Search found 631 matches

by WorkToLive
Tue Mar 17, 2020 8:41 pm
Forum: US Chapters
Topic: How Is Your Job Being Impacted By The Current Crisis?
Replies: 505
Views: 50855

Re: How Is Your Job Being Impacted By The Current Crisis?

I'm in IT infrastructure for a Federal agency as a contractor. We have shifted to remote work except for two onsite Service Desk employees (my staff). In a funded 5-year contract with 4 years remaining I think I'm alright. In fact, everyone needs IT infrastructure so their remote VPN connections and...
by WorkToLive
Mon Jan 20, 2020 8:52 am
Forum: Personal Finance (Not Investing)
Topic: When are inherited annuity proceeds taxable?
Replies: 6
Views: 479

Re: When are inherited annuity proceeds taxable?

The taxable amount is less than $50k and she is 86 and not in great health. She’s already in the 22% bracket due to pension income so the lump sum will not only keep it simple, but also not do any harm. If you have not already done so, review the requirements that control how much of her assisted l...
by WorkToLive
Mon Jan 20, 2020 8:49 am
Forum: Personal Consumer Issues
Topic: Time to get a bearded dragon?!
Replies: 57
Views: 4606

Re: Time to get a bearded dragon?!

While we are most definitely NOT pet people, we "inherited" a Bearded Dragon from my daughter's school after caring for it over the summer. The school changed teachers and the new teacher did not want it so we kept it. In our experience, caring for him has been relatively easy and involves picking u...
by WorkToLive
Sun Jan 19, 2020 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: When are inherited annuity proceeds taxable?
Replies: 6
Views: 479

Re: When are inherited annuity proceeds taxable?

She will receive a 1099R in Jan, 2021 indicating the taxable amount of the annuity distribution. If this will be enough to warrant checking into any stretch option she would have, you might consider that. However, you are probably trying to keep her financial affairs as simple as possible. Thank yo...
by WorkToLive
Sun Jan 19, 2020 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: When are inherited annuity proceeds taxable?
Replies: 6
Views: 479

Re: When are inherited annuity proceeds taxable?

123 wrote:
Sun Jan 19, 2020 2:10 pm
As a likely cash-basis taxpayer your aunt would be taxed on the annuity proceeds in the year they are paid and received, in this case 2020.
Thank you! Yes, she is a cash-basis taxpayer.
by WorkToLive
Sun Jan 19, 2020 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: When are inherited annuity proceeds taxable?
Replies: 6
Views: 479

When are inherited annuity proceeds taxable?

I am the financial power of attorney for my ailing aunt, currently in assisted living. Her brother died in June of 2019 and I recently received word that he left annuity proceeds to her. I am filling out the paperwork now and expect to receive the proceeds on her behalf in 2020. A portion of the ann...
by WorkToLive
Sun Dec 29, 2019 8:34 am
Forum: Investing - Theory, News & General
Topic: Options for Overfunded 529 Plan
Replies: 2
Views: 327

Options for Overfunded 529 Plan

I am working on our 2020 budget and am questioning our continued funding of our daughter's 529 plan. We have one child, currently age 13, definitely on a traditional 4-year college path, with $300,000 saved for college in a combination of a Coverdell and 529 plans at this time. It appears this amoun...
by WorkToLive
Fri Aug 30, 2019 4:54 am
Forum: Personal Finance (Not Investing)
Topic: While there is a high school question - my daughter wants to graduate early
Replies: 76
Views: 4138

Re: While there is a high school question - my daughter wants to graduate early

I graduated college in 2 and 1/2 years as a physics major summa cum laude, Phi Beta Kappa. I completed my graduate school degree in August after what would have been four years of undergrad. At the time, I didn't think much about it because academics came easily to me, but I have regretted it just a...
by WorkToLive
Sat Aug 03, 2019 1:51 pm
Forum: Personal Consumer Issues
Topic: Books on gaining control of your mind/behavior
Replies: 24
Views: 2440

Re: Books on gaining control of your mind/behavior

Check out stoicism philosophy. “The philosophy asserts that virtue (such as wisdom) is happiness and judgment should be based on behavior, rather than words. That we don’t control and cannot rely on external events, only ourselves and our responses.” https://dailystoic.com/what-is-stoicism-a-definit...
by WorkToLive
Thu Jun 20, 2019 8:33 pm
Forum: Personal Investments
Topic: HSA question
Replies: 2
Views: 473

Re: HSA question

The IRS only allows one "family" contribution per couple. There are three options: Split the family contribution evenly between the spouses, allocate it according to a division they both agree on, or put 100 percent in one spouse’s account. In any case, the IRS treats married couples as a single tax...
by WorkToLive
Sat May 18, 2019 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: UPDATE: Funding fiancee plastics practice.
Replies: 15
Views: 2542

Re: UPDATE: Funding fiancee plastics practice.

I think this is plastic surgery
by WorkToLive
Thu Mar 28, 2019 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Is our household budget crazy?
Replies: 141
Views: 13825

Re: Is our household budget crazy?

Mortgage / Rent: $0 (We own our home outright) Home Maintenance: $1,100 Childcare: $3,100 (Nanny and preschool) Travel: $2150 Food & Groceries: $1800 (About $1000 of this is groceries and $800 is eating out) Health: $1400 ($750 is for health insurance and rest is for out of pocket expenses) Utiliti...
by WorkToLive
Thu Mar 14, 2019 7:08 am
Forum: Personal Investments
Topic: Should we pay down 4% loan more quickly or invest in bonds?
Replies: 42
Views: 3504

Re: Should we pay down 4% loan more quickly or invest in bonds?

I am in the camp of maxing out all pre-tax retirement space as well. A few people have mentioned it, but I would strongly encourage you to look at your $10,000 in monthly expenses and evaluate if that can be reduced. I can see that amount with two kids in full-time daycare, but for Dinks with $300,0...
by WorkToLive
Fri Mar 08, 2019 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Savings Rate
Replies: 97
Views: 8228

Re: Savings Rate

I don't think there is any hard and fast rule about savings rate. Here are some things I've heard: --Saving 15% of your gross income consistently over your working years will allow you to replace 85% of your gross income in retirement. --Saving more may allow you to retire earlier or live better in ...
by WorkToLive
Tue Mar 05, 2019 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: 1040 Roth conversion explanation
Replies: 10
Views: 553

Re: 1040 Roth conversion explanation

A conversion does not ordinarily need an attached statement. Statements are needed for recharacterizations, withdrawals of contributions, transfers of IRAs as a result of a divorce and probably a few other rare situations I can't recall. See the instructions for form 8606. Ideally a backdoor Roth c...
by WorkToLive
Tue Mar 05, 2019 6:36 am
Forum: Personal Finance (Not Investing)
Topic: 1040 Roth conversion explanation
Replies: 10
Views: 553

1040 Roth conversion explanation

In previous years I’ve been prompted to write a few sentences explaining my conversion from TIRA to Roth as part of my back door Roth strategy on my tax return. I was not prompted this year through taxact, and wondered whether one was required? Does anyone know?
by WorkToLive
Mon Oct 29, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Am I doing well financially?
Replies: 174
Views: 16787

Re: Am I doing well financially?

My contribution to this discussion is a phrase I like and is perfect for you and your wife: You can have anything you want, but not everything you want. I think you both think you can do everything, but earning what you earn means you still have to make choices. What are your priorities? How might t...
by WorkToLive
Thu Sep 20, 2018 8:08 am
Forum: Personal Consumer Issues
Topic: Bathroom and Basement Remodel Costs
Replies: 56
Views: 4251

Re: Bathroom and Basement Remodel Costs

I feel like this is very personal decision. It sounds like you know this business so I think you know whether these prices are out of range or not, but in the end I think you need to consider how much money you have, what your other goals are, and how much you will enjoy the output of this work. I s...
by WorkToLive
Thu Aug 30, 2018 5:21 pm
Forum: Investing - Theory, News & General
Topic: "6 Reasons The Rich Should Pay-Off Their Mortgage"
Replies: 196
Views: 40609

Re: "6 Reasons The Rich Should Pay-Off Their Mortgage"

The main reason I decided to pay off the mortgage was because I struggle to spend money in general. I have a spouse and a child and I want a good life with a reasonable balance between savings and spending. We have never saved less than 20% of our income and are on track to save 35% this year. Hones...
by WorkToLive
Wed Aug 22, 2018 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: FireCalc Question
Replies: 11
Views: 1111

Re: FireCalc Question

This is why I was recommended to split up my remaining life into two sections. A period of time prior to retirement and a period of time thereafter. I used the value from the pre-retirement simulation at about the 10th percentile as the input into the second simulation. This shortens the timeframe f...
by WorkToLive
Thu Jul 12, 2018 4:27 pm
Forum: Personal Consumer Issues
Topic: Advice on IT Certification program
Replies: 109
Views: 6716

Re: Advice on IT Certification program

I am an IT project manager and would consider hiring someone with this certificate as a Tier one helpdesk or call center agent. From there, your student could figure out what to specialize in and move forward with a four year degree.
by WorkToLive
Thu Jul 12, 2018 4:25 pm
Forum: Investing - Theory, News & General
Topic: COMING SOON: BOGLEHEADS PODCASTS
Replies: 367
Views: 23704

Re: COMING SOON: BOGLEHEADS PODCASTS

Bogleheads: Do It Yourself Investing

Bogleheads: Low-Cost DIY Investing

Investing the Easy Way with Bogleheads

Simply Rich: Invest the Bogleheads Way
by WorkToLive
Sat Jun 02, 2018 11:43 pm
Forum: Personal Finance (Not Investing)
Topic: 125K Spend - Would you do this ?
Replies: 53
Views: 5865

Re: 125K Spend - Would you do this ?

I would put a bunk bed in my sons room, perhaps a double on the bottom and twin for him on the top. Kids generally sleep more deeply and you could give yourself some mkre time to decide.
by WorkToLive
Mon May 07, 2018 1:24 pm
Forum: Personal Investments
Topic: advise on custodial account for daughter
Replies: 14
Views: 1261

Re: advise on custodial account for daughter

Is this a UGMA/UTMA account? If so, you have a legal obligation to turn the funds over to her at 18 or 21 depending on your state. If these are just funds you have set aside in your own name for her, then you can only give her up to the annual gift exclusion amount, currently $15,000, without fillin...
by WorkToLive
Sun May 06, 2018 10:24 pm
Forum: Personal Investments
Topic: Investment Plan After Windfall At My Age With 3 Kids
Replies: 15
Views: 3264

Re: Investment Plan After Windfall At My Age With 3 Kids

My immediate thought is to add more to the 529 plans. $300,000 is not enough for three kids. Why not put the max years of $15,000 into the 529s? If there is excess, you can always gift it to any grandkids or just pay the 10% penalty on earnings. That will shelter a bunch more from taxes and get coll...
by WorkToLive
Mon Apr 30, 2018 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee question--am I on the title?
Replies: 7
Views: 911

Re: Trustee question--am I on the title?

USAA says I’m eligible so long as I am legally able to sell the home, which I am. She’s checking and will email me. I looked at Redfin, but there is a $4500 minimum in the zip code where the condo is, and the property is only worth $185k. In that case, Redfin vs. USAA is a wash so long as I am rebat...
by WorkToLive
Sun Apr 29, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee question--am I on the title?
Replies: 7
Views: 911

Re: Trustee question--am I on the title?

Gill wrote:
Sun Apr 29, 2018 4:27 pm
No, the trust is the owner of the home, not you individually but only in your capacity as trustee.
Gill
Thanks, Gill. I guess that means no one is eligible for the rebate. Bummer.
by WorkToLive
Sun Apr 29, 2018 4:05 pm
Forum: Personal Finance (Not Investing)
Topic: Trustee question--am I on the title?
Replies: 7
Views: 911

Trustee question--am I on the title?

Hi, fellow finance folks, I am hoping someone can answer a question for me about a real estate title. I am working to sell my aunt's apartment because I am her personal representative and trustee on her trust, as well as eventual executor. She has been diagnosed with dementia and declared unable to ...
by WorkToLive
Thu Apr 26, 2018 5:58 am
Forum: Personal Finance (Not Investing)
Topic: Another house budget question
Replies: 25
Views: 3036

Re: Another house budget question

I think the biggest consideration you need to make is how early you would like to retire. Having kids is expensive, really expensive. Especially if you are in a high cost of living area such as what you describe. When we bought our house for a purchase price of $635,000, our total household income w...
by WorkToLive
Sun Apr 22, 2018 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: How long have you been unemployed?
Replies: 97
Views: 12598

Re: How long have you been unemployed?

To me, unemployment carries with it the connotation that you cannot find work although you are looking for it. In that case, I have never been unemployed. That said, I took off about nine months between jobs in my 20s to figure out my new career and about three years after my daughter was born. I ha...
by WorkToLive
Sat Apr 21, 2018 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance Changing Lifestyle
Replies: 79
Views: 13102

Re: Inheritance Changing Lifestyle

Not sure why folks are assuming that OP is a man and the spouse is a woman. In my family, the one spending more money would certainly be the husband. I agree with the previous posters that this is a relationship issue and not a financial problem. Is your spouse aligned with your long-term goals for ...
by WorkToLive
Wed Apr 18, 2018 1:37 pm
Forum: Personal Consumer Issues
Topic: 2018 Honda Fit EX
Replies: 33
Views: 4052

Re: 2018 Honda Fit EX

We bought a new 2009 Honda Fit sport and have been extremely satisfied. We have 109k on it and you would never know it wasn't just driven off the lot.
by WorkToLive
Wed Apr 11, 2018 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: My PCP Won't See Me After Auto Accident - How to Handle With Insurance Company?
Replies: 39
Views: 5485

Re: My PCP Won't See Me After Auto Accident - How to Handle With Insurance Company?

After a recent auto accident, my PCP asked that I pay in full for the visit, which I did. I was reimbursed by the insurance company many months after.
by WorkToLive
Fri Apr 06, 2018 3:29 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 18850
Views: 2635112

Re: U.S. stocks in freefall

I had been sitting on about $24k of cash and just dumped it in today. I am committed to not looking again at the market for at least 6 months. I want to get out of the habit of looking at it period.
by WorkToLive
Wed Apr 04, 2018 9:00 pm
Forum: Personal Investments
Topic: Preparing for Backdoor Roth IRA
Replies: 7
Views: 1219

Re: Preparing for Backdoor Roth IRA

Just completed the last step today! So I took what was four accounts and got it down to to: one 403(b) and one Roth IRA. I will owe a bit of tax on the portion of the post-tax TIRA to Roth conversion that represented gains. I think it will be about $3500 in earnings. Then it will be a simple backdoo...
by WorkToLive
Mon Mar 26, 2018 9:33 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

So, I sold my CR-V on Saturday and am in possession of the Lexus! I love it. It was the right choice, I know. I still have to transfer the title and insurance, etc., but I officially made the decision. No looking back! :) Welcome to the "club". https://www.clublexus.com/forums/ If you are like to t...
by WorkToLive
Mon Mar 26, 2018 9:27 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

So, I sold my CR-V on Saturday and am in possession of the Lexus! I love it. It was the right choice, I know. I still have to transfer the title and insurance, etc., but I officially made the decision. No looking back! :)
by WorkToLive
Mon Mar 26, 2018 9:26 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

This sounds more like a boredom issue than a car issue. The only downside I can see is that once you have the Lexus, you won't be satisfied going back to a non-luxury car. So this is sort of the "gateway drug" to higher car costs going forward. This. I went from an Acura to a Subaru over two years ...
by WorkToLive
Mon Mar 26, 2018 9:23 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

What year(s) did Lexus and Acura get the automatic emergency braking and lane watch features? I know the luxury vehicles tend to be a little bit ahead of the game. As of the 2018 models, Toyota and Honda now have these features standard. Car has none of those safety features, but neither does CR-V.
by WorkToLive
Mon Mar 26, 2018 9:22 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

Some things to consider; 1) What is the condition of the tires? If one of them will need new tires soon then that would be a significant amount. 2) ESC seems to be a real good safety feature to have especially in a SUV. That became standard in about 2012 so they may not may not have it. Check out t...
by WorkToLive
Mon Mar 26, 2018 9:18 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

boglebill2015 wrote:
Sat Mar 24, 2018 8:23 pm

I think you know what you want to do. You have permission from this disciple of St. Bogle.
I love it! Thanks :D
by WorkToLive
Mon Mar 26, 2018 9:17 am
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

Wow - A thread I feel qualified to comment on !! We have both a 2007 Lexus RX350 (190,000 miles) and a 2013 Honda CRV (65,000 miles), we like them both but the Lexus probably wins out for the most part for the price difference you are talking about. Pros / Cons - RX350 - Much less road / tire noise...
by WorkToLive
Fri Mar 23, 2018 2:26 pm
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

Re: WWYD? Trade Honda CR-V for Lexus RX350?

I couldn't give a hoot about driving a luxury car. I drove a 16 year old manual transmission Honda Accord until it finally fell apart. I've never found my CR-V comfortable. And it is very under powered. I think I'll go for the trade up. Don't care about resale, don't intend to sell. I'm one of those...
by WorkToLive
Fri Mar 23, 2018 12:27 pm
Forum: Personal Consumer Issues
Topic: WWYD? Trade Honda CR-V for Lexus RX350?
Replies: 32
Views: 4743

WWYD? Trade Honda CR-V for Lexus RX350?

I have the option to change from a 2010 Honda CR-V 2WD EX-L with 65k miles to a 2010 Lexus RX350 with 85k miles for about $2k. Is this a no-brainer? Neither Car has any history of mechanical or accidents. Both cars owned by family members so no lying about the details.
by WorkToLive
Mon Feb 19, 2018 1:28 pm
Forum: Personal Investments
Topic: Late 20's female looking for some advice towards financial independence
Replies: 31
Views: 4782

Re: Late 20's female looking for some advice towards financial independence

I've often mused that the single best decision I made in my 20s was to have a roommate. Is that a possibility?
by WorkToLive
Wed Dec 20, 2017 6:34 am
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for 2018 Planned Donations?
Replies: 33
Views: 4296

Re: Donor Advised Fund for 2018 Planned Donations?

I used Vanguard Charitable. It allowed me to fund with my Vanguard Brokerage with a few clicks. I chose total US stock fund at 0.04 ER and VG charges 60 bp to manage. So for 0.64, I get my own charitable fund for as long as I want it.
by WorkToLive
Tue Dec 19, 2017 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund for 2018 Planned Donations?
Replies: 33
Views: 4296

Re: Donor Advised Fund for 2018 Planned Donations?

I opened and funded ours today with 200 shares of appreciated IBM stock from the 1980s. That should take care of our charitable contributions for many years. I'd been trying to decide what to do with that stock for years and this was so easy.
Took 15 mins tops to set up and fund.
by WorkToLive
Fri Nov 17, 2017 10:46 am
Forum: Personal Consumer Issues
Topic: Suggestions for 1st week vacation in 2018?
Replies: 21
Views: 1908

Re: Suggestions for 1st week vacation in 2018?

The USVI recently suffered a massive hurricane and their infrastructure is still quite damaged. I would check with the hotels before I booked that. Not sure about Grand Cayman.

What about Cozumel, Mexico?
by WorkToLive
Sat Nov 11, 2017 10:02 pm
Forum: Personal Investments
Topic: IRA Rollover 1 per year rule
Replies: 19
Views: 2315

Re: IRA Rollover 1 per year rule

I think I am more confused than ever. IRS guidance does not seem to be helpful here. Is it ok to do what I propose as long as I have the check written to the new IRA holder? Who can I confirm this with?
by WorkToLive
Sat Nov 11, 2017 7:19 am
Forum: Personal Investments
Topic: IRA Rollover 1 per year rule
Replies: 19
Views: 2315

Re: IRA Rollover 1 per year rule

Thank you. So as long as I get the distribution check written out to TIAA-CREF and do not have any tax withholding, I can do both. I'm sure that is feasible.