Search found 65 matches

by GenawithanE
Sat Nov 14, 2020 9:08 am
Forum: Personal Finance (Not Investing)
Topic: Should I do a Roth Conversion?
Replies: 10
Views: 724

Re: Should I do a Backdoor Roth?

Sorry for your loss. Good news for you, the SECURE Act changed the RMD rules, you don’t have to take an RMD until the year after you turn 72 now. But you can take the RMD in the year you turn 72 and that way you avoid having to take two RMDs in the next year.
by GenawithanE
Thu Nov 12, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: If your net worth is over $3 million, how did you do it?
Replies: 523
Views: 134233

Re: If your net worth is over $3 million, how did you do it?

Like I suspect most Bogleheads, combination of good stable incomes, high savings, smart investing, and LBYM. Two income family and our son came later than we hoped so careers were well established. Good savings plans at work. Shared savings and investment goals. AA was mostly stocks until about five...
by GenawithanE
Mon Nov 02, 2020 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Friday Lunch Talks
Replies: 11
Views: 1610

Re: Friday Lunch Talks

Sounds like you have a great business model. Maybe it would be good to ask folks what topics they would like to hear about or even to share. Along the lines of someone who mentioned information security, maybe have a discussion of password managers and their use. Would be good if others were also sh...
by GenawithanE
Mon Oct 26, 2020 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: trust account, cost-basis and missing records
Replies: 8
Views: 685

Re: trust account, cost-basis and missing records

Heirs will receive a stepped up basis at death. You'll probably want to file an estate tax return with the IRS. Why would there need to be an estate tax return? Assuming the grantor doesn’t before the estate tax limits change, the estate will not be worth anywhere near the ten million plus to incur...
by GenawithanE
Mon Oct 26, 2020 7:09 pm
Forum: Personal Finance (Not Investing)
Topic: trust account, cost-basis and missing records
Replies: 8
Views: 685

Re: trust account, cost-basis and missing records

Heirs will receive a stepped up basis at death. You'll probably want to file an estate tax return with the IRS. Why would there need to be an estate tax return? Assuming the grantor doesn’t before the estate tax limits change, the estate will not be worth anywhere near the ten million plus to incur...
by GenawithanE
Thu Oct 22, 2020 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 1116 not included (past year), no other changes, must amend?
Replies: 17
Views: 736

Re: IRS Form 1116 not included (past year), no other changes, must amend?

There are lots of situations where 1116 is not required to claim foreign tax credit. If you used a tax sw product and the Tax was under $300 (600 MFJ), you may have claimed it and not needed the form. See the irs instructions for the form: https://www.irs.gov/instructions/i1116#idm140302483576320 I ...
by GenawithanE
Wed Oct 14, 2020 11:31 pm
Forum: Personal Finance (Not Investing)
Topic: Not taking some schedule C business expenses to raise income over the poverty level to avoid Medicaid & keep ACA.
Replies: 30
Views: 2093

Re: Not taking some schedule C business expenses to raise income over the poverty level to avoid Medicaid & keep ACA.

You are expected to deduct all expenses, and expenses that are deductible in one year generally cannot be deferred until the next year. I assume you are a cash basis taxpayer, because you would not be asking this question if you were doing the more complicated accrual method. The carryover you may b...
by GenawithanE
Sat Oct 10, 2020 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Issue filing final tax return and claiming refund for deceased mom
Replies: 27
Views: 1739

Re: Issue filing final tax return and claiming refund for deceased mom

Although your mom’s return is due, maybe even overdue, the penalty for failure to file is calculated as a percentage of the unpaid tax due. So if she is owed a refund, there would be no penalty. I know a guy who used to file every three years. So one option is to wait until you get your appointment ...
by GenawithanE
Sat Oct 10, 2020 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 Federal 1040 Schedule 1 State tax refund Turbo Tax
Replies: 4
Views: 304

Re: 2019 Federal 1040 Schedule 1 State tax refund Turbo Tax

What they said. The reason the previous poster gets no tax on a refund is operation of the “tax benefit rule” - this is one of the logical parts of taxes. If you get a refund or other recovery, like a health insurance rebate, you aren’t taxed unless you got a tax benefit. If you couldn’t deduct the ...
by GenawithanE
Sat Oct 10, 2020 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for smart things to do when making good money
Replies: 12
Views: 2447

Re: Looking for smart things to do when making good money

If you are a sole proprietor LLC, your business expenses should be reported on your Schedule C, and this has no relationship to your standard vs itemized deduction.

Are you sure you are getting credit for all your business expenses?
by GenawithanE
Tue Oct 06, 2020 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Premium Rebate for 2019 – “Medical Loss Ratio” / 1099
Replies: 10
Views: 782

Re: Health Insurance Premium Rebate for 2019 – “Medical Loss Ratio” / 1099

Cow dog man: The tax benefit rule is pretty simple. It is not, however, the difference in tax but is whether you “used” the expense on your return in a way that gave you a tax benefit. If you included the amount of the rebate in your schedule A information or used it toward the self employed health ...
by GenawithanE
Wed Sep 30, 2020 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Penalty for too much tax withholding?
Replies: 11
Views: 1621

Re: Penalty for too much tax withholding?

Some states, including Virginia, will not let you e-file if your withholding is too high a percentage of your income, and that might kick in here. With the covid delays of the IRS in processing mailed returns, you are warned of the perils of mailing in a return. You can e-file federal even if you ha...
by GenawithanE
Wed Sep 30, 2020 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: How much do you pay for healthcare (50-65 year olds)
Replies: 83
Views: 8899

Re: How much do you pay for healthcare (50-65 year olds)

Couple things. Last year we were on the exchange, Northern Virginia area with a 59 and a 62 year old non smokers. BCBS plan with no coverage for out of network and multi thousand deductible cost us $3200 a month. We just got a premium rebate so the net cost was a shade under $3K a month. Also, we di...
by GenawithanE
Sun Sep 06, 2020 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Can anyone suggest a joint checking account?
Replies: 58
Views: 2924

Re: Can anyone suggest a joint checking account?

There are many ways to handle joint finances. This is the first and IMO most important hurdle to a long successful marriage - talk through your goals and approaches and concerns and make joint decisions. I had parents where my dad questioned every penny my mom spent, to the point where she hid purch...
by GenawithanE
Sun Aug 30, 2020 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: What is TIAA? Investment company? Insurance company? A mix?
Replies: 31
Views: 2003

Re: What is TIAA? Investment company? Insurance company? A mix?

as other posters have noted, TIAA has broadened and changed over the years. They used to serve just the nonprofit and educational community. My husband’s company stopped making it available for new investments several years ago, I think they said the fees were too high. From your set of options, loo...
by GenawithanE
Fri Aug 28, 2020 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Capital One credit card limit reduced
Replies: 38
Views: 2986

Re: Capital One credit card limit reduced

I asked Capital One for an increase early this year, before Covid, and they turned it down because I didn’t use enough. Ironically, I had asked for the increase because I was planning to use it more. Talbots through Comenity canceled my card and didn’t even bother to notify me, I found out from a re...
by GenawithanE
Thu Aug 20, 2020 1:47 am
Forum: Personal Finance (Not Investing)
Topic: IRS Direct Pay for Estimated Payments
Replies: 3
Views: 496

Re: IRS Direct Pay for Estimated Payments

First, the IRS will not prescribe the amount of estimated tax due. The paper you have seen was probably generated from your tax software or accountants software. The family member will have to verify their identity to use direct pay, they will need a filed tax return to show address, filing status, ...
by GenawithanE
Wed Aug 19, 2020 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Early retiree health insurance
Replies: 8
Views: 948

Re: Early retiree health insurance

We retired early and had planned for the same issue. Cobra cost about $1800 a month for family coverage with BC/BS and low deductible and copay. Then we did the exchange. Ouch. $3200 a month for sparser BC/BS coverage for the two of us with massive deductible and no coverage for out of network docs....
by GenawithanE
Wed Aug 19, 2020 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: What if my renter DOESN’T call me at 3am about the toilet?
Replies: 37
Views: 5482

Re: What if my renter DOESN’T call me at 3am about the toilet?

My son is renting and is having the opposite problem. There was a major water leak from the upstairs bathroom that sent water all the way to the basement and through some lights, which he noticed at 1 am and helped avert a much bigger problem. Since then, the landlord has been coming into the townho...
by GenawithanE
Sun Jul 19, 2020 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Power of Attorney? Spouse too Busy.
Replies: 35
Views: 3113

Re: Power of Attorney? Spouse too Busy.

Lately, I feel like there is a meta thread of spouses (seem mostly to be men) who are frustrated that their SO (seem usually to be women) won’t take the same approach to money and finances as the poster and are trying to figure out how to control them/their money. Cheers to those commenters who note...
by GenawithanE
Mon Jul 13, 2020 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Recently found inheritance and how to proceed?
Replies: 20
Views: 4356

Re: Recently found inheritance and how to proceed?

Lots of good advice already. Let me summarize and add on. 1. Get the records from whoever may have them to get your best guess on the basis. A. Find out if the property was kept as stock or cashed out. That you probably already know and it is probably stock from what you say. B. Call the institution...
by GenawithanE
Mon Jul 06, 2020 8:39 pm
Forum: Personal Finance (Not Investing)
Topic: How are business owners dealing with coin shortages?
Replies: 14
Views: 1629

Re: How are business owners dealing with coin shortages?

Very creative ideas. What eludes me is why there is a coin shortage. Seems like folks would be cleaning out their coin jars if times are hard, and with so much closed for so long, nobody was getting coins in change. If I were a bank I sure would offer a bonus for people bringing in coins, even if it...
by GenawithanE
Fri Jul 03, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 2441 and FSA reimbursement
Replies: 2
Views: 180

Re: IRS Form 2441 and FSA reimbursement

For starters, are your dependent care expenses more than the amount of money that is withheld from her paycheck for the FSA? The 2441 gets to this a bit backwards, but look at lines 27-31. Basically, this requires you to reduce your childcare expenses for purposes of the dependent care credit by the...
by GenawithanE
Wed Jul 01, 2020 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: What is the best financial decision you ever made?
Replies: 213
Views: 17115

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

The husband i chose. He is really good at collaborating for shared goals, really bad at spending money on himself, was good at earning money [we're mostly retired now], and doesn't criticize how i spend "my" money. We have literally never argued about money. He's terrific for other reasons...
by GenawithanE
Wed Jul 01, 2020 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Help choosing federal health insurance
Replies: 51
Views: 3329

Re: Help choosing federal health insurance

Agree with others that Checkbook is very helpful. Agency HR folks often have the hard copy or access available so you might even not need to pay the $11. Psychotherapy is almost always poorly covered by insurance plans. In the DC area at least, no decent therapist is a participating dr., and most of...
by GenawithanE
Sat Jun 27, 2020 10:06 pm
Forum: Personal Finance (Not Investing)
Topic: Getting your spouse on the same page
Replies: 77
Views: 9654

Re: Getting your spouse on the same page

We did like BrokenMan for 35 years until we were into retirement. Great way to avoid imposing your values on her and vice Verde. Agree on the joint expenses, including savings/investment, and each contributed proportionately. Then it is nunya business what she spends her money on. We have literally ...
by GenawithanE
Wed Jun 24, 2020 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Can I claim my parent as dependent with SSI
Replies: 2
Views: 418

Re: Can I claim my parent as dependent with SSI

It depends. You need to make the decision for each parent separately. Are you still providing more than half of their support? Look at the total cost of your rent [or the market rate of rent if you own your home], food, utilities, and repairs, and divide that total by the number of people in the hou...
by GenawithanE
Tue Jun 23, 2020 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Is a forgiven loan a gift?
Replies: 13
Views: 1120

Re: Is a forgiven loan a gift?

IRS Pub 550 appears to address this. Although the foregone interest is imputed to you as income, there is a paragraph that seems to give you a potential out: Limit on forgone interest for gift loans of $100,000 or less. For gift loans between individuals, if the outstanding loans between the lender ...
by GenawithanE
Tue Jun 23, 2020 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Questions on PPP loan and forgiveness for single member LLC
Replies: 2
Views: 312

Re: Questions on PPP loan and forgiveness for single member LLC

There are lots of threads on this in Bogleheads. My understanding, including experience of a close relative, is that the advice will be to write a check from the business account to the owner of the LLC as owner compensation. You can write each week, every two weeks, etc. The loan amount will be bas...
by GenawithanE
Thu Jun 18, 2020 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Is it retirement time yet?
Replies: 22
Views: 2738

Re: Is it retirement time yet?

They are right to be thinking about it. In my opinion, they still have some years to go. Here is what I would do: Make sure they understand what they spend each year and make a realistic estimate of how that will change in retirement. Are they planning to downsize or move? Or will they still have up...
by GenawithanE
Thu Jun 18, 2020 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 369
Views: 27211

Re: Optimizing PPP Forgiveness

Asking for a friend: Sole proprietor with no employees got his PPP loan eight weeks ago, in an amount equal to 2.5 months of his 2019 schedule C income. He has little to no costs that would count other than his owner compensation replacement. He therefore has funds that weren’t forgiveable under the...
by GenawithanE
Sat Jun 13, 2020 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Buy TurboTax
Replies: 15
Views: 1202

Re: Buy TurboTax

Here is another approach if you want to understand how it fits together: read the relevant IRS publications for your various tax situations. The IRS puts a lot of resources into writing these and keeping them up to date. And they are free. Just do a search for irs.gov and your topic. For example, he...
by GenawithanE
Thu Jun 11, 2020 11:42 pm
Forum: Personal Finance (Not Investing)
Topic: HVAC - home office
Replies: 2
Views: 412

Re: HVAC - home office

Doesn’t seem like the HVAC will help you much. Here is the IRS pub. on the topic: https://www.irs.gov/publications/p587#e ... ink1000336
by GenawithanE
Thu Jun 11, 2020 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Charitable Giving
Replies: 28
Views: 1583

Re: Charitable Giving

We funded a Schwab DAF with appreciated stock last year. Had me skipping with joy at tax time. We got a windfall this year and decided to donate it. One of the Coronavirus acts added deductible charitable donations for non itemizers up to $600 cash for MFJ. So we used that to do $600 and donated the...
by GenawithanE
Thu Jun 11, 2020 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: Helping parents manage retirement accounts, [TIAA 403b]
Replies: 26
Views: 1926

Re: Helping parents manage retirement accounts, need help identifying best resources

Families can be tricky. My husband and I were both only remaining children when our parents went through this time of life, so I only speak from hearing about friends’ experiences. I would work with your parents to engage an estate lawyer and a CFP on a fee only, non-AUM basis to make a plan. You wa...
by GenawithanE
Mon May 25, 2020 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to document and reconcile carry forward losses used to offset income with brokerage?
Replies: 6
Views: 400

Re: How to document and reconcile carry forward losses used to offset income with brokerage?

From your post, it isn’t clear whether you actually sold positions in your brokerage account. Just being in a loss position makes no difference. You have to harvest your tax losses by selling capital assets. Your brokerage will report the loss, and, as noted by others, the information ends up in you...
by GenawithanE
Sun May 24, 2020 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Something Fishy Here?? [CARES payment received via prepaid Visa]
Replies: 66
Views: 7437

Re: Something Fishy Here?? [CARES payment received via prepaid Visa]

Good that you were cautious to check. I can see this as a benefit to the people who have debts and whose banks have been seizing their payments to pay the debts. Treasury was on notice that banks would do that and they took the position initially that they couldn't code the payments in a way that wo...
by GenawithanE
Fri May 22, 2020 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Employer cut 403b contribution to zero
Replies: 86
Views: 6446

Re: Employer cut 403b contribution to zero

Given the financial stress that universities are experiencing, this is an unfortunate but rational decision. I wouldn't count on getting a better deal at a similar university. Are you in a bargaining unit? If so, this could not have been done without negotiation. If not, maybe it's time to think abo...
by GenawithanE
Sat May 16, 2020 6:38 am
Forum: Personal Finance (Not Investing)
Topic: Charitable donations from IRA
Replies: 11
Views: 590

Re: Charitable donations from IRA

Some things i think others have not mentioned: the new CARES Act above the line charitable donation deduction for standard deduction filers is $300 for each of the spouses, so a couple can do $600. Must be a cash donation, not appreciated stock or Goodwill or charitable miles. You can still do a QCD...
by GenawithanE
Sat May 16, 2020 6:28 am
Forum: Personal Finance (Not Investing)
Topic: Not Driving much - Cancel full coverage on car insurance and get liability only - Good idea?
Replies: 11
Views: 1394

Re: Not Driving much - Cancel full coverage on car insurance and get liability only - Good idea?

First, be sure you keep in place whatever insurance your state may require. Second, the car insurance companies announced a couple months ago they were going to provide substantial credits [like 25%] because they know people are driving less and thus their exposure is lower. Check with your insuranc...
by GenawithanE
Thu May 14, 2020 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Companies that have a pension and 401k?
Replies: 63
Views: 3686

Re: Companies that have a pension and 401k?

In addition the feddies give you 5% matching in their 401k equivalent called the Thrift Savings Plan, which has orders of magnitude lower expense ratio than anything else in the world. I've highlighted the part that just ain't so. See https://www.tsp.gov/PlanParticipation/BeneficiaryParticipants/ad...
by GenawithanE
Thu May 14, 2020 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to simulate the retirement, living off investments ; Not touching monthly salaries
Replies: 44
Views: 3299

Re: Best way to simulate the retirement, living off investments ; Not touching monthly salaries

We have been mostly retired for about three years. I love Quicken and have used it for a long time. We charge almost everything or have it auto-withdrawn from our checking accounts, so it is easy to track our spending. I download all our transactions and have had spending [not really budget] categor...
by GenawithanE
Mon Apr 20, 2020 11:44 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on how to file taxes for teenager
Replies: 19
Views: 742

Re: Advice on how to file taxes for teenager

Good decision. Be sure he knows not to claim himself if you are claiming him as a dependent. I volunteer doing taxes and we see parents get messed up often because their college kid did his own taxes and claimed himself. In that case, you can’t efile and he has to amend his return for you to get any...
by GenawithanE
Fri Mar 27, 2020 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone know what cutoff date for filing 2019 taxes the feds will use to determine eligibility for the stim. check?
Replies: 3
Views: 447

Re: Does anyone know what cutoff date for filing 2019 taxes the feds will use to determine eligibility for the stim. che

Not sure, but the commentary that i have read indicates that the final version that was enacted provides there will not be a requirement to pay back the excess "recovery rebate." See https://budgetmodel.wharton.upenn.edu/estimates/2020/3/27/the-cares-act-update : Advance payments would be ...
by GenawithanE
Wed Mar 18, 2020 8:18 am
Forum: US Chapters
Topic: [Archived] Bogleheads community discussion - Coronavirus
Replies: 4963
Views: 198004

Re: Preferred greeting with clients for social distancing, elbow bump or other?

We have seen folks cross their arms with hands to shoulders a lot, kind of a wakanda thing. Namaste also a lot. Elbow bumps puts you within six feet and that is out of bounds these days.
by GenawithanE
Wed Mar 18, 2020 8:04 am
Forum: Personal Finance (Not Investing)
Topic: Easiest way to file child's taxes
Replies: 11
Views: 664

Re: Easiest way to file child's taxes

Most of the free file programs are very restrictive, not just in terms of the income but also if you need any other schedule. You can also use free fillable forms for the irs and most states have a free version for their state. You just need to know what information to put on the form. Check out htt...
by GenawithanE
Wed Feb 26, 2020 4:52 pm
Forum: Personal Investments
Topic: Should we use the coronavirus drop to do Roth conversion?
Replies: 39
Views: 3300

Re: Should we use the coronavirus drop to do Roth conversion?

Since you said you are curious about the idea that relocating equity can change your asset allocation, check out the Boglehead wiki article on tax-adjusted asset allocation . That said, unless you are talking about a *huge* Roth conversion, moving a small portion of your equity holdings from one typ...
by GenawithanE
Wed Feb 26, 2020 11:23 am
Forum: Personal Investments
Topic: Should we use the coronavirus drop to do Roth conversion?
Replies: 39
Views: 3300

Re: Should we use the coronavirus drop to do Roth conversion?

Thanks all for the sanity check. We are mostly retired, with a pension for a quarter of our needs, get about half our needs from the income from taxable accounts, and most of our retirement in 401k/403b/tIRA, and each have a little bit of consulting income. We moved half of the planned Roth conversi...
by GenawithanE
Wed Feb 26, 2020 10:08 am
Forum: Personal Investments
Topic: Tax Help
Replies: 10
Views: 1097

Re: Tax Help

Especially if you have investments where all the basis is reported to the IRS, you only need to report the summary by type of gain/loss [i.e., short term, long term]. The IRS has the 1099B already. Most tax software will lead you through this, all you have to do is enter the summary information and ...
by GenawithanE
Wed Feb 26, 2020 10:05 am
Forum: Personal Investments
Topic: Should we use the coronavirus drop to do Roth conversion?
Replies: 39
Views: 3300

Should we use the coronavirus drop to do Roth conversion?

We are in the process of doing Roth conversions. We move stock from our IRA to Roth. Makes sense to me that now is a good time to get a lot of bang for our buck. We don't plan to change our portfolio in light of the current drop, so why not move shares now?