Search found 5726 matches

by Leesbro63
Thu Apr 18, 2019 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: Is Form 5500 Required
Replies: 4
Views: 320

Re: Is Form 5500 Required

Thank you all for the replies. :D
by Leesbro63
Thu Apr 18, 2019 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Is Form 5500 Required
Replies: 4
Views: 320

Is Form 5500 Required

A family member is a self employed healthcare consultant. For 2018, he set up a Solo401K at Vanguard. The forms came with the information to do Form 5500. His tax accountant, who suggested doing the Solo401K, said they don't do the 5500 Forms. Seems strange to me. Nevertheless, it appears from what ...
by Leesbro63
Tue Apr 16, 2019 9:58 am
Forum: Personal Finance (Not Investing)
Topic: What defines "income" on a retiree's credit card application?
Replies: 102
Views: 5839

Re: What defines "income" on a retiree's credit card application?

They often ask for income not taxable income. If you have investments there are typically capital gains (whether they are realized or not). Taxable income, from a tax return, may not be an indicator at all when you consider the exemption of muni bond interest etc. Agreed with all but unrealized cap...
by Leesbro63
Tue Apr 16, 2019 1:48 am
Forum: Personal Finance (Not Investing)
Topic: What defines "income" on a retiree's credit card application?
Replies: 102
Views: 5839

Re: What defines "income" on a retiree's credit card application?

They often ask for income not taxable income. If you have investments there are typically capital gains (whether they are realized or not). Taxable income, from a tax return, may not be an indicator at all when you consider the exemption of muni bond interest etc. Agreed with all but unrealized cap...
by Leesbro63
Mon Apr 15, 2019 8:18 am
Forum: Personal Consumer Issues
Topic: Reading Glasses With Bluelight Filter
Replies: 7
Views: 476

Reading Glasses With Bluelight Filter

This is a two part question. I do not require glasses for normal vision. But I do need 1.75 reading glasses. My first question is where is the value curve on them? The cheap readers that I've been buying online (Readers.com and Readingglasses.com) seem to break, lose the screw, or otherwise deterior...
by Leesbro63
Fri Apr 12, 2019 6:18 pm
Forum: Personal Consumer Issues
Topic: If you have a serious health problem, do you retire or?
Replies: 50
Views: 6262

Re: If you have a serious health problem, do you retire or?

I have had two friends with cancer work and not retire. - One was on LT disability, but still employed. - One was on ST disability, still employed, and came back to work during some of her "good" months. Both died while still employed. One big issue for them both is they wanted something to "aim" f...
by Leesbro63
Wed Apr 10, 2019 10:47 am
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1682
Views: 263419

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

For a few reasons in addition to capturing a transfer bonus, I just started a transfer of a portion of my fidelity ira to merrill edge. The money at fidelity was in a zero mutual fund, so I first sold this to cash and then bought ITOT etf to make the transfer. Because of this, the money was in cash...
by Leesbro63
Thu Apr 04, 2019 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 3565
Views: 665316

Re: What's Your Credit Card Rewards Strategy?

What's Your Credit Card Rewards Strategy? I do not have one. I consider credit card rewards as very small potatoes. My time and energy is much better spent elsewhere. To each his own, but the way I see it, the credit card companies charge 2-3% on every transaction, and then vendors pass those costs...
by Leesbro63
Thu Apr 04, 2019 5:47 am
Forum: Personal Finance (Not Investing)
Topic: IRS notice 3/22/2019: for 2018 taxes, no penalty if 80% of tax shown on return was withheld or est taxes paid
Replies: 12
Views: 1881

Re: IRS notice 3/22/2019: for 2018 taxes, no penalty if 80% of tax shown on return was withheld or est taxes paid

How can the IRS change this when it wants to? Isn’t the withholding threshold and penalty part of the tax code that Congress and the President have to approve to change?
by Leesbro63
Mon Apr 01, 2019 3:35 pm
Forum: Personal Investments
Topic: Making the plunge into 529s
Replies: 26
Views: 2642

Re: Making the plunge into 529s

Thank you for the detailed reply. I guess the IRS views the change of beneficiary from the child to grandchild as potential lost gift tax revenue from the (adult) child’s generation. But as you stated, they really can’t assess the adult child, because he/she has no control. I guess the better way t...
by Leesbro63
Mon Apr 01, 2019 2:12 pm
Forum: Personal Investments
Topic: Making the plunge into 529s
Replies: 26
Views: 2642

Re: Making the plunge into 529s

How about this scenario, using a single female parent/grandparent to keep the example simple, without getting into joint gifting complications: Mom makes annual gifts (up to the annual exclusion amount) to daughter’s 529 account when mom is in her 30s and daughter is a child. The 529 does not get u...
by Leesbro63
Mon Apr 01, 2019 12:24 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 1682
Views: 263419

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

I would leave it there at least as long as their current “new money” bonus lock up period. Seems fair.
by Leesbro63
Mon Apr 01, 2019 7:10 am
Forum: Personal Investments
Topic: Making the plunge into 529s
Replies: 26
Views: 2642

Re: Making the plunge into 529s

And yes, you can open a 529 account with you as the beneficiary and fund it, then later on switch the beneficiary to one of your kids. You can also open a 529 in your spouse's name (if you have one) so as to have two additional accounts to fund. Thanks for the info. Does changing beneficiaries trig...
by Leesbro63
Thu Mar 28, 2019 3:51 pm
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2481
Views: 1552262

Re: The Three-Fund Portfolio

I don't agree. Everything I've seen lately says that they will be close to the same with the credit because the credit is offset by the higher dividend yield. We'll have to wait for someone else to chime in here. It's a long enough thread that probably many are following it and sooner or later some...
by Leesbro63
Thu Mar 28, 2019 2:47 pm
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2481
Views: 1552262

Re: The Three-Fund Portfolio

I am putting U.S. in taxable and international in the Roth. As I understand it, there's not a significant difference between U.S. in taxable/International in Roth and vice versa. Am I wrong? I figured if the two are roughly equal, might as well use the method that requires not completing the tax fo...
by Leesbro63
Thu Mar 28, 2019 2:03 pm
Forum: Personal Finance (Not Investing)
Topic: I suspect I may have equity in my car lease. Help?
Replies: 31
Views: 1963

Re: I suspect I may have equity in my car lease. Help?

Although you do not have "equity" in the car, in many cases, a car manufacturer will let you roll those unused miles into a new lease for "free". ie, you could get a new lease with a cheaper, 9k mile a year lease, but add in your unused miles so it's actually a 15k mile/year lease for the price of ...
by Leesbro63
Thu Mar 28, 2019 1:58 pm
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2481
Views: 1552262

Re: The Three-Fund Portfolio

I am putting U.S. in taxable and international in the Roth. As I understand it, there's not a significant difference between U.S. in taxable/International in Roth and vice versa. Am I wrong? I figured if the two are roughly equal, might as well use the method that requires not completing the tax fo...
by Leesbro63
Thu Mar 28, 2019 10:25 am
Forum: Personal Finance (Not Investing)
Topic: I suspect I may have equity in my car lease. Help?
Replies: 31
Views: 1963

Re: I suspect I may have equity in my car lease. Help?

The bottom line is that there is probably very little equity to begin with. And most likely the only way to even potentially tap it is to get involved with a dealer, who knows all the tricks to make that equity become his. Unless you really want another Mazda, turn the car in and move on.
by Leesbro63
Thu Mar 28, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: I suspect I may have equity in my car lease. Help?
Replies: 31
Views: 1963

Re: I suspect I may have equity in my car lease. Help?

Honestly, if you don't want to keep the car, having 5-7k miles you didn't use probably isn't going to net you anything using any of the methods mentioned above. CarMax (or whoever) needs to make money and that will probably negate the slightly higher value from having a few thousand less miles. I h...
by Leesbro63
Thu Mar 28, 2019 7:20 am
Forum: Investing - Theory, News & General
Topic: The Three-Fund Portfolio
Replies: 2481
Views: 1552262

Re: The Three-Fund Portfolio

Assuming all three accounts are available in tax deferred, tax free, and taxable, what is the most efficient fund placement in today's environment? Bonds in tax deferred, for starters. U.S. equities in taxable and international in tax free, vice versa, or flip a coin? Triple digit golfer: From page...
by Leesbro63
Thu Mar 28, 2019 7:15 am
Forum: Personal Finance (Not Investing)
Topic: I suspect I may have equity in my car lease. Help?
Replies: 31
Views: 1963

Re: I suspect I may have equity in my car lease. Help?

I'm going to guess that you don't have as much equity as you believe. Just because you bought miles and didn't use them, it doesn't necessarily mean the car has equity. Mileage figures only have so much of an impact on the value of a vehicle. The miles in a lease are always going to be worth more t...
by Leesbro63
Wed Mar 27, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: I suspect I may have equity in my car lease. Help?
Replies: 31
Views: 1963

Re: I suspect I may have equity in my car lease. Help?

Buying and re-selling, at least in Pennsylvania, is going to entail sales tax that eats up much of any equity.
by Leesbro63
Wed Mar 27, 2019 12:50 pm
Forum: Personal Consumer Issues
Topic: Bogleheads, do you have (unwise financially) friends? And how do you deal with them?
Replies: 76
Views: 3837

Re: Bogleheads, do you have (unwise financially) friends? And how do you deal with them?

"I don't understand why a majority of people on this board aren't willing to help their friends and family." Because after 30+ years of attempting to answer questions and help in many ways we have learned that in 90%+ of the cases they really do not want a real answer. Now some of them do really en...
by Leesbro63
Wed Mar 27, 2019 11:34 am
Forum: Personal Consumer Issues
Topic: Bogleheads, do you have (unwise financially) friends? And how do you deal with them?
Replies: 76
Views: 3837

Re: Bogleheads, do you have (unwise financially) friends? And how do you deal with them?

I've struggled with this issue my whole life. Even as an older child/preteen, I didn't understand it all, but had a bad feeling when I saw friends and family borrowing money or spending large on consumables. Sadly, I've found that not too many will ever change their behavior. I am now at the point w...
by Leesbro63
Tue Mar 26, 2019 9:36 pm
Forum: Personal Investments
Topic: The IRA Lightbulb just went on
Replies: 28
Views: 3856

Re: The IRA Lightbulb just went on

Maybe the original poster is including qualified dividends as a misunderstanding of capital gains. Since they are often discussed together/taxed similarly.
by Leesbro63
Tue Mar 26, 2019 6:46 pm
Forum: Personal Investments
Topic: 4% rule? Never touch principle?
Replies: 65
Views: 5837

Re: 4% rule? Never touch principle?

GAAP wrote:
Tue Mar 26, 2019 11:53 am

Actually it's about the portfolio surviving 30 years -- with a balance that is positive, but not necessarily by a lot. It will touch a lot of principal in most cases.
Actually in most cases, you’ll end the 30 year period with much more than you started with.
by Leesbro63
Tue Mar 26, 2019 1:17 am
Forum: Personal Finance (Not Investing)
Topic: Don McLean
Replies: 11
Views: 2543

Re: Don McLean

So he’s a stock picker and a market timer. But his plan isn’t too bad compared to his peers of his era. He was never in the league of the Beatles or The Rolling Stones. Basically a one mega hit wonder, with a few additional minor hits. And he’s been riding that one hit for almost 50 years. Good work...
by Leesbro63
Sat Mar 23, 2019 9:37 am
Forum: Investing - Theory, News & General
Topic: Quiz: Worst asset class drawdowns since 1926 (real dollars)
Replies: 21
Views: 1340

Re: Quiz: Worst asset class drawdowns since 1926 (real dollars)

This is interesting to me but I don’t quite get the question either.
by Leesbro63
Thu Mar 21, 2019 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

Yeah, I would focus on backdoor #2. Client comes in in March. you say, “Looks like you have a traditional IRA. If you have a decent 401k, why don’t you roll that into your 401k. Then once that is complete, make a post-tax deposit of 6k into the IRA. Next day, transfer it from the IRA to the Roth IR...
by Leesbro63
Thu Mar 21, 2019 11:34 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

... there should be a user-friendly, easy way to report gifts on a revised Form 709. It's ridiculous that the average taxpayer can't just fill out a simple form that just says "I gave $75,000 to my grandson's 529 to be pro-rated over the next 5 years toward my $15,000/yr gift allowance to him". For...
by Leesbro63
Thu Mar 21, 2019 10:35 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

Perhaps the entire term "backdoor Roth IRA" should be changed to "contributing to a non-deductible traditional IRA then converting it to a Roth IRA". It's helped me to think of it as two separate transactions, which it really is. I wish they get rid of the income limit for contribution to Roth IRA,...
by Leesbro63
Wed Mar 20, 2019 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Filing 1040X
Replies: 7
Views: 358

Re: Filing 1040X

Today I received a Form 1099-Div CORRECTED from TDAmeritrade for a family member couple who I help prepare tax returns. The original return was filed about March 1st. In the past few years there hasn't been any corrected Forms 1099, but this time I guess we jumped the gun by filing too early. Once ...
by Leesbro63
Wed Mar 20, 2019 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Filing 1040X
Replies: 7
Views: 358

Re: Filing 1040X

Thank you, Dodecahedron for your advice here. The original return was Efiled and the check mailed. But I’ll wait a while just to further reduce to risk of another 1099 correction. I don’t want to end up amending twice.

The interest rate is so high that a taxpayer almostd hope they delay processing 😀
by Leesbro63
Wed Mar 20, 2019 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Filing 1040X
Replies: 7
Views: 358

Re: Filing 1040X

The original return was sent with a small check for tax due. The check has cleared.

It’s a no-income-tax state.
by Leesbro63
Wed Mar 20, 2019 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

Perhaps the entire term "backdoor Roth IRA" should be changed to "contributing to a non-deductible traditional IRA then converting it to a Roth IRA". It's helped me to think of it as two separate transactions, which it really is.
by Leesbro63
Wed Mar 20, 2019 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Filing 1040X
Replies: 7
Views: 358

Filing 1040X

Today I received a Form 1099-Div CORRECTED from TDAmeritrade for a family member couple who I help prepare tax returns. The original return was filed about March 1st. In the past few years there hasn't been any corrected Forms 1099, but this time I guess we jumped the gun by filing too early. Once t...
by Leesbro63
Tue Mar 19, 2019 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Back card
Replies: 25
Views: 2070

Re: Cash Back card

This confirms that there really is no better CapOne card for me and I'm best off keeping what I have and using it a few times per year. To keep whatever advantage it gives my credit score. Thank you for that info. You might consider using the "Credit Wise" score functionality that Capital One gives...
by Leesbro63
Tue Mar 19, 2019 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Back card
Replies: 25
Views: 2070

Re: Cash Back card

I have a CapitalOne Quicksilver card with a 25 year history. For that reason, I want to keep it...it's my oldest card. But truthfully it's useless to me, as I use the Citi Double Cash card for most purchases. Is there a CapitalOne produce that I might be able to convert the card to (retaining my 25...
by Leesbro63
Tue Mar 19, 2019 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Massive Increase in Long Term Care Insurance for My Parents - Can They?
Replies: 65
Views: 4828

Re: Massive Increase in Long Term Care Insurance for My Parents - Can They?

Some posters have mentioned running down the assets and then letting Medicare take care of things. Have you actually SEEN a Medicare facility? They are nowhere near as nice as private pay facilities. Your parents deserve better than bare-bones. I recommend paying the new rate. $300 a month versus t...
by Leesbro63
Tue Mar 19, 2019 9:37 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

I didn’t read all replies, so sorry if this is already covered. (Note - I’m a cpa and an advisor.) in order to be fair, Form 8606 is so rarely seen, I don’t think I’d be able to fill one out correctly without some pretty intense research. I’ve been in tax prep for 8 years, and I can count the numbe...
by Leesbro63
Tue Mar 19, 2019 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Massive Increase in Long Term Care Insurance for My Parents - Can They?
Replies: 65
Views: 4828

Re: Massive Increase in Long Term Care Insurance for My Parents - Can They?

Some posters have mentioned running down the assets and then letting Medicare take care of things. Have you actually SEEN a Medicare facility? They are nowhere near as nice as private pay facilities. Your parents deserve better than bare-bones. I recommend paying the new rate. $300 a month versus t...
by Leesbro63
Tue Mar 19, 2019 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Cash Back card
Replies: 25
Views: 2070

Re: Cash Back card

I have a CapitalOne Quicksilver card with a 25 year history. For that reason, I want to keep it...it's my oldest card. But truthfully it's useless to me, as I use the Citi Double Cash card for most purchases. Is there a CapitalOne produce that I might be able to convert the card to (retaining my 25 ...
by Leesbro63
Mon Mar 18, 2019 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

In all fairness, many people have trouble entering the data in their software. I think the trick to this is when you get to the part about Roth conversions, skip it until later. After the non-deductable contribution is reported, then go back and tell the software about the Roth conversion I agree. ...
by Leesbro63
Mon Mar 18, 2019 3:12 pm
Forum: Personal Investments
Topic: Can't see retiring without 15x-30x fixed income
Replies: 217
Views: 15283

Re: Can't see retiring without 15x-30x fixed income

But there’s something wrong with the math in the second part of your comment. Even a lower spending level still requires a minimum multiple of that low spending for a “safe” withdrawal rate. I assume 15X - 20X is just a part of income. Most people would also have other income like SS, pension, rent...
by Leesbro63
Mon Mar 18, 2019 12:40 pm
Forum: Personal Investments
Topic: Can't see retiring without 15x-30x fixed income
Replies: 217
Views: 15283

Re: Can't see retiring without 15x-30x fixed income

No dilemma from my perspective. I have a set dollar amount I keep in safe fixed income which is primarily derived by calculating XX years of expenses each month. The rest is invested in equities. My struggle on whether or not to retire is not connected to finances rather how I would occupy my time ...
by Leesbro63
Mon Mar 18, 2019 10:28 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 86
Views: 5830

Re: CPA is not including form 8606 for my backdoor Roth

Hello, I made two non-deductible TIRA contributions last year. The first contribution was for tax year 2017 and was reported on part I of form 8606 with my 2017 tax return. The second contribution was done later in 2018. Both contributions were converted to Roth in 2018, which puts us in the backdo...
by Leesbro63
Mon Mar 18, 2019 9:29 am
Forum: Personal Finance (Not Investing)
Topic: Cash Back card
Replies: 25
Views: 2070

Re: Cash Back card

Thanks guys. Sounds like the double cash might be my best bet, with maybe a gas card in there. We do travel, but always pull our camper with us, so very few restaurants even on those trips. Another idea for you might be the Sam's Club Mastercard that gives 5% back on gas (since you're pulling a cam...
by Leesbro63
Thu Mar 14, 2019 10:29 am
Forum: Personal Finance (Not Investing)
Topic: Massive Increase in Long Term Care Insurance for My Parents - Can They?
Replies: 65
Views: 4828

Re: Massive Increase in Long Term Care Insurance for My Parents - Can They?

These are your parents and they deserve dignified care. Children with the ability to help their parents should always do so even if it is just to set a proper example of love and family to their children. I agree with this. And that’s why I view the decision to keep the policy and perhaps pay it fo...
by Leesbro63
Thu Mar 14, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Massive Increase in Long Term Care Insurance for My Parents - Can They?
Replies: 65
Views: 4828

Re: Massive Increase in Long Term Care Insurance for My Parents - Can They?

These are your parents and they deserve dignified care. Children with the ability to help their parents should always do so even if it is just to set a proper example of love and family to their children. I agree with this. And that’s why I view the decision to keep the policy and perhaps pay it fo...
by Leesbro63
Thu Mar 14, 2019 8:25 am
Forum: Personal Finance (Not Investing)
Topic: Massive Increase in Long Term Care Insurance for My Parents - Can They?
Replies: 65
Views: 4828

Re: Massive Increase in Long Term Care Insurance for My Parents - Can They?

I think those policies were a common product of the 1980s (as seen here).