Search found 1075 matches

by donall
Tue Feb 20, 2024 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: payroll company, employer or my fault?
Replies: 47
Views: 2495

Re: payroll company, employer or my fault?

Yes, this happens more often with couples since the W-4 changed in 2018. Often it is better to indicate single not MFJ. Also try filing MFS for your tax returns to see if the total tax liability is decreased.
by donall
Sun Feb 11, 2024 1:25 pm
Forum: Personal Investments
Topic: Should my 21-year old nephew fire his financial advisor?
Replies: 99
Views: 10674

Re: Should my 21-year old nephew fire his financial advisor?

Yikes, three Unit Investment Trusts! The only redeeming part is these appear to be short term UITs. The UTIs appear to have been purchased recently. Other purchases may be recent so there may not be large capital gains.
by donall
Fri Feb 09, 2024 12:43 pm
Forum: Investing - Theory, News & General
Topic: Poor PenFed Reviews
Replies: 81
Views: 14989

Re: Poor PenFed Reviews

I’ve was a member of PenFed for a number of years. PenFed had competitive CD rates and mortgage rates. Customer service has not always been the best. It took a lot of attention to obtain the mortgage in 2015. When going to refinance in 2020, the rates were not competitive. Getting the loan paid off was more than three weeks due to some computer glitches and lack of communication. Wait times were long to speak to a representative. The transfer of the funds from the CDs went smoothly. I transferred money regularly from PenFed and at times have not been able to. Twice the transfer to outside linked accounts did not work. One time the account balance was much less than what was available to transfer! When I sent an email to PenFed with screensh...
by donall
Fri Feb 09, 2024 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Recovering estimated tax from previous state
Replies: 8
Views: 563

Re: Recovering estimated tax from previous state

Your son should file a non-resident tax return with the state he was not a resident of for a refund of his estimated payments.
by donall
Fri Jan 26, 2024 10:33 am
Forum: Personal Consumer Issues
Topic: Awkward den with 2 doorways. Close off one of them?
Replies: 16
Views: 1521

Re: Awkward den with 2 doorways. Close off one of them?

Are there pocket doors (perhaps hidden) between the TV room and Dining room? Many Victoria houses had doors to open or close off spaces depending on the guests.
by donall
Sun Jan 21, 2024 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security and WEP ( 62%)
Replies: 22
Views: 2437

Re: Social Security and WEP ( 62%)

This seems like a pretty good explanation of the WEP reduction
https://crsreports.congress.gov/product/pdf/IF/IF10203
The other thing that I found odd when speaking to the SS representative is that they always spoke about the monthly benefit amount after subtracting the Medicare premium. I suppose it keeps one’s expectations in line.
by donall
Sun Jan 21, 2024 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security and WEP ( 62%)
Replies: 22
Views: 2437

Re: Social Security and WEP ( 62%)

This link indicates the 50% is based on the PIA.
https://www.ssa.gov/policy/docs/program ... ision.html
So does being past FRA mean that the 50% is still based on The PIA?

I was going to wait until 70 to start Social Security, but figured out that the WEP maximum amount subtracted in the first 90% tier kept increasing each year, pretty much negating any increase of Social Security. My AIME keeps me in the first tier.
by donall
Sun Jan 21, 2024 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: [2023 Treasury Direct 1099-INT now available, how to print]
Replies: 58
Views: 6956

Re: Printing a Treasury Direct 1099-int (for I Bonds)

LOL, it seems the VITA client did not print the 1099 pages from Treasury Direct, but printed the pages before, the taxable Treasury Summary page. They had a lot of small treasuries listed individually and lots of pages! I see now that it would have be been much easier to have the client click once more before printing.
by donall
Sun Jan 21, 2024 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: [2023 Treasury Direct 1099-INT now available, how to print]
Replies: 58
Views: 6956

Re: Printing a Treasury Direct 1099-int (for I Bonds)

I saw the Treasury Direct 1099-INT as a VITA volunteer. It listed each monthly interest payment on each (non Ibond) Treasury holding. If there are multiple Treasuries in small denominations, it is almost better to make a spreadsheet to add all the interest payments than try to accurately add them. As I recall, difficult to read, many pages and no total sums.
by donall
Thu Dec 14, 2023 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Pension Service Credit Purchase
Replies: 12
Views: 1636

Re: Pension Service Credit Purchase

I paid for two extra years in the pension system with post-tax money. The 1099-R form indicates a gross distribution and a taxable amount. The taxable amount is only a few hundred less than the gross distribution. It will take about 30 years to reach the total amount paid in, so I would always pay using pretax money.

It is almost always advantages to buy into a pension system, especially early in your career. It increases the annual amount and may allow an earlier retirement.
by donall
Fri Nov 10, 2023 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Set up a will and a RLT trust. What now?
Replies: 54
Views: 4711

Re: Set up a will and a RLT trust. What now?

We are still going through all that is in the binder. It does talk about creating other trusts, a marital trust and so on, I have stopped counting them. Makes me dizzy. It does have a Pour Over Will, basically what has not been accounted for otherwise goes into the RLT. Right now it just has the house deed, i think it is called Quit Claim, and we can add as we see fit. I have reservations about placing our IRAs in it. If all the Trusts make you dizzy, as it did me, I recommend asking your attorney for a series of flowcharts. It clarified “what happens when and in which case” for me, a visual learner. Our lawyer thankfully provided a flowchart as well as directions on how to title accounts and how to order beneficiaries. This made a huge di...
by donall
Fri Nov 10, 2023 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: HSA for young person
Replies: 44
Views: 4836

Re: HSA for young person

I would say run the numbers. If daughter’s monthly premium for the high deductible plan is a hundred dollars or more less than the regular insurance premium then it is worth considering. Often the way these high deductible insurance plans are priced is that the yearly premium savings is close to the high deductible amount or maximum out of pocket cost.

Does her company contribute to the HSA? Anyone can contribute (up to a maximum) to your daughter’s HSA. Not everyone is comfortable with using an HSA, would you’ll your daughter feel comfortable with this plan?
by donall
Sun Oct 22, 2023 9:31 am
Forum: Personal Finance (Not Investing)
Topic: I Bond beneficiary
Replies: 4
Views: 669

Re: I Bond beneficiary

Set up a Treasury Direct Trust account. Retitle your I bonds to the trust.
by donall
Sat Oct 21, 2023 6:13 pm
Forum: Personal Consumer Issues
Topic: Refrigerators. The Good, The Bad and The Ugly.
Replies: 115
Views: 14003

Re: Refrigerators. The Good, The Bad and The Ugly.

We have a simple Fisher and Paykel (no ice maker or water dispenser) for the last 7(?) years. Not a lot of cubic feet, but then we don’t lose any buried foods and our kitchen is small. It has been reliable with no issues. It was one of the few counter-depth refrigerators we could find that was less than 36 inches.
by donall
Wed Aug 09, 2023 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Supplemental insurance high rates
Replies: 16
Views: 1992

Re: Supplemental insurance high rates

Thank you for the wonderful advice, it is very helpful! I feel much better proceeding with this information.
by donall
Tue Aug 08, 2023 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Supplemental insurance high rates
Replies: 16
Views: 1992

Re: Supplemental insurance high rates

Thanks for all the helpful replies. I know now that two of the supplemental insurance companies don’t have as good a reputation, but which companies have the better reputations? Relative lives in Illinois and I count 43 companies that provide supplemental insurance according to the publication from the Illinois Department of aging.
https://ilaging.illinois.gov/content/da ... supweb.pdf
by donall
Mon Aug 07, 2023 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Supplemental insurance high rates
Replies: 16
Views: 1992

Supplemental insurance high rates

Dear Bogleheads, The insurance agent for our relative is recommending that they change their plan G plan from Aetna to Federal Life Insurance Co. This company is a Mutual of Omaha company. Does anyone have any experience with this company? The history behind my question is that the relative was with Mutual of Omaha until the premium tripled and then the change was made to Aetna. The insurance agent suggested the policy increased because the cost of the particular cohort went up due to unfavorable demographics. Now the Aetna premium has increased and Federal Life Insurance is significantly less. So the real fear is that in seeking the least expensive option, the relative may be back into a cohort that has unfavorable demographics in a few ye...
by donall
Sun Jul 16, 2023 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Megacorp pension buyout - what should I do?
Replies: 86
Views: 9935

Re: Megacorp pension buyout - what should I do?

Just to add to the discussion, pension, annnuity income is NOT taxed in Illinois.

Adding that any income that is reported on a 1099-R is not subject to Illinois income tax.
by donall
Wed May 31, 2023 2:19 pm
Forum: Personal Investments
Topic: Do we need to do anything about these ibonds?
Replies: 17
Views: 2034

Re: Do we need to do anything about these ibonds?

I would try to talk to a Treasury Direct representative about your situation and your goals. They are very professional and helpful.

If your mom already has a living trust, then it may be easiest to open a Treasury Direct account for the trust and add all the paper bonds to the trust account. The bonds will be retitled under the trust. That way the distribution will follow the trust and can be distributed to a testamentary trust as well as beneficiaries.
by donall
Wed May 31, 2023 1:50 pm
Forum: Personal Investments
Topic: I-Bond redemption after death - do I need to change trust Tax ID number first?
Replies: 4
Views: 571

Re: I-Bond redemption after death - do I need to change trust Tax ID number first?

If my memory is correct…
If no yearly taxes were paid by your mom on the yearly interest, you, as a beneficiary, will pay taxes when you redeem the Ibond.
If your mom paid yearly taxes on the interest of her I bonds, then the year of redemption will have the current year interest prorated to her forms 1040 and 1041. Your tax return will indicate total interest with subtractions for the interest reported on 1041 and 1040 for all years.

Added to answer your question, we did not change the trust tax ID on the Treasury Direct living trust account
by donall
Wed May 24, 2023 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Sending Multiple Documents to the IRS - Together?
Replies: 5
Views: 586

Re: Sending Multiple Documents to the IRS - Together?

As a VITA volunteer, I recommend separate envelopes and a few weeks between separate IRS issues such as refunds or amendments for different years.
by donall
Wed May 24, 2023 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Mom's birth certificate says Tracy Ann Smith. Her Social Security card says Ann Tracy Smith. Is this a problem?
Replies: 57
Views: 6411

Re: Mom's birth certificate says Tracy Ann Smith. Her Social Security card says Ann Tracy Smith. Is this a problem?

One of my friends has a different first name on their Social Security card, license, and birth certificate. The Social Security card has Joe, license and passport has Joseph, and birth certificate has a long name that starts with J. The only problem has been when a new part D Medicare provider would not fill his prescriptions unless the name on his medical records matched his Social Security and Medicare cards. I think that necessitated changing his name at health provider offices. Changing a birth certificate may not be difficult, as numerous birth certificates have misspellings. It’s worth investigating if changing the birth certificate could be easily done just in case you would need to do this. The changed birth certificates I have seen...
by donall
Fri Mar 24, 2023 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: mileage deduction for family caregiver?
Replies: 12
Views: 1188

Re: mileage deduction for family caregiver?

We have done a number of VITA returns for family members who are paid by the state or employed by a caregiving agency to take care of a disabled family member or family member in need of home care. As Supergrover indicated, this is covered under IRS Notice 2014-7. When preparing your return add the NEC income and under “Other Income” add -NEC income typing in Notice 2014-7. You maybe able to deduct medical mileage of $0.16 per mile if you are able to reach a high enough threshold to itemize.
by donall
Wed Mar 01, 2023 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Asking charity to compensate volunteer miles and expenses?
Replies: 38
Views: 2898

Re: Asking charity to compensate volunteer miles and expenses?

I would talk to the administrator of the charity about reimbursement or a stipend. Reimbursement and stipend policies are specific to each organization so you would need to explore those areas.

There would be a big hole without your family’s volunteer efforts, so I can’t imagine that some efforts would not be made to keep your family volunteering. Keeping volunteers engaged and happy is very important to a well functioning charity.
by donall
Sun Feb 19, 2023 5:14 pm
Forum: Personal Consumer Issues
Topic: Replace 30 year old boiler or add mini split
Replies: 50
Views: 3971

Re: Replace 30 year old boiler or add mini split

We are on our second boiler. The first boiler was oversized and had a pump that moved a lot of water quickly. The pump actually sounded like a train. The boiler seemed to work best in subzero weather.

The second boiler is smaller with a slow pump that I’m not sure how long it is on, since it is so quiet. In general the heating system works well, but for those subzero days, we raise the boiler temperature.

Our house is old, insulated in the attic, with original huge single pane casement type windows. Radiators are also huge.

Bleeding the system and emptying the expansion tank is necessary periodically to keep the system efficient and working properly.
by donall
Sun Jan 22, 2023 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Annual Federal Gift Tax Exclusion
Replies: 42
Views: 3374

Re: Annual Federal Gift Tax Exclusion

For each child:
Mom should gift $17K
Dad should gift 17K
by donall
Wed Jan 18, 2023 9:15 am
Forum: Personal Investments
Topic: Executing Survivor’s Option on a Brokered CD
Replies: 20
Views: 3931

Re: Executing Survivor’s Option on a Brokered CD

Rankles, I worked with the Schwab representative in the inherited accounts division, who was great. If I recall, I emailed the letter and documents to her per her directions. Not sure if I then mailed the letter and documents. No CD documents just the three mentioned in the letter were mailed. I emailed the full trust and amendment. I don’t think it took that long for the redemption to happen. This action was after the living trust account was transferred to the new account after death and was an irrevocable trust. The new account used the EIN that I applied for. There are a lot of good books, such as the Nolo series that can help you. A very good book I used, The complete Book of Wills, Estates, and Trusts by Bove and Langa seemed to be ve...
by donall
Tue Jan 17, 2023 7:59 pm
Forum: Personal Investments
Topic: Executing Survivor’s Option on a Brokered CD
Replies: 20
Views: 3931

Re: Executing Survivor’s Option on a Brokered CD

I was the trustee on an account that used the survivor option with Schwab. I was instructed to write a letter to the Schwab Corporate Actions/Reorganization, Survivor Options ORL2-03-231, address in Orlando FL.

Dear Madam/Sir,
This letter instructs use of the Survivor Option for full redemption of the following CDs in the XX Trust. (List the CDs)
Bank name, interest %, amount of CD, maturity date, CUSIP

A copy of the trust, original Affirmation of Domicile, and Death certificate are enclosed.

Sincerely,
Trustee for XX trust

Everything went smoothly and the staff at Schwab were professional and efficient. I hope this helps!
by donall
Tue Jan 17, 2023 7:21 pm
Forum: Personal Investments
Topic: Investing for elderly mother-in-law--opinions please?
Replies: 75
Views: 6168

Re: Investing for elderly mother-in-law--opinions please?

I was reluctant to take over the money management of an eighty+ year old relative when asked. But I figured I could do better than losing $30K in a Unit Investment Trust (don’t ask). I really did not know much about investing, but had a gut feeling that an 80+ year old should not be 100% in stocks.

Bills were paid online and invested 80% in a brokered CD ladder, leaving the rest in stocks. When the individual stocks increased in value, they were sold and replaced with a CD or total stock mutual fund. Income from dividends or interest was mailed so that a paper check was received every month. High expense items could be paid by redeeming the most current CD or the proceeds from the stock sale.
by donall
Tue Jan 17, 2023 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: What is my job in the for-profit sector?
Replies: 12
Views: 1440

Re: What is my job in the for-profit sector?

You have great experience! Many areas in eduction would be appropriate with your background. States regulate licenses and certifications. Universities have continuing education departments. Corporations have training departments. Larger non-profit organizations may offer more pay for a Director role in certification or education. Touch base with testing companies and call the psychometricians you worked with.
by donall
Mon Jan 16, 2023 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Transferring I-Bonds to Trust at TD for my Estate
Replies: 3
Views: 331

Re: Transferring I-Bonds to Trust at TD for my Estate

I was a successor trustee for a TD trust account in 2017. There were two beneficiaries, one that wanted to keep the Ibonds, while the other wanted to redeem their half. I filled out a form to move 1/2 of the Ibonds to the one beneficiary’s TD account. The Transferred Ibonds took about 2 months(?) to appear in the beneficiary’s account. For the other beneficiary, 1/2 of the Ibonds were redeemed and transferred through an existing linked bank account. Working with Treasury Direct was very professional. TD asked that the Trust document and death certificate be sent before any actions could be taken. The original bank linked bank account was still active as it was a joint account. Using a trust at TD is the best way to go if you want to effecti...
by donall
Mon Jan 16, 2023 9:40 am
Forum: Personal Investments
Topic: Investing for elderly mother-in-law--opinions please?
Replies: 75
Views: 6168

Re: Investing for elderly mother-in-law--opinions please?

A relative had two long term care policies that sound like they were of the same era as your mother-in-law. The policies worked separately without coordination of benefits, unlike health or dental insurance. So you could be paid by both policies at the same time for the same days. This was confirmed by reading the insurance policies and speaking with representatives from both companies. Please read the two policies thoroughly and call both insurance companies to start the process. The assessment of your mother-in-law’s physician is important to access payment for services. A visiting nurse will also assess the ability to perform ADLs (Activities of Daily Living). Care mother-in-law is receiving now may count towards the elimination period. ...
by donall
Thu Jan 12, 2023 11:03 am
Forum: Personal Investments
Topic: Transferring 80 year olds IRA from one bank to Discover IRA CD
Replies: 7
Views: 638

Re: Transferring 80 year olds IRA from one bank to Discover IRA CD

Do yourself and your mom a favor and set up an IRA account at a local brokerage house such as Fidelity or Schwab where your mom sit down and interact with the employees. Have Schwab handle the transfer. Usually bank CDs cannot be transferred in kind, but start the process so the trustee to trustee transfer can happen when the CDs are redeemable. With your mom’s permission establish yourself as a POA or full authorization on the account.

The reason for a brokerage is so your mom, with your help can purchase Treasuries, brokered CDs or anything else all in one place. Then the minimum distributions can also be planned and automated.
by donall
Tue Jan 10, 2023 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Taking over parents finances, bills etc
Replies: 50
Views: 3566

Re: Taking over parents finances, bills etc

I had full agent authorization for trust accounts at brokerages. You use your own login.
by donall
Mon Jan 09, 2023 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Transferring I-Bond After 6 Months to Qualify for Medicaid
Replies: 17
Views: 1433

Re: Transferring I-Bond After 6 Months to Qualify for Medicaid

What is the Medicaid asset limit in your state (it varies)? A car is usually a non-countable asset. Treasury Direct will allow early redemption of I bonds under certain circumstances. Even if the assets are over the limit, one can “spend down” to to the limit to receive Medicaid. In our state, Social Workers can provide this type of basic information. Your family may need to fund an elder attorney and do the research on the the living arrangements. You need to start the process sooner rather than later, as it is slow and may take months.
by donall
Sun Jan 08, 2023 1:29 pm
Forum: Personal Investments
Topic: 24, New Teacher - Portfolio Review
Replies: 32
Views: 3439

Re: 24, New Teacher - Portfolio Review

As long as you don’t mind having access to $10,000 for a year, are 24 or older, and meet the income limits to not pay interest on use of Ibonds for educational purposes: - Purchase $10,000 Ibond at Treasury Direct - Open up 529 plan, as owner and beneficiary - Transfer $10,000 (leave rest in Treasury Direct) after a year or more to 529 plan when ready to pay $10,000 student loans, deduct $4K from Ohio income taxes in first year, then carry forward for deductions in future years - pay student loans that are over 4% Or - keep $10,000 for house payment, car fund, or emergency fund By the way you are doing a great job in saving! Just wanted to add that this is theoretical, as I do not know the details of the Ibond educational process or Ohio 529
by donall
Sun Jan 08, 2023 12:12 pm
Forum: Personal Consumer Issues
Topic: Auto accident - worth pursuing very minor medical claim?
Replies: 11
Views: 1050

Re: Auto accident - worth pursuing very minor medical claim?

Agree with Big Dog, your expenses seem very reasonable and a doubt there will be an issue with reimbursement.
by donall
Sun Jan 01, 2023 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Very Thorough List of Secure 2.0 Changes - Which One Will Have Greatest Impact on You?
Replies: 95
Views: 12895

Re: Very Thorough List of Secure 2.0 Changes - Which One Will Have Greatest Impact on You?

treadonme wrote: Fri Dec 30, 2022 12:00 pm It's the McDonald's gift card for me. I previously had no interest in saving for retirement but that gift card has got me all in baby.
This comment sprayed my screen with coffee.
by donall
Sat Dec 31, 2022 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Impact of SS on Illinois Teacher Retirement System pension
Replies: 5
Views: 1121

Re: Impact of SS on Illinois Teacher Retirement System pension

There is no reduction to your wife’s TRS pension when she begins receiving Social Security.

2/3 of $900 or $600 will be subtracted from the monthly spousal Social Security amount. Spousal Social Security amount is reduced if taken before her full retirement age. See the following:
https://www.ssa.gov/pubs/EN-05-10007.pdf
by donall
Sat Dec 24, 2022 12:49 pm
Forum: Personal Investments
Topic: Inherited IRA Withdrawal - Reinvestment
Replies: 6
Views: 951

Re: Inherited IRA Withdrawal - Reinvestment

For income taxes, find your federal marginal rate and multiply times the amount of the withdrawal from the annuity. Pay the taxes due the quarter of the withdrawal using electronic means. Some entities will withhold taxes for you. Adding, that if you offset distribution amount with 401k contribution, there should be no tax difference.

Illinois does not tax annuity income if you receive a 1099-R.

I think you have an excellent allocation and plan. :happy
by donall
Fri Dec 23, 2022 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Approach to supporting elderly with cognitive decline
Replies: 27
Views: 2856

Re: Approach to supporting elderly with cognitive decline

I don’t have a book recommendation. My recommendations come from personal experience with my/spouse’s parents. I started handling their Investments and then (as dementia and caregiving needs increased) gradually it grew to include their Bill Pay, taxes, overseeing condo service providers and their healthcare visits. 1) if you have buy-in from them that they need assistance, do a financial review with them. For example, prepare a list of all accounts/insurance policies, prepare a list of loans/credit cards/vendors, review how Bill Pay is handled. Check that key items like HOA dues, credit cards, mortgage, home/auto/umbrella/healthcare coverages are in-force/up-to-date and note renewal dates. 2) review whether their estate planning is up-to-...
by donall
Thu Dec 15, 2022 4:51 pm
Forum: Personal Consumer Issues
Topic: Navigating long term care insurance
Replies: 7
Views: 644

Re: Navigating long term care insuranc

Old long term policies can be surprisingly easy to read. I suggest you read over the policies and begin the process as soon as possible. If your wife’s parents have already had home care, then the policy may count those days towards the typical elimination period of 30-90 days.

I’ve been through this process and found both long term insurance companies easy to work with. The only problems I had were with reimbursement due to the inexperience of the home health agency.
by donall
Sun Dec 11, 2022 4:56 pm
Forum: Personal Investments
Topic: IBonds Vs. VOO
Replies: 23
Views: 2383

Re: IBonds Vs. VOO

lakpr wrote: Sun Dec 11, 2022 2:09 pm Neither. Would vote for Treasury Notes matching the maturity date with the date that wedding / lake house purchase / renovations etc. are planned.

Now if you move that needle to 10 years instead of 6, I would vote for Equities (VTI)
This is pretty much what I would do with the exception of buying Ibonds this year and making sure I redeem them after 5 years.
by donall
Sun Dec 11, 2022 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Mother In-Law Has $250k [Savings Bonds] in safety deposit box...[tax management question]
Replies: 23
Views: 3456

Re: Mother In-Law Has $250k in safety deposit box...

Pretty sure the beneficiary or co-owner needs to report the interest in the tax year the bond was redeemable by amending previous years’ tax returns. Hopefully all the bonds have living beneficiaries or co-owners. All other actions should flow from this.
by donall
Sat Dec 03, 2022 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Quicken: How to handle pension contributions
Replies: 13
Views: 962

Re: Quicken: How to handle pension contributions

How do you code IRA contributions? Maybe code pension contributions in a similar fashion. I would also update the pension account cash out value each year and add to assets. At retirement your wife can determine if she wants an annuity or a cash out.

If your wife does not pay social security, then carefully investigate the impact of the pension on her social security. She may be impacted by GPO and WEP even if her pension is cashed out. Pensions also may have other benefits such as survivor benefits, health insurance,etc.
by donall
Sun Nov 27, 2022 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Real estate property tax timing
Replies: 3
Views: 697

Re: Real estate property tax timing

Illinois Property taxes skipped a year. So you pay 2021 property taxes in 2022.

What does your contract say?