Search found 158 matches

by desertbandit442
Fri Jul 12, 2019 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Filing Restricted SS Application - Language Check
Replies: 52
Views: 6327

Re: Filing Restricted SS Application - Language Check

My wife recently filled out the online application. Very simple. It asks you whether you are applying for "retirement benefits" or "spousal benefits." So you just pick one or the other, in your case "spousal benefits." Why is any further explanation necessary. Same thing I did in December to start ...
by desertbandit442
Mon Apr 15, 2019 6:16 am
Forum: Personal Finance (Not Investing)
Topic: Late K1
Replies: 9
Views: 1029

Re: Late K1

You can wait for the IRS to issue an assessment, in which case you will likely owe just the additional $200 tax, plus interest. +1 Wait on the IRS's matching letter. Then pay the bill. Amended returns are a headache. And if you go to a CPA, they will charge more than that just to file the amendment...
by desertbandit442
Mon Apr 15, 2019 5:46 am
Forum: Personal Finance (Not Investing)
Topic: HELP! Tax questions.
Replies: 11
Views: 992

Re: HELP! Tax questions.

Accountant filed taxes electronically before including deduction for my wife’s SEP. Now what do I do? This seriously increases our taxes due tomorrow. He did this despite us notifying him of the contribution. Do I call IRS and try an extension or do I pay the amount (a significant drain on savings)...
by desertbandit442
Mon Apr 15, 2019 5:41 am
Forum: Personal Finance (Not Investing)
Topic: HELP! Tax questions.
Replies: 11
Views: 992

Re: HELP! Tax questions.

In reading about superseding returns, I get the impression that this is only for business returns, not personal ones. Is that correct? This is what I saw in the link: “A superseding personal return should be prepared as an amended return on Form 1040X. (There is no superseding box to check.) All am...
by desertbandit442
Mon Apr 15, 2019 5:02 am
Forum: Personal Finance (Not Investing)
Topic: Son is a college student still staying at home. How to file taxes?
Replies: 9
Views: 1162

Re: Son is a college student still staying at home. How to file taxes?

I assume that this is for federal taxes. Personal exemptions are gone. In the past a dependent added to the number of personal exemptions. How would a dependent affect taxes now? Would qualify for Other Dependent Credit (ODC) of $500 that is non refundable but reduces tax liability by $500. Once ch...
by desertbandit442
Mon Apr 15, 2019 4:20 am
Forum: Personal Finance (Not Investing)
Topic: No need to file a tax extension form?
Replies: 27
Views: 1877

Re: No need to file a tax extension form?

P.S. I swear I wrote the above words, based on my personal experience, without even noticing the subject line. Someone in the forum actually did receive a K1 on April 14th . I believe you :-) I couldn't do it on time because an expected K-1 has not arrived yet. I suppose no legal requirements on th...
by desertbandit442
Thu Feb 28, 2019 9:51 am
Forum: Personal Finance (Not Investing)
Topic: How will cancelling ACA healthcare mid year effect subsidy?
Replies: 17
Views: 1477

Re: How will cancelling ACA healthcare mid year effect subsidy?

Based on income for year, so will likely have to pay back.
by desertbandit442
Sun Feb 24, 2019 11:07 am
Forum: Personal Finance (Not Investing)
Topic: [H&R Block] and TurboTax Handle 1099MISC Differently
Replies: 9
Views: 720

Re: HRB and TurboTax Handle 1099MISC Differently

IRS has cracked down on 1099-MISC income if it is reported in Box 7. Box 7, non-employee compensation requires a Schedule C for Self-Employment income 99.8% of the time. If your wife did the work over a four month period, then it is regular and continuous for that four month period and is thus subj...
by desertbandit442
Sat Feb 23, 2019 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: [H&R Block] and TurboTax Handle 1099MISC Differently
Replies: 9
Views: 720

Re: HRB and TurboTax Handle 1099MISC Differently

IRS has cracked down on 1099-MISC income if it is reported in Box 7. Box 7, non-employee compensation requires a Schedule C for Self-Employment income 99.8% of the time. If your wife did the work over a four month period, then it is regular and continuous for that four month period and is thus subje...
by desertbandit442
Sat Feb 23, 2019 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: Return rejected by IRS (anyone seen "processing issues" from HR Block?)
Replies: 22
Views: 3398

Re: Return rejected by IRS (anyone seen "processing issues" from HR Block?)

Second others, most likely a software update for certain form or calculation within in your return and the planned software update to fix the issue is March 10.
by desertbandit442
Sat Feb 09, 2019 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Adding to amount shown in in Box 1 of 1098-T - OK, or not?
Replies: 13
Views: 777

Re: Adding to amount shown in in Box 1 of 1098-T - OK, or not?

Thanks, good to know. I never really understood the point of “amount billed”. I thought the institution was being pro-active in switching reporting methods but I see now that they had to. There was a lot of fraud going on with the Education Credits. It was easier for colleges just to show amount bi...
by desertbandit442
Fri Feb 08, 2019 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Adding to amount shown in in Box 1 of 1098-T - OK, or not?
Replies: 13
Views: 777

Re: Adding to amount shown in in Box 1 of 1098-T - OK, or not?

If the institution reports amount billed, you have to record your actual expenses paid in that tax year based on your own records. The amount billed is not really relevant and I don’t really know why the IRS allows that option. The college my two sons attend used to report amount billed but switche...
by desertbandit442
Fri Feb 08, 2019 8:21 am
Forum: Personal Finance (Not Investing)
Topic: Adding to amount shown in in Box 1 of 1098-T - OK, or not?
Replies: 13
Views: 777

Re: Adding to amount shown in in Box 1 of 1098-T - OK, or not?

To answer post directly above this. Have to report what is in Box 1 of 1098-T as qualified education expenses. For example what is in Box 1 of the 2018 1098-T has to be on 2018 tax return. There are two ways to handle what you are asking: First get the university to issue a corrected 1098-T or when ...
by desertbandit442
Thu Feb 07, 2019 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Adding to amount shown in in Box 1 of 1098-T - OK, or not?
Replies: 13
Views: 777

Re: Adding to amount shown in in Box 1 of 1098-T - OK, or not?

Only allowed to take the credit for the year it was actually paid to the institution. Doesn’t matter what semester it was for. Just for info—I prepare taxes. No, you can’t add to the amount in Box 1, you have to use what is actually shown as paid to the institution for qualified education expenses i...
by desertbandit442
Mon Jun 11, 2018 8:48 pm
Forum: Personal Consumer Issues
Topic: Applying online for SS
Replies: 4
Views: 500

Re: Applying online for

I just helped my wife apply for her SS benefits online this past Thursday and there was nothing that had to be sent. I think the confusion might be if you fill out an application online and print it to mail it in, then I saw something about mailing in documents with the application being mailed. I w...
by desertbandit442
Sat Apr 08, 2017 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: American Opportunity Tax Credit - General Questions
Replies: 23
Views: 3151

Re: American Opportunity Tax Credit - General Questions

You should be good. It is not how many years you attended college, it is if you have completed a four year college undergraduate program; then you can't claim it. The limit on the AOC is that you can only claim it for a total of 4 tax years. Two year community or vocational college is fine as long a...
by desertbandit442
Wed Mar 29, 2017 6:57 am
Forum: Personal Finance (Not Investing)
Topic: earned income credit question
Replies: 4
Views: 771

Re: earned income credit question

You can say no, you don't have to claim a credit. Nothing happens--you just might get a letter from the IRS saying you qualify for the EITC. You can disregard that letter if you don't want to claim the credit.
by desertbandit442
Sat Jul 30, 2016 4:38 pm
Forum: Personal Investments
Topic: I have $3,000 to gamble
Replies: 71
Views: 11272

Re: I have $3,000 to gamble

I was in the same boat about 5 years ago, but had $2,000 to gamble. Ended up not going to Vegas, so with my "mad money" I opened up a Scottrade account in April 2011. Before anyone says anything, all my other investments are in two Vanguard index funds. I split the $2,000 between two stocks and have...
by desertbandit442
Sat Jul 30, 2016 3:57 pm
Forum: Personal Investments
Topic: Question on IRS filing status
Replies: 17
Views: 1731

Re: Question on IRS filing status

Also need to know how spouse took deductions when he filed, married filing separately. If he itemized, then your mother has to itemize and can't take the standard deduction. Likewise if he took standard deduction for MFS, then your mother has to take the standard deduction for MFS. Actually, if he ...
by desertbandit442
Sat Jul 30, 2016 1:13 pm
Forum: Personal Investments
Topic: Question on IRS filing status
Replies: 17
Views: 1731

Re: Question on IRS filing status

Just found out my "very" elderly mother fell prey to three years worth of an HR Block error. She is married. However, previously filed "married, filing separately" when she took her taxes to a professional CPA. This past week she received a letter from the IRS indicating income from a "Qualified Di...
by desertbandit442
Sat Jul 30, 2016 9:03 am
Forum: Personal Investments
Topic: Question on IRS filing status
Replies: 17
Views: 1731

Re: Question on IRS filing status

If one spouse files married filing separately the other spouse must also. Also can't just file single when legal status is married as of December 31st of the tax year, even though some people do. If you check Pub 17, the other spouse can file Head of Household if they meet the requirements. Almost ...
by desertbandit442
Sat Jul 30, 2016 8:41 am
Forum: Personal Finance (Not Investing)
Topic: When does the 5-year clock start on a second Roth?
Replies: 21
Views: 3616

Re: When does the 5-year clock start on a second Roth?

Notably, under Treasury Regulation 1.408A-6, Q&A-2, for the purposes of this 5-year rule the clock starts the first time any money is funded into any Roth IRA, whether by contribution or conversion. There is not a new 5-year clock for each Roth contribution, nor for each Roth account that is held. A...
by desertbandit442
Sat Jul 30, 2016 8:19 am
Forum: Personal Investments
Topic: Question on IRS filing status
Replies: 17
Views: 1731

Re: Question on IRS filing status

If one spouse files married filing separately the other spouse must also. Also can't just file single when legal status is married as of December 31st of the tax year, even though some people do.
by desertbandit442
Sat Mar 26, 2016 8:03 am
Forum: Personal Investments
Topic: Withdrawal Strategies for Larger Purchases after Retiring
Replies: 39
Views: 4420

Re: Withdrawal Strategies for Larger Purchases after Retiring

Also know and factor in state income tax considerations, if you live in a state with income tax. In SC, for example; if under 65, $3000 of qualified retirement income (pensions, IRAs, 401Ks, etc.) is not taxed. Age 65 and over, $15,000 of qualified retirement income is not taxed for each person, for...
by desertbandit442
Fri Feb 05, 2016 7:42 am
Forum: Personal Finance (Not Investing)
Topic: Child Support and taxes
Replies: 29
Views: 2147

Re: Child Support and taxes

I work in the tax industry. By the custodial parent signing the Form 8332, the only two tax breaks the noncustodial parent can use are the dependency exemption, which is $4,000 per dependent for 2015, and the Child Tax Credit of $1,000. All other tax breaks/credits remain with the custodial parent, ...
by desertbandit442
Thu Dec 10, 2015 5:47 am
Forum: Personal Consumer Issues
Topic: Flaunt Your High-Mileage Car
Replies: 544
Views: 72439

Re: Flaunt Your High-Mileage Car

2002 Jeep Wrangler with 199,700 miles. Bought new with intent, and it still is, of driving it for 25 years or 500,000 miles. Looks like I'll make the years first, then try for the 500,000 miles.
by desertbandit442
Wed Jan 28, 2015 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: I just filed a Restrictive App at the SS office
Replies: 39
Views: 11722

Re: I just filed a Restrictive App at the SS office

Thanks for sharing your experience Cody. I'll be doing the same thing in four years.
by desertbandit442
Sun Nov 30, 2014 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal Dynamics on Finance
Replies: 59
Views: 9554

Re: Spousal Dynamics on Finance

We fall under scenario 1. I don't worry, I've done all I could. I wrote out 4-5 pages to follow for 1st year, short term (years 2-5) and long term (more than 5 years). Then, if she still doesn't want to mess with it, I have a fee only contact that I have already talked to for her.
by desertbandit442
Thu Nov 27, 2014 3:42 pm
Forum: Investing - Theory, News & General
Topic: Safe Withdrawal Rates - Is the 4% rule still good?
Replies: 84
Views: 11246

Re: Safe Withdrawal Rates - Is the 4% rule still good?

4% is perfect if your going to live 25 years off of the retirement savings. Less percent if you need it to live longer, and you can withdraw larger percent if going to live less than 25 years off the money. That's assuming no decrease in the principle, except for the withdrawal. Why wouldn't you wa...
by desertbandit442
Thu Nov 27, 2014 2:21 pm
Forum: Investing - Theory, News & General
Topic: Safe Withdrawal Rates - Is the 4% rule still good?
Replies: 84
Views: 11246

Re: Safe Withdrawal Rates - Is the 4% rule still good?

4% is perfect if your going to live 25 years off of the retirement savings. Less percent if you need it to live longer, and you can withdraw larger percent if going to live less than 25 years off the money. That's assuming no decrease in the principle, except for the withdrawal.
by desertbandit442
Sat Oct 25, 2014 5:42 pm
Forum: Personal Consumer Issues
Topic: How often do you change your car's oil?
Replies: 168
Views: 35373

Re: How often do you change your car's oil?

Every 3,000-4,000 miles.
by desertbandit442
Sat Oct 25, 2014 5:35 pm
Forum: Personal Consumer Issues
Topic: How do you wash your car?
Replies: 143
Views: 22936

Re: How do you wash your car?

Closer to never than rarely. I have a 2002 and it still runs like it was new.
by desertbandit442
Mon Jun 09, 2014 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Retirement Planning with and w/o SS
Replies: 27
Views: 3442

Re: Retirement Planning with and w/o SS

I did my retirement saving and investing w/o SS in my plan. Now retired, but not collecting SS yet. Plan on waiting until 70 for that. SS will be additional vacation money, mad money, surprises, additional care money (if needed) and not having to withdraw out of Roth IRA. Will be able to at least le...
by desertbandit442
Fri Apr 18, 2014 9:44 am
Forum: Personal Finance (Not Investing)
Topic: SS Strategy Metric
Replies: 55
Views: 5923

Re: SS Strategy Metric

My metric is my wife. As long as we are married and she is alive, I will wait until 70. I will start collecting right away if she should pass before me. Why? Didn't she ever work? When she dies, you can collect as her widower and delay your own to age 70, and get the best(?) of both worlds. Her ben...
by desertbandit442
Thu Apr 17, 2014 5:36 pm
Forum: Personal Finance (Not Investing)
Topic: SS Strategy Metric
Replies: 55
Views: 5923

Re: SS Strategy Metric

My metric is my wife. As long as we are married and she is alive, I will wait until 70. I will start collecting right away if she should pass before me.
by desertbandit442
Sun Apr 13, 2014 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Wife to work as a Contractor - Advice needed
Replies: 30
Views: 3464

Re: Wife to work as a Contractor - Advice needed

This always worked for us, when my wife worked as an "independent contractor;" she put 50 percent of her earnings in a separate account to fund federal taxes, state taxes, self-employment taxes, and a SEP IRA. This always kept us out of any tax trouble/shortages and funded an IRA for her. Since you ...
by desertbandit442
Tue Feb 25, 2014 10:30 am
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

For those suggesting filing a dispute did anyone read the link to the Chicago Bar Associaton's Attorney Fee Dispute? http://www.chicagobar.org/AM/Template.cfm?Section=Attorney_Fee_Dispute_Assistance&Template=/CM/ContentDisplay.cfm&ContentID=2424 I'll save you the trouble: "If the Committee reviews ...
by desertbandit442
Sat Feb 22, 2014 11:47 am
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

I would not sign anything yet and take that 37 page document of transactions to an estate lawyer to look over and give you his/her take on if it seems reasonable. I don't think it should take more than an hour to go through and cost no more than $150 - $250 for the consult. The 37 page document is ...
by desertbandit442
Sat Feb 22, 2014 11:36 am
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

What I am not sure about, is if you are talking only about legal fees, or legal fees, executor fees and probate fees, or all those fees and costs to close the estate like paying off debts. Could you clarify what is involved in that 100,000 plus in expenses? From what I can tell the fees the executo...
by desertbandit442
Sat Feb 22, 2014 10:58 am
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

What I am not sure about, is if you are talking only about legal fees, or legal fees, executor fees and probate fees, or all those fees and costs to close the estate like paying off debts. Could you clarify what is involved in that 100,000 plus in expenses?
by desertbandit442
Sat Feb 22, 2014 12:47 am
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

It's even worse than I thought. $101,349 in fees. I have an extremely sick wife in the hospital and a young son I am essentially raising alone, this is the last thing I need to deal with but I think I have to somehow. But I don't know where to even start. I am being pressured to sign papers to rece...
by desertbandit442
Fri Feb 21, 2014 6:41 pm
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

I don't know about specifying a fixed low executor fee. What if nobody wants to handle the duties responsibly for that amount? Here's an example. Years ago, a relative had a very large collection of buttons, and passed away. Her executor, her daughter, knew the buttons were collectible and had valu...
by desertbandit442
Fri Feb 21, 2014 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: The Estate lawyer cost us big
Replies: 109
Views: 13690

Re: The Estate lawyer cost us big

There seems to be things getting crossed here in the post and some responses. There can be both legal fees and an executor fee in handling an estate. The executor fee alone may be up to 7 percent of the estate, in the state where I live, and then the legal fees are on top of that. Your cousin may be...
by desertbandit442
Thu Jan 02, 2014 12:53 pm
Forum: Personal Consumer Issues
Topic: The Funniest Movie Ever
Replies: 227
Views: 23722

Re: The Funniest Movie Ever

Steve Martin's The Jerk.
by desertbandit442
Mon Sep 02, 2013 11:17 am
Forum: Investing - Theory, News & General
Topic: Individual Stocks - Do you own any?
Replies: 97
Views: 9912

Re: Individual Stocks - Do you own any?

About 0.6% of my holdings in PFIZER, CISCO, and VALERO--just for fun. Rest of holdings in index funds. Individual stock holdings have outperformed index funds by double over 1 year and 3 year period, but like I said it is just for fun and I would never go over 1.0% of holdings in individual stocks. ...
by desertbandit442
Mon Sep 02, 2013 10:53 am
Forum: Personal Finance (Not Investing)
Topic: What Personal Finance Magazines do you read?
Replies: 60
Views: 6928

Re: What Personal Finance Magazines do you read?

Money and Kiplinger. If I had to choose one, I would stay with Kiplinger.
by desertbandit442
Fri Aug 16, 2013 11:55 am
Forum: Personal Consumer Issues
Topic: Quicken WillMaker - any users?
Replies: 24
Views: 6571

Re: Quicken WillMaker - any users?

I think it's time my wife and myself started filling out those documents like last will, power of attorney, health care directive, etc. I know lawyers are commonly recommended for these, but I've been taken aback at how expensive they are. I had a brief lawyer consult for a very basic will in the p...
by desertbandit442
Mon Aug 12, 2013 11:13 am
Forum: Personal Consumer Issues
Topic: Why aren't Car dealers prepared to deal?
Replies: 91
Views: 12003

Re: Why aren't Car dealers prepared to deal?

I've done the dealership loan before--they seem more interested in dealing with you when you tell them OK on the dealer financing. Then when the first payment is due, I just pay it off in full. :wink:
by desertbandit442
Mon Aug 12, 2013 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Who manages your finances? Him/Her/Both?
Replies: 58
Views: 4389

Re: Who manages your finances? Him/Her/Both?

Me. Occasionally she will say she wants to know more about our finances, but loses interest after about 30 seconds when I start explaining it. I guess her main concern is.. do we have enough money for ____ (fill in the blank). More like 20 seconds for my wife :happy Same here, maybe about 10-15 sec...