Search found 1869 matches

by Katietsu
Fri Apr 19, 2019 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Best Credit Card for College Freshman
Replies: 22
Views: 790

Re: Best Credit Card for College Freshman

I believe the credit CARD act of 2009 still controls the options available to an 18 year old. Student applicants under 21 are required to have co-signers, such as parents or other adults over the age of 21, who will take on joint liability for any card debts that are incurred. If young adults want t...
by Katietsu
Fri Apr 19, 2019 3:22 pm
Forum: Investing - Theory, News & General
Topic: American Funds vs Vanguard
Replies: 47
Views: 2621

Re: American Funds vs Vanguard

My opinion on the original question is that American Funds are respectable. As to the negatives, some are on a case by case basis. My MIL has most of her nest egg in American Funds. Her average ER is probably about 0.8. But she pays no sales charge, no AUM, no wrap. She gets the services of a local ...
by Katietsu
Fri Apr 19, 2019 11:36 am
Forum: Personal Finance (Not Investing)
Topic: State Tax Question Concerning 401k to Roth IRA Rollover
Replies: 7
Views: 382

Re: State Tax Question Concerning 401k to Roth IRA Rollover

Not sure I understand the question. A rollover is taxable income to the state in which you were domiciled at the time you did the rollover. If you did the rollover in February, then what was your state of residency in February? I am also not sure you have determined your correct state tax status ove...
by Katietsu
Fri Apr 19, 2019 11:32 am
Forum: Personal Investments
Topic: Fire my financial advisor now or later? (recent windfall help needed)
Replies: 37
Views: 2337

Re: Fire my financial advisor now or later? (recent windfall help needed)

Good Advice is worth paying for. Bad advice is a bad deal at any price. I do not think you were told anything useful. Some things she said were just wrong. Personally, I would probably do nothing for the next 6 months given your new information about your business. Well, I would move it out of ML aw...
by Katietsu
Thu Apr 18, 2019 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: When did you start spending more and saving less?
Replies: 76
Views: 4372

Re: When did you start spending more and saving less?

I am surprised by all the answers that question the question. TimeLord, We have been asking ourselves this very question over the last few months. I suspect we have 35-40 X of our current expenses. I do not want to get derailed into the reasons that we feel retirement is not necessarily the right op...
by Katietsu
Wed Apr 17, 2019 11:21 am
Forum: Personal Investments
Topic: Financial Advisor Issues
Replies: 18
Views: 1367

Re: Financial Advisor Issues

The behavior, fees and choices of the financial advisors seem well within the “normal” range. Your desire to move on, now that you know there is an alternative, is a smart move. Both of the above statements are true. The conservative choices made were reasonable given that the funds were to be avail...
by Katietsu
Wed Apr 17, 2019 9:35 am
Forum: Personal Finance (Not Investing)
Topic: State Tax Question Concerning 401k to Roth IRA Rollover
Replies: 7
Views: 382

Re: State Tax Question Concerning 401k to Roth IRA Rollover

The rollover will be taxed by the state of residency at the time you rolled it over.
by Katietsu
Tue Apr 16, 2019 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone Having Trouble with PNC?
Replies: 21
Views: 1194

Re: Anyone Having Trouble with PNC?

Why are you sure PNC is at fault? I confess that I once caused such a problem for some other customer of my insurance company. I had my username incorrect. The username that I was attempting to use belonged to someone else. I locked that other individual out of her account twice before I realized my...
by Katietsu
Tue Apr 16, 2019 2:45 pm
Forum: Personal Finance (Not Investing)
Topic: Parents added siblings and I to house title, possible to undo without negative consequences?
Replies: 37
Views: 1551

Re: Parents added siblings and I to house title, possible to undo without negative consequences?

They surprised all of us by stating that we had been added to the title of their home... How can they do that without you signing any papers? I was surprised by this as well, and I believe it is due to something Rickboglehead mentioned above of which I was not aware: that my state has a form of Lad...
by Katietsu
Tue Apr 16, 2019 2:37 pm
Forum: Personal Finance (Not Investing)
Topic: Leave Job to Spend Time with Disabled Spouse?
Replies: 13
Views: 1795

Re: Leave Job to Spend Time with Disabled Spouse?

Think carefully if quitting will cut down on stress and strain. First, I have known people in your situation who found that the normalcy and workplace interactions of their job was important for their mental health while coping with a loved one’s health issues. Others though really needed to be home...
by Katietsu
Mon Apr 15, 2019 9:08 am
Forum: Personal Finance (Not Investing)
Topic: volunteering to teach financial literacy basics
Replies: 27
Views: 1321

Re: volunteering to teach financial literacy basics

Also curious to know, has any non-profit put out some sort of classroom package of curriculum materials on the topics mentioned above for budgeting, spending, and investment, freely available? Yes, these programs exist. For instance, at one point, the United Way in my area joined with a local bank ...
by Katietsu
Mon Apr 15, 2019 8:37 am
Forum: Personal Finance (Not Investing)
Topic: volunteering to teach financial literacy basics
Replies: 27
Views: 1321

Re: volunteering to teach financial literacy basics

The type of people I'm talking about helping are poorly educated (high school dropouts with shaky math and writing skills) who are particularly prone to getting the short end of the stick from sophisticated lenders (car dealers, appliance stores, banks, etc) and making ill-informed financial decisi...
by Katietsu
Mon Apr 15, 2019 7:59 am
Forum: Personal Investments
Topic: Tax Math on 3.6MM portfolio
Replies: 21
Views: 3022

Re: Tax Math on 3.6MM portfolio

The original post left out that the IRA was inherited. So no conversions even if you are a Roth fan. OP, I would consider paying for a one time review like the services offered by Rick Ferri or Allan Roth. Your mother would have the comfort of having a well respected professional selecting the low c...
by Katietsu
Sun Apr 14, 2019 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: 11th Hour - Roth IRA Over Contributed for 2018
Replies: 7
Views: 693

Re: 11th Hour - Roth IRA Over Contributed for 2018

Take a look at IRS Pub 590-A.

Is it possible that you received the warning before all relevant information was entered? And it no longer applies?
by Katietsu
Sun Apr 14, 2019 3:07 pm
Forum: Personal Investments
Topic: If you have plenty of money, why not 100% stocks in retirement?
Replies: 107
Views: 6933

Re: If you have plenty of money, why not 100% stocks in retirement?

MIL is in 70’s and is over 85% stocks. She has plenty of money as pension and social security covers her expense. Bond income provides for extras. No desire to change lifestyle. So portfolio continues to grow as it is used only to pay for occasional extras, ie a new moderately priced automobile. Exc...
by Katietsu
Sun Apr 14, 2019 9:30 am
Forum: Personal Finance (Not Investing)
Topic: 11th Hour - Roth IRA Over Contributed for 2018
Replies: 7
Views: 693

Re: 11th Hour - Roth IRA Over Contributed for 2018

File the extension. This will give you until October 15 to remove the excess contribution. Yes, Vanguard will calculate the earning associated earnings. Do you know if there is a gain or loss? The possible difficulty here is that if you have a gain, that gain is added to your 2018 taxable income. If...
by Katietsu
Sun Apr 14, 2019 9:14 am
Forum: Personal Finance (Not Investing)
Topic: No need to file a tax extension form?
Replies: 27
Views: 1699

Re: No need to file a tax extension form?

TurboTax Easy Extension would have taken you less time than posting the question here.
by Katietsu
Wed Apr 10, 2019 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: Hospice and Medicare Advantage Plans - a little known Catch22
Replies: 40
Views: 3068

Re: Hospice and Medicare Advantage Plans - a little known Catch22

I found that Medicare Advantage and hospice care was coordinated as described by OP. We delayed signing on to hospice with both my father and FIL for this reason. I found the rules surrounding hospice to be extremely frustrating. Palliative care stepped in a bit to fill part of the gap. But I hope t...
by Katietsu
Wed Apr 10, 2019 2:34 am
Forum: Personal Investments
Topic: Filing Form 8606 after 2018 taxes are done
Replies: 19
Views: 1447

Re: Filing Form 8606 after 2018 taxes are done

You do NOT have a 2018 conversion. In your mind you are contributing for 2018 and then converting the 2018 money as one grouping of actions. In IRS terms, these are two separate actions. Your conversion from a traditional IRA to a Roth happened in 2019. So it is part of 2019 just like the wages you ...
by Katietsu
Wed Apr 10, 2019 2:26 am
Forum: Personal Finance (Not Investing)
Topic: What counts against the $56000 defined contribution limit?
Replies: 14
Views: 1637

Re: What counts against the $56000 defined contribution limit?

Yeah, HSA’s have nothing to do with retirement contribution limits.
by Katietsu
Mon Apr 08, 2019 11:48 pm
Forum: Personal Finance (Not Investing)
Topic: Difference between regular, promotional and account review inquiries on credit report from TransUnion?
Replies: 4
Views: 321

Re: Difference between regular, promotional and account review inquiries on credit report from TransUnion?

Go to identitytheft.gov

Lots of helpful information. Please notice that it is a “.gov” site. It is run by the Federal Trade Commision. So no one is going to try to sell you anything.
by Katietsu
Mon Apr 08, 2019 10:47 pm
Forum: Investing - Theory, News & General
Topic: Schwab Fixed Monthly Fee CFP Advice
Replies: 11
Views: 1006

Re: Schwab Fixed Monthly Fee CFP Advice

I'm skeptical on the level of personal advice you can get for $30/mo. That's equates to $360/year. If they said it was for a one time session, I'd believe them. But $30/mo doesn't seem feasible. Assuming you want someone who is smart enough to make $80k/year (and not some entry level kid making $30...
by Katietsu
Mon Apr 08, 2019 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: 401(k)/403(b) maxed out, can I still place $5500 in an IRA?
Replies: 9
Views: 1068

Re: 401(k)/403(b) maxed out, can I still place $5500 in an IRA?

Open a Roth IRA. Contribute up to $5500. Specify it is a 2018 contribution. Will not get a tax break now but growth will never be taxed. Might still have time to set this up online with one of the E*TRADE, Fidelity, Schwab, Ally, etc. Not sure how long it takes if you must first establish yourself a...
by Katietsu
Mon Apr 08, 2019 10:22 pm
Forum: Personal Investments
Topic: Resident Doctor... trying to maximize income
Replies: 27
Views: 2584

Re: Resident Doctor... trying to maximize income

What kind of account do you have with TD Ameritrade? You probably should not have a taxable brokerage account at this point. Have you started a Roth IRA? Are you contributing to the retirement plan offered by your institution? These are where your first investing dollars should go.
by Katietsu
Sun Apr 07, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: How to get cash quickly
Replies: 102
Views: 5784

Re: How to get cash quickly

I have used Ally for wire transfers same day with no problem. But I did need to be able to speak with them to confirm the transaction.
by Katietsu
Sun Apr 07, 2019 10:26 am
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 118
Views: 4451

Re: Scam alert - USPS new feature playing a role

Update - I received a letter from the bank asking me to fill out and sign a "Certification of Fraud" form. The form asks me list fraudulent transactions. There are none that I know of, since the fraud was for a card that I was told was never sent out. The form also asks for phone and email contact ...
by Katietsu
Sun Apr 07, 2019 8:57 am
Forum: Personal Consumer Issues
Topic: Huge AirBNB Cancellation Charge
Replies: 123
Views: 7008

Re: Huge AIrBNB Cancellation Charge

I’m noticing three repeated fallacies in these comments 1. People call this policy covert, hidden, or act like it wasn’t shown to the user. In fact, it says very clearly ON THE SAME PAGE that one month isn’t refundable. I’ve attached the screenshot so we can stop acting like Airbnb hid something. T...
by Katietsu
Sun Apr 07, 2019 12:13 am
Forum: Personal Consumer Issues
Topic: Huge AirBNB Cancellation Charge
Replies: 123
Views: 7008

Re: Huge AIrBNB Cancellation Charge

OP here. Thanks to all replies. Some good information. Just to clarify, although some listings do indeed show the Long Term Cancellation policy on the listing, this Host did NOT show that. In fact. under the policies section of the listing was only the "strict" 48 hour cancellation terms. We have a...
by Katietsu
Sat Apr 06, 2019 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Best thing to prepare for care for parents
Replies: 17
Views: 1605

Re: Best thing to prepare for care for parents

Also recognize that a POA can exist without being utilized. My in laws did theirs 20 years ago. FIL passed. MIL would be very upset if it was used now by her sons while she was still quite competent. My parents, on the other hand, views a POA as a sign of end of life. Unfortunately, a couple of acut...
by Katietsu
Mon Apr 01, 2019 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Taxation of NSF REU undergraduate research stipend
Replies: 47
Views: 11010

Re: Taxation of NSF REU undergraduate research stipend

middistancerunner, Thanks again for your response. Yes, this is super confusing. Also, to clarify, this is actually for tax year 2012. I would have been more specific about that earlier had I realized I was about to go down this rabbit hole. 2012 also happens to be the first tax year that she ever ...
by Katietsu
Sun Mar 31, 2019 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Amend Return if no tax due (corrected 1099r's)
Replies: 10
Views: 683

Re: Amend Return if no tax due (corrected 1099r's)

You need to be concerned with the 1099-R with code E. Confirm that it is really not taxable. Maybe your explanation makes sense to someone with more experience. But I don’t really understand how a code E distribution can be rolled over to an IRA. If someone doesn’t come along with a solid explanatio...
by Katietsu
Sun Mar 31, 2019 3:14 pm
Forum: Personal Investments
Topic: Day trade ETF
Replies: 9
Views: 576

Re: Day trade ETF

I do not day trade. Many have given reasons why it is hard to be successful. However, I do believe I have made an extra per cent or two by using limit orders good for 30 days to purchase ETFs in my taxable brokerage account with money I plan to invest for the long haul anyway. I have too many types ...
by Katietsu
Sun Mar 31, 2019 3:04 pm
Forum: Personal Investments
Topic: Fido Screws Up and Says "Tough Luck"
Replies: 32
Views: 3116

Re: Fido Screws Up and Says "Tough Luck"

I think some of these reactions are related to the ease at which we can often electronically transfer money leading to unrealistic expectations. Being out of the market for 3 weeks, employee error involved or not, is not unusual when transferring an HSA, 401k etc. I would not expect to be compensate...
by Katietsu
Sun Mar 31, 2019 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Max % of gross pay on a car?
Replies: 22
Views: 1542

Re: Max % of gross pay on a car?

Just make sure you do feel that a Hawaii vacation would have more value than an upgraded car. If my choice was the vacations vs a RAV4 10 year old base model, I would upgrade the car. But I live in an area that requires a car for everything and all my family is a 90 mile trip. If I lived in a walkab...
by Katietsu
Sat Mar 30, 2019 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: Switching primary taxpayer
Replies: 2
Views: 425

Re: Switching primary taxpayer

To answer your first question, either name can be first on a joint return. It will not be rejected because it is different than last year. Just make sure birthdates, assigning income, etc is all kept straight for each person. I do not know what state you are in but I doubt the taxation of interest a...
by Katietsu
Sat Mar 30, 2019 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: First time kiddie tax reporting on child
Replies: 6
Views: 688

Re: First time kiddie tax reporting on child

Www.myfreetaxes.com

Full featured HR Block software. Sponsored by United Way. Free for AGI under $66k.
by Katietsu
Sat Mar 30, 2019 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question—College Age Daughter
Replies: 8
Views: 602

Re: Tax Question—College Age Daughter

For tax purposes, a person is a resident of the state in which he/she is domiciled. Generally, students are residents of the state where their parents or guardians reside. In a typical situation, a student would first file a nonresident tax return for Ohio. She might or might not have Ohio income ta...
by Katietsu
Fri Mar 29, 2019 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Welp, Backdoor Roth surprise!
Replies: 38
Views: 3755

Re: Welp, Backdoor Roth surprise!

I opened a traditional IRA with Vanguard then immediately transferred the funds to a Roth IRA. How did you "transfer" the funds from tIRA to Roth IRA -- by conversion or recharacterization? You would have wanted to do conversion. What code does your 1099-R for the transaction say in box 7? I opened...
by Katietsu
Thu Mar 28, 2019 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: High income, child in college - benefit to child by me not claiming as dependent?
Replies: 22
Views: 1868

Re: High income, child in college - benefit to child by me not claiming as dependent?

OP - Have you confirmed that you get no credit as income levels have changed? The other dependent credit reaches zero at a modified AGI of $410,000 for a married couple.
by Katietsu
Thu Mar 28, 2019 8:13 pm
Forum: Personal Finance (Not Investing)
Topic: High income, child in college - benefit to child by me not claiming as dependent?
Replies: 22
Views: 1868

Re: High income, child in college - benefit to child by me not claiming as dependent?

CT-Scott, Unfortunately, your daughter did not make enough money to take advantage of this special loophole for high income parents. You need to read pages J-4 and J-5 of the IRS Pub 4012. Here are the relative sections from those two pages: "Qualified education expenses are considered paid by the ...
by Katietsu
Thu Mar 28, 2019 2:17 pm
Forum: Personal Consumer Issues
Topic: [On-going Scams - Post them here]
Replies: 118
Views: 4451

Re: scam caller asking SSN

I did a freeze for a family member using only the online process and email. The ability to receive SMS messages is not required. Don’t know if you will run into any other issues but I would give it a try.

You should periodically review your credit report as well.
by Katietsu
Thu Mar 28, 2019 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: 401(k)/403(b) maxed out, can I still place $5500 in an IRA?
Replies: 9
Views: 1068

Re: 401(k)/403(b) maxed out, can I still place $5500 in an IRA?

You can put $5500 in an IRA, presuming you are not putting all of your salary into the workplace retirement accounts. Your marital status and AGI will determine the best option for you. Since you have a retirement plan at work, there are AGI limits for deducting a traditional IRA contribution or mak...
by Katietsu
Thu Mar 28, 2019 11:37 am
Forum: Personal Investments
Topic: Avoiding tax torpedo at 70.5
Replies: 36
Views: 4512

Re: Avoiding tax torpedo at 70.5

You probably do not want to roll over all your 403b/457 into IRA’s. For one thing, right now you can withdraw freely from the 457 and possibly the 403b without any early withdrawal penalties. If you roll into an IRA, you lose this benefit until age 59.5. Therefore, I would only roll over part of you...
by Katietsu
Thu Mar 28, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: 11-year old with iPhone - advice on how best to manage?
Replies: 68
Views: 4271

Re: 11-year old with iPhone - advice on how best to manage?

I went with an iPhone 7 last fall. Looks modern enough but I was able to get it for $150 after promos. Added an attractive case the child got to pick that was only $12 on Amazon along with a screen protector. Child knew ahead of time that cellular data use was very limited. Went into settings and tu...
by Katietsu
Thu Mar 28, 2019 9:52 am
Forum: Personal Consumer Issues
Topic: Decent hiking/trekking clothing?
Replies: 50
Views: 1832

Re: Decent hiking/trekking clothing?

If you are OK wearing camo, check out places that sell hunting supplies. It is probably a little too late but you might still find some end of season deals. My highest quality outdoor stuff was purchased in February/March as they clear out hunting gear for the year. And I don’t hunt.
by Katietsu
Mon Mar 25, 2019 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with state tax module and out of state income
Replies: 7
Views: 329

Re: Struggling with state tax module and out of state income

I might be confused. You were a resident of State A all year? The W-2 with withholding in Stare B was in error, correct? If so, all the income, including that on the W-2 is taxable to state A. You get no credit nor apportion any income. The withholding from State B should be completely returned to y...
by Katietsu
Mon Mar 25, 2019 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Two factor authentication loophole?
Replies: 32
Views: 3223

Re: Two factor authentication loophole?

Question: If you delete the app and reinstall it, is two factor authentication required? Most of my financial apps require a verification code the first time the app is used on a new device. After that, the same device can be used without a new verification code. If something happens like having to ...
by Katietsu
Mon Mar 25, 2019 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block: 1099-INT not showing up on Schedule B
Replies: 10
Views: 1031

Re: H&R Block: 1099-INT not showing up on Schedule B

Use Schedule B (Form 1040) if any of the following applies. • You had over $1,500 of taxable interest or ordinary dividends The key is the “or”. Your interpretation would be for “and”. Part I is needed if Interest is >$1500, Part II is needed if Dividends are greater than $1500. Some software seems...
by Katietsu
Sun Mar 24, 2019 7:41 pm
Forum: Personal Investments
Topic: QDRO rollover to other retirement 58YO
Replies: 5
Views: 347

Re: QDRO rollover to other retirement 58YO

Since you are leaning towards Vanguard, consider signing up for their PAS service. If you feel comfortable taking over after a year of using the advisory service, you can just drop the service and keep the investments. If you are happy with Vanguard, you could later roll your IRA over to Vanguard as...
by Katietsu
Sat Mar 23, 2019 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Question On Roth conversion tax filing
Replies: 15
Views: 1024

Re: Question On Roth conversion tax filing

The 1099-R might have an amount in box 2a but it probably also has a check mark next to “taxable amount not determined”. It sounds like the steps you took were fine. Print out this thread and go back to your tax preparer. I think there was likely a communication issue between yourself and the tax pr...