Bogleheads.org

I don't love it being soley in their name. If I opened an account in my name, for "their" money, how can I transition it to them later in life? Won't there by negatives with this route as well? There are negatives - first and foremost, if the money is gifts from other people then it belongs to your child and shouldn't be in your account. What if you get sued into bankruptcy? What happens if you die or become incapacitated while your child is still a minor? What if you get divorced and your ex-spouse takes half of it? Etc., etc. If you want to invest some of your money to gift to your child later in life, keep it in your name. If you and/or other people give money to your child now, it should be held/invested in the child's name w...

We had a bad experience with UHaul: Ordered everything and paid online, then took the vehicle to them at the scheduled time. When we picked it up, they had installed the wrong size hitch because "they didn't have the other one in stock." No phone call, text, or email - they just decided to install a hitch we didn't order, that wasn't the size we wanted. Not only did they refuse to correct the error, but tried to charge us more because they hitch they installed was more expensive.

Why are you concerned about an audit?

smalliebigs wrote: ↑Wed Mar 08, 2023 9:38 am My 3yo is drunk all the time, so he's fine anywhere.

I would look for any type of double-walled steel thermos that is the correct height.

10K for "routine" surgery on a dog? Doesn't sound routine to me.

Did you ask the vet office about a no-interest payment plan?

idc wrote: ↑Sun Feb 26, 2023 8:21 am
The questions for this forum though are:
1. At which point do you share details of finance with children?
2. How much of your wealth details are you sharing with the rest of the extended family?

1. Probably never
2. No one

homebuyer6426 wrote: ↑Fri Feb 24, 2023 11:31 am
Clues and correlations. Fast cars, cigarettes, alcohol, pursuer of a lot of temporary experiences like concerts, vacations... frequent and short-lived romantic relationships, gambling, risk-taking behaviors. Anything that demonstrates time-preference for the current moment rather than future planning. Desire to impress those around you. Asking other people for money regularly. A person might be able to hide some of this from others, but part of it is going to show through.

This list gave me a good chuckle, thanks.

homebuyer6426 wrote: ↑Fri Feb 24, 2023 9:58 am

I think it is usually possible to see if people are the saving vs. spending type without giving them a lot of money. They just need to have the ability to save at least 10-20% - then you look at whether or not they are doing it.

How would a parent (or anyone else) be able to assess this? I would never talk about my finances with my parents. They have no idea how much money I have or how I spend it.

international001 wrote: ↑Thu Feb 23, 2023 5:39 pm

oldfatguy wrote: ↑Thu Feb 23, 2023 12:29 pm

international001 wrote: ↑Wed Feb 22, 2023 7:25 pm I know somebody claiming health coverage by megacorp to a domestic partner is not included on W2 box 1. Why would that be?

The employer is in error, or someone has a misunderstanding. Or, perhaps the domestic partner meets the criteria as a dependent?

I was told no. But perhaps employer is mistaken? How would they know?

Good question, and I have no idea. I suppose if someone claimed there domestic partner was a dependent, they might be asked to provide a tax return as evidence.

international001 wrote: ↑Wed Feb 22, 2023 7:25 pm I know somebody claiming health coverage by megacorp to a domestic partner is not included on W2 box 1. Why would that be?

The employer is in error, or someone has a misunderstanding. Or, perhaps the domestic partner meets the criteria as a dependent?

My employer claims to have a pension plan that, as far as I can tell, I should be auto-enrolled in. It's a "cash balance" plan that they contribute an amount to annually based on salary, years of service, and age. However, there's no account page that I can log into and see my current balance, and no account statements. There is only a generic calculator where you plug in a retirement date and some other assumptions, and it gives you estimates for the lump sum and annuity options as of that future date. I've tried calling for more information, and the reps only seem to have the same information on the internal website and point me to the calculator. Is this normal? Since I've been at the company a while, why can't I see the cumul...

jodhpur wrote: ↑Wed Feb 22, 2023 2:07 am I do think I would consider a prenup.

Definitely.

Additionally, OP, if you live with your partner before getting married (or will in the future), you should consult with an attorney about whether or not some type of cohabitation agreement is advisable in your state.

Ani wrote: ↑Wed Feb 22, 2023 7:13 am
Yes, the expectation was he would give the money back to me.

That sounds like a loan.

Valuethinker wrote: ↑Tue Feb 21, 2023 11:29 am

Unless this conversation is ironic, this conversation is almost a parody of what one would expect a bunch of post middle age affluent guys to say ...

Well, I'm neither of those things. But I hope to be one of them someday.

dukeblue219 wrote: ↑Tue Feb 21, 2023 7:02 am

livesoft wrote: ↑Mon Feb 20, 2023 2:42 pm Also I worked full-time in high school at $1.60 to $1.80 an hour and saved most of that money to pay for my college.

I'm genuinely curious how that is even possible. High school for me started at 8:00 AM and ended at 3:30. I had 2-3 hours of homework a night. Were you working 4pm until midnight? I mean, damn, that's a hell of a work ethic to pull that off but it doesn't seem possible to me (as a coddled Millennial, I know).

There was a lot more free time before the internet.

I keep hearing and reading about all the shortages in mental health practitioners. But I really don't have a good grasp of the best career paths and courses of study to get there. Note, she probably isn't thinking of going the MD path and becoming a psychiatrist. Never say never I guess, but I don't see her doing that. What advice do those of you in the profession have for her? What would be the best educational and career pathway? If she wants to be a therapist, and isn't interested in the "medical" approach, then there are three major pathways/credentials she should explore. To become a counseling psychologist, she will need a PhD or PsyD in Psychology. PhD programs in psych are very competitive. She can also be a therapist, ho...

This may be a silly question, but I don’t know the answer. My partner (we are unmarried, each file taxes as single), and I are buying a home as joint tenants with right of survivorship in New York. This means we will own the house 50/50. Both our names will be on the title/deed/mortgage equally. To pay the closing costs, it seems easier to pay via one wire transfer from one account rather than two accounts, so we are planning to: 1) they will transfer some money to me (about 50k) 2) I will pay the full closing costs on our behalf, with the pooled funds Does this trigger some kind of gift tax because “they are giving me money”, even though it is then sent to the bank for a shared expense? My partner and I have been sharing a household for 1...

EdNorton wrote: ↑Mon Feb 20, 2023 10:03 am

mega317 wrote: ↑Mon Feb 20, 2023 9:36 am You are correct. (The interest is double taxed.) Imagine the scenario where you borrow 50k for a car, then change your mind the next day and put it back. No harm no foul.

The earnings of a 401k are taxed the same, upon withdrawal at ordinary income tax rates, regardless whether it's interest you paid from a loan or interest from a bond fund. I don't see that it's double taxed.

It's not just earnings in a 401K that are taxed, but all withdrawals (assuming it is not a Roth 401K).

Sho wrote: ↑Wed Feb 15, 2023 9:10 pm I do not want to pay 2500-3500 for will /trust .
Can someone who has done it suggest which online service should I use . Spouse with 2 kids, most of assets in retirement . One house , thank you

Find out what resources your state has for wills. My state has a "basic will" and "basic will with trust" as part of the state statutes.

Never have, never will.

Absolutely NOT #1 &2.

#3-infinity: Not your problem. Stay out of it.

scaredmoney wrote: ↑Tue Feb 07, 2023 6:31 pm

... project estimate of $800k ...

*Existing Home Value: $750,000 ...

We live in a low to moderate cost of living area ...

One of these things is not like the others.

guitarguy wrote: ↑Mon Feb 06, 2023 4:12 pm ... a great space to built a shelter for stacked firewood located about 6’ from the fire place.

You may want to keep in mind that a wood pile is a luxury high-rise for mice. I'd move it a bit farther from the house.

From 1983 to 1999 I was employed by a small municipal city in Maryland and was vested in the retirement plan. When I left I received a statement of estimated retirement benefits and recently I contacted the City’s HR department hoping to get an updated statement. The HR department was very helpful and contacted the retirement plan administrator who responded “We don’t provide statements to former employees prior to their normal retirement date”. My normal retirement date would be in 2030. This doesn’t seem right to me. Does anyone know if there is a requirement to provide a participant with information on request? This really gives me a feeling that I’m going to have “complications” when it’s time for me to collect. If your pension is simp...

Alan S. wrote: ↑Fri Feb 03, 2023 11:32 am
But am curious if these plans generally result in paying in advance of incurring the expense or in arrears, and how much. In other words, if you moved tomorrow would your final reconciliation bill be larger or smaller than if you were paying as you go?

That would depend a lot on the time of year/weather. On balanced billing, I am generally paying less than my actual bill during the winter months, and more than the actual bill in the spring/summer.

Maybe your daughter should be doing it?

KlangFool wrote: ↑Thu Feb 02, 2023 8:35 am

oldfatguy wrote: ↑Thu Feb 02, 2023 8:29 am

KlangFool wrote: ↑Thu Feb 02, 2023 7:11 am

If the kids can manage the money, you want them to manage it. If they can't, you want to maintain control until they can. UTMA don't give you the choice.

KlangFool

UTMA doesn't give you the choice when they reach the legal age, because it is their money.

Bingo! And, that is the problem.

In my context, we were talking about 10K to 20K for each kid.

KlangFool

If you think that letting people control their own money is a problem, I don't even know what to say to that. It's certainly one opinion.

KlangFool wrote: ↑Thu Feb 02, 2023 7:11 am

If the kids can manage the money, you want them to manage it. If they can't, you want to maintain control until they can. UTMA don't give you the choice.

KlangFool

UTMA doesn't give you the choice when they reach the legal age, because it is their money.

teen persuasion wrote: ↑Wed Feb 01, 2023 10:43 am Wish I could just enter things directly on forms, would be so much simpler and faster.

Have you tried Free File Fillable Forms?

The Center on Education and the Workforce (Georgetown) has excellent data about the earnings of college majors: https://cew.georgetown.edu/cew-reports/ ... egemajors/

They also published a ROI report for 4500 colleges and universities in 2022: https://cew.georgetown.edu/cew-reports/roi2022/

Please don't put your kids' money in an account in your own name. Use a UTMA account, even if it is only a few hundred dollars. Too many potential pitfalls, otherwise, and is at best "gray area" ethical and legal.

bg5 wrote: ↑Fri Jan 27, 2023 10:08 am Thanks for all the replies....the reason I made this post is I did not make any changes from 2022 to 2023 so I am trying to figure out why there is such a difference. I am wondering because of the tax credits of covid for my 3 kids possibly?

The only major change in our household is our income went up about $8000 in total so maybe thats it?

If you don't know why there was such a big difference from one year to the next, you probably need to check your (or your tax ppreparer's) work.

Filed my (very simple)1040 yesterday. No glitches and the return was accepted by the IRS.

Lots of people collect Social Security at age 62 or later, having never worked at all.

My property taxes were due 12/31 instead of the usual 8/30 (due to government failures). I went online on 12/31 to the county portal and submitted my bank account information to submit the payment. The charge went through my bank on 1/4. My question is, for tax purposes, can I include this payment on my 2022 taxes or do I have to include it on my 2023 taxes? I am on a cash basis for tax purposes. Sounds like payment was made by the bank in 2023 Rereading that, I'm not so sure. Since you paid through the county website, the transaction may have been recorded on 12/31/22. Did you get some kind f confirmation email or screen after submitting the payment? If your confirmation shows payment in 2022, then I'd say it counts for that year.

galawdawg wrote: ↑Tue Jan 24, 2023 9:49 am ORP for sure under the circumstances you describe.

Definitely this

Might want to read through one of the all-time great Boglehead threads: viewtopic.php?t=62092

apple44 wrote: ↑Mon Jan 16, 2023 11:02 am
Then she was taken to jail. In the morning, I finally got a call and I'm supposed to wait for a bond to be set and get her out. Is this overkill? She may not be fit to drive, but wouldn't it be enough to take her license? What's the point of putting a frail 67-year-old woman in jail for taking her medication and driving?

Not overkill at all if the police determined she was impaired, regardless of the source - alcohol, Rx drugs, OTC drugs, marijuana, etc.

Definitely hire a lawyer.

Tubes wrote: ↑Mon Jan 16, 2023 9:16 am I shred them only to avoid someone developing a footprint about my habits.

That foot print is digital if you are using credit/debit cards and/or store reward cards.

arf1410 wrote: ↑Sat Jan 07, 2023 11:59 am This has the potential to really ruin their lives.

I wish someone would have given me such an opportunity to ruin my life.

FLA1378 wrote: ↑Fri Jan 06, 2023 8:47 am Can anyone here kindly recommend a good health insurance option for non-low income, but unemployed people?

I am in a financial position where I can afford to be semi-retired with no income for extended periods of time. I am age 44 and in excellent health, so I don't realistically want to quit working for the rest of my life, but I would like the freedom to take extended periods of time off without putting my nest egg at risk.

It's not clear to me from what you posted if you plan to be no income or high income.

rich126 wrote: ↑Wed Jan 04, 2023 6:51 am Ideally a microwave should never be located over a range. A range hood/fan should be there and the microwave located elsewhere since they aren't good at working as a fan and I think the heat eventually gets to them. The houses I had that had over the range microwaves, the microwaves didn't last long while my countertop one lasted well over a decade.

We have a microwave over the range, and it is more than 20 years old now. Gets used just about daily.

No idea of the cost, but I use Kaltura Capture for work.

Mike Scott wrote: ↑Tue Dec 20, 2022 8:10 am If you are looking for comparisons, most families have "lean" years that last all of their life. Our "leanest" years lasted until the kids went to college. Adjust your goals as life happens.

This. I've never in my life been able to max out retirement accounts, and never will.

Andymoler58 wrote: ↑Mon Dec 12, 2022 9:56 pm My deductible is 5k and it’s a Health sharing plan instead of real health insurance so it’s out of pocket.

You chose to not have health insurance, and chose to go to the ER for treatment. Pay the bill.

Andymoler58 wrote: ↑Mon Dec 12, 2022 12:00 pm
I think they're owed about %50 of the bill.

Why do you think that?

Eurookat wrote: ↑Sun Dec 04, 2022 11:05 am I work FT from home and my wife works weekends. She is home with our infant during the weekday while our son goes to school. However, since he is only in morning kindergarten, we decide to place him in after school care at a local day care. Can I deduct the monthly tuition I pay for that?

Definitely not.

They don't. And I've never had a range good that vented outside, either. Really isn't necessary.

I would say no on the summer rent. 26 USC § 529(e)(3) defines "qualified higher education expenses" which includes "[r]oom and board included for students who are at least half-time . . . incurred by the designated beneficiary for room and board while attending such institution." The language "while attending such institution" is key here. If the student is not taking summer classes and attending at least half-time, then summer rent does not apply. I disagree with this perspective, and I support the OP's logic. I went to college "full time for four years". However, I was not there during the summer. I know, as a matter of fact, my professors did not teach during the summer and were often not there ei...