Search found 287 matches

by LK2012
Sat Feb 27, 2021 12:56 pm
Forum: Personal Investments
Topic: Problems at Fidelity?
Replies: 24
Views: 2152

Re: Problems at Fidelity?

It is happening at all brokerages. I don't think "things are more or less stable right now". There are a lot of circumstances that have led more people to call their brokerage, which in most cases is now a complementary service (cost center) for a financial services company. There has bee...
by LK2012
Sat Feb 27, 2021 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

BogleTaxPro wrote: Sat Feb 27, 2021 11:58 am
Katietsu wrote: Sat Feb 27, 2021 11:55 am
It depends exactly what you mean. You should use just one entry for a given 1099-INT regardless of how many accounts you have with that institution.
+this!
Thanks! I'm going to double check this, especially for the 1099-DIV forms.
by LK2012
Sat Feb 27, 2021 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

Here's a quick "add-on" question since it's my first time e-filing. When I did my return on paper, I listed out interest and dividends details on Schedule B (both over $1500), no rounding, including accounts with small amounts of interest (e.g., $0.14), and just added them all up. This is...
by LK2012
Sat Feb 27, 2021 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

Here's a quick "add-on" question since it's my first time e-filing. When I did my return on paper, I listed out interest and dividends details on Schedule B (both over $1500), no rounding, including accounts with small amounts of interest (e.g., $0.14), and just added them all up. This is...
by LK2012
Sat Feb 27, 2021 11:44 am
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

How can I quickly find out if the IRS processed my 2019 MFJ tax return, filed on paper on March 2020? I need to know what 2019 AGI to use to correctly submit this year's e-filed return through Free File Fillable Forms, i.e., either the one on my 2019 return, or $0 if they still have not processed i...
by LK2012
Sat Feb 27, 2021 11:38 am
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

Here's a quick "add-on" question since it's my first time e-filing. When I did my return on paper, I listed out interest and dividends details on Schedule B (both over $1500), no rounding, including accounts with small amounts of interest (e.g., $0.14), and just added them all up. This is ...
by LK2012
Sat Feb 27, 2021 11:25 am
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

It's extremely likely the IRS computers are not updated with your 2019 AGI. Having said that, it's okay to try it with the AGI and if it rejects, then try again with a zero. Or vice versa. There is no penalty for retrying, and this is what I am doing with my Tax-Aide clients. Yes. Just try pick one...
by LK2012
Sat Feb 27, 2021 11:25 am
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

It's extremely likely the IRS computers are not updated with your 2019 AGI. Having said that, it's okay to try it with the AGI and if it rejects, then try again with a zero. Or vice versa. There is no penalty for retrying, and this is what I am doing with my Tax-Aide clients. Okay, great! Sounds li...
by LK2012
Sat Feb 27, 2021 11:17 am
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

Re: How to quickly find out if IRS processed 2019 return filed on paper

Monsterflockster wrote: Sat Feb 27, 2021 10:54 am What does “where’s my refund” say?
https://www.irs.gov/refunds
I owed a small amount of money, so no refund to check. They cashed my check immediately upon receipt in March 2020, but I don't think that means they processed the return.
by LK2012
Sat Feb 27, 2021 10:50 am
Forum: Personal Finance (Not Investing)
Topic: How to quickly find out if IRS processed 2019 return filed on paper
Replies: 15
Views: 502

How to quickly find out if IRS processed 2019 return filed on paper

How can I quickly find out if the IRS processed my 2019 MFJ tax return, filed on paper on March 2020? I need to know what 2019 AGI to use to correctly submit this year's e-filed return through Free File Fillable Forms, i.e., either the one on my 2019 return, or $0 if they still have not processed it...
by LK2012
Sat Feb 13, 2021 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Short Term Capital Gains?
Replies: 7
Views: 579

Re: Qualified Short Term Capital Gains?

I found the phrase used in a few other places: Windsor II fund report : "For nonresident alien shareholders, 100% of short-term capital gain dividends distributed by the fund are qualified short-term capital gains" JP Morgan Asset Management : "Certain JPMorgan Exchange-Traded Funds ...
by LK2012
Sat Feb 13, 2021 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Short Term Capital Gains?
Replies: 7
Views: 579

Re: Qualified Short Term Capital Gains?

Here's the description for the purpose of that information: View qualified short-term capital gains for 1042-S reporting on applicable Vanguard mutual funds. https://www.irs.gov/individuals/international-taxpayers/who-must-file Thank you, that makes it sound as though this information is directed a...
by LK2012
Sat Feb 13, 2021 2:47 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Short Term Capital Gains?
Replies: 7
Views: 579

Re: Qualified Short Term Capital Gains?

I have the same fund, and show a small amount of regular dividends, a large amount of tax free dividends, zero qualified dividends, and a large capital gain distribution. I don't believe there is such as thing as 'qualified' short term capital gains, I am guessing its a mistake. Note that the capit...
by LK2012
Fri Feb 12, 2021 6:01 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified Short Term Capital Gains?
Replies: 7
Views: 579

Qualified Short Term Capital Gains?

I was looking at Vanguard's documents such as listings of US Government Obligations, Qualified Dividend Income, etc. for funds for tax purposes. I came across something I don't recall looking at before: "Distribution of qualified short-term capital gains by Vanguard funds" And lo and behol...
by LK2012
Fri Jan 22, 2021 9:29 pm
Forum: Investing - Theory, News & General
Topic: Can you have mixed cost basis methods for a long-established mutual fund?
Replies: 6
Views: 392

Re: Can you have mixed cost basis methods for a long-established mutual fund?

If the account was established more than one year ago, then it is up to the broker whether to accept a revocation of the default of average basis. A revocation of average basis causes the basis of the shares in the account to revert to the actual cost of each share. The IRS allows a revocation of a...
by LK2012
Fri Jan 22, 2021 2:20 pm
Forum: Investing - Theory, News & General
Topic: Can you have mixed cost basis methods for a long-established mutual fund?
Replies: 6
Views: 392

Re: Can you have mixed cost basis methods for a long-established mutual fund?

If you convert to specific lots, will the noncovered shares stay as average cost basis? Can you have mixed cost basis methods for one fund? Thanks in advance. Technically, the older shares will switch to spec lot, but at what was the average cost per share at the time of the switch. Excellent, than...
by LK2012
Fri Jan 22, 2021 2:19 pm
Forum: Investing - Theory, News & General
Topic: Can you have mixed cost basis methods for a long-established mutual fund?
Replies: 6
Views: 392

Re: Can you have mixed cost basis methods for a long-established mutual fund?

livesoft wrote: Fri Jan 22, 2021 12:56 pm Yes.

And to see this, just change the cost basis method in the account online and see what happens.
Fabulous, thank you, livesoft.
by LK2012
Fri Jan 22, 2021 12:53 pm
Forum: Investing - Theory, News & General
Topic: Can you have mixed cost basis methods for a long-established mutual fund?
Replies: 6
Views: 392

Can you have mixed cost basis methods for a long-established mutual fund?

I'm having trouble finding a clear answer to this question. Say you have a gifted mutual fund (started decades ago by the gifter) with incomplete historical information, but it was possible to come up with an accurate average cost basis number for the total shares, even if you're missing the breakdo...
by LK2012
Sat Jan 02, 2021 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: Unsuccessful Savings Bond Purchase with 2019 Tax Refund
Replies: 13
Views: 2074

Re: Unsuccessful Savings Bond Purchase with 2019 Tax Refund

I can only imagine how frustrated you feel. The same thing happened to me some years ago the first year I tried this. I did everything right, but the IRS still sent me a check for $5000+ rather than refunding me, plus the I Bonds. I called and spoke with an agent who said, essentially, "We mess...
by LK2012
Fri Aug 28, 2020 11:38 am
Forum: Personal Investments
Topic: TRBCX [T. Rowe Price Blue Chip Growth Fund]
Replies: 22
Views: 1411

Re: TRBCX [T. Rowe Price Blue Chip Growth Fund]

I think it's a fabulous fund. Most responses you will get here will be questions about your overall investment goals, asset allocation, risk tolerance, etc. It's hard to get much response with a general question like this. But it's a first-rate fund. Just depends on what you want it to do, and where...
by LK2012
Wed Jul 08, 2020 10:52 am
Forum: Personal Finance (Not Investing)
Topic: NJ Tax on IRA Withdrawal
Replies: 9
Views: 682

Re: NJ Tax on IRA Withdrawal

Hi Alan, Thanks for your post. Sorry for the delay. So if I understand you correctly: 1 - Ignore all spouse IRAs 2 - Ignore my Roth IRAs 3 - Do list total value of my TIRAs (including rollovers) as of 12/31/2019 New Comment/Question: The vast majority of retirement funds are in Roths and Rollovers....
by LK2012
Wed Jul 08, 2020 10:48 am
Forum: Personal Finance (Not Investing)
Topic: NJ Tax on IRA Withdrawal
Replies: 9
Views: 682

Re: NJ Tax on IRA Withdrawal

New Jersey is so weird. I'm a public employee and my work retirement accounts are called 401(a) (Mandatory) accounts, but on my W2 they appear as 414H. These contributions are taxed by NJ. The earnings are not taxed by NJ (yet). So presumably the NJ taxes on withdrawals would have to be calculated ...
by LK2012
Thu Jul 02, 2020 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: NJ Tax on IRA Withdrawal
Replies: 9
Views: 682

Re: NJ Tax on IRA Withdrawal

New Jersey is so weird. I'm a public employee and my work retirement accounts are called 401(a) (Mandatory) accounts, but on my W2 they appear as 414H. These contributions are taxed by NJ. The earnings are not taxed by NJ (yet). So presumably the NJ taxes on withdrawals would have to be calculated b...
by LK2012
Thu Jun 11, 2020 12:10 pm
Forum: Personal Investments
Topic: Thoughts on today's sell-off?
Replies: 194
Views: 16613

Re: Thoughts on today's sell-off?

The thing is ... nobody knows. Really. No. One. That's what makes times like these very stressful. Market changes - even over a couple years - are not predictable. You either have some kind of faith that stocks are worthwhile over the long haul, and fit into your overall risk profile, or you stay ou...
by LK2012
Thu Apr 30, 2020 12:20 pm
Forum: Investing - Theory, News & General
Topic: I Bonds are a screaming buy - Tipswatch
Replies: 163
Views: 31244

Re: I Bonds are a screaming buy - Tipswatch

Interesting....so basically for a $10k bond its about $70 more vs a 1.50% no penalty CD. Hmm...probably not worth it....unless inflation jumps in the coming year... Well, you also don't pay state/local taxes, can defer taxes if you wish, can use it tax-free for education, and you benefit if inflati...
by LK2012
Wed Apr 29, 2020 11:13 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Get My Payment up and running
Replies: 369
Views: 26160

Re: IRS Get My Payment up and running

I succeeded today in getting the bank information accepted after reading that using 2018 numbers had worked for some people. Once the option to submit my information appeared (I first saw it April 25 after checking periodically), I tried to submit it but nothing changed. I just kept getting the same...
by LK2012
Wed Apr 29, 2020 7:55 pm
Forum: Investing - Theory, News & General
Topic: I Bonds are a screaming buy - Tipswatch
Replies: 163
Views: 31244

Re: I Bonds are a screaming buy - Tipswatch

Think this is the last day to get a purchase in for I-Bonds on the April rate. My purchase today shows an issue date of 4/30. The rate, while paltry historically, is still better than current one-year CD rates if that's an alternative someone is considering. That's true even after deducting the 3-m...
by LK2012
Tue Apr 28, 2020 8:57 pm
Forum: Personal Consumer Issues
Topic: Should I accept a "free" vehicle from family member?
Replies: 22
Views: 2466

Re: Should I accept a "free" vehicle from family member?

Depending on the state in which you live, be sure to indicate "Gift" on the TItle when you exchange ownership. Then be prepared for the possibility that the state may later ask you to pay sales tax, or indicate again that the exchange was a gift rather than a sale. That's about the only li...
by LK2012
Tue Apr 28, 2020 8:53 pm
Forum: Personal Investments
Topic: TIAA Allocation advice wanted
Replies: 30
Views: 1532

Re: TIAA Allocation advice wanted

If you are trying to transfer money from Traditional, it has to be done over 10 years. This depends on the type of contract. But if you retire, everything is annuitized, and the money would be withdrawn over a longer period of time. At least, that's my understanding of it. Before the year in which ...
by LK2012
Tue Apr 28, 2020 8:47 pm
Forum: Personal Consumer Issues
Topic: Should I accept a "free" vehicle from family member?
Replies: 22
Views: 2466

Re: Should I accept a "free" vehicle from family member?

If you have a good relationship with your father, accept it and enjoy it!
by LK2012
Wed Apr 22, 2020 6:03 pm
Forum: Personal Investments
Topic: TIAA Allocation advice wanted
Replies: 30
Views: 1532

Re: TIAA Allocation advice wanted

Personally I would do about 55% Equity Index and 45% TIAA Traditional (with a mixture of liquid and illiquid kinds). But the Traditional has the annuity portion (generally paid in 10 annual or 84 monthly installments) so I steered away from that. Bill I think you may be confused about the rule abou...
by LK2012
Wed Apr 22, 2020 5:14 pm
Forum: Personal Investments
Topic: State bankruptcy and pensions
Replies: 14
Views: 1512

Re: State bankruptcy and pensions

Edited to:

All we can do is, Keep calm and carry on. Not much we can do on this grand a scale, so we try to minimize expenses and maximize savings, as long as work is there. And try to stay safe.
by LK2012
Tue Apr 21, 2020 2:24 pm
Forum: Personal Investments
Topic: I'm out [of the market]
Replies: 109
Views: 12245

Re: I'm out [of the market]

If you have $1.35+ million, and you can live on Social Security, pension, etc., I think it's a perfectly fine decision. As others have said, I'd put most of it into FDIC protected accounts earning the best interest you can find, and then put most of that into a CD ladder, or no-penalty CD's. Do what...
by LK2012
Thu Apr 16, 2020 9:26 pm
Forum: Personal Investments
Topic: Holding individual stocks is stressing me out
Replies: 18
Views: 1606

Re: Holding individual stocks is stressing me out

grabiner wrote: Thu Apr 16, 2020 9:09 pm
celia wrote: Thu Apr 16, 2020 4:54 pm If I understand correctly, TWO people died. You may have capital gains/losses, but they are not yet Long Term Gains/Losses.
Capital gains and losses on inherited assets are always long-term; you write "Inherited" as the date of acquisition.
Thank you, good to know
by LK2012
Wed Jan 29, 2020 2:46 pm
Forum: Investing - Theory, News & General
Topic: Fidelity lets clients now trade fractional shares of stocks and ETFs
Replies: 209
Views: 23059

Re: Fidelity lets clients now trade fractional shares of stocks and ETFs

According to the Fidelity web site, this is being phased in over the next few weeks. Also, the emphasis seems to be on the mobile app: https://www.fidelity.com/trading/fractional-shares "Dollar-based trading is available through the Fidelity mobile app, phasing in over the next few weeks. If it...
by LK2012
Sun Jan 26, 2020 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Over 65 Standard deduction MFJ
Replies: 15
Views: 1469

Re: Over 65 Standard deduction MFJ

I qualify for Head of Household.The Std Deduction has 4 categories (single, HoH, MFJ, MFS) My question is on the age deduction for HoH. Is it the same as for Single? There is a chart on the 1040-SR with these categories, and it looks like $20,000 for what you describe, but you can check it out. htt...
by LK2012
Sun Jan 26, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Over 65 Standard deduction MFJ
Replies: 15
Views: 1469

Re: Over 65 Standard deduction MFJ

$27,400 (= 24,800 + 1,300 x 2) assuming that both spouses are at least 65. Actually it is $27,000 ($24,400 + 1300 x 2 if both spouses are at least 65). See Page 9 of the 1040 Instructions - https://www.irs.gov/pub/irs-pdf/i1040gi.pdf Also see the new 1040-SR Form for use if you are over 65 https://...
by LK2012
Thu Jan 23, 2020 1:01 pm
Forum: US Chapters
Topic: Sad news: LadyGeek's husband has passed
Replies: 352
Views: 29143

Re: Sad news: LadyGeek's husband has passed

Condolences on your loss, LadyGeek. Very generous of you to share the details to educate others. No doubt this has been difficult and stressful for a long time, and transitions are hard too. Positive thoughts heading your way, and thank you for all your hard work here, even in hard times.
by LK2012
Thu Jan 09, 2020 3:41 pm
Forum: Personal Consumer Issues
Topic: Virgin Mobile is now Boost Mobile
Replies: 8
Views: 1196

Re: Virgin Mobile is now Boost Mobile

Yes, I got the email, although it didn't say exactly when yet. I have an ancient Minute-2-Minute plan (25 cents for the first 10 minutes, then 10 cents a minute) that just requires a $20 Top Up every 90 days. The email says that Boost doesn't do the 45/90 day Top Ups, but when I went to "More I...
by LK2012
Thu Jan 02, 2020 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Quick ? On qualified dividend taxation
Replies: 6
Views: 264

Re: Quick ? On qualified dividend taxation

For most taxpayers, qualified dividends are taxed at zero, 15% or 20% based on where your income falls (ignoring NIIT and AMT for this discussion). Ordinary tax rates do not apply to qualified dividends. Yes, this, and livesoft kindly provided you with the link to the Qualified Dividends and Capita...
by LK2012
Thu Jan 02, 2020 10:01 am
Forum: Investing - Theory, News & General
Topic: Vanguard Continues to Lower the Cost of Investing with Expansion of Commission-Free Platform Beyond ETF
Replies: 71
Views: 5625

Vanguard Cuts Trading Commissions to Zero

[merged this topic and its replies into the existing thread - moderator prudent] Vanguard Joins the Crowd, Cutting Trading Commissions to Zero "The fund giant said Thursday morning that it is taking commissions to zero for all online stock and option trades, though options transactions will st...
by LK2012
Fri Dec 27, 2019 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Secure Act: practical result of RMD age change seems trivial
Replies: 7
Views: 944

Re: Secure Act: practical result of RMD age change seems trivial

Yes, a year or two basically. And the ability to continue contributions to IRA's past 70.5 also. In exchange, the loss of the lifetime stretch for beneficiaries, including for ROTH IRA's. Gain a little for IRA holder, lose a lot for non-spouse beneficiaries.
by LK2012
Thu Dec 26, 2019 12:28 am
Forum: Investing - Theory, News & General
Topic: Question about SECURE and no more stretch IRAs
Replies: 50
Views: 3967

Re: Question about SECURE and no more stretch IRAs

I wonder what the rationale is for the requirement to withdraw all assets from a Roth IRA within a 10 year period. I guess I understand why this would be required for a traditional account, but with a Roth, the tax has already been paid, so why does a Roth account need to be fully withdrawn in 10 y...
by LK2012
Wed Dec 18, 2019 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Is any one uncomfortable with their wealth?
Replies: 152
Views: 12417

Re: Is any one uncomfortable with their wealth?

I’ve been to a bunch of Christmas parties recently where people are discussing their incredible stock market gains with statements like, “I won’t be able to spend all my money in my lifetime’, ‘I’m $1.5 million richer’. I too am blessedly in the same situation but am having a hard time for two reas...
by LK2012
Wed Dec 11, 2019 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Most estates don't go through probate [*]
Replies: 39
Views: 5073

Re: Most estates don't go through probate [*]

My mom has POD for all of her bank accounts. Her IRA has beneficiaries. The house has TOD. The contents of the house are the only thing left to fight over. My brother and I are the beneficiaries of the will andwe have promised each other we will not fight over anything. Sounds great. What state are...
by LK2012
Fri Oct 04, 2019 1:10 pm
Forum: Personal Consumer Issues
Topic: How old is your cellphone?
Replies: 168
Views: 10967

Re: How old is your cellphone?

The phone I use the most is a flip phone I got in 2006. Next up are two different candy bar phones, prob. got both from 2005. I also have a couple of iTouch's I've used since 2009. I have an iPhone 4 and an iPhone 6 that were hand-me-downs, that I just use as updated iTouch's. I think about a smartp...
by LK2012
Thu Aug 08, 2019 7:30 am
Forum: Personal Investments
Topic: New Jersey taxes
Replies: 58
Views: 4112

Re: New Jersey taxes

Creeping up to $7000 on a house appraised at less than $150,000. In a good school district, but wow. Over the years it really adds up. As to the OP's question, I would listen to the wise man, grabiner. As to the larger question of how hard do you work/plan just to stay in this very high-tax state, i...
by LK2012
Wed Jun 26, 2019 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Tax planning for NJ - transferring assets from parents to children
Replies: 16
Views: 1202

Re: Tax planning for NJ - transferring assets from parents to children

It's not clear what the OP is trying to accomplish here - what taxes are anticipated that could be avoided? Or is he talking about avoiding health care costs? The 5 year look back on Medicaid has to do with long term care, not general health care. The health care part is based in income, not assets...
by LK2012
Tue Jun 25, 2019 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax planning for NJ - transferring assets from parents to children
Replies: 16
Views: 1202

Re: Tax planning for NJ - transferring assets from parents to children

You probably should talk this over with someone who knows NJ tax laws to nail down the details before you do this. Simply focusing on the mechanics, your dad could certainly transfer the properties to you. Since you said your parents are already on Medicaid, I don't know how that would interact with...