Search found 47 matches

by MarkS
Wed Sep 18, 2019 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: How is IRMAA determined
Replies: 11
Views: 1265

Re: How is IRMAA determined

Your 2020 IRMAA MAGI will determine if you will need to pay any IRMAA in 2022. However, 2022 IRMAA rates will not be known until mid November 2021. What will be calculated at that time is the 2022 IRMAA threshold, the income brackets above the threshold, and the additional monthly premium per bracke...
by MarkS
Thu Jan 17, 2019 6:10 am
Forum: Investing - Theory, News & General
Topic: John Bogle has died at age 89
Replies: 856
Views: 59054

Re: John Bogle has died at age 89

The best eulogy of Jack Bogle is the faithful history of his actions.

(borrowed from Robert Southey, "The Life of Horatio Lord Nelson" [1813], Admiral of the British fleet whose flagship was "Vanguard").

Rest in Peace.
by MarkS
Mon Dec 17, 2018 9:36 am
Forum: Investing - Theory, News & General
Topic: Updated Vanguard Estimated Year-End Distributions (Div & CG)
Replies: 58
Views: 5631

Re: Updated Vanguard Estimated Year-End Distributions (Div & CG)

Vanguards estimated year-end dividend for 500 Index Admiral (VFIAX) was $1.23.

The actual declared dividend on 12/13/2018 was $1.2811 or 4.15% higher.
by MarkS
Thu Oct 25, 2018 5:07 pm
Forum: Personal Investments
Topic: Wash sale with TLH
Replies: 9
Views: 577

Re: Wash sale with TLH

You state that your spouse purchased shares in a taxable account, but you do not mention if your sale was in a taxable or non-taxable account. If the sale was in a non-taxable account, I believe that there is no wash sale as there is no loss to be claimed on your tax return.
by MarkS
Sun Jun 10, 2018 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: selling home fractionally twice with TIC to use capital gains exemption twice?
Replies: 7
Views: 710

Re: selling home fractionally twice with TIC to use capital gains exemption twice?

It doesn't sound right. You should research the IRS "Step Transaction Doctrine".
by MarkS
Thu Apr 12, 2018 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 89
Views: 11765

Re: How do I make sure IRS receives my manual tax return ?

The IRS has no obligation to accept certified mail and return receipts as proof of filing. I worked for a company that mailed their return with such, but the IRS did not accept it and assessed late payment penalties and interest. After fighting it for about 3 years, the IRS prevailed. It cost the co...
by MarkS
Fri Mar 16, 2018 4:18 pm
Forum: Personal Consumer Issues
Topic: The accounting of insurance increases
Replies: 12
Views: 912

Re: The accounting of insurance increases

Every year you are a year older with a higher probability of claims.
by MarkS
Sat Mar 03, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Do I really need Turbotax premier?
Replies: 49
Views: 23659

Re: TurboTax Deluxe or Premier

TheDDC wrote:
Sat Mar 03, 2018 5:42 pm
Is Deluxe sufficient for sole proprietorship business income?

-TheDDC
My wife and I each have Schedule C income and Deluxe handles both fine.
by MarkS
Sat Feb 10, 2018 3:37 pm
Forum: Personal Investments
Topic: Questions for the self employed
Replies: 5
Views: 676

Re: Questions for the self employed

You may have deductible expenses you have not taken into account. For example: "Self-employed health insurance deduction. You may be able to deduct the amount you paid for medical and dental insurance and qualified long-term care insurance for you and your family." This is from p. 35 of IRS Publicat...
by MarkS
Sun Dec 17, 2017 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Paying Medicare Premiums Quarterly While Suspending SS
Replies: 16
Views: 1543

Re: Paying Medicare Premiums Quarterly While Suspending SS

I have sent in my coupon with as much as 6 months payment and have had no problem. Also, pay by credit card that rewards 2.5%.
by MarkS
Sat Sep 23, 2017 4:28 pm
Forum: Personal Consumer Issues
Topic: Asking for no wedding gifts
Replies: 72
Views: 6414

Re: Asking for no wedding gifts

How about "The only gift we desire is that of your presence."
by MarkS
Thu Aug 17, 2017 2:48 pm
Forum: Personal Consumer Issues
Topic: Sales Tax Calculation when Buying Online
Replies: 10
Views: 919

Re: Sales Tax Calculation when Buying Online

This company has stolen from you and most likely many other Amazon customers. No overseas company has authority to collect a state sales tax. The only place they are remitting it to is their own bank account.

You need to report this seller to Amazon!
by MarkS
Thu Apr 20, 2017 4:03 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe says "Goodbye."
Replies: 445
Views: 68451

Re: Larry Swedroe says "Goodby."

Thank you for sharing your time, experience and knowledge. You have been most generous and will be missed.
by MarkS
Wed Jan 25, 2017 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Saving on tax software
Replies: 15
Views: 2646

Re: Saving on tax software

Credit Karma requires a mobile phone number to register for the tax software. I have one, but decided not to register. I am concerned the phone will be used for sales calls.
by MarkS
Fri Dec 16, 2016 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare IRMAA
Replies: 7
Views: 1302

Re: Medicare IRMAA

Sherlock,

I was not aware of taxation regarding inherited annuities. Good to know.

Thank you.
by MarkS
Fri Dec 16, 2016 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Medicare IRMAA
Replies: 7
Views: 1302

Re: Medicare IRMAA

Sherlock wrote:
I recieved inheritance in 2014 which boosted income significantly.
An inheritance is not taxable, why did it boost your taxable income?
by MarkS
Wed Nov 30, 2016 2:39 pm
Forum: Personal Investments
Topic: Inherited IRA Trustee Change + to Roth Conversion
Replies: 3
Views: 426

Re: Inherited IRA Trustee Change + to Roth Conversion

I cannot comment as to the transfer process, but you cannot convert an Inherited IRA to a Roth.
by MarkS
Tue Oct 25, 2016 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Does anyone have Medigap with Aetna Health &Life?
Replies: 6
Views: 1140

Re: Does anyone have Medigap with Aetna Health &Life?

I'm in IL and pay $154.19. Like you, I am considering changing to Plan G since F won't be offered after 2019. This means leaving USAA since they do not have G.
by MarkS
Tue Oct 25, 2016 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Does anyone have Medigap with Aetna Health &Life?
Replies: 6
Views: 1140

Re: Does anyone have Medigap with Aetna Health &Life?

I also have USAA Plan F. I have not received any notice of an increase. If willing, can you share your old and new premium amounts?
by MarkS
Sun Oct 02, 2016 1:19 pm
Forum: Personal Investments
Topic: Where Are My EOM Distributions?
Replies: 5
Views: 754

Re: Where Are My EOM Distributions?

I have funds in Short-Term Investment-Grade Fund Admiral Shares (VFSUX). The distribution was posted Saturday am even though the "Distributions" page shows it as payable 10/3. I have not yet upgraded to Brokerage. Could that be the difference? There'd be no financial difference as they have been pos...
by MarkS
Wed May 18, 2016 11:07 am
Forum: Personal Consumer Issues
Topic: Higher condo fees on higher floor units?
Replies: 25
Views: 3863

Re: Higher condo fees on higher floor units?

This will be controlled by state law. The Illinois Condominium Property Act requires that a change in the allocation percentages can only be "changed by agreement of all unit owners". I would think this would be the same in every state. The time to determine if you like the allocation or not is befo...
by MarkS
Thu Aug 27, 2015 5:09 am
Forum: Personal Consumer Issues
Topic: Time to upgrade my HVAC?
Replies: 22
Views: 3261

Re: Time to upgrade my HVAC?

Gambler wrote ...what bugs me even more is the constant 10min on, 10min off. We had the opposite problem. Our system was cycling too infrequently in that it got too warm before starting and too cool before stopping. I found a copy of our thermostat manual online and discovered that we can adjust wh...
by MarkS
Fri May 29, 2015 5:50 am
Forum: Personal Finance (Not Investing)
Topic: Long term capital gains tax question
Replies: 7
Views: 1240

Re: Long term capital gains tax question

You need to educate yourself about Cost Basis methods in general. A great place to start is the Wiki linked above by JimInIllinois.

Hope this helps.
by MarkS
Thu Apr 16, 2015 3:20 pm
Forum: Personal Consumer Issues
Topic: IRS Tax: qualified joint venture income split reporting?
Replies: 3
Views: 1169

Re: IRS Tax: qualified joint venture income split reporting?

A qualified joint venture files 2 Schedule C's in lieu of a 1065. From the link you show above, "The provision generally permits a qualified joint venture whose only members are a husband and wife filing a joint return not to be treated as a partnership for Federal tax purposes ." (emphasis added). ...
by MarkS
Thu Apr 16, 2015 7:02 am
Forum: Personal Consumer Issues
Topic: IRS Tax: qualified joint venture income split reporting?
Replies: 3
Views: 1169

Re: IRS Tax: qualified joint venture income split reporting?

The 1099 income should be split between the spouses just like any other income or expense. It might be best to attach to your return a statement showing the allocation. To make this clearer for the future, you might consider getting an FEIN and giving that to your clients so that future 1099's are i...
by MarkS
Tue Apr 14, 2015 5:47 am
Forum: Personal Finance (Not Investing)
Topic: Amending tax return
Replies: 17
Views: 2021

Re: Amending tax return

The additional tax you owe is dependent on your marginal tax rate and whether or not the dividend income is qualified. The tax may be as low as zero or as high as $17. The late payment penalty is no more than 25% of the additional tax due, or no more than $4. Interest would probably be about 7% per ...
by MarkS
Tue Feb 03, 2015 11:02 am
Forum: Personal Investments
Topic: Problem importing Vanguard into Turbotax
Replies: 13
Views: 3036

Re: Problem importing Vanguard into Turbotax

I had the same problem and researched it on TurboTax Help. I found there that importing won't work if you use special characters in your Vanguard password. I changed my Vanguard password to one without special characters and it worked.

MarkS
by MarkS
Sun Nov 02, 2014 4:16 pm
Forum: Personal Investments
Topic: Is Vanguard a good place to invest?
Replies: 59
Views: 8437

Re: Is Vanguard a good place to invest?

My wife and I have been with Vanguard since 1984. Except for a solo 401(k), all of our investments are there. We have never had a problem of any kind.

That said, I agree with nisiprius, in that, if your wife is against Vanguard, go elsewhere.
by MarkS
Sun Oct 26, 2014 10:25 am
Forum: Personal Investments
Topic: Calculating (IRA) RMD
Replies: 7
Views: 1285

Re: Calculating (IRA) RMD

Determining your starting divisor is a little confusing. Your starting year for RMD's is determined by the year in which you turn 70.5. However the divisor you use for calculating the RMD is based on your attained age in the starting year. If born in the 1st half of the year, the year in which you s...
by MarkS
Fri Oct 17, 2014 8:18 am
Forum: Personal Consumer Issues
Topic: Is it possible to have a favorite movie
Replies: 82
Views: 7076

Re: Is it possible to have a favorite movie

The Best Years of Our Lives (1946)
by MarkS
Sun Jun 15, 2014 10:21 am
Forum: Personal Consumer Issues
Topic: chicken marinade recipes
Replies: 32
Views: 3597

Re: chicken marinade recipes

triggerfish10 wrote:I have a fantastic smoked paprika chicken marinade recipe...
Can you share it? :D

Thanks.

MarkS
by MarkS
Sun Nov 17, 2013 10:25 am
Forum: Personal Consumer Issues
Topic: Help for cleaning my windshield, please!
Replies: 29
Views: 7520

Re: Help for cleaning my windshield, please!

Have you ever used a car wash? This is from the Chicago Tribune: Bob Weber Motormouth November 15, 2013 Q: I had my Honda Accord detailed, and when it was returned, I noticed significant water spots on my rear-view mirrors and the outside of the back window. I can only assume they were using hard wa...
by MarkS
Mon Sep 30, 2013 8:43 am
Forum: Personal Consumer Issues
Topic: Elevator Maintenance Contract
Replies: 3
Views: 896

Re: Elevator Maintenance Contract

Saving$ and Bonnan, thank you for your responses.

The $408 is for 1 repairman for 1 hour. Therefore, overtime premium/hour is either $204 if time & 1/2 applies or $408 if double time applies (Sundays and holidays).

Mark
by MarkS
Sat Sep 28, 2013 1:15 pm
Forum: Personal Consumer Issues
Topic: Elevator Maintenance Contract
Replies: 3
Views: 896

Elevator Maintenance Contract

I live in a north suburban Chicago condo and serve on the Board. We have 2 elevators that are covered by a full maintenance contract. The contract covers parts and labor at straight time rates. So, service is free during regular hours. For service outside regular hours, we have to pay for any overti...
by MarkS
Sat Feb 23, 2013 5:25 pm
Forum: Personal Investments
Topic: Including wife in solo 401k plan
Replies: 4
Views: 1304

Re: Including wife in solo 401k plan

Yes, you can. Go to irs.gov and search for "qualified joint venture". You'll need to file 2 Schedule C's to allocate the income & expenses.
by MarkS
Fri Aug 31, 2012 4:55 pm
Forum: Personal Consumer Issues
Topic: Homeowners insurance replacement value
Replies: 27
Views: 3583

Re: Homeowners insurance replacement value

Get the square footage the inspector came up with from the insurance company and compare it to your own calculation. This happened to me about 10 years ago. My square footage calculated from a survey was about 1,600 when the inspector had about 1,900. I supported my calculation with the insurance co...
by MarkS
Fri Jun 15, 2012 11:36 am
Forum: Personal Consumer Issues
Topic: Foreign film night recommendations.
Replies: 124
Views: 9539

Re: Foreign film night recommendations.

Trying not to repeat what others may have listed:

The Apu Trilogy
Pan's Labyrinth
Secret in Their Eyes
Mediterraneo
Like Water for Chocolate
Elling

For Kurosawa fans, try works by director Yoji Yamada. My favorite of his is "The Hidden Blade".

Mark
by MarkS
Sat May 19, 2012 6:41 am
Forum: Investing - Theory, News & General
Topic: Battle-Royale: Rent-Generating Investments vs. Stock Market
Replies: 57
Views: 5578

Re: Battle-Royale: Rent-Generating Investments vs. Stock Mar

One factor I see is inflation. It seems to me that the "historical annual 6.5% increase" you used for the stock market is the historic real return. However, you adjust the real estate return for 2.5% inflation. You should adjust either both or neither investments for inflation in order to get a prop...
by MarkS
Tue Feb 14, 2012 2:08 pm
Forum: Personal Consumer Issues
Topic: What's the cheapest cell phone if you don't need minutes?
Replies: 82
Views: 12412

Re: What's the cheapest cell phone if you don't need minutes

For an emergency phone, I use Page Plus Cellular. Their most basic plan is $10 for 120 days and includes 100 minutes.
by MarkS
Wed Jan 25, 2012 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes and Cash Basis
Replies: 9
Views: 1498

Re: Taxes and Cash Basis

The 12/31/11 bank balance per books does not need to be equal to the bank 12/31/11 statement. Most all accounts have activity to the extent that there are always some items in-transit and outstanding. If these checks are properly 2011 expenses, then your books are fine as they are. Simply prepare a ...
by MarkS
Tue Jan 24, 2012 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes and Cash Basis
Replies: 9
Views: 1498

Re: Taxes and Cash Basis

I am not familiar with Quickbooks, but I don't see that you need to do anything other than prepare a reconciliation between the bank statement at 12/31 and the books at 12/31 showing the payroll check as an outstanding item.

I hope that answers your question.
by MarkS
Tue Jan 24, 2012 7:28 am
Forum: Personal Finance (Not Investing)
Topic: Taxes and Cash Basis
Replies: 9
Views: 1498

Re: Taxes and Cash Basis

My opinion is that the payroll is expense to the S Corp and income to you in 2011. Be sure the S Corp files it's payroll tax returns (W-2, 941). The building expense is a 2011 expense assuming it does not cover a period beyond 2012. See IRS Publication 538 "Accounting Periods and Methods" for an exp...
by MarkS
Fri Nov 04, 2011 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: Best HSA custodian
Replies: 54
Views: 25978

Re: Best HSA custodian

I use Health Savings Administrators.

http://www.hsaadministrators.info

They have very reasonable fees and a good selection of Vanguard funds.
by MarkS
Tue Nov 01, 2011 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 6
Views: 783

Re: HSA question

Self-employed health insurance premiums are deducted above the line, not as itemized on Schedule A.

See Form 1040 line 29 and instructions.
by MarkS
Tue Oct 25, 2011 4:52 pm
Forum: Personal Investments
Topic: I-Bonds form for Trust Purchase
Replies: 6
Views: 551

Re: I-Bonds form for Trust Purchase

The form number is 5374-1. It is blue in color. I've never been able to find a download-able one online and have always had to get them them by mail.

Try phoning the Federal Reserve Bank for your area. They may be able to help. Mine is FRB Minneapolis 800-553-2663 but they close at 5:00 central.
by MarkS
Thu Oct 20, 2011 6:27 am
Forum: Personal Finance (Not Investing)
Topic: Checking out an insurance company and/or agent
Replies: 12
Views: 1392

Re: Checking out an insurance company and/or agent

Jerilynn,

I have found the following site helpful ( I am a new poster, so can not post a link):

badfaithinsurance dot org

and go to the Good-Bad Faith Ranking page.