Search found 292 matches

by fabdog
Thu Sep 20, 2018 9:20 am
Forum: Investing - Help with Personal Investments
Topic: Roth Income Limit
Replies: 9
Views: 816

Re: Roth Income Limit

Most folks in this situation, and also those who know their income will be too high, use the "backdoor" approach, where you make a non deductible Traditional IRA contribution, and then convert that to a Roth. The conversion is not taxable, except for any gains that may have accrued while the money w...
by fabdog
Wed Sep 19, 2018 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: getting AMEX rewards applied
Replies: 8
Views: 426

Re: getting AMEX rewards applied

nope... you can still get a paper statement if desired
by fabdog
Wed Sep 19, 2018 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: getting AMEX rewards applied
Replies: 8
Views: 426

Re: getting AMEX rewards applied

If you have an online account with them you can take care of it yourself. Your main page will have a section with rewards, and you can choose to have the credit applied to your account or sent to you as a gift card

Mike
by fabdog
Tue Sep 18, 2018 8:52 am
Forum: Personal Consumer Issues
Topic: How to watch baseball playoffs without cable
Replies: 31
Views: 1820

Re: How to watch baseball playoffs without cable

I am using Direct TV NOW for streaming, and it has improved quite a bit both in stream quality and station offerings Specifically looking at the upcoming baseball playoffs, they have FS1, my local Fox Channel, ESPN, TBS, MLB Network, so you would be covered for all the games They have my local NBC s...
by fabdog
Mon Sep 10, 2018 7:07 pm
Forum: Investing - Theory, News & General
Topic: Medallion Signature guarantee?
Replies: 28
Views: 2287

Re: Medallion Signature guarantee?

As noted above, the manager has lots of discretion... we have an account with a B&M national bank for this purpose (medallion stamp/signature guarantee and safe deposit box). Last time we needed one, branch would not provide. Called another branch 5 miles away and they were happy to accommodate. Hop...
by fabdog
Mon Sep 10, 2018 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: 529 and gift tax forms?
Replies: 11
Views: 682

Re: 529 and gift tax forms?

Does not go on your income tax. If you exceed the limit, Form 709 (gift tax return) would be the reporting mechanism

I wouldn't write 2 checks... just keep the records of the contribution

Mike
by fabdog
Mon Sep 10, 2018 5:10 pm
Forum: Investing - Theory, News & General
Topic: Moved to 100% FDIC Insured Cash today (college money needed in 3 years)
Replies: 26
Views: 2206

Re: Moved to 100% FDIC Insured Cash today (college money needed in 3 years)

Was the original post a question asking for advice, or just a statement? I read it as a statement, and didn't see advice/guidance requested

Mike
by fabdog
Mon Sep 10, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: How to choose a real estate agent?
Replies: 24
Views: 2093

Re: How to choose a real estate agent?

Look around your neighborhood/city... what agency has the most signs. Also ask your friends neighbors. You can look at some of the rating services online but not sure how accurate/what folks have to pay to be included. Once you've got a list of 3 (at most 4) invite them to come and meet so they can ...
by fabdog
Sun Sep 09, 2018 7:39 am
Forum: Personal Consumer Issues
Topic: car purchase feedback experience
Replies: 20
Views: 1183

Re: car purchase feedback experience

Ignore it. the survey you got was from Toyota NA, it's their survey they use to rate the dealers. They're using the Net promoter score system, so anything less than a 10 comes across as best neutral, and depending on the system, less than a 4 or a 5 is bad. The feedback goes to the dealer and someon...
by fabdog
Sat Sep 08, 2018 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Tax Letter - TIRA to 401k
Replies: 15
Views: 1255

Re: IRS Tax Letter - TIRA to 401k

Check your original 2016 tax return. You should have had an entry on Line 15A for the 54K as a distribution, and then a zero on 15b for taxable amount, and the word Rollover should appear on line 15 as well. If that's not done (the distribution not reported on 15a) that may be what generated their l...
by fabdog
Thu Sep 06, 2018 8:57 am
Forum: Investing - Theory, News & General
Topic: RMD Question
Replies: 1
Views: 361

Re: RMD Question

Depends on who inherits it, spouse or others From Vanguard: The IRA owner died before his or her required beginning date (RBD) Spouse, if the spouse is the IRA's only beneficiary If you assume the IRA, RMD calculations are based on your RBD. If you inherit the IRA, you have 2 options: 1. Life-expect...
by fabdog
Thu Sep 06, 2018 7:26 am
Forum: Personal Finance (Not Investing)
Topic: SIMPLE IRA and 20 percent QBI deduction
Replies: 8
Views: 662

Re: SIMPLE IRA and 20 percent QBI deduction

the deduction is based on your income from Schedule C, so not impacted by your retirement plan deduction (SImple/Solo 401K) which as you note lands directly on 1040 (at least it used to, new 1040 coming this year) Think of it this way... the retirement plan contribution does not reduce the amount yo...
by fabdog
Sun Sep 02, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Annuities
Replies: 7
Views: 1091

Re: Annuities

Here's the WIKI on annuities https://www.bogleheads.org/wiki/Outline_of_retirement_planning#Annuities Immediate annuities are much simpler, and much cheaper, if you want/need an income stream as part of your decumulation strategy I'm guessing your class is being taught by a local financial planner a...
by fabdog
Fri Aug 31, 2018 10:48 am
Forum: Personal Consumer Issues
Topic: Buying car online?
Replies: 65
Views: 3658

Re: Buying car online?

With dealer #5, the out of state, make sure you understand whether their OTD quote includes YOUR state's vehicle use/excise/sales tax. Depending on the pair of states, they may not be required to collect it, and you'll pay it when you register it in your state. Their offer seems a bit low if it incl...
by fabdog
Thu Aug 30, 2018 4:43 pm
Forum: Investing - Help with Personal Investments
Topic: Suggestions for the promotional $$ deposited into tIRA after execution of Backdoor Roth
Replies: 7
Views: 376

Re: Suggestions for the promotional $$ deposited into tIRA after execution of Backdoor Roth

But now you have $500 in your IRA which will have to be taken into account when you report your backdoor Roth next tax season

I would get the broker to correct the deposit and have them remove it from the IRA and put in your Solo 401K which is where you think it should have gone

Mike
by fabdog
Wed Aug 29, 2018 9:15 am
Forum: Personal Consumer Issues
Topic: How do you save money on groceries?
Replies: 155
Views: 9694

Re: How do you save money on groceries?

The only other item I can suggest is maybe switch stores. We are in a medium COL area, and the difference between grocers is amazing. Assuming your not shopping at Whole Foods, the difference between a Harris Teeter to a Food Lion to Walmart (to use examples in our area) can be quite large. Dependin...
by fabdog
Mon Aug 27, 2018 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Requesting advice on which way to proceed. Was offered a lumpsum payment in lieu of a monthly annuity.
Replies: 6
Views: 923

Re: Requesting advice on which way to proceed. Was offered a lumpsum payment in lieu of a monthly annuity.

if you search the board there are a huge number of very informative threads on this topic. As Nicolas noted, you can go compare the value of what your company is offering to what's available in the market at immediate annuities But more than just the math, how big a piece of your retirement is this?...
by fabdog
Tue Aug 21, 2018 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: getting a K-1 instead of 1099 for employment income
Replies: 3
Views: 267

Re: getting a K-1 instead of 1099 for employment income

I don't understand how they would pay your wife for contract work on a K1. K1's are used to report partnership income, S Corp, or trust income The employer may be confused, if their business is a partnership or S Corp he/she gets their share of profits/expenses reported on a K1. HIs/her employees wo...
by fabdog
Mon Aug 20, 2018 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Avoiding Taxes in Trust Termination
Replies: 3
Views: 391

Re: Avoiding Taxes in Trust Termination

You should be able to get Vanguard to distribute the trust assets to your son at age 30. This should not be a taxable event (the trust will owe taxes for any taxable income it had during the year before the distributions, so you'll still have to file a 1041 for the trust, but the box for total distr...
by fabdog
Tue Aug 07, 2018 11:02 am
Forum: Personal Finance (Not Investing)
Topic: How to Respond to a "Proposed Amount Due" Notice From IRS
Replies: 15
Views: 1929

Re: How to Respond to a "Proposed Amount Due" Notice From IRS

If your accountant is not sorting it out for you (and since they made an error, they should be), you should have details buried in the letter that show what they are charging, and for what, so you can respond with partial payment, as you said, you don't want the clock to run, as they are quite slow ...
by fabdog
Fri Jun 15, 2018 10:48 am
Forum: Personal Finance (Not Investing)
Topic: How to find a good CPA?
Replies: 8
Views: 637

Re: How to find a good CPA?

Agree you don't need a CPA. If it's confusing and the IRS can't explain it when you call and you want help, you can see if a local enrolled agent (they may have their own firm) can help. They will be cheaper than a CPA and have to pass exams to get the designation and take continuing ed. They can ce...
by fabdog
Thu Jun 14, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?
Replies: 13
Views: 1120

Re: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?

they are talking about the exemption amount that can be passed on without taxes. So it was $2 million in 2017, then it goes to $2.6 million this year, $3.6 million next year, and then in 2020 matches the federal exemption at $11.2 million So in your case with an estate of $7 million, in 2018, $2.6 m...
by fabdog
Thu Jun 14, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?
Replies: 13
Views: 1120

Re: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?

Some info below on the Connecticut exclusions. There is a nice chart showing the changes upcoming but had trouble getting it pasted in So I assume you are trying to nudge your CT taxable estate down before you pass. I am sorry you find yourself in that spot. In gifting the shares to your son, you wi...
by fabdog
Wed Jun 13, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?
Replies: 13
Views: 1120

Re: Is anyone familiar with Connecticut Gift and Estate Tax rules? my son) tax rules?

As opposed to one of us giving it our best shot, if it is a complex state specific gift/estate tax question, maybe spend a few $ and ask a local CPA and/or lawyer who specializes in this area. Depending on how much money is at stake, could be well worth the effort I would not expect the folks answer...
by fabdog
Wed Jun 06, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: how to buy more time -- job offer
Replies: 9
Views: 1666

Re: how to buy more time -- job offer

Or, what can you say to job #2?

I'm really excited to come work for you but I have a great offer on the table and need to make a decision...

What happens if job #2 keeps rolling out? Have you gotten feedback that it's jut a paperwork issue or they are just slow?

Mike
by fabdog
Wed Jun 06, 2018 1:27 pm
Forum: Investing - Help with Personal Investments
Topic: I bonds to 529 -- state tax deduction allowed?
Replies: 1
Views: 154

Re: I bonds to 529 -- state tax deduction allowed?

It depends on the state. For VA, amounts brought in from Coverdell or Savings bonds into the 529 count as contributions, amounts rolled over from other states do no. For Oklahoma, it appears that it would count, as they specifically mention amounts from another states 529 plan brought over will coun...
by fabdog
Mon Jun 04, 2018 7:39 pm
Forum: Investing - Help with Personal Investments
Topic: Business Income - Solo 401(k) - open the Roth BackDoor
Replies: 3
Views: 287

Re: Business Income - Solo 401(k) - open the Roth BackDoor

If she has self employment earnings you can open a Solo 401(K). You'd need to check that the provider you select (Vanguard, Schwab, Fidelity) allows rollovers from IRa into the plan, and if there is any restriction on the source. You won't be able to go back to prior years, the Solo 401K must be ope...
by fabdog
Fri May 25, 2018 7:10 pm
Forum: Personal Finance (Not Investing)
Topic: Does IRS penalize for overpayment of taxes?
Replies: 19
Views: 2167

Re: Does IRS penalize for overpayment of taxes?

Son the only way this makes sense is if you didn't pay the estimated payments in a timely fashion, ie all a big lump sum at the end, and there was a penalty for one or more quarters where you underpaid and there was a penalty for that specific quarter, (or quarters) even if your overall estimated pa...
by fabdog
Fri May 25, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Does IRS penalize for overpayment of taxes?
Replies: 19
Views: 2167

Re: Does IRS penalize for overpayment of taxes?

I've never heard of such a thing. IRS/Gov't is happy to have you give them an interest free loan of as much as you'd like. Underpayment, well, that's a whole different story. Perhaps you could help us by including the title of the letter and the specific verbiage around the penalty you are being ass...
by fabdog
Thu May 24, 2018 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Bank of America ATM card not working internationally
Replies: 38
Views: 2754

Re: Bank of America ATM card not working internationally

Sorry. Only other suggestion is if you have a card linked to only 1 account (we almost always use our Schwab debit card when overseas linked to our MM there and never have issues). I've had the issues exactly as you describe when trying to use our Wells Fargo card which has both checking and MM acce...
by fabdog
Thu May 24, 2018 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Bank of America ATM card not working internationally
Replies: 38
Views: 2754

Re: Bank of America ATM card not working internationally

I've seen this issue before if the debit card has access to both checking and savings accounts. Some ATM's don't deal with the choice and you have to keep trying, although in past experience I don't remember having to try more than 4 or 5. The big bank suggestion above is a good one, their ATM's sho...
by fabdog
Tue May 22, 2018 9:52 am
Forum: Investing - Theory, News & General
Topic: Roth IRA contributions during semi-retirement?
Replies: 14
Views: 855

Re: Roth IRA contributions during semi-retirement?

I'm mostly retired for several years, and still below 59.5. Have a part time job in the winter and my wife works as well. We max out Roth every year and my small time consulting money goes to the Solo 401K We plan to continue that as long as we have at least $13K of earned income and use taxable acc...
by fabdog
Sat May 19, 2018 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Very old series EE savings bond
Replies: 3
Views: 663

Re: Very old series EE savings bond

It will come as a 1099-INT and you'll enter it along with any other interest you receive

Make sure to enter it as federal interest (your program may have a specific question on savings bonds) so you don't pay state tax (if you live in a state
that charges income tax)

Mike
by fabdog
Tue May 15, 2018 5:30 pm
Forum: Personal Consumer Issues
Topic: Rent Car before Buying
Replies: 19
Views: 1383

Re: Rent Car before Buying

increment wrote: ↑
Tue May 15, 2018 4:22 pm
Toyota has a web page that can direct you to those dealers who rent cars.
Excellent. Thanks for the lead. For some reason I had not found that

Mike
by fabdog
Tue May 15, 2018 2:27 pm
Forum: Personal Consumer Issues
Topic: Rent Car before Buying
Replies: 19
Views: 1383

Re: Rent Car before Buying

Did you do an internet search with term "Rent A Subaru Outback" or "Rent a Highlander" or "Rent a ...." instead of just looking at some rental car web sites? Yes. Unfortunately that did not lead to anything in my area. Had also found Turo but also not much selection in my area. Likely will just see...
by fabdog
Tue May 15, 2018 1:44 pm
Forum: Personal Consumer Issues
Topic: Rent Car before Buying
Replies: 19
Views: 1383

Rent Car before Buying

We're in the market for a new car over the next few months, and have started winnowing down the list. Once concept we'd like to try is once we get down to the final 2 or 3 vehicles is rent them for a week to try out. We're likely to end up on Toyota/Honda/Subaru models which i don't find on any rent...
by fabdog
Mon May 07, 2018 1:17 pm
Forum: Investing - Help with Personal Investments
Topic: Converting Admiral fund to ETF
Replies: 24
Views: 1727

Re: Converting Admiral fund to ETF

Pretty sure that would be a taxable event (exchanging the fund for the ETF) So if you have more than you want, sell some of the mutual fund. why do you think the ETF is lower fee? Vanguard website shows VGRLX as .14, and the ETF (VNQI) as .14 expense ratio. Only if you move to investor shares does t...
by fabdog
Sun May 06, 2018 7:34 pm
Forum: Investing - Help with Personal Investments
Topic: Is there a time limit to roll over 401K from previous employer to IRA?
Replies: 4
Views: 354

Re: Is there a time limit to roll over 401K from previous employer to IRA?

no time limit. If she had a small balance (less than $5K) they may have required her to roll it over. If she had a larger balance she can keep it there. If it has good options, may want to leave it. If poor options, high cost, roll to an IRA and get better, cheaper options. The only time limit on mi...
by fabdog
Sat May 05, 2018 6:54 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover pension into IRA after maxing 2018 contribution
Replies: 8
Views: 476

Re: Rollover pension into IRA after maxing 2018 contribution

In order to keep things clean in case you ever need to roll that money anywhere else, you may want to open a separate Rollover IRa to hold those funds, vs your current contributory IRA

Mike
by fabdog
Thu May 03, 2018 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Capital gains in a trust
Replies: 8
Views: 777

Re: Capital gains in a trust

you'll want to check with your accountant on the trust taxes... dividends and interest distributed from the trust go on the K1 to the beneficiary... more than that income can be distributed to the beneficiary... but I understand that capital gains stay in the tax and are taxed there (much lower thre...
by fabdog
Mon Apr 30, 2018 4:16 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited Stock
Replies: 4
Views: 689

Re: Inherited Stock

Computershare also handles Wal-Mart's Dividend reinvestment plan. So, you could if desired, have Edward Jones give you the stock certificate, then contact Computershare to open an account and send in the certificate Be aware Edward Jones will likely charge to issue the certificate. You can contact C...
by fabdog
Mon Apr 30, 2018 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: Need to amend 2017 tax returns / Wrong IRA info ... advice?
Replies: 5
Views: 328

Re: Need to amend 2017 tax returns / Wrong IRA info ... advice?

If an accountant prepared your taxes, he/she should be available to help you with this. Just be aware that it won't be free, since he/she prepared it using the data you gave him. This was for a deductible IRA, so your deduction will be reduced and you'll owe more tax? That would likely drive a state...
by fabdog
Mon Apr 30, 2018 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Testimonials on moving with a family
Replies: 29
Views: 2908

Re: Testimonials on moving with a family

This is a very personal question only you can answer... what would drive the move? Career Opportunity? Better schools? I moved a lot with the family. It was tough especially as the kids got older but we got to live in some great places including overseas, and it was very good for me career wise. I k...
by fabdog
Mon Apr 30, 2018 7:35 am
Forum: Personal Consumer Issues
Topic: Temporary mobile phone
Replies: 2
Views: 271

Re: Temporary mobile phone

Assuming they have a GSM phone, they can buy a pre paid sim here (make sure it's GSM, providers like ATT, T-Mobile, Walmart, others) and it should plug and play. Depending on their phone model they may need to enable data roaming before they leave home (on mine, when I go to Europe, it won't get dat...
by fabdog
Sun Apr 29, 2018 5:16 pm
Forum: Investing - Help with Personal Investments
Topic: Relatively stable 1 year investment that doesn't involve interest?
Replies: 37
Views: 2614

Re: Relatively stable 1 year investment that doesn't involve interest?

Sounds like you need a Shariah compliant bank. I am not sure if there are any in the US, but a Google search may turn one up. I understand there are lenders who comply but not sure on deposit institutions in the US

Mike
by fabdog
Sun Apr 29, 2018 5:11 pm
Forum: Investing - Theory, News & General
Topic: 1099s from Merrill Edge, Fidelity,etc., when available each year?
Replies: 3
Views: 298

Re: 1099s from Merrill Edge, Fidelity,etc., when available each year?

I also work at a CPA's office doing tax returns. My experience, both personal and at work, are that all the brokerages have their 1099's out anywhere from early Feb to Feb 15th. I have not noted one broker over any other as being any better or worse with corrected 1099's, it's what's in the accounts...
by fabdog
Thu Apr 26, 2018 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Should have contacted auto insurance rep sooner
Replies: 5
Views: 820

Re: Should have contacted auto insurance rep sooner

I'm not sure I'm following your post. Most folks end up checking around for rates every 2-3 years as prices tend to rise once you have been with the same company for a while Sounds like you were able to get a much lower rate with the same company by calling and asking. And in general, especially if ...
by fabdog
Mon Apr 23, 2018 9:26 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 989

Re: wash sale rule on final disposition

yes, that would work... but that final transaction does not have to happen in November... it can be in December, as long as it settles before end of the year, and you don't re purchase within 31 days. So what you've outlined would certainly work, but you are not limited by the 31 days on your final ...
by fabdog
Mon Apr 23, 2018 9:13 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 989

Re: wash sale rule on final disposition

no, unfortunately you still don't understand... It's not the waiting 31 days that makes the loss "adjust" It's disposing of the position that has the wash sale loss added to it, and not re purchasing within 31 days. So to go back to the example above, where after 2 trades in January you have an $800...
by fabdog
Mon Apr 23, 2018 8:45 am
Forum: Investing - Help with Personal Investments
Topic: wash sale rule on final disposition
Replies: 18
Views: 989

Re: wash sale rule on final disposition

Sigh... you can have multiple wash sales on the same stock during the year and end up with the total loss being deducted. The key is not Dec 31st, or 31 days in front of that. It's disposing of the position that has the accumulated wash sales added to it's basis. Sp to extend the example I previousl...