Search found 143 matches

by marbat
Fri Mar 24, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Questions about itemizing state income taxes and about foreign tax credit carry forward
Replies: 7
Views: 727

Re: Questions about itemizing state income taxes and about foreign tax credit carry forward

I'd prefer to use sales tax to avoid doing the wksht. Looks pretty simple. Actually, this worksheet is a bit more comprehensive and does all the calculations for you. http://cotaxaide.org/tools/Refund%20Calculator.html I haven't checked my current version of HRBlock but some software has a workshee...
by marbat
Thu Mar 23, 2017 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about itemizing state income taxes and about foreign tax credit carry forward
Replies: 7
Views: 727

Re: Questions about itemizing state income taxes and about foreign tax credit carry forward

If you used itemized deductions this year you will pay income tax on tax refund next year. If you use standard deduction you will not pay any tax on refund. What if I itemize but don't actually deduct/count state taxes withheld? I have enough other itemized deductions to ensure I pay 0 tax this yea...
by marbat
Thu Mar 23, 2017 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about itemizing state income taxes and about foreign tax credit carry forward
Replies: 7
Views: 727

Questions about itemizing state income taxes and about foreign tax credit carry forward

Two quick questions about 2016 taxes before I submit them and move on with my life! :sharebeer 1. I could add state income tax withholdings to my itemized deductions, but even without them, I already won't be paying any tax this year. Am I correct that it would be better to not declare a deduction f...
by marbat
Sat Feb 25, 2017 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: CapEx for rental property - where to declare/depreciate?
Replies: 7
Views: 850

Re: CapEx for rental property - where to declare/depreciate?

I believe they should be capitalized, not expensed. You probably should read the following: https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping https://www.irs.gov/pub/irs-pdf/p527.pdf I meant to say the reverse: these expendi...
by marbat
Fri Feb 24, 2017 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: CapEx for rental property - where to declare/depreciate?
Replies: 7
Views: 850

Re: CapEx for rental property - where to declare/depreciate?

I believe they should be capitalized, not expensed. You probably should read the following: https://www.irs.gov/businesses/small-businesses-self-employed/tips-on-rental-real-estate-income-deductions-and-recordkeeping https://www.irs.gov/pub/irs-pdf/p527.pdf I believe that you're right - in fact, it...
by marbat
Fri Feb 24, 2017 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: CapEx for rental property - where to declare/depreciate?
Replies: 7
Views: 850

Re: CapEx for rental property - where to declare/depreciate?

I would lean towards expensing these. Legal expenses would generally be just expensed, though if in conjuction with a refi it might be more fuzzy. Depending on the amount, I think there is a "De Minimis" level of $2500 where the IRS says you can just expense regardless. In general, if you...
by marbat
Fri Feb 24, 2017 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: CapEx for rental property - where to declare/depreciate?
Replies: 7
Views: 850

CapEx for rental property - where to declare/depreciate?

I had two expenses in 2016 that I believe need to be capitalized. These are for a rental property that I've had for several years now: - Legal fees associated with getting a title document re-issued - Legal fees for a renewed appraisal of the apartment Two questions: - Am I correct that I cannot sim...
by marbat
Tue Feb 07, 2017 1:59 am
Forum: Personal Finance (Not Investing)
Topic: Minimum earned income for Roth IRA contribution
Replies: 2
Views: 665

Minimum earned income for Roth IRA contribution

Quick question about minimum earned income for a Roth IRA contribution: If somebody has $5,000 in earned income as their only source of income, can they contribute $5,000 to a Roth IRA? Or does the earned income have to be in excess of deductions (taxable income)? The question arose because someone ...
by marbat
Thu Dec 29, 2016 4:23 pm
Forum: Personal Investments
Topic: Wash sale clarification
Replies: 8
Views: 607

Re: Wash sale clarification

And why is it surprising that my ESPP feeds into a taxable brokerage account? Sorry, I am not surprised by that, since I see that restrictions apply. In any event, your broker should track wash sales for you, so that should help ameliorate the annoyance. Gotcha :sharebeer Hah, my ESPP broker (Schwa...
by marbat
Thu Dec 29, 2016 4:09 pm
Forum: Personal Investments
Topic: Wash sale clarification
Replies: 8
Views: 607

Re: Wash sale clarification

My Vanguard funds throw off dividends in my brokerage account, my IRA, and my 401k. My understanding is that I'm not able to sell the dividend lots in the IRA/401k to avoid the wash sale in the taxable account. While true, I bet I could work around those problems if you named the funds in question ...
by marbat
Thu Dec 29, 2016 3:31 pm
Forum: Personal Investments
Topic: Wash sale clarification
Replies: 8
Views: 607

Re: Wash sale clarification

I understand why wash sale rules are in place, but boy are they annoying! Quarterly reinvested dividends and monthly ESPP purchases make it a huge pain to take advantage of losses. The lots from quarterly reinvested dividends can simply be sold, too, so that gets rid of that pain. Furthermore, wash...
by marbat
Thu Dec 29, 2016 3:19 pm
Forum: Personal Investments
Topic: Wash sale clarification
Replies: 8
Views: 607

Re: Wash sale clarification

According to the Wash Sale section of IRS Publication 550, Investment Income and Expenses: "Loss from a wash sale of one block of stock or securities cannot be used to reduce any gains on identical blocks sold the same day." Understood, thank you. So in my example, the gain would be $20. ...
by marbat
Thu Dec 29, 2016 1:50 pm
Forum: Personal Investments
Topic: Wash sale clarification
Replies: 8
Views: 607

Wash sale clarification

Quick question about if the wash sale rule works in aggregate or on a per-lot basis... Let's say I bought some stock a week ago. Today, I want to sell two lots of that same stock - neither of which are the lot that I bought a week ago. The first lot has a $10 loss. The second lot has a $20 gain. Is ...
by marbat
Mon Jun 27, 2016 1:29 am
Forum: Non-US Investing
Topic: Relative moving back to Russia, maintaining US account
Replies: 4
Views: 940

Re: Relative moving back to Russia, maintaining US account

You don't mention why she needs a Russian account. Will she be working locally and drawing a salary? If so, her employer will likely choose the bank for her (different system over there - the employer chooses the direct deposit account and sets it up). If she doesn't "need" one, just use S...
by marbat
Sun Apr 24, 2016 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Is this person a dependent relative?
Replies: 3
Views: 670

Re: Is this person a dependent relative?

Page 34 of Publication 17 where it defines gross income for qualifying relative states: "Gross receipts from rental property are gross income. Do not deduct taxes, repairs, or other expenses to determine the gross income from rental property". Short, to the point, and with a source. Thank...
by marbat
Sun Apr 24, 2016 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Is this person a dependent relative?
Replies: 3
Views: 670

Is this person a dependent relative?

Quick question about how to think about the income restriction for dependent relatives: how is "less than $4,000 of gross income" defined? In the example below, let's assume that the person in question meets all of the other requirements for being a dependent relative. If someone has $2,00...
by marbat
Sun Apr 17, 2016 8:23 pm
Forum: Personal Investments
Topic: Change IRA contribution year with Fidelity
Replies: 11
Views: 2687

Re: Change IRA contribution year with Fidelity

Just wanted to follow up with a resolution: Fidelity appears to have easily fixed this, although I guess I won't know until next year if it generated any tax forms/activity. Since a 2015 contribution is still timely up until 4/18/2016, they likely were able to change the applicable tax year for tha...
by marbat
Sun Apr 17, 2016 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Last minute tax questions about selling a home!
Replies: 3
Views: 551

Re: Last minute tax questions about selling a home!

A friend sold a home in NJ this year. She did not live in NJ at all in 2015 and made no gain on the sale of the of home, but still had to post two payments to the State of New Jersey: 1. A "Realty Transfer Fee" which is computed in the same way as a tax, but doesn't actually appear to be ...
by marbat
Sun Apr 17, 2016 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: Last minute tax questions about selling a home!
Replies: 3
Views: 551

Last minute tax questions about selling a home!

A friend sold a home in NJ this year. She did not live in NJ at all in 2015 and made no gain on the sale of the of home, but still had to post two payments to the State of New Jersey: 1. A "Realty Transfer Fee" which is computed in the same way as a tax, but doesn't actually appear to be a...
by marbat
Sun Apr 17, 2016 1:29 pm
Forum: Personal Investments
Topic: Change IRA contribution year with Fidelity
Replies: 11
Views: 2687

Re: Change IRA contribution year with Fidelity

Just wanted to follow up with a resolution: Fidelity appears to have easily fixed this, although I guess I won't know until next year if it generated any tax forms/activity.
by marbat
Sun Mar 20, 2016 3:37 pm
Forum: Personal Investments
Topic: Change IRA contribution year with Fidelity
Replies: 11
Views: 2687

Re: Change IRA contribution year with Fidelity

Why not call up Fidelity? Because I trust Bogleheads' experience over Fidelity's customer service reps to fully understand what the end-results of such an operation might be. But suppose it is just a bookkeeping change within Fidelity's computer system and doesn't require any complicated recharacte...
by marbat
Sat Mar 19, 2016 10:40 pm
Forum: Personal Investments
Topic: Change IRA contribution year with Fidelity
Replies: 11
Views: 2687

Re: Change IRA contribution year with Fidelity

Geologist wrote:Why not call up Fidelity?
Because I trust Bogleheads' experience over Fidelity's customer service reps to fully understand what the end-results of such an operation might be.
by marbat
Sat Mar 19, 2016 9:26 pm
Forum: Personal Investments
Topic: Change IRA contribution year with Fidelity
Replies: 11
Views: 2687

Re: Change IRA contribution year with Fidelity

Will she have $1000 available to contribute to the 2015 Roth prior to April 18, 2016? If so, just use that to fill the 2015 bucket and return to the 2016 bucket later this year. The issue is that she won't be eligible to contribute to a Roth for 2016, so we want to remove the $1,000 contribution in...
by marbat
Sat Mar 19, 2016 9:06 pm
Forum: Personal Investments
Topic: Change IRA contribution year with Fidelity
Replies: 11
Views: 2687

Change IRA contribution year with Fidelity

A friend of mine accidentally contributed $1,000 to her Roth IRA for 2016. Does anyone have any experience with getting Fidelity to treat this as a 2015 contribution instead? My friend has $1,000 of Roth space for 2015. My questions are mainly: 1. Is this type of recharacterization mechanically poss...
by marbat
Sat Jul 11, 2015 7:04 pm
Forum: Personal Investments
Topic: Roth IRA over-contribution
Replies: 6
Views: 861

Re: Roth IRA over-contribution

The IRS recommends keeping tax returns for 3 years. You should have shredded your 2009 return several years ago. Well, I don't actually have a 2009 return since I never filed. My understanding is that there is no statute of limitations for IRA over-contributions. Did you make less than a full contr...
by marbat
Sat Jul 11, 2015 8:02 am
Forum: Personal Investments
Topic: Roth IRA over-contribution
Replies: 6
Views: 861

Roth IRA over-contribution

I found Bogleheads in 2009, when I was entering my last year of undergraduate studies. The philosophy immediately clicked with me, and I was excited to start investing in Boglehead style. Unfortunately, I went ahead and opened a Roth IRA that year, without realizing that I needed to have earned inco...
by marbat
Wed May 13, 2015 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone went to top 10 business school? Got a 730 on GMAT. Thoughts?
Replies: 28
Views: 12178

Re: Anyone went to top 10 business school? Got a 730 on GMAT. Thoughts?

Good job on the GMAT, but at the same time I'm not sure it's all that exceptional either. It's a good, solid score, and you won't have trouble getting into most schools with your resume, but it's also not a 790 and a 3.95 either. We have very similar backgrounds and I went to a solid, public, in-st...
by marbat
Fri Apr 10, 2015 6:26 am
Forum: Personal Finance (Not Investing)
Topic: Should I renege [on a] job offer?
Replies: 48
Views: 7925

Re: Should I renege [on a] job offer?

The answer is "it depends." What city is the consulting offer in? What firm is it with? There is a big difference between PwC and Deloitte vs. Oliver Wyman and LEK. What group within the consulting firm? Oliver Wyman FS or GMC? Deloitte S&O, or Technology? What bank is your IBD offer w...
by marbat
Tue Mar 17, 2015 2:18 am
Forum: Personal Investments
Topic: Paying for graduate school
Replies: 9
Views: 1824

Re: Paying for graduate school

Don't forget about the Lifetime Learning Credit (LLC). I believe you can use this credit for grad school. It's 20% of the first $10k of tuition & required fees up to a maximum of $2k per year. You would qualify if modified adjusted gross income (MAGI) is under $52k (or something like that) if s...
by marbat
Sun Mar 15, 2015 6:51 am
Forum: Personal Investments
Topic: Paying for graduate school
Replies: 9
Views: 1824

Re: Paying for graduate school

Did you max out your tax advantaged accounts for 2015? If not, you should definitely do that. That will give you a instant tax savings. Next, you should pay from your taxable account for your education. If the need arises, you also can pull from your traditional for education expenses without payin...
by marbat
Sat Mar 14, 2015 11:56 am
Forum: Personal Investments
Topic: Paying for graduate school
Replies: 9
Views: 1824

Re: Paying for graduate school

On the topic of time horizon, do any of the 529 plans offer a stable value fund or some other safe investment (short-term CDs?) with better returns than an online savings account (~1% pre-tax)? Definitely worth looking into, but whatever earnings you take out of a 529 plan will be taxable I believe...
by marbat
Sat Mar 14, 2015 10:16 am
Forum: Personal Investments
Topic: Paying for graduate school
Replies: 9
Views: 1824

Re: Paying for graduate school

Your time horizon is too short for you to be investing. Your money belongs in an online savings account. As for selling your current holdings, you'll have very little income during calendar year 2016, so I would try to maximize the benefit of the 0% capital gains bracket. Great point. I should be i...
by marbat
Sat Mar 14, 2015 9:02 am
Forum: Personal Investments
Topic: Paying for graduate school
Replies: 9
Views: 1824

Paying for graduate school

Snip.
by marbat
Mon Jun 09, 2014 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: Pin and Chip Cards coming to the US
Replies: 71
Views: 10100

Re: Pin and Chip Cards coming to the US

We don't need security, it's the bank's problem, not the consumer. Then banks will decide when investing in new technology is warranted by the cost of fraud. October 2015 the liability is switching from the credit card processor / bank to the party with the least secure transaction method. In other...
by marbat
Mon Apr 21, 2014 1:57 am
Forum: Personal Finance (Not Investing)
Topic: payWave cards
Replies: 15
Views: 1570

Re: payWave cards

If someone really wants to kill the chip, all you need is a ball-point pen. Lay the card on a paper writing pad to give it a little bit of flex underneath it (I'd call it a tablet, but someone might be thinking iPad). If you destroy the chip, then in October 2015 you will be unable to buy stuff in ...
by marbat
Sun Apr 20, 2014 4:08 am
Forum: Personal Finance (Not Investing)
Topic: payWave cards
Replies: 15
Views: 1570

Re: payWave cards

I wanted to clear something up: contactless technology (Visa payWave, MasterCard PayPass, American Express ExpressPay, Discover Zip, etc.) is safer than mag stripe. The media has taken some incredibly poorly done research and ran with it, without bothering to see if it is actually correct or not. Do...
by marbat
Tue Feb 18, 2014 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

So this seems to be the reason US retailers are anti "smart-cards" "But retailers also see more to gain from collecting consumer information than protecting it. That magnetic stripe shares your name, bank and card information with anything it touches. Tell a cashier your zip code, an...
by marbat
Tue Feb 18, 2014 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

My PenFed card HAS worked in automated terminals in Europe (not the specific countries listed) using my PIN. My neighbor's PenFed card has as well. I've also used it in a store in Mexico and it prompted for PIN rather than printing a receipt for signature. That means one of two things. Either the P...
by marbat
Tue Feb 18, 2014 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

When someone reports that their U.S. chip & sig card was accepted at an unmanned kiosk on the Copenhagen and Amsterdam Metros I'll believe it! Unfortunately I don't have any trips to Northern Europe planned soon. Marbat can correct me if needed, but I think that so long as your CC has a chip, y...
by marbat
Sun Feb 16, 2014 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

Of course your last statement is true. If it is true that hackers are targeting US credit card holders above Europeans because they perceive us to be more vulnerable, then this will inevitably sort itself out. The question then becomes whether or not you (as a corporation) feel it is in your best i...
by marbat
Sun Feb 16, 2014 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

You might find this article from today's LA Times interesting, although I'm sure you're aware of all of this. http://www.latimes.com/business/la-fi-payment-cards-20140216,0,182779.story#axzz2tXi8UaIG I didn't know that you are liable for everything if your PIN card is fraudulently used. That's a bi...
by marbat
Sun Feb 16, 2014 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

For what it's worth, I personally would vastly prefer mass Chip and PIN issuance. I think Signature is a joke of a CVM. Unfortunately, what I personally feel is unimportant if there is no business justification to go in that direction. My views obviously don't reflect the views of my employer, etc. ...
by marbat
Fri Feb 14, 2014 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

Jeez, tough crowd in here. I'm just trying to help! :P 1. I will be 26 in a few weeks, thank you very much. Happy Birthday to me! 2. As stan1 mentioned, I work for one of American Express/Visa/MasterCard. I am not a "CC rep" - I work in corporate strategy. Trust me, I know as much about th...
by marbat
Fri Feb 14, 2014 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

Make sure is is actually a Chip & Pin . Many U.S. banks are transitioning to a Chip & Signature, as previously noted above. Looks identical and some branch people may not know the difference. That is not much use if you plan to use automated kiosks in Europe for gas, train tickets, etc. You...
by marbat
Fri Nov 29, 2013 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: should my nephew apply to a top-tier university?
Replies: 274
Views: 17432

Re: should my nephew apply to a top-tier university?

1. Top-tier schools have top-tier financial aid. When people talk about ridiculous student loans, it is typically from middling schools where they were doing a nonsense major. Paying $50K per year for a random liberal arts school doing a soft major? Now that's financial suicide. The Ivies are not g...
by marbat
Fri Nov 29, 2013 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: should my nephew apply to a top-tier university?
Replies: 274
Views: 17432

Re: should my nephew apply to a top-tier university?

He should absolutely apply to an Ivy League school, and if he gets in, he should go, whatever the cost. People saying it's not worth it may be inordinately influenced by their own attitudes toward such things. The reality is that at Harvard (or any other top-10 school) he will meet the brightest, m...
by marbat
Mon Sep 23, 2013 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Young Guys [and Gals] Making Good Money
Replies: 242
Views: 33424

Re: Young Guys Making Good Money

Plan so far is: Continue studying for CPA, in hopes of acquiring it within 6 months. This may open doors. Contact alma mater to see if my MS Finance can be "re-opened" and its credits used as electives for an MBA with Finance concentration. I could knock out all the - are you guys gonna g...
by marbat
Mon Sep 23, 2013 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Young Guys [and Gals] Making Good Money
Replies: 242
Views: 33424

Re: Young Guys Making Good Money

I am 25, and I make about $125K gross (salary, bonus, and 401K match - all from my "main" job). Here's a rough timeline: 22: Graduated from a good-but-not-top-tier state school (attended on scholarship, so no debt). Majored in engineering. What I ended up doing professionally has nothing t...
by marbat
Thu Sep 19, 2013 11:33 am
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

My chip card did not work at tollbooths in France. Otherwise it has a mag stripe like any other card. I think there will need to be a switch to chip and pin in the US before you'll get a card that will work without problem at automated booths in Europe. The US is not going to be pursuing chip and P...
by marbat
Thu Sep 19, 2013 11:32 am
Forum: Personal Finance (Not Investing)
Topic: "Chip" credit card for foreign travel
Replies: 105
Views: 20660

Re: "Chip" credit card for foreign travel

The Wizard wrote: Do "chip" cards also come with a mag stripe and work fine in the U.S.?
Yes. There are plenty of chip credit cards out there at this point. BoA, Citi, Chase, etc. all offer options, along with plenty of smaller credit unions. Debit chip is still a ways away.