Search found 14 matches

by TexTaxToo
Thu Oct 24, 2019 10:11 am
Forum: Investing - Theory, News & General
Topic: Transitioning my Account ~ Not Mandatory
Replies: 61
Views: 5280

Re: Transitioning my Account ~ Not Mandatory

After not hearing from them for awhile, I've received two emails about transitioning this month. I don't have a good reason for not transitioning, except that I much prefer the mutual fund year end statements, which show all transactions for the year for each fund separately. The brokerage statement...
by TexTaxToo
Wed Sep 18, 2019 12:06 pm
Forum: Personal Consumer Issues
Topic: $2k repairs on $12K car
Replies: 81
Views: 5340

Re: $2k repairs on $12K car

Why did you take the car to the shop? Were there symptoms? Do the brakes squeal when used? Does the brake pedal pulse or feel soft or does the car pull to one side or stop jerkily? If any of the above, then definitely get the brakes done, except for the painting. There is no fixed interval at which ...
by TexTaxToo
Thu Apr 25, 2019 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Trying to untangle my IRA mess.[Complex]
Replies: 5
Views: 999

Re: Trying to untangle my IRA mess.[Complex]

When filling out the 2017 and 2018 form 8606, how does one calculate basis? I made 160k in 2017 and 180 in 2018. If you have never taken distributions or done conversions from your tIRA, then your basis is simply the total of all non-deductible contributions you have ever made. You are required to ...
by TexTaxToo
Fri Apr 12, 2019 4:23 pm
Forum: Non-US Investing
Topic: IRS PDF Forms
Replies: 6
Views: 818

Re: IRS PDF Forms

For explicit details on what is acceptable, see IRS Pub 1167 (mainly intended for software developers). Printing in black and white is acceptable (see sections 3.2.3 and 5.2.11), but I think printing in color is fine also. You can print 2-page forms double-sided, but you should print single page for...
by TexTaxToo
Fri Mar 22, 2019 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]
Replies: 30
Views: 4344

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.)
by TexTaxToo
Thu Mar 14, 2019 12:14 pm
Forum: Personal Consumer Issues
Topic: Garbage Disposal: So many choices out there. How do you decide which one?
Replies: 54
Views: 4235

Re: Garbage Disposal: So many choices out there. How do you decide which one?

There is not a standard height for the garbage disposal drain. If you change brands and intend to do it yourself, make sure the drain height is similar to your existing (and above the level of the drain pipe exiting under your sink).
by TexTaxToo
Wed Feb 27, 2019 11:36 am
Forum: Investing - Theory, News & General
Topic: Rumor mill - Fidelity starting individual HSA's Nov. 15th [2018]
Replies: 1003
Views: 105846

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Last week, after reading this topic, I decided to open an HSA with Fidelity. Based on earlier posts, I expected this to be quick. When I started the process online, it asked me if I had other accounts with Fidelity, and asked for the userid and password. I do not have any personal accounts, but my 4...
by TexTaxToo
Sun Feb 17, 2019 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: Problems signing the tax return
Replies: 11
Views: 1241

Re: Problems signing the tax return

From Pub 17: Unable to sign. If the taxpayer is mentally competent but physically unable to sign the return or POA, a valid “signature” is defined under state law. It can be anything that clearly indicates the taxpayer's intent to sign. For example, the taxpayer's “X” with the signatures of two witn...
by TexTaxToo
Sun Feb 17, 2019 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Why efile if you owe?
Replies: 47
Views: 4699

Re: Why efile if you owe?

I believe that a return is filed timely if it is postmarked by the deadline. So drop the check in the mail on April 15 and earn a few pennies of interest until the check clears the bank. The post office no longer guarantees that mail will be postmarked on the day it is placed in the mail. Some mail...
by TexTaxToo
Wed Feb 13, 2019 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]
Replies: 30
Views: 4344

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

Apparently so. The normal 90% threshold applies only to withholding - not estimated payments.

But according to the worksheet, the 85% waiver applies to withholding plus "your 2018 estimated tax payments made on
or before January 15, 2019".
by TexTaxToo
Mon Feb 11, 2019 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: IRS to lower 2018 safe harbor withholding threshold to 85% [2018 only]
Replies: 30
Views: 4344

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

Beware. According to the Form 2210 instructions, this 85% tax reform waiver is not automatic (like the 90% threshold is).
You must check Box A in Part II, write "85% Waiver" next to Box A, and file page 1 of Form 2210 with your return to request the waiver.
by TexTaxToo
Tue Feb 05, 2019 11:36 pm
Forum: Personal Finance (Not Investing)
Topic: Sec 199A business tax deduction
Replies: 46
Views: 3256

Re: Sec 199A business tax deduction

It is unwise to submit a early tax return that is not compliant with the final 199A regulations. There has been a lot of debate about this. The final regulations state that (since they were issued after the end of the year) taxpayers can choose not to apply them to 2018 (they can use the preliminar...
by TexTaxToo
Mon Jan 28, 2019 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Sec 199A business tax deduction
Replies: 46
Views: 3256

Re: Sec 199A business tax deduction

No. The 199A deduction is the lesser of those two things. You're right. I left out 'deduction'. And of course I should add the other qualified income: QBI deduction is now the lesser of: 20% of QBI (Net Schedule C profit minus all deductions attributable to that income, explicitly including deducti...
by TexTaxToo
Mon Jan 28, 2019 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Sec 199A business tax deduction
Replies: 46
Views: 3256

Re: Sec 199A business tax deduction

Note that the 1040 instructions were just re-posted last Friday with the last bolded sentence added: There is a discussion of QBI on p.34 of the 1040 instructions: Determining Your Qualified Business Income Your qualified business income includes items of income, gain, deduction, and loss from your ...