Search found 4578 matches

by House Blend
Wed Jul 17, 2019 8:35 am
Forum: Investing - Theory, News & General
Topic: ETF Order Status & Confirmation Price -vs- Transaction History Price Precision
Replies: 3
Views: 185

Re: ETF Order Status & Confirmation Price -vs- Transaction History Price Precision

On a related note RE Mutual Funds - VG goes to go to 3 decimal precision for quantity but only 2 decimal precision for price. Occasionally when multiplying the two - it comes out a whopping 1 cent over or under :oops: the transaction amount. I keep my own records, using python modules. The correct ...
by House Blend
Tue Jul 16, 2019 1:04 pm
Forum: Investing - Theory, News & General
Topic: Full list of Vanguard ETFs that are cheaper than their index funds?
Replies: 44
Views: 2727

Re: Full list of Vanguard ETFs that are cheaper than their index funds?

I couldn't stop myself from adding actual basis point (BP) differences: +1. What matters, from the investor perspective, is the difference [*] in expense ratios, not the ratio of expense ratios. (Unless your job description involves marketing and sales.) For example, a reduction in ER from 0.25% fr...
by House Blend
Mon Jul 15, 2019 9:09 am
Forum: Investing - Theory, News & General
Topic: Nuanced Benefit of delaying claiming of SSA Benefits
Replies: 21
Views: 1980

Re: Nuanced Benefit of delaying claiming of SSA Benefits

Let's say that today is January 1, 2019. It is also your retirement date and 67th birthday. I'd look at it this way: A. If I claim now, I get $33000 2019 dollars in 2019 and beyond. B. If I claim later, I get $42000 2019 dollars starting in 2022. My expenses will be higher than either of these figur...
by House Blend
Tue Jul 09, 2019 3:09 pm
Forum: Personal Investments
Topic: Best use of cash: Back door conversion to Roth or pay taxes on rollover IRA conversion
Replies: 4
Views: 274

Re: Best use of cash: Back door conversion to Roth or pay taxes on rollover IRA conversion

Do the backdoor Roth. The only time you should have a dilemma that involves investing cash in either a backdoor Roth or something else would be if you are not currently maximizing your other opportunities to contribute to tax-advantaged accounts. Whether a Roth conversion (of pretax dollars) is a go...
by House Blend
Fri Jul 05, 2019 8:20 am
Forum: Investing - Theory, News & General
Topic: TLH for absolute dummies [Tax Loss Harvesting]
Replies: 301
Views: 56095

Re: TLH for absolute dummies [Tax Loss Harvesting]

If you harvest a loss from A to similar-but-not-substantially-identical B, then it is possible, perhaps even likely, that you are underweight in the asset class X that A and B represent. If you need more X, then for the next 31 days (counting the day of sale), limit your purchases of X to Fund B (o...
by House Blend
Sat Jun 29, 2019 10:54 am
Forum: Personal Investments
Topic: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?
Replies: 15
Views: 925

Re: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?

Yes, the Fidelity one looks a bit riskier, but it would not be enough to persuade me to hold something safer in taxable. Note that when comparing the SEC yields of your two (taxable) bond funds, you should discount the one you hold in taxable by 24% + losses due to state taxes. The fact that you wi...
by House Blend
Fri Jun 28, 2019 8:18 am
Forum: Personal Investments
Topic: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?
Replies: 15
Views: 925

Re: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?

Yes, the Fidelity one looks a bit riskier, but it would not be enough to persuade me to hold something safer in taxable. Note that when comparing the SEC yields of your two (taxable) bond funds, you should discount the one you hold in taxable by 24% + losses due to state taxes. The fact that you wi...
by House Blend
Wed Jun 26, 2019 8:55 pm
Forum: Personal Investments
Topic: Help with Personal Rate of Return from Vanguard.com
Replies: 14
Views: 2441

Re: Help with Personal Rate of Return from Vanguard.com

I have a Vanguard IRA portfolio into which I do not make new contributions and am not taking withdrawals. My account balance shows a 12-mo gain of approximately 2.4% (ending balance divided by beginning balance -- roughly in line with the current S&P 12-mo total return calculation). Investment dist...
by House Blend
Wed Jun 26, 2019 5:12 pm
Forum: Personal Investments
Topic: TIAA Traditonal & RE: Auto RMD or Income?
Replies: 4
Views: 452

Re: TIAA Traditonal & RE: Auto RMD or Income?

Is your Traditional account the liquid kind that you can simply withdraw the money from, or is the illiquid kind that (if you don't choose the RMD or lifetime income options) has to be withdrawn via a Transfer Payout Annuity (ten payments over "nine years and a day")? I think it's very likely (give...
by House Blend
Wed Jun 26, 2019 4:59 pm
Forum: Personal Investments
Topic: TIAA Traditonal & RE: Auto RMD or Income?
Replies: 4
Views: 452

Re: TIAA Traditonal & RE: Auto RMD or Income?

IMO, there is not much point in setting up annuity income (option #1) if you don't need income. You'll get a better deal taking that option when you're actually retired. Your Traditional vintages will be older, you and spouse will be older, and your tax rate is likely to be lower => better payout ra...
by House Blend
Wed Jun 26, 2019 11:05 am
Forum: Personal Investments
Topic: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?
Replies: 15
Views: 925

Re: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?

Also, the Fidelity fund is in a niche share class.

You might get a better sense of the risk by choosing a vanilla (retail?) share class of the fund that has been around a long time and see how it did vs. safer alternatives during 2008-2009.
by House Blend
Wed Jun 26, 2019 9:05 am
Forum: Personal Investments
Topic: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?
Replies: 15
Views: 925

Re: Managed Bond Fund in 401k or Passive Bond Fund in Taxable?

Yes, the Fidelity one looks a bit riskier, but it would not be enough to persuade me to hold something safer in taxable. Note that when comparing the SEC yields of your two (taxable) bond funds, you should discount the one you hold in taxable by 24% + losses due to state taxes. The fact that you wil...
by House Blend
Mon Jun 24, 2019 10:30 am
Forum: Investing - Theory, News & General
Topic: Vanguard to offer private equity investments? Thoughts?
Replies: 69
Views: 6618

Re: Vanguard to offer private equity investments? Thoughts?

I look forward to "VREA" (to give TREA some competition). 8-) Is there any way to get exposure for a retail investor in properties directly? What is recommended? You can open an IRA with TIAA and add QREARX (TIAA Real Estate Account [TREA]) to it. Nope. While "everyone" can open an IRA at TIAA, the...
by House Blend
Fri Jun 21, 2019 2:06 pm
Forum: Personal Consumer Issues
Topic: [What TV Show Have You Recently Watched?]
Replies: 1332
Views: 136638

Re: [What TV Show Have You Recently Watched?]

Thumbs up for Russian Doll , a short series (8 x 25 minutes) available on Netflix. The main character keeps dying and returning in a time warp back to her 36th birthday party. Initially it seems like a retread of Groundhog Day , but eventually it wanders off into new territory that for me makes it c...
by House Blend
Fri Jun 21, 2019 9:34 am
Forum: Investing - Theory, News & General
Topic: VTSAX - Low Q2 dividend
Replies: 15
Views: 3761

Re: VTSAX - Low Q2 dividend

Is this real? I’ve been doing my own taxes for close to 10 years and always trusted the QDI reported by Vanguard. Of course, during the years I did periodic transactions (typically sell & buy for tax loss harvesting) that were sometimes very close to the dividend date and for which the personal hol...
by House Blend
Thu Jun 20, 2019 10:01 am
Forum: Investing - Theory, News & General
Topic: VTSAX - Low Q2 dividend
Replies: 15
Views: 3761

Re: VTSAX - Low Q2 dividend

How does Vanguard distinguish between qualified and unqualified dividends. Is it the length of time the fund has held the dividend-paying asset? Or how long I have held different shares of the mutual fund? Or something else? It's how long the fund has held the asset. Everybody gets the same QDI, se...
by House Blend
Wed Jun 19, 2019 9:33 am
Forum: Investing - Theory, News & General
Topic: Why are Vanguard's distribution dates all over the place?
Replies: 6
Views: 1042

Re: Why are Vanguard's distribution dates all over the place?

When I look at BlackRock they seem to have a sensible policy about distributions. Yes, I have to say I prefer the blackrock approach. Up until a few years ago, Vanguard was very predictable too. I could reliably anticipate the distribution dates for Total Stock by finding an earlier year with the s...
by House Blend
Sat Jun 01, 2019 6:42 pm
Forum: Personal Consumer Issues
Topic: Trader Joe's Fans - good value?
Replies: 148
Views: 21088

Re: Trader Joe's Fans - good value?

For any oenophiles... a plug for the Pontificus wine at TJ’s. It replicates an excellent Cotes du Rhône in every way but price! +2. As a result of a previous mention earlier in this thread, I gave Pontificus a shot... ...despite the fact that it sounds like a character from Asterix & Obelix. For wh...
by House Blend
Fri May 31, 2019 8:29 am
Forum: Investing - Theory, News & General
Topic: Feedback on 403b meeting with school board member
Replies: 27
Views: 1472

Re: Feedback on 403b meeting with school board member

And apparently some of the "other 403b" plans (higher ed, other non-profits) are ERISA plans and some aren't. Is it just up to the plan admins who set it up whether they "want" to set it up as ERISA plans? To a first approximation, my understanding is that in higher ed, public university -> non-ERI...
by House Blend
Tue May 28, 2019 9:05 pm
Forum: Investing - Theory, News & General
Topic: What goes wrong after index enlightenment
Replies: 41
Views: 5335

Re: What goes wrong after index enlightenment

Your mileage will vary. House Blend, I am curious on what is your current opinion in regards to someone allocating their entire international to taxable investments for the FTC? Knowing what you know now and your experiences, would you continue to hold a majority of international in taxable if just...
by House Blend
Tue May 28, 2019 11:21 am
Forum: Investing - Theory, News & General
Topic: What goes wrong after index enlightenment
Replies: 41
Views: 5335

Re: What goes wrong after index enlightenment

Here are a few modern concepts for tax management: I would add these to your list of 10: 11. Use Specific ID of shares for when you need to sell. 12. Understand how LT/ST gains and dividends are taxed, and how they interact with the taxes on the rest of your income. Tax software contributes to keep...
by House Blend
Tue May 28, 2019 11:16 am
Forum: Investing - Theory, News & General
Topic: What goes wrong after index enlightenment
Replies: 41
Views: 5335

Re: What goes wrong after index enlightenment

Some people are saying not to put foreign stock index funds in a taxable account because it requires some extra work at tax time to claim the tax credit - a straight reduction in federal taxes owned - and instead they recommend foreign stock funds in tax-deferred accounts, where you don't get the t...
by House Blend
Sun May 26, 2019 8:40 am
Forum: Investing - Theory, News & General
Topic: Three assets all with negative correlations?
Replies: 18
Views: 1556

Re: Three assets all with negative correlations?

A statistical requirement is that a correlation matrix must be positive semi-definite. +1. Add the restriction that the diagonal entries are 1, and you have all of the requirements. You can have n variables whose pairwise correlations are all equal to x as long as x is in the range from -1/(n-1) to...
by House Blend
Mon May 20, 2019 12:54 pm
Forum: Investing - Theory, News & General
Topic: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion
Replies: 51
Views: 4100

Re: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion

Let's take an MFJ couple with a combined $48K SS benefit (that's $2K per person per month). For them, the SS tax hump begins at $8K of "other" (non-SS) income, and ends at $60,941 of non-SS income. Perhaps I don't understand this tax hump. I thought if you had $44K of other income, this meant that ...
by House Blend
Mon May 20, 2019 12:38 pm
Forum: Investing - Theory, News & General
Topic: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion
Replies: 51
Views: 4100

Re: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion

...A Roth conversion beyond the 12% bracket becomes less compelling if the next (say) $20K of conversions beyond that will be tax taxed at the rate of 27%, and future RMDs will be taxed at the rate of 22% or 25%. My general recommendation on levelizing AGI looks at your projected age 70/70.5 AGI as...
by House Blend
Mon May 20, 2019 11:47 am
Forum: Investing - Theory, News & General
Topic: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion
Replies: 51
Views: 4100

Re: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion

Or 27% (30% after 2026), if you have significant taxable investments. A Roth conversion beyond the 12% bracket becomes less compelling if the next (say) $20K of conversions beyond that will be tax taxed at the rate of 27%, and future RMDs will be taxed at the rate of 22% or 25%. And folks with inco...
by House Blend
Mon May 20, 2019 10:17 am
Forum: Investing - Theory, News & General
Topic: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion
Replies: 51
Views: 4100

Re: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion

The 12% marginal Federal income tax bracket for MFJ goes up to taxable income of $78,950 this year. I generally do not like the "convert to top of xx% bracket" concept for the following reason: A couple with Taxable Income of $77,000 would then do just under $2000 of Roth conversion this year, whic...
by House Blend
Mon May 20, 2019 8:13 am
Forum: Investing - Theory, News & General
Topic: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion
Replies: 51
Views: 4100

Re: Pre-RMD Retirement Sweet Spot - Accelerating IRA Withdrawals vs. Roth Conversion

Roth conversions, since they are voluntarily realizing additional untaxed deferred compensation as ordinary income are by definition "taxed at your highest current marginal tax rate or higher" depending on if the conversion is at you current marginal rate or bumps it into the next bracket. So no hy...
by House Blend
Wed May 15, 2019 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Simple Tax Planning and TLH Questions
Replies: 3
Views: 355

Re: Simple Tax Planning and TLH Questions

1) -5/1/2019 Buy stock in -5/15/2019 Sell all stock at 10% loss and never buy again Can I write the losses off? Yes, but you don't get to write off the entire loss immediately unless it is less than $3K, or you have enough realized capital gains in the same year to deduct against it. If you harvest...
by House Blend
Tue May 14, 2019 9:01 am
Forum: Investing - Theory, News & General
Topic: Composition and safety of TIAA traditional annuity
Replies: 28
Views: 2362

Re: Composition and safety of TIAA traditional annuity

TIAA does not have any magic investments. It holds a conservative portfolio and adjusts its crediting rates based on market returns. As with any annuity, it protects the annuitants by using mortality credits to pay those who have long lives. Between its traditional management and state guarantee fu...
by House Blend
Thu May 09, 2019 10:12 am
Forum: Investing - Theory, News & General
Topic: Knowing when to TLH
Replies: 12
Views: 1462

Re: Knowing when to TLH

I would like to hear from the TLH pros regarding what thresholds they use to decide when to pull the trigger. As an example, if the market drops so that a holding is .5% below its basis, do you sell or wait to see if it drops lower? Or, perhaps a dollar value? Since I'm US market centric, I really ...
by House Blend
Sat May 04, 2019 11:42 am
Forum: Investing - Theory, News & General
Topic: Equity funds for taxable accounts
Replies: 23
Views: 2859

Re: Equity funds for taxable accounts

Rick Ferri wrote:
Sat May 04, 2019 9:03 am
Be prepared to marry forever the equity mutual funds and ETFs you buy in a taxable account
And if you tax loss harvest, plan on bigamy.
by House Blend
Fri May 03, 2019 10:15 am
Forum: Investing - Theory, News & General
Topic: Taxable Equivalent Yield (TEY)
Replies: 28
Views: 4971

Re: Taxable Equivalent Yield (TEY)

I have always had a hard time thinking in terms of taxable equivalent yields. I much prefer comparing after tax yields. There really isn't any more math involved. +1. In some sense it is only reframing the issue, but I agree that after tax yield offers a better perspective. What matters is what you...
by House Blend
Thu Apr 18, 2019 9:32 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe: The Factors That Plague Factor Investing
Replies: 44
Views: 3250

Re: Larry Swedroe: The Factors That Plague Factor Investing

A couple things people misunderstand is that even though two assets are uncorrelated doesn't mean that both assets can't go in the same direction over time. In fact, if they are truly uncorrelated they should move in the same direction about half the time. If they always move in the opposite direct...
by House Blend
Wed Apr 17, 2019 8:59 am
Forum: Investing - Theory, News & General
Topic: What is your one favorite fixed income for retirement?
Replies: 46
Views: 6266

Re: What is your one favorite fixed income for retirement?

" TIAA Tradtional " was recommended is several posts in this thread. So can anyone invest in this? It looks like a good deal for fixed income. (I thought you had to be a teacher or have some related public sector job to have this. I know anyone can start an account in TIAA bank, but I had no idea y...
by House Blend
Sun Apr 07, 2019 8:45 pm
Forum: Personal Consumer Issues
Topic: What Movie Have You Recently Watched?
Replies: 4597
Views: 1182223

Re: What Movie Have You Recently Watched?

Saw Shoplifters recently. Excellent movie about an unconventional family living in near poverty in Japan. Maintains sympathy for the subjects even while peeling back layers that reveal circumstances that wouldn't ordinarily evoke it. It shares some thematic elements with Leave No Trace from last yea...
by House Blend
Thu Mar 14, 2019 8:59 am
Forum: Investing - Theory, News & General
Topic: TSP RMD's
Replies: 38
Views: 3682

Re: TSP RMD's

rkhusky wrote:
Wed Mar 13, 2019 9:50 am
If taxable is better, I suppose then you should not stop at the RMD, but withdraw up to the top of your tax bracket or maybe higher.
No. Better to Roth convert any amounts beyond the RMD than simply withdraw them.
by House Blend
Mon Mar 11, 2019 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Should we convert all tIRA money to Roth?
Replies: 9
Views: 1206

Re: Should we convert all tIRA money to Roth?

Agreed, not enough information. Any pensions or other guaranteed income besides SS in retirement? The issue is whether you will have something besides RMDs filling up the low tax brackets. Is your goal to retire as soon as humanly possible (or spend as much as humanly possible), or did you or spouse...
by House Blend
Wed Feb 27, 2019 12:38 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Ups the Ante in an ETF Race to Zero - Fees are coming down on seven ETFs
Replies: 97
Views: 9409

Re: Vanguard Ups the Ante in an ETF Race to Zero Fees are coming down on seven ETFs, with combined assets of more t

Anybody bother to see if the financial statements allow the ER to be calculated to another significant digit? 9 vs. 11 could be much closer than it first appears due to rounding. For bond mutual funds you can reverse engineer differences in the expense ratios between share classes by monitoring the...
by House Blend
Fri Feb 22, 2019 2:16 pm
Forum: Investing - Theory, News & General
Topic: Muni bonds have done well even pre-tax
Replies: 6
Views: 1354

Re: Muni bonds have done well even pre-tax

While on the topic of predicting the past, let me point out that VWITX (Intermediate Tax Exempt) has done well compared to VBMFX (Total Bond) even before discounting VBMFX for tax. For the 30 years from 1/1989 to 1/2019, portfolio visualizer reports 5.26%/yr for VWITX and 5.89% for VBMFX. That makes...
by House Blend
Mon Feb 18, 2019 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: TLH... Holding period not met for LTCG distributions...How to report?
Replies: 16
Views: 1031

Re: TLH... Holding period not met for LTCG distributions...How to report?

Read the instructions for Form 8949 for the boxes to check and the codes to enter. Thanks for the explanation. But the 1099-B will show a $1000 short-term capital loss reported to the IRS with cost basis reported as well. So can you post a screen capture of the Form 8949 entries for your example pl...
by House Blend
Mon Feb 18, 2019 9:59 am
Forum: Investing - Theory, News & General
Topic: How are Roth earnings calculated for recharacterizations?
Replies: 28
Views: 1132

Re: How are Roth earnings calculated for recharacterizations?

Gains are prorated--that's tax law, not Vanguard rules. So it doesn't matter if the 2018 contribution went to Total Bond and the 2019 contribution went to Total Stock, or vice-versa. The $5,000 in contributions owns some percentage of the gains in the entire account, and it is Vanguard's problem to ...
by House Blend
Sun Feb 17, 2019 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: TLH... Holding period not met for LTCG distributions...How to report?
Replies: 16
Views: 1031

Re: TLH... Holding period not met for LTCG distributions...How to report?

I don't read anything there that would change things for VHCAX since it is not a REIT nor tax-exempt muni fund. You must be reading something else, because that passage makes it quite plain that it applies to all mutual funds, including VHCAX. OP, here's an example: You buy 100 shares of Fund X @ $...
by House Blend
Sat Feb 16, 2019 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: Dividend holding period not met… simple QDI tax math/understanding correct?
Replies: 28
Views: 1033

Re: Dividend holding period not met… simple QDI tax math/understanding correct?

I agree and your logic follows. What doesn't seem logical is this CG topic does not seem to be discussed on this forum. It's at least as significant as the QDI issue. You might be surprised. A stereotypical Boglehead with a taxable account only owns Vanguard index funds (or ETFs) in that account. W...
by House Blend
Sat Feb 16, 2019 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Dividend holding period not met… simple QDI tax math/understanding correct?
Replies: 28
Views: 1033

Re: Dividend holding period not met… simple QDI tax math/understanding correct?

(But only our broker could know which distributions contained QDI, and which did not.) Not your broker, but the fund/ETF sponsor could know. One's broker only passes on the info from the sponsor. Some sponsors do actually show the breakdown for each of the quarterly distributions. Vanguard does not...
by House Blend
Wed Feb 13, 2019 1:39 pm
Forum: Investing - Theory, News & General
Topic: is rebalancing loosely akin to market timing?
Replies: 60
Views: 2975

Re: is rebalancing loosely akin to market timing?

"Rebalancing is Market Timing" or worse, "Everything is Market Timing" are useless reductionisms. Unless your objective is FUD. In any case, asking whether rebalancing is market timing is the wrong question and encourages posts from those who prefer to spend their time here arguing and scoring point...
by House Blend
Thu Jan 31, 2019 5:56 pm
Forum: Personal Investments
Topic: 2018 foreign tax credit forecast
Replies: 6
Views: 939

Re: 2018 foreign tax credit forecast

This year our foreign tax credit of our mutual funds is $710. Since it exceeds $600 (=2 x $300) for a joint return,we cannot skip Form 1116 to get a full credit and/or carryover. Are we allowed to claim $600 foreign tax credit without filing the Form 1116, by giving up a $110 ($710-$600) ? This was...
by House Blend
Sun Jan 27, 2019 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Unpleasant surprise 2018 Federal Tax - high level overview?
Replies: 114
Views: 16466

Re: Unpleasant surprise 2018 Federal Tax - high level overview?

Once I complete my 2018 taxes, I plan on opening TurboTax 2017 and inputting all the numbers to see the truth - what's my difference in Federal Tax between the prior tax rules and the new ones. My expectation is that I will be paying more. A simpler way is to view your tax history after you have en...
by House Blend
Fri Jan 25, 2019 4:19 pm
Forum: Investing - Theory, News & General
Topic: The problem with TLH...
Replies: 31
Views: 2367

Re: The problem with TLH...

If you really don't want to be "stuck", then use your tax-advantaged accounts to your advantage. Sell for a loss in taxable, put the proceeds in money market. In an IRA, sell fixed income and buy a replacement that is not substantially identical. After 30 days, buy the original back in taxable and ...