Search found 265 matches

by FoolishJumper
Thu Apr 19, 2018 9:52 am
Forum: Investing - Help with Personal Investments
Topic: Need Help to FIRE in Thailand
Replies: 28
Views: 3266

Re: Need Help to FIRE in Thailand

They can be onerous, and being a US Citizen permanently residing overseas and if you are vested in any way / means into any investment products that are not recognized under US tax treaty can be very taxing (including foreign pensions, foreign truts, insurance annuities etc).Big sam just makes it s...
by FoolishJumper
Tue Apr 10, 2018 10:01 am
Forum: Personal Finance (Not Investing)
Topic: TaxAct - date acquired . (Dividend reinvestment)
Replies: 3
Views: 168

Re: TaxAct - date acquired . (Dividend reinvestment)

This is a known issue with turbotax (or at least has been). Assuming same with taxact. They use the dates to determine short v long term, so 'various' confuses their programming. I know I'd previously seen the recommendation to put an average date or earliest date. If doesn't really matter as long a...
by FoolishJumper
Tue Apr 03, 2018 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Dumb Foreign Housing Exclusion Tax question
Replies: 1
Views: 138

Re: Dumb Foreign Housing Exclusion Tax question

Hope this helps: "The housing exclusion applies only to amounts considered paid for with employer-provided amounts, which includes any amounts paid to you or paid or incurred on your behalf by your employer that are taxable foreign earned income to you for the year (without regard to the foreign ear...
by FoolishJumper
Mon Apr 02, 2018 1:43 pm
Forum: Investing - Help with Personal Investments
Topic: Demutualization Tax Basis
Replies: 6
Views: 480

Re: Demutualization Tax Basis

Talk about a complicated answer... The IRS policy (and has been for a long time) is that demutualization holds $0 if basis. It's is not considered a return of premiums paid, so therefore you were basically given these shares at no cost. Multiple courts have dealt with taxpayers who have disagreed wi...
by FoolishJumper
Thu Mar 22, 2018 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Moving to overseas and state taxes
Replies: 12
Views: 1040

Re: Moving to overseas and state taxes

Depends on the state, but you normally stop being a state resident when you no longer live and work in the state of question, at which point you stop being liable for that state's income tax. That said, California (and additional states have started learning from them) will often use the fact of hom...
by FoolishJumper
Tue Mar 20, 2018 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: College scholarship treated as income even he is full time student?
Replies: 14
Views: 993

Re: College scholarship treated as income even he is full time student?

That could be a good strategy if the amount of voluntary taxable scholarship is not big enough to trigger the kiddie tax. Even though such taxable scholarship is reported in line 7 of form 1040, it is considered "unearned" income and can trigger kiddie tax. I taught that in my my volunteer preparer...
by FoolishJumper
Tue Mar 20, 2018 11:21 am
Forum: Personal Finance (Not Investing)
Topic: College scholarship treated as income even he is full time student?
Replies: 14
Views: 993

Re: College scholarship treated as income even he is full time student?

Actually, in some cases the family as a whole will be better off if the student chooses to report the scholarship as taxable income on his return and the parents take the American Opportunity Credit on their tax return. In many cases, a scholarship is not specifically designated as to its purpose, ...
by FoolishJumper
Tue Mar 20, 2018 11:16 am
Forum: Personal Finance (Not Investing)
Topic: College scholarship treated as income even he is full time student?
Replies: 14
Views: 993

Re: College scholarship treated as income even he is full time student?

The one case where scholarships are taxable is when they exceed the amount of qualified educational expenses. For example, if he received scholarships that cover tuition plus room & board, then the tuition is a qualified expense (plus fees, books, and required equipment) but the room and board (whet...
by FoolishJumper
Thu Mar 15, 2018 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Not Claiming Dependant to Get Saver’s Credit
Replies: 13
Views: 1178

Re: Not Claiming Dependant to Get Saver’s Credit

The important part about dependency is that you cannot decide who is a dependent and who is not. The support tests are clear about dependency, so if you legally can be claimed as a dependent of another individual, then you cannot claim yourself (which is to say take your exemption). Just because som...
by FoolishJumper
Thu Mar 15, 2018 7:10 am
Forum: Personal Finance (Not Investing)
Topic: Gift tax
Replies: 18
Views: 1089

Re: Gift tax

One choice is to gift $15,000 this year (the maximum without completing form 709) and the remainder next year. Or loan the remainder and forgive the loan as a new years gift. You need to charge interest (even if you forgive the interest as a gift), but if you write a short note 'I loan you this amo...
by FoolishJumper
Wed Mar 14, 2018 11:57 pm
Forum: Investing - Help with Personal Investments
Topic: American Expat: Variable Annuity as Pension Scheme
Replies: 7
Views: 533

Re: American Expat: Variable Annuity as Pension Scheme

Hard to speak definitively without details, but your employer is giving 2x your investment as a match, so even the worst possible VA is likely to be better than deciding to save for retirement outside that employer option (if you just look at dollars into your pocket after you retire). I would find ...
by FoolishJumper
Mon Mar 12, 2018 8:30 pm
Forum: Personal Consumer Issues
Topic: Tax software recommendation for CPA
Replies: 7
Views: 803

Re: Tax software recommendation for CPA

Many larger CPA firms that do significant tax use ProSeries, which is the professional software from Intuit, which is the same company that does TurboTax. Unfortunately the cost is significantly higher than you'd pay for TurboTax. It really only makes sense when you have 20+ returns. TurboTax makes ...
by FoolishJumper
Wed Mar 07, 2018 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Should I "get divorced" for tax purposes (PSLF)
Replies: 57
Views: 3815

Re: Should I "get divorced" for tax purposes (PSLF)

It's not fraud if a couple actually gets legally divorced regardless of whether the couple continues to live as a married couple. IANAL, but I know that my state (and a few others) that requires spouses to live apart a certain amount of time (signed to under penalty of perjury) before divorce can b...
by FoolishJumper
Wed Feb 21, 2018 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Child's tax return question / parents form 8615
Replies: 23
Views: 1249

Re: Child's tax return question / parents form 8615

My daughter has a total of about $7,000 in long term proceeds and $6,800 in cost, resulting in the $200 loss. I believe the 1099 B indicates that all of this was reported to the IRS, so I don't think I need to file, correct? You are correct. The basis was reported to the IRS and she earned below th...
by FoolishJumper
Wed Feb 21, 2018 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Can you transfer money with TransferWise directly to Vanguard?
Replies: 9
Views: 467

Re: Can you transfer money with TransferWise directly to Vanguard?

If the OP wants to transfer to Vanguard from another country, shouldn't he get Vanguard's international wire transfer instructions? Transferwise is significantly better priced than using an international wire for currency exchange. Some intermediary bank at some point will likely transfer to dollar...
by FoolishJumper
Wed Feb 21, 2018 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Can you transfer money with TransferWise directly to Vanguard?
Replies: 9
Views: 467

Re: Can you transfer money with TransferWise directly to Vanguard?

Unfortunately my understanding of Transferwise (which is a separate company that does currency exchange for those unaware) is that they use a US bank account to receive US dollars into the US (to be fair I've only used Transferwise to send dollars out so not 100% certain). So it actually isn't an in...
by FoolishJumper
Wed Feb 21, 2018 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Child's tax return question / parents form 8615
Replies: 23
Views: 1249

Re: Child's tax return question / parents form 8615

Wagner's response is related to the filing threshold. A single person making under $10,400 does not legally have to file. Unfortunately because your son only made unearned income his filing threshold is $1,050, which he made more than so he legally had to file. Your daughter does not so therefore do...
by FoolishJumper
Wed Feb 21, 2018 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Can you transfer money with TransferWise directly to Vanguard?
Replies: 9
Views: 467

Re: Can you transfer money with TransferWise directly to Vanguard?

The problem is Vanguard would need to have a checking/savings account with your name on it, which I'm pretty sure is never the case. Vanguard may have and accept bank transfers (if you manage to receive an ABA number from another CS rep), but that would be Vanguard's own bank account not your person...
by FoolishJumper
Tue Feb 20, 2018 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Misc Income [how to report with no 1099]
Replies: 87
Views: 4017

Re: Misc Income [how to report with no 1099]

This is cut and dry from the IRS's view - this is self-employment income and belongs on a Sch C (or Sch C-EZ in your case). You could very likely 'get away' with filing on Line 21 (or not at all), but it definitely is not legal and you wouldn't find a tax expert who would be comfortable with calling...
by FoolishJumper
Mon Feb 19, 2018 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: Another Form 1040 Line 21 Other Income question
Replies: 11
Views: 961

Re: Another Form 1040 Line 21 Other Income question

Line 21 eligibility for IRA contributions depends on the type of income. I know in my state that the state pays relatives to watch family members (day care for grandchildren or disability care), which is reported on a 1099-MISC but is not self-employment income so doesn't end up on Sch C for self em...
by FoolishJumper
Tue Jan 09, 2018 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Splitting Assets in Divorce
Replies: 51
Views: 5276

Re: Splitting Assets in Divorce

This is really painful, I think I spent an hour responding and somehow was logged back out, so now have to retype. Hopefully I don't forget anything. I went through this about 3 years ago (3 years and 3 days to be exact). Had an amicable divorce where we both kept what we came in with, and basically...
by FoolishJumper
Sat Nov 25, 2017 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: IRS form 1065 help: rental property in a partnership
Replies: 25
Views: 2159

Re: IRS form 1065 help: rental property in a partnership

I'll pile on the 'you definitely need a 8825 in your case' bandwagon. Based on what you said, I have a feeling your CPA put 'real estate rental income' on an 'other rental income' line. The schedule you mention is something that UltraTax CS uses for rental and royalty income - your CPA likely misent...
by FoolishJumper
Thu Jun 01, 2017 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Math help - home prices
Replies: 13
Views: 1392

Re: Math help - home prices

I also feel you're failing to account for free housing in the case of a personal home. They got a 4.7% return and a free home (less whatever upkeep costs). Realistically interest covers inflation, so leverage isn't the big advantage here, as you're paying the $270k, but just doing it over time and p...
by FoolishJumper
Thu May 18, 2017 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Question for you high net worth individuals... [real estate investments]
Replies: 82
Views: 12867

Re: Question for you high net worth individuals...

If I'm not at your HNW cutoff, then I'm close. Real estate accounts for ~60% of that net worth (personal residence being maybe 8-10% of that 60%). The rest from diligent savings and investments over the years. I purchased all within a few years after 2008. I could see where prices and rents had land...
by FoolishJumper
Thu Apr 13, 2017 11:29 am
Forum: Investing - Help with Personal Investments
Topic: Vanguard is requesting a certified power of attorney
Replies: 7
Views: 1439

Re: Vanguard is requesting a certified power of attorney

I would assume they mean a certified copy of a PoA - have they been clear that isn't what they want. A certified copy of a PoA is just a PoA (which I'm assuming you sent a copy to Vanguard and not the original version) that has been certified as a copy of the original that they have seen. That would...
by FoolishJumper
Thu Apr 13, 2017 8:43 am
Forum: Personal Consumer Issues
Topic: USAA 2.5% Cash Back Credit Card
Replies: 278
Views: 49946

Re: USAA 2.5% Cash Back Credit Card

I already have a USAA Cashback Rewards AmEx. Can I get them to just convert that to the new 2.5% card? I already meet the direct deposit and geographical requirements. We tried to do that and the USAA representative said they couldn't. Maybe I didn't speak the right magic words, but we ended up hav...
by FoolishJumper
Mon Apr 03, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Doing taxes by hand -- what is "taxable compensation"?
Replies: 7
Views: 1066

Re: Doing taxes by hand -- what is "taxable compensation"?

[url]https://www.irs.gov/individuals/international-taxpayers/individual-retirement-arrangements[/url Looks like the worst of both worlds......Use FEIE exclusion to determine funds available for contribution but don't use exclusion to determine if you are eligible to contribute to Roth or deduct TIR...
by FoolishJumper
Mon Apr 03, 2017 7:30 am
Forum: Personal Finance (Not Investing)
Topic: Doing taxes by hand -- what is "taxable compensation"?
Replies: 7
Views: 1066

Re: Doing taxes by hand -- what is "taxable compensation"?

Good question, because this sort of thing is complicated! Taxable compensation is any income you receive for working a job, in essence. I assume you understand that interest, dividends, and capital gains (whether US or foreign source) are not included as taxable compensation here. There is then the ...
by FoolishJumper
Tue Feb 28, 2017 12:09 pm
Forum: Investing - Help with Personal Investments
Topic: Interactivebrokers and stocks that re-invest in itself
Replies: 6
Views: 700

Re: Interactivebrokers and stocks that re-invest in itself

Hi, back in August 2016, I bought 220 ETF stocks (Symbol : IWDA) using IB, which should reinvest the dividends back in more stocks. I thought the dividends reinvestment is automatic. however, my account still shows 220 shares. Did I miss something? This is an odd question for Bogleheads, given this...
by FoolishJumper
Tue Feb 28, 2017 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Best Way to Give Our Son a Down Payment
Replies: 18
Views: 2986

Re: Best Way to Give Our Son a Down Payment

If I recall, gift funds need to be seasoned (in your son's possession) for three months, otherwise they may be disqualified. If you mean in the eyes of the bank, then no they don't. They will just require a statement (signed by the buyer and the gifter) that the money is a gift and not a loan (whic...
by FoolishJumper
Tue Feb 21, 2017 9:33 pm
Forum: Investing - Help with Personal Investments
Topic: Do companies match after-tax 401k contributions?
Replies: 32
Views: 3400

Re: Do companies match after-tax 401k contributions?

To clarify, I asked this question because my plan is to max out the $18k pre-tax limit, and then do after-tax contributions (that I will immediately roll over to a Roth IRA, i.e., do a mega-backdoor-Roth). Don't worry; I'm not giving up that sweet, sweet, $18k-worth of tax deductions :mrgreen: As m...
by FoolishJumper
Mon Feb 06, 2017 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws Estate Planning - Wisdom Wanted
Replies: 50
Views: 3003

Re: In-Laws Estate Planning - Wisdom Wanted

Am I being overly concerened that my spouse will get much less? How does one not bring up the subject when visiting? I am concerned that an unequal inheritence could lead to problems down the road as the three siblings are now partners in a business. I'm curious if the other two siblings are farmin...
by FoolishJumper
Mon Jan 30, 2017 4:47 pm
Forum: Personal Consumer Issues
Topic: Utilizing a trainer to maintain fitness in retirement
Replies: 39
Views: 3204

Re: Utilizing a trainer to maintain fitness in retirement

As I look towards retirement it seems to me that my most important job I will have in retirement is to maintain my health and fitness so I can do all the things that my extra time will permit. So do retired BH utilize either individual or group trainers to maintain and improve their fitness? If you...
by FoolishJumper
Mon Jan 30, 2017 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Married and Filing Jointly - Non Resident Alien Spouse - Spousal ROTH IRA & 529
Replies: 6
Views: 1053

Re: Married and Filing Jointly - Non Resident Alien Spouse - Spousal ROTH IRA & 529

1) You are able to legally open a spousal IRA with an ITIN, but unfortunately a number of companies do not allow that (they will given an error as the ITIN does not match the digits that would be in an approved SSN). I was able to open one with USAA and then trasfer to Vanguard once a SSN was issued...
by FoolishJumper
Tue Oct 11, 2016 10:55 am
Forum: Personal Consumer Issues
Topic: Cheapest way to send IBAN payment?
Replies: 2
Views: 386

Re: Cheapest way to send IBAN payment?

https://transferwise.com/ That is probably the easiest/cheapest way to send a small payment like that to somewhere in Europe. I've used it quite a bit sending money between European countries when I was living there. Looks like cost to send €67 is a $3 fee and the rate is the actual current rate, so...
by FoolishJumper
Thu May 19, 2016 12:53 pm
Forum: Investing - Help with Personal Investments
Topic: Do States tax ROTH IRA withdrawals?
Replies: 4
Views: 2230

Re: Do States tax ROTH IRA withdrawals?

https://www.bogleheads.org/forum/viewtopic.php?t=35280 For WI, 'Retirement Income Taxes: Generally the same amount of your pension and annuity income that is taxable for federal tax purposes is taxable by Wisconsin.' So I'd reckon no, but that is definitely something that could change in the future.
by FoolishJumper
Thu Apr 14, 2016 12:31 am
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 3227

Re: CPA pricing and physical location

A great CPA will generate benefits that greatly exceed their fees. This. CPAs are not too different from other service providers, including financial advisors. The best are likely to have high hourly rates, and are often the best deal. Let's be clear that not everyone needs top a shelf CPA. Unless ...
by FoolishJumper
Thu Apr 14, 2016 12:26 am
Forum: Personal Finance (Not Investing)
Topic: CPA pricing and physical location
Replies: 41
Views: 3227

Re: CPA pricing and physical location

What is a reasonable price for CPA in my sitatuion? I have been quoted two very different numbers. I am in the Northeast. They were both recommended by word of mouth and are reputable. My taxes: married two W2 some 1099s - all out of state home office backdoor roth x 2 HSA schedule c schedule SE I ...
by FoolishJumper
Tue Nov 24, 2015 10:32 am
Forum: Personal Finance (Not Investing)
Topic: tax implications - borrowing stock from relative instead of taking balloon loan
Replies: 23
Views: 1074

Re: tax implications - borrowing stock from relative instead of taking balloon loan

Step-up basis only occurs at death. If the decedent gives a gift before death, then the basis carries over. You're also not talking about a gift, but a loan. There is no easy process for loaning shares - outside getting the share certificates and loaning them to someone else, but it is unlikely a br...
by FoolishJumper
Tue Jul 07, 2015 6:24 am
Forum: Personal Finance (Not Investing)
Topic: Foreign Earned Income Exclusion
Replies: 3
Views: 633

Re: Foreign Earned Income Exclusion

Generally no, you cannot under-exclude. The one possibility is to use the physical presence test that uses the ideal period to make less than all the year excludable (line 14/15 on 2555EZ or line 38 on 2555) - that way you get less than 100% of the $100.8k as excludable. But this only works on your ...
by FoolishJumper
Fri May 29, 2015 5:45 pm
Forum: Personal Consumer Issues
Topic: Carpeting stairs
Replies: 18
Views: 7306

Re: Carpeting stairs

I'm assuming he isn't talking about how he makes use of the carpet, but instead how he PRICES the job. Stairs take significantly more time/effort to carpet than does a flat floor, so charging for 12' of carpet (especially if quoted installed, instead of carpet cost separate from labor cost) for a 3....
by FoolishJumper
Thu Mar 05, 2015 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Buy home in area with only good PK-8 public schools?
Replies: 44
Views: 4641

Re: Buy home in area with only good PK-8 public schools?

Just want to throw this out there - my parents moved (quite far, but a change of school is a change of everything for teens) when I was 13, my brother was 15, and my sister was 17. My sister was absolutely miserable, and it definitely affected her relationship with my parents long-term. My brother m...
by FoolishJumper
Mon Mar 02, 2015 8:58 am
Forum: Investing - Help with Personal Investments
Topic: Foreign Earned Income and IRA Contributions
Replies: 4
Views: 372

Re: Foreign Earned Income and IRA Contributions

Correct, but if you live in a country with a higher tax rate than in the US, you can instead to use foreign tax credit, which will cause you to again be eligible for IRA contributions without causing you to pay taxes to the US. Or if you ever work during during holidays in the US, you can include th...
by FoolishJumper
Tue Jan 20, 2015 11:14 am
Forum: Investing - Help with Personal Investments
Topic: Roth 401k for expat under FEIE
Replies: 1
Views: 295

Re: Roth 401k for expat under FEIE

As long as your employer will allow that, then you're in the clear with the IRS. That will be considered a US-paid benefit, so still allowed as tax-free income under FEIE and Roth-designated. I did that many time with my previous employer. It is one of the few true, expat benefits still available fr...
by FoolishJumper
Sun Aug 03, 2014 4:07 pm
Forum: Personal Consumer Issues
Topic: Moving? The US Post Office Offers Discount Coupons
Replies: 11
Views: 9323

Re: Moving? The US Post Office Offers Discount Coupons

I believe the post office has started phasing out the hard copy Movers Guides, which is what dolphins mentioned above. You now have to do it online, as LadyGeek mentioned. I only know this as I went to the post office for a Movers Guide a month ago when I was planning to buy something large from Hom...
by FoolishJumper
Sun Aug 03, 2014 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: tax form: sale of rental property
Replies: 7
Views: 1559

Re: tax form: sale of rental property

sscritic posted while I was drafting my reply, but he drastically simplified, as he didn't include the fact that rental properties are depreciated assets, so not directly reported on Form 8949, but instead on 4797, as mentioned below: I've really provided a simplified answer, but this will at least ...
by FoolishJumper
Fri Jul 18, 2014 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Any Experts on Corporate Law? (Was "LPs")
Replies: 10
Views: 1272

Re: Any Experts on Corporate Law? (Was "LPs")

Unfortunately you misunderstand the 'legal' issue for an LP. There is nothing inherently illegal about violating the responsibility requirements about running a company. What this means in practice is that the LP (as you describe it) is not able to claim liability protection, so he would be found li...
by FoolishJumper
Thu Jul 10, 2014 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Bank Account in England while US resident
Replies: 9
Views: 1289

Re: Bank Account in England while US resident

b) Check out the HMRC non-resident landlord scheme - you may be able to avoid having tax withheld by the management company. Are you sure about this advice? I don't own property for rent over here, but the ability to apply for no tax deduction as a non-resident landlord does not prevent you from ow...
by FoolishJumper
Thu Jul 10, 2014 9:24 am
Forum: Personal Finance (Not Investing)
Topic: Bank Account in England while US resident
Replies: 9
Views: 1289

Re: Bank Account in England while US resident

Agree on the tax issue but I have had free checking and savings accounts with Halifax/bank of Scotland for over 15 years. no problem at all . Its not the best bank but for the limited purpose of handling travel reimbursements and renting apartments in the UK and the like it's just fine. I keep 1-3 ...
by FoolishJumper
Thu Jul 10, 2014 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Must-haves and Legal Needs for a Millionaire
Replies: 27
Views: 8341

Re: Must-haves and Legal Needs for a Millionaire

If I am the breadwinner, do I need life insurance? You have a few answers to your questions (which is mostly go talk to a lawyer; this probably isn't something to do with Quicken Willmaker). Understand the implications of your choices, and you'll be fine (you definitely won't need a lawyer or accou...