Search found 1162 matches

by fabdog
Wed Jul 01, 2020 7:34 pm
Forum: Personal Consumer Issues
Topic: Car accident- diminished value
Replies: 1
Views: 231

Re: Car accident- diminished value

Use the search box in the upper right. A number of threads on this topic including this one

viewtopic.php?t=274664

Mike
by fabdog
Wed Jul 01, 2020 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: How to report stocks owned in a foreign broker in your tax return?
Replies: 12
Views: 532

Re: How to report stocks owned in a foreign broker in your tax return?

Makes sense. I would title your 1099
'MyForeignBrokerName (Country)
or something so that you'll remember if you have to look back in future years or use it again next year in turboTax

I think you should be set

Mike
by fabdog
Wed Jul 01, 2020 9:25 am
Forum: Personal Finance (Not Investing)
Topic: Confirm FDIC Insurance for Our Trust
Replies: 7
Views: 371

Re: Confirm FDIC Insurance for Our Trust

See the FDIC document below. Essentially $250K for each primary beneficiary

https://www.fdic.gov/deposit/diguideban ... ocable.pdf

You could also call Ally and have them help you. They have a separate department that handles trust issues

Mike
by fabdog
Tue Jun 30, 2020 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: How to report stocks owned in a foreign broker in your tax return?
Replies: 12
Views: 532

Re: How to report stocks owned in a foreign broker in your tax return?

Under "wages and Income" in TT, then there is a section for 1099-DIV. I assume this is where you entered the dividend info from the foreign holding When I click that, I get a list of the 1099-DIV's I have entered. When I click edit next to one, it gives me an input screen that shows me all of the fi...
by fabdog
Tue Jun 30, 2020 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need start using trusts, LLCs, etc
Replies: 10
Views: 646

Re: Do I need start using trusts, LLCs, etc

We set up a Living trust back when we lived in MA and the limits on the estate tax were much different and MA also has a very low threshold for inheritance tax. We have all our investment accounts and our house in it. We have it set up so if needed when one passes the assets can be split to take adv...
by fabdog
Tue Jun 30, 2020 2:13 pm
Forum: Personal Investments
Topic: Buying I-bonds with tax refund
Replies: 10
Views: 737

Re: Buying I-bonds with tax refund

1. As long as your SSN is the one it's issued to (even if MFJ, one spouse is "lead" and the bond will come in their SSN) then you can deposit it to your account. You can hold bonds in your individual account that have other co owners on them. See TD instructions for how to do this 2. Depends on your...
by fabdog
Tue Jun 30, 2020 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: How to report stocks owned in a foreign broker in your tax return?
Replies: 12
Views: 532

Re: How to report stocks owned in a foreign broker in your tax return?

put that number (if you are satisfied they withheld 15%) in Box 7 (foreign taxes paid) of your turbotax 1099 screen

Mike
by fabdog
Tue Jun 30, 2020 11:05 am
Forum: Personal Finance (Not Investing)
Topic: How to report stocks owned in a foreign broker in your tax return?
Replies: 12
Views: 532

Re: How to report stocks owned in a foreign broker in your tax return?

Option D is not the place to put foreign taxes... that will give you credit for tax withholding to your state taxes, and mess up your state tax return. If the form does not show any withholding, you'll have to contact them and ask how much they withheld. If they say 15%, or give you a different numb...
by fabdog
Mon Jun 29, 2020 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: How to report stocks owned in a foreign broker in your tax return?
Replies: 12
Views: 532

Re: How to report stocks owned in a foreign broker in your tax return?

you should get a reporting statement from whoever paid (the estate, brokerage, etc) and enter that as you would a 1099 from a US brokerage. If in a foreign currency, the IRS has currency conversion tables to use (you can just use the yearly average) and report that, plus any foreign tax paid/withhel...
by fabdog
Mon Jun 29, 2020 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: OK to max out 2020 solo 401k now?
Replies: 12
Views: 598

Re: OK to max out 2020 solo 401k now?

The brokerage likely has a form... have to withdraw the excess, and any earnings... sort of like with an IRA

Here is an earlier thread with more information on this topic

Mike

viewtopic.php?t=242362
by fabdog
Mon Jun 29, 2020 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: OK to max out 2020 solo 401k now?
Replies: 12
Views: 598

Re: OK to max out 2020 solo 401k now?

There's nothing to prevent it... but then she is on the hook to withdraw if something changes during the year... you could put in monthly or quarterly as she has income/expenses

Mike
by fabdog
Mon Jun 29, 2020 8:27 am
Forum: Personal Finance (Not Investing)
Topic: Need Help - College Funding Plan
Replies: 2
Views: 255

Re: Need Help - College Funding Plan

you can do both... pay the expenses from the 529... and then let your tax software expose $10K of the spending to taxes... it will make the gain on the $10K ordinary income, taxed at your marginal rate, then give you the $4K AOTC... you come out ahead on this. Turbo tax I know specifically has this ...
by fabdog
Mon Jun 29, 2020 8:19 am
Forum: Personal Finance (Not Investing)
Topic: How to report stocks owned in a foreign broker in your tax return?
Replies: 12
Views: 532

Re: How to report stocks owned in a foreign broker in your tax return?

The question on foreign bank account is to determine if you have a filing requirement specific to that... if you have a foreign bank account(s) that had more than $10K equivalent at any time during the year you have to file an FBAR, irregardless of dividends. That's what Turbotax is asking about, to...
by fabdog
Mon Jun 29, 2020 8:13 am
Forum: Personal Investments
Topic: Investing in VWALX and VWIUX in our regular investment accounts
Replies: 6
Views: 554

Re: Investing in VWALX and VWIUX in our regular investment accounts

If I reinvested dividends I assume that I would still be taxed by California? Yes, the reinvestment of dividends has no bearing... you are taxed on the dividends whether you spend them, buy something else, or reinvest. As noted above there are CA specific funds I am also concerned that I would owe ...
by fabdog
Sun Jun 28, 2020 7:25 pm
Forum: Investing - Theory, News & General
Topic: Any ways to leverage BND / GNMA?
Replies: 12
Views: 633

Re: Any ways to leverage BND / GNMA?

Well, certainly no way that bet could go sideways... but if that's your cup of tea, see if your broker will let you margin shares of BND/GNMA and use the margin loan to buy more

Mike
by fabdog
Sun Jun 28, 2020 4:46 pm
Forum: Personal Investments
Topic: Investing in VWALX and VWIUX in our regular investment accounts
Replies: 6
Views: 554

Re: Investing in VWALX and VWIUX in our regular investment accounts

in the case of these funds, "tax exempt" means the monthly income is exempt from federal taxes. Most of the income will be taxable in CA (except for the part generated in CA) which Vanguard will have in an annual statement. If you sell at some point, any gain or loss on the shares would be a capital...
by fabdog
Sat Jun 27, 2020 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Past "job offer" with training cost, should I be concerned?
Replies: 4
Views: 556

Re: Past "job offer" with training cost, should I be concerned?

My advice would be if they wanted to enforce it... they would have done so right away... I am sure they had lots of folks drop/quit... And even if they came looking now, I would imagine the statue of limitations on any debt collection has long expired. Check California's statutes of limitation for d...
by fabdog
Fri Jun 26, 2020 12:45 pm
Forum: Investing - Theory, News & General
Topic: VC or Hedge Fund performance data
Replies: 3
Views: 188

Re: VC or Hedge Fund performance data

The issue with most of the data sources you'll find: selection bias- funds don't have to report, so only a subset report into something like HFRI... guess how many of the bad ones report Just because a fund reports and it's data gets included doesn't mean you can invest in that fund... it may be clo...
by fabdog
Fri Jun 26, 2020 10:56 am
Forum: Investing - Theory, News & General
Topic: Take 2020 RMD just for QCD and estimated tax payment
Replies: 30
Views: 1403

Re: Take 2020 RMD just for QCD and estimated tax payment

There is no rule prohibiting taking your 2020 RMD (or any portion therof). You're just not required to.

So taking a distribution for 2020 (even if a portion of what would have been your RMD) is perfectly fine, and you can use it however you like

Mike
by fabdog
Fri Jun 26, 2020 10:55 am
Forum: Investing - Theory, News & General
Topic: Questions about TLH
Replies: 3
Views: 153

Re: Questions about TLH

If all the transactions are in tax advantaged accounts, then there is no loss taken, and no wash sale to be dealt with If you make a sale in a taxable account, then any purchase or sale for 30 days on either side of that sale (in your taxable or tax advantaged accounts) would make a wash sale on tho...
by fabdog
Thu Jun 25, 2020 7:34 pm
Forum: Personal Investments
Topic: GERM ETF
Replies: 9
Views: 1016

Re: GERM ETF

you do realize this is about the worst place you can ask for advice on something like that, right?

Try some stock boards or seeking Alpha for advice/thoughts on speculations like that

Mike
by fabdog
Thu Jun 25, 2020 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Still Possible to Lower my 2019 Taxes?
Replies: 35
Views: 2210

Re: Still Possible to Lower my 2019 Taxes?

At this late stage, is there anything we can do reduce our taxes for 2019? Maybe open solo 401k? No. the solo 401K would have needed to be opened by Dec 31, 2019, even if contributions would be made in 2020 for 2019. So you have missed that opportunity If still having self employment in 2020, you c...
by fabdog
Thu Jun 25, 2020 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Pennsylvania estimated taxes
Replies: 2
Views: 251

Re: Pennsylvania estimated taxes

Have you read thru this doc? Sounds like you may have...but appears you can't have a safe harbor for this year unless you were a full year resident last year https://www.revenue.pa.gov/FormsandPublications/FormsforIndividuals/PIT/Documents/2020/2020_rev-413i.pdf CAUTION: Individuals cannot use the p...
by fabdog
Thu Jun 25, 2020 8:26 am
Forum: Personal Investments
Topic: 401k question
Replies: 7
Views: 295

Re: 401k question

I guess with the 401k setup I have a Roth conversion doesn't come into play. Not true. You can contribute to a non deductible IRA and then convert that to Roth IRA, often called the back door Roth. This is fairly standard and a great way to get funds into a Roth if you are over the income limits to...
by fabdog
Wed Jun 24, 2020 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Maternity leave issue
Replies: 5
Views: 643

Re: Maternity leave issue

Was it the same benefits administrator who gave you the different result when you notified them of the birth, or a different person? If a different person go to original administrator. If not, ask to speak to their boss, and lay out the timeline and ask why you did not get the complete info. If the ...
by fabdog
Wed Jun 24, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Maternity leave issue
Replies: 5
Views: 643

Re: Maternity leave issue

Are you switching districts over the summer? In our locality the teachers and support staff who are not on 12 month contracts are on 10 month contracts, so they spread the pay out over the year. Everyone is "under contract" all year round unless they are new. I'd also ask to see the HR handbook/poli...
by fabdog
Sat Jun 20, 2020 2:59 pm
Forum: Personal Investments
Topic: state tax returns for roth IRA: BIP L.P.
Replies: 1
Views: 115

Re: state tax returns for roth IRA: BIP L.P.

I have not owned Brookfield so don't know if it generates UBTI... but if it does, and it would be in Box 20 on the K1, and if more than $1000, it's a problem, whether Roth or traditional IRA. I checked their website, and it indicates for 2019, they did not generate UBTI, and have not for some years ...
by fabdog
Sat Jun 20, 2020 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Selling an RV: how to safely receive payment?
Replies: 27
Views: 2259

Re: Selling an RV: how to safely receive payment?

The buyer and I will meet in person. His bank is one of the big 4, with a branch every 5 miles around here. If we do this at his bank, what do I need to do there?
Have him get the cashier's check from the bank in your presence. Then sign over the title.

Mike
by fabdog
Sat Jun 20, 2020 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Some tax questions--three 1099 MISCs for 2019
Replies: 5
Views: 432

Re: Some tax questions--three 1099 MISCs for 2019

You can deduct your health/dental insurance (and LTC) premiums from your self employment up to the amount you have left after 1/2 S/E tax and any Solo 401(k) contributions the sales commissions in box 3 are not your self employed income.. they are, as noted on the 1099, other income, and you out the...
by fabdog
Fri Jun 19, 2020 8:30 am
Forum: Personal Investments
Topic: Disability Insurance - Return of Premium Rider
Replies: 6
Views: 299

Re: Disability Insurance - Return of Premium Rider

Well, one item to consider is you have to keep the policy in place till age 67 to cash in the rider...Do you plan to work that long? I cancelled all my DI when I retired... well in advance of 67.... Remember, the company doesn't offer things at cost... If you stay insured thru 67 and never use the p...
by fabdog
Thu Jun 18, 2020 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Report SSDI back pay with "Lump-Sum Election"
Replies: 9
Views: 422

Re: Report SSDI back pay with "Lump-Sum Election"

Well, at the risk of sounding trite... the next best thing I can think of is contact your congressperson or senator... ask their office for help... sometimes that works when the bureaucracy won't help

Sorry

Mike
by fabdog
Thu Jun 18, 2020 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: EIDL advance - tax filing question
Replies: 3
Views: 191

Re: EIDL advance - tax filing question

the business account has no bearing on the tax forms. The business bank account can be helpful in documenting your business income and expenses, but at the end of the day your schedule C will have info from both your business and persona account if you have used both of them during the year. The tax...
by fabdog
Thu Jun 18, 2020 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Report SSDI back pay with "Lump-Sum Election"
Replies: 9
Views: 422

Re: Report SSDI back pay with "Lump-Sum Election"

Sounds like you need to contact the SSA and ask for a corrected SSA-1099 if you got benefits in 2019 for a previous year and they did not reflect that on the 1099. Including the letter won't help you stop the automatic matching letter that will come... when what you filed doesn't match the 1099 they...
by fabdog
Thu Jun 18, 2020 4:32 pm
Forum: Personal Finance (Not Investing)
Topic: Can i make a large Roth conversion using HELOC?
Replies: 13
Views: 946

Re: Can i make a large Roth conversion using HELOC?

Your plan should work. In fact, if your home sale nets you more than a $500,000 gain (maximum that is exempt filing MFJ) then the HELOC debt will actually reduce your taxes next year because it comes out of the proceeds at closing. While the HELOC will indeed get paid off at closing of the sale (if...
by fabdog
Thu Jun 18, 2020 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: EIDL advance - tax filing question
Replies: 3
Views: 191

Re: EIDL advance - tax filing question

no, a business bank account using your EIN won't drive a separate tax filing. You should still be fine using Schedule C. I have a mix of income reported in my solo business some with SSN and some with EIN. I use the EIN for my Solo 401(K)

Mike
by fabdog
Thu Jun 18, 2020 1:27 pm
Forum: Personal Investments
Topic: Solo 401K Account Investment Planning
Replies: 15
Views: 615

Re: Solo 401K Account Investment Planning

1) Because of the current market situation & volatility is it a good idea to drop the advisor now. i am thinking may be advisor can better manage the volatility now before i move over to self managed. What makes you think the advisor can manage this any better than you? How did he do vs the market ...
by fabdog
Thu Jun 18, 2020 11:52 am
Forum: Personal Investments
Topic: Solo 401K Account Investment Planning
Replies: 15
Views: 615

Re: Solo 401K Account Investment Planning

You shouldn't need to file a form 5500 for your Solo 401K as you assets are less than the threshold The international portion of your stock allocation is up to you. Use the search box in the upper right to read detailed threads on this Yes, the 3 fund will be cheaper than a target date fund, so use ...
by fabdog
Thu Jun 18, 2020 10:58 am
Forum: Personal Finance (Not Investing)
Topic: How to approach my realtor about interest in short sale
Replies: 4
Views: 293

Re: How to approach my realtor about interest in short sale

Ask her if she has experience with this type of transaction... if not, it wouldn't matter to me if she was willing or not... It can be a quite involved process and if she hasn't done it before, your frustration level (and likelihood of error) will be increased. if she has... say here's one we're int...
by fabdog
Thu Jun 18, 2020 9:22 am
Forum: Personal Investments
Topic: VSS Dividends
Replies: 2
Views: 336

Re: VSS Dividends

The Q1 dividend (March) is usually very small... this is likely an impact of foreign securities having different dividend payout dates than US Last year the march Div was .0439, vs .8555 in June and .56 in Sep, and $2.15 in Dec So it wouldn't take many companies delaying/cancelling their payouts for...
by fabdog
Thu Jun 18, 2020 9:18 am
Forum: Personal Investments
Topic: 34 yr old whole life policy-advice on options
Replies: 5
Views: 451

Re: 34 yr old whole life policy-advice on options

At this point it likely makes sense to just let it ride... Stop paying the premiums and let the dividends pay the premium and you'll still get some cash value accumulation and have the $300K insurance for when you pass. As you note, if you were looking at buying this now, you'd get lots of advice no...
by fabdog
Thu Jun 18, 2020 8:27 am
Forum: Personal Investments
Topic: Solo 401K Account Investment Planning
Replies: 15
Views: 615

Re: Solo 401K Account Investment Planning

Similar to Target Retirement portfolios can i hold this funds for long term ( example 15 years or more)? Yes, these are fine to hold for an extended period. These are not the leveraged 2x/3x funds that are meant for day traders. You can of course, just invest in one of the Fidelity Target retiremen...
by fabdog
Thu Jun 18, 2020 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Cadillac health insurance or HDHP with HSA?
Replies: 9
Views: 705

Re: Cadillac health insurance or HDHP with HSA?

I switched to an HDHP back in 2009 after I ran the numbers and found out my max out of pocket in a year was less that what I was paying in premiums for my standard medical plan that had the $15 doctor visits, etc. If your org is looking to cut costs, how long do you think the "no cost" Cadillac plan...
by fabdog
Thu Jun 18, 2020 8:04 am
Forum: Personal Investments
Topic: Solo 401K Account Investment Planning
Replies: 15
Views: 615

Re: Solo 401K Account Investment Planning

Assuming the advisor is charging you to manage the Solo 401K then yes, it would be great to dump them and move to a 3 fund portfolio. You can also look at your asset allocation across your accounts, you don't need to be 80/20 in each account FSKAX is .015%, FZROX is zero, FZILX is zero, FTIHX is .06...
by fabdog
Thu Jun 18, 2020 7:57 am
Forum: Personal Finance (Not Investing)
Topic: Closing a deal for a used car from individual private seller
Replies: 7
Views: 549

Re: Closing a deal for a used car from individual private seller

Assuming you are in or near the same location, go meet at a bank and have a cashier's check drawn on that bank in sellers presence. That should allay any worries about check clearing. It's important to do this at the bank to alleviate fraud worries. The other option is cash, of course. In no circums...
by fabdog
Wed Jun 17, 2020 2:42 pm
Forum: Personal Consumer Issues
Topic: House Windows installation issues?
Replies: 9
Views: 552

Re: Window installation issues?

assuming you signed some sort of contract with them that involved the 50% upfront payment, what does it say about final payment? Due when work completed satisfactorily? Some other verbiage?

I'd start there and see what options you have

Mike
by fabdog
Wed Jun 17, 2020 6:56 am
Forum: Personal Finance (Not Investing)
Topic: Questions: Unemployment Compensation for Substitute Teacher
Replies: 2
Views: 259

Re: Questions: Unemployment Compensation for Substitute Teacher

I asked that question and was told; "UC laws for school employees are complex. Do not disqualify yourself. Continue to sign up biweekly. We will let you know if you are not eligible." She just received payment for the first week of summer break. Can this be right? As they noted, it's complex. They ...
by fabdog
Wed Jun 17, 2020 6:51 am
Forum: Personal Investments
Topic: Employee Stock Purchase Plan and avoiding a wash sale
Replies: 2
Views: 191

Re: Employee Stock Purchase Plan and avoiding a wash sale

If you are contributing every 2 weeks, does that mean you get shares every 2 weeks, or they collect money and buy shares once every 6 months (that's how most of the ESPP plans I am familiar with work). If so, then it's the every 6 month purchase date you have to watch out for if selling your company...
by fabdog
Tue Jun 16, 2020 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: 1041 K-1 different shares?
Replies: 20
Views: 449

Re: Non-prorata K-1s for Estate 1041?

Didn't this get covered in your other posting?

viewtopic.php?f=2&t=317057&p=5300721#p5300721

I thought Gill gave you a good answer?

Mike
by fabdog
Tue Jun 16, 2020 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Am I filling out Form 8889 - HSA tax form correctly?
Replies: 10
Views: 286

Re: Am I filling out Form 8889 - HSA tax form correctly?

Both the company contributions and your paycheck deferrals get put in Box W on your W2. That's what your tax software is picking up. Your fidelity statement (and likely your paystub) shows the breakout between your company and your contributions. But since they all went in before Tax, they show up i...