Search found 284 matches

by azianbob
Thu Jul 02, 2020 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Donation Write Offs
Replies: 3
Views: 276

Donation Write Offs

If someone has a business through a sole proprietorship, when they file taxes, if they donated clothes or other items to Goodwill and receive a write off amount, can they include that into their return? I have no deductions so always take the standard deduction, but most business owners would file t...
by azianbob
Tue Jun 30, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits - pass before Full Retirement Age
Replies: 13
Views: 1380

Re: Social Security Survivor Benefits - pass before Full Retirement Age

I see. Does that mean whatever they calculate his PIA to be today will not change (other than cost of living adjustments)? Since he is deceased, he will not work anymore. The only variable of difference is when my mother in law decides to take the benefit. For instance, lets say for argument's sake ...
by azianbob
Tue Jun 30, 2020 2:01 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits - pass before Full Retirement Age
Replies: 13
Views: 1380

Re: Social Security Survivor Benefits - pass before Full Retirement Age

So to do the actual PIA calculation I need the father in law's lifetime reported taxable income history and plug it into the social security website? And put $0 for 2020 through his full retirement age?
by azianbob
Mon Jun 29, 2020 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits - pass before Full Retirement Age
Replies: 13
Views: 1380

Re: Social Security Survivor Benefits - pass before Full Retirement Age

Based on my father in law's Jan 2020 Social Security Statement, it says: full retirement age - $1,228 70 years - $1,580 62 years - $826 So based on this, my understanding is that my mother in law would be getting 71.5% of the $1,228 if she were to start receiving benefits now at age 60. However, if ...
by azianbob
Mon Jun 29, 2020 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Survivor Benefits - pass before Full Retirement Age
Replies: 13
Views: 1380

Social Security Survivor Benefits - pass before Full Retirement Age

My father in law has recently passed at the age of 61. He was the sole worker (mother in law is a housewife), and they have filed joint tax returns. My mother in law is 60, and as such would qualify to start taking survivor benefits (although it would only be 71.5%). I have been reading online but w...
by azianbob
Mon Jun 29, 2020 11:36 am
Forum: Personal Finance (Not Investing)
Topic: What is the best financial decision you ever made?
Replies: 193
Views: 13575

Re: What is the best financial decision you ever made?

Good 1. Paying off credit card in full each month 2. Having no debt 3. Spend less than we earn. 4. Max out retirement accounts (401k, IRA, HSA) Bad 1. Bought new car right after getting first job. 2. Buying a luxury car at 30. 3. Not buying a home in 2011-2013 4. Because have not pulled trigger on h...
by azianbob
Thu Jun 18, 2020 7:29 pm
Forum: Personal Consumer Issues
Topic: Engagement Ring Help
Replies: 85
Views: 4582

Re: Engagement Ring Help

Try to gauge what she wants. Some girls are perfectly fine with a ring with no stone or a smaller diamond if it means you are saving that additional funds on a downpayment on a house. Others want a ring that is 3 months of your gross salary to "prove" that you love her and so she can show it off to ...
by azianbob
Thu Jun 18, 2020 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Should I borrow money for a new car?
Replies: 36
Views: 2836

Re: Should I borrow money for a new car?

At this point, not sure how much money you can get for the civic esp with those problems … you should find out and if its not like more than $1000, it might be better to just keep filling the tires and driving it until it dies then selling it off to CarMax or for parts for like $500. I'd buy the che...
by azianbob
Thu Jun 18, 2020 1:27 pm
Forum: Personal Finance (Not Investing)
Topic: Capital One is at it again
Replies: 118
Views: 11024

Re: Capital One is at it again

CIT bank does the same thing, every several months they create a new money market or savings that has a higher rate and lower the rates the previous one so you have to be checking and create the new account yourself and move the money over. I used to have their money market, but the rate kept droppi...
by azianbob
Wed Jun 17, 2020 1:25 am
Forum: Personal Finance (Not Investing)
Topic: Advice on Buying a Certified Pre-Owned BMW
Replies: 29
Views: 2515

Re: Advice on Buying a Certified Pre-Owned BMW

Does it have to be a 320 or can it be any 3 series? Another option is to buy on Carmax, and buy their extended warranty. It goes 5 years from the date of purchase, until the car hit 125,000 miles. Whichever occurs first. You can currently get a white 2013 BMW 328i with 60k miles for $15,000 miles. Y...
by azianbob
Mon Jun 15, 2020 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Still working and insured. Should I sign up for medicare at 65?
Replies: 7
Views: 877

Re: Still working and insured. Should I sign up for medicare at 65?

Part A is free, my dad signed up for it at 65, but kept his employer plan because it was a cheaper premium than part B and had similar coverage. My mom switched to Medicare for part A and B when she turned 65 because my dad's work covered 90% of his medical but 0% of her premium (she only got to be ...
by azianbob
Mon Jun 15, 2020 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: working longer for free health care? is it worth it?
Replies: 27
Views: 3754

Re: working longer for free health care? is it worth it?

Like others have said, no need to make a decision now. Perhaps you should re-visit this when you are 58 or 59.
by azianbob
Thu Jun 11, 2020 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Relative giving money to start medical practice
Replies: 12
Views: 1637

Re: Relative giving money to start medical practice

Do you have to report it as a 0% loan? Can't you sell equity of your company to the relative for that amount (give him like 5% equity of the company or something) and you open up a business checking account where he deposits the funds. You use it to purchase things and start up your company, and the...
by azianbob
Thu Jun 11, 2020 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Bank savings interest rate dropping from 1.25% to 1.10%
Replies: 69
Views: 7052

Re: Ally Bank savings interest rate dropping from 1.25% to 1.10%

Yeah, sad times. My no penalty CDs I made back last summer are starting to come to maturity. They were for 2.5% … I put some excess savings in a CD at 1.75% when the news of 0% interest came out, but since then it's steadily dropped to 1.5%, 1.4%, 1.3% and now 1.2%. I opened up an empty 1.2% CD at A...
by azianbob
Fri Jun 05, 2020 4:43 am
Forum: Personal Finance (Not Investing)
Topic: New Tires or New Car?
Replies: 67
Views: 4504

Re: New Tires or New Car?

Is the statement about one tire messing up the transmission of an AWD car for all cars or just for Land Rover? My dad has an Acura RL, one tire blew up, the others were around 8/12s so he just got a used tire with similar amount of thread, and has driven over 30k miles on it since then and no issues...
by azianbob
Fri Jun 05, 2020 4:29 am
Forum: Personal Finance (Not Investing)
Topic: Lost my job yesterday
Replies: 68
Views: 11843

Re: Lost my job yesterday

Sorry to hear that. Definitely look into unemployment, so you can take your time and figure out your next move. As the old saying goes, something is better than nothing. While you won't be eligible for the Covid related job loss bonus of $600 a week, the unemployment periods for the states are all e...
by azianbob
Fri Jun 05, 2020 4:26 am
Forum: Personal Finance (Not Investing)
Topic: Need to Pay Estimated Taxes for Social Security?
Replies: 17
Views: 1367

Re: Need to Pay Estimated Taxes for Social Security?

Huh according to that calculator, they will have $0 tax ...
by azianbob
Fri Jun 05, 2020 1:57 am
Forum: Personal Finance (Not Investing)
Topic: Need to Pay Estimated Taxes for Social Security?
Replies: 17
Views: 1367

Need to Pay Estimated Taxes for Social Security?

My parents get only Social Security and interest income as they are retired and on Medicare. They have no other deductions so just take the standard deduction. Currently they do not withhold any taxes from their payment. I was looking if I can change it online for them, but it seems the only option ...
by azianbob
Mon May 04, 2020 12:17 am
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 6975

Re: Has your budget changed? What items have you cut out?

Did not change the budget any, things just decreased naturally. Gas went from about $200 a month to like $25 Restaurants went from $1000 a month to like $100 Amazon purchases increased slightly Groceries went up from about $200 to $400 Gas, electric and water bills havent come in yet but probably we...
by azianbob
Mon May 04, 2020 12:15 am
Forum: Personal Finance (Not Investing)
Topic: filing for unemployment during covid-19
Replies: 2
Views: 385

Re: filing for unemployment during covid-19

I think at the end of the year your income will be whatever you earned, so you might as well get in on the unemployment earliest you can
by azianbob
Fri Apr 03, 2020 3:40 am
Forum: Personal Finance (Not Investing)
Topic: If you have a secure, well-paying job and cash-heavy, would a recession be a good thing?
Replies: 92
Views: 6871

Re: If you have a secure, well-paying job and cash-heavy, would a recession be a good thing?

Not really, in 2010, VTI was $56 a share. Now, even with the huge drop, its $125.

You would of been better off buying consistently over time than waiting for corrections and recessions to buy in bulk. VTI would of been a lower price anytime prior to 2017.
by azianbob
Fri Apr 03, 2020 3:36 am
Forum: Personal Finance (Not Investing)
Topic: Are your personal expenses down during stay home and shelter?
Replies: 180
Views: 10831

Re: Are your personal expenses down during stay home and shelter?

Expenses have been the same, as gas and restaurants have gone down but groceries, utilities, online shopping has increased to match. Hopefully this was just because of the panic shopping in the first month and next month hopefully the gas and restaurants stay low but the online shopping and grocerie...
by azianbob
Thu Apr 02, 2020 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Canceling Auto Insurance for Few Months? Any down sides?
Replies: 56
Views: 4334

Re: Canceling Auto Insurance for Few Months? Any down sides?

Perhaps you can lower the miles to like 1,000 a year and remove the collision piece and just go to liability
by azianbob
Thu Apr 02, 2020 11:18 am
Forum: Personal Finance (Not Investing)
Topic: bogleheading my car, opinions please. From a Tesla to a Honda
Replies: 84
Views: 5446

Re: bogleheading my car, opinions please. From a Tesla to a Honda

As long as you test drove the Accord and fine with the driving experience, I'd trade it in. Even though Tesla S are pretty reliable from what I hear, you would be getting a new car with a full warranty. The downsides to consider is: 1. Increased maintenance costs - you have to go back to oil changes...
by azianbob
Thu Apr 02, 2020 11:08 am
Forum: Personal Finance (Not Investing)
Topic: How quickly did you receive your 2019 tax refund?
Replies: 111
Views: 8504

Re: How quickly did you receive your 2019 tax refund?

I am in California. I submitted my taxes through HR Block on 3/11/2020, paid $20 for state e-file. I e-filed and I opted for direct deposit. I got my state return on 3/17/2020. I got my federal return on 3/19/2020. I sort of regret filing early once news of the stimulus checks broke, as we made much...
by azianbob
Wed Apr 01, 2020 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Are cell phones like cars? [Buying new vs buying used or keeping old]
Replies: 62
Views: 3409

Re: Are cell phones like cars? [Buying new vs buying used or keeping old]

Yeah, I think this was my thinking too. 1. Buy 1 year old model, big price slash, not that many noticiable differences in tech to justify twice the cost. 2. Use until the security updates stop (Apple is preferred as they push out their own upgrades, not reliant on carrier) 3. Replace with current 1 ...
by azianbob
Tue Mar 31, 2020 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Are cell phones like cars? [Buying new vs buying used or keeping old]
Replies: 62
Views: 3409

Re: Are cell phones like cars?

To take Apple for example, iPhone XS Max is the prior model and was $1250 for the 256GB version. Currently you can get a certified refurbished 256GB one from Verizon for $580. That's 46% of the original price. If the OS is supported for 5 years, it means you can get 4 years out of the phone, that's...
by azianbob
Tue Mar 31, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Are cell phones like cars? [Buying new vs buying used or keeping old]
Replies: 62
Views: 3409

Re: Are cell phones like cars?

To take Apple for example, iPhone XS Max is the prior model and was $1250 for the 256GB version. Currently you can get a certified refurbished 256GB one from Verizon for $580. That's 46% of the original price. If the OS is supported for 5 years, it means you can get 4 years out of the phone, that's ...
by azianbob
Tue Mar 31, 2020 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Are cell phones like cars? [Buying new vs buying used or keeping old]
Replies: 62
Views: 3409

Are cell phones like cars? [Buying new vs buying used or keeping old]

I noticed that cell phones may be like cars (but a much smaller level). Bogleheads does not promote leasing cars, or buying new cars unless have big incentives and will keep forever), but due to depreciation, its recommended to buy a 2-3 year old reliable used car and drive it till it dies or the re...
by azianbob
Thu Mar 05, 2020 6:02 pm
Forum: Personal Investments
Topic: How is Merrill Edge?
Replies: 64
Views: 7153

Re: How is Merrill Edge?

I have had no issues with Merrill. Like others have said, its a nice connection with Bofa, and the platinum honors credit card rewards are nice. I have no issues doing the backdoor online, you can just open a traditional IRA (can be done online in a few minutes) transfer cash from your checking to M...
by azianbob
Thu Mar 05, 2020 5:57 pm
Forum: Personal Investments
Topic: Pension Plus 457 Plan
Replies: 27
Views: 2250

Re: Pension Plus 457 Plan

If you really have no need for it, I would recommend 100% sp500. If you guys have income that qualifies for a Roth, you guys should open up one ASAP. Then, you should contribute the full amount for you and your wife, and invest all in SP500 funds. Then your wife should start to convert her 457 into ...
by azianbob
Thu Mar 05, 2020 3:52 pm
Forum: Personal Investments
Topic: Keep prior employer 401K, or open Rollover IRA?
Replies: 7
Views: 463

Re: Keep prior employer 401K, or open Rollover IRA?

The backdoor Roth is the biggest reason I would keep my old employer's 401k. Best would be to roll it over to your new 401k since that way everything is tracked in one place. Unless your new 401k options are worse than the old one.
by azianbob
Thu Mar 05, 2020 3:40 am
Forum: Investing - Theory, News & General
Topic: Mutual Funds Safer than ETFs
Replies: 8
Views: 969

Mutual Funds Safer than ETFs

I have always operated on the premise that ETFs and mutual funds were pretty much the same thing except ETFs were much easier to trade throughout the day and also were slight more tax efficient. However, recently a colleague told me that ETFs are constructed in a way where you do not own the actual ...
by azianbob
Mon Mar 02, 2020 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 1603
Views: 407408

Re: Share your net worth progression

Curious, are there any people here who have zero real estate (no house, decide to just invest everything into the stock market?) It seems the majority of people on this thread own at least one house they are living in, usually many have rentals as well. Wondering if the non home owners have similar ...
by azianbob
Thu Feb 27, 2020 9:07 pm
Forum: Personal Investments
Topic: Merrill Edge Money Market Options
Replies: 3
Views: 320

Re: Merrill Edge Money Market Options

The bond ETFs pay interest/dividends monthly?
by azianbob
Thu Feb 27, 2020 5:39 pm
Forum: Personal Investments
Topic: Merrill Edge Money Market Options
Replies: 3
Views: 320

Merrill Edge Money Market Options

Hello, I am looking for a money market to park some IRA money I have at Merrill Edge. I was looking and these are my options. Is there any reason not to pick the one with the highest rate? I tried to do some research but cannot tell why you wouldn't just go for the highest one. Is there anything I a...
by azianbob
Mon Feb 24, 2020 9:08 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block Roth Conversion Form 8606
Replies: 8
Views: 897

Re: HR Block Roth Conversion Form 8606

Okay thanks for the comments, will work on taxes this weekend hopefully. My wife had a Roth 401k, but the company match was to a traditional account. So like 95% of her rollover was Roth anyways. We just converted the match portion which was relatively small, I'm ok with paying 22% tax on it to conv...
by azianbob
Fri Feb 21, 2020 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Basic HSA question
Replies: 14
Views: 1349

Re: Basic HSA question

After 65 I believe you can withdraw from the HSA without penalty for anything but you have to pay ordinary income tax at that time (kind of like a pretax IRA). But if you save the receipts, you can withdraw the cash at anytime and pay 0 tax. So its nice to have, like if you paid $1000 for a procedur...
by azianbob
Fri Feb 21, 2020 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block Roth Conversion Form 8606
Replies: 8
Views: 897

Re: HR Block Roth Conversion Form 8606

Wow this is awesome thanks! Hopefully they update for 2019 (or there are no major changes in software)
by azianbob
Fri Feb 21, 2020 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Why doesn't everyone own a home as a business and rent elsewhere?
Replies: 57
Views: 7322

Re: Why doesn't everyone own a home as a business and rent elsewhere?

Remote landlord is tough from what I hear, especially if your property management company is bad. They will just "fix" everything at super high rates since they just pass on the expense to you, while pocketing 10% of the rental income to do nothing most of the time (if renters are long term, they do...
by azianbob
Fri Feb 21, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: HR Block Roth Conversion Form 8606
Replies: 8
Views: 897

Re: HR Block Roth Conversion Form 8606

One was a backdoor, one was a conversion of a rollover traditional IRA to Roth. For the backdoor, we contributed after tax money to a traditional IRA then converted it to Roth immediately. The other one was as my wife switched jobs, we rolled over her old 401k into a rollover IRA, then converted the...
by azianbob
Thu Feb 20, 2020 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: HR Block Roth Conversion Form 8606
Replies: 8
Views: 897

HR Block Roth Conversion Form 8606

Does anyone know where I can find the steps to do this correctly if I have the HR Block Deluxe?
by azianbob
Tue Feb 04, 2020 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: 26 years old - How am I doing?
Replies: 40
Views: 4452

Re: 26 years old - How am I doing?

If you make $85k, and have basically no expenses other than buying food and clothes, you should be saving more than 35k. You should be netting about 70k after taxes, so if you are saving around 29k in tax advantaged accounts, you should have 40k left. With $0 rent, $0 car payment (I am assuming you ...
by azianbob
Wed Dec 18, 2019 12:01 pm
Forum: Personal Finance (Not Investing)
Topic: Separate rollover of Roth and Pre-Tax accounts when leaving an employer 401k?
Replies: 5
Views: 283

Re: Separate rollover of Roth and Pre-Tax accounts when leaving an employer 401k?

I'm not sure if you can do it separately, but I know you get separate checks for everything. When I left my prior employer I got three checks, one for my traditional 401k balance, one for my Roth 401k balance, and one for my matching contributions. Worst case you can roll them all over to different ...
by azianbob
Fri Dec 13, 2019 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion on TurboTax
Replies: 7
Views: 642

Re: Roth Conversion on TurboTax

Thanks!

And we are allowed to do multiple Roth conversions in the same year, correct? It will just all go on the one form.
by azianbob
Fri Dec 13, 2019 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion on TurboTax
Replies: 7
Views: 642

Re: Roth Conversion on TurboTax

Does anyone know if HR Block Deluxe would also work?
by azianbob
Fri Dec 13, 2019 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Sell company stock and pay off home mortgage?
Replies: 46
Views: 2245

Re: Sell company stock and pay off home mortgage?

I would hold the company stock shares purchased through ESPP for 2 years before selling (especially since your company seems to be doing well) so you can get taxed at long term capital gains rates instead of ordinary income.
by azianbob
Fri Dec 13, 2019 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: New research on when to claim SS
Replies: 73
Views: 8468

Re: New research on when to claim SS

If the lower earning spouse will get a SS that is higher than the spousal SS of the higher earning spouse (50%), isn't it better for them to delay to 70 as well because at that point the spousal SS does not matter? Also, wouldn't most people use their SS as they get them? For instance, it does not m...
by azianbob
Fri Dec 13, 2019 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion on TurboTax
Replies: 7
Views: 642

Roth Conversion on TurboTax

If I converted a pre-existing rollover traditional IRA to Roth IRA in the current year, would I need TurboTax Premier to do the taxes, or can Deluxe handle it as well? I also did a back door Roth conversion as well. I know it can get tricky and don't want to be double taxed so I am asking.
by azianbob
Thu Dec 12, 2019 11:37 am
Forum: Personal Finance (Not Investing)
Topic: SO leaving work, insurance options?
Replies: 20
Views: 1502

Re: SO leaving work, insurance options?

In regards to her joining your plan, it can be anytime since her losing her benefits, or you guys getting married would both be considered life events. Also once she gets a new job with benefits, she can leave your plan since that would also be considered a life event. The easiest and cheapest (if y...