Search found 7144 matches

by jebmke
Wed Jan 17, 2018 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Does your IRA have any basis from non deductible contributions? Livesoft floated this question earlier, but I did not see your response. If you uncheck the box the distribution will go on line 16 instead of 15, and Form 8606 will not be generated because a direct Roth rollover does not go through a...
by jebmke
Wed Jan 17, 2018 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Deceased mother's Financial Advisor wants $500+ to convert to bene IRA
Replies: 28
Views: 1579

Re: Deceased mother's IRA co wants $500+ to convert to bene IRA

$500 sounds like a lot unless there is something very unusual about the IRA. I have done this twice with inherited IRAs at banks. It was a simple re-titleing by the bank. Took minutes once we produced the paperwork they asked for. In both cases the recipient was a named beneficiary of the IRA so it...
by jebmke
Wed Jan 17, 2018 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Deceased mother's Financial Advisor wants $500+ to convert to bene IRA
Replies: 28
Views: 1579

Re: Deceased mother's IRA co wants $500+ to convert to bene IRA

The first thing I would do is start researching from their web site any documents that are general disclosure documents related to IRA accounts and see if any of this is defined in their documents. If you want to challenge them somehow you need to see if anything is already defined in documents that...
by jebmke
Wed Jan 17, 2018 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Here's the Sales Tax calc from Pub 17 (2013 version). Note you can increase AGI by such as items as untaxed SS, but I don't see any removals from AGI Note that it excludes rollovers from the un-taxed add back. That is why I am wondering if the software being used somehow (correctly or incorrectly) ...
by jebmke
Wed Jan 17, 2018 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Here is another idea: if you have a basis in your IRA , then part of a Roth conversion is not taxable, but that will not be the case with a pension. So unchecking the "IRA" box will remove any IRA basis calculation and create a higher AGI. If you look at one of his posts, he verified that uncheckin...
by jebmke
Wed Jan 17, 2018 12:56 pm
Forum: Investing - Theory, News & General
Topic: A question that keeps coming to my head
Replies: 13
Views: 1025

Re: A question that keeps coming to my head

wec wrote:
Wed Jan 17, 2018 12:53 pm
what is the difference between these two sample portfolios.
One is all stocks and the other is not.
by jebmke
Wed Jan 17, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

A taxable Roth conversion increases my sales tax deduction with HRBlock tax prep software. Mine too. It may be that different packages treat these differently. Edit: The Schedule A instruction say to add non-taxable portions of IRA distributions and pensions but not rollovers Nontaxable part of IRA...
by jebmke
Wed Jan 17, 2018 11:48 am
Forum: Personal Finance (Not Investing)
Topic: New Tax Bill: State tax refunds
Replies: 4
Views: 419

Re: New Tax Bill: State tax refunds

If you receive a state tax refund and did not get any benefit from the deduction of state taxes in the prior year, you would not declare that income on your 1040 and it would not affect your tax liability in the year you receive the refund. This was true even before the tax bill was passed. This is ...
by jebmke
Wed Jan 17, 2018 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

Very interesting comments. The Code for Box 7 = 07, which is a Normal Distribution. I'm curious if all tax software has similar outcomes. But somewhere in the process you are telling the software that this is a conversion, correct? [Note - I looked at HRBlock 2016 which I used last year and had a c...
by jebmke
Wed Jan 17, 2018 11:15 am
Forum: Personal Finance (Not Investing)
Topic: Wife Missed RMD for Tax Year 2017, Husband Deceased in 2017
Replies: 8
Views: 759

Re: Wife Missed RMD for Tax Year 2017, Husband Deceased in 2017

This is for my parents. Wife is 71.5 years old on December 31, 2017. Wife took out RMD for own IRA account for tax year 2016 (December 2016), but forgot to take it out for tax year 2017. She thought it was taken out automatically from Vanguard, but it wasn’t. Her husband died in November 2017 at th...
by jebmke
Wed Jan 17, 2018 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

I have seen sales tax deduction worksheets that reduce the AGI for IRA distributions. It may be that conversions fall in this calculation inasmuch as the general calculation is an attempt to base the sales tax on the amount of available spending. For example, most software will add to the AGI non-ta...
by jebmke
Wed Jan 17, 2018 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

This was a tIRA to Roth IRA conversion. Nothing more. No backdoor Roth. When I make a comparison (checked & unchecked box) and look at Form 1040, the Total Income and AGI are identical but the Taxable Income increases (when the box on 1099-R is checked) because the amount of Sales Tax deduction on ...
by jebmke
Wed Jan 17, 2018 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Question about 1099R
Replies: 4
Views: 397

Re: Question about 1099R

This is another case where reconciling tax statements to financial statements will produce an answer in most cases.
by jebmke
Wed Jan 17, 2018 8:29 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R IRA/SEP/SIMPLE box affecting refund
Replies: 27
Views: 728

Re: Form 1099-R IRA/SEP/SIMPLE box affecting refund

You should be able to tell by looking at Lines 15 and 16 on the 1040 under both scenarios.
by jebmke
Tue Jan 16, 2018 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Now Online
Replies: 39
Views: 2332

Re: Vanguard Tax Forms Now Online

15A is Blank (it s/b the totalamt" 15B includes the Amount of the totalamt of the distribution 15a doesn't always show the total amount for IRAs; you need to see the instructions for line 15 to determine whether that should be blank in this case. If you zeroed out Box 2a on the 1099-R input and the...
by jebmke
Tue Jan 16, 2018 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Now Online
Replies: 39
Views: 2332

Re: Vanguard Tax Forms Now Online

Interesting. The tax forms are available online but TurboTax tells me they are not available for downloading into TT until Jan 25. I wonder why that is so. :confused Chris This happened last year as I recall. They may dribble out some of the forms but wait to release the database that the tax softw...
by jebmke
Tue Jan 16, 2018 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Now Online
Replies: 39
Views: 2332

Re: Vanguard Tax Forms Now Online

15A is Blank (it s/b the totalamt" 15B includes the Amount of the totalamt of the distribution 15a doesn't always show the total amount for IRAs; you need to see the instructions for line 15 to determine whether that should be blank in this case. If you zeroed out Box 2a on the 1099-R input and the...
by jebmke
Tue Jan 16, 2018 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Now Online
Replies: 39
Views: 2332

Re: Vanguard Tax Forms Now Online

I recvd an 1099-R for a Roth I have (Brokerage Acct) and VG did not enter an amount in box 2A (taxable amt), which is the taxable amount field. They did have box 2B checked (Taxable Amt not determined). When I called them they indicated they could not determine if it was taxable. I dont quite under...
by jebmke
Sun Jan 14, 2018 5:47 pm
Forum: Investing - Theory, News & General
Topic: Why is Vanguard switching all accounts to brokerage accounts?
Replies: 65
Views: 8913

Re: Why is Vanguard switching all accounts to brokerage accounts?

BTW, I just noticed that the December 2017 statement for my brokerage account is titled "December 31, 2017, year-to-date statement". But it's not; it's only for December. I wonder if they meant it to contain all the year's transactions (like the mutual fund EOY statement) but messed up ? One of the...
by jebmke
Sun Jan 14, 2018 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: What unexpected emergencies require sizeable emergency cash funds available immediately in a checking account?
Replies: 61
Views: 3755

Re: What unexpected emergencies require sizeable emergency cash funds available immediately in a checking account?

MarvinK wrote:
Sun Jan 14, 2018 3:42 pm
International travel purchases and needs
Cash is still king.
But how often is that an emergency? I usually know ahead of time if I am leaving the country. I've never had to beat feet at the last minute.
by jebmke
Sun Jan 14, 2018 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: What unexpected emergencies require sizeable emergency cash funds available immediately in a checking account?
Replies: 61
Views: 3755

Re: What unexpected emergencies require sizeable emergency cash funds available immediately in a checking account?

I wrecked my car once. Did not have collision insurance. Needed cash quick to buy replacement vehicle. Probably not generalizable but we bought a new car last month. Zero percent financing. They were going to accept our AMEX for the down payment but then noticed that they could use the manufacturer...
by jebmke
Sun Jan 14, 2018 10:12 am
Forum: Personal Consumer Issues
Topic: Looking for a reasonably priced, safe international destination
Replies: 99
Views: 5271

Re: Looking for a reasonably priced, safe international destination

I'd consider Ireland. Often pretty decent flights in and out of Dublin or Shannon.

Depending on the budget I'd add Amsterdam. English spoken pretty widely, quite diverse population.
by jebmke
Sun Jan 14, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Do you correct cashier mistakes?
Replies: 41
Views: 2098

Re: Do you correct cashier mistakes?

if I catch it, always.
by jebmke
Sat Jan 13, 2018 5:16 pm
Forum: Investing - Theory, News & General
Topic: Tax Exempt Bond Funds - Considerations after Tax Reform
Replies: 12
Views: 1816

Re: Tax Exempt Bond Funds - Considerations after Tax Reform

David, Thanks! That makes a lot of sense. The other thing that strikes me is that there is more incentive now to move taxable income to tax-exempt bonds for people who are nearing 157K in taxable income because of that sharp 8% surge in the tax rate that kicks in at that level, from 24% to 32%. The...
by jebmke
Sat Jan 13, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Quick question on paying Estimate Tax
Replies: 5
Views: 447

Re: Quick question on paying Estimate Tax

Looks like Pay1040 is a commercial service and the credit card fees are significant. I'd also recommend EFTPS or direct pay (via the IRS.gov site) - there is no fee involved.
by jebmke
Sat Jan 13, 2018 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Pub 590B [Uniform Lifetime Table update?]
Replies: 5
Views: 338

Re: Pub 590B

I think the chance of their having been a change to the tables without quite a bit of advanced announcement is pretty low. Plus, the calculation is basically X divided by Y - there isn't a lot of crunching involved unless I missed something.
by jebmke
Fri Jan 12, 2018 6:12 pm
Forum: Personal Consumer Issues
Topic: First time Medicare question
Replies: 18
Views: 896

Re: First time Medicare question

The $183 is conspicuously the same as the Part B deductible. If you have Plan F, the gap insurance may cover it. If you have G it is probably on you.
by jebmke
Fri Jan 12, 2018 5:41 pm
Forum: Personal Consumer Issues
Topic: First time Medicare question
Replies: 18
Views: 896

Re: First time Medicare question

It may have more to do with the office billing policy. I had a physical (non medicare) last month. They gave me a financial disclosure that indicated that they would bill separately if there were any specific medical issues addressed in the physical. My insurance covers the cost of the physical.
by jebmke
Fri Jan 12, 2018 3:38 pm
Forum: Personal Consumer Issues
Topic: Keeping sensitive documents in the cloud -- bad idea?
Replies: 45
Views: 2458

Re: Keeping sensitive documents in the cloud -- bad idea?

But can you access these files from the browser from a different computer? For clusters of small, related documents I combine them in a 7Zip file with a long encryption key. For a general encryption, I have used Boxcryptor with good success. It takes a bit of time to set up but once it is set up it...
by jebmke
Fri Jan 12, 2018 11:57 am
Forum: Investing - Theory, News & General
Topic: When the Fed stops what do you do?
Replies: 17
Views: 2313

Re: When the Fed stops what do you do?

What if inflation jumps to 15%?
by jebmke
Fri Jan 12, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Interest during ACH transfers
Replies: 4
Views: 252

Re: Interest during ACH transfers

You don't any earn interest during the time when the transfer is in "limbo". The interest lost during this time is used to compensate the financial institution actually performing the transfer. Your bank can offer next-day ACH transfers, but this is more expensive to the bank. I think most banks ar...
by jebmke
Fri Jan 12, 2018 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Interest during ACH transfers
Replies: 4
Views: 252

Re: Interest during ACH transfers

Been a long time since I have not had ACH transactions clear in 24 hours.
by jebmke
Fri Jan 12, 2018 11:38 am
Forum: Personal Consumer Issues
Topic: Keeping sensitive documents in the cloud -- bad idea?
Replies: 45
Views: 2458

Re: Keeping sensitive documents in the cloud -- bad idea?

Should still be encrypted. Flash drives are not secure. Plus they are easy to lose.
by jebmke
Fri Jan 12, 2018 11:23 am
Forum: Personal Finance (Not Investing)
Topic: RE Tax payment sent in December but posted in Jan
Replies: 9
Views: 596

Re: RE Tax payment sent in December but posted in Jan

I still haven't seen my Q4 state income tax payment clear -- now 18 days since I mailed it. I sent a snarky email to the Comptroller's office about their sloppy cash management practices. In my working days I would have relieved a country controller who let cash sit around this long without depositi...
by jebmke
Fri Jan 12, 2018 11:13 am
Forum: Personal Consumer Issues
Topic: Keeping sensitive documents in the cloud -- bad idea?
Replies: 45
Views: 2458

Re: Keeping sensitive documents in the cloud -- bad idea?

I'm going start polling people if their time is too valuable to take local backups. Exactly how much time is involved? Can't you do it while watching TV? Or while sleeping at night. Yes; I have two processes that trigger after midnight. One runs a sync of my data to a mirror on my local NAS. The ot...
by jebmke
Fri Jan 12, 2018 11:10 am
Forum: Investing - Theory, News & General
Topic: 4% Withdrawal vs Yield as Income
Replies: 41
Views: 2103

Re: 4% Withdrawal vs Yield as Income

Thanks for the quick replies. Yes I get all of the above, but what I am talking about and is often overlooked on the forum is that an index like VTSAX also offers a dividend yield of 1.75% currently. This div yield actually goes up in-times of crisis due to companies wanting to attract investors. S...
by jebmke
Fri Jan 12, 2018 10:52 am
Forum: Investing - Theory, News & General
Topic: 4% Withdrawal vs Yield as Income
Replies: 41
Views: 2103

Re: 4% Withdrawal vs Yield as Income

Well, the simple answer is that taking only 2% means you have to work/save longer to retire compared to taking 4%. Either that or decide that you want the remaining pile to be bigger when you croak. It is simple math. The trap is the mental accounting of looking at the dividends as somehow different...
by jebmke
Fri Jan 12, 2018 10:25 am
Forum: Personal Consumer Issues
Topic: Yahoo Mail: Delete Not Working
Replies: 23
Views: 1076

Re: Yahoo Mail: Delete Not Working

Works ok for me - Firefox 64bit.
by jebmke
Fri Jan 12, 2018 10:08 am
Forum: Personal Consumer Issues
Topic: wild bird feed
Replies: 43
Views: 1756

Re: wild bird feed

We have had one of these for years and squirrels have never figured out how to get to the seed.

http://www.duncraft.com/Original-Absolu ... rrel-Proof
by jebmke
Thu Jan 11, 2018 5:56 pm
Forum: Personal Consumer Issues
Topic: wild bird feed
Replies: 43
Views: 1756

Re: wild bird feed

Hummingbirds will come to a hummingbird feeder. We normally put one out in the spring. There is a web site that tracks the migration so when they get to Virginia I put out the feeder - usually in April some time (I am in Maryland). The HBs hang around and nest in our oak trees. They usually leave in...
by jebmke
Thu Jan 11, 2018 5:50 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Mandatory IRA distributions. The IRS will take my money away!!
Replies: 29
Views: 1941

Re: Help with Mandatory IRA distributions. The IRS will take my money away!!

One of the best ways to get around the taxes is to give large portions of the distributions away to charities. The first $100K per year can go out as QCDs when you turn 70.5 so this income won't even hit your MAGI. Over $100K and you're looking at charitable deductions on Schedule A.
by jebmke
Thu Jan 11, 2018 5:43 pm
Forum: Personal Consumer Issues
Topic: wild bird feed
Replies: 43
Views: 1756

Re: wild bird feed

We found that the mixes with millet attract house sparrows which are mean, useless birds that are not native. We use safflower and sunflower hearts (shelled sunflowers) mixed around 50/50 in the main feeder and a peanut based suet in the suet feeder. The house sparrows don't seem to like safflower s...
by jebmke
Thu Jan 11, 2018 4:44 pm
Forum: Personal Consumer Issues
Topic: Keeping sensitive documents in the cloud -- bad idea?
Replies: 45
Views: 2458

Re: Keeping sensitive documents in the cloud -- bad idea?

For clusters of small, related documents I combine them in a 7Zip file with a long encryption key.

For a general encryption, I have used Boxcryptor with good success. It takes a bit of time to set up but once it is set up it is pretty much hands off.
by jebmke
Tue Jan 09, 2018 9:14 pm
Forum: Investing - Theory, News & General
Topic: Pre-Medicare Health Expenses and Savings Multiple
Replies: 9
Views: 662

Re: Pre-Medicare Health Expenses and Savings Multiple

Depending on your income, your Medicare numbers may be low. As I was just discussing in my prior response, I should be OK on IRMMA if I keep taxable income to $77K. I think first step-up occurs at $170K for married, correct? Yes, I think the first break is $170 but it is MAGI, not taxable income.
by jebmke
Tue Jan 09, 2018 7:46 am
Forum: Investing - Theory, News & General
Topic: Pre-Medicare Health Expenses and Savings Multiple
Replies: 9
Views: 662

Re: Pre-Medicare Health Expenses and Savings Multiple

Depending on your income, your Medicare numbers may be low. I had a retiree plan from work (partly subsidized). Because of IRMAA my Medicare all-in costs will not be significantly different from my retiree all-in costs. If I throw in uninsured stuff like dental, glasses (eventually hearing aids for ...
by jebmke
Mon Jan 08, 2018 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Use HSA money or pay out of pocket?
Replies: 36
Views: 2842

Re: Use HSA money or pay out of pocket?

miamivice wrote:
Mon Jan 08, 2018 6:54 pm
Can you explain what you mean by "save paper" and "administrative burden"?
By this I mean saving all the receipts from medical expenses over the years to cash in later.
by jebmke
Mon Jan 08, 2018 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Use HSA money or pay out of pocket?
Replies: 36
Views: 2842

Re: Use HSA money or pay out of pocket?

I think it depends how close you are to retirement (ie., what is the opportunity) and how much you want to deal with the administrative burden. I saved paper for a few years but then later decided to just process it on a yearly basis and reimburse myself. I didn't want the administrative hassle down...
by jebmke
Mon Jan 08, 2018 5:13 pm
Forum: Personal Consumer Issues
Topic: App that saves webpages for offline reading
Replies: 6
Views: 444

Re: App that saves webpages for offline reading

Pocket or Evernote. I use Evernote because I use it for various other stuff I save.
by jebmke
Mon Jan 08, 2018 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Overwhelmed with how to handle taxes on large inherited portfolio.
Replies: 24
Views: 1625

Re: Overwhelmed with how to handle taxes on large inherited portfolio.

I manage my own and do my own taxes. I generally look at what I am expecting in the new year. If I expect my income to be stable or increasing, I normally set up automatic estimated payments for the first three quarters in EFTPS in an amount that will satisfy the safe harbor rules based on prior yea...