Search found 1931 matches

by international001
Thu Apr 22, 2021 8:41 pm
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

Reading through pub 514 makes instructions 1116 easier to understand. In a simplified way, this is how FTC works for capital gains Adjustment exception: < 24% tax bracket, or <$20k on foreign income Capital-net-gains = capital gains - capital loss With adjustment exception , add capital-net-gains to...
by international001
Wed Apr 21, 2021 9:40 am
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

I Finally got a hold of a CPA at Turbotax (with 20 years of experience). Rather pathetic. I knew more than him (he kept looking for the foreign tax paid on the 1099-B). At the end, he told me that since I knew what to expect, just put the foreign capital gains where you get that result. The 'lt capi...
by international001
Tue Apr 20, 2021 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

1. The value of that extra 0.25% is in the eye of the beholder. $1000 of spend gets you an extra $2.50 I suppose if you are going to need to spend that $1000 or $2000 why not max it out? 2. The focus is not with groceries but with getting 5.25% rewards for every other category of spending. For exam...
by international001
Tue Apr 20, 2021 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

The 3% does not make it worthwhile compared to 2% Fidelity Visa Rewards card. $500 + $5.95 (fee) = $505.95 3% of $505.95 = $15.1785 $15.1785 - $5.95 = $9.2285 $9.2285 ÷ $500 = 1.8457% versus 5% $500 + $5.95 (fee) = $505.95 5% of $505.95 = $25.2975 $25.2975 - $5.95 = $19.3475 $19.3475 ÷ $500 = 3.869...
by international001
Tue Apr 20, 2021 7:59 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

I was finally able to buy a Vanilla Gift Card. $250 + $ 3.95 on fees (overcharge 1.58%) Perhaps it was that I reduced the amount from $500 to $250 or that I changed the email address where I sent it to. But it's not considering it as an online category and I just get the low (1%+0.75%) rewards So I ...
by international001
Sat Apr 17, 2021 12:42 pm
Forum: Investing - Theory, News & General
Topic: Turbo Tax and foreign tax credit for states
Replies: 0
Views: 115

Turbo Tax and foreign tax credit for states

My state is NC I usually have foreign taxes on 1099-DIV (box 7) Stupid me, I haven't claimed any FTC on state return all these years. On Turbo Tax, it seems I can go to State return > Credits and taxes > Other State or Foreign County Tax Credit, and introduce all my foreign taxes and income. Then a ...
by international001
Fri Apr 16, 2021 6:53 pm
Forum: Investing - Theory, News & General
Topic: Strategy for FTC and 1116: Planning to get FTC carryovers for next year
Replies: 1
Views: 266

Re: Strategy for FTC and 1116: Planning to get FTC carryovers for next year

Correction. I was wrong on 2. Capital gains are also reduced by multiplying them by 15/37, same as qualified dividends, when you have no exception. Still, best strategy is to try to concentrate all capital losses in one year. You won't get any FTC, but you don't get any 'negative FTC' either, so let...
by international001
Thu Apr 15, 2021 7:59 am
Forum: Investing - Theory, News & General
Topic: What’s the problem with dividends?
Replies: 300
Views: 16857

Re: What’s the problem with dividends?

Kenneth French has studied the dividend phenomenon and has documented that, historically, dividend paying stocks have provided higher total returns, with lower standard deviation of those returns, compared to non-dividend paying stocks. This may be a case of investors being willing to pay a higher ...
by international001
Thu Apr 15, 2021 7:57 am
Forum: Investing - Theory, News & General
Topic: What’s the problem with dividends?
Replies: 300
Views: 16857

Re: What’s the problem with dividends?

Example: You receive a $500 dividend. All $500 is taxed ( $75 at 15% tax). Instead, if you sold it yourself and $100 of it was gains, you'd only pay $15 in tax. That's a $60 difference for just $500. Measure apples to apples. Compare the net return after taxes wether the company increases 25% in va...
by international001
Thu Apr 15, 2021 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Calling all CPA's
Replies: 22
Views: 1883

Re: Calling all CPA's

Even if taxes stay like this forever

Ordinary income under 24%, AGI under $200k (to avoid NIIT -aka medicare tax -) (assume single), it's a good deal. I suspect your are wealthy enough your future tax brackets are not going to go under 24% (or very unlikely). So lock on that 24%.
by international001
Thu Apr 15, 2021 5:55 am
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

From my current investigations (looking at one particular Spanish stocks), it seems ' scrip dividends right-to-buy sold' are not to be withhold to non-residents, so that's a tax I cannot claim. Same concept that dividend withhold over treaty rate. Didn't find anything specific about using scrip divi...
by international001
Thu Apr 15, 2021 5:48 am
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

Tx. Still waiting on turbotax So far, I only have one category (passive income). Let's keep the discussion 'simple' for now assuming just that. And yes, I added those foreign income as 1099-B and 1099-DIV, so it shows as my world wide income I translate all my foreign taxes and income into dollars b...
by international001
Tue Apr 13, 2021 10:21 am
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

I'll contact TurboTax ;-) Regardless, any idea you may have it may be useful. What would make a major difference are capital gains. I assume that if you have capital gains and capital losses, you have to include them either in 1a or line 5, but not in both. Does it make sense looking at Worksheet A/B?
by international001
Tue Apr 13, 2021 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

I keep trying to buy vanillagift with cash rewards, but it's denied. Customer service just tells me it is considered risk fraud (without giving more details).
Anybody has been successful with an debit card?
by international001
Mon Apr 12, 2021 7:56 pm
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

Were foreign taxes withheld on only the foreign dividends or were they also withheld on the foreign capital gains income? Foreign country is Spain. I have all cases: - Dividends withhold at 19%. Per treaty they should withhold at 15%, so I'm only claiming 15% of taxes paid on the 'foreign 1099DIV. ...
by international001
Mon Apr 12, 2021 7:35 pm
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

In any case, I really don't know how to handle a foreign ETF and am not sure what you mean. If it's domiciled outside the US, you will have to go through PFIC taxation I think. That's my thinking. I enter foreign distributions as a 'fake' 1099DIV. I had some capital gains that was taxed so I decide...
by international001
Mon Apr 12, 2021 4:54 am
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

Re: FTC and 1116: How to do it with TurboTax

Thanks for the answers I'm US resident, but I have some foreign stocks directly hold at a foreign broker (I'll get rid of them eventually). I'm using Turbo Tax Premier. So on 1099DIV section I may enter $1000 as foreign dividends received. Then I go to the foreign taxes section and when it asks me '...
by international001
Sun Apr 11, 2021 6:21 pm
Forum: Investing - Theory, News & General
Topic: FTC and 1116: How to do it with TurboTax
Replies: 14
Views: 1144

FTC and 1116: How to do it with TurboTax

I'm having trouble reconciling TurboTax questions when doing FTC and the 1116 instructions. I'd appreciate if anybody can show some light in any of my questions below. For reference, I have some foreign dividends (I add using 1099DIV section of Turbotax), and some foreign capital gains and losses. O...
by international001
Sat Apr 10, 2021 5:56 pm
Forum: Personal Investments
Topic: If you file IRS form 1116...
Replies: 57
Views: 4630

Re: If you file IRS form 1116...

They are from Vanguard brokerage.
As far as I can tell, I have everything I need on my '2020 Tax Information Statement'
by international001
Sat Apr 10, 2021 5:42 pm
Forum: Personal Investments
Topic: Sidedoor Roth
Replies: 36
Views: 2456

Re: Sidedoor Roth

I think in general any time an IRA makes a transaction between itself and its owner, it's a "prohibited transaction" defined by the IRS But normally this comes up when people want to buy real estate with their IRA and then are not allowed to do any of the maintenance, etc. on the property...
by international001
Thu Apr 08, 2021 5:11 pm
Forum: Personal Investments
Topic: Sidedoor Roth
Replies: 36
Views: 2456

Re: Sidedoor Roth

Consider this other scenario You put a sell trade for your Roth stocks with a very ask price. You tell your broker to select that particular lot for your your taxable account, even if there are more lots with a lower ask price. One month later, you sell them. Or is not possible to do this off-market...
by international001
Thu Apr 08, 2021 4:27 pm
Forum: Investing - Theory, News & General
Topic: First 20% of bonds in long-term Treasuries
Replies: 1107
Views: 92272

Re: First 20% of bonds in long-term Treasuries

Aren't we here comparing 20% in LTT vs 20% in ITT?

Assume 80% in stocks. The advantages of LTT:

1) Higher volatility
2) Lower correlation with stocks
3) Higher return (over long term)

Even if 3 doesn't come true, because some unexpected monetary policy, 1 and 2 could make for it.
by international001
Tue Apr 06, 2021 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

Well, Spain is full of communities of English, German and French people.
If you are looking for sun, beaches, cheap food and cheap healthcare, why not? Same that many retirees going to FL
If your priority is to be part of a community, then perhaps the best idea is not to move in the first place.
by international001
Mon Apr 05, 2021 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How to do a state amendment for 2017
Replies: 5
Views: 365

Re: TurboTax: How to do a state amendment for 2017

I finally got a representative who would had enough sense to inform the supervisor. They verified 2017 states returns were broken. I was told they would fix it in a couple of days. Did not happen, so I'm happy I did them manually. It beats me that nobody tests these simple things regularly. It makes...
by international001
Mon Apr 05, 2021 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

Yes, the use of caps was intentional. Just because one declares oneself retired you may still be subject to a charge for the national health care if you are a resident of France from a non EEA country. This charge would take into account income from all passive sources. In this context "retire...
by international001
Mon Apr 05, 2021 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

I agree with not making a debate where none exists. That was my position. That would also involve not making blanket declarative statements about what the word "pension" means. I was using it in a way that's consistent with any circumstance that I've ever encountered, while allowing that ...
by international001
Thu Apr 01, 2021 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

That may be commonly understood in your circles but not anywhere I've been. For example, IRS Publication 575 says: "A pension is generally a series of definitely determinable payments made to you after you retire from work. Pension payments are made regularly and are based on such factors as y...
by international001
Thu Apr 01, 2021 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

Going back to my original request. If office depot credit card does not work, would any other would?

I looked for instance at
https://www.vanillagift.com/silver-gift

$500 for $5.95 (about 1.2% fee). So will it count as online purchase? And will I be able to use it for taxes?
by international001
Tue Mar 30, 2021 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

This is a free seminar on IRA/Roth/Pension tax treatment for US Expats, just showed up in my mailbox today. https://www.eventbrite.com/e/iras-and-other-retirement-plans-for-american-expats-tickets-147792359927 And here is a list of all their upcoming seminars, with several for Expats in France http...
by international001
Tue Mar 30, 2021 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

No... it doesn't matter the amount I cannot click

I have no problems if I try to buy a gift card from a merchant
Do you have the same problem?
by international001
Tue Mar 30, 2021 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

What am I doing wrong? IT doesn't let me click

Image
by international001
Mon Mar 29, 2021 7:06 pm
Forum: Personal Investments
Topic: Tax efficiency 2020
Replies: 19
Views: 3380

Re: Tax efficiency 2020

Tx I'm trying to make sense of the inputs. I see for the Vanguard ETFs you use some formulas Why is column G (Totdal Div Distrib) including Colum M (Foreign Tax paid) I understand box 1 of 1099DIV is G (Totdal Div Distrib), nand colum F (total Dist) doesn't have a corresponding box. Perhaps you coul...
by international001
Mon Mar 29, 2021 5:31 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

ivk5 wrote: Mon Mar 29, 2021 1:54 am I would be interested to know in what European country one can remain registered as a resident (eg for health care) without being obligated to report
worldwide income. That is not the case in places I’m familiar with.
Yes. What is exactly (non-tax) residence? Where you own a home?
by international001
Mon Mar 29, 2021 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

Yes, definitely. Many expats "move" to these states for that reason, before moving overseas. Florida is popular with those destined for France, as the driver's license can be exchanged directly in France. Can you explain? I thought as an expat you would not have to pay state taxes. Or is ...
by international001
Sun Mar 28, 2021 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

Yes, definitely. Many expats "move" to these states for that reason, before moving overseas. Florida is popular with those destined for France, as the driver's license can be exchanged directly in France. Can you explain? I thought as an expat you would not have to pay state taxes. Or is ...
by international001
Sun Mar 28, 2021 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

Spain would be a bit higher because you have to tax SS at Spanish rates and only get credits at US rates (looking at lower tax brackets) So you are comparing $130k net in US vs $120k net in France? It depends on what you spend, but I'd think you'll live better in France. No, I’m comparing what taxe...
by international001
Sun Mar 28, 2021 7:37 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

In their case, they kept their state insurance, even after moving back to the USA. It's actually quite cheap if you are not working in the country. And yes, you can pay extra for private insurance that allows for upgrades (access to private clinics, etc.), or simply pay extra for those upgrades ad ...
by international001
Sat Mar 27, 2021 6:36 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

You can still buy $500 Visa cards from Office Depot Gift Card Mall site. Just did it a few days ago and got the full 5.25% cashback. The actual math is $505.95 for the card. $26.56 cash back $2-2.58 fee to pay IRS depending on vendor. Profit of about $18 per card. Use to be able to make 2 payments ...
by international001
Sat Mar 27, 2021 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

It’s not just social security, it also includes “pension distributions and other similar remuneration arising...in consideration of past employment.” But yeah, I agree, this only makes a big difference if you’ve got really substantial retirement income. My wife and I have a combined $150,000 in soc...
by international001
Fri Mar 26, 2021 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

He was a film maker married to a European, they had kept their European healthcare even after moving back to the USA. He needed back surgery, and it would have been incredibly expensive in the USA. So they flew back to Europe for a summer vacation, and used that time for his surgery. The flights, 6...
by international001
Fri Mar 26, 2021 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Any expats retired in europe? How much needed to retire?
Replies: 135
Views: 18471

Re: Any expats retired in europe? How much needed to retire?

I have a very hard time believing that you'd pay lower taxes living in France than in Andorra, as a US Person. Clearly, for Andorra, you'd pay essentially US federal taxes and no state taxes. For France, I'd think you'd pay the higher of either French or US taxes, and France has way higher tax rate...
by international001
Fri Mar 26, 2021 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: [Tax Day for individuals extended to May 17 - filing and payment]
Replies: 56
Views: 4282

Re: [Tax Day for individuals extended to May 17 - filing and payment]

SuzBanyan wrote: Fri Mar 26, 2021 2:25 pm Hawaii has determined NOT to extend its state tax deadline. https://governor.hawaii.gov/newsroom/de ... l-20-2021/
How would this work? Don't you need to file federal taxes before state?
by international001
Fri Mar 26, 2021 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Re: Credit Card: BoA Cash Rewards and online category

aristotelian wrote: Fri Mar 26, 2021 7:17 am Purchasing gift cards and gift codes online does work for me. Still, I don't do much in person shopping and groceries already get 3.5% so I don't use gift cards much.
I don't want a gift card. I want a debit card that I can use for anything (including taxes).
by international001
Thu Mar 25, 2021 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Card: BoA Cash Rewards and online category
Replies: 53
Views: 4561

Credit Card: BoA Cash Rewards and online category

I'm trying to figure out where I can use 'online' as category As I understand, other categories are about "merchant type". "Online" makes reference to the way you pay, and it includes any "merchant type". So I guess an online purchase could qualify under online category...
by international001
Thu Mar 25, 2021 7:28 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How to do a state amendment for 2017
Replies: 5
Views: 365

Re: TurboTax: How to do a state amendment for 2017

My next option is to do the amendment manually.
But all the learning curve is a PITA. That's the reason I bought Turbo Tax, to simplify things. Never had problems in the past amending a state return.
by international001
Wed Mar 24, 2021 11:12 am
Forum: Personal Consumer Issues
Topic: TV size question
Replies: 105
Views: 5826

Re: TV size question

As others said, it depends on you visual accuracy (so the older you are, the less resolution you need) But the other recommendation is to get a visual field of 30 degrees for general TV, and 40 degrees for movies (horizontally) . So you can do some trigonometry and figure it out. Interestingly, last...
by international001
Wed Mar 24, 2021 11:01 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax: How to do a state amendment for 2017
Replies: 5
Views: 365

TurboTax: How to do a state amendment for 2017

I'm asking here because all TurboTax customer representatives seem clueless and not very helpful. I'm using the TT Premier 2017 Windows App. It gives me an error saying the state forms are not available. When it tries to download them, it seems it can't and asks me to try later. None of the workarou...
by international001
Sun Mar 21, 2021 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: [Tax Day for individuals extended to May 17 - filing and payment]
Replies: 56
Views: 4282

Re: [Tax Day for individuals extended to May 17 - filing and payment]

And NC: https://www.ncdor.gov/
NCDOR Extends Individual Income Filing and Payment Deadline to May 17
MAR 18, 2021
Change matches the extension of the federal tax deadline
by international001
Sun Mar 21, 2021 8:49 pm
Forum: Non-US Investing
Topic: Question about US Ireland Tax Treaty
Replies: 19
Views: 2042

Re: Question about US Ireland Tax Treaty

Defects in foreign tax credit rules Thanks for the article! It describes some of the problems I found by reading 1116 instructions and playing Turbotax. In case somebody is interested, here I describe some of my strategies for my personal situation: https://bogleheads.org/forum/viewtopic.php?f=10&a...
by international001
Sun Mar 21, 2021 8:49 pm
Forum: Spain
Topic: Spain and Roth IRAs
Replies: 126
Views: 16368

Re: Spain and Roth IRAs

My last posts were referred to the situation of someone who have not reached the age of retirement and 720. I want to add more information in this point: Pension plans have to be declared always when you have reached the conditions to redeem them, and you dont redeem it because you dont want to do ...