Search found 5931 matches

by pshonore
Sun Jan 21, 2018 10:31 am
Forum: Investing - Help with Personal Investments
Topic: Should I use the 2210 Installment Income Method to lower estimated tax hit on AMT income from exercise of ISO's?
Replies: 4
Views: 263

Re: Should I use the 2210 Installment Income Method to lower estimated tax hit on AMT income from exercise of ISO's?

TT will help with Form 2210, but you need to figure income, etc by quarter. I also think your additional payment was due 1/15. Waiting until 4/15 will probably incur some interest. The OP is talking about a 2016 return for which he got a notice from the IRS, and on which he wouldnt owe any money if...
by pshonore
Sun Jan 21, 2018 9:28 am
Forum: Personal Consumer Issues
Topic: Window replacement - any advice? Lessons learned?
Replies: 48
Views: 6179

Re: Window replacement - any advice? Lessons learned?

There are options in the 400 series as well. For example 400 series Woodwrights. More wood, less plastic showing although I believe the exteriors are identical. I've used both (400 and 400/Woodwrights) and am very happy with them. Woodwrights are probably $100 additional. If I get a chance, I'll pos...
by pshonore
Sun Jan 21, 2018 8:50 am
Forum: Investing - Help with Personal Investments
Topic: Should I use the 2210 Installment Income Method to lower estimated tax hit on AMT income from exercise of ISO's?
Replies: 4
Views: 263

Re: Should I use the 2210 Installment Income Method to lower estimated tax hit on AMT income from exercise of ISO's?

TT will help with Form 2210, but you need to figure income, etc by quarter. I also think your additional payment was due 1/15. Waiting until 4/15 will probably incur some interest.
by pshonore
Sat Jan 20, 2018 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

If you work in Form mode in TT, all those questions and answers are visible at once. For example "Was any part of this a QCD?"
by pshonore
Sat Jan 20, 2018 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Partial RMD for QCD?
Replies: 7
Views: 272

Re: Partial RMD for QCD?

Sure, as long as one has reached 70 1/2, they can request their IRA custodian to issue a check for $2500 and send it the charity. They can then request the $2500 RMD balance. Only $2500 will be taxable in this case.
by pshonore
Sat Jan 20, 2018 11:29 am
Forum: Personal Consumer Issues
Topic: WSJ Digital Subscription - a bargain!
Replies: 84
Views: 22002

Re: WSJ Digital Subscription - a bargain!

azurekep wrote:
Sat Nov 04, 2017 12:04 pm
[
At the www.wsj.com website, the header reads:
U.S. Edition - November 4, 2017
The stories are completely different as well.
???? pdf is an electronic copy of the printed edition. Granted the website has additional material but print version and pdf are identical
by pshonore
Sat Jan 20, 2018 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

By not checking the IRA box, you are telling the software that the money came from a 401k or something similar. A rollover from a 401k should not be included in the sales tax calculation. I suspect that if this was actually from a 401k then there might be a missing piece of information or check mar...
by pshonore
Fri Jan 19, 2018 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: Which tax software for 2017?
Replies: 20
Views: 1079

Re: Which tax software for 2017?

I've used TurboTax for over 20 years, even for some simple returns that could have been done manually, and I think it would be hard for me to change since the software is so easy to use. Even changing to a free competing product isn't worth the potential hassle and aggravation. You might want to ch...
by pshonore
Fri Jan 19, 2018 5:09 pm
Forum: Personal Consumer Issues
Topic: Refinishing roughed in stairs - removing carpet
Replies: 53
Views: 3493

Re: Refinishing roughed in stairs - removing carpet

More likely a bad glue job on possibly wet wood at the factory as well as expansion/contraction front to back. Stair treads are usually glued up as they are more stable than wide pieces which can cup as well. Wood does expand and contract across the grain. To be honest I've not seen many houses with...
by pshonore
Fri Jan 19, 2018 2:34 pm
Forum: Personal Consumer Issues
Topic: Any downside to having a low property (house) assessment from the town?
Replies: 11
Views: 945

Re: Any downside to having a low property (house) assessment from the town?

Thanks for the replies so far. Someone pointed out that the town assessor often doesn't go inside, which is true, and is another reason why I don't put too much value in the town's assessment. That statement is incorrect. Thats how things operated prior to be 2008 meltdown and was part of the cause...
by pshonore
Fri Jan 19, 2018 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Someone Needs To Pay For What They Did (Advice sought)
Replies: 25
Views: 3793

Re: Someone Needs To Pay For What They Did (Advice sought)

Where's the meter? You should be doing a daily inspection to solve this and to see how much juice you're using and if there's "leakage" someplace. My electric bill doubled one month which never happened before. Turns out the check valve on my water pump 300 ft down in the ground had broken and the ...
by pshonore
Fri Jan 19, 2018 12:30 pm
Forum: Personal Consumer Issues
Topic: Any downside to having a low property (house) assessment from the town?
Replies: 11
Views: 945

Re: Any downside to having a low property (house) assessment from the town?

Most assessments in CT are done by a half dozen or so firms hired by the 169 towns in CT. State law dictates that assessments be done every 5 years and they alternate between a "computer update" and a physical inspection. You are not required to allow the assessor into your house but if you don't, y...
by pshonore
Fri Jan 19, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Federal tax estimator that includes Social Security income?
Replies: 19
Views: 1957

Re: Federal tax estimator that includes Social Security income?

Has the taxability off SS changed? While certainly the marginal rates change based on new brackets have changed, the percentage of SS that is subject to tax based on existing formulas has not changed AFAIK. Try this calculator: https://www.calcxml.com/calculators/how-much-of-my-social-security-benef...
by pshonore
Fri Jan 19, 2018 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

I want to thank everyone for the great feedback on this minor tax situation. I am pursuing the understanding & details of the Sales Tax Deduction calculation. I see even the IRS has a Sales Tax Calculator at: https://apps.irs.gov/app/stdc/stdc.html?_page=11&_cancel The IRS calculator gives exactly ...
by pshonore
Fri Jan 19, 2018 9:06 am
Forum: Investing - Help with Personal Investments
Topic: New tax bill allows 529 use for K-12 tuition
Replies: 6
Views: 590

Re: New tax bill allows 529 use for K-12 tuition

Sounds very odd you get a higher deduction by opening multiple "funds". Are you sure those limits aren't per beneficiary, taxpayer, etc?
by pshonore
Fri Jan 19, 2018 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Paying semi-illiterate vendor via credit card who has no email or computer
Replies: 23
Views: 1742

Re: Paying semi-illiterate vendor via credit card who has no email or computer

I'll bet this guy is one of the millions of "unbanked" people out there but he does have a cellphone, right? Is there anyway to send payments to his cellphone that he could access without going to a bank?
by pshonore
Fri Jan 19, 2018 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Someone Needs To Pay For What They Did (Advice sought)
Replies: 25
Views: 3793

Re: Someone Needs To Pay For What They Did (Advice sought)

Where's the meter? You should be doing a daily inspection to solve this and to see how much juice you're using and if there's "leakage" someplace. My electric bill doubled one month which never happened before. Turns out the check valve on my water pump 300 ft down in the ground had broken and the p...
by pshonore
Fri Jan 19, 2018 8:30 am
Forum: Personal Consumer Issues
Topic: Tax software needed: two states & capital loss
Replies: 3
Views: 272

Re: Tax software needed: two states & capital loss

The Deluxe version of TT (download/CD) as well as the higher versions will handle cap loss and gains with ease. State filing requirements particularly where there are multiple states involved vary widely. You may find out the nitty gritty by going to the respective state tax dept websites. Generally...
by pshonore
Fri Jan 19, 2018 8:19 am
Forum: Personal Finance (Not Investing)
Topic: Dependent Flexible Spending Account Question
Replies: 4
Views: 296

Re: Dependent Flexible Spending Account Question

ShowMeTheER wrote:
Thu Jan 18, 2018 9:34 pm
Yes to summer camp and school programs

Yes to lowering Income

Yes you can contribute to both DCFSA and HSA
Note summer camps are day camps only - no overnights.
by pshonore
Thu Jan 18, 2018 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

There are two ways of operating in Turbo Tax - the Interview method where TT asks questions and fills out all the appropriate forms and the Forms method where you open a blank form that usually mirrors the form you receive from a broker (for example a 1099R form) and copy the data from the form you ...
by pshonore
Thu Jan 18, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

This may be relevant or not. I had a similar problem in TT yesterday entering my two 1099R's from roth conversions. After entering them in the "wages and income" section, i experienced similar issues. fraught with emotion, i frantically searched on bogleheads until an answer presented itself. Heres...
by pshonore
Wed Jan 17, 2018 3:03 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Here is another idea: if you have a basis in your IRA , then part of a Roth conversion is not taxable, but that will not be the case with a pension. So unchecking the "IRA" box will remove any IRA basis calculation and create a higher AGI. If you look at one of his posts, he verified that uncheckin...
by pshonore
Wed Jan 17, 2018 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Here's the Sales Tax calc from Pub 17 (2013 version). Note you can increase AGI by such as items as untaxed SS, but I don't see any removals from AGI ========================================================= Optional sales tax tables. Instead of using your actual expenses, you can figure your state ...
by pshonore
Wed Jan 17, 2018 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Here is another idea: if you have a basis in your IRA , then part of a Roth conversion is not taxable, but that will not be the case with a pension. So unchecking the "IRA" box will remove any IRA basis calculation and create a higher AGI. Many pensions have a basis (after tax contributions), but n...
by pshonore
Wed Jan 17, 2018 12:55 pm
Forum: Personal Consumer Issues
Topic: Trying to help acquaintence - medicare costs
Replies: 75
Views: 2699

Re: Trying to help acquaintence - medicare costs

Our Aetna MA plan includes Part D. Aetna has stated that if we choose any other Part D plan (we get solicitations every year) we will be kicked out of the medical insurance part of the Aetna MA plan, as well as the Part D. So, if you like the medical insurance, don't try to change the Part D. yes -...
by pshonore
Wed Jan 17, 2018 11:39 am
Forum: Personal Consumer Issues
Topic: Trying to help acquaintence - medicare costs
Replies: 75
Views: 2699

Re: Trying to help acquaintence - medicare costs

Yes, a $200 OOP max is almost unheard of these days. Also depends on how high the copays are. However she's paying over $400/month for that coverage. Here's a link for comparison to Connecticutcare Medicare Advantage Plans. There are available to any CT resident eligible for Medicare. Almost all pla...
by pshonore
Wed Jan 17, 2018 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 52
Views: 1780

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

I agree that the culprit is how the Sales Tax is calculated (which by itself looks rather complicated). However, I still don't see how that relates to the box being checked/unchecked on Form 1099-R. It results in a 15% reduction in the refund. If this 1099R represented a pension, it would in effect...
by pshonore
Tue Jan 16, 2018 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Now Online
Replies: 39
Views: 2480

Re: Vanguard Tax Forms Now Online

Just a rough guess but you'll probably have to fill out Part III of Form 8606 to indicate these distributions are not taxable. TT or any good tax software will most likely guide you through that.
by pshonore
Tue Jan 16, 2018 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Confusion about prepaying property taxes
Replies: 124
Views: 12216

Re: Confusion about prepaying property taxes

I'm in Summit County, Ohio and prepaid before the new year. I called the Fiscal Office this past week, and asked when the tax is "assessed" and they said it was indeed assessed last year. We are taxed in arrears, so I did pay taxes for 2017, not 2018 - however they don't bill for the 2017 taxes unt...
by pshonore
Tue Jan 16, 2018 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Confusing employer treatment of multi-state W-2
Replies: 5
Views: 414

Re: Confusing employer treatment of multi-state W-2

Sounds to me like you're a resident of NYC. You owe taxes to NY State and NYC on all income. You owe taxes as a non-resident to MA for your work there (approx 20% of income was MA). You should receive a credit on your NY return for most if not all of the taxes paid to MA. You may need a corrected W2...
by pshonore
Mon Jan 15, 2018 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: mlp's Master Limited Partnerships
Replies: 26
Views: 1665

Re: mlp's Master Limited Partnerships

My intended point was that the distributions (which are a return of capital) are effectively tax deferred, not taxed when you receive them, rather they are taxed (due to the lowered basis) when you sell, or never taxed if left to heirs. I did not realize the effects of operating income, thanks for ...
by pshonore
Mon Jan 15, 2018 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Should Pass-Thru's Now Increase Salaries vs. Distributions?
Replies: 9
Views: 1192

Re: Should Pass-Thru's Now Increase Salaries vs. Distributions?

I have a small single owner/single employee LLC business set up as a pass thru (s-corp) for tax purposes. In past years, the goal was to minimize your salary vs. distributions to avoid paying payroll taxes (15.3%). However, with the new tax legislation, high income businesses such as myself are re-...
by pshonore
Sun Jan 14, 2018 10:42 pm
Forum: Investing - Help with Personal Investments
Topic: mlp's Master Limited Partnerships
Replies: 26
Views: 1665

Re: mlp's Master Limited Partnerships

Does anyone here own any of these? i think i have watched every youtube video on these. They are very intriguing investments. I am well aware of the tax implications and the high volatility. Are these just a no no in the bogleheads community? Like some thoughts, expierences etc etc on these. On the...
by pshonore
Sun Jan 14, 2018 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Rolling old Roth IRAs to 529s
Replies: 22
Views: 772

Re: Rolling old Roth IRAs to 529s

Can you just use the Roth IRA for college tuition? If it happens you have enough to pay for college by other means then you haven’t overcomitted to your 529s. Blue man depends on circumstances.........if this little Roth is their only Roth, the earnings if withdrawn early are subject to both tax an...
by pshonore
Sun Jan 14, 2018 10:15 am
Forum: Investing - Help with Personal Investments
Topic: mlp's Master Limited Partnerships
Replies: 26
Views: 1665

Re: mlp's Master Limited Partnerships

I'm skeptical the "Interview Mode" will handle all the nuances of a K1. Some of those entries say "see partner instructions" which would be really difficult to program.
by pshonore
Sun Jan 14, 2018 8:32 am
Forum: Personal Finance (Not Investing)
Topic: Tax: Donating K-1 Partnership
Replies: 4
Views: 332

Re: Tax: Donating K-1 Partnership

Also, when you mention IRAs, was this donation/holding in an IRA? Not an issue if your earnings were below a certain level; otherwise you may have an "unrelated business" tax issue. Commodity ETFs structured as LPs generally don't produce UBTI. They are not operating a "brick and mortar" business w...
by pshonore
Sun Jan 14, 2018 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Tax: Donating K-1 Partnership
Replies: 4
Views: 332

Re: Tax: Donating K-1 Partnership

This may be considered Ordinary income Property - Here's the IRS version from Pub 526 Ordinary Income Property Property is ordinary income property if you would have recognized ordinary income or short-term capital gain had you sold it at fair market value on the date it was contributed. Examples of...
by pshonore
Sun Jan 14, 2018 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Mother in law and using DCFSA
Replies: 8
Views: 647

Re: Mother in law and using DCFSA

AkwardDoct@rd wrote:
Sat Jan 13, 2018 8:29 pm
pshonore wrote:
Sat Jan 13, 2018 7:50 pm
Not a household employee but you will have to supply her name, address and SS# on your tax return; she will owe just SE taxes on it unless she has other income.

Do you know if there is a way to do this on turbotax?
Form 2441
by pshonore
Sat Jan 13, 2018 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Mother in law and using DCFSA
Replies: 8
Views: 647

Re: Mother in law and using DCFSA

Not a household employee but you will have to supply her name, address and SS# on your tax return; she will owe just SE taxes on it unless she has other income.
by pshonore
Sat Jan 13, 2018 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Firing real estate agent after offer made?
Replies: 29
Views: 3189

Re: Firing real estate agent after offer made?

Generally speaking, the agent who shows you the property is entitled to a commission if you eventually buy it within a reasonable time frame. Not sure what you mean by "he played his way into part of the commission". He is usually entitled to 1/2 the commission which will be split with his broker if...
by pshonore
Sat Jan 13, 2018 6:23 pm
Forum: Investing - Theory, News & General
Topic: tracking funds,etfs etc
Replies: 5
Views: 332

Re: tracking funds,etfs etc

Vanguuard website shows all their funds and ETFs with YTD, 1, 5, 10 returns, etc. All assume reinvestment of dividends,, etc

As an example https://investor.vanguard.com/etf/list# ... nd-returns
by pshonore
Sat Jan 13, 2018 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 distribution uneven, estimated tax payment, etc
Replies: 2
Views: 159

Re: K-1 distribution uneven, estimated tax payment, etc

I believe you should be fine if you make another estimated tax payment. You'll likely be needing to file Form 2210 (https://www.irs.gov/pub/irs-pdf/f2210.pdf) with your return, and will end up using Schedule AI (Annualized Income) to prove your income was uneven, but then the non-even payments won'...
by pshonore
Sat Jan 13, 2018 1:22 pm
Forum: Investing - Help with Personal Investments
Topic: mlp's Master Limited Partnerships
Replies: 26
Views: 1665

Re: mlp's Master Limited Partnerships

If you bought a MLP - you would probably regret it. It will really complicate your taxes since these are reported on a K1 - and are tricky to enter. And if you don't do your taxes yourself - your accountant will probably charge more money for the extra complication. Also, HR Tax Cut does not suppor...
by pshonore
Sat Jan 13, 2018 11:18 am
Forum: Investing - Help with Personal Investments
Topic: Early RMDs to Roth or Taxable?
Replies: 15
Views: 1094

Re: Early RMDs to Roth or Taxable?

Thanks everyone, this is all really great info. While pausing SS is probably the optimal plan, I'm not sure either of us are up to going through the red tape to make that happen -- plus she would not like the risk that she'd then carry until she hits 70. (We're kind of both of the opinion that it's...
by pshonore
Sat Jan 13, 2018 11:07 am
Forum: Personal Finance (Not Investing)
Topic: What forms are required to support a Qualified Charitable Distribution?
Replies: 5
Views: 218

Re: What forms are required to support a Qualified Charitable Distribution?

1. You have to keep track (at least with Fido) 2. QCDs count as RMDs provided they are completed before your RMD amount is exceeded. RMD is 10K, take out 5K as RMD, 5K is left for QCDs RMD is 10K, take out 5K as QCD, 5K is left for QCDs or RMDs RMD is 10K, take out 10K as RMD, 0K is left for QCDs
by pshonore
Sat Jan 13, 2018 11:01 am
Forum: Personal Consumer Issues
Topic: wireless dead again - router suggestions?
Replies: 35
Views: 1704

Re: wireless dead again - router suggestions?

Sometimes resetting routers to factory defaults will cure the problem. There's usually a reset button (sometimes only accesible with a paper clip, etc.) If you go that route, don't forget to establish new passwords, etc/
by pshonore
Sat Jan 13, 2018 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversion confusion
Replies: 28
Views: 1211

Re: Roth conversion confusion

You will be 70.5 in June of 2020 so 2020 is the first year of your RMD. As I understand it, you get a "grace period" your first year so you could theoretically delay that payment until April 15 of 2021. I don't recommend it because that means you have to take 2 RMDs in the same tax year (2021). Whe...
by pshonore
Sat Jan 13, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Roth conversion confusion
Replies: 28
Views: 1211

Re: Roth conversion confusion

In the year (2020) you turn 70 1/2, you must take an RMD before doing any Roth conversions. You therefore have 2018 and 2019 to complete your task
by pshonore
Sat Jan 13, 2018 9:54 am
Forum: Investing - Theory, News & General
Topic: How to see YTD% at Vanguard
Replies: 22
Views: 1952

Re: How to see YTD% at Vanguard

If you go the My Account drop down menu, there will be a personal performance option there. I see the dollar sign numbers, but not the % on that page For whatever reason the % of the YTD is not there in Vanguard.. Do you see other returns, like 1 year, or since inception? I think YTD is impossible ...
by pshonore
Sat Jan 13, 2018 9:45 am
Forum: Investing - Help with Personal Investments
Topic: mlp's Master Limited Partnerships
Replies: 26
Views: 1665

Re: mlp's Master Limited Partnerships

If you bought a MLP - you would probably regret it. It will really complicate your taxes since these are reported on a K1 - and are tricky to enter. And if you don't do your taxes yourself - your accountant will probably charge more money for the extra complication. Also, HR Tax Cut does not suppor...