Search found 230 matches

by newbie_Mo
Tue Apr 20, 2021 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?
Replies: 130
Views: 18647

Re: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?

My head is spinning around this now. Here is our situation, if anyone can tell me whether we should max out the $10,500 that would be great. We've already elected to contribute $5000 to DCFAS. Married Filing jointly. Pa tax 3. 07% Have to Pay FICA 2020 tax year AGI $172,000 (that's after the DCFAS contribution in 2020). We expect same income in 2021. Two kids total day care cost $16500 (one is $11000, the other $5500). Should we max out or stay with $5000 DCFAS? thank you very much. If you aren't trying to lower your AGI any other way, then an AGI of 172k phases out the DC Tax Credit to be only a 26% recovery rate. Your tax rate of Fed + State + FICA = 24% + 3.07% + 7.65% = 34.72% You will get a greater benefit out of avoiding the taxes co...
by newbie_Mo
Mon Apr 19, 2021 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?
Replies: 130
Views: 18647

Re: Skip $10.5k Dependent Care FSA to get $8k Child Care Tax Credit @ 50% daycare expenses in 2021?

My head is spinning around this now.

Here is our situation, if anyone can tell me whether we should max out the $10,500 that would be great. We've already elected to contribute $5000 to DCFAS.

Married Filing jointly. Pa tax 3. 07%
Have to Pay FICA
2020 tax year AGI $172,000 (that's after the DCFAS contribution in 2020). We expect same income in 2021.
Two kids total day care cost $16500 (one is $11000, the other $5500).

Should we max out or stay with $5000 DCFAS? thank you very much.
by newbie_Mo
Sun Jul 12, 2020 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Virtual currency sold in 2018
Replies: 7
Views: 835

Re: Virtual currency sold in 2018

I used it as an investment when I purchased the virtual currency. I didn't receive a form 1099 from them. I downloaded a "gain/loss report" from their website. It didn't explicitly say is a 1099, but has the cost basis and sold price, total gain/loss listed. So I guess I will have to amend my 2018 tax return and just report it on 8949 using the "gain/loss report"? Thanks.
by newbie_Mo
Sat Jul 11, 2020 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Virtual currency sold in 2018
Replies: 7
Views: 835

Re: Virtual currency sold in 2018

Thanks for the info.

I currently do not own any virtual currency. It was sold in 2018. The $500 is in cash and still in the Coinbase website.
by newbie_Mo
Sat Jul 11, 2020 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Virtual currency sold in 2018
Replies: 7
Views: 835

Virtual currency sold in 2018

I sold some virtual currency at a loss of $300 in 2018 (bought for $800 sold for $500). I did not know how to use wallet to take out the $500 so it is still sitting at the Coinbase account. I forgot to report the loss in my 2018 tax return. Do I have to amend my 2018 tax return to report the loss? Do I have to report again when I take out the money from coinbase?

The 2019 tax returns asks about virtual currency transaction.. Which I believe has nothing to do with my 2018 transaction?

Thank you for your help.
by newbie_Mo
Tue Dec 31, 2019 11:39 am
Forum: Personal Investments
Topic: Realized loss, should I sell some gain?
Replies: 2
Views: 222

Realized loss, should I sell some gain?

So back in May I sold stock ABC at a loss of $10k (I had held this stock for 6 months before the sell) . Due to the recent gain in the stock market, one of my ETF has a gain of $10k (I have held this ETF for more than a year) . Should I sell the ETF today so that I can avoid paying capital gain in the future? How long do I have to wait to buy back the ETF to avoid it being a wash sale? Please advice. Thank you.
by newbie_Mo
Tue Aug 28, 2018 2:33 pm
Forum: Personal Consumer Issues
Topic: Summer Day A/C Issues
Replies: 41
Views: 2977

Re: Summer Day A/C Issues

Our old 15-20 year old ac can only work with very porous filters. The only thing that works is the 30day ez flow air filters. If we use any higher grade filter the ac can't cool down the inside lower than 78F.
by newbie_Mo
Sat Aug 04, 2018 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Do you think I am being too conservative on buying a house?
Replies: 46
Views: 4989

Re: Do you think I am being too conservative on buying a house?

Dottie57 wrote: Fri Aug 03, 2018 5:54 pm Whatever and whenever you do, buy a house you can pay for on just your income. Wife may want to stay home. If you buy a forever home, she may need to work full time.

Scale the wedding way down. Save money for the house. Stop paying extra on home. Get rid ofother loans asap.
This.
If you want 2 to 3 kids, one of you may become a stay at home parent because day cares are expensive. I would not feel comfortable to but a house 4x our household income.
by newbie_Mo
Fri Jul 27, 2018 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Decision for Stay at Home Wife?
Replies: 84
Views: 5964

Re: Decision for Stay at Home Wife?

Wow, appreciate all of the quick feedback on this. I haven't had the honest conversation with my wife yet, but just wanted to have this as an option in the back of my mind in case she does want to go that route. I get the "feeling" that she wants to be a SAHM based on her asking if she could take the 4 week unpaid leave prior to the due date and always saying she is "tired of working". She definitely works hard and is self-motivated, but I think if she had the option to be SAHM, she would take that in a heart beat but time will tell when we have that discussion. What I don't want to happen is that she becomes a SAHM and just becomes "lazy" where she is taking care of the kid, but just staying in the house watc...
by newbie_Mo
Sun Jul 22, 2018 7:08 am
Forum: Personal Consumer Issues
Topic: Suggestions About Simulating Homemade Chicken Stock
Replies: 28
Views: 2222

Re: Suggestions About Simulating Homemade Chicken Stock

Make soup/stock outdoor in the summer. We tried with a propane stove but when you turn the fire to low it can easily got blow off by the wind. So we are thinking about getting a induction cooker for about $50.
by newbie_Mo
Mon May 21, 2018 2:02 pm
Forum: Personal Investments
Topic: Newly widowed, how do I invest 1.5 million life ins. proceeds
Replies: 72
Views: 10744

Re: Newly widowed, how do I invest 1.5 million life ins. proceeds

Sorry for your loss. Ally bank has a no penalty cd (1.5% interest rate). You can open a few of those. Whenever you feel ready you can withdraw from your cds and invest. All the best to you and your family at this difficult time.
by newbie_Mo
Tue Mar 27, 2018 8:52 am
Forum: Personal Finance (Not Investing)
Topic: House Purchase - Sanity Check On Financials
Replies: 53
Views: 5766

Re: House Purchase - Sanity Check On Financials

I am a little surprised with the majority saying this can't be afforded. It certainly is pushing it, but OP is still talking about a mortgage that would be ~2.5x his gross income. I realize many here like that number to be closer to 2.0x income, but this isn't that crazy, is it? It's not the mortgage vs. income so much as value of house vs. net worth. But really, why should that matter much? If the OP's net worth was $400k vs what it is now, would that make the answer different? I guess I'm just thinking that if he can afford the mortgage from a monthly perspective and overall debt load perspective, isn't the primary relevant fact whether the income is relatively stable? It makes a huge difference OP needs to play a little “catch up” on hi...
by newbie_Mo
Wed Feb 21, 2018 9:04 am
Forum: Personal Consumer Issues
Topic: When is Costco cash back coupon arriving?
Replies: 23
Views: 19373

Re: When is Costco cash back coupon arriving?

Got ours a month ago
by newbie_Mo
Fri Feb 02, 2018 11:28 pm
Forum: Personal Consumer Issues
Topic: Substitute for taking a shower?
Replies: 64
Views: 9351

Re: Substitute for taking a shower?

Use a small towel (i.e. Hand towel) and a small bucket to take 1 to 2 gallon of water. Use towel to transfer water to wet your body, apply soap then use the towel to help you take water from bucket to clean away the soap. Dry up. Done.
by newbie_Mo
Mon Dec 25, 2017 10:05 pm
Forum: Personal Consumer Issues
Topic: Subaru Forester - Harsh ride
Replies: 33
Views: 11654

Re: Subaru Forester - Harsh ride

2014 forester. Noisy and harsh ride, but very good snow traction.
by newbie_Mo
Sat Dec 16, 2017 10:43 am
Forum: Personal Consumer Issues
Topic: Beefy Brothy Stocky Thing Advice
Replies: 24
Views: 3505

Re: Beefy Brothy Stocky Thing Advice

If you want your broth to taste good you have to have enough ingredients (bones, skin, meat) there to boil it for 4 hrs. A good broth IMHO would become a solid gel after it cools in the fridge.
by newbie_Mo
Tue Dec 12, 2017 12:06 pm
Forum: Personal Consumer Issues
Topic: Microwave - Reliable built-in with vent?
Replies: 11
Views: 1210

Re: Microwave - Reliable built-in with vent?

I had a similar problem with our over the range microwave few days ago. The frigidaire microwave would start when we closed the microwave door. Ours was manufactured in 2014. I look up the problem. It was most likely due to a faulty door switch. The switch costs $10. Without replacing the switch, i used a chop stick to poke on the door larch hole couple times until i can feel the switch pressed down and release. This seems to fix the problem temporarily. I may eventually have to replace the switch or replace the microwave.
by newbie_Mo
Sun Dec 10, 2017 8:25 pm
Forum: Personal Consumer Issues
Topic: Please suggest a dry hands product
Replies: 82
Views: 6406

Re: Good enough for cows, good enough for you

lthenderson wrote: Fri Dec 08, 2017 1:01 pm
Broken Man 1999 wrote: Fri Dec 08, 2017 10:21 am
FraggleRock wrote: Fri Dec 08, 2017 10:08 am http://www.bagbalm.com

Image
You beat me to it.

Good product, I can't remember if it has an odor or not.

Broken Man 1999
+3! It does have a slight odor that reminds me of an old library.
I just ordered something similar from Amazon called udderly smooth that was used on cows too.
by newbie_Mo
Mon Nov 27, 2017 8:46 pm
Forum: Personal Investments
Topic: Inheriting a large sum, slightly intimidated.
Replies: 51
Views: 7894

Re: Inheriting a large sum, slightly intimidated.

I think the other question you should ask is how do you protect your wealth. I am assuming you are a police officer because you love your job. How often do you have to use force (physically and use of a weapon) to subdue someone in your job? Will you get sued if someone is hurt by you or your partner? Good luck and be safe.
by newbie_Mo
Tue Nov 21, 2017 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Help DW gets fired, but then next day her boss offers her job back
Replies: 156
Views: 19878

Re: Help DW gets fired, but then next day her boss offers her job back

lthenderson wrote: Tue Nov 21, 2017 8:34 pm Normally I would say put the screws to the boss and demand more pay or something to offset the pay cut like more paid time off. But since you are $600/month upside down if she loses the job, I would probably go back to work for the pay cut and find another job asap. I would also be inclined to leave the minimal amount of notice for leaving once she has accepted a new job.
This. She doesn't have a lot of negotiation power since you have a tight budget. If she really negotiate she will most likely lose the offer with an irrational boss like that.
by newbie_Mo
Sun Nov 12, 2017 6:22 pm
Forum: Personal Consumer Issues
Topic: Warm Shirt for Winter
Replies: 41
Views: 6222

Re: Warm Shirt for Winter

Long fleece clothes, warm and inexpensive.
by newbie_Mo
Mon Sep 18, 2017 8:56 am
Forum: Personal Investments
Topic: My in-laws' nest egg of $50k
Replies: 34
Views: 5488

Re: My in-laws' nest egg of $50k

I think living in a condo has a high risk of increase in HOA fee that is beyond their control.
by newbie_Mo
Fri Jul 28, 2017 5:23 pm
Forum: Personal Consumer Issues
Topic: Best place to get eyeglasses / no vision insurance
Replies: 94
Views: 36348

Re: Best place to get eyeglasses / no vision insurance

Zenni. I bought the $7 frame with anti-reflective coating $4. Total $16 with shipping. So far so good.
by newbie_Mo
Wed Jul 26, 2017 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Post Nuptial agreement guaranteeing alimony?
Replies: 113
Views: 11127

Re: Post Nuptial agreement guaranteeing alimony?

Is OP living in a state where if they get divorced the assets are not split 50/50? Or is OP asking for more (i.e. 75%) of their wealth upon a divorce, thus the need for a post-nup?
by newbie_Mo
Mon Jul 24, 2017 9:20 pm
Forum: Personal Consumer Issues
Topic: How to organize toddler books
Replies: 17
Views: 2262

Re: How to organize toddler books

EagertoLearnMore wrote:Back in the days of Montessori preschool, they were very into organizational skills. It worked as the child that went to Montessori is very organized and neat. So, we went with the plastic crates you can get at Walmart that are light weight cubes. They come in various colors and you can stack the books either upright or on their sides for quick access to titles on the spines. Small books can lay flat. Nothing to fall over to cause a safety hazard. Montessori preferred individual baskets or bins for things, but I found that the crates were portable so you could take a crate from room to room for reading. As your book collection expands, buy more crates. They come in many colors to match your decor.
Good idea. Thanks.
by newbie_Mo
Mon Jul 24, 2017 8:02 pm
Forum: Personal Consumer Issues
Topic: How to organize toddler books
Replies: 17
Views: 2262

Re: How to organize toddler books

runner3081 wrote:We went with a "cubed" type of bookshelf. It looks like 5-6 cubes from the front and has book shelves/cubby holes for storage.
Any links/examples of what they look like? Thanks.
by newbie_Mo
Mon Jul 24, 2017 8:01 pm
Forum: Personal Consumer Issues
Topic: How to organize toddler books
Replies: 17
Views: 2262

Re: How to organize toddler books

aristotelian wrote:Could you get some book-ends to keep them up straight?
Tried the book-ends. They always seem to be moved out of place and the books falling flats.
by newbie_Mo
Mon Jul 24, 2017 7:35 pm
Forum: Personal Consumer Issues
Topic: How to organize toddler books
Replies: 17
Views: 2262

How to organize toddler books

I am looking for suggestions on how to organize books for our toddler. Right now we have 4 big boxes (diaper box) of books. I don't want to use book shelves because some of those books are thin and paper backs very hard to keep them stay upright. Bookshelf with sling seems not enough space for all the books we have. Any suggestions? Thanks.
by newbie_Mo
Sat Jul 15, 2017 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Rent in safer neighborhood or buy in less safe one?
Replies: 67
Views: 7297

Re: Rent in safer neighborhood or buy in less safe one?

If you buy in the dangeous neighborhood, who will your kids be hangout with? Kids learn from their peers.

If you cannot afford a 250k house, how do you afford to send your kids to private school?
by newbie_Mo
Sat Jul 08, 2017 11:34 am
Forum: Personal Finance (Not Investing)
Topic: How much of an increase of salary would you expect before switching jobs?
Replies: 94
Views: 10261

Re: How much of an increase of salary would you expect before switching jobs?

You mentioned the new company just just bought out and things could change. Restructuring may happen soon after you move to the new company.
by newbie_Mo
Sat Jul 01, 2017 4:46 pm
Forum: Personal Consumer Issues
Topic: Buying house - Very important decision
Replies: 228
Views: 33407

Re: Buying house - Very important decision

Another 100k in housing price means $3000 into the realtor's pocket. They wouldn't care less you couldn't afford the house.
by newbie_Mo
Sun Jun 18, 2017 7:21 am
Forum: Personal Finance (Not Investing)
Topic: Unexpected raise while househunting-- should I change my budget?
Replies: 21
Views: 3965

Re: Unexpected raise while househunting-- should I change my budget?

You didn't mention what king of house you will get for 350k to 500k. That alone will dictate your lifestyle.
by newbie_Mo
Sat Jun 10, 2017 7:55 pm
Forum: Personal Consumer Issues
Topic: Fence Dilemma
Replies: 31
Views: 5049

Re: Fence Dilemma

We are in similar situations. When the time comes to replace the fence we will just replace it ourselves.
by newbie_Mo
Tue Jun 06, 2017 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Housing is too expensive.
Replies: 49
Views: 9899

Re: Housing is too expensive.

How much is rent for a 2 bedrm apt in the good school district? I think there was a thread that talked about 2 sibs sharing a bedrm. Look that up.
by newbie_Mo
Thu Jun 01, 2017 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: I spend 6.1% of my Gross income on rent
Replies: 80
Views: 14593

Re: I spend 6.1% of my Gross income on rent

When we were renting rent and utilities were about 6-8% (1 bedrm then 2 bedrm) of our gross. With our own house we are at 11% with mortgage, ins, pro tax, and utilities. We had a 40% downpayment. 15 yr mortgage.
by newbie_Mo
Fri May 12, 2017 9:50 pm
Forum: Personal Consumer Issues
Topic: Do I have a problem in the backyard in need of a professional?
Replies: 34
Views: 6526

Re: Do I have a problem in the backyard in need of a professional?

Some mouse dig holes in the ground. Don't know if thats what you have.
by newbie_Mo
Sat Apr 22, 2017 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Should some professions tell people how much they make?
Replies: 39
Views: 7042

Re: Should some professions tell people how much they make?

You keep talking about your "young, short, cute guy" look. Being a cute guy is fine but showing off that is another story. Try to lay off your I am a young and cute guy mentality and show results then your clients would no drop you.
by newbie_Mo
Sun Apr 16, 2017 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Is spending 15K to furnish home too much?
Replies: 39
Views: 18149

Re: Is spending 15K to furnish home too much?

Less than $3000 for the whole house (beds, sofa, dinning table, dishes, drapes etc.). Almost everything new from Ikea. Nothing fancy but everything works for us.
by newbie_Mo
Tue Apr 11, 2017 9:52 am
Forum: Personal Investments
Topic: Terminal diagnosis. Single parent. Plan for child.
Replies: 11
Views: 3022

Re: Terminal diagnosis. Single parent. Plan for child.

Send the child a link to bogleheads. Have him/her spend 15 mins per day for 2 weeks. :mrgreen:

Honestly, I can't think of a better place for your adult child to find better guidance about life and investments than here.
by newbie_Mo
Mon Mar 27, 2017 2:28 pm
Forum: Personal Finance (Not Investing)
Topic: Child Planning Checklist
Replies: 42
Views: 5687

Re: Child Planning Checklist

On baby gear: you REALLY don't need that much. We never got a swing / rocker / bouncer and never felt the need for one. Our baby napped in his crib, in the middle of our bed (before he could move), or on a blanket on top of the living room rug. We also never got a baby monitor, as our home is small and there's no evidence that baby monitors reduce SIDS. Changing tables are another unnecessary item, just get a portable changing mat (skip hop makes a good one) and use that on any flat surface. And forget the bottle warmers and sterilizers - it's just as fast and easy to warm up a bottle in a bowl of hot water, you don't need more gadgets cluttering up your kitchen countertops. The only things you actually need for a baby are a carseat to go ...
by newbie_Mo
Thu Mar 23, 2017 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: So someone drained $13k from my checking account...
Replies: 150
Views: 43979

Re: So someone drained $13k from my checking account...

What's more alarming is the the fraudster knows how much you have in your account. They didn't request transfer of a large sum that would get rejected. They requested transfer of an amount that just depleted your account. I don't think anyone just happened to know your bank account number be able to do that.
by newbie_Mo
Mon Mar 20, 2017 10:07 am
Forum: Personal Finance (Not Investing)
Topic: Wife going back to school. What financial steps should I take?
Replies: 23
Views: 2109

Re: Wife going back to school. What financial steps should I take?

flyingbison wrote:
Ethelred wrote: ... and PhDs can often end up taking longer than planned.
This is an important consideration. Does she know the average completion time for students in this program? If her funding is for 3 years, but it will potentially take 5 years, then you will need to plan for the additional cost.
+1. Most Ph.D programs takes longer than 3 years.

I don't know much about the licensed psychologist career path. However, in order to become a professor she would need many publications. Plan for additional post-doc trainings in another university.
by newbie_Mo
Thu Mar 09, 2017 6:17 pm
Forum: Personal Consumer Issues
Topic: How Do You Share Expenses?
Replies: 52
Views: 6110

Re: How Do You Share Expenses?

If half of the utilities cost and property tax is what you want then tell her.
by newbie_Mo
Mon Mar 06, 2017 12:36 pm
Forum: Personal Consumer Issues
Topic: How often do you discuss finances and spending with your spouse?
Replies: 60
Views: 6082

Re: How often do you discuss finances and spending with your spouse?

We rarely talk about budget, because we are not big spenders. We spend what we need. We do talk about what we need to buy (more like "should we buy this Big ticket item"). I am the one usually makes the final decision. At the end of the year I will tell DH how much we have saved. He is not interested in the details. I've saved a file of where our bank accounts are in his computer in case I suffer a sudden death.
by newbie_Mo
Fri Feb 24, 2017 7:41 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing a new house -- Are we being stupid to consider it?
Replies: 35
Views: 6087

Re: Purchasing a new house -- Are we being stupid to consider it?

Is the housing market really as hot as you described that if you don't buy now you would be left behind? You have two houses. The townhouse is still going for less than when you bought in 2007. The rental has a negative cash flow. Doesn't sound too hot to me.
by newbie_Mo
Tue Feb 14, 2017 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Kids in Apartment Sharing Bedroom - Workable?
Replies: 55
Views: 5921

Re: Kids in Apartment Sharing Bedroom - Workable?

Keep the baby in your room if the toddler is affected by baby's night feeding.

I would not buy in a "less desirable location". In a few years you will be concerned about public schools in those less desirable locations.
by newbie_Mo
Tue Feb 07, 2017 10:14 am
Forum: Personal Consumer Issues
Topic: Insights for Long Distance Grandparents
Replies: 23
Views: 2424

Re: Insights for Long Distance Grandparents

Gropes & Ray wrote:when my mother is in town, she cooks most of the meals, does our laundry, cleans the kitchen, etc. I'm not saying you have to play the part of the maid, but being a little less of a "guest" can be helpful.
This x1000.
Definitely visit in person. My kid loves to see the grands, but having them lending a helping hand and not expect us to entertain would be something much appreciated.
by newbie_Mo
Mon Feb 06, 2017 10:39 am
Forum: Personal Finance (Not Investing)
Topic: In-Laws Estate Planning - Wisdom Wanted
Replies: 50
Views: 4312

Re: In-Laws Estate Planning - Wisdom Wanted

"any land I owned"? How about your own house?
by newbie_Mo
Sat Feb 04, 2017 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: GF has long commute, should we buy a house to avoid long commute?
Replies: 62
Views: 7590

Re: GF has long commute, should we buy a house to avoid long commute?

How much is childcare in your area? With income of $30k each, any one of you planning to be stay at home parent once you have 1 or 2 children?