.
by DrCheese
Tue Jun 26, 2018 10:32 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 181
Views: 25787

Re: IRS publishes draft 2018 1040 - Huge changes made

The new 1040 no longer has a line for deductible contributions to an IRA (Line 32 of the previous form). Everything is still there but they have moved everything to schedules. Line 32 of the previous form is there on Schedule 1 line 32. It seems the IRS goal was to get a one page 1040 possibly to f...
by DrCheese
Tue Jun 26, 2018 6:08 am
Forum: Personal Finance (Not Investing)
Topic: IRS publishes draft 2018 1040 - Huge changes made
Replies: 181
Views: 25787

IRS publishes draft 2018 1040 - Huge changes made

https://www.nytimes.com/2018/06/25/your ... tcard.html

It is now just one page instead of two. However the IRS has added six new schedules.

The new form is meant to replace the 1040, 1040A and 1040EZ.
by DrCheese
Fri Jun 22, 2018 3:34 pm
Forum: Personal Investments
Topic: “Buying the Dividend”
Replies: 17
Views: 2401

Re: “Buying the Dividend”

It is not the worst thing to buy a dividend. You just pay the tax now rather than later. If you bought the dividend, you will have a higher basis and pay less when you sell.
by DrCheese
Wed May 16, 2018 6:16 pm
Forum: Personal Consumer Issues
Topic: how do you tip on wine at a restaurant
Replies: 209
Views: 16005

Re: how do you tip on wine at a restaurant

What if I order water (free), do I tip zero? It is the same amount of work if I order another non-alcoholic drink.
by DrCheese
Fri May 11, 2018 3:01 pm
Forum: Personal Investments
Topic: Estimated Tax on Large Capital Gain
Replies: 44
Views: 5361

Re: Estimated Tax on Large Capital Gain

There also is a 3.8 percent tax on net investment income for single taxpayers with modified adjusted gross income above $200,000 ($250,000 for married couples filing jointly).
by DrCheese
Wed May 09, 2018 7:18 am
Forum: Personal Finance (Not Investing)
Topic: How to handle problem employee
Replies: 84
Views: 7723

Re: How to handle problem employee

BusterMcTaco wrote:
Wed May 09, 2018 1:31 am
fujiters wrote:
Wed May 09, 2018 1:19 am
In this discussion, I feel like you're coming across as a problem manager.
I strongly agree.
I strongly agree too. I would be complaining to the VP about you if I was the employee.
by DrCheese
Thu Mar 01, 2018 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Just received 1099B
Replies: 11
Views: 1000

Re: Just received 1099B

If the IRS owed you $3.00 would you want it? I wouldn't. $3 is rounding error. No - $0.50 is a rounding error. I just received a 1099B! Of course, I've already filed my taxes and received my refund. This was for the sale of Spectra Stock that was taken over by Enbridge Inc. (a Canadian entity). The...
by DrCheese
Wed Feb 21, 2018 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

Congratulations on getting the website updated and clarifying Mass. DOR expectations.
by DrCheese
Sat Feb 17, 2018 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

I do not want to beat a dead horse. However, the federal and state government does not know if Meghan bought her furniture for $9000 new or picked it up at the side of the road on trash day and then resold it for $5000. The only way they would know is if it was reported to them on schedule C. My hu...
by DrCheese
Sat Feb 17, 2018 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

Dr- thanks for confirming about the 28% tax rate. I entered the coin sale in TT under collectibles, which captured the correct tax rate at 28%. The musical instrument, I showed as sale of personal items, which appear to be getting hit with the regular CG rate. FYI- I did complete the Schedule C for...
by DrCheese
Thu Feb 15, 2018 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

I do not disagree with that strategy. Just be warned that for collectibles you must fill out the the 28% Rate Gain Worksheet on D-12 of the Schedule D instructions. There is no 15% long term capital gains rate for collectibles. From Schedule D instructions: Collectibles include works of art, rugs, a...
by DrCheese
Thu Feb 15, 2018 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

I do not want to beat a dead horse. However, the federal and state government does not know if Meghan bought her furniture for $9000 new or picked it up at the side of the road on trash day and then resold it for $5000. The only way they would know is if it was reported to them on schedule C. My hun...
by DrCheese
Thu Feb 15, 2018 11:58 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

How does it settle anything? I believe we are talking about this example: Meghan is downsizing her home and sells furniture on an auction site for $5,000. The original purchase price of the furniture was $9,000. The $5,000 IS NOT subject to tax as it is a function of selling personal items at a loss...
by DrCheese
Sat Feb 10, 2018 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Bank mailed individual 1099-INT and Combined 1099-INT
Replies: 6
Views: 615

Re: Bank mailed individual 1099-INT and Combined 1099-INT

Nobody on this board can know the answer to this. The only one who knows the answer is your bank. Give them a call and ask them.
by DrCheese
Thu Feb 08, 2018 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

bostondan wrote:
Thu Feb 08, 2018 6:24 pm

For those of us who are getting a single 1099K from PayPal, they will likely not be bothered to look into it further.
Thanks for the laugh of the day. Everything is matched up by computer. There is no human intervention. Your chance of not getting a letter is zero.
by DrCheese
Wed Feb 07, 2018 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: New Payroll Withholding: Out of State NY / NJ
Replies: 13
Views: 964

Re: New Payroll Withholding: Out of State NY / NJ

It is virtually impossible for a NJ resident to get a credit for days work at home in NJ

Convenience of the Employer

https://www.tax.ny.gov/pdf/memos/income/m06_5i.pdf
by DrCheese
Tue Feb 06, 2018 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

OK, I think I found the answer. From the IRS website: https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements Since the items in the above posts do not qualify as a trade or business, I would not report these items on Schedules C, E, and F. Selling objects to generate c...
by DrCheese
Tue Feb 06, 2018 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

OK, I think I found the answer. From the IRS website: https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements I received Form 1099-K. How do I report it on my tax return? Separate reporting of these transactions is not required. However, you should follow the return ins...
by DrCheese
Tue Feb 06, 2018 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

OK, I think I found the answer. From the IRS website: https://www.irs.gov/payments/general-faqs-on-new-payment-card-reporting-requirements I received Form 1099-K. How do I report it on my tax return? Separate reporting of these transactions is not required. However, you should follow the return ins...
by DrCheese
Tue Feb 06, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

My input remains the same as before. If I were in your shoes, this is what I would do: With filing federal taxes, I would ignore the 1099-K. If I received a letter about a discrepancy on your taxes, I'd deal with it at that time. If the IRS does send a letter, you just put a giant spotlight on the ...
by DrCheese
Tue Feb 06, 2018 8:08 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: New to me tax issue - Paypal 1099-k for selling personal property

I'd be interested to see if sales tax needs to be paid/collected on the sales that were generated as well. Sales tax only needs to be collect from Mass residents unless you have a nexus in another state. However, I believe that your sales fall under the "Casual and Isolated" sales tax exemption. (a...
by DrCheese
Mon Feb 05, 2018 8:04 pm
Forum: Personal Finance (Not Investing)
Topic: Savings bond already redeemed?
Replies: 9
Views: 3247

Re: Savings bond already redeemed?

Try another bank or branch.
by DrCheese
Mon Feb 05, 2018 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: New to me tax issue - Paypal 1099-k for selling personal property

Hi all, so here's how I handled, let me know if I'm off base: 1099-K for 32 items and $875 COGS: Beginning Inventory: $0 Purchases: $875 Ending Inventory: $0 Despite this being 'back of the closet' stuff sold by my wife and purchased (new) for an amount higher than she sold it, I don't think this i...
by DrCheese
Mon Feb 05, 2018 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 105
Views: 8843

Re: New to me tax issue - Paypal 1099-k for selling personal property

Here's what I would do. Report it on your tax return. Make your best estimate of fair market value for this stuff and use that as the basis. I really doubt anyone at the IRS is going to come after you for such small amounts unless something looks really out of wack. Report it where on the tax retur...
by DrCheese
Sun Jan 28, 2018 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: File a Form 8606 when converting from a deductible Rollover IRA to a Roth?
Replies: 8
Views: 862

Re: File a Form 8606 when converting from a deductible Rollover IRA to a Roth?

I have been converting my deductible IRAs to Roth IRA to fill up my 15% tax bracket. I have always filled out form 8606 part II.