Search found 7632 matches

by Katietsu
Mon Mar 18, 2024 11:27 pm
Forum: Personal Finance (Not Investing)
Topic: Employer withheld taxes from my paycheck but wasn't paying the IRS and state
Replies: 14
Views: 1607

Re: Employer withheld taxes from my paycheck but wasn't paying the IRS and state

rob wrote: Mon Mar 18, 2024 10:03 pm Don't play cop here... Your W2 is what it says and the IRS/State should be talking to the employer if they did not remit, so open an issue for both to resolve.
Agree. This really is not a rare situation with small businesses. The IRS and state tax department will have their own process in place to deal with it.
by Katietsu
Mon Mar 18, 2024 11:08 pm
Forum: Personal Investments
Topic: Help with form 8606
Replies: 2
Views: 224

Re: Help with form 8606

What month and year was each contribution and conversion actually done?
by Katietsu
Sun Mar 17, 2024 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Over 80, take more than minimum RMD? Advice?
Replies: 18
Views: 1883

Re: Over 80, take more than minimum RMD? Advice?

Unless you wish to spend it in the present, why prefer an extra withdrawal instead of additional Roth conversions? If you do the Roth conversion, you pay the taxes now and avoid the impact of a future tax increase to at least the same degree as with a withdrawal. Additionally, you probably are eliminating the tax drag from dividends by remaining in an IRA. And you eliminate tax on future capital gains should you decide to spend it in your lifetime or just want to change investments. And if your children do inherit they get to take advantage of the reduced tax drag and untaxed capital gains for another ten years. You can debate whether it is best to do a Roth conversion or keep a healthier balance in traditional. You can debate a withdrawal ...
by Katietsu
Sat Mar 16, 2024 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Confused about 1099-Q and 1098-T
Replies: 19
Views: 1431

Re: Confused about 1099-Q and 1099-T

I try to make your numbers work but could not come up with a definitive explanation. Is there a Form 8863 as part of your return?

Taxable portions of 529 distributions are considered unearned income. If your son does have $4142 of unearned income, he would need to file a return. He would also be subject to the kiddie tax given his age, full time student status and lack of earned income.
by Katietsu
Sat Mar 16, 2024 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: Concern for Possible Fraud... New Account Needed?
Replies: 29
Views: 2010

Re: Concern for Possible Fraud... New Account Needed?

Not everyone is on the same schedule. I would be pretty annoyed if my bank judged the hours I did transactions or what part of the country the vendor lived with whom I chose to do business. I do not consider either of these things to be a red flag. Alerts not triggered by a bank fraud algorithm are going to be personalized by the user at each of my banks. Text messages are going especially require you to proactively sign up. My spouse, myself and my parent all have made different choices about how and for what we want to be notified. I have an ATM only card at one bank. My other bank does not offer an ATM only card but does allow me to keep the card locked at all times. I will not own a Debit Card that is unable to be locked. I use one chec...
by Katietsu
Sat Mar 16, 2024 7:42 am
Forum: Personal Consumer Issues
Topic: Dumped from PT due to low Medicare reimbursements?
Replies: 59
Views: 3776

Re: Dumped from PT due to low Medicare reimbursements?

Consider that if you present yourself to your providers as you have in this thread, you may not be getting an honest opinion. You are clearly adamant in your position. It may be that you are influencing the advice you are being given and it is not the provider’s independent opinion. The person who made the conclusion to discharge you from care could be able to make a more objective decision concerning the insurance guidelines because they were not personally interacting with you.
by Katietsu
Sat Mar 16, 2024 6:17 am
Forum: Personal Finance (Not Investing)
Topic: Dealing with empty tIRA account after back door Roth IRA
Replies: 13
Views: 1690

Re: Dealing with empty tIRA account after back door Roth IRA

To directly answer your questions: 1. Happens all the time. It is not a problem. 2. There is no reason to open and close the traditional IRA each year. It is unnecessary. 3. No, do not withdraw the $7 to a money market. Leave it where it is until next year or convert to the Roth now. You might be confused by all the back door Roth articles that tell you to have a $0 traditional IRA balance. This is not actually a requirement. It is just that having a large not yet taxed balance in the traditional IRA can make the max consequences for the non deductible contribution and subsequent conversion. Back when conversions required a lot of paperwork, literally on paper, and I would only convert every other year and often had a couple hundred of taxa...
by Katietsu
Fri Mar 15, 2024 12:32 am
Forum: Personal Finance (Not Investing)
Topic: Two accountants disagree about Backdoor Roth and Potentially Screwed up our accounts
Replies: 27
Views: 3589

Re: Two accountants disagree about Backdoor Roth and Potentially Screwed up our accounts

The Form 8606 for 2022 will be simple. The $7000 will go on multiple lines of part 1 and that will be about it. The 2023 Form 8606 will actually require math.

Slow down. I would not just move $700k from an IRA just to make a few years of pro rata free back door Roth contributions. What was done is already done. Now, consider things like fees and fund choices in the 401k before moving that large of a sum for just a few years of contributions before starting your anticipated conversion plan. A taxable brokerage account invested in a total stock index ETF is pretty tax efficient. This is not to suggest that the transfer of the tax deferred portion of the traditional IRA is a bad idea, just that it is not a slam dunk.
by Katietsu
Fri Mar 15, 2024 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Taxpayer Protection Program Notification?
Replies: 2
Views: 396

Re: Taxpayer Protection Program Notification?

My recollection is that the letter will include a special phone number which will get you directly to the people who will work to verify that you are who you say you are.
by Katietsu
Wed Mar 13, 2024 8:38 pm
Forum: Personal Consumer Issues
Topic: Vanguard just won't stop sending me paper mail
Replies: 36
Views: 3800

Re: Vanguard just won't stop sending me paper mail

I resolved a similar issue by changing my email address on file with the brokerage. I used an address with a different email provider just for good measure.
by Katietsu
Wed Mar 13, 2024 1:11 am
Forum: Investing - Theory, News & General
Topic: ReadOnly Accounts and trading with Advisors
Replies: 11
Views: 1243

Re: ReadOnly Accounts and trading with Advisors

At least some of the robo advisors would work this way.
by Katietsu
Mon Mar 11, 2024 8:09 pm
Forum: Personal Investments
Topic: SS is insufficient, very little savings, what's the best option
Replies: 49
Views: 7793

Re: SS is insufficient, very little savings, what's the best option

If they want to stay local, look around for the best interest rates for the $20,000 at banks and credit unions. My credit union has a CD at 5.35% and a regional bank has a money market at 4.5%.

Given that she is still working, they could contribute to Roth IRAs. Maybe open the Roth IRA account at Fidelity and use Fidelity Freedom Index 2025 Fund. No decisions to make. Easy. Contributions can come out whenever needed. If they have never had a Roth, they would need to wait until January 2029 to take out earnings without creating taxable income.
by Katietsu
Mon Mar 11, 2024 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Tax software which can calculate income exempt from state taxes?
Replies: 21
Views: 1478

Re: Tax software which can calculate income exempt from state taxes?

I was thinking along similar lines this weekend as spent an hour searching for the % of federal obligations for 4 funds. One brokerage supplied this information but the other did not. I was wondering if there was a service where you could type in the ticker symbol and get the tax information for things like federal obligations and foreign taxes. I have no issue doing the multiplication and entering the amount that is state tax exempt, I just don’t want it to be so hard to find the needed input.
by Katietsu
Mon Mar 11, 2024 2:05 pm
Forum: Personal Consumer Issues
Topic: Wisdom of cross-country, one-way RV rental (with a cat)
Replies: 37
Views: 3011

Re: Wisdom of cross-country, one-way RV rental (with a cat)

Have you traveled with a kitten? Your plan would have been a horrible idea with all but one of the cats that I have owned. I did need to do regional travel with 3 of my cats at times. Can not imagine trying to carry out your plan. I doubt a cat would be allowed in a rented RV. Hotel pet policies can vary but acceptance of dogs is much higher than cats. They can cause damage with scratching and urinating even if they do not at home. They can hide to make it hard to find them. If you do find them, you may have trouble getting a hold of them. With 6 humans, I am not sure it will be possible to keep the cat from getting out of the RV and exploring on their own. You can not give them free access to any compartment that includes the driver or the...
by Katietsu
Mon Mar 11, 2024 7:51 am
Forum: Personal Finance (Not Investing)
Topic: Quick way to efile an extension?
Replies: 16
Views: 775

Re: Quick way to efile an extension?

Free TT does it free. You can also just go on irs.gov and make an extension payment of $1 You mean at directpay? I tried that but had to attest I was the taxpayer requesting an extension and it didn't sit right with me. . Yes she's MFS and has paid more than enough to do this without an extension payment. I think you may misunderstand. You are requesting an extension by the act of making the extension payment. You are getting the extension in what takes me under 30 seconds. I made a $1 payment this year because I too had already paid enough. My refund will just be $1 more. It sounds like OP is doing this on behalf of the taxpayer and is uncomfortable making an attestation online with IRS that the person clicking the keys IS the taxpayer. O...
by Katietsu
Mon Mar 11, 2024 7:16 am
Forum: Personal Finance (Not Investing)
Topic: Quick way to efile an extension?
Replies: 16
Views: 775

Re: Quick way to efile an extension?

montanagirl wrote: Mon Mar 11, 2024 7:05 am
nalor511 wrote: Sun Mar 10, 2024 8:32 pm
yogesh wrote: Sun Mar 10, 2024 8:31 pm
montanagirl wrote: Sun Mar 10, 2024 8:27 pm
yogesh wrote: Sun Mar 10, 2024 8:25 pm TurboTax extension filing was rather smooth for me.
Nice. How much did it cost?
Free
TT does it free. You can also just go on irs.gov and make an extension payment of $1
You mean at directpay? I tried that but had to attest I was the taxpayer requesting an extension and it didn't sit right with me.
.
Yes she's MFS and has paid more than enough to do this without an extension payment.
I think you may misunderstand. You are requesting an extension by the act of making the extension payment. You are getting the extension in what takes me under 30 seconds. I made a $1 payment this year because I too had already paid enough. My refund will just be $1 more.
by Katietsu
Sun Mar 10, 2024 11:51 am
Forum: Personal Finance (Not Investing)
Topic: How best to make up for the failure to file a tax return
Replies: 38
Views: 2636

Re: How best to make up for the failure to file a tax return

Just send the return with no penalties. The IRS may not bill you at all for something like this. If son received a bill, you can request a penalty waiver at that point and it will be read.
by Katietsu
Sat Mar 09, 2024 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: When do the negatives of Pro Rata outweigh the positives of a Backdoor Roth?
Replies: 11
Views: 1185

Re: When do the negatives of Pro Rata outweigh the positives of a Backdoor Roth?

Contributions are reported based on the tax year associated with the contribution. The planned recharacterization makes it as if the contribution has always gone to the traditional IRA. So you will report the 2023 contribution on the Tax Year 2023 Form 8606. Similarly, you will report the 2024 contribution on the Tax Year 2024 Form 8606.

Conversions are reported in the year they occur. So no conversions will be reported on the income tax forms being completed now. I think it is easier to complete the tax reporting if you remember that the IRS views the contributions and conversions as separate events.
by Katietsu
Fri Mar 08, 2024 7:25 pm
Forum: Investing - Theory, News & General
Topic: Taxation of Treasury bills, notes and bonds
Replies: 1028
Views: 149493

Re: Report Gain from Selling T-Bill as Interest Income?

Did you sell the T bill before its maturity date? Or did you hold on to it until it matured? These two situations will show differently on the tax forms.
by Katietsu
Fri Mar 08, 2024 6:07 pm
Forum: Personal Consumer Issues
Topic: Drop Homeowner Ins- Self Insure
Replies: 63
Views: 4442

Re: Drop Homeowner Ins- Self Insure

I recently went through this process. My umbrella policy requires $100,000 personal liability associated with the property. I must provide the declaration page for the homeowners to the insurance company with the umbrella policy. I looked at different deductible amounts and that made little difference. However, I did get a quote for what they called “bare bones.” It did have $500k liability. Still had same dollar coverage for dwelling. But personal property coverage was lower. There was no coverage for things like outbuildings, sewage back up and living expenses if displaced. It was half the cost and seems to adequately meet my needs on this particular property. Maybe ask an independent agent to look at less comprehensive coverage that stil...
by Katietsu
Fri Mar 08, 2024 5:49 pm
Forum: Personal Finance (Not Investing)
Topic: How to make sure 2024 does not add 2 RMD on one 1099
Replies: 5
Views: 432

Re: How to make sure 2024 does not add 2 RMD on one 1099

Mr.D315 wrote: Fri Mar 08, 2024 4:40 pm My mother missed her RMD for 2023; I think I have how to work that for this tax year 2023, but how do I make sure Vanguard makes her 2024 1099 RMD correctly?


Thanks,
What do you think the way to work that for 2023 would be?

You will need a Form 5329 for 2023. However, the amount withdrawn in 2024 will be taxable income for 2024 regardless of whether you are withdrawing to meet 2023 RMD requirements or not. Do not confuse this situation with removing an excess contribution which is reported relative to the tax year even if withdrawn the following year.
by Katietsu
Fri Mar 08, 2024 1:19 pm
Forum: Personal Consumer Issues
Topic: Longtime iPhone user looking at Pixel - what to know?
Replies: 60
Views: 4776

Re: Longtime iPhone user looking at Pixel - what to know?

The problem is not that the message is green. The problem is that there are practical implications.

I just sent a video of my niece to my family group. It would not initially send because one sibling uses an Android. I had the remove her from the group. Then I had to create separate clips to send her the video in parts. I am not sure she even received them then.
by Katietsu
Thu Mar 07, 2024 3:59 pm
Forum: Personal Consumer Issues
Topic: Home phone (copper) solution for parents
Replies: 26
Views: 2493

Re: Home phone (copper) solution for parents

Last time that I checked, Ooma supported using a fax machine.
by Katietsu
Wed Mar 06, 2024 10:33 pm
Forum: Personal Investments
Topic: 1099 R - Roth IRA conversion and closure
Replies: 10
Views: 1179

Re: 1099 R - Roth IRA conversion and closure

You will have taxable income from the conversion. The full $6500 will not be taxed but about 80% of it probably will be. You will have a basis in your traditional IRA that can reduce your taxes in the future should you convert or withdraw from the traditional IRA. The Roth withdrawal will not create taxable income on the $6500. However, there will be a 10% early withdrawal penalty on the same amount that was taxed assuming you are under 59.5 yrs old.
by Katietsu
Wed Mar 06, 2024 5:55 pm
Forum: Personal Consumer Issues
Topic: Blackout shades for bedroom
Replies: 30
Views: 2153

Re: Blackout shades for bedroom

Very happy with the blackout shades that I just purchased at Ikea. They were less expensive and much nicer both than my previous purchases from the Home Depot type stores.
by Katietsu
Wed Mar 06, 2024 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]
Replies: 58
Views: 5571

Re: Tax Issue: Etrade 1099-INT Heads Up

I was made aware that this was coming by a few bogleheads who keep track of their interest and dividends better than either I or Morgan Stanley does.


viewtopic.php?p=7705781
by Katietsu
Mon Mar 04, 2024 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Helping mom with finances - how do I get access?
Replies: 48
Views: 3872

Re: Helping mom with finances - how do I get access?

To get back to your original post, I would strongly consider the POA regardless of whatever other actions are taken. Having a POA is not an indication of your mother’s competence. In fact, my spouse has never had to use the POA that was put in place for his parents even though it has been 25 years. If he did attempt to use it at this point even for informational purposes, his parent would be quite unhappy. Unfortunately, I had to scramble to get a POA in place for my parents due to an acute medical event. I have had agent authorization for my spouse’s retirement accounts since we were about 40. I could view, trade and discuss the accounts but not withdraw. More recently, we set up DPOAs in our fifties. I only provide these details to let yo...
by Katietsu
Mon Mar 04, 2024 9:41 am
Forum: Personal Finance (Not Investing)
Topic: How to convince Turbotax that my 1099-R distribution is not taxable?
Replies: 12
Views: 1506

Re: How to convince Turbotax that my 1099-R distribution is not taxable?

I am not familiar with TT Online for more complex return issues. The TT download has an IRA worksheet where you can go in and pretty easily enter previous contributions, conversions and distributions. I did so about 5 years ago when I committed to using TT for the foreseeable future. The worksheet updates automatically each year as long as I enter all the relevant information during the current year return preparation process. I also keep a folder, paper in my case, with all the 5498s, 8606 forms, 1099-Rs and record of deductible contributions. There is also a handwritten running total of the relevant numbers. (I am trying to decide if I should keep these records and keep them up, after I turn 59.5 years old.)
by Katietsu
Sun Mar 03, 2024 10:03 am
Forum: Personal Investments
Topic: Questions from Experience with (Attempted) TIAA Roth Conversion
Replies: 25
Views: 2355

Re: Questions from Experience with (Attempted) TIAA Roth Conversion

Between my spouse and I, we have had 403b accounts with 3 providers. We have moved funds from two, that are not TIAA. Both required spousal consent with a witnessed signature. They both also required a phone call to get the form. This last one was also clear that the form created would only be valid for 60 days. So as unwieldy as the TIAA process seems, it does not appear to be unique to TIAA.
by Katietsu
Sat Mar 02, 2024 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Filing taxes for late Required Minimum Distribution
Replies: 3
Views: 488

Re: Filing taxes for late Required Minimum Distribution

There are two parts to the missed RMD. The easy one to address is the withdrawal in 2024. It will be reported a year from now on your 2024 taxes as will the associated withholding. It will be treated like any other distribution. In fact, it will just be more dollars on the same 1088-R that you will be getting for the 2024 RMD. The second part is the penalty for missing the withdrawal in 2023. This you will need to address with the 5329. The rules have changed for 2023. I believe your choices would be to pay the new 10% penalty for missed RMDs corrected within 2 years or to request a waiver for reasonable cause following the same procedure that has been used in years past. It is possible that the IRS will be less likely to grant waivers now ...
by Katietsu
Sat Mar 02, 2024 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Questions on 1099-Rs from Fidelity for Backdoor Roth Conversion
Replies: 22
Views: 1276

Re: Questions on 1099-Rs from Fidelity for Backdoor Roth Conversion

Yes you can use the online product. But it will cost you. Maybe more than you expect. You can decide the cost is worth the ease of using a familiar product. Or you can take this opportunity to switch to one of the lower cost products such as FreetaxesUSA.
by Katietsu
Fri Mar 01, 2024 4:20 pm
Forum: Personal Investments
Topic: PlanVision vs Maxifii/NewRetirement/ProjectionLab
Replies: 30
Views: 2407

Re: PlanVision vs Maxifii/NewRetirement/ProjectionLab

I think each has their strengths and weaknesses, and it depends on your situation and what you plan to get out of it - e.g. Roth conversions, modeling different income streams, projecting expenses, etc. The advantage with Planvision, as you mention, is that you can talk to someone in case you aren't sure if you covered all bases. When I get to the stage when I will need a tool for executing my retirement, I plan to use Planvision, Pralana and Maxifii - all together for the first year to see which one works for my needs. Thanks. My wife and I are in our 30s with two pre-school aged kids and planning for a third. We make a good living and put 20% of gross towards retirement, so I know we’re saving enough. I’m mainly interested in modeling th...
by Katietsu
Wed Feb 28, 2024 10:41 am
Forum: Personal Finance (Not Investing)
Topic: TIAA 2/3 option versus 50%/75% survivor
Replies: 8
Views: 914

Re: TIAA 2/3 option versus 50%/75% survivor

That is interesting. I have not heard of it. But I am not sure why you are considering it a no brainer based on when you die. Isn’t there a significant savings with the 2/3 option for TIAA if your wife dies before you, especially well before you? For instance, if your wife dies shortly after you start the annuity, your monthly amount drops to $2983 for potentially 25 plus years. Look at the numbers again, for instance, for your wife passing away at 5 years and you living another 20 years.
by Katietsu
Sun Feb 25, 2024 5:46 pm
Forum: Personal Finance (Not Investing)
Topic: Find it confusing to leverage AOTC - 529
Replies: 26
Views: 2570

Re: Find it confusing to leverage AOTC - 529

You can use the full amount of tuition to claim the AOTC or the LLC credit. If still eligible for AOTC, you can also add in cost of books and mandatory supplies. If this is a bachelor’s degree and this semester was during the fifth calendar year, all four years of AOTC may have been claimed already. You are right that you can not exclude all 529 distributions from income and also use those funds to claim an education credit. But you can include a pro rated part of the distribution that represents earnings in your income and claim the credit on the distribution. There is no penalty just extra income. It sounds like Turbotax may be doing this correct. If you look at IRS Pub 970 pages 45-47, this may make more sense. There is a very on point e...
by Katietsu
Sun Feb 25, 2024 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question - Neglected to Report Roth Conversion
Replies: 17
Views: 1353

Re: Tax Question - Neglected to Report Roth Conversion

In 2023, I did a small ($100) Roth conversion to start the Roth Clock. I e-filed my federal taxes yesterday (I owe a few thousand $), and after filing, I realized that I had not reported the $100 Roth conversion. I think the reason I did not report it was that Taxact did not prompt me for a Roth Conversion - only a Roth contribution - which I entered as $0. (In other words, I did not think it was appropriate to report the conversion as a contribution. I may have been wrong on that.) I would like to pay the small taxes due on the $100 conversion. Is it necessary for me to file an amended return, or would it be sufficient just to compute the tax due and add that amount to the payment I make to the Treasury? they will likely refund the overpa...
by Katietsu
Sun Feb 25, 2024 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question - Neglected to Report Roth Conversion
Replies: 17
Views: 1353

Re: Tax Question - Neglected to Report Roth Conversion

Did you get a 1099-R associated with this IRA? Were you over 59.5 yes old? If so, the 1099-R will be the same as any withdrawal regardless of what you did with the money. Is there anything on Form 1040, line 4?
by Katietsu
Sat Feb 24, 2024 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard 1099-R Distribution Code for Backdoor Roth
Replies: 2
Views: 490

Re: Vanguard 1099-R Distribution Code for Backdoor Roth

Because the money left the IRA and you are over 59.5 years old.
by Katietsu
Sat Feb 24, 2024 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: Concerns about using K. Hovnanian builder's mortgage and Identity theft
Replies: 16
Views: 1468

Re: Concerns about using K. Hovnanian builder's mortgage and Identity theft

All of your private info has already been compromised multiple times, even if you haven't received notification. This. People just need to give up the idea that their information is private and that the whole world doesn't already have access to your SSN and other financial data. Everyone should assume all their information is out in the ether and just take precautions (Freeze all credit agencies, get an IRS filing PIN, create IRS/SSA Gov accounts, etc) and move on with their lives. I've had my reports frozen since 2010 / 2011, well before it was trendy. In that time I've done 4 mortgages / HELOC's and several credit cards. Each time, I waited until I got a call/notification from the lender they were unable to pull my credit report because...
by Katietsu
Fri Feb 23, 2024 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Attachments when e-filing
Replies: 11
Views: 1135

Re: Attachments when e-filing

Re: HRB e-file and attachments (any, not situation specific as I read it), this response from an HRB rep (documented in referenced thread), made wonder if it works? “ wrote: ↑Sun Mar 08, 2020 6:04 pm OK. Just reporting what happened. I was able to reach H&R Block support via the chat method. The representative asked me if it was a home or business return. I replied "Home." This is what she replied: Image Navigate through the File tab. At the E-file Your Return page, hit the "Send" button. A dialog box which says "YOUR RETURN WILL NOW BE TRANSMITTED TO THE IRS" will appear. Click "OK." On the screen labeled "YOUR PDF ATTACHMENTS," click "ATTACH." Navigate to the file you need t...
by Katietsu
Wed Feb 21, 2024 4:32 pm
Forum: Personal Investments
Topic: Super beginner question about my current work retirement funds
Replies: 16
Views: 1911

Re: Super beginner question about my current work retirement funds

Since the T Rowe Price account is small, you could consider moving everything to a Roth IRA. If you go ahead and move the traditional 401k to a Roth, you will need to include the amount in your taxable income. So consider how much taxes you would pay when making your decision.
by Katietsu
Wed Feb 21, 2024 4:10 pm
Forum: Personal Investments
Topic: Brokered CDs vs Treasuries and Flexibility
Replies: 12
Views: 1442

Re: Brokered CDs vs Treasuries and Flexibility

I am risk adverse. So I would just use a money market treasury fund. I have also owned BIL an ETF which consists of 1-3 month treasuries. BILS holds 3 to 12 month treasuries. Right now, the rate on 6 month and under treasuries is still higher than the longer maturity treasuries. So, if I might be using the money soon, I would have trouble going out very far on the length.
by Katietsu
Tue Feb 20, 2024 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: DIRECT PAY to IRS from bank account: Issues? Cautions?
Replies: 35
Views: 3096

Re: DIRECT PAY to IRS from bank account: Issues? Cautions?

There are two ways to accomplish what you want. Direct Pay does not require an account but EFTPS does. As far as setting up an account to see the payment made via Direct Pay, it seems unnecessary to me. I have watched my bank account to verify that the withdrawal was made. But the chance that my account would not be credited seems too rare to worry about. If you did not feel the need to set up an account to see the payment that was mailed, I would expect that you would trust the electronic payment was properly recorded. Last year was my first with a credit card with more than 2% cash back and paying with the credit card went as expected.
by Katietsu
Tue Feb 20, 2024 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding a young adult driver who no longer lives at home from my insurance policy
Replies: 34
Views: 2533

Re: Excluding a young adult driver who no longer lives at home from my insurance policy

KingofRMDtorpedo wrote: Tue Feb 20, 2024 6:50 pm

Of course the explanation for not being insured continuosly could also be not owning a car...if we are expected to have car insurance as non-car owners then beam me up scotty :D
If you have a break in car insurance because you were not driving, that may be logical. However, it also makes you a higher risk driver. We are not generally as good at things we have not done in a while.
by Katietsu
Sun Feb 18, 2024 11:28 pm
Forum: Personal Finance (Not Investing)
Topic: Online Tax Software for 25 year old.
Replies: 31
Views: 2352

Re: Online Tax Software for 25 year old.

Thanks. Seems like any would be a good choice.
by Katietsu
Sat Feb 17, 2024 4:04 pm
Forum: Personal Investments
Topic: Should my 21-year old nephew fire his financial advisor?
Replies: 99
Views: 10672

Re: Should my 21-year old nephew fire his financial advisor?

Update: My sister successfully transferred all of my nephew's individual account and 529 account holdings from LPL Financial to Vanguard, including her Roth IRA. Next step is deciding upon an asset allocation and mutual funds to purchace once my nephew starts to sell the transferred LPL holdings. I would recommend an asset allocation of either 90 stocks and 10% bonds, or 80% stocks and 20% bonds. He will start his first job this summer. He has no big expenses planned. Regarding mutual fund holdings, I would recommend Total Stock Market, Total International Stock Market, and Total Bond Market Index Funds. He is investing for the long term, he is interested in learning more about investing and I sent him the Bodgeheads Guide to Investing for...
by Katietsu
Sat Feb 17, 2024 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Online Tax Software for 25 year old.
Replies: 31
Views: 2352

Online Tax Software for 25 year old.

I have been asked to recommend an online tax software program for a 25 year old with wage, interest, and a small amount dividends and capital gains. Total income about $55,000. Never done their own taxes. I will assist them this year but they are hoping to do without assistance in future. My top three options are OLT, Taxslayer via myfreetaxes, and FreetaxUSA. Leaning towards the United Way site. Opinions or features I am not considering? OLT: Free federal and state for income under $73k. Seems complete and accurate. Not really a user friendly interface for someone who has never done their own taxes. Myfreetaxes.com: Sponsored by United Way. Free federal and state for income under $73,000. Uses TaxSlayer. Good interface for first return. Fr...
by Katietsu
Fri Feb 16, 2024 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Sign up for two ACA plans
Replies: 31
Views: 2328

Re: Sign up for two ACA plans

I doubt you could sign up for two plans through the Marketplace. Also, the premium will not be small based on your income. The way it works is that there is a premium, say $700 per month. If your income is low enough, you will then be eligible for a premium subsidy. Your contribution to the premium might be low as a result. So even in a world where you were able to purchase a second plan, it would be at full price.

The plans a particular physician participates in could easily change by next year. You probably want to check with the physicians that matter most, because the lists of participating physicians can be inaccurate.
by Katietsu
Fri Feb 16, 2024 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Where to find the % of interest from gov. obligations on Merrill's site?
Replies: 3
Views: 285

Re: Where to find the % of interest from gov. obligations on Merrill's site?

Since Merrill is offering other company’s funds not their own, I am not sure you will find a list on their site. I went to the site of Fidelity and BlackRock for instance for each of their funds. Which fund were you looking for?