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E-filed 2/2/2023 and refund received on 2/23/2023.

I filed the free Fillable forms on 2nd of Feb 2023 for the tax year 2022. I had the usual income of interest, dividend, form 8606, schedule D. No problems with those. When I tried to include the form 8888 for the treasury paper I bond and the remaining amount to be credited to my checking account, I experienced a trouble. To avoid the issue I decided not to have the paper I bond and just refund paid in my checking account. My return was accepted and recently approved. I am expecting refund in a two to three days.

Thank you all for the very informative guidance. I will make sure that I pay quarterly estimated tax that is equal to 110% of previous year tax liability and then pay the extra tax in the quarter I realize the capital gain. I will also study form 2210 and then file it with my return. I think my uncertainty is resolved.

I am having a trouble deciding what to do. My situation is that I am planning to buy a house in CA which may cost between 1.5M to 1.7M. Every time I put in a offer in past, someone else buys it for cash even though my offers were usually higher than the asking price. This has happened many times in last 5 years. So now I have decided to make cash offer borrowing some money from family members. I will still need to sell my equity investments worth about 750K. My investments have a long term capital gains. My dilemma is I do not know when to sell these investments and when to start making quarterly estimated tax payments. One difficulty is that I do not know when my offer for the house will be accepted. And I do not want to liquidate my inves...

I did retry last night and prompts for interest and dividend appeared. So I was able to submit my return. May be I did not notice them earlier or the tool made a fix based on my complaint. Whatever, it worked.

Thank you both Hachico and articpineapplecorp. I have contacted them by email and waiting for their response. I will wait for a week and if no response I will paper file it. Thanks again for your quick responses.

I am having a trouble reporting interest earned on bank accounts and dividends on mutual funds as myPATH does not prompt to report these items on the Income Sources tab. Can someone using this online filing tool point me what I am missing? Thanks

Thank you all for clarifying the reporting of interest. This leads to seek further questioning. Can I report accumulated interest at intervals other than annually or at maturity i.e. after a number of years where my income is less for a given year and the remaining at maturity? Again I am trying to find a way to minimize the overall taxes. Thanks.

Does anybody know when does TreasuryDirect post tax form for interest for 2022 on its website? Thanks

All of my 1099 are available. I have all of my accounts in the brokerage and no non-vanguard investments. I am quite happy with the Vanguard tax reporting process.

I made an estimated tax payment on Dec 29, 2022 and it is still not processed. When I sign on to my account and view payment activities, it shows that it is being processed. It has been about 15 days. Is this normal? I tried to see if I can contact IRS, but there is no phone number that I can use to call IRS. Anybody experienced this issue? Regards, How did you make the estimated tax payment? Did you mail it in using USPS mail and a physical check? That might take weeks to arrive, process and clear. The IRS Direct Pay is usually faster. The free EFTPS Electronic Federal Tax Payment System is said to be the easiest, and should not take 2 weeks. I have no experience with the IRS2GO app or paying with cash or credit or debit card. I made esti...

I made an estimated tax payment on Dec 29, 2022 and it is still not processed. When I sign on to my account and view payment activities, it shows that it is being processed. It has been about 15 days. Is this normal? I tried to see if I can contact IRS, but there is no phone number that I can use to call IRS. Anybody experienced this issue?

Regards,

Thank you Silk McCue and twh for your quick replies.

It looks like the Form 1040 does not have a line for deduction for charitable contributions for those claiming Standard deductions. In tax year 2021, it was on line 12b. It appears you can only claim this deduction if you itemized your deductions on Schedule A.

Is this correct?

4222.2

Thank you HueyLD for your quick response. Its not worth the trouble filing separately. I will stick with the limit of 5K per tax return.

We file our tax form MFJ and are expecting refund of about $7K. Is the limit of $5k per person or for both of spouses together? Ideally we would like get I bonds equally divided i.e. $3500 for each. Thanks.

Thank you all for the very detailed explanation. I appreciate quick responses.

Regards,

We will file our tax return MFJ sometime at the end of Jan, 2023 and expecting a refund of about 5K. Our intentions are to buy a paper I bond. This is the first time we will be buying a paper I bond and I do not know the process to indicate our intention to IRS so we do not end up getting a check from IRS. Is there any special form that I include with my tax return? Any help will be appreciated. Thanks.

I was wondering whether Vanguard has posted the preliminary capital gain estimate for its ETFs.

I have a new Primary doctor for the last couple of years. When I visit him for the Annual Wellness visit he charges the Medicare for the that and additionally for the Office visit. I think this is because he asks me questions about the cholestrol level and other things on my blood test results. Is this normal? My previous primary doctor did not charge me for the additional Office Visit. Your experience please?

Thank you all for very good recommendations. Appreciated.

We are planning to visit Acadia National Park in 2023. Looking for basic recommendations for the timings to visit (we prefer warmer weather) and important places to visit. We will be traveling with a SUV and do not mind to stay in a tent on the campgrounds unless a Cabin is available. Thanks in advance for your recommendations.

Thanks both of you quickly replying.

It doesn't matter because it is in your IRA account. There are no tax consequences. Personally, I'm keeping mutual funds in our tIRAs because at some point in the future I'll set up automatic RMD distributions and those won't work with ETFs. Also, I don't think you can convert Total Bond to BND. That doesn't work in the same way other Vanguard mutual fund to ETF share class conversions work. And finally the difference between .05% and .03% is tiny. For a balance of $500,000 Total Bond, use the ETF would save you $100 per year. I think Vanguard offers a tax free conversion from its Vanguard Total Bond Admiral to its BND ETF at the end of business day prices. The expense ratio is .05% vs .03%. The money is in traditional IRA accounts and I a...

I think Vanguard offers a tax free conversion from its Vanguard Total Bond Admiral to its BND ETF at the end of business day prices. The expense ratio is .05% vs .03%. The money is in traditional IRA accounts and I am going to hold on to this investment for a long time I.e. over a 5 years period. Any downside to this? Thanks.

Age 72. Have been walking 4/5 miles each day weather permitting, (Appx. 25 miles a week), since retiring at 62. I walk on a track in a school nearby our home. I also do various stretching at home for about 45 minutes most days before I go for walk. I really feel much better healthwise than ever before. On average 18 min. a mile.

I had sold all of my I Bonds purchased in previous years once they hit the 5-year mark, as I do not like dealing with Treasury Direct, and I don't want my heirs to have to deal with it. Also, even though I initially bought them because of relatively high variable rate (not near as high as now though), they ended up having very mediocre 5-year returns (my CDs did much better). I never thought I'd buy through TD again, but I finally gave in, and today ... I bought $10K in my individual account. I bought $10K in the entity account for my living trust. I bought $10K as a gift to my wife in my individual account, with myself as beneficiary. My spouse opened an individual account, and bought $10K. My spouse opened an entity account for her livin...

I had sold all of my I Bonds purchased in previous years once they hit the 5-year mark, as I do not like dealing with Treasury Direct, and I don't want my heirs to have to deal with it. Also, even though I initially bought them because of relatively high variable rate (not near as high as now though), they ended up having very mediocre 5-year returns (my CDs did much better). I never thought I'd buy through TD again, but I finally gave in, and today ... I bought $10K in my individual account. I bought $10K in the entity account for my living trust. I bought $10K as a gift to my wife in my individual account, with myself as beneficiary. My spouse opened an individual account, and bought $10K. My spouse opened an entity account for her livin...

I used Free Fillable Forms directly on IRS website and used the Social Security Worksheet from the 1040 Instructions. No problem at all.

I filed my return using the Free File Fillable Forms on Jan 29. In addition to the main form 1040, I had Schedule B, 8606, 8995 and three 1099-R. I was using my Apple MacMini which has the Safari browser. The only problem I encountered was with 1099-R. Then I deleted them and used the Google Chrome browser for this form only and everything worked well. The other strange thing was it automatically included Schedule 1 with all items with zero dollars. This schedule 1 was not required in my case and I did not fill in anything. Hopefully, these issues have now been resolved.

It seems to be earlier this year compared to previous years. I am happy about it that is because I was able to file my fed and state tax returns already. I did not have complex items on my return and I used the free Fillable Tax forms to file it electronically. Now waiting for the refunds to come.

Thank you PRD1982 and KHUNRON for your quick responses. Appreciated.

For the first time our premium for Medicare Part-B and Part-D will increase in the year 2023 due to intentional increase in Roth conversion resulting in higher taxable income in 2021. Our taxable income will be less in 2022 and I assume our increased premium will go down in 2024 to the normal level. Can experienced BHs confirm my assumption please?

Also my understanding is the increase in premiums will be directly deducted from our monthly social security benefit payment. Is this correct?

Regards,

5000.01

I will be withdrawing RMD the first time in 2022. I was wondering how to report it. I have both deductible and non-deductible contributions in my tax deferred account. Would I be withdrawing both on a pro-rata basis as I do when I convert to Roth? Would I use the form 8606 for reporting withdrawal of non-deductible contributions? Any helpful information is appreciated. Regards, Yes, you would use Form 8606 in the same manner as a Roth conversion, except ignore lines that deal with conversions specifically, and do not complete Part II. Form 8606 will calculate the taxable portion of your RMD and show how much IRA basis is left on line 14 to carry forward to the following year. You cannot avoid pro rating your RMDs for the rest of your life ...

I will be withdrawing RMD the first time in 2022. I was wondering how to report it. I have both deductible and non-deductible contributions in my tax deferred account. Would I be withdrawing both on a pro-rata basis as I do when I convert to Roth? Would I use the form 8606 for reporting withdrawal of non-deductible contributions?

Any helpful information is appreciated.

Regards,

I bought $20,000 ($10,000 for me and $10,000 for my wife) worth of I-Bonds last month i.e. in October, 2021 assuming that when the interest rate changes on November 1, I will start earning the interest at new rate, just like the interest rate change applied to a Bank Savings account. That assumption seems to be incorrect with I-Bond. I will continue to earn interest at 3.54% for Oct thru April and at 7.12% from May 2022 thru Oct 2022. Can somebody please confirm my new assumption? I would have benefited if I would have waited until November to get the higher rate instead. Thanks, Your new assumption is the correct one. But you don’t know that your final sentence is true yet. If you’d waited until November you’d have 7.12% for six months, b...

I bought $20,000 ($10,000 for me and $10,000 for my wife) worth of I-Bonds last month i.e. in October, 2021 assuming that when the interest rate changes on November 1, I will start earning the interest at new rate, just like the interest rate change applied to a Bank Savings account. That assumption seems to be incorrect with I-Bond. I will continue to earn interest at 3.54% for Oct thru April and at 7.12% from May 2022 thru Oct 2022. Can somebody please confirm my new assumption? I would have benefited if I would have waited until November to get the higher rate instead.

Thanks,

You cannot exceed the percentile limits of your self employed income or W-2 income. You should instead start a solo 401k with profit sharing. Good call- will reach out to Vanguard and get that solo 401k with profit sharing started. Thanks for help In most cases*, the business cannot maintain a SEP and a 401k for the same plan year. As a result, make sure your 401k plan is not effective until 2022. Unless you make a contribution to the SEP for 2022 or later, the business is not considered to be mailing the SEP for those years. For a 401k, the business is considered to be maintaining that plan from it effective date until termination, even if no contributions are made. *The exception is if the business has a non-5305 SEP. A business can main...

I just bought a new Honda Accord Hybrid in the last week of July for MSRP. Yes the dealer did not go lower, I think, because of no other inventory of the same car in nearby area.

Do any BHs have experience with either Hankook or Yokohama tires? Hankook tires are a $13 each tire cheaper than Yokohama. I do not mind spending extra $13 if the quality of Yokohama is known to be better. I could not find Michelin readily available in close by area where I live.

Thanks in advance for your input.

Thanks AlohaJoe for your suggestion for consulting Prospectus. I should have done that.

I was surprised to see the Vanguard Portfolio Watch showing 11% of fund money invested in International bonds as I only hold none other than the above fund in my accounts. My understanding is this fund only invests in US bonds. I approached my registered representative and his answer was very vague.

Is this the Vanguard system problem or the fund above holds international bonds? Does any BH noticed this issue in his/her accounts?

Thanks

I am looking to replace our AO Smith Gas Water Heater that has 50 gallons capacity. This water heater came when I purchased the existing home. It seems to be about 15 years old. I would like your opinion about the following brands

1. A O Smith
2. Rheems
3. Bradford White
4. Any other brand

We are a family of 4, two kids 2 and 6 years old.

Please recommend the features I should look for, like automatic cleaning, etc.

Thanks,

Thank you all with your recommendations. I bought a keyboard by Anker 'Ultra Slim Bluetooth Keyboard' for $18.99 from Walmart just to give it a try. Its a silver color with white keys that match with Mac mini. So far I like it and had no issue pairing with Mac mini. I had a spare USB mouse from Logitech and it works fine.

I just placed an order for Mac mini M1 and am looking for recommendations for a Keyboard and Mouse. I already have a MacBook Pro M1 and like the size of keys and the feel of keys while typing. Do any of BHs have recommendations for a non-apple wireless keyboard and mouse? I am fine without having the numeric keypad on the keyboard but would prefer aluminum body with while color keys.

Thanks,

I am using the free file Fillable Forms on IRS website. The IRS has not yet included the Form 8995. It will not be available until 2/18/2021. So I am waiting till then to file my tax return. All other forms applicable to my tax return are available.

Thanks abuss368 and Taurabora for your quick responses. I will try free file Fillable option first and if I can’t get it to work, I will use www.freetaxusa.com.

Thanks again,

I have been filing the Fed Income Tax returns for the last 40 years the old way I.e. mailing paper forms. I felt good about preparing forms myself because it gave me the internal working of taxes. With the COVID-19 pandemic I am planning to use the IRS free filing option of Electronic Fillable forms since I do not trust the Postal Service to get my paper forms in time to get my refund as early as possible. I know I can use TurboTax or other services, but I am not sure how easier they are to use?

Did any BHs use the option of free filing Fillable forms electronically in earlier years? If yes, what do you do with the 1099-R forms that need to be sent with the return? Can they be filed electronically with the form 1040-SR?

Thanks,