Search found 5912 matches

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: 35
Views: 1049

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: 35
Views: 1049

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: 35
Views: 1049

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: 35
Views: 1049

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: 35
Views: 1049

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: 2606

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: 2606

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: 35
Views: 1049

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: 2384

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: 12106

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: 398

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: 1599

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: 1173

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: 1599

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: 759

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: 1599

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: 329

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: 329

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: 639

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: 639

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: 3165

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: 329

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: 155

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: 1599

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: 1086

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: 207

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: 1683

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: 1195

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: 1195

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: 1940

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: 1599

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 8:57 am
Forum: Investing - Help with Personal Investments
Topic: mlp's Master Limited Partnerships
Replies: 26
Views: 1599

Re: mlp's Master Limited Partnerships

Be aware of the tax pitfalls. Most MLPs generate losses on an annual basis with little if any taxable income. Any distributions received are therefore tax deferred as long as you basis exceeds $0. Those losses cannot be taken but carryover and can be used to offset operating income in future years f...
by pshonore
Fri Jan 12, 2018 6:42 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance, spousal income?
Replies: 7
Views: 409

Re: Health insurance, spousal income?

Interesting new approach to the ever rising health care cost. I guess the OP has options. He can (1) drop out of his spouse's employer insurance to avoid having to provide them with his salary information, (2) continue to be on his spouse's insurance if he is unable to get his own insurance at a be...
by pshonore
Fri Jan 12, 2018 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: RE Tax payment sent in December but posted in Jan
Replies: 9
Views: 601

Re: RE Tax payment sent in December but posted in Jan

Yes, you can. Date of sending the check determines the date when deductible. Gill Correct. It seems funny that if I drop a tax payment in a mail collection box at 11:59 pm on 12/31, it is considered paid during the old year, even though the mail won't be picked-up until Jan 2. If I wait one minute ...
by pshonore
Thu Jan 11, 2018 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: Work affect social security benefit?
Replies: 6
Views: 482

Re: Work affect social security benefit?

All SS benefits (your own, spousal, childrens, survivor, etc) are subject to the earnings test if the recipient has not reached FRA
by pshonore
Thu Jan 11, 2018 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Withholding Tables
Replies: 87
Views: 10683

IRS announces new withholding tables for 2018

[Thread merged into here, see below. --admin LadyGeek]

https://www.irs.gov/pub/irs-pdf/n1036.pdf
by pshonore
Thu Jan 11, 2018 12:40 pm
Forum: Investing - Theory, News & General
Topic: Opening New 529 Plan--Specifically to TLH
Replies: 3
Views: 176

Re: Opening New 529 Plan--Specifically to TLH

The misc itemized deduction was eliminated as of 1/1/18 tax reform
by pshonore
Thu Jan 11, 2018 12:37 pm
Forum: Personal Consumer Issues
Topic: Trying to help acquaintence - medicare costs
Replies: 75
Views: 2606

Re: Trying to help acquaintence - medicare costs

In CT, the standard retirement medical insurance is run by the Teachers Retirement board. All get Medicare A and pay the Part B Premium. The supplement (similar to a "G" plan) as well as Dental, drugs, vision and hearing costs about $400/month per person. The State pays 1/3, the retired teacher pay...
by pshonore
Thu Jan 11, 2018 11:59 am
Forum: Personal Consumer Issues
Topic: Trying to help acquaintence - medicare costs
Replies: 75
Views: 2606

Re: Trying to help acquaintence - medicare costs

The plan offered to retirees may not have a comparable plan available to the general public. The best teachers retiree plan here is about $250 a month to the retiree. The price of this same plan to a member of a smaller trade union is $600 a month. However, the plan’s benefits far exceed anything I...
by pshonore
Thu Jan 11, 2018 11:08 am
Forum: Personal Consumer Issues
Topic: Trying to help acquaintence - medicare costs
Replies: 75
Views: 2606

Re: Trying to help acquaintence - medicare costs

Perhaps she has a Medicare Advantage Plan through the state teachers retirement system. She would still have to pay the Part B premium, and the pension deduction would pay for the advantage plan. Incorrect. A Part C plan, aka Medicare Advantage Plan, REPLACES Medicare Parts A & B, and sometimes als...
by pshonore
Thu Jan 11, 2018 10:54 am
Forum: Investing - Help with Personal Investments
Topic: Cost basis of periodic pension payments
Replies: 9
Views: 227

Re: Cost basis of periodic pension payments

There can be a cost basis in pensions but only if you made after tax contributions to the pension. Those are generally recaptured over 20 to 30 years depending on your age at retirement. Quite common for public pensions.
by pshonore
Wed Jan 10, 2018 11:46 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF
Replies: 12
Views: 1007

Re: Taxable Dilemma: Fidelity Mutual vs Vanguard ETF

Fido has lot of commision free ETFs (ITOT, IXUS,etc) Have you looked at those?
by pshonore
Wed Jan 10, 2018 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Lowball offer on a home
Replies: 82
Views: 6884

Re: Lowball offer on a home

I would give that "low ball" offer that would cover 90% of the work that is to be done. If they ignore the offer (they get offended), then move on or offer a little bit more. If they realize that the house is way overpriced, they might counter and start splitting the difference. In most places, age...
by pshonore
Wed Jan 10, 2018 9:37 am
Forum: Personal Consumer Issues
Topic: Diminished value claim - small claims court
Replies: 23
Views: 1220

Re: Diminished value claim - small claims court

I have never sued anyone and could be dead wrong on this but I think your diminished value lawsuit might be better directed specifically at the person that hit you/caused the accident rather than trying to sue the person's insurance company. May be best to let them fight their own insurance company...
by pshonore
Wed Jan 10, 2018 9:10 am
Forum: Personal Consumer Issues
Topic: Latest generation RAM 1500's
Replies: 27
Views: 1655

Re: Latest generation RAM 1500's

Leased a 2014 RAM Hemi 1500 Crew Cab 4X4 - very comfortable for 5 people and even 6 for a shorter trip. Rode very well with the rear coil spring suspension, more legroom in the back seat than most cars (Quad cab is somewhat smaller). Wasn't using the truck bed that much so gave it back and found a u...
by pshonore
Wed Jan 10, 2018 8:38 am
Forum: Personal Finance (Not Investing)
Topic: SS Retirement Benefits for Widow with Minor Children
Replies: 6
Views: 680

Re: SS Retirement Benefits for Widow with Minor Children

I believe all SS benefits (Own, Spousal, Survivor, Mothers, Children etc.) are subject to earnings test if the recipient is not FRA. Don't think survivor benefits for a spouse are available unless a person is 60, or disabled or caring for minor children. There is a family maximum as well.
by pshonore
Tue Jan 09, 2018 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Use Roth401k to take full advantage of Child Tax Credit?
Replies: 6
Views: 526

Re: Use Roth401k to take full advantage of Child Tax Credit?

Here's a link that explains the new credit: https://www.forbes.com/sites/kellyphillipserb/2017/12/21/how-will-the-expanded-child-tax-credit-look-after-tax-reform/#3bcea9d84205. In a nutshell, decrease your earned income by $2500. 15% of the balance is the max "additional" tax credit. If I'm interpre...
by pshonore
Tue Jan 09, 2018 7:57 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block not counting Child Tax Credit
Replies: 5
Views: 574

Re: HR Block not counting Child Tax Credit

Exactly, CTC is refundable up to tax liability. Then the additional CTC kicks in based on earned income. Form 8812 should be part of the return.

https://turbotax.intuit.com/tax-tips/fa ... /L4IBvQted
by pshonore
Tue Jan 09, 2018 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question and sole proprietorship business
Replies: 5
Views: 387

Re: Tax question and sole proprietorship business

Okay, perfect. I just won’t file since the business did not generate any income. I just wanted to make sure that I am not violating any IRS rules or requirements because I do have a “business license” from SF, California that I actually pay for it annually. As a side note, what would it change whet...