Search found 115 matches

by Ace1
Wed Nov 08, 2017 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Change Withholding in Anticipation of Marriage?
Replies: 4
Views: 394

Re: Change Withholding in Anticipation of Marriage?

st Your obligation at the end of the year in order to avoid any underpayment penalty/interest is 90% of the current year liability, or 100% (110 if above certain income level) of last years tax liability. ( I believe there is a modification when the tax filing status on the 1040 changes). It is perf...
by Ace1
Tue Nov 07, 2017 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: What's the most "interesting" job in corporate finance?
Replies: 20
Views: 1897

Re: What's the most "interesting" job in corporate finance?

csm I spent most of my career in the general accounting and fp&a areas. I would agree with everything MikeG indicated. However I would add a newer area in the accounting profession that to me seems like it would be quite interesting, is forensic accounting, the search for embezzlement, money launder...
by Ace1
Thu Nov 02, 2017 11:02 am
Forum: Personal Finance (Not Investing)
Topic: tax law - when does mortgage need to be entered to avoid $500k interest deduction cap?
Replies: 9
Views: 1058

Re: tax law - when does mortgage need to be entered to avoid $500k interest deduction cap?

Under current law, mortgage interest can only be deducted on mortgage debt of $1 million or less.
by Ace1
Fri Oct 27, 2017 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: AmEx referral bonuses & taxes
Replies: 8
Views: 505

Re: AmEx referral bonuses & taxes

Since you are likely a cash basis taxpayer, its not technically your income until it is credited to you on the statement. Therefore, I would just add up the appropriate amounts from your Jan - Dec statements. It will go on the Other income line (21) on the 1040 with a description like “credit card r...
by Ace1
Fri Oct 27, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Account for child's money
Replies: 17
Views: 958

Re: Account for child's money

One item to consider... funds in the childs name are included at a heavier percentage
than assets in the parents name when you get to the time for completing the college FAFSA.
Having said that, having something in the childs name creates a great teaching opportunity.
by Ace1
Tue Oct 24, 2017 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: How to save inheritance from grandfather for 18 & 20 year old sons
Replies: 28
Views: 2877

Re: How to save inheritance from grandfather for 18 & 20 year old sons

RHM Much sympathy for your losses. It is a lot to deal with. We can only speculate on how the life insurance may be distributed. There is a chance your husbands share might go to his beneficiaries ( you / your sons), in which case you could direct the funds to your family trust or any other investme...
by Ace1
Sat Oct 21, 2017 9:35 am
Forum: Investing - Help with Personal Investments
Topic: help with inheritance and financial planning
Replies: 6
Views: 626

Re: help with inheritance and financial planning

Prudent...
“Have enough saved for my retirement” is a goal of hers, not a conclusion.

All_mine... welcome to the forum, and much sympathy for your loss.
by Ace1
Thu Oct 19, 2017 5:53 pm
Forum: Investing - Help with Personal Investments
Topic: How much tax do I pay on stocks sold through brokerage account?
Replies: 6
Views: 387

Re: How much tax do I pay on stocks sold through brokerage account?

When you sell the $1000 worth, some portion of that is your cost (basis... not taxable)
and some part is profit upon which you pay income tax.... and since you only held it 3 months,
ordinary income tax.
by Ace1
Wed Oct 04, 2017 7:17 pm
Forum: Personal Consumer Issues
Topic: accounting software for churches?
Replies: 24
Views: 1661

Re: accounting software for churches?

Mouse I have been treasurer for my church 30 years. I have been using the Power Church Plus software for over 20 years. It is designed specifically for churches for things like membership data, contributions, events, record keeping (sermons, equipment, music), and accounting. I am very happy with th...
by Ace1
Tue Sep 26, 2017 4:00 pm
Forum: Personal Consumer Issues
Topic: The Rolex and The Boglehead
Replies: 274
Views: 11597

Re: The Rolex and The Boglehead

As a graduation gift to myself, I bought a Rolex oyster perpetual stainless steel watch in 1969. I still own and wear it daily. Gets serviced every so many years and I get enjoyment from having and wearing it. One of the advantages of accumulating is the opportunity to obtain something nice from tim...
by Ace1
Sat Sep 23, 2017 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion conundrum
Replies: 5
Views: 605

Re: Roth conversion conundrum

Thank you to all for your replies. I was looking first for more general direction, which is why I did not incude some of the specific info. However, we are in mid 60's, delaying SS although eligible for restricted application, which we plan to deploy beginning next year (used an optimizer... spouses...
by Ace1
Fri Sep 22, 2017 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Roth conversion conundrum
Replies: 5
Views: 605

Roth conversion conundrum

Spouse and I are currently retired and in the 15% fed tax bracket. Plan to do Roth conversions to the top of the 15% bracket every year while both of us are alive from our asset alignment that is currently 81% Tira, 11% tax free Roth/HSA, and 8% cash/cap gains eligible. Knowing that the survivor wil...
by Ace1
Mon Sep 18, 2017 8:14 am
Forum: Investing - Help with Personal Investments
Topic: My in-laws' nest egg of $50k
Replies: 34
Views: 4419

Re: My in-laws' nest egg of $50k

Agree with all the above, however I think there is one more item, besides eventually losing
the smaller of the two SS checks.
Have they pre-planned end of life expenses?
Might be a good time to look into one of the modest burial insurance policies.
by Ace1
Sun Sep 17, 2017 4:46 am
Forum: Personal Finance (Not Investing)
Topic: Help me solve: Not allowed access to savings at Canadian bank
Replies: 13
Views: 1921

Re: Help me solve: Not allowed access to savings at Canadian bank

I opened an account in person at a ScotiaBank. Have online access and no problems since. If I were you, plan a trip up to anywhere close to you in Canada to appear in a branch, and document yourself to them, especially if you want to keep the account. There are plenty of interesting places to visit ...
by Ace1
Thu Sep 14, 2017 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Question on Taxes (W-4) on a Lump Sum Payout
Replies: 5
Views: 513

Re: Question on Taxes (W-4) on a Lump Sum Payout

If I were you, I would first inquire with her payroll dept and learn which withholding table they will use for that payment... the biweekly or the annual. Then, go to irs.gov and get publication 15 (aka circular e), and apply the proper withholding table. You are permitted to use as many exemption a...
by Ace1
Wed Sep 13, 2017 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: SS Deemed filing eligibility
Replies: 10
Views: 1125

Re: SS Deemed filing eligibility

I believe you may be interested in the option of filing a restricted application. To be eligible, the filer needed to be 62 by Dec 31, 2015, which appears to qualify you. Your wife files for her benefit (anytime) and once you reach age 66, you file a restricted application as her spouse. She collect...
by Ace1
Sun Sep 03, 2017 12:42 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security analyzer
Replies: 9
Views: 1817

Re: Social Security analyzer

Thanks for the link.
Nice calculator... simple yet several options to tinker with the result.
:sharebeer
by Ace1
Sat Aug 19, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Should we file taxes separately?
Replies: 5
Views: 386

Re: Should we file taxes separately?

In turbo tax there is a what-if worksheet under the federal forms list. One of the options on this worksheet is mfj vs mfs. This calculation is only for federal returns, not for state. In Ohio, there are occasions where mfs does produce a net lower tax than mfj. Ohio requires the same filing status ...
by Ace1
Mon Aug 14, 2017 9:42 pm
Forum: Personal Finance (Not Investing)
Topic: Schedule A Tax Modeling for 2017 >age65
Replies: 9
Views: 1074

Re: Schedule A Tax Modeling for 2017 >age65

I don't know about other tax software, but if you use turbo tax, there is a form in the fedforms list called What-if worksheet. This is a nice little tool to experiment with various things, including planning for next year. You can start by copying the 2016 data to any of the what if columns, or you...
by Ace1
Mon Aug 14, 2017 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Enrollment Question
Replies: 3
Views: 682

Re: Medicare Enrollment Question

As long as your employer health plan meets certain minimum coverage requirements, including prescription, you are not obligated to sign up for part A, even though it is free, or part B. You will need a document from your employer stating you were covered by the employer plan for the time after you t...
by Ace1
Thu Aug 10, 2017 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Scorp wants to understand when to pay sales tax
Replies: 1
Views: 236

Re: Scorp wants to understand when to pay sales tax

Generally speaking sales/use taxes are charged to / paid by the end user / consumer. You need to determine if the product/service you provide is taxable in your /your customer's state. If it is taxable and your customer is the end user, you should be charging sales tax to your customer and remiting ...
by Ace1
Sat Jul 29, 2017 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Finance as a college major?
Replies: 50
Views: 4596

Re: Finance as a college major?

by carolinaman » Sat Jul 29, 2017 8:06 am If someone wants to pursue a career in finance, I recommend getting a degree in Accounting. It is a more rigorous study and gives more options and potentially more income. Someone with an accounting degree is capable of doing anything a finance degreed perso...
by Ace1
Sat Jul 08, 2017 6:40 pm
Forum: Personal Consumer Issues
Topic: Excel 2010 and Windows 7 -- Where to go from here?
Replies: 39
Views: 3133

Re: Excel 2010 and Windows 7 -- Where to go from here?

I have been an excel user since the 90's (Before that, Lotus123 since its creation in 1981). Bought a new laptop with W10 and excel 2016 last December. A huge annoyance that the brains at MS decided to implement in excel 2013 is the elimination of the ability to have multiple workbooks open in the s...
by Ace1
Tue May 30, 2017 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: old Canadian money
Replies: 13
Views: 1557

Re: old Canadian money

Condition of the bills is everything.
You can go to coinsandcanada.com .... banknotes ... to get an idea of what they might be worth
to a collector.
by Ace1
Sat Jan 28, 2017 9:39 pm
Forum: Investing - Help with Personal Investments
Topic: Tax Reporting & Step Up in Basis for Account Owned with Parent?
Replies: 8
Views: 811

Re: Tax Reporting & Step Up in Basis for Account Owned with Parent?

I think you will get a step up on only half the account.
Since it is a joint account, you already own half at whatever the basis
is in the account. So when your parent passes, you will inherit the other half,
and the basis on that half steps up to date of death value.
by Ace1
Sat Jan 28, 2017 8:43 pm
Forum: Investing - Help with Personal Investments
Topic: Actively Managed Account tax question
Replies: 11
Views: 1191

Re: Actively Managed Account tax question

Let me see if I can clarify your question. It sounds like in your taxable account you have capital gain dividends you include on your tax return each year and pay taxes at whatever your cap gain rate is, and these dividends are reinvested in the taxable account. If this is true, then every dollar yo...
by Ace1
Wed Jan 18, 2017 11:21 pm
Forum: Personal Finance (Not Investing)
Topic: Final Income Tax Return
Replies: 5
Views: 1135

Re: Final Income Tax Return

Even though a return may not be requird based on income amount, I would file a final return anyway so the service can close the account. You can also include a letter declining any refund and asking to donate it to the public debt. If a check does turn up, it can be returned again asking for it to b...
by Ace1
Wed Jan 18, 2017 7:04 am
Forum: Personal Finance (Not Investing)
Topic: 1099-R Tax question
Replies: 5
Views: 925

Re: 1099-R Tax question

1) the distribution amount should be on 1040 line 15 and will be taxed as ordinary income. The 10% penalty will be computed on form 5329 and wind up on line 59 of the 1040 Whatever was withheld and noted on the 1099 will wind up on line 64 of 1040. 2) the 1099g is issued because you had an overpayme...
by Ace1
Mon Jan 16, 2017 5:33 pm
Forum: Investing - Theory, News & General
Topic: Selling Old Coins?
Replies: 20
Views: 2089

Re: Selling Old Coins?

Taylor, First, I'd like to personally thank you for all you have done for this forum. You and it are a treasure trove ! Regarding collectible coins, never clean a coin and only handle them by the edges if they are not in a holder or book of some kind. Best bet is to interview one or two local dealer...
by Ace1
Mon Jan 16, 2017 5:05 pm
Forum: Personal Consumer Issues
Topic: Medicare insurance premium AND payroll tax ?
Replies: 11
Views: 999

Re: Medicare insurance premium AND payroll tax ?

If you are still employed at a company with greater than 20 employees, you do NOT have to sign up for medicare A or B as long as your plan meets certain guidelines including prescriptions. You WILL need a document from your employer when you eventually do sign up otherwise you could be penalized for...
by Ace1
Fri Jan 13, 2017 11:18 pm
Forum: Personal Finance (Not Investing)
Topic: Depreciation math for condo - Does this look reasonable?
Replies: 7
Views: 794

Re: Depreciation math for condo - Does this look reasonable?

I believe you would find a more appropriate land value by using the entire property, ... driveways, parking areas, green space etc. It is not just the land the building itself sits directly on. You/your condo "owns" 1/xx of the total property, usually including other buildings and all comm...
by Ace1
Thu Jan 12, 2017 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 2028

Re: Options for parents' Social Security

Mac .. you have laid out correctly as I understand it, the restricted application process. File and suspend USED to allow what you described, dad at 66 files and suspends, mom then files as dads spouse to get the 50% spousal benefit. Dad then refiles at 70 to collect 32% larger amount. This opportun...
by Ace1
Thu Jan 12, 2017 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 2028

Re: Options for parents' Social Security

Mac, I believe your understanding is correct, however, the approximate multiplier for your dad's delayed retirement credit (waiting to 70) is 1.32 ( +8% per year). You should be able to get these numbers from the annual report social security sends out to everyone, or establish accounts at the my ss...
by Ace1
Wed Jan 11, 2017 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 2028

Re: Options for parents' Social Security

Yeah, FRA went away when she filed at 62.
Roughly should be 25% more than the amount she first received at 62.
By the way, make sure dad waits to be 66 to execute this, not before.
by Ace1
Wed Jan 11, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Form 941 - Confusion Regarding 'Balance Due' Field
Replies: 2
Views: 303

Re: IRS Form 941 - Confusion Regarding 'Balance Due' Field

1/2 of the total social security/medicare tax ( 1912.50) is expense to the s corp. The other 1/2 is withheld from your pay by the scorp. The federal income tax withheld from your pay, and the total social security ( both the withheld from you and the company expense) is what the scorp remits to the ...
by Ace1
Wed Jan 11, 2017 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Options for parents' Social Security
Replies: 21
Views: 2028

Re: Options for parents' Social Security

Since your dad was at least 62 by Dec 2015, he can file a restricted application as your moms spouse, and collect a spousal benefit, which would be 1/2 of your moms FRA benefit. He can collect this until he files for his own at age 70 or whatever age he decides to start collecting. As has been said ...
by Ace1
Tue Jan 10, 2017 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Looking to hear from interest rate prognosticators...what to do with my ARM
Replies: 11
Views: 798

Re: Looking to hear from interest rate prognosticators...what to do with my ARM

I think what you are doing is terrific. Continue to aggressively pay down so that by the time the rate adjusts, worst case it will only be 4.625 % for a much smaller amount of principal. If you have any spreadsheet skills, prepare an amortization schedule for yourself and see what the numbers would ...
by Ace1
Tue Jan 10, 2017 9:10 am
Forum: Investing - Help with Personal Investments
Topic: Mitigating currency risk between USD and CAD
Replies: 11
Views: 863

Re: Mitigating currency risk between USD and CAD

Thetether Sounds like you want to hedge a bit against the CAD strengthening against the USD. Perhaps you could consider dollar cost averaging into a high interest savings vehicle at a canadian domiciled bank such as scotia or TD. This way you would slowly begin moving into CAD. Might not gain much, ...
by Ace1
Mon Jan 09, 2017 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: Not reporting capital losses on taxes?
Replies: 12
Views: 1220

Re: Not reporting capital losses on taxes?

Since you sold the stock, you WILL get a 1099 B ... and so will the irs.
If the sale does not show up on your return, you will eventually get a letter from the irs.
They will assume you underreported the entire amount of the sale.
Doesn't matter if the sale is $100 or $100,000.
You must report it!
by Ace1
Sat Jan 07, 2017 9:05 pm
Forum: Investing - Help with Personal Investments
Topic: Suggestions for 70-year-old retiree's portfolio
Replies: 18
Views: 3029

Re: Suggestions for 70-year-old retiree's portfolio

Zuma, Since she will be taking the first RMD this year, which for an ira of 230k would be something around 8700, depending on how soon it will be withdrawn, consider holding that much in the cash settlement fund once the account is established at Vanguard. This avoids buying whatever funds and then ...
by Ace1
Sat Nov 26, 2016 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Reducing federal withholding
Replies: 9
Views: 1518

Re: Reducing federal withholding

No disrespect intended .... just a point of clarification...
It's actually Publication 15, which is also known as Circular E
by Ace1
Sat Nov 26, 2016 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Reducing federal withholding
Replies: 9
Views: 1518

Re: Reducing federal withholding

Should be no issues.
A number of years ago, there was a requirement to report allowances greater than 9,
but that was eliminated. You can claim 99 if you want to.
I increased my fed allowances to 30 prior to retiring because it fit my situation.
by Ace1
Thu Oct 27, 2016 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Probate Frustrations: Father's Penny Stock
Replies: 14
Views: 2157

Re: Probate Frustrations: Father's Penny Stock

Leigh I am administering an estate here in Ohio that is larger than the "gross" value of your estate. The law in Ohio is VERY clear as to executor fee calculation. Gross value of inventory (assets) plus/minus net income (interest, divs, cap gains/losses). 1st 100,000 x 4% Next 300,000 x 3%...
by Ace1
Wed Oct 26, 2016 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Probate Frustrations: Father's Penny Stock
Replies: 14
Views: 2157

Re: Probate Frustrations: Father's Penny Stock

Check with the court... depending on the state, it is possible the date of death valuation is adjusted by the net income or loss incurred by the estate assets subsequent to the date of death valuations and the executor fees are based on the reduced valuation. Further, 7% of the gross estate seems hi...
by Ace1
Tue Oct 25, 2016 10:23 pm
Forum: Investing - Help with Personal Investments
Topic: Windfall and New to Investing
Replies: 11
Views: 1400

Re: Windfall and New to Investing

Aardvark, Regarding the coins, the most important element with collectible coins is condition. NEVER clean a coin and always handle it by the edges if it is not in a holder. I would recommend interviewing at least 2 reputable coin dealers in your area. If you inherited the collection, perhaps an inv...
by Ace1
Mon Sep 26, 2016 9:15 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes [withholding vs. estimated payments]
Replies: 20
Views: 1929

Re: Taxes [withholding vs. estimated payments]

I believe that estimated payments are due Apr 15, Jun 15, Sep 15, and Jan 15. (Coincides with long form calculations on the 2210 underpayment schedule -3, 5, 8, 12 months.) Depending on employer, withholding taxes from paychecks are remitted either weekly or monthly, and reported quarterly. It is po...
by Ace1
Thu Sep 01, 2016 10:27 pm
Forum: Investing - Theory, News & General
Topic: Social Security Consulting?
Replies: 26
Views: 3244

Re: Social Security Consulting?

Deleted
by Ace1
Thu Sep 01, 2016 9:34 pm
Forum: Investing - Help with Personal Investments
Topic: HSA Question - New Employer and Now Paying Monthly Fees
Replies: 3
Views: 419

Re: HSA Question - New Employer and Now Paying Monthly Fees

I don't believe TDA offers an HSA account.
I suspect you will need to keep the HSA bank account.