Search found 530 matches
- Wed Feb 21, 2024 10:22 pm
- Forum: Personal Finance (Not Investing)
- Topic: Michigan ACA Silver near FPL; Vision and Dental
- Replies: 8
- Views: 878
Re: Michigan ACA Silver near FPL; Vision and Dental
Been a while since I've been to St. Louis, Michigan "The Middle of the Mitten". I (fondly) remember my short stay many moons ago. Two thoughts: 1) Why so concerned with hitting FPLx1.38? Do you have a moral objection to being on Medicaid? It's often as good or better than any Silver plan you could get, so if you don't quite get to FPLx1.38 you may still be in good shape - check out your options in Michigan. 2) Glasses are (usually) easy to cover now that Zenni Optical, eyebuydirect, etc. are well established. I've purchased glasses for my entire family exclusively through online sellers for 10+ years now - I've saved a tremendous amount even vs. Sam's Club/Costco. I get a local eye exam occasionally, but $100 or so every 2-3 years...
- Tue Feb 06, 2024 8:02 pm
- Forum: Personal Finance (Not Investing)
- Topic: Crypto appraisal needed for 2023 donations
- Replies: 19
- Views: 1902
Crypto appraisal needed for 2023 donations
I have some substantial crypto donations I made to a DAF this year and I'm having a very hard time finding anyone who can provide the IRS-required appraisal. The one company I did find wants to charge something like $1,000 (lol) for "appraising" my half dozen donations which can be done in approximate 5 minutes.
Any referrals to a reasonably priced crypto appraiser would be greatly appreciated
Any referrals to a reasonably priced crypto appraiser would be greatly appreciated
- Tue Jan 23, 2024 9:08 am
- Forum: Personal Finance (Not Investing)
- Topic: H&R Block 2023 software offer
- Replies: 246
- Views: 38096
Re: H&R Block 2023 software offer
I live in Ohio. Is anyone else having issues downloading the Ohio tax program? It just continuously loops to trying to update the Federal program but never downloads the Ohio one.
- Fri Dec 22, 2023 10:57 pm
- Forum: Investing - Theory, News & General
- Topic: Daffy - new low fee donor advised fund provider
- Replies: 46
- Views: 9597
- Thu Dec 21, 2023 9:40 am
- Forum: Personal Finance (Not Investing)
- Topic: IRs approved deduction amount for appreciated stock/crypto
- Replies: 1
- Views: 295
IRs approved deduction amount for appreciated stock/crypto
[Topic is now in Personal Finance (Not Investing) - mod mkc]
Does anyone know what the IRS standard for donations of appreciated assets?
Generally speaking when I've donated there's a difference between the donated value and what ends up being disbursed as the net value after fees and the shifting value of whatever I've donated. Usually, the first number is largely than the second.
For instance, a donation that shows received $10,000 but deposited $9,500... is the amount that can be deducted $10,000 or $9,500?
Does anyone know what the IRS standard for donations of appreciated assets?
Generally speaking when I've donated there's a difference between the donated value and what ends up being disbursed as the net value after fees and the shifting value of whatever I've donated. Usually, the first number is largely than the second.
For instance, a donation that shows received $10,000 but deposited $9,500... is the amount that can be deducted $10,000 or $9,500?
- Sun Nov 26, 2023 10:01 pm
- Forum: Personal Finance (Not Investing)
- Topic: [DAF: Anyone with experience with CharityVest or Daffy vs VG/Fido/Schwabor]
- Replies: 47
- Views: 5354
Re: Who is using DAFFY for your charitable contributions?
I use them alongside Fidelity Charitable. Both are good, Daffy is cheaper with a better interface and consolidated reporting, although being relatively new they have some quirks when searching for charities that Fidelity has already ironed out - you'll find that using EIN/FIN works a lot better than a name a fair bit of the time.
- Sat Nov 25, 2023 11:34 am
- Forum: Personal Finance (Not Investing)
- Topic: H&R Block 2023 software offer
- Replies: 246
- Views: 38096
Re: H&R Block 2023 software offer
I have Schedule C income, solo 401k, rental housing and I've always used Deluxe. You'll be fine.ThankYouJack wrote: ↑Fri Nov 24, 2023 7:23 pm The Deluxe version is fine for 1099 income and a Solo 401k, right?
- Tue Nov 14, 2023 2:47 pm
- Forum: Personal Consumer Issues
- Topic: How long should I keep this car?
- Replies: 26
- Views: 2508
Re: How long should I keep this car?
As someone else said, how much you can afford will drive this decision. That and if it's worth it to you personally for non-financial reasons to buy something newer.
I drive a 20 year old Corolla - to me its age is a feature not a bug. I don't worry about it getting scratched or dented - it's fully depreciated. 95% of my spending is on maintenance and gas. I have one minor repair about every 12-18 months which costs a lot less than what I'd pay to insure a newer vehicle.
I drive a 20 year old Corolla - to me its age is a feature not a bug. I don't worry about it getting scratched or dented - it's fully depreciated. 95% of my spending is on maintenance and gas. I have one minor repair about every 12-18 months which costs a lot less than what I'd pay to insure a newer vehicle.
- Thu Nov 02, 2023 6:30 pm
- Forum: Personal Finance (Not Investing)
- Topic: Donor Advised Fund - is non-cash funding converted to cash?
- Replies: 13
- Views: 1024
Re: Donor Advised Fund - is non-cash funding converted to cash?
If I understand it correctly, by going the latter route I will end up with the same change to my cash balance, the same deduction at tax time, the charity gets the same amount, but I've also "magically" reset the cost basis of the VTSAX holding in my taxable account. Yes, you are correct. I've used Vanguard Charitable for most of my DAF life, switched to Fidelity about a year ago, and have now added Daffy, the new kid on the block who makes donating crypto super duper easy. Any of them are fine, although I recommend Fidelity if you have a Fidelity account already and Daffy if minimizing fees and having a clean interface is important. As an example with Daffy, I bought Ethereum years ago, donated it, it was liquidated the same day...
- Thu Nov 02, 2023 9:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Banks with no foreign transaction fees and ATM refunds (that aren’t Schwab or Fidelity)?
- Replies: 43
- Views: 4323
Re: Banks with no foreign transaction fees and ATM refunds (that aren’t Schwab or Fidelity)?
Does Fidelity have no ATM fees internationally? I thought it was Schwab only.
- Tue Oct 24, 2023 9:03 am
- Forum: Personal Finance (Not Investing)
- Topic: Why Isn't A High Deductible H.O. Policy Available?
- Replies: 22
- Views: 2291
Re: Why Isn't A High Deductible H.O. Policy Available?
$10k is the highest I could find. Some places will supposedly do 10%, but like Bigfoot I've never actually seen it in the wild.
- Fri Oct 20, 2023 10:19 am
- Forum: Personal Finance (Not Investing)
- Topic: Tales from this insane real estate market [Home sales]
- Replies: 2903
- Views: 514875
Re: Tales from this insane real estate market [Home sales]
Not terrible.
Using Forbes' numbers the average salary is around $59K and in Ohio it's $56K. NE Ohio is probably in that ballpark - less than Columbus, more than most of rural Ohio. It's still an incredibly affordable place to buy a home, just not insanely so like it was several years ago when I tried to convince younger family members to buy one of those $80K homes in a B+ school district. You could literally make ~$15-17/hour full time and potentially qualify for a home - now you need more like $70K.
Using Forbes' numbers the average salary is around $59K and in Ohio it's $56K. NE Ohio is probably in that ballpark - less than Columbus, more than most of rural Ohio. It's still an incredibly affordable place to buy a home, just not insanely so like it was several years ago when I tried to convince younger family members to buy one of those $80K homes in a B+ school district. You could literally make ~$15-17/hour full time and potentially qualify for a home - now you need more like $70K.
- Fri Oct 20, 2023 10:06 am
- Forum: Personal Finance (Not Investing)
- Topic: Tales from this insane real estate market [Home sales]
- Replies: 2903
- Views: 514875
Re: Tales from this insane real estate market [Home sales]
Checking in from Northeast Ohio. Home prices are bifurcated - there's a lot of downward pressure as you get above $350K and especially $500K+. While the scorching standards of 2021 are gone, anything under $250K is still moving fast and especially so for the sub-$200K market. Houses that sold for $80K in 2017 and resold for $150K in 2021 are being listed for $200K now and selling in about a week vs. 1-2 days in 2021, so while there is a definite slow down I see zero immediate home price deflation in the < $250K range. $500K homes - which were $300K-ish homes pre-COVID - have shown the greatest propensity to sit for weeks or months and require price reductions, even as overall supply has been very low. By contrast, two townhouses in the $150...
- Thu Oct 19, 2023 9:00 am
- Forum: Personal Finance (Not Investing)
- Topic: Why did my SS Estimate go down?
- Replies: 69
- Views: 15065
Re: Why did my SS Estimate go down?
Mine fell as well and I have a rolling Social Security Excel spreadsheet that has matched to within $1 for all past years. This year the stated amount is about $200 below my calculations - will be interesting to see if I need to revise my estimates for planning or it's just a temporary glitch.
- Sun Oct 15, 2023 12:49 pm
- Forum: US Chapters
- Topic: Join the Wiki!
- Replies: 131
- Views: 133040
Re: Join the Wiki!
Would like access to the Wiki to give some rather pertinent updates to the Donor Advised Fund article. Thanks.
- Tue Oct 10, 2023 7:04 am
- Forum: Personal Finance (Not Investing)
- Topic: New Expected Family Contribution (EFC) laws & collegiate impact
- Replies: 32
- Views: 4660
Re: New Expected Family Contribution (EFC) laws & collegiate impact
Reviving this thread in case anyone has new info. I'm guessing things have changed.
- Tue Oct 03, 2023 12:37 pm
- Forum: Personal Finance (Not Investing)
- Topic: New York Charitable Gift Fund as SALT workaround
- Replies: 9
- Views: 941
Re: New York Charitable Gift Fund as SALT workaround
I'm curious as to whether other states have done something similar. It would be of enormous benefit to many people i know, none of whom live in New York but who are spread across a dozen or so states.
- Mon May 29, 2023 9:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: Charitable Giving Strategy
- Replies: 6
- Views: 1021
Re: Charitable Giving Strategy
I'm giving significantly through a DAF using appreciated taxable ETFs. Buying either index ETFs or individual stocks (if you're open to direct indexing to maximize both donation value and tax loss harvesting) works well to maximize your charitable impact for a fixed amount of money.
- Mon Feb 27, 2023 3:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: FAFSA EFC number shock! [Expected Family Contribution] with updates
- Replies: 223
- Views: 19210
Re: FAFSA EFC number shock! [Expected Family Contribution] with updates
yeah, I'm shocked at how (relatively) low the EFCs are here given how high the net worths are. I get that a lot of that net worth is in 401k/IRAs but does no one have significant assets outside retirement accounts?Jack FFR1846 wrote: ↑Mon Feb 27, 2023 2:29 pm EFC takes into account your assets. Mine one year was $93,000 with a $125k salary. Lots of savings bonds reported. Hundreds of thousands.
I'm impressed at how few $100K+ EFCs are here - y'all are great tax-advantaged savers
- Sat Jan 21, 2023 8:10 am
- Forum: US Chapters
- Topic: NE Ohio (Cleveland Area) Master Thread
- Replies: 255
- Views: 138777
Cleveland / NE Ohio Bogleheads - Dormant?
[Thread merged into here --admin LadyGeek]
We had a meeting pre-COVID at the North Royalton Library but I haven't heard anything since.
Is it still active? Because if not I'd really like to kickstart it back into existence.
We had a meeting pre-COVID at the North Royalton Library but I haven't heard anything since.
Is it still active? Because if not I'd really like to kickstart it back into existence.
- Tue Sep 28, 2021 1:56 pm
- Forum: Personal Finance (Not Investing)
- Topic: Umbrella Coverage
- Replies: 54
- Views: 5673
Re: Umbrella Coverage
After reading about RLI in a couple places here, I decided to check them out.
I was paying $900 for umbrella insurance with GEICO. Materially similar policy was half that at RLI.
Even though I was 3 months into my GEICO policy, my refund is significantly more than I'll pay for the entire year at RLI so that's a few hundred bucks of savings.
I was paying $900 for umbrella insurance with GEICO. Materially similar policy was half that at RLI.
Even though I was 3 months into my GEICO policy, my refund is significantly more than I'll pay for the entire year at RLI so that's a few hundred bucks of savings.
- Sat Sep 25, 2021 10:20 pm
- Forum: Personal Investments
- Topic: Vanguard glitching so Fidelity has a new customer
- Replies: 82
- Views: 11420
Re: Vanguard glitching so Fidelity has a new customer
I don't know if anyone else experienced this. This past weekend I tried to help my young daughter open up a new Vanguard Roth IRA account. The web site was glitching and we got all the way through the new account information page, tediously entering all her information and then it crashed. Tried with Chrome and Edge so wasn't our browser. Tried again today and same result. Apparently Vanguard doesn't want her new account. So we flipped over to Fidelity and it all went seamlessly and I discovered that Fidelity has 4 zero-fee index funds. So daughter is now the new proud owner of a new Roth IRA holding FZROK. She is 18 and will now probably be with Fidelity for the rest of her life. Vanguard's loss I guess. Little things like this can have a...
- Sat Sep 25, 2021 8:27 pm
- Forum: Personal Investments
- Topic: Vanguard glitching so Fidelity has a new customer
- Replies: 82
- Views: 11420
Re: Vanguard glitching so Fidelity has a new customer
I don't know if anyone else experienced this. This past weekend I tried to help my young daughter open up a new Vanguard Roth IRA account. The web site was glitching and we got all the way through the new account information page, tediously entering all her information and then it crashed. Tried with Chrome and Edge so wasn't our browser. Tried again today and same result. Apparently Vanguard doesn't want her new account. So we flipped over to Fidelity and it all went seamlessly and I discovered that Fidelity has 4 zero-fee index funds. So daughter is now the new proud owner of a new Roth IRA holding FZROK. She is 18 and will now probably be with Fidelity for the rest of her life. Vanguard's loss I guess. Little things like this can have a...
- Sat Sep 25, 2021 8:13 pm
- Forum: Personal Finance (Not Investing)
- Topic: Do FAFSA Even Tho Zero Chance of Need-Based Aid?
- Replies: 41
- Views: 3567
Re: Do FAFSA Even Tho Zero Chance of Need-Based Aid?
I was told point-blank that if I did not file that my child would not qualify for merit-based aid and that there were no exceptions. Perhaps it was a bluff but I didn't perceive it as one and it wasn't one I was willing to test given the risk-reward. I filled out the FAFSA, got a high EFC...and the promised merit scholarship.
Did you have to actually provide the info, or can the kid file the form saying the parents refused to provide info? (Or are you not sure?)
- Thu Sep 23, 2021 8:30 am
- Forum: Personal Finance (Not Investing)
- Topic: Do FAFSA Even Tho Zero Chance of Need-Based Aid?
- Replies: 41
- Views: 3567
Re: Do FAFSA Even Tho Zero Chance of Need-Based Aid?
I was required to file the FAFSA for my son to get a full tuition (merit) scholarship.
I'm not sure how legal that is, but it was their standard so I did it. Naturally my EFC was enormous but it didn't change their decision so I guess that's a win.
I'm not sure how legal that is, but it was their standard so I did it. Naturally my EFC was enormous but it didn't change their decision so I guess that's a win.
- Mon Sep 20, 2021 10:32 am
- Forum: Personal Finance (Not Investing)
- Topic: New Expected Family Contribution (EFC) laws & collegiate impact
- Replies: 32
- Views: 4660
Re: New Expected Family Contribution (EFC) laws & collegiate impact
It definitely does not take place for FAFSA opening next month. The EFC Formula has been out for a month for that already and it is very similar to last year. It was SUPPOSED to go into effect next year, but now they are saying it will be phased in over several years and as of right now we don't know which aspects will go into effect when. If true, then the income cut off for parents with dependent students, for asset-free consideration, is $50,000, and the student income protection allowance is just over $7,000 ($7,040 is what I'm seeing). Annoying if they don't know when they're going to implement the changes to the formulations but I guess it is what it is. It'd be nice to tell my lower-income friends that if they make, say, < $60K they...
- Mon Sep 20, 2021 10:01 am
- Forum: Personal Finance (Not Investing)
- Topic: New Expected Family Contribution (EFC) laws & collegiate impact
- Replies: 32
- Views: 4660
New Expected Family Contribution (EFC) laws & collegiate impact
Hi, I'm interested in anyone with expertise on the changes to Expected Family Contribution (EFC) with respect to the college FAFSA college going forward. ------------------- What I've learned so far 1) The EFC name is eventually changing to Student Aid Index (SAI) which I believe is much more accurate than the implication that the EFC is all you need to pony up - my experiences prove this is definitely not the case. Supposedly the change from EFC --> SAI will take place between now and 2025 in phases. 2) One rule change that won't be relevant to most of us here but is big new to lower income families: An automatic $0 EFC for families whose parents' income is below 175% of the poverty line for their family size. Definitely will clear a lot o...
- Mon Sep 06, 2021 8:07 am
- Forum: Personal Finance (Not Investing)
- Topic: Cash-out refi’s
- Replies: 15
- Views: 2300
Re: Cash-out refi’s
Cash-out refis usually have rates 1/4% to 3/8% higher than refis without cash. So 1.875% no-cash and 2.125-2.25% with cash are reasonably equivalent.investingdad wrote: ↑Mon Sep 06, 2021 7:11 am
2.29% on a fifteen is not a great rate right now.
We closed on our refi two weeks ago with a fifteen at 1.875% and zero points.
We didn’t do cash out, but we shaved off five years and will save about 47k in interest after closing costs.
- Thu Aug 19, 2021 6:54 pm
- Forum: Personal Finance (Not Investing)
- Topic: CCRC vs. University Based Retirement Community
- Replies: 62
- Views: 7071
Re: CCRC vs. University Based Retirement Community
I filled out some basic information to get to Kendal's (Dartmouth UBRC) rate sheet. I expected some sticker shock given that I grew up blue collar and boy did I get it. And based on others' comments in this thread, these seem like reasonable prices for a top-ranked institution.finite_difference wrote: ↑Thu Aug 19, 2021 12:18 amCan you share how much it costs?
https://kah.kendal.org/living-options/p ... fees/#gf_1
- Wed Aug 11, 2021 11:31 am
- Forum: Personal Finance (Not Investing)
- Topic: Tales from this insane real estate market [Home sales]
- Replies: 2903
- Views: 514875
Re: Tales from this insane real estate market
A tale from Cleveland.
House goes up for sale. Built in the 50s. Nice neighborhood - low crime rate, B+ schools (not top tier but certainly high quality). 3 bedroom, 1 bath, maybe 1300 square feet, tops. Has obvious external damage that needs to be repaired both roof and siding.
Listed at around $145,000 which is a good 30% higher than what it sold for a couple years prior with no damage.
Received 10+ offers. Sold in cash for $175,500 in July. One of the (losing) agents had to explain to her clients why offering 10% above asking price not only didn't win but wasn't even close. Multiple offers had escalation clauses, at least one had a waiver of inspection contingency.
House goes up for sale. Built in the 50s. Nice neighborhood - low crime rate, B+ schools (not top tier but certainly high quality). 3 bedroom, 1 bath, maybe 1300 square feet, tops. Has obvious external damage that needs to be repaired both roof and siding.
Listed at around $145,000 which is a good 30% higher than what it sold for a couple years prior with no damage.
Received 10+ offers. Sold in cash for $175,500 in July. One of the (losing) agents had to explain to her clients why offering 10% above asking price not only didn't win but wasn't even close. Multiple offers had escalation clauses, at least one had a waiver of inspection contingency.
- Sun Aug 08, 2021 5:04 pm
- Forum: Personal Investments
- Topic: Does becoming a Vanguard [Flagship] Select Client offer me anything?
- Replies: 24
- Views: 3909
Re: Does becoming a Vanguard Select Client offer me anything?
Retention bonus? How much have you received from this?nalor511 wrote: ↑Sun Aug 08, 2021 3:41 pmYou will get an assigned advisor (CFP), annual free TurboTax Premier, retention bonus for staying (if you ask your advisor for it)BabaWawa wrote: ↑Sun Aug 08, 2021 3:39 pmI'm with Fidelity and not aware of any perks at that level. Am I missing out on something?Nummerkins wrote: ↑Tue Aug 03, 2021 8:03 am No. If you want some extra care or attention for a $1m portfolio you will need to look at Schwab, Fidelity or Etrade.
- Sat Aug 07, 2021 8:11 am
- Forum: Personal Investments
- Topic: Wish I could quit Vanguard for poor customer service
- Replies: 187
- Views: 23490
Re: Wish I could quit Vanguard for poor customer service
I've had the same Vanguard issues in the past 2-3 years. 20+ year Vanguard member. - they're the only company I've ever used.
For those of you moving funds, any issues with tracking of basis? Vanguard has all that right now for me and I honestly do not have the paperwork to back up cost basis if it doesn't transfer when transferring brokerages.
Schwab appears to be the winner here. Can't seem to find that $4,000 transfer bonus - can only find $3,000 for $1.5MM - so if anyone has a link to a $4K offer they can post or PM I'd appreciate it.
For those of you moving funds, any issues with tracking of basis? Vanguard has all that right now for me and I honestly do not have the paperwork to back up cost basis if it doesn't transfer when transferring brokerages.
Schwab appears to be the winner here. Can't seem to find that $4,000 transfer bonus - can only find $3,000 for $1.5MM - so if anyone has a link to a $4K offer they can post or PM I'd appreciate it.
- Thu Aug 05, 2021 9:26 am
- Forum: Personal Finance (Not Investing)
- Topic: (Yet another) 529 question: Room & board when living at home
- Replies: 16
- Views: 3438
Re: (Yet another) 529 question: Room & board when living at home
Their explanation is that parents pay for their food normally. Which I pointed out is kind of the point - they're reimbursable expenses from a 529 as a result.
There are several other colleges nearby who provide an estimation. I'll just use the most conservative of those - if I get audited and dinged because I assumed my son ate at some time in 2021, then I guess I'm just willing to take that risk under the Prudent Man standard.
There are several other colleges nearby who provide an estimation. I'll just use the most conservative of those - if I get audited and dinged because I assumed my son ate at some time in 2021, then I guess I'm just willing to take that risk under the Prudent Man standard.
- Wed Aug 04, 2021 11:42 am
- Forum: Personal Finance (Not Investing)
- Topic: (Yet another) 529 question: Room & board when living at home
- Replies: 16
- Views: 3438
Re: (Yet another) 529 question: Room & board when living at home
Well, if there's anyone who knows about sauce, it's the guys whose record in The Game is 2-17 in the new millennium.
But seriously, wth with my son's school giving me $0 for room and board because he's living at home??? I have to believe that's just someone who doesn't know what they're doing in Financial Aid.
- Wed Aug 04, 2021 11:11 am
- Forum: Personal Finance (Not Investing)
- Topic: (Yet another) 529 question: Room & board when living at home
- Replies: 16
- Views: 3438
- Wed Aug 04, 2021 11:10 am
- Forum: Personal Finance (Not Investing)
- Topic: (Yet another) 529 question: Room & board when living at home
- Replies: 16
- Views: 3438
Re: (Yet another) 529 question: Room & board when living at home
Thanks everyone and sorry I stepped away for a day - life gets in the way.
I think I have enough to go on. While I respect the "Don't cheat the IRS of rent money", I do think imputed costs for housing is a thing. I'll ask my CPA to confirm but otherwise I can take a (modest) amount for housing on top of the USDA food expense expectations for a frugal food plan. That seems conservative to me.
I think I have enough to go on. While I respect the "Don't cheat the IRS of rent money", I do think imputed costs for housing is a thing. I'll ask my CPA to confirm but otherwise I can take a (modest) amount for housing on top of the USDA food expense expectations for a frugal food plan. That seems conservative to me.
- Tue Aug 03, 2021 9:52 am
- Forum: Personal Finance (Not Investing)
- Topic: (Yet another) 529 question: Room & board when living at home
- Replies: 16
- Views: 3438
(Yet another) 529 question: Room & board when living at home
Can I withdraw reasonable room & board expenses for my son who is living at home?
I was thinking of figuring out fair market rent and food costs and withdraw those. That may not be acceptable - anyone have anything definitive one way or the other?
I was thinking of figuring out fair market rent and food costs and withdraw those. That may not be acceptable - anyone have anything definitive one way or the other?
- Fri Jul 23, 2021 3:11 pm
- Forum: Personal Finance (Not Investing)
- Topic: 529 and American Opportunity Tax Credit question
- Replies: 2
- Views: 464
529 and American Opportunity Tax Credit question
If I want to claim the AOTC and withdraw 529 funds can I do something like this?
1) Take the amount of educational expenses that qualify under AOTC and claim those
2) Withdraw the amount for room and board - which do not qualify for AOTC - from a 529 plan
For example, if there are $10,000 in room and board costs and $2,500 in AOTC costs above and beyond room and board, can I withdraw $10,000 from my 529 plan tax-free but still claim $2,500 toward the AOTC? Or does withdrawal of 529 funds mess all that up?
1) Take the amount of educational expenses that qualify under AOTC and claim those
2) Withdraw the amount for room and board - which do not qualify for AOTC - from a 529 plan
For example, if there are $10,000 in room and board costs and $2,500 in AOTC costs above and beyond room and board, can I withdraw $10,000 from my 529 plan tax-free but still claim $2,500 toward the AOTC? Or does withdrawal of 529 funds mess all that up?
- Mon Jul 05, 2021 7:52 am
- Forum: Personal Finance (Not Investing)
- Topic: Social Security Survivor Benefits - families with young children
- Replies: 3
- Views: 1150
Social Security Survivor Benefits - families with young children
LadyGeek's message about Social Security (SS) at the other end of the age spectrum reminded me of something I wanted confirmation or correction on. As I understand SS's child benefits, any person whose spouse dies and otherwise has earned their 40 credits potentially has a built-in "life insurance" package from SS. For example, a friend's SS says that her spouse's death benefit is $3,113 monthly plus $2,335 per child up to a maximum benefit of $5,448 (so up to one child, it appears). My questions: 1) If this person is in her late 40s and her husband is at well and he dies, does she get this benefit even if she's not of SS retirement age? Or am I misreading and it's only for those who are of SS retirement age? 2) Once his (survivin...
- Sat Jul 03, 2021 12:46 pm
- Forum: Personal Finance (Not Investing)
- Topic: What is your only money regret?
- Replies: 166
- Views: 20402
Re: What is your only money regret?
Gave cash instead of donating appreciated stock to a Donor Advised Fund. Huge losses over the years. Frustrating.
- Fri Jun 18, 2021 10:51 am
- Forum: Personal Finance (Not Investing)
- Topic: Can I get a mortgage based on my investments instead of salary?
- Replies: 27
- Views: 4797
Re: Can I get a mortgage based on my investments instead of salary?
Yes. And Third Federal is one of those banks if you're so inclined.
- Wed Jun 02, 2021 11:14 am
- Forum: Personal Finance (Not Investing)
- Topic: Child tax credit - income management?
- Replies: 3
- Views: 612
Child tax credit - income management?
Does anyone have insight or details on how the monthly child tax credits will phase out for those at higher incomes?
For example, I believe it will be a different drop-dead income level for someone with, say, 1 child vs. 4.
A web site or brief calculation would be helpful if you have it.
Coupled with this is the concept of income management. I'm happy to do the heavy lifting to calculate marginal federal tax rates on an extra $1 of income based on this credit, which right now will expire at the end of 2021 but which is being proposed to continue through 2025, and long-term income shifting for those wanting to do Roth ladders and similar techniques.
For example, I believe it will be a different drop-dead income level for someone with, say, 1 child vs. 4.
A web site or brief calculation would be helpful if you have it.
Coupled with this is the concept of income management. I'm happy to do the heavy lifting to calculate marginal federal tax rates on an extra $1 of income based on this credit, which right now will expire at the end of 2021 but which is being proposed to continue through 2025, and long-term income shifting for those wanting to do Roth ladders and similar techniques.
- Fri May 28, 2021 11:47 am
- Forum: Personal Finance (Not Investing)
- Topic: Babysitting and ROTH IRA contributions
- Replies: 19
- Views: 1453
Re: Babysitting and ROTH IRA contributions
I track my kids' earnings in an Excel spreadsheet. How else are you going to track a 9 year old's weeding of someone's garden or running errands?
I can't see the IRS getting too uptight about this unless you're plowing $6K a year in every year for your 5 year old. My kids make a reasonable amount of money for their ages - I'm willing to accept the (very slight) audit risk in exchange for getting them into the habit of long-term retirement saving.
I can't see the IRS getting too uptight about this unless you're plowing $6K a year in every year for your 5 year old. My kids make a reasonable amount of money for their ages - I'm willing to accept the (very slight) audit risk in exchange for getting them into the habit of long-term retirement saving.
- Fri May 07, 2021 6:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: GEICO umbrella insurance limited to $1M because of international property
- Replies: 10
- Views: 1201
- Fri May 07, 2021 10:16 am
- Forum: Personal Finance (Not Investing)
- Topic: Coinbase ID verification
- Replies: 26
- Views: 6147
Re: Coinbase ID verification
Not really getting the concern around sharing your driver's license. You have to show it tons of places these days and it's not exactly secure.
It's kind of the same discussion around your checking account routing # and checking account #. It's on every single check you write - it's not a state secret.
I would be 1000x more wary handing out my SS # which I believe every single financial institution requires these days. And if they're a reputable institution you will not be able to open an account of any type without submitting it.
It's kind of the same discussion around your checking account routing # and checking account #. It's on every single check you write - it's not a state secret.
I would be 1000x more wary handing out my SS # which I believe every single financial institution requires these days. And if they're a reputable institution you will not be able to open an account of any type without submitting it.
- Sat May 01, 2021 4:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: Can We Afford $850k Retirement House Construction?
- Replies: 9
- Views: 1754
Re: Can We Afford $850k Retirement House Construction?
I second supalong52.
With $4.2 million, you can withdraw 3% annually adj. for inflation and take out $126K. Unless you have a wacky tax situation, with $25K and then $50K from SS that will be more than enough to cover $100K in annual expenses and more like $150K...........
....but why build? Is there something unique you can't find? Is this a lifelong dream or That One Thing(TM) you've always wanted?
If not, you can (probably) resolve your desires in a more modest way. It's certainly worth a hard look at the very least.
With $4.2 million, you can withdraw 3% annually adj. for inflation and take out $126K. Unless you have a wacky tax situation, with $25K and then $50K from SS that will be more than enough to cover $100K in annual expenses and more like $150K...........
....but why build? Is there something unique you can't find? Is this a lifelong dream or That One Thing(TM) you've always wanted?
If not, you can (probably) resolve your desires in a more modest way. It's certainly worth a hard look at the very least.
- Mon Mar 29, 2021 3:13 pm
- Forum: Personal Finance (Not Investing)
- Topic: Real estate: When (if ever) a potential buyer should use an escalation clause
- Replies: 26
- Views: 3004
Re: Real estate: When (if ever) a potential buyer should use an escalation clause
OT: All these real estate threads of late in Bogleheadland - including multiple discussions of $100K+ winning bids over ask, waived inspections and the like - smell a lot like 2007-08.
- Mon Mar 29, 2021 10:00 am
- Forum: Personal Finance (Not Investing)
- Topic: Bank of America/Merrill Edge - Preferred Rewards
- Replies: 7041
- Views: 878281
Re: Bank of America/Merrill Edge - Preferred Rewards
I transferred enough VTI over to ML to get Platinum level rewards (5.25% back on online purchases on one credit card, 2.625% on the other) so yeah, unless you have a massive mortgage with BOFA or tons of cash earning 0.01% it's the way to go.need403bhelp wrote: ↑Sun Mar 28, 2021 11:51 pm I’m new to the Merrill Edge /Bank of America ecosystem and opened accounts to get Preferred Rewards / Platinum Honors and a bonus.
I notice that my Merrill Edge and BofA accounts both suggest linking the online accounts, but I have not done this yet. Is this (i) necessary/helpful to qualify for Preferred Rewards with ME balance or (ii) not necessary/helpful?
Thanks!
- Sun Mar 21, 2021 6:55 pm
- Forum: Personal Finance (Not Investing)
- Topic: Use VTIP to park Emergency fund
- Replies: 12
- Views: 3251
Re: Use VTIP to park Emergency fund
Looks like VTIP lost 3% from 2014 peak to 2016 trough. It's not a huge drop but it would still be frustrating to have a $30K emergency fund that lost $1,000 or so if the timing is off.
It also has an all-time cumulative return going back to 2012 of around 1.4% so I'm not sure you're getting a lot more return for the risk you're taking on.
I'd stick with the highest yield money market account you can find. Which admittedly right now is probably +/- 0.5%.
It also has an all-time cumulative return going back to 2012 of around 1.4% so I'm not sure you're getting a lot more return for the risk you're taking on.
I'd stick with the highest yield money market account you can find. Which admittedly right now is probably +/- 0.5%.
- Fri Mar 19, 2021 7:35 am
- Forum: Personal Finance (Not Investing)
- Topic: H&R Block 3/18 update includes unemployment adjustment
- Replies: 13
- Views: 1247
Re: H&R Block 3/18 update includes unemployment adjustment
As soon as I saw your post, I checked Turbo Tax. Although there was an update, it didn’t include the unemployment exemption. I thought for sure it would be there. I just did the update about an hour ago. What happened was I downloaded the update then my return automatically opened. The unemployment adjustment did not show up until I closed my return and the program and then reopened them. Maybe you have to do the same with Turbotax? Wow, this is 100% correct. I downloaded the update, knowing that my federal taxes wouldn't change but my state taxes would show a higher refund. Nothing changed so I figured... oh well, guess it's the April 8th update for me. I did what you said and bam, now it's updated properly. This needs to get a lot of exp...