Search found 17 matches

by BoomXer
Thu Mar 21, 2019 10:20 pm
Forum: Personal Investments
Topic: Withdrawing Roth contributions made
Replies: 6
Views: 725

Re: Withdrawing Roth contributions made

Let Vanguard know that you want to remove an excess contribution, not make a withdrawal. You should do this before you file your 2018 tax return. That is the IRS remedy for excess contributions. If you've already filed your taxes, remove the contributions and file an amendment before Oct 15. Vanguar...
by BoomXer
Sun Mar 17, 2019 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: 1st time on ACA
Replies: 35
Views: 3426

Re: 1st time on ACA

You can reduce your ACA-MAGI (which is what the subsidy is based on) through contributions to your employer sponsored retirement plan (401k, SIMPLE IRA, etc), tIRA contributions and HSA contributions (which are only allowed if you have qualified HSA insurance plan). You will want to do all that you ...
by BoomXer
Sun Mar 17, 2019 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Lost receipts for claiming sales tax deduction
Replies: 12
Views: 1008

Re: Lost receipts for claiming sales tax deduction

If you they asked you to provide documentation to support your deduction and you used your cc statements they would disallow your deduction and would use the amount from the table based on your income. They would adjust your return and you would owe the additional taxes plus interest (and in rare c...
by BoomXer
Sun Mar 17, 2019 12:44 am
Forum: Personal Finance (Not Investing)
Topic: Lost receipts for claiming sales tax deduction
Replies: 12
Views: 1008

Re: Lost receipts for claiming sales tax deduction

Tax law allows you to deduct sales tax based either on an estimated amount based on your AGI OR your actual sales tax paid. (if you buy a car, boat or RV you can add the sales tax to the estimated sales tax amount.) The IRS only accepts transaction receipts as proper substantiation of your deduction...
by BoomXer
Sun Mar 17, 2019 12:33 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of house to assign rental
Replies: 18
Views: 1730

Re: What percentage of house to assign rental

I have not read the current IRS rules on rental losses, but the rules USED to be: If your income was up to (MFJ) $100K, you could deduct up to $25K of losses in excess of rental income against ordinary income, going down 1 for 2 until at $150K no deduction was allowed in excess of rental income. I ...
by BoomXer
Fri Mar 15, 2019 1:38 am
Forum: Personal Investments
Topic: New llc and s corp deadline time crunch?
Replies: 1
Views: 263

Re: New llc and s corp deadline time crunch?

I can't tell you anything about the filing deadlines for forming an LLC in New Jersey, but I am one of those CPA's that can be tough to talk to during the day. However, if you catch us sitting on the couch late at night on bogleheads.com you might be in luck. :happy File form 2553 along with your fi...
by BoomXer
Sat Mar 09, 2019 1:04 am
Forum: Investing - Theory, News & General
Topic: 401k penalty if no other income during the year
Replies: 6
Views: 660

Re: 401k penalty if no other income during the year

It looks like it's much more complicated than the 10% penalty. According to the article linked below, when you renounce your citizenship you are taxed as though you died. In that case you would pay income tax on the entire 401k balance, then the remaining funds would be yours to do with as you will....
by BoomXer
Fri Feb 15, 2019 11:29 am
Forum: Personal Investments
Topic: Contributed to Roth when exceeding limit
Replies: 20
Views: 711

Re: Contributed to Roth when exceeding limit

... Or have the custodian re-characterize the contribution to tIRA (where it will be a non-deductible contribution) and then convert that to Roth IRA. That would be the "back door", but you don't want to go that route if you have other IRAs (SEP IRA, SIMPLE IRA, traditional IRA, rollover IRA) in yo...
by BoomXer
Sat Feb 02, 2019 3:15 am
Forum: Personal Investments
Topic: Moving away from investment manager
Replies: 8
Views: 1015

Re: Moving away from investment manager

Misenplace wrote:
Sat Feb 02, 2019 2:28 am
Also, given your expertise, if you want to chime in on questions about taxes, your input would be welcome.
I've been trying to "give back" when I see a tax question that hasn't been answered or I feel I have something to add to what has been said. I want to leave the wood pile higher if I can.
by BoomXer
Fri Feb 01, 2019 7:23 pm
Forum: Personal Investments
Topic: Is my CPA correct about Estimated Payment??
Replies: 4
Views: 831

Re: Is my CPA correct about Estimated Payment??

What the CPA might have been referring to was instead of relying on the 90% of current year tax liability safe harbor. The OP could rely on on the prior year safe harbor of 100% (110% if AGI > $150K) of the prior year's tax liability. If that CPA used similar software to what I use, the estimated p...
by BoomXer
Fri Feb 01, 2019 7:20 pm
Forum: Personal Investments
Topic: Moving away from investment manager
Replies: 8
Views: 1015

Re: Moving away from investment manager

Misenplace wrote:
Thu Jan 31, 2019 10:03 pm
As promised, the livesoft classic on monitoring asset allocation:
viewtopic.php?t=150267
Thank you for this tool. I'll check it out.
by BoomXer
Thu Jan 31, 2019 8:12 pm
Forum: Personal Investments
Topic: Moving away from investment manager
Replies: 8
Views: 1015

Re: Moving away from investment manager

You didn't say anything about the size of your portfolio, but your questions and comments imply that it is in a combination of tax-advantaged and taxable accounts. I think it is fine to liquidate the stocks/funds that you no longer want, but be careful that you don't bump yourself up to a higher br...
by BoomXer
Thu Jan 31, 2019 4:02 pm
Forum: Personal Investments
Topic: Moving away from investment manager
Replies: 8
Views: 1015

Moving away from investment manager

Brief Background: Age-Me: 62 (in July) DW:64 Work-Me: Semi Retired in March 2019 DW: Disabled (work-wise) and awaiting SSDI Appeal Income-Me: Seasonal work as CPA (taxes only), I am deferring SS until age 70 DW: will start SS in Nov if SSDI denied Debt: small mortgage ($60k which is small here in NV...
by BoomXer
Thu Oct 25, 2018 11:41 pm
Forum: Personal Investments
Topic: Taking Equity out of Rental Property to Invest
Replies: 7
Views: 818

Re: Taking Equity out of Rental Property to Invest

If you're planning on deducting the interest from the borrowed proceeds it's good to know that the IRS uses "interest tracing" to determine if the interest is deductible. Tracing means that the interest expenses follows its actual use. If the borrowed funds are used to by investments, it is investme...
by BoomXer
Thu Oct 18, 2018 12:59 am
Forum: Personal Finance (Not Investing)
Topic: Taxes on parents’ house transferred to children
Replies: 4
Views: 954

Re: Taxes on parents’ house transferred to children

I did a quick search and found something that may address your situation at: https://www.esslawfirm.com/Articles/Factors-To-Consider-When-Transfering-A-Residence-For-Elder-Law-And-Estate-Planning-Purposes-A-Primer.shtml From what I read, the house was transferred with as part of the life estate, so ...
by BoomXer
Wed Oct 17, 2018 12:56 pm
Forum: US Chapters
Topic: Roll Call for the Retirement Class of 2019!
Replies: 419
Views: 64595

Re: Roll Call for the Retirement Class of 2019!

April 30, 2019 for me. Age 61 (62 in July) As a CPA, I will continue to work a bit in preparing taxes until Medicare is an option, and maybe bit beyond that for "fun money". I don't do a large number of returns and they're easy money compared to the variety of things I do now. Plus not a lot of golf...
by BoomXer
Wed Oct 17, 2018 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversion - getting conflicting info about taxes
Replies: 7
Views: 755

Re: Roth conversion - getting conflicting info about taxes

If your 401k account is from a former employer then you can roll it into any Traditional IRA. (Typically 401k's do not allow rollover transfers while you're still an active participant in the plan.) From there you can do the ROTH IRA conversion in whatever amount you choose and only that amount will...