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DidItMyWay

If her only income is from wages, no bank interest, no taxable scholarships, etc, then you are correct about the daughter having no income tax liability or filing requirement for federal purposes. I assume you have no state or local income taxes or that you have already looked at those too. Thanks!...

DidItMyWay

OnTrack2020 wrote: ↑Sun Sep 27, 2020 2:58 pm I think something is being missed because I'm assuming you claim her on your taxes? Therefore, different set of rules and she will need to file, I believe. Turbotax has some information on their website about this.

I do claim her on my taxes.

DidItMyWay

Quick question for those of you well versed in taxes to make sure I understand this correctly: 18 year old daughter, who is now a full time college freshman, worked her first (part time) job this summer. Grossed $2200. Although she filled out a W-4 (claimed 0 deductions and single), she didn't have...

DidItMyWay

Quick question for those of you well versed in taxes to make sure I understand this correctly: 18 year old daughter, who is now a full time college freshman, worked her first (part time) job this summer. Grossed $2200. Although she filled out a W-4 (claimed 0 deductions and single), she didn't have ...

DidItMyWay

bling wrote: ↑Sun Sep 27, 2020 10:30 am if you value simplicity, no.

if you want to take calculated risks for potentially more reward, maybe. depends on whether you expect to be able to beat your mortgage rate or not.

This.

DidItMyWay

Am not an admissions officer but mine just went through this process last year with good results. Essays matter, especially for competitive out-of-state schools. There are a lot of high stats kids with great extracurriclars, leadership positions, etc. A compelling unique/memorable, and genuine essay...

DidItMyWay

Yes, good call. I did see where CSS Profile said not to use appraised value. My county's property appraiser's website shows appriased value and market value. I went ahead and used the market value from that website, since it was slightly lower than the one that Redfin listed. I already see one way I...

DidItMyWay

Thanks, guys! This is very helpful. I want to make sure I am answering ethically and honestly, but also want to make sure I don't inflate/overstate future earnings needlessly. My hope is that the University of Florida comes through with an acceptance, and that all this Profile business will be for n...

DidItMyWay

I have heard a lot of folks (not here, just in general) complaining about the FAFSA, but that one only took about an hour for me to do. This CSS Profile is a little bit of a pain in the neck. I'm not a complete rookie; I vaguely remember filling this out many moons ago for myself when I went to law ...

DidItMyWay

theplayer11 wrote: ↑Sat Dec 22, 2018 3:36 pm which college costs $95k/yr?

Good point. The most expensive ones I have come across have been in the $70,000 range.
(Not to say that this is a small amount; when I opened up that brochure on a visit and saw that $70,000 figure, I think I broke out in a cold sweat!)

DidItMyWay

You've already been given a lot of good advice/food for thought. I agree with much of it. The answer is, IMHO, it depends on a lot of different factors: family's finances, how you prioritize higher education, intended major and career goals, availability of good options in state, which expensive sch...

DidItMyWay

Also for those who attended a top 14 would you mind describing the experience you had while attending? e.g. lectures, mentorship collegial atmosphere, etc Everyone is competitive and wants to do well. If you get in with the right group of friends, you can study together, support each other, and kee...

DidItMyWay

I’m a partner in a major Biglaw firm with a Wall Street-type practice. I went to a T14 school a million years ago. My advice is, don’t do it unless you really love law. You will work your ass off for that $180K starting salary, and every year afterwards. My firm requires 2000 billable minimum to ge...

DidItMyWay

I agree with lthenderson. If he is living with family and has a job, letting him learn to budget and manage the money he actually earns will be a good learning experience for him and would serve him better in the long run. If you are making it too comfortable for him now by providing stipends, etc.,...

DidItMyWay

I agree that you could go either way.

Based on the issue it's currently having, I might be inclined to let it go at this point rather than risk the inconvenience of getting stranded multiple times.

I let mine go at 13 years for a similar reason.

DidItMyWay

Royal Caribbean Oasis and Allure are both nice, with a lot of stuff to do. They are so big that you really can forget you are on a boat. If you're looking for an option that's a little less expensive, the Freedom and Liberty are nice too. Disney is a good option. If you are interested in Hawaii, NCL...

DidItMyWay

Yes, you can.
If that's where you both want to be, do it and enjoy!

DidItMyWay

I loved O.

DidItMyWay

These are great! With all of these suggestions, it looks like we will be good for the whole time we're there. The restaurant recommendations I received from Bogleheads for a previous vacation didn't disappoint, so I'm looking forward to trying some of these.

Thanks all.

DidItMyWay

Since we have been on the subject of Las Vegas lately (and there has been a lot of good hotel feedback), I wanted to see if anyone had any restaurant recommendations (preferably on the strip). We're heading out there for a few days next month. We'll probably eat "Boglehead style" most of t...

DidItMyWay

Moolala wrote: ↑Mon Apr 16, 2018 10:08 am Thank you everyone for your insights! I’ve learned so much from each and every one of you.
I’ve decided on UVA!

Am late seeing this and replying, but wanted to say congrats on the many great options! I'm sure you will be successful at UVA.

DidItMyWay

I found Atlantis to be overrated (food and service both mediocre at best IMHO.) If you are thinking of a cruise, here is what I would do. (I have been on all of these cruiselines/ships.) -Royal Caribbean Oasis/Allure/Freedom/Liberty...Not sure what these ships itineraries are currently, but see if ...

DidItMyWay

If it were me, I would pare it down to 2 cars and pay off the student loan with the $ you are saving on car insurance/car payments.

DidItMyWay

I found Atlantis to be overrated (food and service both mediocre at best IMHO.) If you are thinking of a cruise, here is what I would do. (I have been on all of these cruiselines/ships.) -Royal Caribbean Oasis/Allure/Freedom/Liberty...Not sure what these ships itineraries are currently, but see if t...

DidItMyWay

I follow this rule. Every year on my birthday I bump my asset allocation in my Excel spreadsheet for bonds by one percent which drives all the rest of the formulas. I add throughout the year based on whatever is below target. If something gets out of whack by more than 5%, I rebalance. It isn't opt...

DidItMyWay

I agree that it's not necessary to spend on excursions to have a great time. Been to Castaway Cay twice, and it's one of my favorite places: close to my idea of paradise. You don't have to spend any money there unless you want to. Enjoy the "free" (included) barbeque lunch. The water is be...

DidItMyWay

Double posted.

DidItMyWay

user5027 wrote: ↑Sun Jan 14, 2018 1:36 pm Asked and answered.

Link

And I am not a lawyer, but I have been at depositions.

Thanks! I didn't realize this was a recent topic. Will review it.

DidItMyWay

There are things you should not toss. - You need to keep any Forms 8606 (non-deductible contributions to IRA and Roth conversions) if you have any. - You need to keep any records that have to do with how money has gotten into Roth IRA (1099, Form 5498, etc). I keep much more than the most recent re...

DidItMyWay

livesoft wrote: ↑Sun Jan 14, 2018 1:25 pm Forever. They give a nice historical perspective about once every 3 years of where we have been.

Hmm...I think this may be why I have saved them up to this point and have had a hard time parting with them.

DidItMyWay

Trying to de-clutter/purge around here and just realized that I have many years of federal tax returns saved, possibly going back to 1996! It looks like the IRS says the requirement is to save everything for 2-3 years (or up to 7 "if you file a claim for a loss from worthless securities or bad ...

DidItMyWay

Penn trolling? I was going to comment on that myself. For those who didn't notice, 2stepsbehind bolded DidItMyWay's use of the term "HYPS," an acronym commonly taken to refer to Harvard, Yale, Princeton, and Stanford. The last time I checked, Princeton did not have a law school. I agreed ...

DidItMyWay

Just saw this. I did the law school thing many moons ago. Law school admission is still all about the numbers (GPA + LSAT), and you have good ones. There are also other factors that could tip the scales in your favor, (geographic diversity, undergraduate college attended, essay, URM status, work exp...

DidItMyWay

Google "EFC formulas 2018-19" to get the pdf that walks you thru hand calculating your EFC. You can see exactly what most affects your final number. You can also learn about special edge cases, for example if your AGI is < $50k (and you meet another test) your assets are ignored. If your ...

DidItMyWay

Start setting aside the $200/mo now, along with your full tax refund. When you're about 6 months out, look to see what type of finance incentives dealers are offering. Honda currently has 0.9% financing. I would suggest this as well. I wouldn't dip into your emergency fund or your home equity. Save...

DidItMyWay

Start setting aside the $200/mo now, along with your full tax refund. When you're about 6 months out, look to see what type of finance incentives dealers are offering. Honda currently has 0.9% financing. I would suggest this as well. I wouldn't dip into your emergency fund or your home equity. Save...

DidItMyWay

I stocked up on forever stamps before the last price increase. Ooh, that's a good reminder. I think I heard the price of stamps is going up again soon. Here are some of mine: -When I grocery shop, a lot of what I buy for the week will depend on what's on sale. If something is on sale that I always ...

DidItMyWay

I bought a Florida Prepaid plan that covers 4 years tuition (not including fees or dorm) when my daughter was 2 years old and have no regrets based on what I paid for it and what it's worth today. Paid a lump sum of $10,200, and the cost is now $29,000+. Looking back, I wish I would have bought the...

DidItMyWay

Bogleheads Used vs. New Porsche Debate? The only correct answer is a used Camry/Accord Corolla :mrgreen: Fixed it :wink: Ha ha! :thumbsup To answer the OP's question: Can you afford it? Depends on your definition of afford. I suppose you could, but that will take a big chunk of your $. Would I do i...

DidItMyWay

I bought a Florida Prepaid plan that covers 4 years tuition (not including fees or dorm) when my daughter was 2 years old and have no regrets based on what I paid for it and what it's worth today. Paid a lump sum of $10,200, and the cost is now $29,000+. Looking back, I wish I would have bought the ...

DidItMyWay

Thanks, guys. This is helpful.

I remember filling out the CSS Profile form for grad school and remember that they ask absolutely everything, even what year car you drive.

Will check out the price calculators for each individual school as recommended and go from there.

DidItMyWay

Thank you, Jack.

Yes, I was also wondering about EFC and what different colleges actually expect you to pay. It looks like some are definitely more generous than others.

DidItMyWay

If you're planning on holding on to the rental, I'd probably apply it to the mortgage on your rental and chip away at that.

DidItMyWay

The recent college thread got me thinking about a question I've had. This is my first rodeo with paying for college. I have only one child, and she a year away from college decisions. So am trying to budget accordingly using calculators and figuring out approximately how much I will pay out each yea...

DidItMyWay

getthatmarshmallow wrote: ↑Thu Dec 21, 2017 6:02 pm Notre Dame isn't Jesuit. [/nitpick]

Oh true. I was just thinking about Catholic schools with low acceptance rates, but you're right.

DidItMyWay

While I agree with you in some on some points, when it comes to grad schools it gets you so far, and to be honest you will be hard pressed to convince many that Georgetown or Notre Dame, would be better than a state school like Michigan, UVA, Berkeley, etc.... BUT to each his own. Oh, I definitely ...

DidItMyWay

It's funny that I came here and read this, because I have been pondering a similar issue. In fact, our circumstances are very similar, except my annual income is significantly less than yours, my daughter is an only child, and she is a year away from making this decision. In my case, I opted to send...

DidItMyWay

I agree with those who say just stick it out. With less than 2 years left, you will avoid moving costs, as well as the hassle of moving. You will also still have your privacy. It sounds like you are doing great. As others say, keep your eye on the prize. 2 years go by very fast, especially when you'...

DidItMyWay

So your parents came up with the idea for you to be a landlord to your relatives but they are only giving you $100k towards it? You would have to do all the work and take all the risks and endanger your relationship with both your parents and your relatives who are tenants for $100k? Doesn't sound ...

DidItMyWay

You should be pleased. Very impressive.
Just out of curiosity, what kind of AA have you had this whole time? Will you be keeping the AA, or will you be adjusting to something more conservative to preserve what you have acquired?

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