Search found 5598 matches

by pshonore
Fri Oct 20, 2017 8:03 am
Forum: Personal Finance (Not Investing)
Topic: Income Taxes & the Gig Economy
Replies: 7
Views: 586

Re: Income Taxes & the Gig Economy

goingup wrote:
Fri Oct 20, 2017 7:41 am
I wouldn't think she'd have to file a return. The threshold of income for 2016 was over $10K. You can google the IRS publications regarding this.
Generally speaking, a person who has more than $400 of self employed income is required to file a return and pay SS tax.
by pshonore
Tue Oct 17, 2017 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Protecting modest assets (house/IRA) from Medicaid/taxes
Replies: 9
Views: 583

Re: Protecting modest assets (house/IRA) from Medicaid/taxes

I would think Mom would have to spend down the 550K in the IRA before qualifying for Medicaid but only a Elder Care lawyer in your state can tell you for sure.
by pshonore
Tue Oct 17, 2017 11:09 am
Forum: Investing - Theory, News & General
Topic: State Tax Avoidance with 529 Rollover
Replies: 4
Views: 383

Re: State Tax Avoidance with 529 Rollover

I live in CT which does not recapture State Income Tax on 529 Rollovers, meaning I can take the State Tax deduction on 529 contributions and then roll it over to some other states plan and not pay anything back to CT. (There are several states which allow this) After I roll over to another states p...
by pshonore
Mon Oct 16, 2017 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard's federal ID number for 1099R that hasn't arrived yet
Replies: 6
Views: 432

Re: Vanguard's federal ID number for 1099R that hasn't arrived yet

I don't think Form 1040 needs their tax ID number. Maybe the software wants it, but I don't think the software will submit the number with your tax return, will it? Contact your tax software customer support. E-filed returns require valid EIN numbers. Mails in do not, but you should attach the 1099...
by pshonore
Mon Oct 16, 2017 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Death Benefits
Replies: 5
Views: 744

Re: Social Security Death Benefits

Although this might not be the best thread for noting this point, parents who are at the social security eligible age and who still have children under age 18 can file and suspend (I believe) and have the children collect benefits as a minor child until the child turns 18. This is not a very preval...
by pshonore
Mon Oct 16, 2017 8:00 am
Forum: Personal Finance (Not Investing)
Topic: [Social Security announces 2.0% benefit increase for 2018]
Replies: 26
Views: 3247

Re: [Social Security announces 2.0% benefit increase for 2018]

By the way the rates for 2018 for Medicare are available at the site "Medicare.gov". Just as an aside Medicare Premiums are also taxable for those with enough MAGI to make them so. (I send 25% of my GROSS SS Benefits back to the government each year). Just checked medicare.gov - all I see are 2017 ...
by pshonore
Mon Oct 16, 2017 7:46 am
Forum: Personal Consumer Issues
Topic: Calculating max electrical load of your home
Replies: 34
Views: 2063

Re: Calculating max electrical load of your home

Also, some devices require larger amounts current to start. I believe most capacitor motors are like that , so think refrigerator, AC Compressor, well pump, etc. They may draw 50% more than the rated current for a very short time (seconds). Of course the system is designed to handle that. That can a...
by pshonore
Sun Oct 15, 2017 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 49
Views: 2639

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

mptfan wrote:
Sun Oct 15, 2017 8:51 am

So, in my grandma Sue example, she did not commit fraud because she did not commit a deceptive act, and she did not form the intent to deceive.
Agree, Grandma Sue has dementia but does she have a Conservator/Guardian, etc? Who is responsible for her finances?
by pshonore
Sat Oct 14, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: [Social Security announces 2.0% benefit increase for 2018]
Replies: 26
Views: 3247

Re: Social Security announces 2.0% benefit increase for 2018

My net SS check after Medicare goes down from year to year... My understanding is that people already enrolled in SS and Medicare are held harmless and exempt from Medicare increases when the SS cost of living does not increase. The increases are paid by Medicare recipients not held harmless. Did y...
by pshonore
Sat Oct 14, 2017 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 49
Views: 2639

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

Someone still has to report the death (including to SS) and its usually next of kin. Where does that requirement come from? And to whom is the report required? And what if the person was not receiving social security payments, is there any requirement that their death be reported to social security...
by pshonore
Sat Oct 14, 2017 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversions...did I miss the boat?
Replies: 7
Views: 1342

Re: Roth conversions...did I miss the boat?

I could be mistaken but I don't think Roth conversions were to available to high income folks during the financial crisis. I think that didn't happen until 2010.
by pshonore
Sat Oct 14, 2017 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Annuities - how does insurance company know you died?
Replies: 49
Views: 2639

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

I'm sure there are many deaths where funeral directors do not get involved (drowning with no recovery, body donated to medical school, etc). Someone still has to report the death (including to SS) and its usually next of kin.
by pshonore
Sat Oct 14, 2017 8:53 am
Forum: Personal Finance (Not Investing)
Topic: [Social Security announces 2.0% benefit increase for 2018]
Replies: 26
Views: 3247

Re: Social Security announces 2.0% benefit increase for 2018

My net SS check after Medicare goes down from year to year... My understanding is that people already enrolled in SS and Medicare are held harmless and exempt from Medicare increases when the SS cost of living does not increase. The increases are paid by Medicare recipients not held harmless. Did y...
by pshonore
Fri Oct 13, 2017 1:27 pm
Forum: Investing - Help with Personal Investments
Topic: pay taxes from long term gains on a taxable account
Replies: 18
Views: 1325

Re: pay taxes from long term gains on a taxable account

1040-ES is very easy to use. It can be done online , only a couple pages with minimal info. The other option is to increase withholding on your W4. Don't forget state taxes if that's an issue for you too. ok! wow! I walked through the steps.. and does look easy! thanks! since I only made this money...
by pshonore
Fri Oct 13, 2017 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Intentionally Defective Grantor Trust to avoid estate tax limit?
Replies: 20
Views: 1659

Re: Trust to avoid estate tax limit?

Trusts aren't cheap to set up and keep running. Should be no costs to keep running. If you need to make changes you would amend it the same as if you have a will but no costs to having a trust. [OT comment removed by admin LadyGeek] Also, trusts are not expensive compared to the money they save peo...
by pshonore
Fri Oct 13, 2017 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Itemized Tax Deductions
Replies: 10
Views: 567

Re: Itemized Tax Deductions

Unreimbursed employee expenses generally refers to W2 employees who have business expenses for which they are not reimbursed by their employer. Examples would be vehicle expenses for a car used for business purposes or a home office. It becomes an itemized deduction subject to a floor of 2% of AGI
by pshonore
Fri Oct 13, 2017 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Setting Beneficiary vs. Revocable Trust (probate)
Replies: 4
Views: 366

Re: Setting Beneficiary vs. Revocable Trust (probate)

Note that in some states (like Connecticut) all assets (including POD designations and RLT assets) are subject to probate "fees" so the savings is less than one thinks. The Probate Court does not get involved in the asset distribution but they do, in effect, collect taxes on them.
by pshonore
Fri Oct 13, 2017 7:32 am
Forum: Personal Finance (Not Investing)
Topic: 2018 SS COLA contest
Replies: 7
Views: 783

Re: 2018 SS COLA contest

My guess for the Social Security COLA for 2018 is 2.0% The September CPI that was released today is 240.939 That make the three month (Jul Aug Sept) average 239.668 compared to 235.057 for the same period last year. Won't do much for the average SS recipient whose monthly benefit is $1355. Most, if ...
by pshonore
Thu Oct 12, 2017 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: HSA and adult child
Replies: 3
Views: 280

Re: HSA and adult child

Perhaps I have a reading comprehension problem but it seems to me he could have claimed her as a qualifying relative EXCEPT she made too much money. Had she not had the income or if it was less than $4050, he could have claimed her. Does she not meet the other tests? Of course if he claims her medic...
by pshonore
Wed Oct 11, 2017 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Card - Should I get a Replacement
Replies: 47
Views: 2580

Re: Social Security Card - Should I get a Replacement

Already having a passport, I don’t see the value for me (unless there are other compelling reasons to get one). This is still good to know - learn something new every day. The compelling reason to get an Enhanced Drivers License is the REAL ID Act. All REAL ID compliance extensions expired on Octob...
by pshonore
Wed Oct 11, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Standard Sales Tax Deduction is Miserly -- here's my way
Replies: 28
Views: 3798

Re: Standard Sales Tax Deduction is Miserly -- here's my way

I follow the method used by your CPA. You shouldn’t need a receipt for every single item. I use my Quicken record and apply my local tax rate to the total of taxable expenditures. For example, if I spent $1,000 on clothing and the sales tax rate is 7%, divide the total by 1.07 giving you sales tax ...
by pshonore
Wed Oct 04, 2017 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: RMD Question
Replies: 30
Views: 2686

Re: RMD Question

Adding to Celia's current information: However, you must wait until you are 70.5 if you plan to make QCDs (Qualified Charitable Distributions) for any of your RMD obligation. That's an interesting fact I did not know. Can you explain to me why a QCD from an IRA in RMD would be a better way to do ch...
by pshonore
Mon Oct 02, 2017 11:12 am
Forum: Personal Consumer Issues
Topic: Pressure washer with telescoping wand and bleach spray
Replies: 10
Views: 753

Re: Pressure washer with telescoping wand and bleach spray

I used this (Jomax) several years ago with good results:

http://www.rustoleum.com/product-catalo ... dew-killer

Apply with a garden sprayer (wear gloves and face protection), let sit for a few minutes and rinse with hose (start at the top)
by pshonore
Fri Sep 29, 2017 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5758

Re: Question About Long Term Care

When discussing the purchase of LTC, one should always consider purchasing a "Partnership" policy. They allow you to "protect" an amount of assets equal to the amount of coverage bought (including inflation protection). If you buy a policy with 300K of coverage, that will will roughly double to 600K...
by pshonore
Fri Sep 29, 2017 11:45 am
Forum: Personal Finance (Not Investing)
Topic: Question About Long Term Care
Replies: 75
Views: 5758

Re: Question About Long Term Care

One thing I have noticed about some, not all group LTC, and the reason their rates are so much less, is that many of the plans only pay 50-60% of the daily benefit for home care and assisted living, were 80% of all long term care claims come from. But wouldn't they pay for twice as long and therefo...
by pshonore
Tue Sep 26, 2017 2:54 pm
Forum: Personal Consumer Issues
Topic: Pay With Gasbuddy Card
Replies: 18
Views: 1206

Re: Pay With Gasbuddy Card

Most if not all of the Cumberland Farms stations in southern New England give a 10 cent discount when they debit your bank account using their card.
by pshonore
Tue Sep 26, 2017 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: House sale losses/expenses to offset capital gains tax?
Replies: 4
Views: 379

Re: House sale losses/expenses to offset capital gains tax?

Depending on the circumstances you may be able to take a deduction for the 8K in RE taxes if you itemize.
by pshonore
Tue Sep 26, 2017 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: House sale losses/expenses to offset capital gains tax?
Replies: 4
Views: 379

Re: House sale losses/expenses to offset capital gains tax?

If its your personal residence, the answer is likely none of it. A rental is a different story
by pshonore
Tue Sep 26, 2017 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's Business Losing Money - Can She Deduct A Salary?
Replies: 14
Views: 2623

Re: Wife's Business Losing Money - Can She Deduct A Salary?

Thanks. We have been reviewing the structure and will likely move into either an LLC or S-corp in the next year. We plan on having 2-3 employees next year, etc. that will make us move away from a sole proprietor. You can have W2 employees as a Sole Proprietor and you can even pay them as contractor...
by pshonore
Tue Sep 26, 2017 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Bogleheads monthly costs of dog ownership?
Replies: 83
Views: 5097

Re: Bogleheads monthly costs of dog ownership?

Had a dog who live over 19 years. Australian Cattle dog, AKA blue heeler. Fantastic dog, had a wonderful life, would not have traded him for anything. However, he was awfully expensive. Mult surgeries, treatments, unexpected problems, cancer, teeth extractions, etc. Never added up the total, maybe ...
by pshonore
Tue Sep 26, 2017 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's Business Losing Money - Can She Deduct A Salary?
Replies: 14
Views: 2623

Re: Wife's Business Losing Money - Can She Deduct A Salary?

Be aware that "start up" costs for a business are not necessarily deductible in year one. Start-up costs include any amounts paid or incurred in connection with creating an active trade or business or investigating the creation or acquisition of an active trade or business. Generally up to 5K may be...
by pshonore
Tue Sep 26, 2017 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Bogleheads monthly costs of dog ownership?
Replies: 83
Views: 5097

Re: Bogleheads monthly costs of dog ownership?

Great to see so many dog lovers here! I'll try to add a few things without being redundant. 1. Shots--DHLPP/ rabies shots yearly plus heartworm test should be less than $100 which includes a full checkup with your vet. Parvo is very unlikely in a 2 year old dog so I wouldn't worry about it with yea...
by pshonore
Mon Sep 25, 2017 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Question for those familiar with Classic Car Insurance & Umbrella Policy
Replies: 12
Views: 814

Re: Question for those familiar with Classic Car Insurance & Umbrella Policy

Umbrella policies generally cover your liability resulting from injury to others or their property, not your property. Not sure how the value of your classic car fits in here. Your classic car insurance company IS providing liability insurance resulting from use of the classic car, correct?
by pshonore
Mon Sep 25, 2017 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Sanity Check on Max Seller Paid Closing Costs
Replies: 3
Views: 407

Re: Sanity Check on Max Seller Paid Closing Costs

Talked to my agent, and I was right. However, the copy I had was still preliminary, and the buyer will be using almost all of the credit. I would not think that credit would not apply to things like property tax adjustments. If you paid property tax thru year end, normally the buyer reimburses you ...
by pshonore
Mon Sep 25, 2017 9:13 am
Forum: Personal Finance (Not Investing)
Topic: Bogleheads monthly costs of dog ownership?
Replies: 83
Views: 5097

Re: Bogleheads monthly costs of dog ownership?

Not offended at all, best response yet. Thank you. I'll admit, we want larger dog like lab or golden type dog but both work all day. This is way more concern to us than money. Anyone else here have dog at home all day while working? One frustrating thing to me is rescues expect homeowners to someho...
by pshonore
Fri Sep 22, 2017 12:50 pm
Forum: Personal Consumer Issues
Topic: Gaps in new hardwood flooring
Replies: 52
Views: 3291

Re: Gaps in new hardwood flooring

Am I correct these floors are not pre-finished, but will be sanded and some finish coat applied? If so, the "gaps" will likely become less noticeable, but a credit card should not fit in the gap.
by pshonore
Fri Sep 22, 2017 9:33 am
Forum: Personal Consumer Issues
Topic: Gaps in new hardwood flooring
Replies: 52
Views: 3291

Re: Gaps in new hardwood flooring

A milling defect would mean that the board at the corner is narrower than the board in the middle. Is this the case? You can easily measure this to verify. If it isn't, the installer is blaming the manufacturer for a poor installation job. Real wood floors are more difficult to install because wood...
by pshonore
Fri Sep 22, 2017 9:23 am
Forum: Personal Finance (Not Investing)
Topic: Realtor to buy home?
Replies: 36
Views: 2919

Re: Realtor to buy home?

My son is looking to buy a home and I'm just wondering if it's beneficial to work with a Realtor when buying? I do see the value working with a Realtor when selling but unsure when buying. With site's like Trulia and Zillow it's very easy to look for homes. Any help would be appreciated. Depending ...
by pshonore
Fri Sep 22, 2017 8:50 am
Forum: Personal Consumer Issues
Topic: Gaps in new hardwood flooring
Replies: 52
Views: 3291

Re: Gaps in new hardwood flooring

If the wood was in the house for two months, its acclimated for sure. As far as the gaps, while boards should straight along their length, they can also be slightly concave or convex. A good installer knows how to nail to fix that. Sometimes the entire board may be slightly narrower. Unfortunately t...
by pshonore
Thu Sep 21, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Deceased Mother medical bill
Replies: 42
Views: 5363

Re: Deceased Mother medical bill

She wasn't on Medicaid because she still had assets in her IRA. But since her IRA listed beneficiaries, and has already passed to those beneficiaries, there was nothing to go through probate and nothing for the nursing home to discover and go after. Whether they try to collect from the beneficiarie...
by pshonore
Thu Sep 21, 2017 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Would you get flood insurance?
Replies: 25
Views: 1405

Re: Would you get flood insurance?

The program is also heavily subsidized by the Feds and there's concern about how long that can continue so rates could increase sharply.
by pshonore
Thu Sep 21, 2017 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Deceased Mother medical bill
Replies: 42
Views: 5363

Re: Deceased Mother medical bill

I sure hope no one other than the mother signed a financial responsibility agreement. When my favorite sister went into hospice after a long battle with breast cancer, they tried to guilt me into signing such an agreement. After my sister signed her admission paper work, they turned to me in front ...
by pshonore
Thu Sep 21, 2017 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Credit card recurring payment
Replies: 11
Views: 553

Re: Credit card recurring payment

Most processors will adjust the payment by any "manual' payments you make and also by any credits (returns, etc) since the last bill. Their "online agreement" should confirm that.
by pshonore
Thu Sep 21, 2017 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Realtor to buy home?
Replies: 36
Views: 2919

Re: Realtor to buy home?

I just want to add that the commission is rarely split evenly between listing agent and buyer's agent. The usual rate offered to the buyer's agent is 2.5% - 2.7% (at least here in Minneapolis). Depending on the negotiated rate between the seller and her agent the listing agent is usually making mor...
by pshonore
Thu Sep 21, 2017 9:17 am
Forum: Personal Consumer Issues
Topic: Uplifted Driveway = No Home Owners Policy ?!
Replies: 82
Views: 5080

Re: Uplifted Driveway = No Home Owners Policy ?!

Someone noted - Why would an insurance company want to insure something with a known possible claim attached to the property? Your home has more risk and a possible claim could cancel out all the premiums you ever paid, and more! Absolutely correct. On 8/8/2017 I tripped and fell on neighbors uplif...
by pshonore
Wed Sep 20, 2017 4:19 pm
Forum: Personal Consumer Issues
Topic: Uplifted Driveway = No Home Owners Policy ?!
Replies: 82
Views: 5080

Re: Uplifted Driveway = No Home Owners Policy ?!

Just to play devil's advocate, if you were on someone else's driveway, with the same issues, and you tripped and caused yourself great bodily harm, would you expect their insurance company to pay your medical bills? I have no mortgage, but my insurance company wanted to be sure I kept my house in g...
by pshonore
Wed Sep 20, 2017 2:03 pm
Forum: Personal Consumer Issues
Topic: Uplifted Driveway = No Home Owners Policy ?!
Replies: 82
Views: 5080

Re: Uplifted Driveway = No Home Owners Policy ?!

I don't see the significance of the $1 Mill Umbrella. That only comes into play if you have a liability claim greater than your HO liability limit which is likely 500k or $1 mill. They're trying to avoid paying for a claim which they consider preventable. Is there a problem with shifting soil/landsl...
by pshonore
Wed Sep 20, 2017 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Paying premiums for life insurance policy in Irrevocable Trust
Replies: 8
Views: 411

Re: Paying premiums for life insurance policy in Irrevocable Trust

I believe life insurance policies are usually put into a separate Life Insurance trust but I'm sure the experts will chime in.
by pshonore
Wed Sep 20, 2017 11:57 am
Forum: Personal Consumer Issues
Topic: should we replace the subfloors when putting in hardwood floors
Replies: 9
Views: 860

Re: should we replace the subfloors when putting in hardwood floors

Are the subfloors plywood? Plywood has minimal expansion. If they're particle board (commonly used for carpet underlayment), that has to come up. It does not hold nails well (including the flooring nails/staples to fasten hardwood. I would just re-nail the plywood using "screw nails". (Nails with a ...
by pshonore
Wed Sep 20, 2017 11:48 am
Forum: Investing - Help with Personal Investments
Topic: Does bid-ask spread matter with automatic reinvestment?
Replies: 14
Views: 706

Re: Does bid-ask spread matter with automatic reinvestment?

Here's what Fidelity does: Fidelity pre-identifies all customers that will be reinvesting their dividend and goes to the market to purchase shares three days prior to the payable date. We purchase as many shares as possible on a best-efforts basis, determine the average share price, and reallocate t...