Search found 6009 matches

by pshonore
Mon Feb 19, 2018 8:12 am
Forum: Investing - Help with Personal Investments
Topic: Roth conversions to shrink RMDs
Replies: 15
Views: 969

Re: Roth conversions to shrink RMDs

It's $85k for singles. Hm.. ok I looked up the premiums: $85,000 - $107,000: +$642/year $107,000 - $133,500: +1596 year $133,500 - $160,000: +$4180/year So converting $200,000 (4 years until RMD, $50k per year to stay under the $133,500) would be her tax rate of 24% plus 3.2% in premium increases. ...
by pshonore
Mon Feb 19, 2018 7:28 am
Forum: Personal Consumer Issues
Topic: Should I be paying $1300/yr. for under/uninsured motorist protection?
Replies: 74
Views: 4014

Re: Should I be paying $1300/yr. for under/uninsured motorist protection?

My State also requires all vehicles to carry insurance coverage and that is checked at annual plate renewal although I don't know what happens if someone cancels insurance after registering the vehicle for the year. They can cancel it and just drive uninsured. Another popular option is to buy a che...
by pshonore
Sun Feb 18, 2018 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Geico- big increase Bodily injury liability, property damage liability (WA)
Replies: 9
Views: 762

Re: Geico- big increase Bodily injury liability, property damage liability (WA)

Gieco and all of the other insurers seem to be increasing rates (across the country). They all took a big hit with the hurricanes and flood damaged cars (amongst other insured losses on homes, storm damage, etc). That would raise Collision/Comprehensive rates, not BI/PD although I'm sure their cost...
by pshonore
Sun Feb 18, 2018 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: My MetLife Flexible Premium Multi-funded Life experience, Did I get lucky?
Replies: 4
Views: 433

Re: My MetLife Flexible Premium Multi-funded Life experience, Did I get lucky?

I read it that he converted the Term policy to FPLM in 2004 and started paying the $3360 at that time. I would hope he wasn't paying $3360 for a 250K term policy.
by pshonore
Sun Feb 18, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: How to qualify wife for ACA subsidy in 2018
Replies: 18
Views: 1280

Re: How to qualify wife for ACA subsidy in 2018

I will be 69 this month and wife is 60. My projected income for 2018 with SS, company pensions, dividends and rent income will be approximately $68K+. Will not take a RMD from my IRA until 2019. If I could keep my income below $66K for 2018 wife qualifies for $977 per month goverment health care, A...
by pshonore
Fri Feb 16, 2018 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Connecticut is charging sales tax on out of state purchases
Replies: 13
Views: 807

Re: Connecticut is charging sales tax on out of state purchases

There was a story probably 20 years where a CT tax auditor visited an appliance store just across the MA border. Folks from CT would go there and buy appliances that were delivered to CT and therefore no MA tax was due but CT residents were still legally required to report the sale and pay the CT ta...
by pshonore
Fri Feb 16, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: Connecticut is charging sales tax on out of state purchases
Replies: 13
Views: 807

Connecticut is charging sales tax on out of state purchases

Connecticut is now charging sales tax on out of state purchases. A lot of national retailers do charge CT sales tax if they have a business presence in a given state. (Walmart, Sears, LL Bean, Amazon, Orvis etc) But CT has contacted many out of state retailers and requested lists of merchandise and ...
by pshonore
Fri Feb 16, 2018 1:22 pm
Forum: Personal Consumer Issues
Topic: Should I be paying $1300/yr. for under/uninsured motorist protection?
Replies: 74
Views: 4014

Re: Should I be paying $1300/yr. for under/uninsured motorist protection?

What if he had been very, very seriously injured? Our medical insurance would have paid. Suppose you have an HDHP with a $6K deductible - who would pay that? Suppose you needed months in rehab - How much would your health insurance pay. Suppose you suffer a permanent disability as a result of the a...
by pshonore
Fri Feb 16, 2018 8:21 am
Forum: Personal Consumer Issues
Topic: Should I be paying $1300/yr. for under/uninsured motorist protection?
Replies: 74
Views: 4014

Re: Should I be paying $1300/yr. for under/uninsured motorist protection?

I'd check further into the "medical" coverage and if it is duplicative to your other health care coverage. in NJ, we routinely waive medical coverage as it was a major factor in extraordinarily high insurance rates in the state. There is a lot of misunderstanding about auto insurance. Medical payme...
by pshonore
Fri Feb 16, 2018 7:48 am
Forum: Personal Consumer Issues
Topic: Should I be paying $1300/yr. for under/uninsured motorist protection?
Replies: 74
Views: 4014

Re: Should I be paying $1300/yr. for under/uninsured motorist protection?

UM in florida is extremely expensive. it can double an annual premium per vehicle easily. I pay $1400/yr for my main vehicle without UM. it was a touch over $2500 with UM for the last renewal. That sounds awfully high, unless the majority of folks are driving without insurance. Does it cover does p...
by pshonore
Fri Feb 16, 2018 7:22 am
Forum: Personal Consumer Issues
Topic: Should I be paying $1300/yr. for under/uninsured motorist protection?
Replies: 74
Views: 4014

Re: Should I be paying $1300/yr. for under/uninsured motorist protection?

What is the total premium for this policy (BI/PD, Collision, Comp,etc)? $1300 could right for all that but even in MA which a lot of insurors avoid, thats outlandish for UM/UIM coverage. IN CT, I'm paying about $75/yr for 500k of UM/UIM BI.
by pshonore
Wed Feb 14, 2018 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Kitces article on Pass through tax reform changes
Replies: 2
Views: 514

Kitces article on Pass through tax reform changes

Here's a new Kitces article on the new deductions for pass through entities from 2018 tax reforms. Probably the best article I've seen on the subject with several examples.

https://kitces.us6.list-manage.com/trac ... 637ea94098
by pshonore
Tue Feb 13, 2018 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Spouse and "Spousal Refusal" in New York
Replies: 17
Views: 2624

Re: Spouse and "Spousal Refusal" in New York

... I don't understand why you think the monthly amount your father needs to pay out of his IRA will be limited to his RMDs. I would think that until his IRA is fully drained, your father will be expected to pay the entire monthly bill. So I would expect that his IRA distributions will be much grea...
by pshonore
Mon Feb 12, 2018 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Accountant not doing taxes while you are there
Replies: 21
Views: 2128

Re: Accountant not doing taxes while you are there

As a preparer, I cannot remember many tax returns where something did not come up during an "interview". Perhaps if the CPA has been doing your taxes for many years, that approach might work. I also used that time to ask about IRAs, why they weren't maxing out 401Ks, checking for RMDs, letting them ...
by pshonore
Mon Feb 12, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Do I pay my dentist bill with HSA card?
Replies: 13
Views: 1227

Re: Do I pay my dentist bill with HSA card?

You need to know what the Ins company "approved". For example, he charges $100 for proc X and he is a participating dentist, they might approve $60. If they send a check for $60 to you, that's what you owe him, not $100. Usually the EOB will also show what you owe him. Since you were reimbursed the ...
by pshonore
Sun Feb 11, 2018 9:21 am
Forum: Investing - Help with Personal Investments
Topic: Incorrect cost basis on Fidelity tax statements
Replies: 12
Views: 943

Re: Incorrect cost basis on Fidelity tax statements

It seems like there must be some sort of problem at Fido if the OP has short term losses on a stock with no basis information available since brokers have been required to track that on purchases made since 2011. Some stocks are still not covered, for example MLPs which report tax info on a K1 and ...
by pshonore
Thu Feb 08, 2018 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Excel worksheet for calculating SS bend points
Replies: 14
Views: 1022

Re: Excel worksheet for calculating SS bend points

Here are the historical bend points. Note they are fixed for an individual in the year you reach 62. And they can decrease from year to year like 2011

https://www.ssa.gov/oact/cola/bendpoints.html
by pshonore
Thu Feb 08, 2018 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 3583

Re: NYC Taxes for Surgical Resident

My understanding is that any money earned on a job or through a partnership or other business entity in a state is subject to the income taxes of that state and city. Regardless of your state of domicile. I ve been dealing with this for yesrs, Your understanding is incorrect with regards to NY City...
by pshonore
Thu Feb 08, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 99
Views: 5233

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

mikestorm wrote:
Thu Feb 08, 2018 11:41 am
Response from MA DOR. I've anonymized the screeen

https://imgur.com/a/oyuto
Just a comment - all download and CD versions of TurboTax will handle a Sched C so there's no reason to purchase more expensive software
by pshonore
Wed Feb 07, 2018 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Would You Recommend Living Revocable Trusts? Married, Retired, No Kids.
Replies: 10
Views: 1253

Re: Would You Recommend Living Revocable Trusts? Married, Retired, No Kids.

Not for Connecticut either. The same Probate court fees (not Attorney fees) are due for an RLT as for a probated estate.
by pshonore
Wed Feb 07, 2018 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits Question related to Life Insurance Planning
Replies: 15
Views: 1020

Re: Social Security Survivor Benefits Question related to Life Insurance Planning

JosephineP, Sorry to hear you are in the young widow club. I'm glad for you that you had life insurance. Life without is challenging. You mentioned filing as single in the third year. I believe if you pay for more than half of your kids' expenses, you can file as head of household. Of course if you...
by pshonore
Mon Feb 05, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Home Office Tax Deduction
Replies: 14
Views: 814

Re: Home Office Tax Deduction

I don't believe you can include W2 employee unreimbursed business expenses on an unrelated Sched C for another business you own if that's what you're saying.
by pshonore
Mon Feb 05, 2018 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: NYC Taxes for Surgical Resident
Replies: 78
Views: 3583

Re: NYC Taxes for Surgical Resident

The best source is to talk to your employer and find out what taxes they will withhold. If you get a W2 with NY and NYC tax withheld you will almost certainly have to file accordingly. Employers usually get it right but sometimes they mess up.
by pshonore
Mon Feb 05, 2018 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: Home Office Tax Deduction
Replies: 14
Views: 814

Re: Home Office Tax Deduction

I thought home office deductions, along with other unreimbursed employee business expenses, had been eliminated for 2018 and beyond by the recent tax bill. Is this not the case? That is correct - OK for 2017, GONE for 2018 and beyond along with the other Misc Deductions on Sched A (tax prep fees, m...
by pshonore
Fri Feb 02, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 58
Views: 4460

Re: Annuities - how does insurance company know you died?

I do know one method that SS uses and that is to check Medicare claims for those receiving SS. Assuming you're covered by Medicare, chances are fairly good that you'll be submitting a claim periodically. If you've been submitting claims for several years and then stop for an extended period, that mi...
by pshonore
Tue Jan 30, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10506

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

You should get a $229 refundable credit: $3,171 federal tax -2000 CTC 1 -1400 refundable portion CTC 2 ---- $229 But you will likely get a little more because I'm assuming you're also paying for healthcare which comes out pretax so your taxable income will have that deduction as well. Whats the bas...
by pshonore
Tue Jan 30, 2018 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10506

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

You should get a $229 refundable credit: $3,171 federal tax -2000 CTC 1 -1400 refundable portion CTC 2 ---- $229 But you will likely get a little more because I'm assuming you're also paying for healthcare which comes out pretax so your taxable income will have that deduction as well. Whats the bas...
by pshonore
Tue Jan 30, 2018 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.
Replies: 71
Views: 10506

Re: Make $90k, pay no Federal Income Tax in 2018? Check / critique this scenario.

You should get a $229 refundable credit: $3,171 federal tax -2000 CTC 1 -1400 refundable portion CTC 2 ---- $229 But you will likely get a little more because I'm assuming you're also paying for healthcare which comes out pretax so your taxable income will have that deduction as well. Whats the bas...
by pshonore
Tue Jan 30, 2018 11:43 am
Forum: Investing - Help with Personal Investments
Topic: Out of state 529 but still get in-state tax deduction?
Replies: 9
Views: 714

Re: Out of state 529 but still get in-state tax deduction?

I am a CT resident and have been investing in the CT 529 program for my kids. I can deduct up to $10k in state taxes/year. I would like to invest in other state plans that have better, lower cost investment options but I still want to get the tax benefit. Can I invest initially the $10K in the CT p...
by pshonore
Tue Jan 30, 2018 10:56 am
Forum: Personal Consumer Issues
Topic: Selling a home yourself after cancelation of Realtor listing:
Replies: 18
Views: 1809

Re: Selling a home yourself after cancelation of Realtor listing:

I'm skeptical of the language "a buyer first knew of the home while listed with a Realtor". Obviously if a potential buyer was shown the home that's a different story. Of course, if you wait the 90 days, the problem goes away.
by pshonore
Tue Jan 30, 2018 10:17 am
Forum: Personal Consumer Issues
Topic: Warning: 2017 HR Block program miscalculates federal tax (windows)
Replies: 16
Views: 1738

Re: Warning: 2017 HR Block program miscalculates federal tax (windows)

And did you apply all updates to the software? Any CD or download version will certainly need updates applied . Or are you like me and ignore that prompt every time the software loads :happy ?
by pshonore
Tue Jan 30, 2018 10:06 am
Forum: Personal Consumer Issues
Topic: Low depth elongated toilet?
Replies: 21
Views: 1894

Re: Low depth elongated toilet?

Consumer Reports current issue (Feb) has an article rating toilets. I've had two American Standard Cadet 3 one piece for about 5 yrs and have been very pleased with them.
by pshonore
Mon Jan 29, 2018 1:23 pm
Forum: Investing - Help with Personal Investments
Topic: W2 for Retirement Health benefits
Replies: 9
Views: 834

Re: W2 for Retirement Health benefits

This situation is also not uncommon with NQ stock options exercised after retirement which will produce a W2. However it can mess up SS if you're collecting and are not FRA. I remember HR stating they would notify SSA, if necessary, to make sure this was not considered earnings that would reduce an...
by pshonore
Mon Jan 29, 2018 11:11 am
Forum: Personal Consumer Issues
Topic: H&R Block 1099G state tax refund issue
Replies: 15
Views: 936

Re: H&R Block 1099G state tax refund issue

However, if your software is reading the "data" file it produced last year, there should be no problem.
by pshonore
Mon Jan 29, 2018 11:08 am
Forum: Investing - Help with Personal Investments
Topic: Oil and Gas Limited Partnerships
Replies: 16
Views: 1046

Re: Oil and Gas Limited Partnerships

Hi dmk395, There are some royalty trusts out there on the market where you basically receive the net profits on future barrels. These trusts have a limited life before the interest reverts back to the trust. Three items come into play: commodity prices, decline of the assets and operating expenses....
by pshonore
Mon Jan 29, 2018 9:54 am
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 38
Views: 3050

Re: ROTH Ira for kids

Is Form 8814 still an option after tax year 2017? If the "kiddie tax" switches to trust rates, does it still work?
by pshonore
Mon Jan 29, 2018 9:07 am
Forum: Investing - Help with Personal Investments
Topic: W2 for Retirement Health benefits
Replies: 9
Views: 834

Re: W2 for Retirement Health benefits

This situation is also not uncommon with NQ stock options exercised after retirement which will produce a W2. However it can mess up SS if you're collecting and are not FRA. I remember HR stating they would notify SSA, if necessary, to make sure this was not considered earnings that would reduce an ...
by pshonore
Sun Jan 28, 2018 7:12 pm
Forum: Investing - Help with Personal Investments
Topic: Oil and Gas Limited Partnerships
Replies: 16
Views: 1046

Re: Oil and Gas Limited Partnerships

Just a reminder that "unrelated business income" a/k/a UBTI refers to operating income of the MLP, usually reflected in Box 1 of the K1 form. There are very, very few MLPs that have positive income on Box 1.
by pshonore
Sun Jan 28, 2018 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Entering detail in H&R Block vs TaxAct programs
Replies: 10
Views: 566

Re: Entering detail in H&R Block vs TaxAct programs

At one time, about the only initial checking on a efiled return was that SS#s were valid and not used on another return and the FEINs for payroll, pension, 1099 forms etc. were valid. If they're not valid the IRS will reject the return. I doubt any tax software will allow efiling without them.
by pshonore
Sun Jan 28, 2018 12:12 pm
Forum: Investing - Help with Personal Investments
Topic: sale of mutual funds tax
Replies: 11
Views: 527

Re: sale of mutual funds tax

Since the top of the 15% bracket for 2017 is $75900, I would think a small portion of your cap gains and QDs would be taxed at 15% if your taxable income is truly $83K unless you haven't subtracted personal exemptions and a standard deduction from that number. Or is 83K your AGI?
by pshonore
Sun Jan 28, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax glitch w/Form 1116 when e-filing
Replies: 13
Views: 976

Re: TurboTax glitch w/Form 1116 when e-filing

I believe tomorrow is the first day the IRS is accepting e-filed returns.
by pshonore
Sun Jan 28, 2018 9:46 am
Forum: Personal Consumer Issues
Topic: WHY do wireless routers need periodic reboots?
Replies: 117
Views: 8697

Re: WHY do wireless routers need periodic reboots?

Maybe a "blip" on the hard wire coming into the house? I'm having a problem with Direct TV where I lose their signal and screen goes black for 1 or 2 seconds, then comes back. Might happen 5 times in one minute and then be fine. Definitely not weather related. Only happens on one station (Local PBS)...
by pshonore
Sun Jan 28, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: W2- Box 10 : Dependent care benefits: How to claim exemption in Turbo Tax ( Form 2441)
Replies: 2
Views: 273

Re: W2- Box 10 : Dependent care benefits: How to claim exemption in Turbo Tax ( Form 2441)

Amounts in Box 10 are usually deducted from salary on a pre tax basis so you don't get to deduct that again. Agree with FiveK calculation that shows a Child care credit of $94. If you entered W2 and did not fill out form 2441, then TT will assume you had no child care expenses and add Box 10 amount ...
by pshonore
Sat Jan 27, 2018 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for a cost effective way to file tax this year
Replies: 25
Views: 1445

Re: Looking for a cost effective way to file tax this year

Regarding your multiple state issue, it works like this: In the state where you live, you file a Resident tax return. In the state where you don't live but earned income there, you file a Non-resident tax return. On both of those tax returns, you report the income and pay the taxes separately and i...
by pshonore
Sat Jan 27, 2018 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Real Estate Commission Rates around Metro D.C.
Replies: 6
Views: 420

Re: Real Estate Commission Rates around Metro D.C.

feehater wrote:
Sat Jan 27, 2018 11:32 am
Yes, I'd look into redfin, although if the buyer uses a standard realtor you're still on the hook for their 3% meaning you'd pay 4.5% total...
Most listing agreements specify total commission; the selling agency generally gets 1/2 of the total.
by pshonore
Sat Jan 27, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Looking for a cost effective way to file tax this year
Replies: 25
Views: 1445

Re: Looking for a cost effective way to file tax this year

One advantage of having Block office do it again is they will probably efile everything and guarantee its correct. When you have multiple states, some states require you to provide a copy of other states returns. Not sure how efile works with multiple states if you're using Block or TT software , bu...
by pshonore
Fri Jan 26, 2018 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Incorrect mortgage int tax doc: what to do?
Replies: 11
Views: 722

Re: Incorrect mortgage int tax doc: what to do?

Interest on a mortgage is usually paid in arrears. If you buy a house on June 15, you are billed at the closing for interest from 6/15 - 7/1 and your first payment is due Aug 1 which includes interest for July. Extend that and it means the Jan 1, 2018 payment includes interest for December 2017 whic...
by pshonore
Fri Jan 26, 2018 2:31 pm
Forum: Investing - Help with Personal Investments
Topic: ROTH Ira for kids
Replies: 38
Views: 3050

Re: ROTH Ira for kids

thangngo wrote:
Fri Jan 26, 2018 1:22 pm
pshonore wrote:
Fri Jan 26, 2018 1:09 pm
Some folks disagree but I believe anyone doing a Roth should file a tax return. And if a self-employed person earns more than $400, SS tax is due with the return
Except that those kids are on their parents' return.
And where on their parent's return do kids put their earned income?