Search found 5712 matches

by pshonore
Sun Dec 10, 2017 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Which version of tax software?
Replies: 10
Views: 305

Re: Which version of tax software?

All versions of Turbo Tax will handle this assuming you get the CD or download file. No guarantees if you use the online version
by pshonore
Sun Dec 10, 2017 10:28 am
Forum: Personal Consumer Issues
Topic: Hit a deer and may be car shopping
Replies: 8
Views: 623

Re: Hit a deer and may be car shopping

Glad you are safe. You've contacted your insurer, correct? That may seem obvious but people regularly post here that they have not contacted their insurer after an accident. Your insurer will bring in a claims adjustor who probably will look at the car in person but may just look at photos. Usually...
by pshonore
Sun Dec 10, 2017 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax bug with Medical Expenses
Replies: 7
Views: 527

Re: Turbo Tax bug with Medical Expenses

The latest update for TT appears to have fixed this problem. It is now applying a 10% floor for medical deductions. There are probably millions of DVDs out there with the buggy version so be sure to download the latest changes from their website.
by pshonore
Sun Dec 10, 2017 8:09 am
Forum: Personal Consumer Issues
Topic: Hit a deer and may be car shopping
Replies: 8
Views: 623

Re: Hit a deer and may be car shopping

Generally collision with an animal is paid under Comprehensive coverage subject to any deductible. If you have Rental reimbursement, that should pay for a rental as well while your car is being fixed or looking for a replacement if its undriveable (subject to policy limits of course)
by pshonore
Sun Dec 10, 2017 7:42 am
Forum: Personal Finance (Not Investing)
Topic: timing of new conversion to Roth if recharacterizing previous year conversion
Replies: 3
Views: 171

Re: timing of new conversion to Roth if recharacterizing previous year conversion

My understanding is the waiting period applies if you convert the same funds after recharacterizing a Roth conversion. Therefore if you convert and recharacterize less than 1/2 of your original IRA balance(s), the waiting period does not apply. For these purposes the IRS looks at all your TIRAs as o...
by pshonore
Sat Dec 09, 2017 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

Without a change in the tax law that is absolutely not true. So how can you make that statement? It might not even be true with a change in the tax law since we don't know what is in the law that will have been passed by then - or not. Sure! In fact the best thing that a smart investor can do at pr...
by pshonore
Fri Dec 08, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

So if I had a $10K medical procedure (my net cost) scheduled for say Mar 2018 and I paid in Dec 2017, I could deduct on it on 2017 taxes?
by pshonore
Fri Dec 08, 2017 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

But is that estimated tax for the current tax year or the next tax year? If you can make a good faith estimate for the next year, why not the year after that and so on. In any case, unless your state accounts for the years properly (like CA evidently), it doesn't work. In most states, estimated pay...
by pshonore
Fri Dec 08, 2017 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

But is that estimated tax for the current tax year or the next tax year? If you can make a good faith estimate for the next year, why not the year after that and so on. In any case, unless your state accounts for the years properly (like CA evidently), it doesn't work. In most states, estimated paym...
by pshonore
Fri Dec 08, 2017 10:23 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Deluxe Online for 2017
Replies: 12
Views: 1646

Re: TurboTax Deluxe Online for 2017

I have the download version of TT Deluxe for 2017. TD Ameritrade is in the list of financial institutions for downloads; Interactive Brokers is not. About 300 financial institutions are listed. Will they be there when forms are released in early Feb? No way to tell. Is Fidelity on the list for down...
by pshonore
Fri Dec 08, 2017 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Offline Tax Software For What-If Analysis Regarding IRA Early Withdrawals
Replies: 6
Views: 333

Re: Offline Tax Software For What-If Analysis Regarding IRA Early Withdrawals

If you know enough about taxes to work in Form mode in Turbo Tax, "what ifs" are fairly easy. Going through the interview would be cumbersome though.
by pshonore
Fri Dec 08, 2017 9:01 am
Forum: Personal Consumer Issues
Topic: Extended warranty on 2018 Outback
Replies: 47
Views: 1465

Re: Extended warranty on 2018 Outback

Depends on what the extended warranty covers. They usually come in a couple of flavors - Silver, Gold Platinum, etc. Probably all cover the "powertrain,etc. " but I would read each very carefully to see what is excluded. The electronic parking brake went on our 2013 Outback which cost about $1300 to...
by pshonore
Thu Dec 07, 2017 6:34 pm
Forum: Personal Consumer Issues
Topic: sharing cost of tree cutting
Replies: 31
Views: 1531

Re: sharing cost of tree cutting

Here's how Larry Ellison (Oracle CEO) handled his tree problem a few years back

https://www.hollywoodreporter.com/news/ ... les-193984
by pshonore
Thu Dec 07, 2017 1:39 pm
Forum: Personal Consumer Issues
Topic: 2018 Subaru Outback
Replies: 65
Views: 8285

Re: 2018 Subaru Outback

Consumer Reports December issue predicts reliability for 2018 models: Outback - score of 57 (middle of the road along with VW Alltrack and Volvo V60. Highest score in wagons went to Audi Allrod (81) Forester - score of 81 (along with RAV4, CR-V. Middle of the pack is Rogue, Tiguan, Escape, Cherokee,...
by pshonore
Thu Dec 07, 2017 10:54 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax Deluxe Online for 2017
Replies: 12
Views: 1646

Re: TurboTax Deluxe Online for 2017

I have the download version of TT Deluxe for 2017. TD Ameritrade is in the list of financial institutions for downloads; Interactive Brokers is not. About 300 financial institutions are listed. Will they be there when forms are released in early Feb? No way to tell.
by pshonore
Thu Dec 07, 2017 9:18 am
Forum: Personal Finance (Not Investing)
Topic: House on the market less than a day. Did listing agent commit fraud?
Replies: 55
Views: 6427

Re: House on the market less than a day. Did listing agent commit fraud?

Nothing illegal about it with my limited experience. Unfortunately, someone beat you to the house. No reason you can't see the house and put a backup offer, in case, the primary buyer falls out. I will say for the seller it is more advantageous to keep showing the house. The big mistake I did when ...
by pshonore
Thu Dec 07, 2017 9:12 am
Forum: Personal Finance (Not Investing)
Topic: House on the market less than a day. Did listing agent commit fraud?
Replies: 55
Views: 6427

Re: House on the market less than a day. Did listing agent commit fraud?

Most MLS Boards probably have a rule about this.......the listing must be put into MLS within xx hours of a signed listing agreement. XX could 24, 48, etc. When I was an agent and selling in a hot market, we would routinely wait until the last possible minute to put it in MLS. Preferable to sell in ...
by pshonore
Wed Dec 06, 2017 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

It will also appear as a corresponding refund of state taxes on my 2018 filing increasing my liability for next year. Rather than a refund (bad, avoid) how about just designating that to be applied to your 2018 estimated taxes? The IRS does not get a copy of my state tax return, though the state do...
by pshonore
Wed Dec 06, 2017 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

I have overpaid (somewhat by accident) my 2017 SALT. And I deliberately paid about 60% of my 2018 SALT this month in order to deduct it all in 2017. I am a 'cash' taxpayer, and pay taxes on what goes in and out in each year. I will DEDUCT every penny I paid in 2017 and 2018 estimated taxes on my 20...
by pshonore
Tue Dec 05, 2017 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

All that "making a generous estimate" will do is increase your refund which will then be taxable next year. You have to think of some legal way to pay the tax and have it not show up on your 2017 state return as a payment Disagree. According to the CA 540 form Line 72 instructions, for this year's ...
by pshonore
Tue Dec 05, 2017 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 141
Views: 8229

Re: Prepayment of SALT Taxes? [State and Local]

The due dates for my estimated state tax are the same as for federal tax. I plan to pay my payment for the 4th quarter estimated state tax (due Jan 16) this month so that it can be deducted on my 2017 federal return. I will make a very generous estimate of my state taxes due. All that "making a gen...
by pshonore
Tue Dec 05, 2017 1:36 pm
Forum: Investing - Help with Personal Investments
Topic: Medicare and retirement for high earner
Replies: 49
Views: 2281

Re: Medicare and retirement for high earner

My gripe with the system is that you only have to work for 40 quarters to get SS and medicare and pay the same as those who worked for 50 years. True - but such folks are overwhelmingly low or very low income. While the SS retirement system is slanted toward paying more to such individuals, nonethe...
by pshonore
Tue Dec 05, 2017 1:29 pm
Forum: Personal Consumer Issues
Topic: Concrete vs Pavers
Replies: 18
Views: 1977

Re: Concrete vs Pavers

Pavers look great, but for a driveway you will need a much more substantial base (than for a walkway) and heavy duty pavers.
by pshonore
Tue Dec 05, 2017 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax bug with Medical Expenses
Replies: 7
Views: 527

Re: Turbo Tax bug with Medical Expenses

HueyLD wrote:
Tue Dec 05, 2017 1:23 pm
Have you reported this to TT?
Its been reported by others. I just discovered it myself while using it. The real truth is the rate for 2017 has not been determined (if you know what I mean).
by pshonore
Tue Dec 05, 2017 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax bug with Medical Expenses
Replies: 7
Views: 527

Turbo Tax bug with Medical Expenses

Seniors should be aware there is a bug in the 2017 Turbo Tax Deluxe edition regarding the medical expense deduction. They are still using a 7.5% floor for those over 65 even though that expired at the end of 2016. That gives a larger itemized deduction than it should. I'm sure it will get fixed even...
by pshonore
Tue Dec 05, 2017 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Lowering real estate agent costs when selling?
Replies: 34
Views: 2561

Re: Lowering real estate agent costs when selling?

Generally if you list your house with a conventional agency, the commission is 6%. You can ask for 5% and you might be successful. The agency decides the split, but its usually 50/50 with the agency that produces a buyer. So each of the following four parties usually gets 1.5% - the agent who got th...
by pshonore
Mon Dec 04, 2017 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Handling after death affairs for my deceased domestic partner
Replies: 17
Views: 2065

Re: Handling after death affairs for my deceased domestic partner

Agree with others, definitely don't pay out of your account, and I don't think you can just pay out of her account, either. I would give her bank a call to see what will be involved in setting up an estate account. I would also give your local probate court a call to see what is involved in serving...
by pshonore
Mon Dec 04, 2017 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Handling after death affairs for my deceased domestic partner
Replies: 17
Views: 2065

Re: Handling after death affairs for my deceased domestic partner

Agree with others, definitely don't pay out of your account, and I don't think you can just pay out of her account, either. I would give her bank a call to see what will be involved in setting up an estate account. I would also give your local probate court a call to see what is involved in serving...
by pshonore
Mon Dec 04, 2017 11:08 am
Forum: Personal Consumer Issues
Topic: Understanding the World of Credit Card "Points"
Replies: 60
Views: 3308

Re: Understanding the World of Credit Card "Points"

I believe if you use the Amazon Prime Rewards card (not sure about that name) to charge your purchases at Amazon, you get a 5% "credit" to be applied toward future Amazon purchases. I use AX Blue preferred for groceries (6% back but there is an annual fee) Costco Visa card for gas (4% back but not i...
by pshonore
Sun Dec 03, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: How do QCDs relate to RMDs?
Replies: 22
Views: 1238

Re: How do QCDs relate to RMDs?

I have a related question. I will turn 70-1/2 in 2018. I have three tIRA accounts. I'm planning to take withdrawals in the following order: 1) wait until I have turned 70-1/2 to take QCD from tIRA account #1 (take amount equal to the RMD for account #1) 2) Next, take RMDs from tIRA accounts #2 and ...
by pshonore
Sat Dec 02, 2017 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: How will i be taxed when switching jobs?
Replies: 25
Views: 1400

Re: How will i be taxed when switching jobs?

Generally you'll be taxed on the full amount unless you request different withholding. Are these two different employers?
by pshonore
Sat Dec 02, 2017 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: IRS form 1065 help: rental property in a partnership
Replies: 25
Views: 1084

Re: IRS form 1065 help: rental property in a partnership

- your CPA likely misentered the number on the wrong line, as real estate income should flow through from 8825 to line 2 on that form not to line 3a/3b. 8825 is where your expenses should be entered, which should take input from 4562 for depreciation of the real estate assets. I just went through t...
by pshonore
Sat Dec 02, 2017 1:17 pm
Forum: Personal Consumer Issues
Topic: Considering Real Estate License
Replies: 7
Views: 514

Re: Considering Real Estate License

Some states require a broker to "hold" your license. I believe after a couple of years, and more education, you can get a Broker's License and avoid that. I had both years ago. At that time, the basic course was approx 40 hours of class time. I think that's now been doubled.
by pshonore
Sat Dec 02, 2017 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: Out of state S Corp for consulting?
Replies: 8
Views: 563

Re: Out of state S Corp for consulting?

Your S Corp income will come onto your personal tax return via form K-1. So if you live in a state with income tax it will still be taxed regardless of where it's incorporated. I would think the bulk of his S-Corp income will be on a W2 but the end result is the same for Federal purposes. It that W...
by pshonore
Sat Dec 02, 2017 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Out of state S Corp for consulting?
Replies: 8
Views: 563

Re: Out of state S Corp for consulting?

Generally, states are entitled to tax all your income regardless of where its earned, and usually give a credit for taxes (if any) paid to other states. I'm not sure how your plan would save on taxes
by pshonore
Sat Dec 02, 2017 10:36 am
Forum: Personal Finance (Not Investing)
Topic: How do QCDs relate to RMDs?
Replies: 22
Views: 1238

Re: How do QCDs relate to RMDs?

Nice explanation. I think actually get it. I must request all the QCDs before I withdraw the non-QCD portion of the RMD. Not really; lets say your RMD is 30K and you want to make a QCD of 10K. You can withdraw 20K and move it to taxable. You can still make a QCD of 10K. However, If you want your en...
by pshonore
Sat Dec 02, 2017 10:28 am
Forum: Personal Finance (Not Investing)
Topic: How do QCDs relate to RMDs?
Replies: 22
Views: 1238

Re: How do QCDs relate to RMDs?

I disagree with kaneohe. I think it makes a big difference in the order, if for no other reason not to confuse your IRA custodian. I haven't done the research, but looking at fairmark.com or kitces.com might be worthwhile, too: For instance: https://www.kitces.com/blog/qualified-charitable-distribu...
by pshonore
Thu Nov 30, 2017 11:14 am
Forum: Personal Consumer Issues
Topic: Safest roomy luxury suv?
Replies: 58
Views: 5048

Re: Safest roomy luxury suv?

For those who trust Consumer Reports, Dec 2017 issue has predicted reliability ratings for 2018 cars which I imagine are based on past history. Luxury Midsized SUVs: Best - Audi Q7, Lexus RX and BMW X5 a close third Worst - Volvo CX90 Tesla Model X Luxury Large SUVs: (only two listed) Best - Lexus L...
by pshonore
Thu Nov 30, 2017 9:48 am
Forum: Personal Consumer Issues
Topic: Scammed by Enterprise Car Rental
Replies: 35
Views: 4187

Re: Scammed by Enterprise Car Rental

Never thought about this topic too much until responded to thread. But took all of 2 seconds to find GEICO's official policy on their website: What is Rental Reimbursement? Rental Reimbursement* is an optional coverage that helps pay your rental car costs while your car is being repaired as a resul...
by pshonore
Wed Nov 29, 2017 4:48 pm
Forum: Personal Consumer Issues
Topic: USAA 2.5% Cash Back Credit Card
Replies: 245
Views: 42638

Re: USAA 2.5% Cash Back Credit Card

Actually its a 1.5% reward with an added 1% if you maintain the required 1K monthly direct deposit. It would not surprise me if they just dropped the extra 1% (which means I'll switch back to my Citi X 2 card for more purchases)
by pshonore
Tue Nov 28, 2017 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Earned income reducing social security
Replies: 5
Views: 617

Re: Earned income reducing social security

Thanks for the responses. Just to add an additional data point, this income is coming as an independent contractor. So I could set up some form of business entity if that would make a difference. Sure you could form an S-Corp, pay yourself a reduced salary (enough to stay under the earnings limit) ...
by pshonore
Tue Nov 28, 2017 11:56 am
Forum: Personal Finance (Not Investing)
Topic: My Plan for Roth Conversion in December - Does This Make Sense?
Replies: 7
Views: 488

Re: My Plan for Roth Conversion in December - Does This Make Sense?

Unless you're converting large amounts (like more than 50% of your TIRAs), my understanding is the 30 day rule, etc is not applicable.
by pshonore
Mon Nov 27, 2017 3:17 pm
Forum: Personal Consumer Issues
Topic: I have Microsoft Office 2007. Should I upgrade?
Replies: 37
Views: 1849

Re: I have Microsoft Office 2007. Should I upgrade?

In the past 3-4 years, I have more millennials in the office and they wouldn't touch a MSFT product. They use Google docs or Open Office (Open Source). I've switched a lot of my docs to Google docs. It takes some getting used to. No more "Command-S" to save the doc. :) But, it's nice to have a copy...
by pshonore
Mon Nov 27, 2017 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Amend 2015 taxes based on a new K-1 two years later?
Replies: 35
Views: 1775

Re: Amend 2015 taxes based on a new K-1 two years later?

Does anyone think tax documents received by the IRS can be safely ignored ?? That's just asking for trouble
by pshonore
Mon Nov 27, 2017 1:14 pm
Forum: Personal Consumer Issues
Topic: Best vehicle for seniors?
Replies: 73
Views: 5808

Re: Best vehicle for seniors?

I should add that I really appreciate the safety features now common on most new cars. Probably the most useful day to day is the backup warning feature that can see crossing traffic as you try to back out of a space. It also picks up pedestrians that might be walking in your potential path, especi...
by pshonore
Mon Nov 27, 2017 12:26 pm
Forum: Personal Consumer Issues
Topic: Kreg jig
Replies: 23
Views: 1710

Re: Kreg jig

Hey, it's Christmas. Get yourself a Festool Domino - https://www.festoolproducts.com/power-tools/festool-domino-joiners.html?gclid=Cj0KCQiAjO_QBRC4ARIsAD2FsXPpJW-jkZ4xRga7e3UfpoiYpz8sTX4-cXxCLKBc55h4RpLMeHk6DIgaApmcEALw_wcB Since I bought one, I hardly ever use my Krueger jig and I sold my biscuit ...
by pshonore
Mon Nov 27, 2017 11:11 am
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for 2018 Planned Donations?
Replies: 29
Views: 2057

Re: Donor Advised Fund for 2018 Planned Donations?

I did thus as well, as I expect my standard deduction to exceed our allowable itemized deductions if tax bill is passed. I'm sending in enough to cover the next 3 to 4 years expected charitable contributions. Will look into prepaying some taxes based on reading this post. I would think I could over...
by pshonore
Mon Nov 27, 2017 9:26 am
Forum: Personal Consumer Issues
Topic: Growing Number of Electric Vehicles
Replies: 112
Views: 8165

Re: Growing Number of Electric Vehicles

Just curious - anyone got an estimate of what percent of vehicles belong to single family homes with a garage (easy to charge) as opposed to apt dwellers, etc. Obviously a lot of folks in NYC and major Metro areas live in apartments, etc but don't have cars. Whats the average current draw to charge ...
by pshonore
Sun Nov 26, 2017 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Which Turbotax and When
Replies: 5
Views: 685

Re: Which Turbotax and When

JCE66 wrote:
Sun Nov 26, 2017 6:02 pm
You want TurboTax Business. It will do everything you need. Retails for $149.
Turbo Tax Business does not do 1040 type personal returns; Turbo Tax Home and Business does not do trust returns.
by pshonore
Sun Nov 26, 2017 5:07 pm
Forum: Personal Consumer Issues
Topic: Kreg jig
Replies: 23
Views: 1710

Re: Kreg jig

Are you talking about a pocket screw jig? Yes, I bought one from home depot - the K 4 jig and will 'try' to build a full size bed today - with some luck and mistakes!! Pocket screws for a bed? Uh, not a great idea. You want a mortise and tenon. Pocket screws will perform poorly and the bed will rac...