Search found 462 matches

by bostondan
Wed Feb 21, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

chw wrote:
Wed Feb 21, 2018 7:09 pm
If only we could predict that the IRS will review the same way.
Nooooooooo!!!!

I refuse to be the one who asks the IRS to answer this question. I have spent too much time on this issue already. Also, I don’t have any friends at the IRS!
by bostondan
Wed Feb 21, 2018 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

The very nice woman from DOR called me back this week to let me know that they have updated the FAQ with further details. At last, I believe my situation regarding 1099-K income from selling an iPhone has been answered: https://www.mass.gov/service-details/frequently-asked-questions-about-1099-k-not...
by bostondan
Sat Feb 17, 2018 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

TT and bostondan could be right about not reporting on schedule C. I can not understand why they are requiring the 1099-K if they are going to ignore some or all the income on them I don't think they fully thought it through, unfortunately. The politicians told them to start capturing this income, ...
by bostondan
Fri Feb 16, 2018 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

This will be great if it's not reportable. Then I won't have to pay extra to upgrade my TurboTax to the business edition for the schedule C. (My situation is I sold stuff around the house at a loss. Just trying to declutter to prepare for a downsize.) I don't want to violate the trust of the person...
by bostondan
Fri Feb 16, 2018 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

I spoke with someone from MA DOR today who called me in response to an email regarding this issue. She provided me with guidance regarding my own situation. She was quite clear that a 1099-K reporting $660 in payments related to the sale of an iPhone to gazelle.com is both not taxable and does not n...
by bostondan
Fri Feb 16, 2018 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: Reality of the market being "down"...
Replies: 10
Views: 1005

Re: Reality of the market being "down"...

i'm considered the "investment guy" at work [it blows my mind that i was once as financially illiterate at my co-workers, thanks BH] - several people came up to me somewhat mockingly as if a couple weeks ago was a financial meltdown that left me living under a bridge. I had several similar experien...
by bostondan
Thu Feb 15, 2018 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

How does it settle anything? I believe we are talking about this example: Meghan is downsizing her home and sells furniture on an auction site for $5,000. The original purchase price of the furniture was $9,000. The $5,000 IS NOT subject to tax as it is a function of selling personal items at a los...
by bostondan
Wed Feb 14, 2018 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

DiMAn0684 wrote:
Wed Feb 14, 2018 5:20 pm
I contacted MA DOR and they responded with this:

https://www.mass.gov/service-details/fr ... ty-sellers
I think this should basically settle things. Thank you for sharing.
by bostondan
Mon Feb 12, 2018 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Accountant not doing taxes while you are there
Replies: 21
Views: 2138

Re: Accountant not doing taxes while you are there

That seems pretty standard. I’ve never had a CPA do anything while I was there.
by bostondan
Sun Feb 11, 2018 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: How to file 1099-R to trust from inherited Roth IRA
Replies: 7
Views: 308

Re: How to file 1099-R to trust from inherited Roth IRA

The 1041 instructions do not specifically address the reporting of a Roth distribution, but instruct that the taxable portion of an IRA distribution should be reported on the "other income" line. 1099-R Code T suggests the Roth distribution is not Qualified, in which case some of the distribution c...
by bostondan
Sun Feb 11, 2018 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: How to file 1099-R to trust from inherited Roth IRA
Replies: 7
Views: 308

Re: How to file 1099-R to trust from inherited Roth IRA

The 1041 instructions do not specifically address the reporting of a Roth distribution, but instruct that the taxable portion of an IRA distribution should be reported on the "other income" line. 1099-R Code T suggests the Roth distribution is not Qualified, in which case some of the distribution c...
by bostondan
Sun Feb 11, 2018 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: How to file 1099-R to trust from inherited Roth IRA
Replies: 7
Views: 308

Re: How to file 1099-R to trust from inherited Roth IRA

don't know about TT Biz ...........typically 1099Rs from IRAs are entered on line 15a/b . Don't know how you get it there from TT but seems like there should be an IRA section. I think that is for form 1040. That does not seem to line up with form 1041 for trusts. I don't immediately see a place fo...
by bostondan
Sun Feb 11, 2018 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: How to file 1099-R to trust from inherited Roth IRA
Replies: 7
Views: 308

How to file 1099-R to trust from inherited Roth IRA

I attempted to post this question on the TurboTax answer board, but my question was deleted twice. The first time I figured it must have been a mistake, since my question was pretty benign, so I reposted it. It was quickly deleted again. Hopefully someone here can provide guidance. Here was my post:...
by bostondan
Fri Feb 09, 2018 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Replacement for Google Finance price quote function
Replies: 46
Views: 4482

Re: Replacement for Google Finance price quote function

maineminder wrote:
Fri Feb 09, 2018 12:05 pm
VTI seems to be returning 8 characters today. 4 digits past the decimal point on the right. I'll have to ponder a solution for this.
That makes sense. I didn't spend too much time debugging it.

I am amazed there is not a simple API available that returns plain text ETF/stock/mutual fund prices!
by bostondan
Fri Feb 09, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Replacement for Google Finance price quote function
Replies: 46
Views: 4482

Re: Replacement for Google Finance price quote function

Not sure why, but this suddenly started giving me completely incorrect values for VTI only. I noticed my US allocation was suddenly 10% below target and thought that something horrible must have happened in the markets. I then calculated it myself and realized it was returning an invalid result. I c...
by bostondan
Thu Feb 08, 2018 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

For those of us who are getting a single 1099K from PayPal, they will likely not be bothered to look into it further. Thanks for the laugh of the day. Everything is matched up by computer. There is no human intervention. Your chance of not getting a letter is zero. Did you see the response to mikes...
by bostondan
Thu Feb 08, 2018 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

What bothers me is that we are seeing at least 3 different variations of guidance from the MA DOR depending on who asked. One person on the first page was told to pay tax on the full amount. The Girls Scouts CFO was told to zero it out via a schedule C The note above says to ignore it. :oops: IMO, ...
by bostondan
Wed Feb 07, 2018 3:20 pm
Forum: Investing - Help with Personal Investments
Topic: How often should you/do you rebalance?
Replies: 15
Views: 1074

Re: How often should you/do you rebalance?

Whenever I break +/- 2.5% band, which is almost never. I'm surprised when I see people posting about breaking their 5% bands and wonder if I'm doing it wrong. Once your portfolio size is significantly larger than your contributions, such that your contributions do not have a meaningful impact on re...
by bostondan
Wed Feb 07, 2018 8:25 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600

It gets even more interesting. I think this is going to turn into a much bigger headache for MA DOR than they intended, unless they choose to just ignore any small 1099-Ks they receive from PayPal and similar companies. It seems like that is probably what they should do, but there is no easy way fo...
by bostondan
Tue Feb 06, 2018 4:50 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 30
Views: 3754

Re: Review of tax software for trusts and estates

I have been looking into the various software. Here is what I have discovered so far: H&R Block Premium & Business: This looks to be the cheapest by far, with a price in the $50-60 range on some sites. It allows for unlimited estate/trust federal and state returns to be printed and filed. However, i...
by bostondan
Tue Feb 06, 2018 8:18 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

"As for my friend at MA DOR, she had not heard of this new regulation either, but is going to talk to the person involved in writing it and get back to me. I'll report back when I have more information." Dan, thank you for carrying the torch on this- I'd be interested to see if sales tax needs to b...
by bostondan
Mon Feb 05, 2018 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

The IRS uses "speedymail" ? Seriously? Its not an @irs.gov adress? Oh wow, I didn't even notice that. I also didn't notice that I was at IRS.com, not IRS.gov. A quick Google search seems to confirm that this email is correct, though not actually found on the IRS.gov website. I would definitely not ...
by bostondan
Mon Feb 05, 2018 11:24 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

The IRS uses "speedymail" ? Seriously? Its not an @irs.gov adress? Oh wow, I didn't even notice that. I also didn't notice that I was at IRS.com, not IRS.gov. A quick Google search seems to confirm that this email is correct, though not actually found on the IRS.gov website. I would definitely not ...
by bostondan
Mon Feb 05, 2018 11:24 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

So, even though you got the 1099-K, since you don't meet the IRS guidelines of "gross payments that exceed $20,000, AND more than 200 such transactions," I would ignore it. As the above poster said I'd just print off transaction receipts so if you get audited you can show it was just your old stuff...
by bostondan
Mon Feb 05, 2018 11:07 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

Do you happen to remember the email address? Getting an answer that way would be even better than on the phone, because now we have a paper trail. I'm searching on the website and found the phone number to call but no email address yet. This is the email listed on the IRS website: irs.gov.website.h...
by bostondan
Mon Feb 05, 2018 10:28 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

My advice would be for the person who sold the iPhone and received the 1099-K to ask the same question of the IRS and see what guidance they provide. This would be a good question for them. I just attempted to call the IRS and followed their prompts. When I got to the prompt asking if I had questio...
by bostondan
Mon Feb 05, 2018 9:50 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

So, even though you got the 1099-K, since you don't meet the IRS guidelines of "gross payments that exceed $20,000, AND more than 200 such transactions," I would ignore it. As the above poster said I'd just print off transaction receipts so if you get audited you can show it was just your old stuff...
by bostondan
Mon Feb 05, 2018 9:40 am
Forum: Personal Finance (Not Investing)
Topic: [New MA & VT Tax reporting]- 1099-K threshold reduced to $600
Replies: 104
Views: 5481

Re: New to me tax issue - Paypal 1099-k for selling personal property

Wow, I did not expect selling my iPhone to Gazelle to become such a headache. I sold two iPhones to Gazelle for a total of $610. Obviously it was at a loss. I have never received any tax forms for selling my iPhone before this year and it seems to be because of this Massachusetts issue. I don't see ...
by bostondan
Sun Feb 04, 2018 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 30
Views: 3754

Re: Review of tax software for trusts and estates

Interesting. That does seem like a pretty major mistake by TaxAct, but I'm glad they were responsive. Does anybody know more about how the pricing works for TurboTax Business (which does the trusts and estates)? Do I have to purchase the Massachusetts forms for TurboTax 6 times (once for each of 5 t...
by bostondan
Sat Feb 03, 2018 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Review of tax software for trusts and estates
Replies: 30
Views: 3754

Re: Review of tax software for trusts and estates

I was wondering if anybody had updated thoughts on the state of Trust and Estate tax software for 2017? I am trying to figure out the most cost effective and easiest way to file several returns this year. I can always fall back on using a CPA, but figured I should try myself first. I have 5 irrevoca...
by bostondan
Wed Jan 17, 2018 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to file distribution from one trust to another
Replies: 2
Views: 225

Re: How to file distribution from one trust to another

Thanks. Makes sense. The forms seem pretty straightforward. TurboTax Business also seems to make it pretty easy to do trust taxes.
by bostondan
Mon Jan 15, 2018 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: How to file distribution from one trust to another
Replies: 2
Views: 225

How to file distribution from one trust to another

So, I'll be having our accountant do the trust taxes this year and then doing it myself after, but I'm trying to do it myself and then compare it to the result from the accountant for learning purposes. The basic 1041 seems fairly simple, but I'm having trouble understanding how the splitting of a t...
by bostondan
Tue Dec 19, 2017 7:12 am
Forum: Personal Consumer Issues
Topic: Piano damaged when exercise bike installed
Replies: 13
Views: 1636

Re: Piano damaged when exercise bike installed

in_reality wrote:
Tue Dec 19, 2017 7:07 am
Try to make it win -win. You get repairs and the installer gets acknowledgment for not doing something knowingly wrong.
I think this was a very good way to frame the situation. I always try to make things win-win like this, but was not seeing this angle in the current situation. Thank you!
by bostondan
Mon Dec 18, 2017 9:50 pm
Forum: Personal Consumer Issues
Topic: Piano damaged when exercise bike installed
Replies: 13
Views: 1636

Re: Piano damaged when exercise bike installed

Latest update: As I mentioned, Flywheel was very nice about it so far. They filed the claim and said I would hear back from someone. It apparently trickled all the way down to the actual guy who installed the bike from the contracted delivery company and he was the one who contacted me. He was quite...
by bostondan
Mon Dec 18, 2017 3:06 pm
Forum: Personal Consumer Issues
Topic: Piano damaged when exercise bike installed
Replies: 13
Views: 1636

Re: Piano damaged when exercise bike installed

Thanks for the encouragement to do something about it. I called the bike company and they were extremely apologetic and nice about it. They said that I should absolutely get it fixed and that they would figure out the compensation details. They have apparently had a lot of issues with the local deli...
by bostondan
Sun Dec 17, 2017 8:32 pm
Forum: Personal Consumer Issues
Topic: Piano damaged when exercise bike installed
Replies: 13
Views: 1636

Re: Piano damaged when exercise bike installed

Big box store employees put their foot through our garage ceiling while up in the attic trying to unsuccesfully run cable (they didn't tell us but we noticed the hole in the ceiling as they were leaving). We called the store and their insurance required us to get a bid. They paid for all repairs. I...
by bostondan
Sun Dec 17, 2017 7:45 pm
Forum: Personal Consumer Issues
Topic: Piano damaged when exercise bike installed
Replies: 13
Views: 1636

Piano damaged when exercise bike installed

We just purchased a Flywheel spin bike for at home (similar to Peleton). Unfortunately the bike came pretty damaged in multiple ways, but Flywheel was very responsive and is going to replace it quickly. The installers had very little knowledge of the bike and struggled for quite a while to put it to...
by bostondan
Sat Dec 16, 2017 3:06 pm
Forum: Personal Consumer Issues
Topic: Uber vs Ambulance - HUGE cost difference
Replies: 85
Views: 11044

Re: Uber vs Ambulance - HUGE cost difference

Ha ha. What kind of OR are you planning to go to for your heart attack? You think the CT surgeon is waiting in there ready to do your CABG? I thought you worked in health care? Your point, however, is right. If medics take you to the hospital for a heart attack and you've actually got a STEMI, it w...
by bostondan
Fri Dec 15, 2017 5:57 pm
Forum: Personal Consumer Issues
Topic: Uber vs Ambulance - HUGE cost difference
Replies: 85
Views: 11044

Re: Uber vs Ambulance - HUGE cost difference

Ha ha. What kind of OR are you planning to go to for your heart attack? You think the CT surgeon is waiting in there ready to do your CABG? I thought you worked in health care? Your point, however, is right. If medics take you to the hospital for a heart attack and you've actually got a STEMI, it w...
by bostondan
Sun Dec 03, 2017 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

There are two kinds of liability instance. You probably need both. Professional liability covers you for something you do (or don't do) while acting in your professional capacity. Personal liability covers you for things you do (or don't do) while not working, such as driving or not maintaining you...
by bostondan
Sun Dec 03, 2017 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

Aren’t you really talking peanuts for the annual premium? I carry $3 million for a $500 premium and I own a house which you don’t. It will cost you more to call Bruce. :happy Gill Yes, you are right! I'll just move forward with the $3 million policy. It was a no-brainer when it was $141 through work.
by bostondan
Sun Dec 03, 2017 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

I By any definition, you've had a superb attorney draw up your trust so your answer is with him. The way that I understand it, and this may have some degree of state-specificity, is that revocable trusts would not protect the assets from creditors. If it's an irrevocable trust, the assets are more p...
by bostondan
Sun Dec 03, 2017 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

It appears this is a trust created by a decedent for your benefit. Most likely it is not subject to claims of your creditors. Nevertheless, with your other information and potential I’d still stick with $3 million as I said above. Gill You're probably right. The trust can basically be used for any ...
by bostondan
Sun Dec 03, 2017 8:05 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

Is it a revocable trust? No, it is a trust containing inherited assets, both plain taxable and an inherited IRA (held within the trust). It was created with the assistance of Bruce Steiner (bsteiner on this board), so I am confident that it is well constructed. So it’s a non-revocable trust? The ty...
by bostondan
Sun Dec 03, 2017 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

Are you certain your assets in trust can’t be reached by a judgment creditor? What type of trust is it? Gill I guess I can't be sure of anything, but I trust that Bruce did a good job making it as good as one can. I'm sure the right legal situation can still screw me, but it seems like it at least ...
by bostondan
Sun Dec 03, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Re: Umbrella insurance when assets mainly in trusts

quantAndHold wrote:
Sun Dec 03, 2017 7:42 pm
Is it a revocable trust?
No, it is a trust containing inherited assets, both plain taxable and an inherited IRA (held within the trust). It was created with the assistance of Bruce Steiner (bsteiner on this board), so I am confident that it is well constructed.
by bostondan
Sun Dec 03, 2017 7:27 pm
Forum: Personal Finance (Not Investing)
Topic: Umbrella insurance when assets mainly in trusts
Replies: 34
Views: 1808

Umbrella insurance when assets mainly in trusts

I attempted to search, but couldn't quite find what I was looking for. Sorry if this is a repeat question. I currently have $3m in excess liability insurance (umbrella insurance) through my previous employer. It was required and offered at a discount. I paid about $140 for the $3m policy. I started ...
by bostondan
Sun Nov 19, 2017 6:55 pm
Forum: Personal Consumer Issues
Topic: United change fees
Replies: 28
Views: 2106

Re: United change fees

Pro tip for anybody that needs to modify a flight in the future: We recently booked flights to Hawaii for 12/25. We chose an inconvenient flight because all the others were ridiculously expensive. I managed to get the weekend off so that we could leave 12/23 instead, so we wanted to change the fligh...
by bostondan
Sat Nov 11, 2017 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab/Fidelity vs BoA Gold: Checking
Replies: 41
Views: 3546

Re: Schwab/Fidelity vs BoA Gold: Checking

I have >$100k at Merrill Edge, which put me into the Platinum level. I moved some ETFs there that had significant capital gains and were unlikely to ever be sold. I enjoy the benefits of having BofA with no fees whatsoever, mostly because there are so many BofA locations in Boston. Also, I enjoy the...
by bostondan
Sat Nov 11, 2017 6:53 pm
Forum: Personal Consumer Issues
Topic: What backup service to use?
Replies: 57
Views: 4744

Re: What backup service to use?

Just today I realized I had deleted an important receipt from 2011. It turns out I deleted it in 2013 accidentally, but didn't realize because I hadn't needed it at that time. Thanks to CrashPlan, I was able to recover it without any difficulty because it never deletes files. Had I been using BackBl...