Search found 470 matches

by ProfessorX
Sat Oct 14, 2017 10:05 am
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Just checking back in. Thanks! I'm gonna send them a letter certified mail tomorrow with a check for $1104 and revised 8606 and a few other forms, and I'm not gonna fill out a 1040X unless they ask me to do so. I really appreciate all the help! edit: upon further review it seems that the letter does...
by ProfessorX
Thu Jul 13, 2017 6:00 pm
Forum: Investing - Theory, News & General
Topic: Buckley will succeed McNab as Vanguard CEO at year end
Replies: 32
Views: 4051

Re: Buckley will succeed McNab as Vanguard CEO at year end

What do all their sofrtware developers do? Their website and app seem pretty basic. Do they run a lot of their index funds back end stuff with a lot of fancy software?
by ProfessorX
Tue Jun 20, 2017 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Oh sorry one more question.

If I file an amended federal return 1040X but according to turbo tax I don't owe any additional PA state taxes, then do I also need to additionally refile an amended PA state tax return?

Thanks!
by ProfessorX
Tue Jun 20, 2017 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Thanks! I'm gonna send them a letter certified mail tomorrow with a check for $1104 and revised 8606 and a few other forms, and I'm not gonna fill out a 1040X unless they ask me to do so. I really appreciate all the help! edit: upon further review it seems that the letter does suggest in a sub parag...
by ProfessorX
Tue Jun 20, 2017 9:47 am
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

My question is the following... is there a good way for me to figure out how much tax I should pay to cover the undereporting by $3,750 plus interest? Yes, use tax software to file your new amended 1040X. Turbo Tax? Edit: well I just spent an hour on hold with the IRS and then they hug up on me wit...
by ProfessorX
Tue Jun 20, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Thanks so much to everyone for all your help! Ok can I ask another question on this issue? My notice CP2000 from 2015 says that I owe taxes on $5,500 x2 + $3,750. The $5,500 x2 is for the two backdoor roths that I do believe that I owe taxes on. However the $3,750 is for maternity leave disability p...
by ProfessorX
Fri Jun 16, 2017 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Yes in case anyone was still wondering I checked all of my Turbo Tax Web made Tax returns going back to my 2012 return and in every year except for 2015 forms 8606 are filled out correctly. Makes me think Turbo Tax probably had a bug in their Web code that they fixed.
by ProfessorX
Fri Jun 16, 2017 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Impossible To go back and remember whether I clicked a wrong box two years ago. Your 2015 tax software will still work. When you start it up, just ignore (cancel out) any suggestions to update the software (unless you are reloading the software from scratch again). The easy way to see what is wrong...
by ProfessorX
Fri Jun 16, 2017 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Were you able to figure out what incorrect line item you filled or missed when you filled in Turbotax? I may have checked a wrong box or it may have been a bug in turbo tax. Several people on the forum have had the exact same issue in the same year 2015 but not in 2016. Just like me. Impossible To ...
by ProfessorX
Fri Jun 16, 2017 10:15 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

I don't know what was the error but my 8606 says Line 1 (nondeductible contributions): 5,500 Line 2 (total basis): 0 Line 3 (Add 1 + 2): 5,500 Line 4 (In year, did I take a distribution from traditional, SEP, or SIMPLE IRAs, or make a Roth IRA conversion): BLANK Line 5 (Subtract 4 from 3): 5,500 Li...
by ProfessorX
Fri Jun 16, 2017 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Yes thanks again! So would the following be a correct way to fill out an amended 2015 8606 to account for the backdoor Roth conversion with no tax consequences? Line 1 (nondeductible contributions): 5,500 Line 2 (total basis): 0 Line 3 (Add 1 + 2): 5,500 Line 4 (In year, did I take a distribution fr...
by ProfessorX
Fri Jun 16, 2017 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

See this thread: https://www.bogleheads.org/forum/viewtopic.php?t=219466 Thanks! I don't know what was the error but my 8606 says Line 1 (nondeductible contributions): 5,500 Line 2 (total basis): 0 Line 3 (Add 1 + 2): 5,500 Line 4 (In year, did I take a distribution from traditional, SEP, or SIMPLE...
by ProfessorX
Fri Jun 16, 2017 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

Re: help with IRS letter charging for taxes on 2015 backdoor roth

Possible that you reported the money you put into the Traditional IRA's as being deductible, as opposed to non-deductible? I would think that I followed those directions to the T so that I didn't do that but IDK because it was a while ago.... Would I be able to check that by looking at my return? I...
by ProfessorX
Fri Jun 16, 2017 4:51 pm
Forum: Personal Finance (Not Investing)
Topic: help with IRS letter charging for taxes on 2015 backdoor roth
Replies: 29
Views: 3006

help with IRS letter charging for taxes on 2015 backdoor roth

So I have been using turbo tax and vanguard and doing a backdoor roth for my wife and myself for several years. I learned about the backdoor roth on these forums. I followed the advice on thefinancebuff for how to report a backdoor roth in turbo tax: https://thefinancebuff.com/how-to-report-backdoor...
by ProfessorX
Fri Mar 17, 2017 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: Using the Fidelity Rewards Visa in Europe?
Replies: 20
Views: 2598

Re: Using the Fidelity Rewards Visa in Europe?

I used the fidelity Visa card in France for a month last summer without any problems. Used it at restaurants, metro stations, grocery stores, etc. Just call elan ahead of time and tell them where you are going and the dates of your visit etc.
by ProfessorX
Thu Nov 24, 2016 12:56 pm
Forum: Investing - Theory, News & General
Topic: Renaissance Technologies - Inside a Moneymaking Machine Like No Other
Replies: 54
Views: 6612

Re: Renaissance Technologies - Inside a Moneymaking Machine Like No Other

There was a really good even much better in depth article about what RT does maybe five years ago. I would guess that they are doing a lot of legal front running in the medallion fund. Making pennies on every trade. They have more computing power than the NSA or something and they can just jump in f...
by ProfessorX
Wed Aug 10, 2016 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Anyone have the BankAmericard Travel Rewards Credit Card?
Replies: 14
Views: 1476

Re: Anyone have the BankAmericard Travel Rewards Credit Card?

I recently deposited a bunch of Euros into my US dollar Bank of America account and when I got home I looked at the receipt and realized that I had gotten totally hozed on the exchange rate. Every bank is going to hose you on the exchange rate for currency. It is a PITA for them and they want to be...
by ProfessorX
Wed Aug 10, 2016 6:03 am
Forum: Personal Finance (Not Investing)
Topic: Anyone have the BankAmericard Travel Rewards Credit Card?
Replies: 14
Views: 1476

Re: Anyone have the BankAmericard Travel Rewards Credit Card?

patrick wrote:100K seems like a rather steep qualification -- can anyone confirm whether they allow Vanguard Admiral and/or Fidelity Premium funds?


http://www.mymoneyblog.com/bankamericar ... eview.html
by ProfessorX
Tue Aug 09, 2016 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone have the BankAmericard Travel Rewards Credit Card?
Replies: 14
Views: 1476

Re: Anyone have the BankAmericard Travel Rewards Credit Card?

Thanks! I'll have to try it out too. It is so much better to use a credit card than to carry foreign currency around.
by ProfessorX
Tue Aug 09, 2016 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone have the BankAmericard Travel Rewards Credit Card?
Replies: 14
Views: 1476

Anyone have the BankAmericard Travel Rewards Credit Card?

m "Best Travel Rewards credit card" Named a "Best Travel Rewards credit card" in Kiplinger's 2015 annual "Best List" No annual fee† and no foreign transaction fees† Enjoy no annual fee and no foreign transaction fees while earning points to use for a statement credit to...
by ProfessorX
Sun Aug 07, 2016 2:46 pm
Forum: Personal Consumer Issues
Topic: Family Europe Trip
Replies: 31
Views: 2626

Re: Family Europe Trip

If your gonna take the Eurostar train from Paris to London or anywhere else then plan out your trip and buy your tickets online like 3months in advance. The price increase is like 4x more if you buy the same week. And it goes up gradually as you get closer. It's the worst "surge pricing" I...
by ProfessorX
Sun Aug 07, 2016 1:55 pm
Forum: Investing - Help with Personal Investments
Topic: Please tell me about Small-Value investing with VISVX?
Replies: 4
Views: 1254

Re: Please tell me about Small-Value investing with VISVX?

Thanks both of you! Yes I also have some of the Admiral Shares in VSIAX. But my employer plan only offers VISVX for Small Value. With an 80% stock allocation I'm not ready to do 50% of my stock allocation into Small Value. I do understand the theory behind investing in Small Value as I read about it...
by ProfessorX
Sun Aug 07, 2016 10:47 am
Forum: Investing - Help with Personal Investments
Topic: Please tell me about Small-Value investing with VISVX?
Replies: 4
Views: 1254

Please tell me about Small-Value investing with VISVX?

I've been investing with a "set it and forget it" style at Vanguard since 2011 when I got some good portfolio advice on this forum from retiredjg and many others! I am currently doing well and I am very happy with the growth of my portfolio and also with the ability to "not think abou...
by ProfessorX
Sun Aug 07, 2016 10:26 am
Forum: Personal Finance (Not Investing)
Topic: How to prevent backup credit card being cancelled?
Replies: 14
Views: 1554

Re: How to prevent backup credit card being cancelled?

Thanks everybody!

The most annoying part of it is having to set up the bill pay to pay the bill. I guess that's the cost of having a backup card and I'll have to bite the bullet.
by ProfessorX
Sun Aug 07, 2016 9:37 am
Forum: Personal Finance (Not Investing)
Topic: How to prevent backup credit card being cancelled?
Replies: 14
Views: 1554

How to prevent backup credit card being cancelled?

Hi! I basically always primarily use my fidelity 2% cash back credit card. But I want to keep a backup credit card in case I need it for various reasons. But my backup credit cards keep getting non-renewed for lack of usage after a few years of complete inactivity. What is the best way for me to kee...
by ProfessorX
Sun Feb 28, 2016 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct Plus vs TurboTax vs H&R Block for 2015
Replies: 117
Views: 13645

Re: TaxAct Plus vs TurboTax vs H&R Block for 2015

If i'm used to using Turbo Tax is it worth it to switch to Tax Act? How much do I save? I usually spend less than $100 on Turbo Tax. I'd rather do the easiest thing than save a few bucks. How easy is Tax Act compared to Turbo Tax?
by ProfessorX
Thu Jan 07, 2016 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: [Fidelity drops AmEx, Bank of America credit cards]
Replies: 289
Views: 45833

Re: [Fidelity drops AmEx, Bank of America credit cards]

Ok I filled out the application for the new Card even though I have both of the old FIA cards. Took five minutes and the card is on the way in the mail. I'd like to try it out before just being forced to switch on my own since these were my main credit cards. Excited to finally be able to use Apple...
by ProfessorX
Thu Jan 07, 2016 10:27 am
Forum: Personal Finance (Not Investing)
Topic: [Fidelity drops AmEx, Bank of America credit cards]
Replies: 289
Views: 45833

Re: [Fidelity drops AmEx, Bank of America credit cards]

Ok I filled out the application for the new Card even though I have both of the old FIA cards. Took five minutes and the card is on the way in the mail. I'd like to try it out before just being forced to switch on my own since these were my main credit cards. Excited to finally be able to use AppleP...
by ProfessorX
Wed Jan 06, 2016 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: [Fidelity drops AmEx, Bank of America credit cards]
Replies: 289
Views: 45833

Re: [Fidelity drops AmEx, Bank of America credit cards]

Can I apply to open the new Elan Visa 2% rewards card now and link it to my FIDO account and use it with Apple Pay and then just cancel my FIA FIDO cards when I want to do so?
by ProfessorX
Mon Mar 02, 2015 2:55 pm
Forum: Investing - Theory, News & General
Topic: Poll: Average E/R [Expense Ratio]
Replies: 49
Views: 6190

Re: Poll: Average E/R

Weighted ER = .1008% (Disclaimer I haven't checked to see if my ER's have changed at Vanguard in a long while so it may be lower or less likely higher)
by ProfessorX
Mon Jan 05, 2015 11:41 am
Forum: Investing - Help with Personal Investments
Topic: Portfolio Checkup for 2015 - How is my AA? Changes Needed?
Replies: 5
Views: 1342

Re: Portfolio Checkup for 2015 - How is my AA? Changes Neede

Thanks for your comments! It looks good to me. We were at 80/20 at your age too. I would consolidate the funds I had total control of at either Vanguard or Fidelity for simplicity. But I understand some people feel more diversified spreading between 2 companies. Our taxable savings are stock funds o...
by ProfessorX
Thu Jan 01, 2015 1:52 pm
Forum: Investing - Help with Personal Investments
Topic: Portfolio Checkup for 2015 - How is my AA? Changes Needed?
Replies: 5
Views: 1342

Portfolio Checkup for 2015 - How is my AA? Changes Needed?

Hello Bogleheads! Happy New Year! I joined about 3.5 years ago without much investing knowledge. Since then I have learned a lot. Here is my first post requesting portfolio advice from back then (https://www.bogleheads.org/forum/viewtopic.php?f=1&t=77707&p=1103457#p1103457). I am currently l...
by ProfessorX
Thu Jan 01, 2015 12:23 pm
Forum: Investing - Theory, News & General
Topic: [Annual POLL] What was your 2014 return?
Replies: 144
Views: 18919

Re: [Annual POLL] What was your 2014 return?

20% Bonds. 11.5% XIRR return.
by ProfessorX
Mon Aug 18, 2014 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Looking for advice on creating a Will
Replies: 39
Views: 3854

Re: Looking for advice on creating a Will

Where did you get the idea it would be $3-$5k? We did a complete will/POA/Health directives with an attorney for $500. Why don't you call around to some estate lawyers and ask what the basic package is? Most of this stuff is fill-in-the-blank with the lawyer clarifying your wishes and making sure e...
by ProfessorX
Sat Aug 16, 2014 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for advice on creating a Will
Replies: 39
Views: 3854

Re: Looking for advice on creating a Will

...I don't have a lot of good experience with lawyers in Philadelphia, the city where I live. And I anticipate that if I walk into some highly recommended lawyers office in Philly they won't consider me worth their time for less than $3K-$5K. That's a lot of money to me!... Philadelphia is a large ...
by ProfessorX
Mon Aug 11, 2014 2:45 pm
Forum: Investing - Theory, News & General
Topic: So where's that inflation many forecasted?
Replies: 43
Views: 3754

Re: So where's that inflation many forecasted?

I think some of the people who predicted inflation were using economic models that do not work very well in situations when we have a "liquidity trap". Many of the "liquidity trap" advocating economic theorists got inflation and other predictions right. It's just that not everybo...
by ProfessorX
Thu Aug 07, 2014 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for advice on creating a Will
Replies: 39
Views: 3854

Re: Looking for advice on creating a Will

What happens if you have more children? Do you have to draw up a whole new Will? Or can it be amended?
by ProfessorX
Thu Aug 07, 2014 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for advice on creating a Will
Replies: 39
Views: 3854

Re: Looking for advice on creating a Will

Thanks for everyones feedback. My main issue is that I don't have a lot of good experience with lawyers in Philadelphia, the city where I live. And I anticipate that if I walk into some highly recommended lawyers office in Philly they won't consider me worth their time for less than $3K-$5K. That's ...
by ProfessorX
Thu Aug 07, 2014 12:26 pm
Forum: Personal Finance (Not Investing)
Topic: Looking for advice on creating a Will
Replies: 39
Views: 3854

Re: Looking for advice on creating a Will

I also have a 2 year old, and her mother and I have very basic wills leaving everything to each other and creating a trust for the minor child in the event that both of us are dead. The will names a trustee and an alternate/secondary trustee, as well as a guardian for the child. Our state provides ...
by ProfessorX
Thu Aug 07, 2014 11:59 am
Forum: Personal Finance (Not Investing)
Topic: Looking for advice on creating a Will
Replies: 39
Views: 3854

Looking for advice on creating a Will

My wife and I have a two year old son and we live in a HCOLA. We both took out substantial life insurance policies about six months ago. We have a house, a mortgage, and retirement savings etc. All accounts and property are either joint or the accounts themselves have beneficiary designations. So do...
by ProfessorX
Wed Aug 06, 2014 6:43 pm
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 11685

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

It's disappointing that whoever these companies are don't reveal the password breach to their customers. They might not even know. Being vulnerable to SQL injection implies a very low level of expertise. It sounds like they do know: Hold Security would not name the victims, citing nondisclosure agr...
by ProfessorX
Wed Aug 06, 2014 4:33 pm
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 11685

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

So the NYT got tricked into acting like free advertising for a Cyber Security Firm that carefully tried to over dramatize a security thread for profit?
by ProfessorX
Wed Aug 06, 2014 7:48 am
Forum: Investing - Theory, News & General
Topic: Vanguard sued for [failing to charge market rates to and then paying taxes on services to its mutual funds]
Replies: 781
Views: 140714

Re: Vanguard sued for charging too little

But unlike mutual insurers and credit unions, which operate under well-established federal laws, no law gives Vanguard the right to operate on a tax-free basis, Danon argued in his lawsuit and in interviews with The Inquirer. I think Danon is purposefully obfuscating the issue. Vanguard is not a no...
by ProfessorX
Wed Aug 06, 2014 7:44 am
Forum: Personal Finance (Not Investing)
Topic: Your opinion of mint.com
Replies: 55
Views: 6882

Re: Your opinion of mint.com

I have used mint for years and I am very comfortable with it. I consider my financial accounts to be MORE SECURE not less because I use mint. For instance, more than once I have discovered fraudulent activity on my accounts right away because of MINT. I am fairly certain that I would not have discov...
by ProfessorX
Tue Aug 05, 2014 9:14 pm
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 11685

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

It's disappointing that whoever these companies are don't reveal the password breach to their customers. They might not even know. Being vulnerable to SQL injection implies a very low level of expertise. It sounds like they do know: Hold Security would not name the victims, citing nondisclosure agr...
by ProfessorX
Tue Aug 05, 2014 9:06 pm
Forum: Personal Consumer Issues
Topic: "Russan Gang Amasses Over A Billion Stolen Passwords"
Replies: 87
Views: 11685

Re: "Russan Gang Amasses Over A Billion Stolen Passwords"

It's disappointing that whoever these companies are don't reveal the password breach to their customers.
by ProfessorX
Tue Aug 05, 2014 11:02 am
Forum: Investing - Theory, News & General
Topic: New York City pension mess - NY Times
Replies: 15
Views: 2185

Re: New York City pension mess - NY Times

I created a thread about the Pennsylvania pension mess last year that got locked. IIRC, it had to do with the forum policy of not talking about politics and the stupidity of others and instead to talk about topics that help people invest. In any event, if you are complaining about the 7% guaranteed ...
by ProfessorX
Fri Jun 20, 2014 8:14 am
Forum: Investing - Help with Personal Investments
Topic: best way to compare your investment ROR to a benchmark?
Replies: 2
Views: 318

best way to compare your investment ROR to a benchmark?

Hello Bogleheads! So I have a semi-tilted slice and dice portfolio with some Small Value, some REIT, some Emerging Markets, Total Stock Market, 20% Bonds, etc. A total of six funds. I wanted to figure out an easy way to compare my portfolio to a benchmark like a the target retirement fund that holds...