Search found 136 matches

by Andrew321
Wed Oct 11, 2023 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Arithmetic error in credit card statement
Replies: 33
Views: 4058

Re: Arithmetic error in credit card statement

nonnie wrote: Wed Oct 11, 2023 9:31 pm Every once in a while I have found a "pending transaction" caught between balances. Check your account once more for a transaction in this amount and then call.
I'll double check and then give it until tomorrow. Thanks!
by Andrew321
Wed Oct 11, 2023 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Arithmetic error in credit card statement
Replies: 33
Views: 4058

Re: Arithmetic error in credit card statement

cheese_breath wrote: Wed Oct 11, 2023 9:14 pm Just call them and get it resolved. Have you considered the possibility that someone else might have charged something to your credit card?
I thought so, but I have checked every transaction. The math just doesn't add up! I will certainly call them tomorrow if the error isn't resolved overnight.
by Andrew321
Wed Oct 11, 2023 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Arithmetic error in credit card statement
Replies: 33
Views: 4058

Arithmetic error in credit card statement

Dear Bogleheads, I think I've found an arithmetic error in my credit card transaction history. Several times per month, I pay my credit card down to exactly 0. Before I do, I add up all the posted transactions since my last payment. These have always summed to the "current balance," as they must. My last payment was October 4th, and I summed all my posted transactions from then until today. For the first time, the sum of the posted transactions was not the current balance. The current balance is $172.59 higher than the sum of my transactions. I've done the arithmetic by hand, with a calculator, and a spreadsheet. I've gotten the same answer. There was no balance from the last statement, no fees, no interest, etc. Just purchases, p...
by Andrew321
Thu Aug 17, 2023 10:04 am
Forum: Personal Investments
Topic: Max Employee Contribution
Replies: 6
Views: 807

Re: Max Employee Contribution

Thank you both! :sharebeer
by Andrew321
Wed Aug 16, 2023 9:13 pm
Forum: Personal Investments
Topic: Max Employee Contribution
Replies: 6
Views: 807

Max Employee Contribution

AFAF:
A friend has recently gotten a management role in a governmental position. He has has access to both a 403(b) and 457(b) account; he also is required to participate in a pension. He wants to do the following contributions:

Req'd pension: 12,540 (11%)
457+403 max is 22500*2=45000
Roth IRA: 6500.
His gross is $114k.

He lives a very frugal lifestyle and can afford to invest this much, but we aren't sure if he can contribute to all 4 retirement accounts, or if there is some sort of cumulative maximum that he must avoid. He does not get an employer match.

Can he do all of this?
by Andrew321
Fri Jul 14, 2023 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Long-lost tax refund check found
Replies: 5
Views: 1188

Re: Long-lost tax refund check found

Because the IRS has a very low rate of answering phone calls. They also have a one-month-old and are too busy. Otherwise I would have just advised them to roll the dice on the IRS customer service.
by Andrew321
Sun Jul 09, 2023 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Long-lost tax refund check found
Replies: 5
Views: 1188

Long-lost tax refund check found

Hi all,
A friend of mine just found a tax refund check from 2016 and the check itself is long void. He asked me for help, but I'm not sure what to do. The refund trace option through the app appears only to go back to 2020. Is there any hope that the money is still available without having to call?

My friend was filing head of household. The refund amount is about a grand.
by Andrew321
Tue Mar 14, 2023 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA Unexpected Contribution
Replies: 3
Views: 376

Re: SEP-IRA Unexpected Contribution

Thanks so much! For ease of account management, can he roll this over into a traditional IRA?
by Andrew321
Mon Mar 13, 2023 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA Unexpected Contribution
Replies: 3
Views: 376

SEP-IRA Unexpected Contribution

Hello! I am asking for a friend:

He worked a job in the summer of 2022. The employer sent him a letter indicating that they will pay 15% of his wages into a SEP-IRA. This was not promised or expected, and he is very happy that he is getting some extra for retirement. He has already filed his taxes. Will he need to amend or report anything?

He hasn't gotten the check yet-is there anything else to know?
by Andrew321
Mon Feb 13, 2023 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Withdrawal
Replies: 2
Views: 477

Re: Retirement Account Withdrawal

Thank you!
by Andrew321
Mon Feb 13, 2023 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Account Withdrawal
Replies: 2
Views: 477

Retirement Account Withdrawal

Is there a standard deduction for withdrawals from a retirement plan like there is for earned income while working?

For instance, assume a single 60 year old retiree with no other income than that from his 401(k) in his first full calendar year of retirement. He takes $10,000 out. Since $10,000 is less than the standard deduction ($13,850 for 2023), would he owe tax?

Thanks!
by Andrew321
Sat Dec 10, 2022 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tax form
Replies: 6
Views: 565

Re: Tax form

livesoft wrote: Sat Dec 10, 2022 7:12 pmfrom
Oh goodness, it probably is. I hadn't thought of that.
by Andrew321
Sat Dec 10, 2022 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Tax form
Replies: 6
Views: 565

Re: Tax form

Thanks! :) @miamivice :sharebeer
by Andrew321
Sat Dec 10, 2022 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Tax form
Replies: 6
Views: 565

Tax form

Hi all,
I received some interest from the IRS from a refund check. It was about $2.50. I know this interest is taxable. Which form will the IRS send me and when can I expect it?

Also, for humor's sake, since this amount would fall under the de minimis rule because it's so little, will I get a letter from the IRS saying "Due to de minimis rules this form is not filed with the IRS." like my brokerage sends me?

Thanks again!
by Andrew321
Tue Aug 09, 2022 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: IRS wants me to call them
Replies: 13
Views: 2685

Re: IRS wants me to call them

Thanks so much everyone! I’m going to wait for the letter to come. I forgot that they do that in a moment of anxiety.
by Andrew321
Tue Aug 09, 2022 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: IRS wants me to call them
Replies: 13
Views: 2685

Re: IRS wants me to call them

jebmke wrote: Tue Aug 09, 2022 12:44 pm If you filed the amended return in the last 6-12 months it is probably still in process. Their online system is often not up to date on the status.
Thanks so much! The new message seemed unusual because it hasn’t been 16 weeks and I used to see the 3-part bar (received/processed/approved) and it changed to “call us.”
by Andrew321
Tue Aug 09, 2022 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: IRS wants me to call them
Replies: 13
Views: 2685

IRS wants me to call them

Hi there,

I filed an amended return on paper. I logged in to the Where’s My Amended Return page. It said that it hadn’t been processed but that they want me to call. Why might that be?

I don’t really have time to wait for the 1% chance they’ll pick up. Does anyone know why they’d want me to call them before they’ve even processed it.
by Andrew321
Sun Dec 26, 2021 4:55 pm
Forum: Personal Investments
Topic: Dividend Taxation and Timing
Replies: 2
Views: 509

Dividend Taxation and Timing

Hello all,

Quick question about how dividends are taxed in a mildly confusing scenario:

1. I opened a taxable account late this year and
2. I purchased my first lot of a mutual fund that pays a dividend in December and
3. That dividend was paid as expected.

But, the number of days from when I purchased the fund to the due date for 1099-DIVs will be fewer than 61. Must I pay ordinary rates on these dividends? Or can I wait, then request a new form that shows that the dividends became qualified once the 61 day holding period has been met?

Thanks!
Andrew
by Andrew321
Thu Aug 12, 2021 9:43 am
Forum: Personal Investments
Topic: HSA Eligibility Question
Replies: 4
Views: 672

Re: HSA Eligibility Question

Thank you both! It seems like the answer is no, but I'll double check with HR to be sure. Thanks again!
by Andrew321
Tue Aug 10, 2021 4:45 pm
Forum: Personal Investments
Topic: HSA Eligibility Question
Replies: 4
Views: 672

HSA Eligibility Question

Hi Bogleheads, I have a question about whether or not I am eligible for an HSA because I am unsure which of my deductibles counts for the minimum deductible of $1,400. My plan, a BCBS HMO, lists two deductibles. There is a $500 deductible "per member per plan year for Standard Benefits Tier hospital services only (counts toward Basic Benefits Tier deductible)" and then a $2,000 deductible "per member per plan year for Basic Benefits Tier hospital services only (counts toward Standard Benefits Tier deductible)." I understand that if the $500 deductible is the one that counts then I am ineligible, but if the $2,000 one counts then I am. Please let me know if I am eligible, or if I need to provide any further information. I...
by Andrew321
Tue Apr 07, 2020 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Government Pension Offset
Replies: 4
Views: 755

Government Pension Offset

Hello,
After reading a few previous threads and the SS factsheet, I was wondering about my private employment and my future pension. My future government pension will almost certainly bring my SS benefit down to 0 because of the GPO. What happens to the money I previously contributed to Social Security from private employment from 2009-2017? Do I have any claim to get it back because I contributed in but get nothing back?
by Andrew321
Thu Mar 26, 2020 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Karma Amended Return
Replies: 0
Views: 187

Credit Karma Amended Return

Hello all, Please forgive me for another technical post. Problem with W-2: I have received new W-2s because the payroll company made an error in them. It appears to only affect my state return because it relates specifically to a retirement deduction for the state system. The Feds give the deduction no matter what, so I don't have to change anything, or so their email seems to suggest. The retirement system is the MTRS, the Massachusetts Teacher Retirement System. The payroll company put my MTRS contribution in box 12, but they should be in box 14, and therefore "should not be deducted from state taxable wages." The email continues to say "Although you are allowed a retirement deduction on your state income tax return, it is ...
by Andrew321
Sun Feb 09, 2020 6:30 pm
Forum: Personal Finance (Not Investing)
Topic: Fun Side Income in Retirement?
Replies: 50
Views: 4924

Re: Fun Side Income in Retirement?

Older members of my family do arts and crafts, like selling candles at flea markets.
by Andrew321
Sat Feb 08, 2020 9:03 am
Forum: Personal Investments
Topic: Are there any great bank bonuses for EF money?
Replies: 4
Views: 526

Re: Are there any great bank bonuses for EF money?

I ue everybankbonus.com They have a state filter, which is useful. It's updated regularly, and about 90% accurate. There are some expired offers on the site, and you'll occasionally find one for the wrong state. On the whole, though, it's been very good and I've gotten about a grand using them.
by Andrew321
Fri Feb 07, 2020 6:34 pm
Forum: Investing - Theory, News & General
Topic: What is the highest expense ratio you willingly pay?
Replies: 177
Views: 19800

Re: What is the highest expense ratio you willingly pay?

I wouldn't ever pay more than 10 bp. The highest I've paid is 7 bp for FSRNX, the Fidelity real estate index fund.
by Andrew321
Sun Feb 02, 2020 8:26 am
Forum: Personal Finance (Not Investing)
Topic: MA Tax Return-language question
Replies: 6
Views: 792

Re: MA Tax Return-language question

I know Roth conversions are taxable here (I have no cost basis) so I included it because there was no other place to put it. It appears on line 9 of my state tax return, and also in schedule x, where such things go. I *think* I got it right. Okay, I took a look at your Form 1 instructions and your Schedule X. On page 10 of the instructions it states: "Rollover from a traditional IRA to a Roth IRA. Taxpayers are allowed to make partial or complete rollovers from existing IRAs to Roth IRAs. Any taxable portion of these rollovers included in federal gross income is also included in Massachusetts gross income, except for amounts previously subject to Massachusetts personal income tax. See Schedule X, line 2 instructions for further detail...
by Andrew321
Sun Feb 02, 2020 8:26 am
Forum: Personal Finance (Not Investing)
Topic: MA Tax Return-language question
Replies: 6
Views: 792

Re: MA Tax Return-language question

Thanks to you! When I read my MA tax return, it said my income was my W-2 income on line 3 (the same number that is the sum of my two W-2 forms and that appears on line 1 of my 2019 1040). I know Roth conversions are taxable here (I have no cost basis) so I included it because there was no other place to put it. It appears on line 9 of my state tax return, and also in schedule x, where such things go. I *think* I got it right. Are you sure you have no cost basis in your TIRA? If you made regular IRA contributions in MA, they are all non deductible and you have to track these amounts separately for MA worksheet purposes. Moreover, your MA IRA cost basis is recovered FIRST when you take a distribution or do a Roth conversion, not pro rata su...
by Andrew321
Fri Jan 31, 2020 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: MA Tax Return-language question
Replies: 6
Views: 792

Re: MA Tax Return-language question

Thanks to you!

When I read my MA tax return, it said my income was my W-2 income on line 3 (the same number that is the sum of my two W-2 forms and that appears on line 1 of my 2019 1040). I know Roth conversions are taxable here (I have no cost basis) so I included it because there was no other place to put it. It appears on line 9 of my state tax return, and also in schedule x, where such things go. I *think* I got it right.
by Andrew321
Fri Jan 31, 2020 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: MA Tax Return-language question
Replies: 6
Views: 792

MA Tax Return-language question

Hi All,

I am filling in my MA tax return through CK.

"Total IRA/Keogh plan distributions, qualified charitable IRA distributions, Roth IRA conversion distributions received during 2019:" Do I put my Roth conversion here? It sounds stupid to ask, but is the act of doing a Roth conversion a "Roth conversion distribution"? I also thought it was also included in my federal return, so I want to make sure I am not double taxed. Google and the DOR website were not of help.

Thanks!

Andrew
by Andrew321
Sat Jan 25, 2020 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Inputting Roth Conversion Into CK Tax
Replies: 14
Views: 2733

Re: Inputting Roth Conversion Into CK Tax

Hi all,
Thank you for sharing your knowledge. I appreciate it. Once I get the rest of my tax forms this week or next, I may post again to confirm that my line 4 is correct. It really helps a lot-this is something I want to mess up!
Andrew
by Andrew321
Thu Jan 16, 2020 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Inputting Roth Conversion Into CK Tax
Replies: 14
Views: 2733

Re: Inputting Roth Conversion Into CK Tax

Thanks again! I'll make sure to check lines 4a and 4b on the 1040 to see that they are 3665. If the end result is right, that is what matters.

Andrew
by Andrew321
Thu Jan 16, 2020 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Inputting Roth Conversion Into CK Tax
Replies: 14
Views: 2733

Re: Inputting Roth Conversion Into CK Tax

On box 2a of my 1099-r, the taxable amount is listed as $3,665. That's what I inputted into the software. Several questions later, it told me to subtract the rolled over amount from box 2a. Since I rolled over the entire thing, I changed box 2a to 0 , and put $3,665 into the question about "Rollovers or Conversions to Qualified Roth IRAs." Subtract does not mean change the tax form box 2a to 0. I use TurboTax and have never heard of CK Tax so can’t help with that. Cheers Thanks for your reply! Here is the exact guidance that CK tax gave at the rollover question, for anyone else who might use this software: "The issuer of your 1099-R is instructed to put the taxable amount in box 2a. However, if they do not know that you roll...
by Andrew321
Thu Jan 16, 2020 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Inputting Roth Conversion Into CK Tax
Replies: 14
Views: 2733

Inputting Roth Conversion Into CK Tax

Hi Bogleheads, I have a complicated question about what to enter where in the tax software. Here's the background: Last year, I rolled over $3,663 from a pre-tax 457(b) at Empower to a rollover IRA at Fidelity. I did a Roth conversion a few days later into my Fidelity Roth IRA. A few weeks later, I converted about $2 again because I earned some interest while the $3663 was sitting in cash. The rollover IRA is now closed. On box 2a of my 1099-r, the taxable amount is listed as $3,665. That's what I inputted into the software. Several questions later, it told me to subtract the rolled over amount from box 2a. Since I rolled over the entire thing, I changed box 2a to 0, and put $3,665 into the question about "Rollovers or Conversions to Q...
by Andrew321
Sun Jan 12, 2020 10:32 am
Forum: Personal Investments
Topic: Minimum for investment fee to be worth it.
Replies: 7
Views: 961

Re: Minimum for investment fee to be worth it.

Hi all,
Thanks again for all the advice. I really appreciate it, and will probably put some money into the 403(b) and put some toward large purchases. I want to buy a car this year, and could save a little faster.

Andrew
by Andrew321
Fri Jan 10, 2020 8:34 pm
Forum: Personal Investments
Topic: Minimum for investment fee to be worth it.
Replies: 7
Views: 961

Re: Minimum for investment fee to be worth it.

There is not. Good question, I will edit.
by Andrew321
Fri Jan 10, 2020 7:59 pm
Forum: Personal Investments
Topic: Minimum for investment fee to be worth it.
Replies: 7
Views: 961

Minimum for investment fee to be worth it.

Hi all, Is there a minimum amount of money I should contribute to Vanguard's 403(b) for it to be worth the $5/month fee. I know $60/year isn't much but as a percentage of what I would put in, it is high. I am thinking about $100/month, which makes it $1,200/year. 60 bucks represents 5% of that. Should I ignore the high percentage because I'm just starting this account and $60 isn't that much over a year? Or is there a better way? Notes: Base salary 50k as a teacher, will probably gross 55-56 because of summer school, working over vacations, after school, private tutoring, etc. $5,500 goes into pension fund (11%). I max out a Roth IRA This 403(b) does not have a Roth option. I am not eligible for the MA SMART Plan through Empower Retirement....
by Andrew321
Mon Dec 02, 2019 12:56 pm
Forum: Investing - Theory, News & General
Topic: Can one have too much Roth?
Replies: 265
Views: 32104

Re: Can one have too much Roth?

The downside of having too much Roth is that you may have paid too much in tax to get it. That's the issue. Too much Roth means that you paid $2 today to save $1 in taxes in the future, for instance. I'm particularly interested in millennials - younger investors - who today are still in relatively low tax brackets. They would be paying the taxes to get into Roths now at a lower rate than they will likely be in 10 or 20 years from now. For millennials, they may have 30 years of investing before they retire. Packing their Roths now, and perhaps then continuing to convert tIRAs to Roths over the years - and they will end up with a giant Roth. Any downside? Any downside to having a giant Roth and a smaller pre-tax account heading into retireme...
by Andrew321
Sat Nov 23, 2019 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: Are complicated credit card cash back strategies worth it?
Replies: 131
Views: 30565

Re: Are complicated credit card cash back strategies worth it?

In some cases, it is worth the hassle. Chase has 3 offers for $200 cash back by spending $500 in 3 months when you apply though Chase's website.

Chase freedom unlimited-that offer plus 1.5%.
Chase freedom-that offer plus 1%.
Chase Disney something or other-the same $200, but it comes with a $49 fee. You might get it waived or cancel before it is charged, but even so, you'd be up $151.
They also have an AARP card with has $100 back after spending $500 in 3 months. Any or several of those cards might be worth it.

Obviously read the T&C-you can't currently have the card, gotten a bonus recently (they're all slightly different and may have changed since I read them).

Andrew
by Andrew321
Sun Nov 17, 2019 8:57 pm
Forum: Personal Consumer Issues
Topic: What Book Are You Currently Reading? Part VI
Replies: 7638
Views: 1713002

Re: What Book Are You Currently Reading? Part VI

I finished reading "America's Bank" by Roger Lowenstein. It includes a brief history of US money and national banks, then spends most of its pages giving a history of how the federal reserve came to be.

I learned about how scrip was used in financial panics, and that the idea of a government-issued note was controversial. I never realized private banks issued notes that could be used as money or the complicated operation that clearing a check used to require.
by Andrew321
Sat Oct 05, 2019 11:23 am
Forum: Personal Investments
Topic: Pension Statement Delay
Replies: 2
Views: 368

Pension Statement Delay

Hello all,

I've noticed in the 9 weeks I have been at my new job, my pension contributions have not been reflected in statements. I inquired and they told me there is a normal auditing process. Should I be concerned that it takes more than 2 months for a paycheck contribution to appear in my pension account? I already am!
by Andrew321
Tue Sep 03, 2019 6:50 pm
Forum: Investing - Theory, News & General
Topic: Best of Bogleheads - your #1 takeaway
Replies: 151
Views: 17902

Re: Best of Bogleheads - your #1 takeaway

I learned the importance of frugality-I just got a raise, moved down in housing, and now save a minimum of 40% of my gross. Sure, I'm making up for lost time, but I'm happier and wealthier.

Bill Bernstein's admonitions against consumerism in "If You Can" and "The 4 Pillars of Investing" were the starting points, and many Bogleheads agree.
by Andrew321
Tue Aug 20, 2019 4:08 pm
Forum: Personal Investments
Topic: Fidelity REITs
Replies: 21
Views: 6709

Re: Fidelity REITs

codedude wrote: Mon Aug 19, 2019 7:32 pm Fidelity real estate index fund (ticker FSRNX, exp ratio 0.07%) is a great choice at Fidelity.
+1, I used to own it before I simplified to a total market strategy.
by Andrew321
Sat Aug 17, 2019 3:38 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3606
Views: 562406

Re: Post your Financial Milestone Announcements Here

Thank you both!
by Andrew321
Fri Aug 16, 2019 6:23 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 3606
Views: 562406

Re: Post your Financial Milestone Announcements Here

IRA just passed 10k for the first time ever!
by Andrew321
Sun Aug 11, 2019 4:45 pm
Forum: Investing - Theory, News & General
Topic: Fine print rationale
Replies: 3
Views: 440

Fine print rationale

Hi all,

I received an ad from Santander bank for a personal loan. In reading the fine print, it said "Personal Loans cannot be used to finance post secondary educational expenses."

Does anyone know why the loan cannot be used to pay for such expenses? If it's a personal loan, I figure that the borrower can use it for what they want.

Andrew
by Andrew321
Sun Aug 04, 2019 9:52 am
Forum: Personal Investments
Topic: P2P lending
Replies: 5
Views: 804

Re: P2P lending

Thanks very much to everyone. I appreciate your advice and sharing your experiences. I've decided against it, not only from your feedback, but that this seems to be a "low risk, high reward" pitch and I'm suspicious.
Andrew
by Andrew321
Fri Aug 02, 2019 3:24 pm
Forum: Personal Investments
Topic: P2P lending
Replies: 5
Views: 804

P2P lending

Hi All,
I am considering investing money in P2P lending, and wanted to ask if anyone knew of a database or regulatory framework that might have information about accreditation or compliance. I want to make sure that my money is lent through a creditable platform, but couldn't find a specific regulator or industry standard for further information. I'm specifically curious about myconstant.