Search found 7358 matches

by jebmke
Fri Feb 23, 2018 3:47 pm
Forum: Investing - Help with Personal Investments
Topic: Is the RMD required prior to IRA rollover?
Replies: 4
Views: 353

Re: Is the RMD required prior to IRA rollover?

House Blend wrote:
Fri Feb 23, 2018 3:44 pm
If you do a trustee to trustee transfer from one trad IRA to another, then (a) it is not a rollover, and (b) they should not have to take out an RMD first.
Correct. And the custodian should not issue a 1099-R. It is just transfer from one institution to another.
by jebmke
Fri Feb 23, 2018 3:43 pm
Forum: Investing - Theory, News & General
Topic: Retirees: The common sense withdrawal method
Replies: 146
Views: 12764

Re: Retirees: The common sense withdrawal method

hoops777 wrote:
Fri Feb 23, 2018 3:41 pm
.I doubt very much that we will be spending them all.
Then your withdrawal will be lower. Reallocating capital from an IRA to taxable is not a withdrawal (except for the tax payment).
by jebmke
Fri Feb 23, 2018 3:28 pm
Forum: Investing - Theory, News & General
Topic: Retirees: The common sense withdrawal method
Replies: 146
Views: 12764

Re: Retirees: The common sense withdrawal method

Spending only RMDs is definitely a plausible approach, but it is a very conservative one. It also doesn't deal with irregularity of spending requirements. Before I retired I prepared a detailed retirement budget estimate for spending (excluding taxes). I have been tracking spending since. The avera...
by jebmke
Fri Feb 23, 2018 2:31 pm
Forum: Personal Consumer Issues
Topic: Favorite socks?
Replies: 32
Views: 1385

Re: Favorite socks?

Smartwools
by jebmke
Fri Feb 23, 2018 8:49 am
Forum: Investing - Theory, News & General
Topic: Which value funds do you use?
Replies: 4
Views: 341

Re: Which value funds do you use?

I use VBR for SV domestic. But I am only tilted about 25% to the small side overall now. Domestic is probably 15pts of the 25.
by jebmke
Fri Feb 23, 2018 8:20 am
Forum: Investing - Theory, News & General
Topic: Bond Fund Interest as QDI?
Replies: 12
Views: 755

Re: Bond Fund Interest as QDI?

restingonmylaurels wrote:
Fri Feb 23, 2018 4:41 am
So all things being equal, a stock dividend fund would be a better source of distributions after tax than a bond fund, would it not?
You are setting up a false equivalence. If 10 pounds of hamburger were actually steak, it would indeed be better than a one pound steak.
by jebmke
Thu Feb 22, 2018 2:04 pm
Forum: Personal Consumer Issues
Topic: Florida in the summer
Replies: 101
Views: 9743

Re: Florida in the summer

Here is what our Florida expert, Dave Barry, wrote about our teeming natural wildlife and giant bugs: "I live in South Florida, which has a hot, moist, armpit-like climate that is very favorable for life in general. Everything down here is either already alive, or about to be. You could leave your ...
by jebmke
Thu Feb 22, 2018 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Investopedia: Seniors Get a New Simplified Tax Form for 2019
Replies: 16
Views: 1302

Re: Investopedia: Seniors Get a New Simplified Tax Form for 2019

We itemize, though it's only for the sake of our state return. The standard deduction here is very low I frequently look at forcing itemization on Federal for taxpayers even if it increases there Federal tax liability. The standard deduction in Maryland is so low that in some cases, the combined ta...
by jebmke
Thu Feb 22, 2018 10:31 am
Forum: Investing - Theory, News & General
Topic: Bond Fund Interest as QDI?
Replies: 12
Views: 755

Re: Bond Fund Interest as QDI?

Longdog wrote:
Thu Feb 22, 2018 10:12 am
Uh oh. I feel a “dividend versus total return” discussion brewing...
Haven't beat on that dead horse for what -- maybe three weeks?
by jebmke
Thu Feb 22, 2018 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Increased Federal Tax withholding Feb 2018
Replies: 7
Views: 816

Re: Increased Federal Tax withholding Feb 2018

It has been a while since I was an employee but I recall going in to payroll and simply telling them how much I wanted withheld each month from my pay. They somehow made it happen. In my situation, zero exemptions wasn't enough so I asked them to up the amount to plug to a fixed amount each month.
by jebmke
Thu Feb 22, 2018 8:31 am
Forum: Investing - Theory, News & General
Topic: Simple question [difference between IRA and 401k?]
Replies: 11
Views: 740

Re: Simple question [difference between IRA and 401k?]

In my state, IRA distributions are taxed differently than 401(k) distributions.
by jebmke
Wed Feb 21, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Safe to file taxes now?
Replies: 57
Views: 4518

Re: Safe to file taxes now?

Jim - I think the necessary lines on various forms and schedules have been reserved prior to the end of 2017 so I am assuming it should not take the IRS too long to implement the required changes to those forms and schedules. What might take a bit longer is for the numerous software firms to make c...
by jebmke
Wed Feb 21, 2018 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Safe to file taxes now?
Replies: 57
Views: 4518

Re: Safe to file taxes now?

Anybody use H&R Block Deluxe tax software? Software says not all Federal forms are final and softwar update coming Feb 23. There will certainly be some revisions to forms. The 1040 will need to add a line in the adjustments section for Tuition and Fees Deduction. Schedule A will need to add a line ...
by jebmke
Wed Feb 21, 2018 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Rant about Savings Rate
Replies: 25
Views: 1894

Re: Rant about Savings Rate

Seems to me that the only thing that matters is whether the dollar amount is on track to meet your objectives.
by jebmke
Wed Feb 21, 2018 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Investopedia: Seniors Get a New Simplified Tax Form for 2019
Replies: 16
Views: 1302

Re: Investopedia: Seniors Get a New Simplified Tax Form for 2019

It is harder to predict the exact consequences of some changes this year, because there are so many other moving parts due to the next tax law. We get a lot of questions about next year (2018). I generally give them the phone number of our congressman and suggest they call him and ask him to explai...
by jebmke
Wed Feb 21, 2018 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Investopedia: Seniors Get a New Simplified Tax Form for 2019
Replies: 16
Views: 1302

Re: Investopedia: Seniors Get a New Simplified Tax Form for 2019

My sense is that 1040-SR will be useful for the vast majority of seniors at our VITA site. Most of our seniors do not itemize as it is, those who do itemize get very little incremental benefit from doing so, and I can think of no seniors who will itemize in 2018 (with the possible exception of some...
by jebmke
Wed Feb 21, 2018 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Investopedia: Seniors Get a New Simplified Tax Form for 2019
Replies: 16
Views: 1302

Re: Investopedia: Seniors Get a New Simplified Tax Form for 2019

I have always wondered about forms like this. If you can fill in the few lines of this form, what stops you from just filling in the same lines on the long form?
by jebmke
Wed Feb 21, 2018 3:59 pm
Forum: Personal Finance (Not Investing)
Topic: PMI and 2017 tax filing?
Replies: 4
Views: 286

Re: PMI and 2017 tax filing?

I think the larger issue is TT has not been updated yet to include the question or processing. Bill passed 2/9 and tax prep software folks need to wait for direction from IRS to include those changes. Going to be a bit of a mess probably. But yes, possible the change won't apply to you based on AGI...
by jebmke
Wed Feb 21, 2018 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Benefits for Higher Education
Replies: 5
Views: 258

Re: Tax Benefits for Higher Education

apparently the Tuition and Fees Tax Deduction is no longer available although some websites still list it I believe the Tuition and Fees Deduction was retroactively reinstated for 2017 as part of the recent budget bill. Most tax software products have probably not been updated for this change. I wo...
by jebmke
Wed Feb 21, 2018 1:15 am
Forum: Personal Finance (Not Investing)
Topic: Safe to file taxes now?
Replies: 57
Views: 4518

Re: Safe to file taxes now?

Mike Scott - TaxSlayer Pro tax software firm put out on their blog today that they are working on installing the extenders reinstallation into their system now and hope to have it done soon. I hope that's right because just today I had two clients with returns that had extender issues. Had one of t...
by jebmke
Tue Feb 20, 2018 6:54 pm
Forum: Personal Consumer Issues
Topic: Furnace Setting for Vacation
Replies: 23
Views: 1327

Re: Furnace Setting for Vacation

LiterallyIronic wrote:
Tue Feb 20, 2018 1:08 pm
How are you supposed to sleep if it's cold?
Blanket. We keep the house ~66 during the day and probably 62 at night. It starts a warm up cycle about and hour before we get up. By the time we get up it is back to 66-67
by jebmke
Tue Feb 20, 2018 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard 1099-R for Brokerage Acct
Replies: 13
Views: 692

Re: Vanguard 1099-R for Brokerage Acct

Mine was available as a PDF online, but as of yesterday TurboTax couldn't access it. Are you trying to view it or import it? same here, I printed copies off the website for my files and entered info manually into TTax. I had the same issue with Schwab when I tried to access through TTax (smh ?) :an...
by jebmke
Tue Feb 20, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard 1099-R for Brokerage Acct
Replies: 13
Views: 692

Re: Vanguard 1099-R for Brokerage Acct

Mine were on the web site a few days ago (I don't recall exact date). I suspect I'll get a copy in the mail before I need them.
by jebmke
Mon Feb 19, 2018 9:26 am
Forum: Personal Finance (Not Investing)
Topic: What does it mean to be "in cash"?
Replies: 21
Views: 1252

Re: What does it mean to be "in cash"?

Seems that my idea of cash is wrong - Right, my point was that immediate liquidity is not the only criterion for being "cash" in my opinion. No duration or default risk would be other criteria. Generally bank deposits, T-bills, repos, MM funds - but even a MM fund would take at least two days to go...
by jebmke
Mon Feb 19, 2018 8:15 am
Forum: Personal Finance (Not Investing)
Topic: What does it mean to be "in cash"?
Replies: 21
Views: 1252

Re: What does it mean to be "in cash"?

To me, in cash means immediately liquid. That would be my entire portfolio, including equity. Great - it doesnt take time to settle equity trades , fund units? I can liquidate my VG mutual funds in one day and transfer the cash in one day to my bank. By my definition, that is "liquid." I can go fro...
by jebmke
Mon Feb 19, 2018 8:12 am
Forum: Personal Finance (Not Investing)
Topic: I think we can swing this! ($1M retirement home)
Replies: 27
Views: 3283

Re: I think we can swing this! ($1M retirement home)

HueyLD wrote:
Mon Feb 19, 2018 7:49 am
Did you incorporate additional costs associated with a newly constructed home?
I moved a lot during my working years. Normally I budgeted ~10-15% of the cost of the house for various incidental stuff in the first couple of years. Worked out pretty close I think. There is always something.
by jebmke
Mon Feb 19, 2018 8:04 am
Forum: Personal Finance (Not Investing)
Topic: What does it mean to be "in cash"?
Replies: 21
Views: 1252

Re: What does it mean to be "in cash"?

gotester2000 wrote:
Mon Feb 19, 2018 7:52 am
To me, in cash means immediately liquid.
That would be my entire portfolio, including equity.
by jebmke
Sun Feb 18, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Did I make a horrible mistake with my 401a rollover?
Replies: 8
Views: 584

Re: Did I make a horrible mistake with my 401a rollover?

Hmm, not sure what that says about TT. I just put in the same data in HR Block - it took me 1 minute and it got it right the first time - one 1099-R.
by jebmke
Sun Feb 18, 2018 5:46 pm
Forum: Investing - Theory, News & General
Topic: Old 401k Statements
Replies: 9
Views: 787

Re: Old 401k Statements

I kept my final statement which shows the rollover out of the 401(k) with zero balance. Mine had some AT amount so I also wanted to have a record of the account split. Only a couple of pages so I decided to keep. Just last month I ditched the entire file except this statement. New Year resolution to...
by jebmke
Sun Feb 18, 2018 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Did I make a horrible mistake with my 401a rollover?
Replies: 8
Views: 584

Re: Did I make a horrible mistake with my 401a rollover?

The 1099-R appears correct. This is exactly what I did in 2013. My guess is that there is a check box or other flag that you need to make in the tax software to make the taxable amount zero on your 1040. What is showing in Box 2a - should be blank?
by jebmke
Sat Feb 17, 2018 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Issue - "Foreign source amount included in dividends"
Replies: 11
Views: 2467

Re: TurboTax Issue - "Foreign source amount included in dividends"

Zero for foreign source income says you had no foreign source income and thus no foreign taxes. And unless one is using the simplified method, wouldn't form 1116 result in no FTC being carried over to the 1040? I've never entered zero in the form so I don't know what would happen. If I have no fore...
by jebmke
Sat Feb 17, 2018 3:00 pm
Forum: Personal Consumer Issues
Topic: Windows 10 > task manager > App history > photos--what is it?
Replies: 3
Views: 308

Re: Windows 10 > task manager > App history > photos--what is it?

I've probably given too much information for an average user, but for those who are serious about taking control of their systems, it's nice to know what tools are available. Thanks for these links. I have a couple W10 systems running and this summer will be building a customized W10 image for my T...
by jebmke
Sat Feb 17, 2018 8:34 am
Forum: Investing - Theory, News & General
Topic: Retirees: The common sense withdrawal method
Replies: 146
Views: 12764

Re: Retirees: The common sense withdrawal method

My point in starting this thread was that before computers or sophisticated models, my suspicion is that some people financially navigated their way through retirement. Was wondering if some, like me, are doing that. My mom did. I'm not implying that I spend whatever I want, whenever. This was how ...
by jebmke
Fri Feb 16, 2018 3:37 pm
Forum: Personal Finance (Not Investing)
Topic: Quick Tax Question
Replies: 4
Views: 375

Re: Quick Tax Question

I you think you are over withholding then I would adjust one of them to get to the desired amount (approx) to avoid a large refund. I have read a couple of articles that seem to imply that the withholding tables are not very accurate and might leave people owing signiticant amounts when they file in...
by jebmke
Fri Feb 16, 2018 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Quick Tax Question
Replies: 4
Views: 375

Re: Quick Tax Question

I'm not sure I understand. Why do you think that different rates apply to different portions of the year?
by jebmke
Fri Feb 16, 2018 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Bank Bonus and Tax reporting
Replies: 6
Views: 410

Re: Bank Bonus and Tax reporting

I think some people are reporting this on Line 8a
by jebmke
Fri Feb 16, 2018 10:45 am
Forum: Investing - Theory, News & General
Topic: Retirees: The common sense withdrawal method
Replies: 146
Views: 12764

Re: Retirees: The common sense withdrawal method

We haven't explicitly added the comment that life is very different when a substantial fraction of one's "withdrawal" is actually income streams from pensions, annuities, and Social Security (or even other sources). Whether or not it should be part of the withdrawal method that a person lacking ann...
by jebmke
Fri Feb 16, 2018 9:51 am
Forum: Investing - Theory, News & General
Topic: Retirees: The common sense withdrawal method
Replies: 146
Views: 12764

Re: Retirees: The common sense withdrawal method

for those trying to figure out if they have enough to retire. Figuring out whether you have enough and actually managing the withdrawal are two different problems. Obviously, the closer to the edge one is, the more scrutiny is required. However, keep in mind that over the years millions of people h...
by jebmke
Fri Feb 16, 2018 8:35 am
Forum: Investing - Theory, News & General
Topic: Retirees: The common sense withdrawal method
Replies: 146
Views: 12764

Re: Retirees: The common sense withdrawal method

This is also called "the Taylor Larimore method." It is what I follow. I know a lot of retirees since I work along side many of them in TaxAide centers. I don't know any who use a mathematical method for managing their cash flow. Most use the Taylor method. Many have some pension, social security an...
by jebmke
Thu Feb 15, 2018 11:32 am
Forum: Personal Finance (Not Investing)
Topic: When can a married person file Single or Head of Household? [temporary absence question]
Replies: 28
Views: 1076

Re: When can a married person file Single or Head of Household? [temporary absence question]

HueyLD wrote:
Thu Feb 15, 2018 11:26 am
I suggest that Neuro stay out of their tax affairs.
This is a good suggestion.
by jebmke
Thu Feb 15, 2018 11:11 am
Forum: Personal Finance (Not Investing)
Topic: When can a married person file Single or Head of Household? [temporary absence question]
Replies: 28
Views: 1076

Re: When can a married person file Single or Head of Household? [temporary absence question]

But would a married separated person file "married" (joint or separate), while a spouse files HOH? I'm not sure how that works. If one files HOH, then the other must file MFS for Federal purposes. Some states require the same status as Federal but others allow different status. One needs to consult...
by jebmke
Thu Feb 15, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: When can a married person file Single or Head of Household? [temporary absence question]
Replies: 28
Views: 1076

Re: When can a married person file Single or Head of Household? [temporary absence question]

I'm no expert in this at all, but I don't understand at all how the husband could file as single if he was not considered unmarried, per Pub. 501. I am not aware of any circumstances where someone who is legally married can file as Single. As far as I know there are only two options - Married Filin...
by jebmke
Thu Feb 15, 2018 10:17 am
Forum: Investing - Theory, News & General
Topic: How Inflation Works (NYT)
Replies: 21
Views: 2192

Re: How Inflation Works (NYT)

As a retiree, I am currently a creditor. Inflation is bad, bad, bad. For me. I just started a non-COLA DB pension this year. The low inflation over the last 10 years since I retired have put me slightly ahead of where I expected to be at this point. An uptick in inflation is very bad for retirees w...
by jebmke
Thu Feb 15, 2018 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Employer Seems Clueless About HSAs and Taxes
Replies: 4
Views: 463

Re: Employer Seems Clueless About HSAs and Taxes

Your main mistake here is going to HR about a payroll issue. My rule has always been to avoid asking HR about anything involving numbers. The people who have to produce correct payroll records and W2s are typically in the payroll department (which in some companies is outsourced). Talk to them first...
by jebmke
Wed Feb 14, 2018 11:55 am
Forum: Personal Finance (Not Investing)
Topic: No 1099-MISC yet
Replies: 9
Views: 662

Re: No 1099-MISC yet

You can complete Schedule C without the 1099-Misc. As long as you have your own documentation of the income received you should be fine. I can't imagine the IRS complaining that you added unsupported income and paid more in taxes. But perhaps there is a special form that you have to fill out? I've a...
by jebmke
Tue Feb 13, 2018 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Question for TaxAide Volunteers
Replies: 10
Views: 783

Re: Question for TaxAide Volunteers

Thanks everyone. I worked at a different site today and had a carryover from yet a different site pop for me. It appears that global carryover is active - intentionally or not.
by jebmke
Mon Feb 12, 2018 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Question for TaxAide Volunteers
Replies: 10
Views: 783

Question for TaxAide Volunteers

I was working at one of our sites on Saturday and was surprised to be able to get carryover data on taxpayers who had been to another site (different SIDN and EFIN) last year. This happened for at least two taxpayers and another counselor at the site reported that he had noticed similar results on T...
by jebmke
Mon Feb 12, 2018 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Going Paperless Issues
Replies: 68
Views: 3945

Re: Going Paperless Issues

We try to put most things on credit cards or direct debit. The number of paper bills we receive is small. With everything aggregated it is easy to manage cash flow. 90%+ of the outflow occurs either at the beginning of the month (DDs) or mid-month (CCs). A few bills come by email - our lawn service,...
by jebmke
Mon Feb 12, 2018 12:47 pm
Forum: Investing - Help with Personal Investments
Topic: 1099-DIV does not equal income dividends?
Replies: 8
Views: 1154

Re: 1099-DIV does not equal income dividends?

House Blend wrote:
Mon Feb 12, 2018 12:43 pm
and all cases involving less than $300/$600 in foreign tax (Single/MFJ)
Except to the extent that there is no tax liability. FTC is a non-refundable credit.