Search found 547 matches

by SurfCityBill
Thu Jul 02, 2020 7:37 pm
Forum: Personal Investments
Topic: Allan Roth: Muni bond default risk
Replies: 34
Views: 3003

Re: Allan Roth: Muni bond default risk

I can agree with Roth that the muni segment may go through some trying times. But so will all categories as we deal with this climb out of Covid. Are muni's really at risk of total default or just loss of asset value for a period of time? As a long time holder of muni's they've gone up and down but continued to pay dividends. I've haven't sold one in years. I'm not going to start trying to time the market now.
by SurfCityBill
Thu Jul 02, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: What are you paying for umbrella insurance?
Replies: 80
Views: 10892

Re: What are you paying for umbrella insurance?

Was $475 for $1M 2 adults, 2 young drivers
Changed to $625 for $1M 2 adults, 2 young drivers, 1 at-fault driving accident.
by SurfCityBill
Wed Jun 17, 2020 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Should I keep my $1 million life insurance policy after age 65?
Replies: 65
Views: 6180

Re: Should I keep my $1 million life insurance policy after age 65?

This question ties in well with my situation as well. I'm 20 years into a 25 year term policy for $700,000. I determined the policy has outlived its need due to the state of our financial situation and was going to let the policy lapse when it came up for renewal. However, I have heard it is possible to sell insurance policies, including term policies, to independent 3rd parties. Has anyone done this or know whether it is worth reviewing? Thanks, In my experience, they won’t want to buy your policy unless your health is impaired. And it helps if you’re older than 70 or 75. But I would encourage you to reach out to a firm or two to see if there is any interest. Quite a bit younger than 70 and based on other posts, a 3rd party would only be ...
by SurfCityBill
Wed Jun 17, 2020 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Should I keep my $1 million life insurance policy after age 65?
Replies: 65
Views: 6180

Re: Should I keep my $1 million life insurance policy after age 65?

David Jay wrote: Tue Jun 16, 2020 6:53 pm
SurfCityBill wrote: Tue Jun 16, 2020 6:21 pmHowever, I have heard it is possible to sell insurance policies, including term policies, to independent 3rd parties.
A term policy must be convertible (to whole life) for this to be possible. Low cost term policies are typically not convertible.
In checking, the policy was convertible at one time but only during the 1st five years. I'm well beyond that. Thanks
by SurfCityBill
Tue Jun 16, 2020 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Should I keep my $1 million life insurance policy after age 65?
Replies: 65
Views: 6180

Re: Should I keep my $1 million life insurance policy after age 65?

This question ties in well with my situation as well. I'm 20 years into a 25 year term policy for $700,000. I determined the policy has outlived its need due to the state of our financial situation and was going to let the policy lapse when it came up for renewal. However, I have heard it is possible to sell insurance policies, including term policies, to independent 3rd parties. Has anyone done this or know whether it is worth reviewing?

Thanks,
by SurfCityBill
Sun Apr 05, 2020 4:53 pm
Forum: Personal Consumer Issues
Topic: Spectrum - Wanting to buy my own Cable Modem & WiFi Router
Replies: 13
Views: 2882

Re: Spectrum - Wanting to buy my own Cable Modem & WiFi Router

I have the same combo as the OP. TG1672. 2500 sq ft house. Combo located upstairs in center bedroom. It works fine throughout the house with download speeds of 117 mbs. The 5Ghz signal gets dropped periodically and it has been a problem but the 2.4Ghz has always worked. I do believe that you have to get off the Time Warner plan to not have a charge for the combo on Spectrum. Prior to the shelter in place edict my plan was to trade in the TG1672 for whatever they offer now to see if that solved my 5GHz issue. Since my current combo is about 5 years old I figured it may beginning to have hardware issues but again, it's been functioning relatively fine. I don't think I'd recommend going out and setting up your own stuff. By the way, make sure ...
by SurfCityBill
Sun Apr 05, 2020 4:37 pm
Forum: Personal Consumer Issues
Topic: What Amazon Prime (free) movies y'd recommend ?
Replies: 78
Views: 8294

Re: What Amazon Prime (free) movies y'd recommend ?

lthenderson wrote: Sat Apr 04, 2020 2:54 pm I'm in season 2 of Better Call Saul on Netflix and have enjoyed it.
It doesn't get better than BCS. I'm current on this one in Season 5.
by SurfCityBill
Sun Apr 05, 2020 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Are your personal expenses down during stay home and shelter?
Replies: 180
Views: 15868

Re: Are your personal expenses down during stay home and shelter?

My daily discretionary living expenditures have decreased during the stay home and shelter status. Typically about $500/week dining out. Now about $150 week with food delivery and home groceries. Not drinking at dinner and going to bars have mainly contributed. Travel expenses down nearly %75 for the family. Had to just cancel a spring break trip, flight, lodging, meals and miscellaneous probably cut out about 5K-7K. No more driving kid to and from school along with extracurricular activities. Fuel cost for cars $30 in March. Typically around $200. Uber’s no longer an expense. Continued to pay for YMCA as a means to help keep them open when this ends. No change in utilities. Rented an on demand movie last night $6.50 for the family. Extra ...
by SurfCityBill
Sun Apr 05, 2020 3:25 pm
Forum: US Chapters
Topic: How Is Your Job Being Impacted By The Current Crisis?
Replies: 505
Views: 68884

Re: How Is Your Job Being Impacted By The Current Crisis?

I already work from home and expected to travel nationally about 25% of the time. Obviously, home 100% now. I'm "safe" for the next month or two, and have a healthy emergency fund, but I'm concerned for the 150 people we have in our factory. We've already scaled back production and have limited manpower and work hours. Most of these folks are a couple paychecks away from disaster. We make construction related products.
by SurfCityBill
Mon Mar 23, 2020 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: College partial refunds and 529s
Replies: 25
Views: 2766

Re: College partial refunds and 529s

My daughters college has stated that "Your account will be prorated and credited based on your move-out date..." So basically the assumption is the credit will apply in the Fall. I assume if a student did not continue a check would be sent to the individual.
by SurfCityBill
Tue Mar 17, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Treasury extends [tax payment date 90 days, filing deadline still April 15]
Replies: 80
Views: 4055

Re: Treasury extends tax filing by 60 days

milktoast wrote: Tue Mar 17, 2020 3:52 pm Does this alter the 2020-Form-1040ES estimated payment deadlines?
+1
by SurfCityBill
Tue Mar 17, 2020 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: College Housing Expenses and Coronavirus
Replies: 4
Views: 549

Re: College Housing Expenses and Coronavirus

That's a good question and brighter tax minds than mine can comment but honestly, I would make sure I exclude those expenses for the balance of the school year from 529 distributions and pay out of other sources in case the IRS wants to play hardball on this.
by SurfCityBill
Tue Mar 17, 2020 4:24 pm
Forum: Personal Consumer Issues
Topic: CNBC Nightly Business Report cease production in Dec 2019
Replies: 123
Views: 10018

Re: CNBC Nightly Business Report cease production in Dec 2019

I was very disappointed when they cancelled it. In my area it was replaced with France24. :confused
by SurfCityBill
Tue Mar 17, 2020 4:19 pm
Forum: Personal Consumer Issues
Topic: Get a 2nd Refrigerator for Home, and put in garage - Good idea?
Replies: 88
Views: 6984

Re: Get a 2nd Refrigerator for Home, and put in garage - Good idea?

This may have been mentioned but expect your electric to jump. My did about $35 a month and then I realized all I was cooling was extra cases of soda and some incidentals.
by SurfCityBill
Tue Mar 17, 2020 4:16 pm
Forum: Personal Consumer Issues
Topic: Anybody here go all-Linux for personal computing?
Replies: 117
Views: 11674

Re: Anybody here go all-Linux for personal computing?

I've used Ubuntu for about 3 years and love it.

Funny how this thread had a 7 year gap from 2013 before being resurrected and continued in 2020.
by SurfCityBill
Fri Mar 13, 2020 2:07 pm
Forum: Personal Investments
Topic: Purchase airline stock?
Replies: 32
Views: 2763

Re: Purchase airline stock?

Sorry OP, this is the wrong board to ask about individual stocks. This group will chew you up and spit you out.
by SurfCityBill
Fri Mar 06, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Filing tax returns for others who can't review
Replies: 16
Views: 1306

Re: Filing tax returns for others who can't review

It might be a problem. I did my kids taxes and had to input their DL's.
by SurfCityBill
Fri Mar 06, 2020 10:48 am
Forum: Personal Finance (Not Investing)
Topic: 30 year mortgage under 3%
Replies: 301
Views: 53985

Re: 30 year mortgage under 3%

As of 3/6/20 PenFed CU shows 2.75% / 2.876% APR on a 30 year conventional fixed rate mortgage.
by SurfCityBill
Fri Feb 28, 2020 1:32 pm
Forum: Personal Finance (Not Investing)
Topic: Amazon / Costco seems have best Turbotax prices possible?
Replies: 8
Views: 1499

Re: Amazon / Costco seems have best Turbotax prices possible?

$55 for Premier using a Fidelity or PenFed member discount.
by SurfCityBill
Fri Feb 21, 2020 5:52 pm
Forum: Personal Finance (Not Investing)
Topic: Financing a home Renovation
Replies: 17
Views: 2220

Re: Financing a home Renovation

yaychemistry wrote: Thu Feb 20, 2020 1:50 pm
  • 90% LTV HELOC or Home Equity Loan. 50% of the shortfall


    I'm unsure of the rates of the HELOC or FHA loans, but my best guess would be in the 6-7% range. I don't even know if we would find a bank that would give us a HELOC or Home Equity Loan given how little equity we do have in the house... The bank that has our mortgage only offers 80% LTV equity loans. The FHA loan may have a better rate, since it's backed by the FHA.
Check PenFed.org for a HELOC. 3.49% Fixed APR through 3/31/21 on initial advance taken at closing. On 90% LTV looks like variable 6.25% thereafter.
by SurfCityBill
Fri Feb 21, 2020 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to change Vanguard's account page format?
Replies: 8
Views: 1252

Re: Any way to change Vanguard's account page format?

PaunchyPirate wrote: Fri Feb 21, 2020 10:14 am I've not found a way to return to the old-style Overview page either. I find the landing page after sign in to be mostly 100% a waste of my time. Sometimes, I do click on the Activity tab after signing in since it does provide a decent way to determine if there's been a recent transaction. But I then immediately click on the Balance and Holdings menu option to get to the screen that I find useful. I don't like it, but it seems that is the way Vanguard UI experts think we want to work with the site. They need to do a usability study of existing customers.
+1 :(
by SurfCityBill
Sun Feb 16, 2020 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 7203
Views: 1413661

Re: What's Your Credit Card Rewards Strategy?

My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account? Was the income information, occupation, etc. on the new application significantly different from the previous applicati...
by SurfCityBill
Sun Feb 16, 2020 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Out of State Colleges - Good Computer Science Bargains?
Replies: 65
Views: 5960

Re: Out of State Colleges - Good Computer Science Bargains?

Re: UC Cost. I have one daughter that graduated from UCLA last June and I tracked expenses pretty carefully. All in cost was $28K per year for 4 years. She was covered by my employer's insurance, was careful about book purchasing, and led a low cost lifestyle. The cost was somewhat reduced by her moving off campus for her senior year. Her sister is now at UCLA and the cost picture looks to be much the same. She will probably move off campus earlier and help reduce some of the costs that way. The meal plan costs are just silly, so a lot of the savings comes from learning to cook. A good skill to have in any event. IMHO, the cost estimates presented by the colleges should be taken with a grain of salt. In particular the transportation, insur...
by SurfCityBill
Sun Feb 16, 2020 12:51 pm
Forum: Personal Investments
Topic: Horrible Experience with Vanguard [Login account security]
Replies: 163
Views: 19022

Re: Horrible Experience with Vanguard

stan1 wrote: Fri Feb 14, 2020 5:46 pm When you get control of the account back switch the security verification number to a Google Voice number rather than a land line. It will stay with you if you move.

Agree with the others that Vanguard should make it difficult to reset security features their customers have chosen to enable. I don't think you'll get anyone who agrees what you describe is a "horrible experience".
Well it was a horrible experience. It just wasn't because of Vanguard.
by SurfCityBill
Fri Feb 14, 2020 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: How to claim HSA investments on my taxes (Cali)
Replies: 21
Views: 2078

Re: How to claim HSA investments on my taxes (Cali)

Teague wrote: Fri Feb 14, 2020 5:06 pm Welcome!

I'm going to presume you are a fairly high earner, so sure, always nice to avoid state tax at 9.3%. (I presume this noting your use of the term "Cali" which suggests you are not a native. I'd guess you probably relocated here for a job, which would have to pay pretty well to get most folks to move to a HCOL area.)

But I'm not sure you're going to accomplish what you set out to do by going this route. See:
https://thefinancebuff.com/california-n ... eturn.html
Excellent link. I wish I was aware of this years ago. Thank you for sharing.
by SurfCityBill
Wed Feb 12, 2020 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Out of State Colleges - Good Computer Science Bargains?
Replies: 65
Views: 5960

Re: Out of State Colleges - Good Computer Science Bargains?

With University of California commanding $37,000/year all in UC doesn't cost $37k all in. I just had one child go thru the Computer Sci program at UC-Riverside. Only scholarship was a $2,000 merit based plan. Total annual cost with room/board was about $22k. I would expect room/board to be quite a bit higher in West LA, Berkeley or San Diego but not that much. Huh? UCR lists their COA at $36.7k for dorm-living. I stand partially corrected. I do recall the first year mandatory requirement that my son live in a dorm and subscribe to their meal plan was an extraordinary expense that brought the cost up about $10K. Yes, $10k. After that, an off-campus shared apartment with their own arrangement for food brought the cost way, way down. You will...
by SurfCityBill
Tue Feb 11, 2020 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Out of State Colleges - Good Computer Science Bargains?
Replies: 65
Views: 5960

Re: Out of State Colleges - Good Computer Science Bargains?

With University of California commanding $37,000/year all in UC doesn't cost $37k all in. I just had one child go thru the Computer Sci program at UC-Riverside. Only scholarship was a $2,000 merit based plan. Total annual cost with room/board was about $22k. I would expect room/board to be quite a bit higher in West LA, Berkeley or San Diego but not that much. Cal State is an economical choice but I would be concerned about the issue of impacted classes. Even more so at the local community college level. I have another at Boise State, different program. Very economical if you get a WUE or even better GEM scholarship. But not a deal at full OOS prices. I would suggest looking hard at WUE schools in the western states. By the way Boise State...
by SurfCityBill
Sun Feb 09, 2020 3:06 pm
Forum: Personal Investments
Topic: 60/40 Doesn't Cut it Anymore?
Replies: 84
Views: 14136

Re: 60/40 Doesn't Cut it Anymore?

Wiggums wrote: Sun Feb 09, 2020 8:41 am How much downside risk are you willing to experience?
How long will it take to recover?
Image


I'm missing something. This implies being 100% bonds is better on the upside then a 50/50 AA, with the best limited downside.
by SurfCityBill
Sun Feb 09, 2020 2:56 pm
Forum: Personal Investments
Topic: Employer finally adding a HSA Option - Help me choose funds
Replies: 21
Views: 1575

Re: Employer finally adding a HSA Option - Help me choose funds

jbsmith05 wrote: Sun Feb 09, 2020 2:46 pm The other question I have is should I keep the $ with Health Equity given the 0.033% admin fee on top of the ER's? Or should I move it to the Fidelity FSA once a year (or whatever period makes sense/legal).
Will your employer allow you to move to Fidelity? In my case I'm limited to using Optum, but I do like Fidelity for the no-fee HSA.
by SurfCityBill
Fri Jan 24, 2020 6:32 pm
Forum: Personal Consumer Issues
Topic: Checking Account Compromised
Replies: 18
Views: 2508

Re: Checking Account Compromised

For those of you that just keep a low balance in checking accounts am I defeating the purpose of doing this by having said checking account linked to a savings account? In other words, if they can get into one can they get into both?
by SurfCityBill
Fri Jan 24, 2020 6:25 pm
Forum: Personal Consumer Issues
Topic: College Reunion Destination
Replies: 49
Views: 4099

Re: College Reunion Destination

Maybe I missed it but surely Las Vegas. Golf, beer, football (this year), you can rent race cars for use on a track, gambling of course, and the most important thing.....What happens in Vegas, stays in Vegas!. :wink:
by SurfCityBill
Fri Jan 24, 2020 6:19 pm
Forum: Personal Consumer Issues
Topic: Thicker/Flatter Dental Floss or Tape?
Replies: 34
Views: 3416

Re: Thicker/Flatter Dental Floss or Tape?

Standard Reach Waxed Floss that I dip into Listerine for every tooth. It allows the Listerine to penetrate below the gum line and kill bacteria. The gums tend to self seal against the teeth and this is one way to get the Listerine into those areas. It has made a world of difference in regards to the health of my gums.
:D
by SurfCityBill
Fri Jan 24, 2020 6:14 pm
Forum: Personal Consumer Issues
Topic: Amount of cash wedding gift?
Replies: 57
Views: 6194

Re: Amount of cash wedding gift?

DW and I were ponding a similar issue with an international twist. Normally, the $100 / $200 amounts sound find for us. In our case we're headed to Australia for a 2nd cousin wedding. Not incredibly close but part of a few family members we have overseas. We're thinking for this one $200 but since the exchange rate US to AUS is so good perhaps we should consider more. What do you think?
by SurfCityBill
Fri Jan 24, 2020 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance cost
Replies: 97
Views: 9772

Re: Umbrella insurance cost

$1M 4 adults. Two classified as "inexperienced drivers" although one of the drivers may now be considered experienced as rate went down from $647 to $461 thru Geico.
by SurfCityBill
Fri Jan 24, 2020 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - RMD on Inherited IRA
Replies: 29
Views: 2577

Re: Tax Question - RMD on Inherited IRA

Silk McCue wrote: Fri Jan 24, 2020 2:25 pm Time to stop worrying about this and carry on.

Cheers
Worrying over and carrying on. Thanks, :D
by SurfCityBill
Fri Jan 24, 2020 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - RMD on Inherited IRA
Replies: 29
Views: 2577

Re: Tax Question - RMD on Inherited IRA

The estate files an income tax return, Form 1041, with a K-1 for each heir. The estate accounts for the RMD that it took, showing on the K-1s that it distributed all of it. The heirs receive a K-1 from the estate. The IRS can match those. As Alan S. points out, the estate should not receive and process an RMD in the year of the decedent's death, unless the estate was named as the IRA beneficiary. From an applicable IRS regulation: ...a minimum required distribution, determined as if the employee had lived throughout that year, is required for the year of the employee's death and that amount must be distributed to a beneficiary to the extent it has not already been distributed to the employee. https://www.law.cornell.edu/cfr/text/26/1.401(a...
by SurfCityBill
Wed Jan 22, 2020 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question - RMD on Inherited IRA
Replies: 29
Views: 2577

Re: Tax Question - RMD on Inherited IRA

No, first of all the estate cannot take a distribution unless it is the actual beneficiary and that is almost always a costly mistake and will impair the beneficiary stretch. If the estate did happen to be the beneficiary, the 5 year rule will apply if decedent passed prior to the RBD, and the decedent's remaining life expectancy would apply if they passed on or after the RBD. The executor could complete the year of death RMD by distributing it to the estate and then passing it through to the estate beneficiaries on a K 1, resulting in the beneficiaries paying the tax on their share at their own tax rate. If the estate actually pays the tax on the 1041, the tax rate will be very high in most cases. After the year of death RMD has been take...
by SurfCityBill
Mon Jan 20, 2020 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 16
Views: 1363

Re: Is There a Tax Basis on These Stocks?

I concur with hachiko's statement that this is, at least initially, a matter of will interpretation or inheritance law. If you conclude that the shares, which apparently were FIL's sole property prior to his death (notwithstanding the deposit of dividends thereon in a joint account with MIL), legally passed to MIL on FIL's death,the trust's tax basis in the shares is the FMV on MIL's date of death (or the alternate valuation date if elected by her estate). If you conclude that the shares legally passed to the family trust as of the date of FIL's death (e.g., because his will bequeathed his residuary estate to the trust but the executor inadvertently failed to transfer the shares to the trust), the FMV on FIL's date of death governs because...
by SurfCityBill
Mon Jan 20, 2020 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 7203
Views: 1413661

Re: What's Your Credit Card Rewards Strategy?

My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account? Was the income information, occupation, etc. on the new application significantly different from the previous applicati...
by SurfCityBill
Sun Jan 19, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Vehicles as a percentage of net worth
Replies: 130
Views: 18899

Re: Vehicles as a percentage of net worth

I've never looked at this number, so it was an interesting exercise.

Value of four vehicles < 1% of net assets.
by SurfCityBill
Sun Jan 19, 2020 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 7203
Views: 1413661

Re: What's Your Credit Card Rewards Strategy?

My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account? I had the same for a Citi card. I sent them the form (this card is my everyday driver so I wanted it more than usual). ...
by SurfCityBill
Sun Jan 19, 2020 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 16
Views: 1363

Re: Is There a Tax Basis on These Stocks?

Gill wrote: Sun Jan 19, 2020 11:41 am Answer remains the same, i.e., basis is FMV at MIL’s date of death.
Gill
Appreciate the info. Thanks.

Bill
by SurfCityBill
Sun Jan 19, 2020 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 7203
Views: 1413661

Re: What's Your Credit Card Rewards Strategy?

My strategy was to open a Barclays World Elite MC to take advantage of an airline companion deal. I closed a similar account with Barclays (diff airline) about 16 months ago. That account was approved rather quickly (FICO 800+), no other debt. This time I received a letter asking me to forward a 4506-T form authorizing them to review my tax returns to verify income. I have no intention of allowing them that level of personal information for a basic credit card. Is this the new normal for credit card companies or do you think they're just playing hard ball with me due to the "recent" closure of a similar account?
by SurfCityBill
Sun Jan 19, 2020 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Opportunity to Contribute Pre-Tax Money Above 401k Limits
Replies: 8
Views: 1042

Re: Opportunity to Contribute Pre-Tax Money Above 401k Limits

I will do a little more research into this and report back. There must be a component to this DW and I are missing. Thanks all for input.
by SurfCityBill
Sun Jan 19, 2020 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 16
Views: 1363

Re: Is There a Tax Basis on These Stocks?

On rereading the facts, I think I now understand that the shares were put into the trust after the MIL's death ("recently"). If so, then the FIL's will determine whether they passed to the MIL (and then to the trust on her death) or to the trust on the FIL's death. What was the legal basis for the shares recently being transferred to the family trust? Was it determined to be a bequest to the trust by MIL under her will, or a correction of the failure to place the shares in the trust on FIL's death pursuant to his will? OP here, Yes, MIL's will stipulated that all property would be shared equally by her siblings which is also what the trust said. These shares were not even known to exist until MIL's passing when one of the sibling...
by SurfCityBill
Sun Jan 19, 2020 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 16
Views: 1363

Re: Is There a Tax Basis on These Stocks?

What confuses me are two statements in the facts: (1) that the FIL AND MIL established a family trust during their lifetime, into which presumably assets intended for the children at the MIL's death were placed, but (2) all assets were transferred to the MIL at the FIL's death. It is suggested that the FIL probably didn't transfer these shares into this revocable living trust due to an oversight (likely if all his other assets were placed in the trust). Typically, when a husband establishes a trust like this the wife receives a lifetime interest and the children a remainder interest. (The husband may also receive a lifetime interest in a revocable trust established by the wife.) In other words, all assets of the husband don't go to the wif...
by SurfCityBill
Sat Jan 18, 2020 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 16
Views: 1363

Is There a Tax Basis on These Stocks?

Here's a tax liability question that I would appreciate some direction on; In-Laws established a family trust many years ago. Father in-law passed six years ago and all assets transferred to mother in-law who than passed last year. While the remaining seven siblings were in the process of distributing the estate it was found that about 500 shares of Sempra Energy stock were still in the name of my father in-law and had never been transferred into the trust. It was probably an oversight on his part but we'll never know. This stock had been purchased through a direct employee stock purchase plan and was being held by AST transfer agents. Interestingly, the way this was ever found was that one of the siblings noticed that quarterly dividend pa...
by SurfCityBill
Sat Jan 18, 2020 3:57 pm
Forum: Personal Finance (Not Investing)
Topic: Should I use Turbo Tax?
Replies: 22
Views: 2771

Re: Should I use Turbo Tax?

I paid someone a couple hundred $$$ many years ago to do my taxes and stopped doing so after the first time. I have used Turbo Tax ever since it became available. There are other lower cost or free options, but your question was "Should I use Turbo Tax?". I would say yes. It has working fine for me for many years.

Bill
by SurfCityBill
Sat Jan 18, 2020 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Opportunity to Contribute Pre-Tax Money Above 401k Limits
Replies: 8
Views: 1042

Opportunity to Contribute Pre-Tax Money Above 401k Limits

DW works for a large medical organization. Many of the doctors, providers, and other key personnel are highly paid and have limited options to shield their income from taxes. The independent financial planning company that manages their current 401k and other plans has proposed a plan that they claim will allow DW and other shareholders to increase their pre-tax contributions above the current limitation of $19,500/$6,500 per year. The plan consists of chosing a contribution amount of 0%, 3%, or 6% of current income which maxes out at $285,000. For example, a doctor earning $285,000 and decides to contribute 6%, or $17,100, would do so over the course of 2020 through normal pre-tax payroll deductions. This would be over and above their curr...
by SurfCityBill
Sat Jan 11, 2020 7:31 pm
Forum: Personal Investments
Topic: How do I add other accounts to Vanguard?
Replies: 5
Views: 1868

Re: How do I add other accounts to Vanguard?

You are correct. I have many accounts under the "other" umbrella. None of them auto update the share quantities. I do that manually on a quarterly basis. Schwab is similar, as is Fidelity. Some allow you to supply "read-only" authorization for true auto updating but I've never felt comfortable providing that information.