Search found 442 matches

by lstone19
Fri Sep 27, 2019 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: How to Avoid a Tax Penalty with a Roth Conversion
Replies: 50
Views: 3916

Re: How to Avoid a Tax Penalty with a Roth Conversion

It in not necessarily true that if equal quarterly have not been made, then one has to include with the tax return a Form 2210 with its Schedule AI completed. Doing so may reduce or eliminate underpayment penalties. For example, if someone made a quarterly payment for only the first quarter, and ma...
by lstone19
Wed Sep 18, 2019 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

Perhaps ChrisBenn (or whatever source he is reading) is confusing the restriction on only contributing cash (no in-kind contributions) to mean no contributing from a brokerage account. But when you contribute from a brokerage account and assuming the money being contributed was in the core money mar...
by lstone19
Tue Sep 10, 2019 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Payments for selling stocks
Replies: 11
Views: 1060

Re: Tax Payments for selling stocks

A tax payment shortfall in any quarter will generate a penalty. Perhaps it's in the eye of the beholder, but that doesn't seem to support "unequal payments are handled just fine...." Being handled "just fine" does not mean no penalty. It merely means that Form 2210 is capable of handling unequal pa...
by lstone19
Tue Sep 10, 2019 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Payments for selling stocks
Replies: 11
Views: 1060

Re: Tax Payments for selling stocks

If you do find that you need to pay additional tax (because you won't meet the safe harbor rules)... If you’ve still met the safe harbor requirements for each quarter.... Different assumptions lead to different conclusions? Valid point. But you said "If you pay estimated tax, you will not have paid...
by lstone19
Tue Sep 10, 2019 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Payments for selling stocks
Replies: 11
Views: 1060

Re: Tax Payments for selling stocks

Increasing withholding is likely to be easier to manage. If you pay estimated tax, you will not have paid your tax in equal amounts in the four quarters. Therefore, you will need to file Schedule AI with Form 2210 to determine how much of your tax was owed each quarter. Since you earned extra incom...
by lstone19
Fri Aug 30, 2019 10:43 am
Forum: Personal Finance (Not Investing)
Topic: SS Statement: Age 62 estimate when you're already over 62
Replies: 5
Views: 472

Re: SS Statement: Age 62 estimate when you're already over 62

JoeRetire wrote:
Fri Aug 30, 2019 10:35 am
They will change the wording once she reaches 63.
Thanks.
by lstone19
Fri Aug 30, 2019 9:37 am
Forum: Personal Finance (Not Investing)
Topic: SS Statement: Age 62 estimate when you're already over 62
Replies: 5
Views: 472

Re: SS Statement: Age 62 estimate when you're already over 62

I would assume that your wife is 62 and some months old. Not yet 63 years old. The calculation is done monthly, so that if she is 62 and 6 months, the calculation is different then 62 and 0 months old. So in essence it is a start now number. The actual number will need to be recalculated when you a...
by lstone19
Fri Aug 30, 2019 8:30 am
Forum: Personal Finance (Not Investing)
Topic: SS Statement: Age 62 estimate when you're already over 62
Replies: 5
Views: 472

SS Statement: Age 62 estimate when you're already over 62

My wife and I just obtained updated Social Security statements. I am surprised that even though she's over 62, the statement still lists an age 62 benefit. Is it really age 62 (no longer fully meaningful) or is it really "if you start now"? Looking at the numbers, I'm thinking it's really a "if you ...
by lstone19
Thu Aug 29, 2019 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Already maxed 401k contribution - anyway to still get company match?
Replies: 7
Views: 577

Re: Already maxed 401k contribution - anyway to still get company match?

You need to look at the plan documents to see what it says. In addition to matching per check or an end-of-year true-up, some companies (like my former employer) continue the match on every check as they looked at YTD numbers (each check they matched by taking based on the maximum they could match Y...
by lstone19
Sat Aug 24, 2019 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Do you categorize additional contribution to debt repay as saving?
Replies: 101
Views: 3897

Re: Do you categorize additional contribution to debt repay as saving?

Big question that always leads to a big debate. https://thefinancebuff.com/savings-rate-mortgage-loan-payments.html Having just read the article, one area that I think leads to confusion, even here, is that most consumer budgets are cash flow budgets yet people talk about savings as a percentage of...
by lstone19
Fri Aug 23, 2019 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Do you categorize additional contribution to debt repay as saving?
Replies: 101
Views: 3897

Re: Do you categorize additional contribution to debt repay as saving?

If you have new cash and are deciding what to do with it, the distinction is simple: Anything that decreases your net worth is not savings-- spend it, throw it out the window, set it on fire. Anything that doesn't decrease your net worth is savings-- put it under the mattress, leave it in your chec...
by lstone19
Fri Aug 23, 2019 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Do you categorize additional contribution to debt repay as saving?
Replies: 101
Views: 3897

Re: Do you categorize additional contribution to debt repay as saving?

While the immediate effect on net worth is a zero sum game, it will save me a lot in future interest payments and significantly reduces the length of the mortgage; I do see the savings there, as in money one won't have to pay in interest. It really comes down to what your financial situation and go...
by lstone19
Fri Aug 23, 2019 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Do you categorize additional contribution to debt repay as saving?
Replies: 101
Views: 3897

Re: Do you categorize additional contribution to debt repay as saving?

If you didn't live there but owned it, what would you call it? Probably an investment (as well as an asset). If you bought a piece of land in the hopes that it would increase in value so you could sell it at a profit, what would you call that? The four major categories of accounting items are asset...
by lstone19
Fri Aug 23, 2019 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Do you categorize additional contribution to debt repay as saving?
Replies: 101
Views: 3897

Re: Do you categorize additional contribution to debt repay as saving?

Taking out the loan decreased net worth. Sure, paying back the loan increases net worth. But, digging yourself out of a hole doesn't equal savings. :happy Taking out the loan does not decrease net worth; spending the loan proceeds does. Taking out the loan increases liabilities but increases assets...
by lstone19
Fri Aug 23, 2019 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Do you categorize additional contribution to debt repay as saving?
Replies: 101
Views: 3897

Re: Do you categorize additional contribution to debt repay as saving?

The three major accounting statements are Income Statement, Balance Sheet, and Cash Flow statement. The savings vs. debt repayment question affects only Cash Flow. Neither is income or expense so it does not appear not he Income Statement at all. Savings increases an asset while paying down debt red...
by lstone19
Fri Aug 23, 2019 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Paying credit card "current balance" vs. "statement balance"
Replies: 48
Views: 4495

Re: Paying credit card "current balance" vs. "statement balance"

I don't understand any possible benefit for paying every week other than maybe 2-5 points on your credit score which means nothing. Genuinely interested to understand the motivation to do this. Debt aversion. There's debt aversion and then there's debt aversion. We consider ourselves living debt-fr...
by lstone19
Wed Aug 21, 2019 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Paying credit card "current balance" vs. "statement balance"
Replies: 48
Views: 4495

Re: Paying credit card "current balance" vs. "statement balance"

Chase actually handles this in a way that is favorable to the customer. There is a quantity called "Remaining Statement Balance". If I redeem cash back, it reduces the Remaining Statement Balance and that's all I have to pay to avoid finance charges. Same for merchant refunds. OTOH, I have other ca...
by lstone19
Tue Aug 13, 2019 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: HSA investing fee (PayFlex)
Replies: 22
Views: 1417

Re: HSA investing fee (PayFlex)

I may just start emptying the account, rather than keep it as planned as one of my last retirement accounts along with my Roth IRA. Others have pointed out to me that the inheritance rules for HSAs are not as good as for IRAs. Therefore, assuming your plan is to draw from t-IRAs (or other pre-tax r...
by lstone19
Tue Aug 13, 2019 2:32 am
Forum: Personal Finance (Not Investing)
Topic: HSA investing fee (PayFlex)
Replies: 22
Views: 1417

Re: HSA investing fee (PayFlex)

I'm wondering if it's worth moving to the Fidelity HSA that many of you speak highly of. The new .02% fee on my $50,000 HSA balance would only be about $20 a year (if my math is correct) I get $10 per month or $120 per year on $50,000. But, I retired last year to Mexico, and many U.S. financial ins...
by lstone19
Mon Aug 12, 2019 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 329
Views: 27048

Re: Social Security -- Take it at 62, 67 or 70

Have you considered taking your soc. sec at some age between62 - 64 and for your wife to apply for spousal benefits at her FRA. She would then receive half of your PIA until age 70 at which time she would apply for her own benefits. I am not sure what the procedures are for this scenario today, but...
by lstone19
Mon Aug 12, 2019 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 329
Views: 27048

Re: Social Security -- Take it at 62, 67 or 70

Since I'm retired, I have been looking at what happens if I start mine at 62 while she waits until 70. Put your numbers in https://opensocialsecurity.com/ and you'll find out exactly what happens. Play with the Advanced Options and you can see exactly what happens in cases where you live a long lif...
by lstone19
Mon Aug 12, 2019 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: HSA investing fee (PayFlex)
Replies: 22
Views: 1417

Re: HSA investing fee (PayFlex)

My wife's employer-sponsored HSA is with Payflex and got that monthly investment fee email. Her employer has paid all other fees. Prior to retiring, my employer-sponsored HSA was also with Payflex but I had to pay the monthly fee (it was $1.75 at the time) for having an investment account. So it app...
by lstone19
Mon Aug 12, 2019 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security -- Take it at 62, 67 or 70
Replies: 329
Views: 27048

Re: Social Security -- Take it at 62, 67 or 70

While you lie in bed dying you might also think about how you could have left your wife a monthly soc. sec. check double that of the pitifully small amount based on taking soc. sec. at age 62. But what if your spouse has the larger benefit so after you die, your benefit just ends (since the survivo...
by lstone19
Mon Aug 12, 2019 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

The CMA has features that the regular brokerage does not. Can you elaborate on those additional features? The only one I know about is reimbursed ATM fees and I get that on my Fidelity brokerage account due to our total assets with them. So having looked at the Fidelity CMA, I've never seen a compe...
by lstone19
Sun Aug 11, 2019 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

Yup, two different account numbers. I called to see if I should cancel one but the guy said no. As vtMaps mentioned one is a CMA. I''ve never had a CMA at Fidelity but our taxable brokerage accounts all have single account numbers. Any cash we hold in an account is in the account's core position, n...
by lstone19
Sun Aug 11, 2019 7:14 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

Being new to fidelity I’m still trying to get use to the website and the types of accounts. It seems confusing that my individual taxable account is actually two accounts - cash managed account and a brokerage account. Yet the support people told me I could trade from either one. I’m not sure I wil...
by lstone19
Wed Aug 07, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Can I run TurboTax 2018 without updating?!
Replies: 17
Views: 1171

Re: Can I run TurboTax 2018 without updating?!

For the case of amending a return, I want TT to be able to recreate the submitted return and not change it. Do you not have a copy of what you submitted? You, of course, should have a copy of what you submitted - either printed or saved as a PDF. The late updates to TT are usually fixing obscure bu...
by lstone19
Wed Aug 07, 2019 7:40 am
Forum: Personal Finance (Not Investing)
Topic: Can I run TurboTax 2018 without updating?!
Replies: 17
Views: 1171

Re: Can I run TurboTax 2018 without updating?!

My experience has been some updates can be deferred while others must be applied to continue using TT. I assume it's based on some sort of criticality indicator. I find it to be a bit of a pain when I'm trying to check something quickly only to find I need to spend 10 minutes (which I may not have) ...
by lstone19
Sat Aug 03, 2019 2:05 am
Forum: Personal Finance (Not Investing)
Topic: Dept Outsourced - Job Worries - Need your Advises
Replies: 69
Views: 6918

Re: Dept Outsourced - Job Worries - Need your Advises

...All our pension etc is all gone... I have been working for this big telecommunications company for 10+ years... This part doesn't make sense. If when you say "pension", you mean a traditional defined benefit plan, then if you've been there and in the pension program for that entire time, you are...
by lstone19
Wed Jul 24, 2019 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Confused about above the line AGI deductions...
Replies: 12
Views: 889

Re: Confused about above the line AGI deductions...

You need to look at the components of AGI (wages/salary, interest, dividends, etc.) before worrying about total AGI. I'd first check to see if your estimate of what your W-2 box 1 (income) matches what the employer is actually reporting. There may be other taxable benefits (such as employer paid lif...
by lstone19
Mon Jul 22, 2019 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Help figuring out how to enter SALT (state tax) deduction data in Turbotax
Replies: 20
Views: 834

Re: Help figuring out how to enter SALT (state tax) deduction data in Turbotax

Oh I'm a sole proprietor, so I always have enough deductions to itemize. You may be confusing two different types of deductions. Just being a sole proprietor doesn't mean you'll have enough as expenses related to the business are deducted on Schedule C, not Schedule A. Personal expenses that are de...
by lstone19
Mon Jul 22, 2019 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Help figuring out how to enter SALT (state tax) deduction data in Turbotax
Replies: 20
Views: 834

Re: Help figuring out how to enter SALT (state tax) deduction data in Turbotax

The accountant did this year's taxes in time, sent me a copy, but her copy, for whatever reason, doesn't include the State and Local Deduction Worksheet, so I have no way of knowing how she came up with the total figure for line 5a, state and local taxes paid. But I want to learn how to do this mys...
by lstone19
Mon Jul 22, 2019 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: Help figuring out how to enter SALT (state tax) deduction data in Turbotax
Replies: 20
Views: 834

Re: Help figuring out how to enter SALT (state tax) deduction data in Turbotax

Also, if you are using TurboTax, you should be making specific entries. The amount that ends up on the Sch A is calculated by TurboTax. For instance, real estate property taxes will be entered separately from the payment you enclosed in 2018 while filing your 2017 state tax return. A very good poin...
by lstone19
Mon Jul 22, 2019 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Help figuring out how to enter SALT (state tax) deduction data in Turbotax
Replies: 20
Views: 834

Re: Help figuring out how to enter SALT (state tax) deduction data in Turbotax

Thanks, but I have no idea what that sentence means. Whatever you actually paid in 2018. It does not matter year it was for, it matters in what year you made the payment. If you made quarterly estimated payments, it would the 2017 4th quarter installment on 1/15/18, the 2018 1st, 2nd, and 3rd quart...
by lstone19
Wed Jul 17, 2019 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Health Care Options Until Age 65?
Replies: 25
Views: 2912

Re: Health Care Options Until Age 65?

"That seems odd, did they say why? Here is what it says on the CMS website about the conditions that you need to meet....." My employer and the COBRA insurance company stated that my voluntary retirement (rather than an employer termination or reduction of hours) was not a qualifying event. I belie...
by lstone19
Wed Jul 17, 2019 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Help Responding to the IRS
Replies: 19
Views: 2509

Re: Help Responding to the IRS

Also not tax adviser, but for next time, I'd consider doing what I've been doing for quite a while - using Turbotax (or equivalent). Turbotax most certainly will ask you whether or not you made withdrawals from an IRA (roth included), and if a form is needed to report those withdrawals (e.g. 8606) ...
by lstone19
Tue Jul 09, 2019 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Question about taxes (Resident vs. Non-Resident)
Replies: 2
Views: 291

Re: Question about taxes (Resident vs. Non-Resident)

Yes, mostly correct. You'll calculate your income tax for the non-resident state first, then you'll do your resident state return where the amount paid to the non-resident state is a credit. If the tax rate in your resident state is higher than the non-resident state, it's pretty straightforward but...
by lstone19
Fri Jul 05, 2019 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: underpayment penalty tax
Replies: 2
Views: 432

Re: underpayment penalty tax

This year if we just make sure that we paid 110% of last years taxes will that be good enough. So if our withholding for 2019 is 110K then no issues. Is that correct? Yes. The minimum you need to pay by withholding and timely estimated payments is the lesser of 90% of the current year's taxes (as c...
by lstone19
Sat Jun 29, 2019 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: Illinois State Tax Loophole? What am I missing?
Replies: 53
Views: 5069

Re: Illinois State Tax Loophole? What am I missing?

I also use H&R Block and between retrieving the 1099s from Vanguard and the software, I really haven't had to think about it much. For your Federal return, you get to take a deduction for the IRA but then have to add back the income for the conversion. So it ends up being a wash for your taxable in...
by lstone19
Fri Jun 28, 2019 11:11 pm
Forum: Personal Finance (Not Investing)
Topic: Paying quarterly taxes on dividends
Replies: 5
Views: 919

Re: Paying quarterly taxes on dividends

Yikes, that can result in a massive overpayment if most of the dividends come in early in the year. I think I'll just withhold 100% of my 2018 tax and pay the rest when I file next year. Yes, if most of the dividends come early in the year but you expected them to continue at the same rate through ...
by lstone19
Fri Jun 28, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Paying quarterly taxes on dividends
Replies: 5
Views: 919

Re: Paying quarterly taxes on dividends

If in Q1 and receive a dividend of $10,000, can I skip the quarterly payment since I haven't earned enough dividends to pay federal tax on them yet? In other words, do I only start paying quarterly taxes on the dividends once I move into the 15% bracket? Or does the total dividend tax need to be "e...
by lstone19
Fri Jun 28, 2019 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Shopping for Mortgage - Question re ARMs
Replies: 16
Views: 1292

Re: Shopping for Mortgage - Question re ARMs

Another factor you should be considering is what the maximum interest rate it can go up to is and what it's indexed to and what the maximum payment will be if it goes up to that maximum as quickly as it can. One thing a lot of people don't realize is every rate adjustment that results in a rate lowe...
by lstone19
Sun Jun 23, 2019 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Signing Bonus Taxes: When does income count as "income?"
Replies: 9
Views: 1019

Re: Signing Bonus Taxes: When does income count as "income?"

As always, this has been helpful. So basically, income is considered "received" on the date that the check is written, not necessarily when it is deposited/cashed; I'll go ahead and try to delay my receipt of the signing bonus until after I've established residency in my new state. No, it is consid...
by lstone19
Fri Jun 21, 2019 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Payroll tax question: Moved to another state
Replies: 8
Views: 430

Re: Payroll tax question: Moved to another state

Unless things have changed since I last filed a California non-resident return, Schedule CA of Form 540NR (the nonresident/part-year resident tax return) asks questions about your residency. Line 3 asks "During 2019, I became a nonresident (enter new state of residence and date of move)". Line 5 ask...
by lstone19
Fri Jun 14, 2019 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

recently did an ATM withdrawal and it showed up as 'debit card purchase', hoping the reimbursement actually takes place because contrary to what ive read on this forum it should be 'instant' (?)... Why do you say it should be "instant?" I think engineerbme's idea of instant and Fidelity's are proba...
by lstone19
Fri Jun 14, 2019 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Got a refund today they only would put in back on the visa card. Later I found out that card has been closed nine months
Replies: 22
Views: 2526

Re: Got a refund today they only would put in back on the visa card. Later I found out that card has been closed nine mo

iamblessed wrote:
Thu Jun 13, 2019 12:08 pm
What will happen to that money. Where will it go? Anybody ever done something like this?
Although marked as closed, almost certainly the account still exists in the bank's system. They will receive the money and should send a check although it can take a few months.
by lstone19
Wed Jun 12, 2019 11:49 pm
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th [2018]
Replies: 1057
Views: 101124

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

I just transferred my Lively HSA to Fidelity. Does anyone know if the HSA statement will consolidate with my main Fidelity statement that has all of my other accounts? It did not last month, but I'm not sure if it because it's a new account or was unfunded at the time the statement cut. It's been s...
by lstone19
Wed Jun 12, 2019 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

well the bank you have is not what I deemed as most banks, go with bank of america, chase, capital one, etc. and scheduled pay days are always Fridays, never seen pay show up on Thursdays, and you can ask millions of Americans on a poll when they see they biweekly paycheck show up, and i bet you mo...
by lstone19
Wed Jun 12, 2019 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

My biweekly paycheck is memo posted and available for trading and withdrawal in my Fidelity brokerage account on Thursdays at 7:30 am, a day before our “scheduled” payday on Friday. I'm surprised Fidelity lets you at the funds a day early. As I mentioned above, I see them at my credit union as a fu...
by lstone19
Wed Jun 12, 2019 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 1096
Views: 130498

Re: Fidelity as a one stop shop

I also wanted to know how long it took for direct deposits from your employers to hit your brokerage account (or CMA account, if there is a difference in processing time), is it usually a day quicker than most paychecks hitting banks on Friday when employers pay on that Wednesday? Somewhat off-topi...