Search found 372 matches

by HereToLearn
Mon May 20, 2019 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Change health insurance plans and lose contribution towards deductible?
Replies: 4
Views: 351

Re: Change health insurance plans and lose contribution towards deductible?

Let's say someone changes jobs in July of a given year. Prior to July, they had a health insurance plan with a deductible and out of pocket max for the year - and they had paid $x towards that deductible. Now in July, they change jobs and start a new health insurance plan. New health plan means new...
by HereToLearn
Sat May 18, 2019 11:13 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Qualified Educational Expenses
Replies: 6
Views: 468

Re: 529 Qualified Educational Expenses

I will answer your last question first. Yes, the student must be considered enrolled at least half time during the summer session to take qualified education expenses for room and board during that period. How much of a qualified educational expense can be little more challenging. If the college or...
by HereToLearn
Sat May 18, 2019 10:26 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Qualified Educational Expenses
Replies: 6
Views: 468

Re: 529 Qualified Educational Expenses

I don't know the answer but my guess is no. I think you could get away with reimbursing for a 12 month lease as long as the total of the 12 months' payments does not exceed the university's published two semester room charge. However, 'get away with' is not advice you should follow. I am curious to ...
by HereToLearn
Mon May 13, 2019 3:59 pm
Forum: Personal Consumer Issues
Topic: PSA: Do you have working carbon monoxide detectors?
Replies: 44
Views: 2322

Re: PSA: Do you have working carbon monoxide detectors?

"Smoke detectors, as well as the typical CO detector, should be replaced after 10 years of service." Absolutely true and is part of the new laws around us for these devices - there are very clear instructions on where to affix these as well as how high in the room. The CO detector plugged in near t...
by HereToLearn
Sat May 11, 2019 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Should we take out student loan
Replies: 10
Views: 1012

Re: Should we take out student loan

Agree about not taking unsubsidized loan. Re: Credit Cards. You may want to have her apply for the card now while she is still home with you. I found it easier to help educate my children about CCs while they were living at home. I had them set up auto-pay out of their checking accounts as I figured...
by HereToLearn
Wed May 08, 2019 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

But it cost like one for OOS Then, go to one of your in-state flagships public university. It's not UT Is your kid = National Merit Finalist? He most likely will be. Why? I refuse to engage in another ridiculous discussion with Klang Fool. I am guessing that based on your response to him that you d...
by HereToLearn
Wed May 08, 2019 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

But it cost like one for OOS Then, go to one of your in-state flagships public university. It's not UT Is your kid = National Merit Finalist? He most likely will be. Why? I refuse to engage in another ridiculous discussion with Klang Fool. I am guessing that based on your response to him that you d...
by HereToLearn
Mon May 06, 2019 11:55 pm
Forum: Personal Finance (Not Investing)
Topic: Will vs POD?
Replies: 16
Views: 1824

Re: Will vs POD?

.....If you want to be buried in a nice place make sure you have that planned and sufficient assets in the probate estate to pay for it..... Well, even if you don't care and end up buried in a crummy place - you need to leave enough in your estate to pay a) Executor's fee (usually based on a percen...
by HereToLearn
Sun May 05, 2019 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

Beware — if your older child gets into private U with s nice merit package, younger child may also wish to apply and join older child and may get NO money so you are full pay. This happened to both our family and s good friend. It was a very expensive surprise to both of us! Fortunately both famili...
by HereToLearn
Sun May 05, 2019 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

HereToLearn, Bingo! My daughter studied at VCU of Richmond, VA. She had to walk past many homeless people on her way to classes. It was a life-changing experience for her. KlangFool Have you been to New Haven lately? Plenty of homeless people on Yale campus also, not that it’s a selling point. I do...
by HereToLearn
Sun May 05, 2019 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

<< if a kid can go to an Ivy League school like Harvard then I think it is worth the money. >> I disagreed. It does not make any sense to pay that much for an undergraduate degree. If the kid is good, he/she can get the employer to pay for the Harvard MBA. If the kid is not good enough to get the e...
by HereToLearn
Sun May 05, 2019 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

<< if a kid can go to an Ivy League school like Harvard then I think it is worth the money. >> I disagreed. It does not make any sense to pay that much for an undergraduate degree. If the kid is good, he/she can get the employer to pay for the Harvard MBA. If the kid is not good enough to get the e...
by HereToLearn
Sun May 05, 2019 11:11 am
Forum: Personal Finance (Not Investing)
Topic: College Tours and Open Houses
Replies: 40
Views: 2093

Re: College Tours and Open Houses

We began touring colleges this year for our sophomore. We started in-state because that is the cost what we plan to cover (except for books and whatever else gives DS "some skin in the game"). We just finished touring several out of state schools to give a comparison. The purpose of the touring so ...
by HereToLearn
Sun May 05, 2019 11:05 am
Forum: Personal Finance (Not Investing)
Topic: College Tours and Open Houses
Replies: 40
Views: 2093

Re: College Tours and Open Houses

Costs notwithstanding, what are some suggestions those of you who have been through this already can offer as we continue this process? Funny part to me is that some parents/students are about to spend $200k or more and see themselves as needing to impress schools. Spending that kind of cash based ...
by HereToLearn
Sun May 05, 2019 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Withholding for a teenager's summer job
Replies: 10
Views: 763

Re: Withholding for a teenager's summer job

Spirit Rider----yes, guilty...I am still filing taxes for my 20+ year olds. I make them sit down to review what I have entered. My excuse is that I paid for TT and it allows me to file five returns, but no, they are not income tax return savvy. I show the recent graduate how the tax tables operate ...
by HereToLearn
Sun May 05, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: College Expenses
Replies: 232
Views: 10888

Re: College Expenses

I paid the full "advertised rate" at Harvard for my daughter. My son attended Vanderbilt University on full tuition scholarship (merit based). I only paid for room and board. This turned out to be cheaper than the instate premier school. This anecdote fits what I have heard from others. Vandy and m...
by HereToLearn
Sat May 04, 2019 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Withholding for a teenager's summer job
Replies: 10
Views: 763

Re: Withholding for a teenager's summer job

Spirit Rider----yes, guilty...I am still filing taxes for my 20+ year olds. I make them sit down to review what I have entered. My excuse is that I paid for TT and it allows me to file five returns, but no, they are not income tax return savvy. I show the recent graduate how the tax tables operate a...
by HereToLearn
Sat May 04, 2019 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Withholding for a teenager's summer job
Replies: 10
Views: 763

Re: Withholding for a teenager's summer job

My suggestion may be met with protests here, but when my children worked during HS and college, I found it helpful that they saw less in their paychecks, and instead, received a refund in the spring. They then used that money to fund Roth IRA. If they had seen the money in their bank accounts each w...
by HereToLearn
Sat May 04, 2019 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Gain when selling your house - IRS reporting and reconciling?
Replies: 10
Views: 947

Re: Gain when selling your house - IRS reporting and reconciling?

I recently closed on the sale of my mother's house following her death. The attorney's final closing package includes a sheet titled 'Information for Form 1099-S'. The sheet includes the gross proceeds plus the real estate tax adjustment paid to seller at closing. The buyers' SSNs appear on the form...
by HereToLearn
Fri May 03, 2019 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: college kid and health insurance
Replies: 20
Views: 715

Re: college kid and health insurance

I have two college students with two different experiences. First school requires adequate level of coverage within their defined local service area. If parent's plan does not provide adequate level of coverage, university requires that student purchase the very excellent and comprehensive national ...
by HereToLearn
Mon Apr 29, 2019 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Income Cushion
Replies: 10
Views: 1188

Re: Retirement Income Cushion

If you were to predecease your wife, do you think she could not live comfortably on $110K/year? That strikes me as a comfortable living, assuming health care expenses do not spike tremendously. I recognize this is a huge unknown, but hopefully your wife could remain on your retiree medical if you we...
by HereToLearn
Mon Apr 29, 2019 9:57 pm
Forum: Personal Consumer Issues
Topic: College admissions question
Replies: 2
Views: 616

Re: College admissions question

Have you looked at College Confidential? Here is the W&L forum.

https://talk.collegeconfidential.com/wa ... niversity/

You can post a question there once you have registered.
by HereToLearn
Sun Apr 28, 2019 4:45 pm
Forum: Personal Consumer Issues
Topic: Toilets that never get used
Replies: 38
Views: 5502

Re: Toilets that never get used

There were a couple of toilets unused when my children were away at college. I made a point of flushing once or twice a week, and keep the lid open. I do not know why, but when I closed the lid, a faint black ring appeared at the water line. In the interest of saving water, I think I would use that...
by HereToLearn
Sun Apr 28, 2019 4:07 pm
Forum: Personal Consumer Issues
Topic: Toilets that never get used
Replies: 38
Views: 5502

Re: Toilets that never get used

There were a couple of toilets unused when my children were away at college. I made a point of flushing once or twice a week, and keep the lid open. I do not know why, but when I closed the lid, a faint black ring appeared at the water line.
by HereToLearn
Thu Apr 25, 2019 12:02 am
Forum: Personal Consumer Issues
Topic: Teeth Whitening
Replies: 35
Views: 3285

Re: Teeth Whitening

I paid $500 to have the trays made up 15+ years ago and pay $10 for each tube of whitening gel. Once you have completed the initial 'treatment', I think you will find that you do not need more than a couple of tubes of gel per year. Ask your dentist to give you the molds so that you can have the tra...
by HereToLearn
Wed Apr 24, 2019 4:40 pm
Forum: Personal Investments
Topic: 529 Asset Allocation: down-shifting to 20/80 too soon?
Replies: 8
Views: 720

Re: 529 Asset Allocation: down-shifting to 20/80 too soon?

I completely understand your reservations. I guess I would look at your overall investment portfolio. If you remain invested at say 60/40 and the account loses value and does not have time to regain before your children are in college, can you fund college from taxable accounts? The tax-free gains o...
by HereToLearn
Wed Apr 24, 2019 10:08 am
Forum: Personal Consumer Issues
Topic: Nonfinancial value of state university vs private college (USC)?
Replies: 64
Views: 2955

Re: Nonfinancial value of state university vs private college (USC)?

More of a detail to add to your checklist than a factor in the decision process. One other thing to look into is how your medical insurance will work for him if he is in California. One problem people sometimes run into is that there are no in-network doctors near where a kid is going to college wh...
by HereToLearn
Tue Apr 23, 2019 11:53 pm
Forum: Personal Finance (Not Investing)
Topic: Spending down 529 Money
Replies: 22
Views: 2356

Re: Spending down 529 Money

Are you eligible for the AOTC? If so, you will want to spend $4000/year from non-529 funds.

https://www.irs.gov/credits-deductions/individuals/aotc
by HereToLearn
Tue Apr 23, 2019 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: 529 college savings over-funded - how to proceed?
Replies: 31
Views: 1941

Re: 529 college savings over-funded - how to proceed?

For those commenting and not aware, the student has to submit a FAFSA at most schools to qualify for merit based aid as well. Even if the student doesnt qualify for need based aid due to high income or other assets the FAFSA is required. This is not true as far as i can tell. We never filled out FA...
by HereToLearn
Tue Apr 23, 2019 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: 529 college savings over-funded - how to proceed?
Replies: 31
Views: 1941

Re: 529 college savings over-funded - how to proceed?

My parents have a 529 plan for each of their grand children, of which there are many. My oldest kiddo is a Junior in high school and looking at college now. I spoke with my father about the funds in her 529. Apparently, each of my father's 529s are invested differently, and the fund for my daughter...
by HereToLearn
Tue Apr 23, 2019 11:37 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 3757

Re: Invest 529 or taxable account?

All correct. Just want to add two comments. 1) Contributions to 401K/IRA plans are added back in as income in the year FAFSA is being calculated. So, the account balance is not assessed but current contributions are treated as income and assessed accordingly. 2) Some schools use CSS Profile instead...
by HereToLearn
Tue Apr 23, 2019 11:11 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 3757

Re: Invest 529 or taxable account?

The OP hasn't chosen to mention his or her age relative to the kids. We are older parents. In our case, my spouse will reach 59 1/2 just before our oldest child graduates from high school. I'll get there a few years later. 59 1/2 is the special age when we can withdraw cash from our retirement acco...
by HereToLearn
Tue Apr 23, 2019 11:07 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 3757

Re: Invest 529 or taxable account?

We are choosing a taxable account offers a 529 because we prefer the flexibility a taxable account offers. But we chose maxing 401k's iras and being debt free first. How realistic is the scenario that you pay $0 for tuition or room & board for your kids? If you think you'll pay at least $1, then it...
by HereToLearn
Tue Apr 23, 2019 10:08 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 3757

Re: Invest 529 or taxable account?

. why pay taxes if you don't have to. I agree completely! That's why I max my and my wife's Roth IRAs each year. :wink: I'm not saying, "Don't use a 529 plan". In fact, I admitted above that I have one myself. But I'm sure to max out our 401K and Roth space and then contribute whatever additional s...
by HereToLearn
Tue Apr 23, 2019 12:06 am
Forum: Personal Investments
Topic: Invest 529 or taxable account?
Replies: 55
Views: 3757

Re: Invest 529 or taxable account?

. why pay taxes if you don't have to. I agree completely! That's why I max my and my wife's Roth IRAs each year. :wink: I'm not saying, "Don't use a 529 plan". In fact, I admitted above that I have one myself. But I'm sure to max out our 401K and Roth space and then contribute whatever additional s...
by HereToLearn
Fri Apr 19, 2019 11:15 pm
Forum: Personal Investments
Topic: Investing in 529
Replies: 13
Views: 1144

Re: Investing in 529

I followed a fairly aggressive investment schedule in the 529 until late last summer, when I knew I only had five more semesters of tuition to pay for the last child. I pulled the funds to a money market option, earning maybe 2% if I am lucky. I never had the money in those graduation date funds, so...
by HereToLearn
Fri Apr 19, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Best Credit Card for College Freshman
Replies: 50
Views: 2050

Re: Best Credit Card for College Freshman

Do NOT cosign. As an authorized user of your card, he is building credit. Citi DoubleCash, but without earned income you may be wasting his time applying. My sons got a card after getting a co-op (with decent earnings), the other got one after getting a summer job that continued into a part-time jo...
by HereToLearn
Fri Apr 19, 2019 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Executor of Will - Selling House in Poor Condition
Replies: 84
Views: 6486

Re: Executor of Will - Selling House in Poor Condition

I do not know if this happens in every state, but almost as soon as I was named the executor (Letters Testamentary issued), I started receiving phone calls and texts to my cell phone with offers to buy the home. My home phone was the one listed in the probate filing, so I was taken aback when the fi...
by HereToLearn
Mon Apr 15, 2019 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with Home Sale profits?
Replies: 28
Views: 2053

Re: What to do with Home Sale profits?

I believe that as long as you have lived in the house for two of the last five years, you are entitled to a $250K capital gains exemption if single, and $500K if married, so no tax implications. So....if I have lived in my home for 10 years and I sell it for $350K MORE than I paid for it I must pay...
by HereToLearn
Thu Apr 11, 2019 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: What to do with Home Sale profits?
Replies: 28
Views: 2053

Re: What to do with Home Sale profits?

I believe that as long as you have lived in the house for two of the last five years, you are entitled to a $250K capital gains exemption if single, and $500K if married, so no tax implications.
by HereToLearn
Mon Apr 08, 2019 11:50 pm
Forum: Personal Consumer Issues
Topic: Can you buy a new car with a cashiers check without unfreezing a credit freeze?
Replies: 68
Views: 4159

Re: Can you buy a new car with a cashiers check without unfreezing a credit freeze?

pdavi21 wrote:
Mon Apr 08, 2019 11:49 pm
More importantly what are the advantages to not paying with one or several credit cards?

Are you people negotiating a discount for not using credit card?
The dealer would not accept a CC for payment. He was fine with CC for deposit, but not for full payment.
by HereToLearn
Mon Apr 08, 2019 11:43 pm
Forum: Personal Consumer Issues
Topic: Can you buy a new car with a cashiers check without unfreezing a credit freeze?
Replies: 68
Views: 4159

Re: Can you buy a new car with a cashiers check without unfreezing a credit freeze?

I did not unfreeze my credit and purchased car with a personal check. No issues. As others have said, some dealers require a bank check but I had never heard of running a credit check when paying for a car in full.
by HereToLearn
Sat Mar 30, 2019 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: First time kiddie tax reporting on child
Replies: 6
Views: 704

Re: First time kiddie tax reporting on child

Can you not use your TT Premier to file his return? I use TT Premier to file for each of my children, my mother, and myself. The only additional charge I incurred was due to the need to purchase a second state's software for work in a second state.
by HereToLearn
Thu Mar 28, 2019 11:41 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance of Trad IRA
Replies: 40
Views: 2175

Re: Inheritance of Trad IRA

The basic answer is that when a trust qualified for look through inherits an IRA, the RMD is based on the oldest beneficiary of the trust including remainder beneficiaries. If the trust can be terminated (check with estate attorney), you can assign the inherited IRA to separate inherited IRA accoun...
by HereToLearn
Tue Mar 26, 2019 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Increase homeowners insurance deductible?
Replies: 22
Views: 1383

Re: Increase homeowners insurance deductible?

I cannot recall how much I saved when I moved to $5K deductible, but I think it was well over the $150 savings I have seen quoted here.

I do remember that moving from $500 to $1000 saved $400/year, so really wondered why I ever had it set at $500. Cannot remember the incremental savings since then.
by HereToLearn
Tue Mar 26, 2019 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance of Trad IRA
Replies: 40
Views: 2175

Re: Inheritance of Trad IRA

I don't see a clear statement of the actual beneficiary named on the IRA account. Was it multiple individuals? a trust including a testamentary trust? estate? Some combination of above? No beneficiary, meaning the IRA agreement will state the default beneficiary? The answer determines the RMD amoun...
by HereToLearn
Mon Mar 25, 2019 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance of Trad IRA
Replies: 40
Views: 2175

Re: Inheritance of Trad IRA

I have just a tiny bit of knowledge on this topic as I have recently inherited an IRA from my mother.

Won't your mandatory distribution = 1/25 of the $100K you inherited? So....tax on $4000 can't be all that bad. Certainly not enough to purchase a tractor you do not need.
by HereToLearn
Fri Mar 22, 2019 11:16 pm
Forum: Personal Consumer Issues
Topic: NYC hotel - safe, clean, not expensive.
Replies: 5
Views: 782

Re: NYC hotel - safe, clean, not expensive.

Not sure if I am allowed to post a link, so fearing that I am not, I will suggest you check Affinia Hotels. I stayed in one on the Upper East Side a number of years ago. They are modest, but clean. Much more space than a typical hotel. The one I stayed in appeared to be a converted apartment buildin...
by HereToLearn
Wed Mar 20, 2019 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: SS Death Notification Sufficient to 'trigger' Widow Benefit? [UPDATE 2]
Replies: 18
Views: 1623

Re: SS Death Notification Sufficient to 'trigger' Widow Benefit?

.......funeral home notified SSA when my mother died a few months ago. SSA stopped benefit payment and then mailed out a letter saying that my mother may have been eligible for additional benefit payment. I had to submit certified copies of her death cert, birth cert, and marriage cert........ Havi...
by HereToLearn
Wed Mar 20, 2019 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: SS Death Notification Sufficient to 'trigger' Widow Benefit? [UPDATE 2]
Replies: 18
Views: 1623

Re: SS Death Notification Sufficient to 'trigger' Widow Benefit?

My condolences to you on the loss of your Dad. Sad time for you. Not sure what you meant by the "notification by the funeral home" to SSA. Did you mean that the funeral home has promised to send SSA a certified copy of the death certificate? To my knowledge, SSA will not take any actions regarding ...