Search found 19 matches

by gokartmozart
Tue Jun 18, 2019 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Umbrella Insurance: Refusal to Disclose Language Before Writing?
Replies: 7
Views: 1040

Re: Umbrella Insurance: Refusal to Disclose Language Before Writing?

Here's a previous thread on this topic. https://www.bogleheads.org/forum/viewtopic.php?t=270031 I was able to work around the insurer's refusal by going to my state insurance commissioner's website. In my state, insurers are required to file policy terms with the commissioner's office (and get appro...
by gokartmozart
Wed May 15, 2019 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Options for Depositing Check for Dissolved Entity
Replies: 4
Views: 501

Re: Options for Depositing Check for Dissolved Entity

You might try depositing it as a third-party check. To make it a third-party check, the dissolved entity's person with authority to sign checks (president, treasurer, general partner, whatever) would endorse it (sign on the back of the check) over to another entity or individual. Then that other ent...
by gokartmozart
Tue Apr 16, 2019 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: Trust investment choices for a difficult beneficiary
Replies: 115
Views: 8213

Re: Trust investment choices for a difficult beneficiary

... if the beneficiary and his attorney consent to the plan and have him sign a release ... +1 on the release. Get the attorneys on both sides to sign the release too. That makes it harder for the beneficiary to later claim, "Poor unsophisticated me was tricked into signing this release!" The attor...
by gokartmozart
Thu Apr 04, 2019 4:33 pm
Forum: Personal Investments
Topic: Trust management help
Replies: 18
Views: 1683

Re: Trust management help

Can anyone speak to tax free municipal bonds? ... This seems a little too good to be true? I'm sorry I can't answer that directly but perhaps I can point you and your cousin in a helpful direction. It's a rule of thumb that higher-yielding investments carry higher risks. Is that the case here? And ...
by gokartmozart
Wed Apr 03, 2019 12:25 pm
Forum: Personal Investments
Topic: Trust management help
Replies: 18
Views: 1683

Re: Trust management help

Your cousin-buddy sounds like he's going to make a fine trustee: financially sophisticated, diligent, doing his homework. Good news for everyone! :sharebeer One more tip I have for your cousin-buddy is to get ahead of, and stay ahead of, the need to provide trust accountings. Trust accountings are n...
by gokartmozart
Mon Apr 01, 2019 11:56 am
Forum: Personal Investments
Topic: Trust management help
Replies: 18
Views: 1683

Re: Trust management help

Whatever he distributed they should not be giving back to the trust. RickBoglehead, could you clarify what you meant by "should not"? Is it a matter of not legal or not advisable or not reasonable and why. As far as I know it would be legal for a trust to distribute income to a beneficiary, then th...
by gokartmozart
Mon Apr 01, 2019 11:46 am
Forum: Personal Investments
Topic: Trust management help
Replies: 18
Views: 1683

Re: Trust management help

Sorry I was composing my previous reply when you posted more information so my previous reply was a little off target in places. Taxation of trusts is much, much steeper than that of individuals. Compare the tax tables in the instructions for Form 1041 with the same in Form 1040. Look up the tax tha...
by gokartmozart
Mon Apr 01, 2019 11:26 am
Forum: Personal Investments
Topic: Trust management help
Replies: 18
Views: 1683

Re: Trust management help

The first place to start is to read the trust instrument (document) very carefully. I am assuming your cousin is named as the trustee in the trust instrument. You write that "the money won't be needed to live off of" but it is quite common for trust instruments to specify that trust income must be p...
by gokartmozart
Sun Mar 31, 2019 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: do I have to pay 110% taxes on lower 2019 income based on higher 2018 income?
Replies: 7
Views: 671

Re: do I have to pay 110% taxes on lower 2019 income based on higher 2018 income?

From the Original Post, which was quoting some IRS instructions: Caution: Generally, if you do not prepay at least the amount on line 12c, you may owe a penalty for not paying enough estimated tax……. The word "prepay" in the quote above refers to the total of 2019 withholding plus 2019 estimated tax...
by gokartmozart
Sat Mar 30, 2019 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Mysterious SSA deposit in my Vanguard Account
Replies: 4
Views: 684

Re: Mysterious SSA deposit in my Vanguard Account

You did not mention if you have already contacted SSA. Perhaps try that?

$816 is a plausible Social Security monthly benefit. Perhaps someone tried to direct-deposit their SS check to their Vanguard account and the account number got mixed-up by them or by Vanguard.
by gokartmozart
Mon Mar 25, 2019 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]
Replies: 30
Views: 4332

Re: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]

And today, the IRS lowered the threshold further to 80%, again for 2018 only. New instructions for Form 2210 will be forthcoming. (Those who have already filed may file Form 843 with the statement "80% Waiver of estimated tax penalty" on line 7.) I agree with TexTaxToo. The waiver is now 80% down f...
by gokartmozart
Sat Mar 23, 2019 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: IRS notice 3/22/2019: for 2018 taxes, no penalty if 80% of tax shown on return was withheld or est taxes paid
Replies: 13
Views: 2406

Re: IRS notice 3/22/2019: for 2018 taxes, no penalty if 80% of tax shown on return was withheld or est taxes paid

Thank you! I paid 83% which means I meet this new 80% threshold but did not meet the previous 85% one. Since I filed a couple of weeks ago, I will now file Form 843 to get the refund.

Another official IRS description, besides the press release linked in the OP, is Notice 2019-25.
by gokartmozart
Fri Mar 22, 2019 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: 2018 Foreign Tax Credit: Adjustment Exception for Trusts & Estates?
Replies: 1
Views: 241

2018 Foreign Tax Credit: Adjustment Exception for Trusts & Estates?

I've done a ton of Googling on this without success. I'm hoping some Boglehead might have an answer or provide a lead I can follow. I am preparing 2018 federal tax returns for a couple of small family trusts. They owned international stock index funds which paid foreign taxes. The foreign taxes were...
by gokartmozart
Mon Feb 25, 2019 12:18 am
Forum: Personal Consumer Issues
Topic: Friday Harbor to SeaTac Airport
Replies: 19
Views: 1103

Re: Friday Harbor to SeaTac Airport

Suggestion 1: Would Bellingham airport (BLI) be an option for you? It is about the same driving distance from Anacortes as is Paine Field (PAE) and traffic to BLI would likely be even smoother than to PAE. BLI (like PAE) has limited flights compared to a "major" airport. Put BLI and your home airpo...
by gokartmozart
Wed Feb 20, 2019 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Direct Pay
Replies: 26
Views: 2227

Re: IRS Direct Pay

My USAA Preferred Cash Rewards card has a short list of items which do not earn rewards. Tax payments do not earn rewards with this card. :annoyed

Moral: Read your fine print before using a rewards card to earn rewards on your tax payment.
by gokartmozart
Thu Feb 14, 2019 11:52 am
Forum: Personal Finance (Not Investing)
Topic: How to handle sub 50 cent wash sales reported on 1099-B?
Replies: 3
Views: 439

Re: How to handle sub 50 cent wash sales reported on 1099-B?

I would not be concerned too much about amounts "disappearing" in the process of rounding, if the IRS rounding rules are scrupulously followed. The rules are the rules after all. I definitely would not round amounts under $0.50 up as you suggested in your solution 2. That directly violates the IRS r...
by gokartmozart
Mon Feb 11, 2019 7:15 pm
Forum: Personal Consumer Issues
Topic: Electrician broke ceiling heat and won't fix it
Replies: 16
Views: 3434

Re: Electrician broke ceiling heat and won't fix it

I have experienced Cadet heaters and they have a well-deserved reputation for being noisy. They are noisy because they have a circulating fan. Your radiant heat is not noisy. The Cadet sales page in the link above attempts to claim they are now "quieter". The manufacturer knows they are noisy and is...
by gokartmozart
Thu Jan 17, 2019 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Getting Umbrella Written Policy Terms in Advance of Buying Policy
Replies: 6
Views: 630

Re: Getting Umbrella Written Policy Terms in Advance of Buying Policy

In the couple of hours since I posted my questions above, I have come up with a partial solution. Maybe this could help someone else. Insurance is highly regulated at the state level. In my state, state law requires insurance companies to file with the state regulator the detailed terms of standard ...
by gokartmozart
Thu Jan 17, 2019 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Getting Umbrella Written Policy Terms in Advance of Buying Policy
Replies: 6
Views: 630

Getting Umbrella Written Policy Terms in Advance of Buying Policy

I'm doing some researching and shopping for my first-ever umbrella insurance. I like the approach of Jack Hungelmann, author of Insurance for Dummies (and some nice umbrella-shopping articles you can find at the bottom of https://www.irmi.com/biographies/jack-hungelmann ). Hungelmann advocates looki...