Search found 311 matches

by fabdog
Tue Nov 20, 2018 8:35 am
Forum: Personal Finance (Not Investing)
Topic: Forgot to file Municipal Income Tax
Replies: 14
Views: 1032

Re: Forgot to file Municipal Income Tax

Your CPA is being a bit disingenuous, in that "you should have told them you needed to file Ohio taxes" Yes, you filed Schedule E for the rental... that covers the Federal end of it. In the year you lived there, you should have filed the local taxes. Not sure if Turbo tax brings it up, but that shou...
by fabdog
Fri Nov 16, 2018 6:39 pm
Forum: Investing - Help with Personal Investments
Topic: problem using federal income tax calculator spreadsheet
Replies: 3
Views: 396

Re: problem using fedederal income tax calculator spreadsheet

Sorry- when I download the sheet it has no values... nothing for line 9/QBI or any others.

Something you entered must have driven that...

Sorry to not be more help

Mike
by fabdog
Wed Nov 14, 2018 2:32 pm
Forum: Investing - Help with Personal Investments
Topic: Northwestern Mutual nightmare - help needed
Replies: 55
Views: 4918

Re: Northwestern Mutual nightmare - help needed

good advice so far... a site you might find helpful

https://www.whitecoatinvestor.com/

Very good articles and discussions, focused on physicians

Mike
by fabdog
Tue Nov 13, 2018 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Q: Post Retirement Roth Contribution (Vanguard) & Earned Income Requirement
Replies: 14
Views: 720

Re: Q: Post Retirement Roth Contribution (Vanguard) & Earned Income Requirement

I think it's likely earned income for 2018. Did your 2017 W2 capture the payment? If not, it should be on your 2018 W2 But to really be sure, you can wait for the W2 to arrive, and then make the Roth contribution in January once you've validated the income amount. You have until tax filing deadline ...
by fabdog
Mon Nov 12, 2018 8:18 pm
Forum: Personal Consumer Issues
Topic: Granddaughter needs $ help for university
Replies: 111
Views: 9634

Re: Granddaughter needs $ help for university

What type of school is she attending where the bill is $65K for the year? ($15K loan plus $50K scholarships?) A state university depending on where you live would be much more affordable... maybe $25K total for a year? If the issue is getting her a good education... there have to be more affordable ...
by fabdog
Mon Nov 12, 2018 8:43 am
Forum: Personal Consumer Issues
Topic: Dual SIM smart phone
Replies: 5
Views: 622

Re: Dual SIM smart phone

I used to have an Asus Zenphone but it bricked recently, and I switched to a Nokia 6.1. Both are dual sim models. On the Nokia you can have 2 sims or a sim and memory card. It uses nano sim On the Asus, when I traveled overseas I would put the local SIM in slot 1, and my US SIM in slot 2, as Slot 2 ...
by fabdog
Wed Nov 07, 2018 10:34 am
Forum: Investing - Help with Personal Investments
Topic: Backdoor Roth for high earner ??'s
Replies: 5
Views: 462

Re: Backdoor Roth for high earner ??'s

I think you mean contribute to a traditional IRA (non deductible) and the convert those balances to a Roth, this maneuver is the back door Roth Since you have no IRA balances, no need to worry about Pro rata rules, will be quite simple. It would be good to make sure the annuity is not held in an IRA...
by fabdog
Mon Nov 05, 2018 8:58 am
Forum: Investing - Help with Personal Investments
Topic: Saving after age 60
Replies: 5
Views: 1016

Re: Saving after age 60

Depending on your state and if they offer a tax deduction for 529 contributions, you could park money there in their short term fund and take the state tax break, and then withdraw as needed for your college funding needs

Mike
by fabdog
Tue Oct 30, 2018 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: "Do you have any questions for the interview panel?" Suggestions.
Replies: 14
Views: 1242

Re: "Do you have any questions for the interview panel?" Suggestions.

What's do you see as the biggest challenge for the person in this role What's the biggest challenge facing the organization What keeps you up at night What would success look like in this job I am sure others will have many more selections... key is to demonstrate your interest in understanding and ...
by fabdog
Wed Oct 24, 2018 7:29 pm
Forum: Personal Consumer Issues
Topic: "consultation fee": standard for preventative colonoscopy?
Replies: 61
Views: 3419

Re: "consultation fee": standard for preventative colonoscopy?

My PCP is... it's the practice that's doing the colonoscopy/endoscopy, etc... they are the ones requiring the consult. And no, they won't just take the referral from your PCP. Everywhere we tried the policy was you had to be seen at the practice that was doing the procedure within 30 days of the act...
by fabdog
Wed Oct 24, 2018 7:17 pm
Forum: Personal Consumer Issues
Topic: "consultation fee": standard for preventative colonoscopy?
Replies: 61
Views: 3419

Re: "consultation fee": standard for preventative colonoscopy?

This appears to be the "new" approach. Both my wife and I in the last year ran into this, and it was a change from the last round 5 years ago when you just made an appointment and had the procedure. When I asked the doc why the change, he said it was to screen for issues in advance (diabetes, allerg...
by fabdog
Mon Oct 22, 2018 4:31 pm
Forum: Personal Finance (Not Investing)
Topic: IRS - Anyone deal with you owe us more tax letter?
Replies: 13
Views: 1842

Re: IRS - Anyone deal with you owe us more tax letter?

As noted, can take while to get back to you, I got a letter after a month saying they had my response but needed more time, and two months later a letter saying they agreed with my submission and no extra tax due On your RSU issue specifically, there are two parts of cashing in RSU's Part 1, the RSU...
by fabdog
Mon Oct 22, 2018 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: New business - expenses with zero revenue
Replies: 6
Views: 927

Re: New business - expenses with zero revenue

Well, based on what you wrote, since your 20178 expenses would be ~ $40K, depending on the category, you could deduct as much as $10K of that, and capitalize the rest over 15 years. The balance you spend in 2019 you can net against your income, assuming you have some in 2019. If you are not sure you...
by fabdog
Tue Oct 16, 2018 7:17 pm
Forum: Personal Consumer Issues
Topic: SRS Airbag Light On In Car
Replies: 6
Views: 534

Re: SRS Airbag Light On In Car

Well, Your concern is that the airbags may not work. Toyota says they won't know unless they run a diagnostic. So perhaps getting Toyota or a good local repair shop to run the diagnostic would be a great first step. I would assume until you get it checked that they don't work So if thy put the radio...
by fabdog
Mon Oct 15, 2018 4:08 pm
Forum: Investing - Help with Personal Investments
Topic: I401k Contribution Limits
Replies: 7
Views: 449

Re: I401k Contribution Limits

as noted above, get a new accountant... this is really simple and he/she is just missing the boat. They got TOO literal with the example of an S Corp and the W2 wages. So if you're a sole prop with the 100K income (and not yet 50) $18,500 as employee contribution $20,000 as employer contribution (20...
by fabdog
Mon Oct 15, 2018 7:25 am
Forum: Personal Finance (Not Investing)
Topic: Doing my own taxes?
Replies: 13
Views: 1443

Re: Doing my own taxes?

so it sounds like you have at least 2 decisions to make. One is your business taxes, where you are paying the accounting firm preparing your quarterly taxes, business filings, sales taxes, etc. that can be quite complex, even for just a 2 person business. and "off the shelf" Turbo Tax or other onlin...
by fabdog
Wed Oct 10, 2018 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: New business - expenses with zero revenue
Replies: 6
Views: 927

Re: New business - expenses with zero revenue

you can only deduct a small amount of the expenses you incur for starting up the business (pre revenue or open for business) a summary https://quickbooks.intuit.com/r/taxes/3-tax-deductions-available-only-to-startup-businesses/ IRS pub 535... go to the start up section... https://www.irs.gov/publica...
by fabdog
Fri Oct 05, 2018 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: Swap to a Roth 401k?
Replies: 12
Views: 1144

Re: Swap to a Roth 401k?

assuming you have the cash to pay the taxes on the conversion?

Mike
by fabdog
Thu Oct 04, 2018 7:26 am
Forum: Personal Consumer Issues
Topic: How to play cards ("Crazy 8's") remotely?
Replies: 3
Views: 394

Re: How to play cards ("Crazy 8's") remotely?

a google search for "crazy 8's online" brought back a list of opportunities, some appear single player, some are multiplayer...

this one claimed it's free and no ads

https://www.cardzmania.com/Crazy8s

I am sure if you search and go thru these you'll find something you like

Mike
by fabdog
Thu Sep 20, 2018 9:20 am
Forum: Investing - Help with Personal Investments
Topic: Roth Income Limit
Replies: 9
Views: 894

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: 487

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: 487

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: 36
Views: 2374

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: 2385

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: 728

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: 2290

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: 2170

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: 1252

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: 1318

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: 375

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: 9
Views: 773

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: 1132

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: 3817

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: 403

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: 157
Views: 10508

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: 949

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: 278

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: 403

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: 1999

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: 662

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: 1167

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: 1167

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: 1167

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: 1707

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: 174

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: 312

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: 2223

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: 2223

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: 2849

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: 2849

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...