Search found 6224 matches

by pshonore
Thu Apr 26, 2018 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: IRS announces relief for HSA contribution limit error
Replies: 7
Views: 866

IRS announces relief for HSA contribution limit error

Revenue Procedure 2018-27 provides relief for taxpayers with family coverage under high deductible health plans (HDHPs) concerning the annual deductible contributions limit for their 2018 health savings accounts (HSAs) under Internal Revenue Code section 223. The maximum for family coverage was orig...
by pshonore
Thu Apr 26, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: [Vanguard account locked out due to deceased owner]
Replies: 69
Views: 4257

Re: [Vanguard account locked out due to deceased owner]

What happens with a checking account where various companies (credit cards, car/mortgage loans, utilities, insurance companies, newspapers, etc) are automatically pulling payments each month. Would the bank not allow that if the account holder died and the bank was notified or found out? Most of tho...
by pshonore
Thu Apr 26, 2018 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Car insurance quotes for 23 year old (male-don't know if this matters)
Replies: 19
Views: 843

Re: Car insurance quotes for 23 year old (male-don't know if this matters)

Don't live in Hartford. Live in on one of the suburbs. You'll pay less for insurance and and you'll likely pay less for property taxes which are assessed by each town. Figure on paying 2 - 3% of the Car FMV in property tax each year.
by pshonore
Thu Apr 26, 2018 12:38 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401k and Roth IRA Qeustion
Replies: 1
Views: 113

Re: Solo 401k and Roth IRA Qeustion

20% of net (after 1/2 SE) for employer contribution for a Sole Prop; 25% of W2 wages for an S-Corp.
by pshonore
Wed Apr 25, 2018 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Who benefits from "best and final offer" on condo?
Replies: 105
Views: 5116

Re: Who benefits from "best and final offer" on condo?

For the seller, it isn’t entirely about money. It’s also about having a buyer and buyer’s agent you can work with. When they asked for best and final offer, they were asking for best and final offer, and you apparently didn’t believe them. Would I have done it differently? Yes. But when both the to...
by pshonore
Wed Apr 25, 2018 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: Who benefits from "best and final offer" on condo?
Replies: 105
Views: 5116

Re: Who benefits from "best and final offer" on condo?

For the seller, it isn’t entirely about money. It’s also about having a buyer and buyer’s agent you can work with. When they asked for best and final offer, they were asking for best and final offer, and you apparently didn’t believe them. Would I have done it differently? Yes. But when both the to...
by pshonore
Wed Apr 25, 2018 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: CA Public School Teacher - Union Dues, Pension Contribution
Replies: 15
Views: 1573

Re: CA Public School Teacher - Union Dues, Pension Contribution

And the CalSTRS member will likely not be eligible for a Spousal or Survivor benefit due to the GPO (Govt Pension Offset). Also to avoid the WEP, you need years of "substantial" earnings (defined on the SS website)
by pshonore
Wed Apr 25, 2018 10:22 am
Forum: Personal Finance (Not Investing)
Topic: [Vanguard account locked out due to deceased owner]
Replies: 69
Views: 4257

Re: [Vanguard account locked out due to deceased owner]

Sounds to me that if someone wants to make things easier for survivors, they could setup and fund an "estate emergency checking account' with as little or as much cash as they feel necessary in a local bank with a POD/TOD designation to their trusted survivor(s). Of course its critical to make sure ...
by pshonore
Tue Apr 24, 2018 7:15 pm
Forum: Personal Consumer Issues
Topic: Rebating buyer's agent for 1st time single-family home purchase
Replies: 26
Views: 1603

Re: Rebating buyer's agent for 1st time single-family home purchase

I'd be careful going to an open house without an agent or without telling the open house agent that you are working with XYZ. If the Open House sign or advertisement was what got you there, the listing agency may say they are the procuring cause of the sale and entitled to the selling commission por...
by pshonore
Tue Apr 24, 2018 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Needing some sage advice on mom's Uni Life policy
Replies: 10
Views: 566

Re: Needing some sage advice on mom's Uni Life policy

Mom (82) has a 15k universal life policy: current cash value $9K Interest rate of 4.85% death benefit: $24K Premiums are $480 annual (and rising) her premiums are paid from the cash value. At the current rate of COI, the certificate will lapse in 5 years*. (0 cash value) * as indicated in her last ...
by pshonore
Tue Apr 24, 2018 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Does Zillow show a history of owner changes to house data?
Replies: 5
Views: 856

Re: Does Zillow show a history of owner changes to house data?

Not sure but I think it shows tax assessments as well (I believe tax/assessment records are their main data source). A large assessment increase while neighbors remain stable might reflect improvements in areas where reassessment does not occur on sale. Assessment practices vary widely around the co...
by pshonore
Tue Apr 24, 2018 9:12 am
Forum: Personal Finance (Not Investing)
Topic: CA Public School Teacher - Union Dues, Pension Contribution
Replies: 15
Views: 1573

Re: CA Public School Teacher - Union Dues, Pension Contribution

Here's a link for CalStrs on the contribution rates: https://www.calstrs.com/calstrs-2014-funding-plan This is a very useful link. Thank you! Would you (or anybody else for that matter) know what the phrases "2% at 60" and "2% at 62" mean? Just a wild guess but probably pension equals 2% times year...
by pshonore
Tue Apr 24, 2018 7:56 am
Forum: Personal Finance (Not Investing)
Topic: CA Public School Teacher - Union Dues, Pension Contribution
Replies: 15
Views: 1573

Re: CA Public School Teacher - Union Dues, Pension Contribution

Spouses union due (as a CT Teacher) was always after tax. Not sure if that has changed. Tax Reform has eliminated union dues as a misc deduction (subject to 2% AGI floor) starting 1/1/18
by pshonore
Mon Apr 23, 2018 1:08 pm
Forum: Personal Consumer Issues
Topic: Rebating buyer's agent for 1st time single-family home purchase
Replies: 26
Views: 1603

Re: Rebating buyer's agent for 1st time single-family home purchase

Do you need a real estate agent at all? How are closings usually handled in your state? Where I live, lawyers are required for closing but no real estate agents at all were involved at any point when I bought my apartment. (It was a FSBO listing.) In other states, the title company might be heavily...
by pshonore
Mon Apr 23, 2018 11:38 am
Forum: Personal Consumer Issues
Topic: Your own General Contractor
Replies: 33
Views: 2722

Re: Your own General Contractor

you'll probably spend more for on quality materials because in your head you don't "want that cheap crap". This likely won't translate into a higher selling price. What is "cheap crap"?? A lot of what goes into a new house is generic. Framing lumber, plywood sheathing, roofing, electrical wire, cop...
by pshonore
Mon Apr 23, 2018 9:10 am
Forum: Personal Consumer Issues
Topic: Your own General Contractor
Replies: 33
Views: 2722

Re: Your own General Contractor

I generally agree that you should not take this on unless you have pretty extensive residential construction experience. If you do have that experience, you'll probably spend more for on quality materials because in your head you don't "want that cheap crap". This likely won't translate into a high...
by pshonore
Sun Apr 22, 2018 3:43 pm
Forum: Personal Consumer Issues
Topic: Remedy for Post-Purchase Problem (House)
Replies: 10
Views: 1079

Re: Remedy for Post-Purchase Problem (House)

A lot of warranties are void unless the product was installed to spec. As an example, roofing over existing shingles (no tear off) will usually void a roofing warranty.
by pshonore
Sun Apr 22, 2018 3:06 pm
Forum: Personal Consumer Issues
Topic: Long term care ins John Hancock
Replies: 32
Views: 1509

Re: Long term care ins John Hancock

How many people return to a nursing home after a 1 yr stay at home? I'm sure there are some but most aren't going anywhere. Rehab stays after hip/knee surgery excepted of course.
by pshonore
Sun Apr 22, 2018 7:39 am
Forum: Investing - Help with Personal Investments
Topic: Small Landlord Tax Deduction and $25K Allowance
Replies: 11
Views: 770

Re: Small Landlord Tax Deduction and $25K Allowance

You got it. As long as you're under the limit to take the losses, you get to take all the loses. It's not a sliding scale. You either get to take the loss or you don't. Not really; you lose (actually defer) the loss by 50 cents for every dollar of MAGI over 100K. So if your MAGI is 110K, your loss ...
by pshonore
Sat Apr 21, 2018 12:43 pm
Forum: Personal Consumer Issues
Topic: New car hit accident - loss of dimished value
Replies: 31
Views: 2564

Re: New car hit accident - loss of dimished value

I would pursue the diminished value claim if it is not too much of a hassle. It is a fact that past incidents on your carfax auto check etc. are used against you later when you try to sell the car. I am curious to see if anyone has published a study on the impact of accidents and nature of them on ...
by pshonore
Sat Apr 21, 2018 12:36 pm
Forum: Investing - Help with Personal Investments
Topic: Small Landlord Tax Deduction and $25K Allowance
Replies: 11
Views: 770

Re: Small Landlord Tax Deduction and $25K Allowance

Sounds about right but do know any unallowed losses because of the AGI limit, carryover and can be taken in full when you dispose of the property.
by pshonore
Sat Apr 21, 2018 11:51 am
Forum: Investing - Help with Personal Investments
Topic: Recreating VFINX cost basis?
Replies: 8
Views: 592

Re: Recreating VFINX cost basis?

Were dividends reinvested? If not, your basis is still $5000. If they were reinvested, add the yearly dividends totals to your basis. Not sure what you mean by "realized gains". Unless you sold shares in the interim, there are no realized gains
by pshonore
Sat Apr 21, 2018 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Two Solo 401k Questions
Replies: 22
Views: 1439

Re: Two Solo 401k Questions

I don't know anything about that insurance company of course, but the policy limits look reasonable to me. Depending on your net worth, you might also want to add a personal umbrella policy. They're pretty cheap. That's a good idea - I'm very unfamiliar with umbrella policies and need to research t...
by pshonore
Fri Apr 20, 2018 10:19 am
Forum: Personal Consumer Issues
Topic: How to ask town to build a sidewalk?
Replies: 22
Views: 1248

Re: How to ask town to build a sidewalk?

Attend an appropriate city/county council meeting and be prepared to speak in the public comment period. Sidewalks costs lots of money. Councils must set priorities. As an example, my town is installing sidewalks along a busy road. Cost is approx $100/linear foot for a 5 ft wide sidewalk. Most of t...
by pshonore
Fri Apr 20, 2018 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Need for Medicare supplemental plan?
Replies: 150
Views: 7842

Re: Need for Medicare supplemental plan?

I have been participating in the forum for a long time. It appears that most Bogleheads on Medicare (at least those who post about Medicare) have a supplemental insurance because it pays for the part that Medicare doesn't, assuming the test/ doctor/ hospital is covered by/contracted with Medicare. ...
by pshonore
Thu Apr 19, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security retirement and working
Replies: 5
Views: 854

Re: Social Security retirement and working

I am 64 and just filed for SSI retirement. I plan on still working and have a question about contributions to my 401k and earned income. I will be making more than the allowed $17040. My question is: Can I lower my earned income as it applies to my social security income by contributing more to my ...
by pshonore
Thu Apr 19, 2018 11:22 am
Forum: Personal Consumer Issues
Topic: Netflix, Your Current Favorite Show
Replies: 557
Views: 62074

Re: Netflix, Your Current Favorite Show

Retribution
by pshonore
Thu Apr 19, 2018 11:20 am
Forum: Personal Consumer Issues
Topic: Fixing Deadbolt Lock
Replies: 18
Views: 1177

Re: Fixing Deadbolt Lock

Are we talking just a deadbolt or a complete handle set? There's a big difference. A standalone deadbolt should not fall apart as you take it out. Complete handle sets are somewhat more complicated
by pshonore
Thu Apr 19, 2018 11:15 am
Forum: Personal Consumer Issues
Topic: What does a typical homeowners insurance policy have?
Replies: 10
Views: 1040

Re: What does a typical homeowners insurance policy have?

Note that HO policies come in two flavors - named perils where the risks insured against are named (fire, windstorm, etc) and all risk which covers everything that is not excluded (common exclusions are earthquake, flood, etc). Guess which one costs more? Most prefer all risk although that might not...
by pshonore
Thu Apr 19, 2018 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Two Solo 401k Questions
Replies: 22
Views: 1439

Re: Two Solo 401k Questions

401K would be limited to net profit (you do have expenses, right? as an example the LLC fees) - 1/2 of SE tax paid. Approx $11152.
by pshonore
Thu Apr 19, 2018 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 39
Views: 4084

Re: Can I *not* claim all the state tax in my itemized deduction?

Most states allow you to contribute to a list of endorsed non-profit funds. California has 40 of them. Just donate 100% of your refund amount on your state form. That donation may also earn you a deduction on next year's 1040. Interesting thought but won't you still get a 1099G for the entire refun...
by pshonore
Thu Apr 19, 2018 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Can I *not* claim all the state tax in my itemized deduction?
Replies: 39
Views: 4084

Re: Can I *not* claim all the state tax in my itemized deduction?

Most states allow you to contribute to a list of endorsed non-profit funds. California has 40 of them. Just donate 100% of your refund amount on your state form. That donation may also earn you a deduction on next year's 1040. Interesting thought but won't you still get a 1099G for the entire refun...
by pshonore
Wed Apr 18, 2018 7:03 am
Forum: Personal Finance (Not Investing)
Topic: Account for Adult Children Allowing Parent Some Control
Replies: 31
Views: 3269

Re: Account for Adult Children Allowing Parent Some Control

This is a common desire with a straightforward solution: Trust. Income retained in the trust will be taxable to the trust, not to the kids. They will be taxed only on income distributed to them. As trustee you would retain control of investments and distributions. Money in the trust will be out of ...
by pshonore
Tue Apr 17, 2018 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Relative Never Took RMDs on Inherited IRA From 2004
Replies: 19
Views: 2384

Re: Relative Never Took RMDs on Inherited IRA From 2004

Don't forget to amend the return she just filed and include the 13 years of missed RMDs. You can include the 5329 with that. As for reason - I would just say she was unaware of the RMD requirement. +1 Don't bring your CPA into this contact with IRS, but maybe CPA could give you the numbers if you c...
by pshonore
Tue Apr 17, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Relative Never Took RMDs on Inherited IRA From 2004
Replies: 19
Views: 2384

Re: Relative Never Took RMDs on Inherited IRA From 2004

Don't forget to amend the return she just filed and include the 13 years of missed RMDs. You can include the 5329 with that. As for reason - I would just say she was unaware of the RMD requirement.
by pshonore
Tue Apr 17, 2018 8:08 am
Forum: Personal Finance (Not Investing)
Topic: Easiest way for minor child to file taxes
Replies: 16
Views: 862

Re: Easiest way for minor child to file taxes

The babysitting was not self-employment. She should properly be considered household help and because she was a student under 18, there is no limit to the wages exempt from FICA. The employers should have only filed a W-2. This income is eligible for Roth IRA contributions, but I'm not sure how to ...
by pshonore
Mon Apr 16, 2018 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Deductible Medical Expenses....
Replies: 16
Views: 614

Re: Deductible Medical Expenses....

thanks guys....very helpful. I think TT was using an estimated AGI at one point, and that confused me. So, if my insurance premiums are employer-based pre-tax, I can add the cost of my contribution to the total? No - premiums paid with pre tax $ don't count So my deductible amount is my med bills -...
by pshonore
Mon Apr 16, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k or SEP IRA in Same Year as Temporary Employer-provided 401k?
Replies: 1
Views: 115

Re: Solo 401k or SEP IRA in Same Year as Temporary Employer-provided 401k?

Too late for a Solo 401K which needs to be setup by 12/31 of the tax year. SEP should be fine. Limit would 20% of net SE income (1099 income minus expenses) after adjustment for 1/2 of SE tax paid. If you max out your employer 401K, there's not much difference with the SEP since that would reduce yo...
by pshonore
Mon Apr 16, 2018 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Deductible Medical Expenses....
Replies: 16
Views: 614

Re: Deductible Medical Expenses....

Turbo tax does have worksheets for this broken out by doctors, drugs, insurance premiums, mileage etc so you may as well fill them out. It may even jog your memory for other items. Only the bottom line total gets on Sched A and goes to the IRS. My guess is somewhere down the line the IRS compares th...
by pshonore
Mon Apr 16, 2018 8:24 am
Forum: Personal Finance (Not Investing)
Topic: First Time Homebuyer buying a FSBO home, help!
Replies: 11
Views: 924

Re: First Time Homebuyer buying a FSBO home, help!

If attorneys handle all the details of a closing (like they do in CT) and you're familiar with those details, then you probably don't need an agent. Otherwise its not a lot of money for someone who knows all those details and local customs and can lead you down the right path.
by pshonore
Sat Apr 14, 2018 11:14 am
Forum: Personal Consumer Issues
Topic: Neem Oil
Replies: 5
Views: 704

Re: Neem Oil

I used it on Apples. Seemed pretty much useless. Switched back to Captan.
by pshonore
Fri Apr 13, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Funding Roth IRA for Dependent Child In Texas
Replies: 5
Views: 329

Re: Funding Roth IRA for Dependent Child In Texas

I doubt he has any tax liability this year except for SS (approx $60). Starting a Roth is a good idea. However he should keep records of who paid him how much and when. If he makes lots of money this year (more than 4-5K in which case he will probably not be your dependent), you can look into quarte...
by pshonore
Fri Apr 13, 2018 12:34 pm
Forum: Personal Consumer Issues
Topic: Is a reduction of my home's assessed value a bad thing?
Replies: 21
Views: 1196

Re: Is a reduction of my home's assessed value a bad thing?

I've never understood the philosophy of adjusting property prices upon sale. In CT, the official policy is if you have similar houses of similar age in a given location, the owners will pay roughly the same tax whether you've owned for 30 days or 30 years. Aren't you getting the same "benefits" rega...
by pshonore
Fri Apr 13, 2018 11:05 am
Forum: Personal Finance (Not Investing)
Topic: DAF question
Replies: 18
Views: 1152

DAF question

While on the Fido Charitable website making a donation, the following phrase appeared: I certify that: None of the charities above will provide me or anyone else a more than incidental benefit in exchange for a grant. Examples of grants that may include impermissible benefits include grants used for...
by pshonore
Fri Apr 13, 2018 7:42 am
Forum: Personal Finance (Not Investing)
Topic: 2018 Child Tax Credit and Withholdings
Replies: 2
Views: 374

Re: 2018 Child Tax Credit and Withholdings

With the child tax credit doubling this year and $1,400 of it being refundable, does that mean if your tax owed (line 44 of the 2017 1040) was less than $1,400 you would still get a refund? I'm not sure how to best ask the question. Maybe this makes more sense: the refundability of the tax credit i...
by pshonore
Thu Apr 12, 2018 7:47 am
Forum: Personal Finance (Not Investing)
Topic: USO ETF Schedule K-1 and 1099-B – nightmares
Replies: 2
Views: 223

Re: USO ETF Schedule K-1 and 1099-B – nightmares

What does the Sales Schedule say? Most likely, add the cumulative basis adjustment to the purchase price? Subtract that result from sale proceeds to get total gain. Subtract ordinary gain (if any) from total gain to get cap gain. A cap loss of $551 sounds correct from your numbers. Don't forget to i...
by pshonore
Mon Apr 09, 2018 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tax basis for an inherited property
Replies: 10
Views: 660

Re: Tax basis for an inherited property

In CT, residential property is assessed at 70% of FMV by law. So one would look at the assessment and multiply by 1.4 to get FMV. Perhaps your area is similar
by pshonore
Mon Apr 09, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: State Taxes on SS
Replies: 5
Views: 489

Re: State Taxes on SS

... The thing that makes this thread actionable is a reminder that all tax implications need to be considered when thinking of relocating in retirement. Individual experience with SS taxes would be instructional in responses. That's an excellent point. We've had cases where clients saved taxes by m...
by pshonore
Sun Apr 08, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Investment in a corporation goes belly up. How to file
Replies: 5
Views: 573

Re: Investment in a corporation goes belly up. How to file

Unusual for a corporation to issue a K1 (unless its an S-Corp). How does the K1 show value?