Search found 144 matches

by Ace1
Tue Jan 16, 2018 11:18 pm
Forum: Personal Consumer Issues
Topic: Inherited a coin collection I would like to sell
Replies: 8
Views: 1191

Re: Inherited a coin collection I would like to sell

Smokey 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. PCGS has an excellent website to learn something about grade of coins, and value by grade. Every denomination is covered. I am an...
by Ace1
Thu Jan 11, 2018 10:52 pm
Forum: Investing - Help with Personal Investments
Topic: Early RMDs to Roth or Taxable?
Replies: 15
Views: 1080

Re: Early RMDs to Roth or Taxable?

+1 to celias idea! Suspend her SS for 5 years ( to age 70), withdraw from ira to replace the SS plus convert the 25k you’re thinking of. 5 years later you haved reduced the ira by perhaps 50k times 5 years =250k, down to 275-300k +/-. Rmd goes from 20k+/- to 10k+/- and her SS gets the benefit of del...
by Ace1
Thu Jan 11, 2018 6:21 pm
Forum: Personal Consumer Issues
Topic: wild bird feed
Replies: 43
Views: 1767

Re: wild bird feed

Jadedfalcons
Not to hijack the thread, but what do you recommend to feed the squirrels?
Thanks,
Ace
by Ace1
Wed Jan 10, 2018 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Unusual Will/Probate Situation
Replies: 16
Views: 1297

Re: Unusual Will/Probate Situation

Generally, executor fees and estate expenses are paid from the assets of the estate. This would generally include bond fees of the executor. I would guess a bank executor could be appointed, but it depends on the intestacy rules in that state. Perhaps one of the lawyers or law experts (Gill, bsteine...
by Ace1
Thu Jan 04, 2018 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Need help with tax plan - 250k family in Texas
Replies: 15
Views: 1251

Re: Need help with tax plan - 250k family in Texas

Willqiao, Let me throw out that its possible to get in this situation when the two incomes are not fairly close together. When the incomes are similar amounts, the Married 0 plus a fixed additional amount will get closer to curing your underpayment issue. When the two incomes are far apart, the smal...
by Ace1
Thu Jan 04, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Paying Fed Estimated Tax for 2018 (new rates/brackets)
Replies: 7
Views: 963

Re: Paying Fed Estimated Tax for 2018 (new rates/brackets)

MP Turbo Tax does have a next year tax estimator, although I would guess it wont be really tuned in by a TT update until more defined rules for the new tax law are publicized. I have not purchased the 2017 version yet to check it out, but it is a check box on the “what-if” form, which lets you model...
by Ace1
Wed Jan 03, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA 5 year rule
Replies: 32
Views: 2067

Re: Roth IRA 5 year rule

Deleted
by Ace1
Tue Jan 02, 2018 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security at age 62 perhaps?
Replies: 57
Views: 4894

Re: Social Security at age 62 perhaps?

Since you state reasonably good health, first ask is longevity in family history?
Then if so and you don’t need the cash flow, I would postpone taking SS, and
consider the pre SS years for making a few Roth conversions.
by Ace1
Tue Jan 02, 2018 2:37 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity's Retirement Income Plan
Replies: 22
Views: 1886

Re: Fidelity's Retirement Income Plan

Ron... let me also add a Happy Birthday. Vested1 Since you turn 70.5 on Jan 2, you have all year to take your RMD, and you are correct in that any amount you withdraw in the prior year doesnt count toward this years RMD. That is also covered in the paragraph I cited in Pub 590b. Just make sure you u...
by Ace1
Tue Jan 02, 2018 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: Fidelity's Retirement Income Plan
Replies: 22
Views: 1886

Re: Fidelity's Retirement Income Plan

vested 1 [quote]I got conflicting advice on another thread here that gave me the wrong information, saying that if I followed this plan I would be paying 2 RMD's in one year. I read the law on the IRS website and for good measure verified it with my daughter, who is a CPA. I still see incorrect stat...
by Ace1
Thu Dec 21, 2017 12:27 am
Forum: Personal Finance (Not Investing)
Topic: Dual State Tax filing and 2017 payments
Replies: 8
Views: 510

Re: Dual State Tax filing and 2017 payments

You should inquire if the employer has the capability of withholding for state B. You should also be able to modify the witholding in state A with the state version of a W4 and drastically reduce or eliminate state A witholding. Since you are in contiguous states, most states have some kind of recip...
by Ace1
Tue Dec 19, 2017 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Stamp inheritance
Replies: 30
Views: 2875

Re: Stamp inheritance

Jojay I am an executor of an estate that among many things included a stamp collection. This collection was stored in and filled TWO refrigerators (airtight ! ). There was over 40 albums filled with stamps probably from the 20’s thru the 50’s, several boxes of postmarked loose stamps plus over 42,00...
by Ace1
Mon Dec 18, 2017 10:43 am
Forum: Investing - Help with Personal Investments
Topic: if i do roth 401k, are employer matches also post-taxed?
Replies: 2
Views: 273

Re: if i do roth 401k, are employer matches also post-taxed?

You are limited to a maximum contribution of 18k in 2017 (+6k if 50+) to 401k, traditional or roth or combination of both. I believe 2018 max is increased to 18.5k. All employer match is deposited to your pretax traditional 401k. You will pay tax on that when you withdraw in retirement. Any contribu...
by Ace1
Sun Dec 17, 2017 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Home - Was Primary Residence - Tax Situation
Replies: 11
Views: 1306

Re: Sold Rental Home - Was Primary Residence - Tax Situation

JGoneRiding, When I made my original post earlier in the thread, I thought the same as you... a prorata portion of the gain would be subject to tax. Further reading in pub 587 led me to agree with the OP ... that none of the gain is taxable EXCEPT for any recapture of depreciation as I subsequently ...
by Ace1
Sat Dec 16, 2017 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Home - Was Primary Residence - Tax Situation
Replies: 11
Views: 1306

Re: Sold Rental Home - Was Primary Residence - Tax Situation

BV
The entry on 4797 comes from line 37 on the home sale worksheet.
Basically it is the total gain less the depreciation being recaptured, which is the amount of the gain
that is excluded. Make sure you do not have either box checked on line 19a of the home sale worksheet.
That should do it.
Ace
by Ace1
Sat Dec 16, 2017 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Home - Was Primary Residence - Tax Situation
Replies: 11
Views: 1306

Re: Sold Rental Home - Was Primary Residence - Tax Situation

BV Digging deeper... you probably should review irs pub 523 sale of home and pub 587 business use of home. On p 16 of 587 it does imply you can exclude the entire gain on the sale since you do meet the 2 years use in 5 rule. As for the 4797, right click on the line on the form in TT and review the a...
by Ace1
Sat Dec 16, 2017 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: Sold Rental Home - Was Primary Residence - Tax Situation
Replies: 11
Views: 1306

Re: Sold Rental Home - Was Primary Residence - Tax Situation

BV I also find it significantly better to work thru the forms rather than the interview in TT. So there are 3 forms/worksheets you will want to open and review. If you click the forms icon (or menu item), all the forms in your return will be listed in the left side window. Asset wks, Home adj basis,...
by Ace1
Wed Dec 13, 2017 1:07 pm
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 1090

Re: How to get some taxable income out of a 401k quickly

Tashina, One more thing to consider.... if you go ahead and do the rollover at fidelity, BEFORE you execute that, inquire what fees you would see for selling in the 401k versus selling in the ira at fidelity. If selling in the 401k is less expensive, consider moving some to cash / money market befor...
by Ace1
Wed Dec 13, 2017 12:48 pm
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 1090

Re: How to get some taxable income out of a 401k quickly

Tashina, Yes you can continue to make tIRA to Roth conversions in future years. Making those conversions at little or zero tax cost are optimal. Depending on your overall position, you might convert the entire 401k/tIRA over the next several years and be totally Roth before your DH turns 70.5 and el...
by Ace1
Wed Dec 13, 2017 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 1090

Re: How to get some taxable income out of a 401k quickly

KF,
Thanks for the clarification.... 72t appears to be usable regardless of age, whereas the pub 575 rule
is for those 55 and above and allows unequal amounts...
In any case, there are penalty escape routes.
Ace
by Ace1
Wed Dec 13, 2017 11:56 am
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 1090

Re: How to get some taxable income out of a 401k quickly

Rkhusky,
There is a rule (72t I believe), that allows equal distributions at/after age 55 for 5 years or attaining age 59.5
and that avoids the 10% penalty.
by Ace1
Wed Dec 13, 2017 11:40 am
Forum: Investing - Help with Personal Investments
Topic: How to get some taxable income out of a 401k quickly
Replies: 18
Views: 1090

Re: How to get some taxable income out of a 401k quickly

Tashina, If you are trying to create income on your tax return, but dont need the cash, I think doing the rollover to an ira, and then converting the 10k to a roth accomplishes that. If you can do that in one step instead of two, even better. I would suggest if you do this, to do it at fidelity sinc...
by Ace1
Fri Dec 08, 2017 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Should I file taxes w/o her?
Replies: 54
Views: 3822

Re: Should I file taxes w/o her?

My perception of the OP’s question is simply will MFS produce a lower tax bill than MFJ. When he was single he was in the 28% bracket with an effective rate of 17%, and probably withheld accordingly. When he married, the huge jump in combined income and the resulting tax bracket jump, his income now...
by Ace1
Thu Nov 30, 2017 10:01 pm
Forum: Personal Consumer Issues
Topic: Price of haircut?
Replies: 194
Views: 10840

Re: Price of haircut?

$20 includes tip
Suburban northeast ohio MCOL area
by Ace1
Thu Nov 30, 2017 12:50 pm
Forum: Investing - Help with Personal Investments
Topic: Please help with this cost basis nightmare!
Replies: 22
Views: 1828

Re: Please help with this cost basis nightmare!

GG I will add in a +1 to the calculations suggested above. Given the age of the account, you might also contact the Investor Relations dept of the company. They might have some original purchase data plus some of the subsequent dividend reinvestment facts you could use as the starting point. Good Lu...
by Ace1
Mon Nov 27, 2017 7:03 pm
Forum: Investing - Help with Personal Investments
Topic: Divs and Cap Gains are killing me
Replies: 96
Views: 7906

Re: Divs and Cap Gains are killing me

I thought the point of investing was to make income and for growth of the investment.
Paying taxes means you are making money.... what could be wrong with that?
by Ace1
Mon Nov 27, 2017 6:55 pm
Forum: Personal Consumer Issues
Topic: I have Microsoft Office 2007. Should I upgrade?
Replies: 37
Views: 1986

Re: I have Microsoft Office 2007. Should I upgrade?

[quote=petulant post_id=3636863 time=1511822974 user_id=112943] Excel 2016 allows you to have spreadsheets open in multiple excel windows instead if being open inside a single excel window. That was a huge quality of life improvement for our analysts. If that was available on 2010, we didn’t know ho...
by Ace1
Mon Nov 27, 2017 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Amend 2015 taxes based on a new K-1 two years later?
Replies: 35
Views: 1853

Re: Amend 2015 taxes based on a new K-1 two years later?

tmz +1 to everything marknyc indicated above. There is nothing preventing you/your wife from inquiring of the uncle/executor OR the accountant why they decided to amend the estate/trust 1041 and subsequently allocate the income of the trust/estate to the benficiaries. They should provide you a copy ...
by Ace1
Sat Nov 25, 2017 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Amend 2015 taxes based on a new K-1 two years later?
Replies: 35
Views: 1853

Re: Amend 2015 taxes based on a new K-1 two years later?

I would inquire “from an educational standpoint”, what prompted the revision. However, since the amended 1041 and resulting K1’s are now filed, it behooves you to file an amended 1040 for the year 2015. It wouldn’t hurt to include a letter asking for waiver of any penalty / interest due to late issu...
by Ace1
Wed Nov 08, 2017 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Change Withholding in Anticipation of Marriage?
Replies: 4
Views: 435

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: 2110

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: 1188

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: 583

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: 1073

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: 3086

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: 715

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: 427

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: 1872

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: 12612

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: 671

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: 671

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: 4595

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: 2030

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: 548

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: 1210

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: 1914

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: 423

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: 1165

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: 712

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: 254

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 ...