Search found 309 matches

by DIFAR31
Thu Jun 27, 2019 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Any insurance beating USAA?
Replies: 42
Views: 3060

Re: Any insurance beating USAA?

Because USAA rates are based in part on the level of USAA membership, it's difficult to make meaningful cost comparisons with other policy holders without knowing this important piece of information.
by DIFAR31
Thu Jun 27, 2019 8:15 am
Forum: Personal Finance (Not Investing)
Topic: HSA in retirement - whose expenses
Replies: 23
Views: 1498

Re: HSA in retirement - whose expenses

...in speaking with a Fidelity HSA rep yesterday during the account opening process, she informed me that my daughter was NOT eligible to open up her own HSA as she has to have her "own" HDHP and she cited the IRS pub 969. The Fidelity HSA rep is wrong. The rep further stated that even if she was e...
by DIFAR31
Wed Jun 26, 2019 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Parents as dependents and gift tax
Replies: 20
Views: 1909

Re: Parents as dependents and gift tax

boglerocks wrote:
Wed Jun 26, 2019 12:14 pm
Thanks guys. The idea with making them dependents was to give them more than $60k (although I didn't realize the exclusion was that high).
There is no higher annual gift tax exclusion based on dependency.
by DIFAR31
Wed Jun 26, 2019 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Vision Insurance for ONLY (dependent) Spouse
Replies: 11
Views: 428

Re: Vision Insurance for ONLY (dependent) Spouse

In 2018, my wife paid a total of $170.04 for a family vision plan as part of her employee benefits. There was no employer contribution to this particular benefit. The family consists of two adults and two dependent children, one of which was not using corrective lenses (but was having annual eye exa...
by DIFAR31
Sat Jun 22, 2019 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Opening a trust for child's annual gifted amount
Replies: 37
Views: 2743

Re: Opening a trust for child's annual gifted amount

It is a grantor trust and the income is taxed to your son. The trustee does have to file an information only 1041 which ties the EIN of the trust to your son's SSN. It's no big deal. I thought that with a grantor trust, all trust income is taxed to the grantor, which in this case would be OP and no...
by DIFAR31
Wed May 15, 2019 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Stock Options?
Replies: 11
Views: 714

Stock Options?

A young person I know, one year out of college, has been offered a job at a relatively new company with two salary options: 1. $50k salary with 3,000 stock options (at $1 each, in the person's name) with a vesting period of 4 years. The company is private now, but obviously planning on going public ...
by DIFAR31
Wed Apr 17, 2019 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Distributions from 529 for International School (Elementary School)
Replies: 5
Views: 346

Re: Distributions from 529 for International School (Elementary School)

Find out if the school is eligible to participate in a student aid program administered by the U.S. Department of Education. That will be the key factor. Edited to add: it's not clear if you are asking about postsecondary school (college) or elementary or secondary school. The above pertains to post...
by DIFAR31
Tue Apr 16, 2019 11:35 am
Forum: Personal Finance (Not Investing)
Topic: My life insurance company wants to "help me save money"
Replies: 26
Views: 2299

Re: My life insurance company wants to "help me save money"

How old are you and your wife now, and for how much longer do you anticipate you will need life insurance?
by DIFAR31
Tue Apr 16, 2019 10:44 am
Forum: Personal Finance (Not Investing)
Topic: New tax law- Do you have to itemize to deduct 529 contributions from STATE taxes?
Replies: 7
Views: 288

Re: New tax law- Do you have to itemize to deduct 529 contributions from STATE taxes?

Perhaps your tax accountant isn't much of a "future tax planner," but he/she should at least be able to answer this basic question for you. If not, it's time to find a new tax preparer (or learn how to do the job yourself).
by DIFAR31
Tue Apr 16, 2019 10:32 am
Forum: Personal Finance (Not Investing)
Topic: New tax law- Do you have to itemize to deduct 529 contributions from STATE taxes?
Replies: 7
Views: 288

Re: New tax law- Do you have to itemize to deduct 529 contributions from STATE taxes?

Have you looked at the instructions for the Virginia Resident Individual Income tax form? That would be a good place to start, and you wouldn't have to rely on what an anonymous poster tells you on an internet forum. https://tax.virginia.gov/sites/default/files/vatax-pdf/2018-form-760-instructions.p...
by DIFAR31
Mon Apr 15, 2019 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: $29 collections notice
Replies: 31
Views: 2848

Re: $29 collections notice

You were thinking you should just pay it? It's $29 and a valid charge, and you have to think about whether you should pay it? I don't get it.
by DIFAR31
Sun Apr 14, 2019 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Son is a college student still staying at home. How to file taxes?
Replies: 9
Views: 994

Re: Son is a college student still staying at home. How to file taxes?

Will we be unable to claim him on our taxes once he files his own? Are you asking does the fact that he files his own tax return automatically mean that you can't claim him as your tax dependent? The answer to that question is NO. Also, a separate question... when he fills out his withholdings for ...
by DIFAR31
Sat Mar 30, 2019 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: First time kiddie tax reporting on child
Replies: 6
Views: 710

Re: First time kiddie tax reporting on child

Use Free File Fillable Forms in conjunction with the IRS instructions for the forms that you will use.

-Relatively simple return
-Free E filing
by DIFAR31
Mon Mar 25, 2019 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Don McLean
Replies: 11
Views: 2610

Re: Don McLean

Don's been making news in Maine, partly because of an effort to protect himself from "professional damage."

https://www.pressherald.com/2019/02/21/ ... -on-abuse/
by DIFAR31
Sun Mar 24, 2019 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Tax time Question
Replies: 2
Views: 286

Re: Tax time Question

our daughter is a full time student and has a full ride scholarship including room and board so we essentially pay only for health and car insurance during the school year. she had a lucrative summer job making over $20000 and paid for her own room and board (again except insurance). Are we allowed...
by DIFAR31
Thu Mar 21, 2019 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need to report my dependent childs Ebay earnings?
Replies: 18
Views: 1425

Re: Do I need to report my dependent childs Ebay earnings?

Are you saying that if dependent earned $11,650 income (as an example) the taxable income will be ZERO after applying the $12,000 standard deduction (meaning no federal tax due)? If the dependent's only income is $11,650 and it is earned income, there will be no federal tax owed. For the purpose of...
by DIFAR31
Thu Mar 21, 2019 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need to report my dependent childs Ebay earnings?
Replies: 18
Views: 1425

Re: Do I need to report my dependent childs Ebay earnings?

Actually, if I understand the law correctly, what you would have done probably is compliant with the law. The income is the OP's son's, and if the son does not have total earned income above $12k, he does not need to file a tax return. Sale of goods is considered earned income (as opposed to unearn...
by DIFAR31
Thu Mar 21, 2019 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Kiddie Tax 2018 - Who must file
Replies: 22
Views: 2259

Re: Kiddie Tax 2018 - Who must file

I don't understand what the "problem" is. As far as I know, nothing in the new tax law changed the requirement for a child to file his/her own tax return based on the type and amount of the child's income. What has changed is that the kiddie tax computation has been decoupled from the parent's margi...
by DIFAR31
Wed Mar 20, 2019 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Should I leave my local bank
Replies: 43
Views: 3572

Re: Should I leave my local bank

Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher. I have a local bank, and I have always pulled money from my online accounts. I am not sure how to even push money from my local bank except using Popmoney. A small local ...
by DIFAR31
Sun Mar 10, 2019 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: 529 question regarding non married parents.
Replies: 7
Views: 510

Re: 529 question regarding non married parents.

EnjoyIt wrote:
Sun Mar 10, 2019 9:43 pm
If the father is out of the picture then how can the father fill out the Profile?
Unless he makes himself hard to find/contact, the Non-Custodial Profile can be delivered to him so that he can fill it out and return it to CSS. Does he plan to completely cut off contact with his child?
by DIFAR31
Sun Mar 10, 2019 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Child has no Federal taxes but does have NY taxes. Make sense?
Replies: 15
Views: 1074

Re: Child has no Federal taxes but does have NY taxes. Make sense?

markcoop wrote:
Sun Mar 10, 2019 9:38 pm
I guess I have the same question as last time - does that make sense?
Yes.
by DIFAR31
Sun Mar 10, 2019 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: 529 question regarding non married parents.
Replies: 7
Views: 510

Re: 529 question regarding non married parents.

If the parents are the legal parents of the child/student and they are living together with the child, financial information for both parents will need to be reported on FAFSA regardless of the marriage status, and based on the information presented it is unlikely that the child will qualify for an...
by DIFAR31
Sun Mar 10, 2019 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Should I leave my local bank
Replies: 43
Views: 3572

Re: Should I leave my local bank

Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher. I have a local bank, and I have always pulled money from my online accounts. I am not sure how to even push money from my local bank except using Popmoney. A small local ...
by DIFAR31
Sun Mar 10, 2019 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Getting an electronic copy of my legal docs and switching attorneys
Replies: 13
Views: 1402

Re: Getting an electronic copy of my legal docs and switching attorneys

New trust document superseded the old trust document, but we kept the same trust name, so account titling and real estate titling did not need to be updated. How did you manage that? My trust has a date. It's currently: "The Duckie Trust dated 2/16/2008". When the date was changed the account title...
by DIFAR31
Sun Mar 10, 2019 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: 529 question regarding non married parents.
Replies: 7
Views: 510

Re: 529 question regarding non married parents.

If the parents are the legal parents of the child/student and they are living together with the child, financial information for both parents will need to be reported on FAFSA regardless of the marriage status, and based on the information presented it is unlikely that the child will qualify for any...
by DIFAR31
Sun Mar 10, 2019 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Moving out of state: residency status for kid in college?
Replies: 1
Views: 329

Re: Moving out of state: what about kid in college?

Question: what should be her state of legal residence when we leave Virginia? Her state of legal residence depends on her intent and on what actions she takes to validate that intent. Would she be forced to get a drivers' license in the state we're living in when her VA license expires in the next ...
by DIFAR31
Sun Mar 10, 2019 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Should I leave my local bank
Replies: 43
Views: 3572

Re: Should I leave my local bank

Try pulling the money from Ally instead of pushing it from your local bank. Ally's daily transfer limits are undoubtedly higher.
by DIFAR31
Sun Mar 10, 2019 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: simple will for a catastrophic event
Replies: 88
Views: 3438

Re: simple will for a catastrophic event

P.S. before 3 of us travel, I will leave a 50k cheque in my drawer payable to my elder kid. Where do you do your banking? Is there any reason you can't designate a POD beneficiary? It would be much easier for people to give you cogent advice if you disclose what jurisdiction you reside in. Otherwis...
by DIFAR31
Sun Mar 10, 2019 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Child has no Federal taxes but does have NY taxes. Make sense?
Replies: 15
Views: 1074

Re: Child has no Federal taxes but does have NY taxes. Make sense?

markcoop wrote:
Sun Mar 10, 2019 10:41 am
Does that make sense that she wouldn't owe any Federal taxes but would owe state taxes?
Yes.
by DIFAR31
Sat Mar 09, 2019 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: kiddie tax pub929[2018] still not available from IRS
Replies: 3
Views: 180

Re: kiddie tax pub929[2018] still not available from IRS

I take it that filing a separate return for your child, where only $50 in dividends would mean no tax owed, is more of a chore than adding an additional form to your return and paying the possible additional tax on the $50? All you would need to file if you did a separate return for your child is th...
by DIFAR31
Sat Mar 09, 2019 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: kiddie tax pub929[2018] still not available from IRS
Replies: 3
Views: 180

Re: kiddie tax pub929[2018] still not available from IRS

The draft of the 2018 version is available, with all the applicable cautions and warnings. https://www.irs.gov/pub/irs-dft/p929--dft.pdf It's not clear what you are trying to do. Form 8814 is not the "kiddie tax" form; that would be form 8615. If your intent is to use form 8814, I'm curious as to wh...
by DIFAR31
Fri Mar 08, 2019 11:23 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct shows $1,362 taxable income but $0 tax on 1041 (Trust)
Replies: 2
Views: 282

Re: TaxAct shows $1,362 taxable income but $0 tax on 1041 (Trust)

Any income that's not qualified dividends or LTCG will get reduced first by the $100 exemption. The rest of the income, all QD and LTCG, is below the $2,600 break between the 0% and 15% QD/LTCG brackets, so no tax on that. So, if all the income that's not QD or LTCG is less than $100, there is no ta...
by DIFAR31
Fri Mar 08, 2019 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Serious tax help needed
Replies: 6
Views: 777

Re: Serious tax help needed

I live in the US and am working on my taxes for 2018. My filing status is single. I’ve never before had a problem because my company withholds federal income tax from my wages, so I was very surprised to see in TurboTax it is telling me I owe about $8k in taxes this year. Here’s what it says on my ...
by DIFAR31
Fri Mar 08, 2019 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: simple will for a catastrophic event
Replies: 88
Views: 3438

Re: simple will for a catastrophic event

Emergency funds:about 200k. Thats the part I wish my elder kid to have immediate access to pay for tuitions, living expenses. Whatever legal stuff goes through until the elder kid can full access to our assets(non registered, registered investment accounts) Just make the emergency fund Payable on D...
by DIFAR31
Thu Mar 07, 2019 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Recent Death of Father and Looking At Life Insurance Payout Options
Replies: 25
Views: 2022

Re: Recent Death of Father and Looking At Life Insurance Payout Options

I think your situation of someone taking monthly payments in lieu of a lump sum payment is different in terms of taxes, from taking the lump sum, only. Yes, of course. I'm not saying that a lump-sum death benefit is taxable. THEN, OP/family may use some or all of it, now or later, to get a life ann...
by DIFAR31
Thu Mar 07, 2019 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Recent Death of Father and Looking At Life Insurance Payout Options
Replies: 25
Views: 2022

Re: Recent Death of Father and Looking At Life Insurance Payout Options

Thanks, Difar, That personal experience is really helpul thanks for sharing that. You are welcome, and my condolences on your loss. The best piece of advice I can give you, if you haven't already done this, is to get a copy of the actual policy as it was written to be sure you know what the payment...
by DIFAR31
Thu Mar 07, 2019 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Recent Death of Father and Looking At Life Insurance Payout Options
Replies: 25
Views: 2022

Re: Recent Death of Father and Looking At Life Insurance Payout Options

There is no tax on life insurance proceeds. If you choose to annuitize the death benefit there can be. OP said that one of the available options is monthly life payments of $475 for 20 years certain. That's a minimum of $114k in total payments (more if the beneficiary lives longer than the certain ...
by DIFAR31
Thu Mar 07, 2019 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Recent Death of Father and Looking At Life Insurance Payout Options
Replies: 25
Views: 2022

Re: Recent Death of Father and Looking At Life Insurance Payout Options

There is no tax on life insurance proceeds. If you choose to annuitize the death benefit there can be. OP said that one of the available options is monthly life payments of $475 for 20 years certain. That's a minimum of $114k in total payments (more if the beneficiary lives longer than the certain ...
by DIFAR31
Thu Mar 07, 2019 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan, AOTC and Turbo Tax
Replies: 19
Views: 1035

Re: 529 Plan, AOTC and Turbo Tax

I just thought of a follow-up question. Since the school issues the 1099 with both the fall & spring tuition figures reported on the 1098-T, even if they allow me to pay late, will I still be able to claim the AOTC for that final spring semester? Using the current 1098-T as an example, it includes ...
by DIFAR31
Mon Feb 25, 2019 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: If I split a single W2 on a part year resident return, will I have to paper file the return vs. e-file?
Replies: 12
Views: 649

Re: If I split a single W2 on a part year resident return, will I have to paper file the return vs. e-file?

I'm not familiar with NC rules but there could be a reason for that. My state (GA) provides a credit for taxes paid to other states so that you're not 'double taxed' on your income. However, in order to receive this credit, I was required to submit a copy of the other state's tax return. This meant...
by DIFAR31
Sun Feb 24, 2019 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to ensure USPS mailed tax return makes it to IRS
Replies: 52
Views: 3708

Re: Best way to ensure USPS mailed tax return makes it to IRS

If you are doing your taxes by hand, why not use Free File Fillable Forms? Free e-filing means you can dispense with any worry or cost involved with sending a return through USPS. Because it requires Adobe Acrobat. Not a just a pdf reader but the buggy spyware from Adobe. Or at least it says they d...
by DIFAR31
Sun Feb 24, 2019 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Education Credits
Replies: 3
Views: 169

Re: Education Credits

The process you describe covers the LLC and the non-refundable part of the AOTC. There is an additional step if a refundable part of the AOTC applies: Enter the refundable part of the AOTC, as calculated on Form 8863, on line 17c of Form 1040.
by DIFAR31
Sat Feb 23, 2019 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan, AOTC and Turbo Tax
Replies: 19
Views: 1035

Re: 529 Plan, AOTC and Turbo Tax

Son's school requires payment of Spring tuition before end of December so if my income is still below the AOTC threshold, I will have to see if they will allow me to pay $4000 on Jan 1st of his senior year. Appreciate the thoughtful comments. I have faced the same situation with a requirement to pa...
by DIFAR31
Sat Feb 23, 2019 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: UTMA tax help
Replies: 3
Views: 261

Re: UTMA tax help

Hi My FIL passed away and had a small UTMA for my son ($7500). Im the new custodian for the account and received a 1099-DIV for $146 in total qualified dividends. Do I have to add this to my tax return or file one for my son? He has no other income Your son's standard deduction covers that full amo...
by DIFAR31
Sat Feb 23, 2019 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan, AOTC and Turbo Tax
Replies: 19
Views: 1035

Re: 529 Plan, AOTC and Turbo Tax

If the OPs dependent is a freshman in College they still have 4 years to claim the AOTC if they do not claim it this for 2018. Sophomore Year 2019 -2020 AOTC for 2019 Junior Year 2020-2021 AOTC in 2020 Senior Year 2021 - 2022 AOTC 2021 and 2022 True, if all the other eligibility criteria still allo...
by DIFAR31
Sat Feb 23, 2019 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to ensure USPS mailed tax return makes it to IRS
Replies: 52
Views: 3708

Re: Best way to ensure USPS mailed tax return makes it to IRS

Aside from putting a stamp on occasional snail mail, I rarely use the USPS. But I am aware of the horrors of lost mail. This year, I decided to do my taxes by hand using downloadable forms and would like to mail the return in. I’d like to do everything I can to ensure it arrives at the IRS. Could s...
by DIFAR31
Sat Feb 23, 2019 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: State and Property tax deduction - how to get
Replies: 13
Views: 693

Re: State and Property tax deduction - how to get

If your standard deduction is $12,200 for single or $24,400 for MFJ, why does it matter if the property tax shows up or not? Your SALT deduction limit is $10,000; the remaining $2,200 (or $14,400) must come from deductions other than taxes. Sounds like you don’t have any. So Turbotax is deciding to...
by DIFAR31
Sat Feb 23, 2019 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan, AOTC and Turbo Tax
Replies: 19
Views: 1035

Re: 529 Plan, AOTC and Turbo Tax

Looking at Pub 990, I do not think you can claim the AOTC credit... I think you mean Pub 970. Did you or someone else receive a refund of all the expenses? You can’t claim the Americanopportunity creditfor 2018. This is referring to a refund from the educational institution. A distribution from a 5...
by DIFAR31
Fri Feb 22, 2019 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Plan, AOTC and Turbo Tax
Replies: 19
Views: 1035

Re: 529 Plan, AOTC and Turbo Tax

All of the above is true, although I am questioning 'money out of pocket': " none of the expenses paid for in 2018 were covered by money not from a 529 account (i.e. scholarships, grants, tuition reimbursement, money from loans, money out of pocket)." $4000 was money out of my pocket, but then I am...