Search found 657 matches

by HereToLearn
Mon Apr 20, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: College in fall
Replies: 308
Views: 30213

Re: College in fall

Our DD has just declined several funded PhD offers for the fall. It isn't 100% due to this uncertainty, but it did play a significant role in her decision making process. It sounds like many schools really had disruptions in the grad school acceptance processes due to the virus as well. Anecdotally...
by HereToLearn
Thu Apr 09, 2020 10:43 pm
Forum: Personal Consumer Issues
Topic: Make Clorox Spray Instead of Lysol Spray
Replies: 77
Views: 5626

Re: Make Clorox Spray Instead of Lysol Spray

This recommends against putting Clorox bleach in a spray bottle: https://www.hunker.com/12525274/how-much-bleach-to-put-in-a-spray-bottle-to-sanitize I wouldn’t put diluted bleach in a spray bottle. It’s not a direct substitute for a commercial spray cleanser like Lysol. It’s caustic and damaging t...
by HereToLearn
Thu Apr 09, 2020 12:05 am
Forum: Personal Consumer Issues
Topic: How to get Toilet Paper ? seriously.
Replies: 684
Views: 55564

Re: How to get Toilet Paper ? seriously.

Perhaps this has been mentioned.... An article I read somewhere, cannot find it now, of course, said the problem is TP has two distribution channels. The two distribution channels are commercial, and home users. Now so many people are at home, the home users channel is overwhelmed. It would seem th...
by HereToLearn
Wed Apr 08, 2020 3:01 pm
Forum: Personal Consumer Issues
Topic: Make Clorox Spray Instead of Lysol Spray
Replies: 77
Views: 5626

Re: Make Clorox Spray Instead of Lysol Spray

Bleach is only 5% or so sodium hypochorite. The rest is water. Why would adding more water cause it to degrade in a day? The key is to keep it out of direct sunlight and in a cool environment. Good question, to which I don't know the answer, but apparently it does. https://www.northeastern.edu/ehs/...
by HereToLearn
Wed Apr 08, 2020 2:59 pm
Forum: Personal Consumer Issues
Topic: Make Clorox Spray Instead of Lysol Spray
Replies: 77
Views: 5626

Re: Make Clorox Spray Instead of Lysol Spray

This recommends against putting Clorox bleach in a spray bottle: https://www.hunker.com/12525274/how-much-bleach-to-put-in-a-spray-bottle-to-sanitize I wouldn’t put diluted bleach in a spray bottle. It’s not a direct substitute for a commercial spray cleanser like Lysol. It’s caustic and damaging t...
by HereToLearn
Tue Apr 07, 2020 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: MBA Worth It?
Replies: 88
Views: 5846

Re: MBA Worth It?

Chicago is 'offering' 50% off the first year of tuition for any of their Masters' programs, including professional degree programs, to their current senior class. I wonder if this same offer is being extended to external applicants? Is your wife's award for the first year of the program or both?
by HereToLearn
Wed Feb 26, 2020 11:13 pm
Forum: Personal Consumer Issues
Topic: General house remodeling approach
Replies: 30
Views: 2526

Re: General house remodeling approach

I would spend a couple of hours pouring through online real estate listings. Don't be afraid to look at higher-priced listings. At this point you want to see what people are doing and also pick up ideas that you may want to duplicate. I think it will be difficult to find one person who can quote pri...
by HereToLearn
Wed Feb 26, 2020 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Fine Art: Appraisal and insurance concerns
Replies: 24
Views: 1000

Re: Fine Art: Appraisal and insurance concerns

I would call Chubb to confirm about not needing an appraisal. I insured several pieces of jewelry in addition to my Chubb HO insurance. Annoyingly, they bumped up the appraised value of each item every year, resulting in higher total premiums. If I wanted to reduce the amount of coverage on an indiv...
by HereToLearn
Fri Feb 21, 2020 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: USC - Free tuition for families making under $80k
Replies: 46
Views: 2072

Re: USC - Free tuition for families making under $80k

I meant the other students who don’t qualify. Won’t there tuition then be artificially high? Sorry, I'm not really sure what your point is. Do you mean wealthier kids who would have got in are replaced by more academically deserving kids who in the past would not have applied ? No. I mean deserving...
by HereToLearn
Fri Feb 21, 2020 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: USC - Free tuition for families making under $80k
Replies: 46
Views: 2072

Re: USC - Free tuition for families making under $80k

USC has an endowment over 5 billion. I'm assuming some of that subsidy is coming from there, not higher tuition from other students? Likely. This varies by school. At many schools, full-tuition students are subsidizing the FA of other students, whereas at fewer schools, every student including the ...
by HereToLearn
Thu Feb 20, 2020 11:54 am
Forum: Personal Consumer Issues
Topic: HS Latin or Spanish/ASL?
Replies: 63
Views: 2473

Re: HS Latin or Spanish/ASL?

Appreciate all the responses. I also don't know if colleges look at a 2+2 split of languages as not commitment versus a 3-1 or a 4 straight. Any thoughts? Many of the schools my kids looked at (over 25 all told) didn't consider 2 years in 2 languages to be the same as 4 years. Some didn't even cons...
by HereToLearn
Thu Feb 20, 2020 11:45 am
Forum: Personal Finance (Not Investing)
Topic: what to do with 50% home insurance price increasing
Replies: 18
Views: 1341

Re: what to do with 50% home insurance price increasing

I have had Chubb for years and have endured increases without having filed a claim in at least the past 15 years. Your increase seems ridiculously high. I have found that there isn't much leeway with their coverage levels. The only recent change they agreed to was to insure contents for 40% of rebui...
by HereToLearn
Wed Feb 19, 2020 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: HS/College income - optimizing taxes
Replies: 5
Views: 357

Re: HS/College income - optimizing taxes

Roth is where I directed my children. The one who went through more money also didn't fill out the W-4 properly and ended up with a sizable Fed & state return each spring. He also worked during his Jan break to supplement his summer earnings. The combination of the Jan earnings and the tax refund en...
by HereToLearn
Tue Feb 18, 2020 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

Will not filing a return be a problem since his university issued a 1099-MISC for the summer stipend? Will the IRS be looking for a return? He was planning to fund his Roth up to the amount of his modest W-2 earnings. (Not trying to complicate the picture here...) THANK YOU! If he's not required to...
by HereToLearn
Tue Feb 18, 2020 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

Thanks. I can try that, but I am still uncertain if that is 'allowed'. He didn't have any Schedule C expenses, so that would be a fabrication. His taxes should be so simple that I could file them with pen and paper, but then that wouldn't capture the 1099? I know I keep repeating myself, but what a...
by HereToLearn
Tue Feb 18, 2020 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

No, I am not aware. I truly know very little about any of this. And cannot figure out what the right thing to do is here. For the purpose of determining the standard deduction for a tax dependent, a taxable scholarship or fellowship grant is considered to be earned income (this is a good thing as i...
by HereToLearn
Tue Feb 18, 2020 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 Estates and Trusts Question-Excess Deductions on Termination
Replies: 22
Views: 1186

Re: K-1 Estates and Trusts Question-Excess Deductions on Termination

I am using the desktop version of Premiere on a Mac and it won't allow me to right click. However, when I went in to the menu bar of the computer, there is an Override option under Edit, and that did the trick! The amount was added to itemized deductions and flowed through to a corresponding increa...
by HereToLearn
Tue Feb 18, 2020 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: $90k windfall and 529
Replies: 11
Views: 773

Re: $90k windfall and 529

If you are thinking of paying the full cost of private university, I don't think you will end up with money remaining at the end of four years. Tuition, R&B at private universities and colleges is running $72K/year for the current year. 529 plans can also be used to pay for textbooks and computers, ...
by HereToLearn
Tue Feb 18, 2020 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 Estates and Trusts Question-Excess Deductions on Termination
Replies: 22
Views: 1186

Re: K-1 Estates and Trusts Question-Excess Deductions on Termination

Thank you. I read Notice 2018-61 and not being familiar with these couldn't understand exactly what it meant. I see that HereToLearn was given the same advice that it is deductible. However, getting TurboTax to agree seems to be a problem. It pulled the amount from the K-1 into the Miscellaneous De...
by HereToLearn
Tue Feb 18, 2020 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

There are workarounds available on the TurboTax website somewhere. I do not have the exact descriptions in front of me. It goes something like this. The TurboTax workarounds satisfy the IRS 1099-MISC matching algorithms and avoid Kiddie taxes or SE taxes.: In both cases report the amount on Form 10...
by HereToLearn
Tue Feb 18, 2020 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

No, I am not aware. I truly know very little about any of this. And cannot figure out what the right thing to do is here. For the purpose of determining the standard deduction for a tax dependent, a taxable scholarship or fellowship grant is considered to be earned income (this is a good thing as i...
by HereToLearn
Tue Feb 18, 2020 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

And then you get into the whole question of whether or not a return is actually required and if this 'income' is earned or unearned. https://www.irs.gov/publications/p929#en_US_2018_publink10001487 As I think you are aware, whether the payment is considered earned or unearned income depends on whic...
by HereToLearn
Tue Feb 18, 2020 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

Colleges and Universities are notorious for being non-compliant with reporting taxable fellowships, scholarships and stipends. IRS guidance is very clear that these should be reported as W-2 wages. I am not sure that's right. From the 1099-MISC instructions: Scholarships. Do not use Form 1099-MISC ...
by HereToLearn
Tue Feb 18, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

I have the feeling that stipend reporting varies across schools. He received a stipend for last summer's research. The pay stub said fellowship, and the 1099-MISC reported the stipend in Box 3 as Other Income. This is currently causing me to go around in circles with TurboTax. The payroll dept of t...
by HereToLearn
Tue Feb 18, 2020 11:07 am
Forum: Personal Finance (Not Investing)
Topic: K-1 Estates and Trusts Question-Excess Deductions on Termination
Replies: 22
Views: 1186

Re: K-1 Estates and Trusts Question-Excess Deductions on Termination

Thanks, that's my read, but Gill has a different view. The IRS ssued Notice 2018-61 notifying taxpayers that the IRS intended to issue regulations dealing with the issue and in the meantime the taxpayers could rely on guidance included in Notice 2018-61, which provides the following: Excess deducti...
by HereToLearn
Tue Feb 18, 2020 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

By no means am I an expert on 529 regulations, but on the surface this sounds pretty simple. You can use a 529 to cover the cost of room and board up to the amount listed as official cost of attendance by the college. If the stipend is pay for working as a TA or RA or in some other capacity, then t...
by HereToLearn
Tue Feb 18, 2020 10:53 am
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

I don’t have anything to add to the 529 question, but as for W2 vs 1099 etc: My wife did a funded PhD program (not a STEM field). At the time her program made at least a year of the funding package dependent on teaching. For those periods she received a W2. For other periods, her stipend was not re...
by HereToLearn
Tue Feb 18, 2020 12:09 am
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

You should NEVER pay for PhD out of your own pocket. You will get a TA/RA position that is like min-wage and covers tuition. PhD has a high opportunity cost, and I won't say I regret doing a PhD, but given my circumstances it was the right move at that time. I will not recommend doing a PhD for the...
by HereToLearn
Tue Feb 18, 2020 12:01 am
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Re: Can 529 funds be used for a fully-funded PHD?

I am getting ahead of myself here as the child needs to complete undergrad and apply for the PHD program, but I anticipate having a modest amount of money unused in his 529 account, and wanted to know if that money can be used to pay for room & board during PHD program? My goal is to spend the bala...
by HereToLearn
Mon Feb 17, 2020 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: Can 529 funds be used for a fully-funded PHD?
Replies: 25
Views: 1358

Can 529 funds be used for a fully-funded PHD?

I am getting ahead of myself here as the child needs to complete undergrad and apply for the PHD program, but I anticipate having a modest amount of money unused in his 529 account, and wanted to know if that money can be used to pay for room & board during PHD program? My goal is to spend the balan...
by HereToLearn
Mon Feb 17, 2020 11:09 pm
Forum: Personal Consumer Issues
Topic: Visiting NYC with a family - logistics?
Replies: 29
Views: 2012

Re: Visiting NYC with a family - logistics?

Thanks guys. OP here. Looks like we have a few things settled: 1. Flying in and out of Newark. The schedule is much better than JFK for Alaska Airlines which we will be using from PDX in order to use up a couple of companion fare coupons that are due to expire. I think that will make the return fro...
by HereToLearn
Mon Feb 17, 2020 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Should you always use a 529?
Replies: 104
Views: 15039

Re: Should you always use a 529?

It's been a long time since we used one for our son, but I seem to remember there were some limits on some kind of opportunity tax credit or something like that if you were paying with 529 plan proceeds. I think it affected the first 2 years, so we went ahead and paid out of pocket at a community c...
by HereToLearn
Mon Feb 17, 2020 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Use caution to not incorrectly pay taxes on 529 distribution in TTax
Replies: 30
Views: 2616

Re: Use caution to not incorrectly pay taxes on 529 distribution in TTax

Working on DS4's taxes with him yesterday (while he was home briefly) in TT, and going round in circles trying to get TT to let me enter the right numbers in the right places. We're not using a 529, but are having him claim some of his scholarships as taxable income so that we can claim the AOTC. W...
by HereToLearn
Mon Feb 17, 2020 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Use caution to not incorrectly pay taxes on 529 distribution in TTax
Replies: 30
Views: 2616

Re: Use caution to not incorrectly pay taxes on 529 distribution in TTax

Working on DS4's taxes with him yesterday (while he was home briefly) in TT, and going round in circles trying to get TT to let me enter the right numbers in the right places. We're not using a 529, but are having him claim some of his scholarships as taxable income so that we can claim the AOTC. W...
by HereToLearn
Mon Feb 17, 2020 1:09 pm
Forum: Personal Consumer Issues
Topic: How to sell inherited collections?
Replies: 24
Views: 1853

Re: How to sell inherited collections?

Is the gold jewelry something that could be reworked and worn by someone in your family? I have noticed people having the charms removed from those 1960's charm bracelets and hanging each charm on a slender chain. Or a broach/pin could be remade to hang as a pendant.
by HereToLearn
Mon Feb 17, 2020 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Use caution to not incorrectly pay taxes on 529 distribution in TTax
Replies: 30
Views: 2616

Re: Use caution to not incorrectly pay taxes on 529 distribution in TTax

Agree TT causes serious problems with 529 distributions, especially if you are not eligible for Coverdell or other programs. It does not offer clear guidance at all. What I have pieced together, no guarantees if it is accurate, is that 1099Q and 1098T are reported on the parent's, not the student's...
by HereToLearn
Mon Feb 17, 2020 10:57 am
Forum: Personal Finance (Not Investing)
Topic: K-1 Estates and Trusts Question-Excess Deductions on Termination
Replies: 22
Views: 1186

Re: K-1 Estates and Trusts Question-Excess Deductions on Termination

I have this same situation with a K-1 from my mother's estate this year. The amount on line 11A is not flowing through anywhere on TT, but the amount on line 11C did offset against capital gains. The accountant who prepared the K-1 said that while she felt that it should be deductible, the deductibi...
by HereToLearn
Sun Feb 16, 2020 11:35 pm
Forum: Personal Consumer Issues
Topic: Visiting NYC with a family - logistics?
Replies: 29
Views: 2012

Re: Visiting NYC with a family - logistics?

I did not know that AirBnBs were legal in Brooklyn. Was the owner living in the other unit of the property? My understanding for Manhattan is that stays shorter than 30 days are allowed in an owner-occupied unit. My understanding is that 2 unit properties are classified as “private homes”; the proh...
by HereToLearn
Sun Feb 16, 2020 11:33 pm
Forum: Personal Finance (Not Investing)
Topic: Tax underpayment penalty
Replies: 45
Views: 3341

Re: Tax underpayment penalty

Could the penalty be from your state? As someone posted above, the using the RMD to satisfy the federal safe harbor may not work for all states. (Just learned this firsthand this week after taking my first RMD on an inherited IRA in December.) I wonder if paying 110% of last year's federal taxes als...
by HereToLearn
Sun Feb 16, 2020 11:02 pm
Forum: Personal Consumer Issues
Topic: Visiting NYC with a family - logistics?
Replies: 29
Views: 2012

Re: Visiting NYC with a family - logistics?

AirBnBs are illegal in NYC for stays under 30 days, unless owner-occupied. They still exist, of course. Beware AirBNB. It’s technically illegal in NYC and listings get pulled often so you’re out a place to stay or in a scam. I agree that staying in Manhattan is best for the OP's trip, but just to c...
by HereToLearn
Sun Feb 16, 2020 5:48 pm
Forum: Personal Consumer Issues
Topic: Visiting NYC with a family - logistics?
Replies: 29
Views: 2012

Re: Visiting NYC with a family - logistics?

I have heard great things about The Hotel Beacon. Also take a look at Affinia Hotels. There are three in Manhattan, and some have suites with large LR and kitchen. I think they may have been apartment buildings before being converted to hotels. Travel Zoo NY may have some deals. AirBnBs are illegal ...
by HereToLearn
Sun Feb 16, 2020 10:43 am
Forum: Personal Finance (Not Investing)
Topic: What counts as room & board for college student?
Replies: 29
Views: 2655

Re: What counts as room & board for college student?

We are fully paying for college through the 529. My freshman lives on campus and there are 3 meal plans to choose from, but after he discovered how much he likes the cafeteria (not at all) he asked to switch to the minimum meal plan, which covers only 2 meals a day 5 days a week. We supply addition...
by HereToLearn
Thu Feb 13, 2020 3:11 pm
Forum: Personal Consumer Issues
Topic: How big of a car do you need for a kid and his/her stuff?
Replies: 66
Views: 3543

Re: How big of a car do you need for a kid and his/her stuff?

Do you anticipate wanting to drive your child's friends anywhere?
by HereToLearn
Wed Feb 12, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: How much do I need in my 529 per child?
Replies: 78
Views: 6230

Re: How much do I need in my 529 per child?

I would also look at the consequences of overfunding. You can pull out your original contribution tax + penalty free, but will need to use up the entire earnings, otherwise you can either leave the 529 account to your grandkids or pay an extra 10% penalty that you would not have had you invested in...
by HereToLearn
Wed Feb 12, 2020 5:35 pm
Forum: Personal Finance (Not Investing)
Topic: How much do I need in my 529 per child?
Replies: 78
Views: 6230

Re: How much do I need in my 529 per child?

I would also look at the consequences of overfunding. You can pull out your original contribution tax + penalty free, but will need to use up the entire earnings, otherwise you can either leave the 529 account to your grandkids or pay an extra 10% penalty that you would not have had you invested in...
by HereToLearn
Wed Feb 12, 2020 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: How much do I need in my 529 per child?
Replies: 78
Views: 6230

Re: How much do I need in my 529 per child?

I would also look at the consequences of overfunding. You can pull out your original contribution tax + penalty free, but will need to use up the entire earnings, otherwise you can either leave the 529 account to your grandkids or pay an extra 10% penalty that you would not have had you invested in...
by HereToLearn
Wed Feb 12, 2020 11:13 am
Forum: Personal Finance (Not Investing)
Topic: How much do I need in my 529 per child?
Replies: 78
Views: 6230

Re: How much do I need in my 529 per child?

You can find that information on the Common Data Set for each institution. Scroll down to section H-2. The format is consistent, so financial aid info appears in the same section for every college. Here is the link for Harvard: https://oir.harvard.edu/files/huoir/files/harvard_cds_2018-19.pdf colle...
by HereToLearn
Wed Feb 12, 2020 10:45 am
Forum: Personal Finance (Not Investing)
Topic: How much do I need in my 529 per child?
Replies: 78
Views: 6230

Re: How much do I need in my 529 per child?

It really pays to actually research costs. We hear constant horror stories about the $50k+/yr institutions and those with huge school debt, but the reality is the median cost of a year of tuition for public schools in this country is just a hair over $10k/yr and the average debt of a recent grad (w...
by HereToLearn
Mon Feb 10, 2020 9:09 pm
Forum: Personal Investments
Topic: $2M Real Estate Sale - how to handle
Replies: 33
Views: 3883

Re: $2M Real Estate Sale - how to handle

Revealing my ignorance here, but proceeding anyway. Could you invest in an opportunity zone? I thought the deadline was 12/31/19. Has it been extended? if so, that would be great. I know almost nothing on this, but just found this article which explains that Dec 31, 2019 was the deadline to capture...
by HereToLearn
Mon Feb 10, 2020 8:56 pm
Forum: Personal Investments
Topic: $2M Real Estate Sale - how to handle
Replies: 33
Views: 3883

Re: $2M Real Estate Sale - how to handle

Revealing my ignorance here, but proceeding anyway. Could you invest in an opportunity zone?