Search found 5066 matches

by Katietsu
Sun Aug 01, 2021 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Calling all doctors, kid wants to be a doctor!?
Replies: 26
Views: 2274

Re: Calling all doctors, kid wants to be a doctor!?

I'm a cardiologist. I agree with yesterdaysnews that GPA and MCAT scores are much more important than volunteer experience. I volunteered in an ER and a psychiatry unit while in college and found both to be a waste of time. You may have found the volunteer experiences a waste of time, but a medical...
by Katietsu
Sun Aug 01, 2021 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: What is the best on-line tax software?
Replies: 12
Views: 717

Re: What is the best on-line tax software?

The TaxCaster app from Turbotax is very quick and easy. For many people, it is sufficient to do these type of quick estimates. The number it is set up to produce is refund/balance due. But, you can just enter $0 for the withholding/estimated payments made to cause the Balance Due number to be the sa...
by Katietsu
Sat Jul 31, 2021 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: Retiring on 12 acres, considering gifting 1.5 to son
Replies: 10
Views: 1832

Re: Retiring on 12 acres, considering gifting 1.5 to son

Sounds wonderful. Yes, the value of the gift is subject to gift tax filing. But assuming that this would be you and your wife gifting, there seems to be no issue here. And a gift tax form would not be needed. I am not aware of any need to complete the property transfer X number of months in advance ...
by Katietsu
Sat Jul 31, 2021 10:17 am
Forum: Personal Investments
Topic: Roth 403b to Roth IRA within same brokerage
Replies: 4
Views: 258

Re: Roth 403b to Roth IRA within same brokerage

It sounds like you have a good understanding. And you are right that there would no effect on ability to do back door Roth.
by Katietsu
Fri Jul 30, 2021 9:38 pm
Forum: Personal Consumer Issues
Topic: How to find a Genetic Counselor
Replies: 9
Views: 997

Re: How to find a Genetic Counselor

If you are concerned about a specific disease, I would look towards the support group/organization for that disease for a conversation and information.
by Katietsu
Fri Jul 30, 2021 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: ITIN dependent tax credit for prior years
Replies: 15
Views: 1017

Re: ITIN dependent tax credit for prior years

If she is your dependent, she is not eligible for the standard deduction. This is not true. Dependents are eligible for a standard deduction, though it may not be the same amount. They would have to use the Standard Deduction Worksheet for Dependents in line 12 instructions to determine their stand...
by Katietsu
Thu Jul 29, 2021 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: National Park Service Jobs
Replies: 16
Views: 2335

Re: National Park Service Jobs

Or think about businesses that do things around a National Park. The first things that come to mind are the snow coach drivers in Yellowstone or those doing the boat excursions around Chincoteague. Maybe these are not what you are looking for, but I am sure there are a wide variety of these types of...
by Katietsu
Thu Jul 29, 2021 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: ITIN dependent tax credit for prior years
Replies: 15
Views: 1017

Re: ITIN dependent tax credit for prior years

If she is your dependent, she is not eligible for the standard deduction. This would mean that it is possible that she should have been filing and paying a small amount of tax on her income. In other words, she is not below the filing limit IF she is a dependent with unearned income.
by Katietsu
Thu Jul 29, 2021 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Buying my mothers house
Replies: 15
Views: 2021

Re: Buying my mothers house

I believe Medicaid rules can have some variation between states. However, in the state that I am most familiar, the house could be exempt from being used for your mother’s support because of your sister’s residence. Your mother may be free to gift the home to your sister. There are exemptions for re...
by Katietsu
Wed Jul 28, 2021 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: I've lost my motivation
Replies: 33
Views: 6817

Re: I've lost my motivation

I agree with much of what has already been said. But, I am going to add a different perspective to one aspect of it. I think it is OK to not have the energy to want to do things after work or on weekends for a time. And there were times that I got pretty good at putting together somewhat decent food...
by Katietsu
Mon Jul 26, 2021 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: Tax bracket question
Replies: 5
Views: 907

Re: Tax bracket question

Not really part of your question, but, do you realize all your income is not taxed at your “normal” 22%? Part of your taxable income is taxed at 10% and part at 15% when you are in the marginal tax bracket of 22%.
by Katietsu
Mon Jul 26, 2021 4:29 pm
Forum: Personal Investments
Topic: When do you get taxed on taking funds out of your brokerage account?
Replies: 27
Views: 3264

Re: When do you get taxed on taking funds out of your brokerage account?

Here might be a starting point: 1) Try to understand specific ID, tax lots, calculating the gain if you sell. 2) Reconsider using a taxable brokerage account instead of your workplace retirement account. You could do a post just on this topic. 3) Look at the safe harbor rules that talk about how you...
by Katietsu
Mon Jul 26, 2021 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA return of excess contribution in 2018. IRS says entire amount returned is taxable?
Replies: 15
Views: 1673

Re: Roth IRA return of excess contribution in 2018. IRS says entire amount returned is taxable?

Your original 1040 is wrong. Your original 8606 is wrong. You were fortunate to get advice for free from an expert in the field, ie Alan S. Bottom line, I would complete the 1040X. Submit it with the first page of the 1040 and the corrected 8606. Follow the directions for explanations that you recei...
by Katietsu
Sun Jul 25, 2021 3:37 pm
Forum: Personal Investments
Topic: When do you get taxed on taking funds out of your brokerage account?
Replies: 27
Views: 3264

Re: When do you get taxed on taking funds out of your brokerage account?

I think you should start learning about these concepts one piece at a time. It is good that you are asking questions now. I just looked back at some of your previous posts. I think you should learn more about taxes: taxes on investments, tax savings for retirement plan contributions, likely tax rate...
by Katietsu
Sun Jul 25, 2021 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Take advantage of high used car prices to "upgrade" to current year model?
Replies: 12
Views: 2015

Re: Take advantage of high used car prices to "upgrade" to current year model?

I do not have an answer but have been contemplating this myself. My DH has an SUV with about 55,000 miles. He has decided he is not confident about the long term prospects for the transmission and planned to replace before 70,000 miles and end of warranty. Under normal circumstances, could get about...
by Katietsu
Sat Jul 24, 2021 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Exceeded limit on tax deferred contributions?
Replies: 15
Views: 1215

Re: Exceeded limit on tax deferred contributions?

Are the 401k, 457b and 403b with the same employer. If so, they should make sure you do not exceed any limits. Though, as mervinj7 explained, the $58,000 limit will include only the 403b and 401k, so you are not near exceeding that limit.
by Katietsu
Sat Jul 24, 2021 8:36 pm
Forum: Personal Investments
Topic: When do you get taxed on taking funds out of your brokerage account?
Replies: 27
Views: 3264

Re: When do you get taxed on taking funds out of your brokerage account?

1) I recommend that you choose specific ID so that you can decide what shares to sell. You should be able to go into your account right now and show the tax lots. Each tax lot will have the same gain per share. You should be able to figure what your gain would depending on what you sell. It is all t...
by Katietsu
Sat Jul 24, 2021 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 deductions
Replies: 9
Views: 970

Re: 1099 deductions

You need to research the Sch C. You will probably not be eligible for a home office as deduction as the first requirement is regular and exclusive use for the business purpose. Equipment that is used for both personal and business use can be fully or partially deductible. You should read up on the d...
by Katietsu
Sat Jul 24, 2021 7:12 pm
Forum: Investing - Theory, News & General
Topic: Psychology behind TOO much emergency fund
Replies: 48
Views: 3227

Re: Psychology behind TOO much emergency fund

"And if having little cash/fixed income was guaranteed to get one to their goals faster, more people would do/recommend it" - Most do recommend less cash (3-6 months), no? Am I missing something? You are missing the part that “most” would not suggest 100% equities in the non-EF accounts. ...
by Katietsu
Sat Jul 24, 2021 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Submit a car insurance claim or not
Replies: 17
Views: 1464

Re: Submit a car insurance claim or not

So many are fearful of using a benefit (insurance) for which they pay money. Boggles the mind. Had some stuff happen, we would lose our loss free discount for 3 years, i.e. ~$150 total. We would get close to $2,000. No brainer. Broke tablet. Then broke phone 2 years later. Claimed both, $600 payout...
by Katietsu
Sat Jul 24, 2021 6:45 pm
Forum: Investing - Theory, News & General
Topic: Psychology behind TOO much emergency fund
Replies: 48
Views: 3227

Re: Psychology behind TOO much emergency fund

And keeping 100k cash sounds extreme and crazy to me - but I cannot do anything about it. Am I missing something here? Being 100% stock sounds crazy to me. Maybe it is the large EF that allows you to be so aggressive in the other accounts. And if having little cash/fixed income was guaranteed to ge...
by Katietsu
Sat Jul 24, 2021 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: Use credit card at stores instead of debit?
Replies: 150
Views: 9409

Re: Use credit card at stores instead of debit?

I do not generally use debit cards. The debit card I do have is linked to a checking account where I keep little cash. I would definitely not have overdraft protection linked to the account that has a debit card. However, I also do not think access to the debit card alone would allow a criminally mi...
by Katietsu
Sat Jul 24, 2021 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: SSA Survivors Benefit Appeal in July 2021
Replies: 15
Views: 1430

Re: SSA Survivors Benefit Appeal in July 2021

When we moved, my wife needed to get a new Driver's License for our new state of residence. She went to the DMV with all of the required paperwork, including her birth certificate and marriage license (since she had taken my name as her married name). The DMV person rejected marriage license since ...
by Katietsu
Sat Jul 24, 2021 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Looking to change careers, but feel stuck. Dissatisfied with life.
Replies: 51
Views: 6579

Re: Looking to change careers, but feel stuck. Dissatisfied with life.

You mentioned that you were interested in a few alternative careers. I would really try to get on the ground exposure before changing careers again. Talk to people with that job. Shadow, volunteer, work at entry level in the field/environment that you are interested in. You might find out that the d...
by Katietsu
Fri Jul 23, 2021 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: SSA Survivors Benefit Appeal in July 2021
Replies: 15
Views: 1430

Re: SSA Survivors Benefit Appeal in July 2021

I do not believe the form you referenced is relevant for your situation. I would try to reach your local office by phone. I had no trouble reaching mine though others have reported significant problems. I doubt that walk ins are accepted. Some offices had started appts for special circumstances. But...
by Katietsu
Thu Jul 22, 2021 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: Splitting inheritance among heirs with unequal IRA beneficiary
Replies: 35
Views: 2770

Re: Splitting inheritance among heirs with unequal IRA beneficiary

.......... If your Aunt wanted her IRA divided equally, I assume she would have named beneficiaries accordingly. ....... Of course at the time the OP was made beneficiary the IRA may have been valued similarly to the other assets and she may not have thought of any major increases that may occur. I...
by Katietsu
Thu Jul 22, 2021 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Apple Pay: value vs. chip credit card
Replies: 77
Views: 5669

Re: Apple Pay: value vs. chip credit card

Useful. I have not set up Apple Pay. I couldn’t decide which credit card I wanted to use so I just keep putting it off. But, 3 times in the last month, I have ended up 5 miles down the road when I realized that I had no form of payment with me. But I always have my phone. This is going to be the inc...
by Katietsu
Thu Jul 22, 2021 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: IRS tells me to call then disconnects me
Replies: 21
Views: 2829

Re: IRS tells me to call then disconnects me

Haha love this community, thank you all for your replies! I am actually on hold with them now... they said 7-10 minutes wait time (I'm 12 minutes in)... it's the first time that I have not gotten the "we are too busy and are disconnecting you now" message. If I get any info that may be us...
by Katietsu
Thu Jul 22, 2021 10:42 am
Forum: Personal Finance (Not Investing)
Topic: House for my daughter
Replies: 31
Views: 4252

Re: House for my daughter

I second the advise to send her to the white coat investor. He has expanded offerings so there are podcasts, blogs, Facebook groups, etc. I would strongly recommend spending the $15 or so for his book. My personal opinion is that very few physicians should purchase a home immediately after residency...
by Katietsu
Wed Jul 21, 2021 10:28 pm
Forum: Personal Investments
Topic: might or might not need to backdoor Roth -- how do I prepare?
Replies: 5
Views: 728

Re: might or might not need to backdoor Roth -- how do I prepare?

So my questions are: 1. Is the above thinking even correct? Can I do this? 2. Given that I don't want to close the Rollover IRAs if I don't have to, can I wait until end of 2020 to determine our real MAGI? And then begin this process? Or do I need to get all this done in calendar 2020? 3. Similar t...
by Katietsu
Wed Jul 21, 2021 6:24 pm
Forum: Personal Finance (Not Investing)
Topic: Dad diagnosed with Stage III cancer: postpone home purchase? Down payment?
Replies: 16
Views: 2158

Re: Dad diagnosed with Stage III cancer: postpone home purchase? Down payment?

You were not planning on moving forward for another 6 months anyway. I would not do anything now. If Mom would not live on her own if/when Dad passes, what type of help might she need with Dad sick? Stage 3 cancer can mean very different things so I hesitate to give specific advice. I will just say ...
by Katietsu
Wed Jul 21, 2021 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: out of town, purse stolen, starting new in NYC
Replies: 7
Views: 936

Re: out of town, purse stolen, starting new in NYC

This is what I would do: 1) Contact Vanguard and tell them what happened. You do not want to become a further victim of crime. 2) Do you have other financial accounts that the criminal may now have information about? If so, at minimum, call. When this happened to a relative, they were able to add a ...
by Katietsu
Wed Jul 21, 2021 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard 2-step verification almost every single time!
Replies: 55
Views: 5313

Re: Vanguard 2-step verification almost every single time!

Remember the days that most people left their doors unlocked? Long gone and never coming back! :( Not necessarily long gone, that depends on where you live. Yup. I learned a long time ago that the chance I locked myself out of my house was orders of magnitude higher than a bad actor trying to get in.
by Katietsu
Wed Jul 21, 2021 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Still waiting on amended federal tax return processing, anybody have stories of long waits?
Replies: 26
Views: 1998

Re: Still waiting on amended federal tax return processing, anybody have stories of long waits?

Me too. Filed in March, then filed amended return in March. IRS "where's my return" site says they received my amended return, but that's it. The 16 weeks they said it may take have passed. Did you get your refund (or have your payment withdrawn) with your initial return? Yes, in my case,...
by Katietsu
Mon Jul 19, 2021 11:49 pm
Forum: Personal Consumer Issues
Topic: Sizing Window AC for Small Rooms
Replies: 28
Views: 1689

Re: Sizing Window AC for Small Rooms

As a temporary move, $15 worth of foam and weatherstripping and your portable unit should be more than up to the task. I think you are spending too much energy trying to cool the great outdoors. Add $5 for a temporary light blocking blind to keep the sun from coming in and you will buy yourself time...
by Katietsu
Sun Jul 18, 2021 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Drop Collision Comp Insurance - Forbes
Replies: 46
Views: 4269

Re: Drop Collision Comp Insurance - Forbes

Many years ago, I dropped collision on an old car but kept comprehensive. The latter was very inexpensive at the time. Destroyed the car. My fault. Second car involved. Call my insurance expecting nothing to me. The agent asks if any windows were broken. I ended up getting almost the value of the ca...
by Katietsu
Sun Jul 18, 2021 6:56 pm
Forum: Investing - Theory, News & General
Topic: What would happen if a person owned the Total Market and pull out their profit each year putting it in a saving account.
Replies: 53
Views: 6215

Re: What would happen if a person owned the Total Market and pull out their profit each year putting it in a saving acco

So, in up years, you would sell enough stock to equal the gains and put that cash in a savings account? And you would also put the dividends in a savings account? Meanwhile in a down year, you would do nothing? Sounds like the balance in equities would go down and the balance in the savings account ...
by Katietsu
Sun Jul 18, 2021 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Learned A New Term Today - Coast Fire
Replies: 33
Views: 4230

Re: Learned A New Term Today - Coast Fire

Deciding that 75% of your retirement nest egg in 15 years will be gains from your $1 million is the only concerning part of your plan. I happened to have a small retirement in 2000. Nothing was added after that. In 2012 or so, it was still worth the same amount after a decade in mostly equities. I d...
by Katietsu
Sun Jul 18, 2021 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Learned A New Term Today - Coast Fire
Replies: 33
Views: 4230

Re: Learned A New Term Today - Coast Fire

The last "mega corp" I was with put everyone into High-Deductible /with HSA plans. The plan (from what I could tell based on a loose look at co-pay/co-insurance/maximum out-of-pocket) was near identical to what was available in the state ACA marketplace. The only difference was the employ...
by Katietsu
Sat Jul 17, 2021 8:53 pm
Forum: Personal Consumer Issues
Topic: Wireless Router Recommendations for House?
Replies: 59
Views: 3549

Re: Wireless Router Recommendations for House?

There is no one answer. Everything is a trade off. Getting the fastest signal to all parts of the house will require either more expense and/or more work. But maybe you do not need the maximum speed everywhere. I have 200 speed coming into my house but I am OK with a drop to 90 in my office. The onl...
by Katietsu
Sat Jul 17, 2021 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to find a tenant to takeover lease
Replies: 34
Views: 2484

Re: How to find a tenant to takeover lease

I do not understand all the posts that seem to make this harder than it is. I would be grateful the landlord was giving me the opportunity to have more control and influence on resolving this situation that I, as the tenant, created for myself. I do not know anything about the OP’s area. Advertising...
by Katietsu
Sat Jul 17, 2021 10:34 am
Forum: Personal Finance (Not Investing)
Topic: 1099 Income based off W2 Compensation?
Replies: 5
Views: 596

Re: 1099 Income based off W2 Compensation?

Use box 3 instead of box 1 for wages. That eliminates some of the math. Box 3 includes your 401k contributions as well as potentially certain other benefits. DD in box 12 will be the total cost of health insurance -both your part and the employer’s contribution. So add that to the box 3 amount. The ...
by Katietsu
Fri Jul 16, 2021 7:24 pm
Forum: Personal Consumer Issues
Topic: How much do you spend on a hotel per night on a family vacation?
Replies: 132
Views: 13923

Re: How much do you spend on a hotel per night on a family vacation?

For us vacation hotels are just a place to crash at night. We don't spend our days there. This is my DH and the in laws. I (and my family), on the other hand, do not feel it is much of a vacation if we must get up, get going, and be “doing” something for the next 16 hours. I have plenty on my to do...
by Katietsu
Fri Jul 16, 2021 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Snail Mail Amended IRS Return Timeline?
Replies: 8
Views: 491

Re: Snail Mail Amended IRS Return Timeline?

Actually, they probably have not processed your 2020 amended return either. Even though you filed it, the 1040-X still must go through a person which probably will not happen for another few months. And, I would be surprised if there was any matching of the 2020 report of an excess contribution wit...
by Katietsu
Fri Jul 16, 2021 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Snail Mail Amended IRS Return Timeline?
Replies: 8
Views: 491

Re: Snail Mail Amended IRS Return Timeline?

Actually, they probably have not processed your 2020 amended return either. Even though you filed it, the 1040-X still must go through a person which probably will not happen for another few months. And, I would be surprised if there was any matching of the 2020 report of an excess contribution with...
by Katietsu
Fri Jul 16, 2021 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Would >$100k in personal liability coverage on renters insurance make a landlord suspicious?
Replies: 14
Views: 1093

Re: Would $500k in personal liability coverage on renters insurance make a landlord suspicious?

Weird. I think even my first renters policy, 3 decades ago, had more than $100,000 liability coverage.
by Katietsu
Fri Jul 16, 2021 6:52 am
Forum: Investing - Theory, News & General
Topic: Tax Sheltered Savings - When to dial it back?
Replies: 57
Views: 6230

Re: Tax Sheltered Savings - When to dial it back?

OP, when you get closer to retirement, look for one of those rare birds that does a good job modeling Roth conversions. For some people, the answer as to whether or how to do Roth conversions is obvious. For you, the answer will probably be yes but the optimal schedule of conversions will probably n...
by Katietsu
Thu Jul 15, 2021 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth, But Income Was Actually Below Threshold - Need 8606? 1040x?
Replies: 6
Views: 410

Re: Backdoor Roth, But Income Was Actually Below Threshold - Need 8606? 1040x?

You need to report it one way or the other. You get to decide which way since you are eligible for both. (Everyone with earned income can make a non deductible contribution if they want.) Option 1 is to take the deduction in 2020 using Sch 1 and then you will need to add that amount to your taxable ...
by Katietsu
Thu Jul 15, 2021 6:45 pm
Forum: Personal Consumer Issues
Topic: Dealership used incorrect oil viscosity for car. Should it be changed to the correct viscosity?
Replies: 34
Views: 4918

Re: Dealership used incorrect oil viscosity for car. Should it be changed to the correct viscosity?

The 5W20 is fine.....BUT it is a synthetic blend which in todays oils is essentially conventional. At one time all 0W-20 are synthetic oils since conventional could not make that spec. This as changed in the recent past though. I would object at paying synthetic oil change price and getting semi sy...
by Katietsu
Thu Jul 15, 2021 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Home Affordability
Replies: 30
Views: 1846

Re: Home Affordability

I would plan for some daycare/pre school expenses. You should not count on grandparents to watch 3 little kids, including a newborn and a 1 year old on a full time basis, even if they say they are thrilled to do it. Besides, you will probably want the kids at least part time in a pre school setting ...