Bogleheads.org

If your friend wants to see their total dividends earned to date, they can login and look at their holdings, it shows their accrued dividends since the last payment to their account. Transactions will show the monthly dividends and the date paid to their account. The current accrued dividends will be paid to their account at the end of the month. The accrued dividends up date daily.

I think I at least found an answer to one of my original questions on the FDIC web site, it states

"FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing."

https://www.fdic.gov/resources/deposit- ... -a-glance/

Schwab bank is selling 40,000+ brokered noncallable year to year and a half term CDs paying 5%+ on Vanguard's brokerage web site. Any idea what might be happening with those and why they appeared now?

One other item I noticed about the current list of Vanguard CDs is that a week ago almost all the better rates were on "callable" CDs, now very few of the CDs are "callable" and there are both short and longer term noncallable CDs with decent rates. a bank with the Schwab name just put out 40,000+ year to year and a half term CDs over 5%.

Can anyone explain what is going on with brokered CD rates since these bank failures? Are the banks trying to raise cash? Do they think rates are going to continue to rise? Etc?

[Thread merged into here --admin LadyGeek] Vanguard has a notice on their web page that lists CDs available for purchase that states: "If you own a Silicon Valley Bank or Signature Bank brokered Certificate of Deposit (CD), the FDIC insurance covers deposits and CDs at each insured bank normally $250,000 per owner, per bank. Vanguard will partner with the FDIC on our clients behalf to ensure a prompt and orderly payout of funds. We anticipate this process to conclude in approximately two weeks." Has anyone ever dealt with recovering funds through the FDIC on a failed bank CD, or with Vanguard recovering these funds? Is the depositor simply paid the face value of the CD with no additional interest? These two banks appear to be spe...

Vanguard can charge you a $20 per mutual fund fee annually if you don't have a large enough mutual fund account, but they can't force you to move to the brokerage account. If you want to buy and sell securities other than mutual funds the brokerage account is needed. But if you are only buying and selling Vanguard mutual funds, then the brokerage account can just be another complication. And it can be a lot of time consuming re-establishment of what you already had, unless you have only one simple account. Be aware that you will have to re-establish checkwriting, re-link banks, re-set up how your dividends and capital gains are handled, understand how to work with a settlement account, understand the consolidated 1099, etc. The brokerage ac...

Would not recomment % of assets, seems way out of line. Go with a good lawyer who charges per hour and will shift what work can be done either to you (no cost other than advice) or to one of their paralegals with a lesser hourly rate. Save the questions that no one else can answer or you can't handle yourself for the lawyer. Also, some forms can be handled by a good CPA, this is particularly the case if your state has inheritance tax that needs to be filed. CPAs can handle much of the tax filings if they have had a decent amount of experience with settling estates. Watch, at times a CPA can cost as much per hour as a lawyer. Split whatever work needs to be done between yourself (and/or the executor if another individual), the lawyer, their ...

Thanks for the additional resources, much clearer than trying to read the tax form instructions. I think what appeared to be references to these 2 taxes in the news lately added some confusion as to what these taxes currently are.

I'm trying to understand if or how these two taxes interact/are related. The only terms that I have ever heard for these taxes are as I listed in the Subject; Additional Medicare Tax Net Investment Income Tax (NIIT) I have never in prior years heard of the NIIT referred to as the "Medicare Net Investment Income Tax" or that it had anything to do with supporting Medicare. And both of these taxes currently (for simplicity I'm using a single taxpayer) only impact a single person with: for the Additional Medicare Tax earned income over $200,000 and for the NIIT income as defined in the tax code over $200,000 with the tax applied to some portion of Net investment Income (unearned income). For the Additional Medicare Tax, the employer m...

if you pay at least as much in estimated tax (in 4 equal and timely installments) as you paid in total tax for the prior year, you should meet a safe harbor and can pay any additional tax by 4/15 of the next year with your return. If your income has actually decreased significantly and you would owe much less tax this year compared to the prior year and you don't want to pay what is needed for the above safe harbor, then meeting the estimated tax payment rules is more complicated because the other "safe harbors" are based on what your actual total tax is for this year. So if you cannot currently predict what your total tax will be for this year to send in 4 timely equal installments that total at least 90% of this years actual tot...

Well, I was going to potentially recommend a hotel, but it looks like a lot has changed in Rome since covid. But I did look up where we stayed pre-covid, fantastic location and wonderful hotel, but apparently it must now be mainly suites and a lot more expensive. If you care to look https://www.roccofortehotels.com/it/hotels-and-resorts/hotel-de-la-ville/ It's very near the top of the Spanish Steps. Rocco Forte has it now, but pre-covid it was the Intercontinental Hotel de la Ville and was affordable. Now it's priced more than the Hotel Hassler which is at the top of the Spanish Steps. I'd say that unless you get a recommendation from someone who has been to a particular hotel post-covid, I'd do a lot of checking to be sure of what the plac...

Couldn't you have listed that you received half of the income as a "nominee" and if your spouse was the co-owner the other half would have been reported on her return?

If your income is within the range to use form 8995 (as opposed to 8995A), the form is fairly straight forward to fill out. Just enter the amount from Box 5 that appears on your 1099-DIV on line 6 of form 8995. Read the instructions for 8995 Line 11 to be sure you enter the correct income amount. And be sure to read the instructions for 8995 Line 12 to be sure you enter the correct net capital gains which includes both Qualified Dividends and Capital Gains. If your QBI (Qualified Business Income) turns out to not be limited, basically you end up just entering 20% of the 1099-DIV Box 5 on your 1040 Line 13 as an additional deduction from income. Watch the use of Line 13 for other purposes in filing your taxes, sometimes it is used, sometimes...

There is a profile for each mutual fund in your brokerage account that allows you to set where you want the dividends and capital gains distribution to go. Log in. go to holdings and click on the fund symbol in the list of your holdings. You should see your current set up there. If you don't see a way to change the settings there, then go to the hamberger menu and choose Profile and find the dividends and cap gains setting under that. Look for the heading "Accounts and Trading" and then choose dividends and cap gains option.

And yes, dividends and cap gains can be set to go to the settlement fund.

You don't necessarily have to "transition" your accounts. If you have mutual fund accounts, go online and set up a new brokerage account of whatever type you need. And then call Vanguard to do a "change in ownership" which is apparently Vanguard speak for doing an "in kind" transfer to your new brokerage account of whatever funds you have that you do not want to sell triggering a gain/loss, so all the nonMoney Market Funds. Then you can later transfer the money market funds to ultimately zero out your mutual fund account when you are ready to do that. Now it may be that setting up a new Brokerage Inherited IRA Account does require the paperwork and can't be done on line, I have no idea about that. But you can s...

If you don't have an online account with Social Security, they should have been sending you an estimate of the Social Security benefits that you would receive if you applied to Social Security that year. That estimate should have shown the entire history of annual income that Social Security has on file for you that will be used to calculate your benefit. If you don't have that, then call Social Security and ask them to send you the full history of your income year by year that Social Security has on file for you. Review that and if you have any questions about it call them again and let them know your concerns. If you have an online account with Social Security, you most likely can get the wage history through your online account. Remember...

As others have stated, as long as your mother has enough income to live on currently, don't do anything that isn't absolutely necessary to handle the settlement of the estate, until you fully understand what your mother inherited and what your mother wants done. It is her money and if she has a low risk tolerance, don't take her money and put it in a fund that could lose a significant percentage, like some funds have done over the past year, without her approval and sufficient explanation of the risk. Your father may have been looking for the best short term interest rates at various banks, but if all the accounts are in the low 6 figures, he was also mindful of keeping each account fully covered by FDIC (or the equivalent if a credit union...

Per OP Is this mostly a nothing-burger, or something to be prepare for? Is there anything to do besides be ready to provide financial assistance if required? I answered the question. It's a nothing burger, unless the politicians are bent on wrecking the US economy. And there is nothing the average person can do, except vote to protect Medicare, or strike it rich. Medical bills without insurance can be in the millions of dollars, whether that is for hospital stays, drugs, or many, many other problems. And no one knows whether they may be the one who will need that million dollar medical treatment. If you have millions or expect to have millions, then no problem, or if you are one of the lucky ones and never need that level of medical care. T...

Have always considered whether a CPA does any tax work or a lawyer (estate), that they are the first pass at the return based on the information and prep work provided to them. Then use that prep work and check against the return. Ask questions if something seems unreasonable/out of place and get the professional to explain it. If it makes a difference in the tax, make sure they fix it before filing anything. If dealing with an assistant and they can't explain what they did, then talk to someone higher up. Question any fees that are charged to fix their mistakes.

When Vanguard was switching from the old Profile set up to this new one in 9/2022, they dropped the bank links that had been there previously, i.e. they did not show up under the Profile any longer. It's possible the bank links were still in place if you actually had to transfer funds, but the Profile stated that they didn't exist. And there was a message stating that Vanguard couldn't link various accounts, that had been linked before (which was not true).

Check your Profile, make sure all the links you think should be there actually are there. And if not, call Vanguard and get them to fix the Profile.

There can also be Additional Medicare Tax that must be reported on the 1040, Schedule 2 Line 11 and also see form 8959.

https://www.irs.gov/taxtopics/tc560

The discussion is pointless. There is only one way to ensure Medicare still exists and that is all politics and whether people actually care about truth. People need to face the reality that per all the actuarial studies that have been done since Medicare came into existence, Medicare is responsible for substantially increasing life expectancy for those 65 and older. Without it, US life expectancy over age 65 will substantially decrease, maybe more so than the initial increase because most employers no longer provide any retiree health insurance. And health insurance for those over 65 is not covered by the ACA and private pay health insurance for those over 65 is still subject to medical underwriting and would bankrupt most people who canno...

You can over pay your tax throughout the year and still owe a penalty, if you didn't either pay all of it through withholding or also pay any remaining tax by the estimated tax payment rules to assure that each payment is timely. See form 2210.

Per form 2210, if 90% of your tax for the year less your total withholding for the year is less than $1000 you don't owe a penalty.

If you don't meet the above, then you must continue on through other "tests" of sufficient and timely payment of the year's taxes.

Not sure if that is always the case, you can owe a penalty even if you over pay your taxes, if you don't pay enough taxes upfront by each estimated tax deadline.

In my case, I went to the Vanguard Profile and changed all the settings to what I wanted after all other changes were made and several months before the end of 2022. Vanguard customer service verified that all the Profile settings were as I had set them and had been changed on a timely basis and had not changed after that and that the tax forms should have been mailed. Vanguard customer service couldn't explain why they weren't mailed. But Vanguard is now mailing copies, hopefully they will appear in the mail in the next week or two.

You might want to contact your bank, they should have sent you a 1099 if the bond interest was more than $10. Did you get any 1099 from that bank? Is this bond interest on a 1099 from your bank that includes other interest from that bank?

And doesn't each distinct payer id require a separate listing on a Schedule B, if that Schedule must be used?

There are two safe harbors: 1)pay at least as much through withholding and estimated tax(if necessary) for 2023 as your total tax was for 2022 or 2)pay at least 90% of what your tax actually is for 2023 through withholding and estimated tax(if necessary) Only you know what is a good estimate of your tax for 2023, if you think your withholding will cover 90% of it you may be ok. As far as the 2022 penalty, the IRS may calculate this penalty for you and bill you, however if you complete form 2210 underpayment of estimated tax for 2022, you may find you don't owe a penalty or be able to calculate any penalty yourself for 2022. Form 2210 allows you to input your income as you earned it during the year, if your additional income occurred late in...

Just checked, go to the Balances and Holdings page, find the box near the top that shows "summary information", click on it to get the drop down menu and just choose balances by date. It will show the old style page with the current date or you can enter some other date. It is not exactly the same as the old page, it has a column for Accrued Dividends, so the totals shown include any accrued dividends. There is still a print button on this page, unlike the new big print holdings page that has no print button.

Sounds like you are talking about 2 different years. So, you didn't pay enough tax upfront for 2022 and now you owe an underpayment penalty for 2022, correct? And Turbotax has indicated that you should start paying quarterly estimated tax payments for your 2023 taxes, is that correct?

Do you have any idea how Turbotax estimated your 2023 taxable income? How did it determine that you need to pay quarterly estimated tax for 2023? Generally, if you pay at least the same amount in tax upfront through withholding and estimated tax as what your total tax was for 2022, you meet a safe harbor and won't have any penalty for 2023.

You might want to clarify what years and amounts you are referring to, to get a better answer.

You could at least fairly recently see the old holdings webpage if you input that you want holdings as of a specific date.

I found the url, it was FundReports.com and appears to be a Broadridge website and just for signing up for paperless reports. Doesn't look like it would apply to statements or tax forms. So, not sure how that could interfere with a Vanguard Profile setting for tax forms.

I'm still trying to find that url I mentioned above that would allow brokerage clients to sign up for e delivery of documents. But in any case, if I recall correctly, I had left that as signed up for paper documents. And the only settings I changed after that were directly under the Vanguard Profile which is set to e delivery except for tax forms which are set to US Mail. So, still don't understand what Vanguard is doing with that Profile set up, maybe they are only applying it to mutual fund accounts, not brokerage accounts???? But I don't see separate choices for mutual fund accounts vs brokerage accounts under Profile. Also, when I just talked to Vanguard customer service, they specifically stated that my tax forms should have been maile...

Vanguard came out with a "revised" US government obligation % list on 2/9/23 for tax year 2022. Don't know what changed, but is is listed as revised.

https://advisors.vanguard.com/tax-cente ... nformation

If you don't see the revised document, click on the 2022 "view our full tax calendar" "2022 tax calendar" button, it will show up there as about the fourth or fifth document from the top.

Vanguard does indeed title monies rolled over from an employer 401k account into a new IRA account as a "Rollover IRA". Once you rollover the emplooyer monies to a new IRA account, never contribute any other money to this account and it should preserve the legal protections afforded to rollover employer plan money.

Even with LTC insurance, she may need a large lump sum at some point to pay for medical expense or her care. And to get into a LTC facility, they are looking for several years of private pay at more than $10,000 per month, plus inflation every year.

And when you are buying an annuity, you need to be aware of upfront commission/fees, the terms for any early withdrawal or larger withdrawal/surrender fees/terms and the insurer's rating, and predicted inflation.

Another question: I set the Vanguard delivery preferences under the Profile on Vanguard's website. I seem to recall that when Vanguard Brokerage was still mailing out fund documents, e.g. a new prospectus, that the envelope it was mailed in listed some other website where you could set mailing preferences, possibly for these fund documents. Could this be interfering with my Vanguard Profile delivery settings? Does anyone have the information on that other brokerage website url or have any information on that other website? Vanguard customer service assured me that my Profile settings were accurate, but they did not have any explanation as to why they were not followed/implemented. So, I'm still concerned this tax form US mail delivery probl...

Your brother should request a copy of the Defined Pension Plan Document to understand how his pension accrues and what he would actually be entitled to as he earns each year of accrual. As others mentioned, government plans are not immune to problems. It could be that your brother's plan as presumably an employee of a federal government agency provides some additional security. However, many public plans have had funding issues and benefits have been reduced. These plans follow different rules than private corporation plans that must meet funding standards and are insured by the PBGC. At the least, your brother should be getting a statement of his benefit that has accrued to date each year. And you do have to take into account the time valu...

You need to be able to count on on line access to download tax forms. Unfortunately, that has not always been possible. And please no judgments or comments on why a particular set up is needed.

So many companies have terminated or frozen their pension plans, that frankly, unless there is some really ironclad agreement to not freeze the plan, I would discount it entirely. Most of the value in a defined benefit plan accrues in the last few years before retirement. The vested accrued benefit a number of years prior to retirement is often only a small fraction of what would be available if you could count on working many years at ever increasing pay and receive your entire pension accrued to normal retirement age. Employers only owe you the vested accrued benefit and nothing more. Future accruals are not guaranteed and often never happen. So, you need to judge, do you really think this employer is going to keep that pension plan in pl...

Thanks for the analysis tool, I think it will take me some time to review as well as look over all the additional information on the Financial Professionals Tax Center Calendar webpage. But very helpful to have access to all the info.

Sounds like I may very well need to check up on the tax forms being mailed each year, now that e-delivery is selected for everthing else and US Mail is only selected for Tax Forms.

Thank you for the link to the Financial Professionals Tax Center Calendar. I have been trying to find more detail on Vanguard's tax reporting and this webpage looks like it provides a lot more info than I have been able to find anywhere else.

And thanks to everyone who has been providing insight to all the various breakouts that may appear on Vanguard statements and the Vanguard Brokerage consolidated 1099 and the Vanguard Mutual Fund Account 1099 DIV.

This transition year from Vanguard Mutual Fund Accounts to Vanguard taxable Brokerage Account has opened up a lot of questions about Vanguard's tax reporting.

Good to know, in my case, they did not. Hopefully this was a one time hiccup.

Someone ask for confirmation as to whether Vanguard ever mailed out tax forms when delivery option was set to e-delivery for everything except Tax Forms which were set to US Mail. Vanguard did not mail out these forms, even though the Tax Form US Mail option was chosen months before the tax forms were to have been mailed and the setting was checked regularly to make sure it had not changed. After waiting a month, after the first form was to have been mailed and not receiving it, had to talk to Vanguard and get them to mail copies of these forms. Per Vanguard, everything seemed to be set up correctly, however, for some unexplained reason, with e-delivery set for all other documents and US Mail set for tax forms, the tax forms were not mailed...

I'm asking about the detail that Vanguard provides for each mutual fund in the Dividends and Distribution Detail section of the Vanguard Brokerage consolidated 1099. I added up these pieces reported by Vanguard in this detail section to match exactly the number that Vanguard reported for all mutual funds as a total in the 1099 DIV Box 1A portion of that statement. To get this total I had to include these pieces as I listed above for all the mutual funds: Qualified Dividends NonQualified Dividends Section 199A Dividends If i left out any of these items, the numbers would not have added up to what Vanguard reported in total in Box 1A. So, I know that in the detail section of the 1099 I will have to add up these items for each fund separately ...

[Thread merged into here --admin LadyGeek] Vanguard Brokerage consolidated 1099 provides a section titled "Detail for Dividends and Distributions". It lists each mutual fund separately showing a breakdown of the dividends and distributions for each fund. Various pieces appear to be summed up to populate Box1A and other boxes on the 1099 DIV section for all of the mutual funds in total. So, unlike the old mutual fund 1099-DIV there is not a separate Box 1A for each fund, just a grand total. The breakdowns that I'm seeing currently are: Qualified Dividends Non Qualified Dividends Section 199A Dividend Long Term Captial Gain If I add up all of the Qualified Dividends, NonQualified Dividends and Section 199A Dividends for all of the ...

I think I''m coming to the same conclusion. just multiply the % provided by Vanguard times whatever Vanguard puts in 1099-DIV Box1a. The result is what can then be deducted from Box1a for PA State Income Tax purposes.

Thanks for looking into this. I've seen so many vague descriptions of how to get the mutual fund US Gov Obligation income that is not taxable for PA, that I think taking Vanguard at face value and just using the Box1a total is all you can do.

Here is an additional quote from the PA Dept of Rev https://www.revenue.pa.gov/FormsandPublications/PAPersonalIncomeTaxGuide/Pages/Dividends.aspx Exempt-Interest Dividend Funds An exempt-interest dividend paid after Jan. 1, 1993 is not taxable under Pennsylvania personal income tax law. Taxpayers should exclude that portion of the total dividend designated as being from exempt Pennsylvania and federal obligations. Any amount designated as capital gain is fully taxable as dividend income for Pennsylvania purposes. Exempt interest dividends from states other than Pennsylvania or other than exempt federal obligations are taxable income for Pennsylvania personal income tax purposes. An ordinary dividend paid by a mutual fund and designated as b...

To jebmke

So, are you saying you just multiply Box 1A by the %, i.e. you don't have to remove the short term capital gains distributions?

Thank you for your reply, that really helps me understand what could appear on a Vanguard mutual fund 1099 DIV. I had no idea that the short term capital gains distributions could be qualified!

I just posted another question that involves these short term capital gains distributions, if you have any insight on that question, it appears here:

viewtopic.php?t=397580

Thanks again!