Search found 65 matches

by GeneralPerson
Mon Mar 15, 2021 6:56 am
Forum: Personal Investments
Topic: Claiming the credit for Foreign Tax paid in the previous year
Replies: 3
Views: 348

Re: Claiming the credit for Foreign Tax paid in the previous year

Thanks, I'll go ahead and amend my 2019 return.

For my own future reference, I'll also add a link to TFB's excellent post that details how to handle the foreign tax scenario in popular tax software:
https://thefinancebuff.com/foreign-tax- ... tware.html
by GeneralPerson
Sun Mar 14, 2021 9:41 pm
Forum: Personal Investments
Topic: Claiming the credit for Foreign Tax paid in the previous year
Replies: 3
Views: 348

Claiming the credit for Foreign Tax paid in the previous year

While doing the 2020 taxes, I was referring to the past year taxes when I realized that I missed on claiming credit for the foreign taxes paid on my 1099-DIVs in my 2019 taxes.

What is the best way to fix this mistake now ? Do I need to amend my 2019 taxes or is there an easy way to claim 2019’s foreign taxes paid as part of the 2020 return? I see some language that allows me to accrue the taxes but don’t fully understand it.

Can someone who has been through this help me understand how this can be handled? Thanks!
by GeneralPerson
Thu Jan 28, 2021 2:05 pm
Forum: Personal Investments
Topic: Tax treatment of lump sum distribution
Replies: 17
Views: 4760

Re: Tax treatment of lump sum distribution

@FinancialDave, thank you for your thoughts. I agree with you that the best course of action for me is to roll over to retirement account and invest for market returns.

Instead of rolling over to a traditional IRA, I'm thinking about rolling it over to the 401K that I have with my post-GE employer. There is a small chunk of PPA/VPA marked as non-taxable - I believe that will go to the after-tax part of the 401K account. I think this should minimize any paperwork for me.
by GeneralPerson
Thu Jan 28, 2021 12:41 pm
Forum: Personal Investments
Topic: Tax treatment of lump sum distribution
Replies: 17
Views: 4760

Re: Tax treatment of lump sum distribution

@johngaltlives, thank you for posting great summary of your experience. I was trying to do today what you tried to do several years ago and the situation is exactly the same in 2021 - word for word. I wish I would have seen your post when it was originally posted. It would have literally saved me tens of thousands of dollars in unnecessary taxation :( . While at GE, I contributed after-tax money to my pension account from every pay check for 10 years. There were two portions in this contribution: PPA was a required contribution - I had no choice. VPA was optional but I signed up to create additional retirement bucket. After I left GE, I now have option to roll-over this amount to a retirement account but GE is treating my contributions as t...
by GeneralPerson
Sat Nov 02, 2019 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4273
Views: 1072316

Re: Share your net worth progression

Congratulations, CJF - nice progress year over year. Impressive savings rate. Net Worth since we(two people) got serious about our finances. (Investments + house) Year Total Saving Rate 2014: 69K 15% 2015: 83K 15% 2016: 97K 17% 2017: 130K 21% 2018: 154K 23% We are hoping this year to be able to save, dollar amount wise, more than we did in years 2014-2016 combined. 2014 is the year we were fortunate to buy a home for nearly half price. We "froze" our budget at that point, and committed to saving every salary increase. We are hoping to be around 30% saving rate this year, although our only soft rule is to be at a minimum of whatever the previous year was. The least we've made in a year is 44k. The most is 72k.
by GeneralPerson
Sat Nov 02, 2019 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4273
Views: 1072316

Re: Share your net worth progression

zaboomafoozarg, I could have posted this verbatim and it would be all true.
zaboomafoozarg wrote: Sat Nov 02, 2019 11:56 am Mine's a lot less than it should be.

- didn't take enough risks
- didn't change jobs often enough
- didn't move to a high-paying part of the US like SV
- didn't join a FAANG company

I think the only thing I have going for me is that I started investing relatively young, so time is on my side. Hopefully in 10 or 20 years it snowballs into a decent amount.
by GeneralPerson
Tue Oct 01, 2019 11:51 am
Forum: Personal Consumer Issues
Topic: Uber in foreign countries
Replies: 25
Views: 2353

Re: Uber in foreign countries

Yes, Uber charges in local currency. It’s a good idea to have a CC with no FTF.
by GeneralPerson
Sat Jun 08, 2019 6:05 pm
Forum: Personal Consumer Issues
Topic: Nest Smoke/CO Detectors
Replies: 21
Views: 2462

Re: Nest Smoke/CO Detectors

I have one downstairs and I'm happy with it. It self-tests itself every month and has a nice motion activated night-light. I would change the upstairs detectors too but they are just too many and Nest isn't cheap :D
by GeneralPerson
Wed Oct 24, 2018 5:27 am
Forum: Investing - Theory, News & General
Topic: U.S. stocks in free fall
Replies: 36221
Views: 4652572

Re: U.S. stocks in freefall

So, you fed your machine future data to get future data? :happy
corn18 wrote: Tue Oct 23, 2018 8:00 pm I ran all of the historical and future data through my Illudium Q-36 Explosive Space Modulator using the latest string theory to unify growth and value (see footnote). This is what the data predict the market will do over the next millennia:

Image

footnote:

Image
by GeneralPerson
Mon Sep 17, 2018 9:03 pm
Forum: US Chapters
Topic: Jack Bogle Bobblehead
Replies: 24
Views: 4953

Re: Jack Bogle Bobblehead

I’ll buy one
by GeneralPerson
Thu Mar 29, 2018 6:18 am
Forum: Personal Consumer Issues
Topic: Renting car when you lose your D/L out of state
Replies: 30
Views: 5269

Renting car when you lose your D/L out of state

Upon landing, I realized that my wallet is missing. I’m suppose to rent a car for my two-week road trip. The car rental company says I can’t without the drivers license. There must be something better than flying back home thousands of miles without the roadtrip? Any experience or suggestions?
by GeneralPerson
Wed Sep 06, 2017 5:20 pm
Forum: Personal Consumer Issues
Topic: Do I need an Amazon Echo??.....
Replies: 82
Views: 10818

Re: Do I need an Amazon Echo??.....

[deleted]
by GeneralPerson
Thu Jul 20, 2017 9:03 am
Forum: Personal Consumer Issues
Topic: Scripters/Coders - Wanting to Learn
Replies: 17
Views: 2305

Re: Scripters/Coders - Wanting to Learn

Please look at the following book:
https://automatetheboringstuff.com
This might be very close to what you are looking for.
by GeneralPerson
Tue May 02, 2017 10:57 am
Forum: Personal Investments
Topic: Optum HSA Website Issues
Replies: 3
Views: 587

Optum HSA Website Issues

Has anyone experiencing issues with accessing their Optum HSA account. For my account I'm not able to login at all. Yesterday DW was not able to login in morning, was able to login in the evening but now its not working again. There is a terribly long hold time for contacting the customer services.

Anyone else having similar issues?
by GeneralPerson
Tue Dec 13, 2016 8:53 am
Forum: US Chapters
Topic: Boglehead's newest millionaire
Replies: 89
Views: 13092

Re: Boglehead's newest millionaire

Watty wrote: After about two seconds of mental math I said, "I guess that means you are making more than I did when I retired." and he just got a big grin on his face.
Proud moment for you, Watty. Thank you for sharing this story.
by GeneralPerson
Mon Aug 15, 2016 9:42 am
Forum: Personal Consumer Issues
Topic: ITunes app for kids gadget time limits
Replies: 9
Views: 1230

Re: ITunes app for kids gadget time limits

Have you looked at the "Guided Access" feature? It's part of iOS and if you enable it, you can restrict usage in a limited way. It won't work for all your use cases but its better than nothing. Here is an article with more information:
http://blogs.wsj.com/personal-technolog ... hild-safe/
by GeneralPerson
Thu Apr 07, 2016 9:35 pm
Forum: Personal Investments
Topic: Investing with Vanguard vs Brokerage Firms
Replies: 24
Views: 4365

Re: Investing with Vanguard vs Brokerage Firms

This is very very good advice. I have quite a bit of experience and i have used etf's for my portfolio for many years. I ultimately gave in favor of simplicity and changed to mostly a mutual fund portfolio. With the way vanguard admiral mutual funds are structured, you can convert them to etf later if you want to without causing a taxable event for you. Do make sure you are comfortable with etfs before considering tdameritrade. A lot of new investors are probably better off starting with mutual funds which are better at other brokerages or with vanguard. You can always transfer assets later and score a nice incentive bonus. If I could start all over again I'd probably give vanguard a go first, keep it simple and go from there if necessary.
by GeneralPerson
Tue Feb 16, 2016 12:56 pm
Forum: Investing - Theory, News & General
Topic: Investing Website You Follow
Replies: 16
Views: 3132

Re: Investing Website You Follow

The Finance Buff, the Oblivious Investor and the White Coat Investor.
by GeneralPerson
Sun Dec 13, 2015 11:17 am
Forum: Personal Consumer Issues
Topic: Few hours in Paris - what do to?
Replies: 13
Views: 1763

Few hours in Paris - what do to?

I have a stopover in Paris with about 12 hours between flights. I'm guessing that I can have good 6 hours to get a feel of Paris. Any suggestions for how to best use this time ?
by GeneralPerson
Mon Aug 17, 2015 2:02 pm
Forum: Personal Consumer Issues
Topic: Colorado Circle Tour
Replies: 28
Views: 3565

Re: Colorado Circle Tour

OP here.. Thank you for the great response. I'll reply back after incorporating some great suggestions. Meanwhile, I have two questions:

1. I'm thinking about driving up to the Pikes Peak (14'er). Thought of heights and no guard rails is giving me goosebumps :). I have rented a standard-size car. Do I need to change this to a SUV?

2. For Pikes Peak, is the cog railway worthwhile trip vs. driving? I would like to do only one of them.
by GeneralPerson
Sun Aug 16, 2015 11:17 pm
Forum: Personal Consumer Issues
Topic: Colorado Circle Tour
Replies: 28
Views: 3565

Colorado Circle Tour

We are planning a Colorado circle tour in late August/early September. We have 9 days and we fly into Denver and leave from Denver as well. We are planning our trip like this: Day 1: arrive Denver early in the morning. Drive to Colorado Springs. Visit Gardens of the Gods. Stay in Colorado Springs. Day 2: Pikes Peak. Stay in Alamosa. Day 3: Great Sand Dunes National Park. Stay in Pagosa Springs. Day 4: Mesa Verde National Park. Stay in Telluride. Day 5: Black Canyon of Gunnison. Stay in Grand Junction. Day 6: Colorado National Monument. Stay in Denver outskirts Day 7: Drive to Rocky Mountains National Park. Stay in Estes park Day 8: Rocky Mountains National Park. Stay in Estes Park Day 9: Rocky Mountains National Park. catch flight back late...
by GeneralPerson
Tue Aug 11, 2015 10:18 pm
Forum: Investing - Theory, News & General
Topic: Rick Ferri Launching A Robo Advisory
Replies: 31
Views: 9305

Re: Rick Ferri Launching A Robo Advisory

Is this service live? What is the web address for additional information?
by GeneralPerson
Tue Jun 30, 2015 11:07 pm
Forum: Personal Consumer Issues
Topic: Quebec City Suggestions
Replies: 19
Views: 3102

Quebec City Suggestions

I'll be soon visiting Quebec City for three night. I'll be staying in the Marriott in old town. I haven't planned anything else. I'll be traveling with family (elementary school age kids). What would you suggest for things to do?

How walkable is the city? I'll be driving so what are good options to park?
by GeneralPerson
Fri Jun 26, 2015 11:22 pm
Forum: Personal Investments
Topic: Any brokerage that offers commission free Vanguard mutual funds?
Replies: 21
Views: 8708

Re: Any brokerage that offers commission free Vanguard mutual funds?

whyme wrote: PS after posting the above: Out of curiosity, I looked up TD Ameritrade's fee list. They don't charge for a partial transfer of assets, but they charge $75 if you transfer out an entire account.
TD Ameritrade will not charge account transfer fees if your combined account balance is over $100K. That's what they call as Apex level.
by GeneralPerson
Wed Jun 24, 2015 12:55 pm
Forum: Personal Investments
Topic: 529 Plan and GST
Replies: 0
Views: 1751

529 Plan and GST

When I opened a 529 plan, I named myself as the beneficiary as I thought I might take out some money for my own education and then change the beneficiary to my older kid. When she is out of college, I'll change the beneficiary to the younger one to pay for her education. If anything is left over, I'll change the beneficiary to my grand kids when they arrive. Later I was reading the fine print and I came across the generation skipping tax (GST). From what I understand, if I change the beneficiary from myself to eventually my grand kids, it will be counted as skipping a generation and GST will be involved. I'm skipping the generation here because I was the original beneficiary of the plan. If I would have listed my kids as original beneficiar...
by GeneralPerson
Wed Jun 24, 2015 12:29 pm
Forum: Personal Investments
Topic: Vanguard 529 vs. Michigan 529
Replies: 8
Views: 5159

Re: Vanguard 529 vs. Michigan 529

I'm surprised because I thought this was not the case. TFB has a very timely post on this topic:

http://thefinancebuff.com/529-plan-deduct-and-run.html

As per this post, Michigan does not recapture any state tax deductions.
by GeneralPerson
Wed Jun 17, 2015 7:27 am
Forum: Personal Investments
Topic: Vanguard 529 vs. Michigan 529
Replies: 8
Views: 5159

Re: Vanguard 529 vs. Michigan 529

In the latter case, Michigan will require you to pay back the past tax breaks. The plans are of comparable quality, so there is no point in switching if you don't get tax breaks from either state.
Thank you for your reply.

I agree that the plans are of comparable quality, both in terms of diversification options and expense ratio. My interest was more from consolidation purpose. I'm surprised to learn that Michigan will require me to pay back tax breaks. This is a big deterrent in the way of moving out of the plan.
by GeneralPerson
Wed Jun 17, 2015 7:21 am
Forum: Personal Investments
Topic: RSU vs Stock Options
Replies: 10
Views: 2384

Re: RSU vs Stock Options

Thank you everyone for your helpful replies. I really appreciate.
Based on the feedback and on my personal situation, I have made a decision to go for RSU.
by GeneralPerson
Mon Jun 15, 2015 10:45 pm
Forum: Personal Investments
Topic: RSU vs Stock Options
Replies: 10
Views: 2384

RSU vs Stock Options

For an employee of a large mature company, will RSU be a better choice than stock options? What are the key factors in making such a decision?
by GeneralPerson
Mon Jun 15, 2015 10:39 pm
Forum: Personal Investments
Topic: Vanguard 529 vs. Michigan 529
Replies: 8
Views: 5159

Vanguard 529 vs. Michigan 529

Is there any significant advantage in rolling over my 529 plan from TIAA-CREF managed Michigan's 529 plan to Vanguard managed Nevada's 529 plan?
by GeneralPerson
Sat May 02, 2015 7:43 pm
Forum: Forum Issues and Administration
Topic: Forum is now back ONLINE!
Replies: 45
Views: 9116

Re: Forum is now back ONLINE!

Wow the threads look great on my mobile phone. Thank you for this.

Now if you can just fix the home page :wink:
by GeneralPerson
Mon Sep 15, 2014 10:49 am
Forum: Personal Consumer Issues
Topic: FLICKR
Replies: 7
Views: 1358

Re: FLICKR

SpringMan wrote:I just finished uploading several thousand photos to flickr.
What tool did you used to upload thousands of photos? I'm trying to find a automated way to upload a large number of photos.
by GeneralPerson
Tue Aug 05, 2014 7:16 pm
Forum: Personal Consumer Issues
Topic: O Canada! Questions about traveling to Canada :-)
Replies: 34
Views: 8888

Re: O Canada! Questions about traveling to Canada :-)

"if you like hiking and spectacular views, Algonquin Park, the Bruce Peninsula"

+1 for this suggestion. I have been to these places and they are VERY beautiful. From Tobermory, you can also take a boat ride to the Flowerpot Island. It's very good. Algonquin in the fall season is highly recommended. I just love the scenic beauty of the Bruce Peninsula area. I have also been to the Manitoulin Island. I would recommend MI if you want to learn and experience the First Nations history. I found MI to be a little too big in size :-)

When I travel to the greater Toronto area, I try to stay away from 407-ETR. Do that by selecting "avoid toll road" option in your GPS/mapping software.
by GeneralPerson
Mon Jul 14, 2014 9:46 am
Forum: Personal Investments
Topic: Mimimize expenses vs. Maximize Roth contribution
Replies: 13
Views: 2092

Re: Mimimize expenses vs. Maximize Roth contribution

BL wrote:Where are your bonds located?
A little bit that I have is in the 401K account with my current employer.
by GeneralPerson
Mon Jul 14, 2014 9:21 am
Forum: Personal Investments
Topic: Mimimize expenses vs. Maximize Roth contribution
Replies: 13
Views: 2092

Re: Mimimize expenses vs. Maximize Roth contribution

DSInvestor wrote:You can keep the money in the old 401k and reduce or eliminate the high cost holdings by consolidating to the low cost S&P 500 fund. Use space outside the 401k to get your international and small cap stocks. No need to hold mid cap fund at all. Where else do you have assets? Taxable account, Roth IRA, Spouse 401k, Spouse IRA etc and how big are these accounts relative to the old 401k?
DSIInvestor, thanks, I could do that. Other assets: my Roth IRA and Spouse Roth IRA are relatively very small. Mine and spouse IRA is $0. Spouse 401K is a little smaller than my old 401K. Taxable account is a bit bigger than my old 401K.
by GeneralPerson
Mon Jul 14, 2014 9:14 am
Forum: Personal Investments
Topic: Mimimize expenses vs. Maximize Roth contribution
Replies: 13
Views: 2092

Re: Mimimize expenses vs. Maximize Roth contribution

indexfundfan wrote:Roll the 401(k) over to a Solo 401(k). Link to Boglehead wiki:
http://www.bogleheads.org/wiki/Solo_401(k)_plan
Indexfundfan, I don't have a business. This will probably not work for me.
by GeneralPerson
Fri Jul 11, 2014 2:11 pm
Forum: Personal Investments
Topic: Mimimize expenses vs. Maximize Roth contribution
Replies: 13
Views: 2092

Re: Mimimize expenses vs. Maximize Roth contribution

island wrote:You said weighted average. What are the lowest cost fund options?
My investment selections are:
S&P 500 index fund (30%): 0.10% expense ratio
US small cap (20%): 0.34% expense ratio
US Mid cap (20%): 0.80% expense ratio
International stock fund (30%): 0.85% expense ratio

Other available funds are either not broad enough or with higher expense ratio.
by GeneralPerson
Fri Jul 11, 2014 1:32 pm
Forum: Personal Investments
Topic: Mimimize expenses vs. Maximize Roth contribution
Replies: 13
Views: 2092

Re: Mimimize expenses vs. Maximize Roth contribution

New employer has worse investment selection with higher expense ratio. Can't move investment there.
by GeneralPerson
Fri Jul 11, 2014 1:30 pm
Forum: Forum Issues and Administration
Topic: Tapatalk Integration
Replies: 50
Views: 24197

Re: Tapatalk Integration

+1 for Tapatalk integration or a mobile-friendly design
by GeneralPerson
Fri Jul 11, 2014 1:19 pm
Forum: Personal Investments
Topic: Mimimize expenses vs. Maximize Roth contribution
Replies: 13
Views: 2092

Mimimize expenses vs. Maximize Roth contribution

I have 350K in a 401K account with my ex-employer. Weighted average of expense ratio in this account is 0.51%. I have an option to move this amount to a IRA account with Vanguard and use a fund with expense ratio of 0.05%. But if I do so, my understanding is that, I won't be able to make back-door roth contributions. All things considered, which approach saves me more money ? Option A: Move investment to a low-expense account and let go of the back-door roth contribution forver. Option B: Keep high expense account and continue making back-door roth contributions every year. Please let me know if any other options exists. If it matters, I'm 41 years old. Edit: New employer has worse investment selection with higher expense ratio. Can't move ...
by GeneralPerson
Wed Oct 30, 2013 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Hit a milestone today [401(k)]
Replies: 76
Views: 11290

Re: Hit a milestone today [401(k)]

Madbrain, congratulations on the milestone. Your post was inspiring and amusing. I also liked the 401K spreadsheet that you have maintained. I would love to have a spreadsheet like yours but over the years, I have changed 401K providers with my employers and I don't think I have old contribution and performance data available. May be, I should make one for going forward.
by GeneralPerson
Fri Mar 29, 2013 12:00 pm
Forum: Personal Investments
Topic: Backdoor contribution for 2012 - can I do it now?
Replies: 3
Views: 627

Re: Backdoor contribution for 2012 - can I do it now?

Thank you, mhc and retiredjg. I appreciate your help.
by GeneralPerson
Thu Mar 28, 2013 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Department Store Credit Cards
Replies: 29
Views: 7710

Re: Department Store Credit Cards

Is it possibly to auto-pay Kohl's charge?
jeffyscott wrote:The only store card we have and use is Kohl's. They give 15-30% off nearly all the time, to get some of these deals you have to use their card. Their store is very conveniently located for us and we buy most of our clothes and some other things there.
by GeneralPerson
Thu Mar 28, 2013 8:58 am
Forum: Personal Consumer Issues
Topic: Windows 8 photo managing/simple editing suggestions?
Replies: 21
Views: 2732

Re: Windows 8 photo managing/simple editing suggestions?

I would suggest to give Picasa another try. It is very good and has more capabilities than anything you can buy for that price.
by GeneralPerson
Thu Mar 28, 2013 8:52 am
Forum: Personal Investments
Topic: Backdoor contribution for 2012 - can I do it now?
Replies: 3
Views: 627

Backdoor contribution for 2012 - can I do it now?

Hello,

I'm learning about the backdoor Roth contribution and I have a question. Is it possible to do backdoor contribution for both 2012 and 2013 now? Here is what I would like to do:

March 2013: 2012 Non Deductible IRA contribution for $5,000
April 2013: 2013 Non Deductible IRA contribution for $5,500
.
.
.
October 2013: Conversion of $10,500 from IRA to Roth IRA


Will this be okay?

Thank you!
by GeneralPerson
Mon Feb 18, 2013 10:32 pm
Forum: Personal Investments
Topic: Didn't contribute 401K to the max - can I fix it?
Replies: 11
Views: 4275

Re: Didn't contribute 401K to the max - can I fix it?

retiredjg wrote:Did you already contribute anything to some kind of IRA (either traditional or Roth?) Would a contribution to tIRA be deductible for you? If not, can you make a direct contribution to Roth IRA? If not, do you know about the back door contribution to Roth IRA?
No I did not contribute to any other kind of IRA yet. Yes, I know about backdoor Roth and that is always an option but I wanted to check if I can first cover all tax-deferred options.
by GeneralPerson
Mon Feb 18, 2013 5:33 pm
Forum: Personal Investments
Topic: Didn't contribute 401K to the max - can I fix it?
Replies: 11
Views: 4275

Re: Didn't contribute 401K to the max - can I fix it?

Is it perhaps possible that I can still do a contribution to tradition-IRA for the leftover amount? Will that be allowed?
by GeneralPerson
Mon Feb 18, 2013 5:00 pm
Forum: Personal Investments
Topic: Didn't contribute 401K to the max - can I fix it?
Replies: 11
Views: 4275

Didn't contribute 401K to the max - can I fix it?

Hello,

I forgot to update my automatic 401K contributions in 2012. As a result, rather than contributing the maximum allowed limit of $17,000 for 2012, I contributed only $11,000. I just realized this mistake. Is there any way, I can fix this now?

Thank you!
by GeneralPerson
Mon Jan 07, 2013 10:57 am
Forum: Personal Consumer Issues
Topic: Do Whole House Humidifiers Work?
Replies: 50
Views: 51020

Re: Do Whole House Humidifiers Work?

I also have an AprilAir installed but it increased my water bill so much that I had to switch it off. Does anyone else noticed a major increase in their water bills after installing a whole house humidifier?