Search found 6525 matches

by dodecahedron
Mon Mar 18, 2024 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes. When is married filing separately better than married filing jointly?
Replies: 6
Views: 750

Re: Taxes. When is married filing separately better than married filing jointly?

In addition to student loan forgiveness mentioned above, here are two more possible situations.

1) When your non-citizen non-greencardholding spouse does not live in US and has significant non-US-source income that would only be subject to taxes if you file MFJ.

2) When you have reason to know that your spouse is unwilling to be truthful on the return and you don’t want to be held “jointly and severally liable” for spouse’s unreported tax liability.
by dodecahedron
Mon Mar 18, 2024 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Medicare: Getting Part A and D only
Replies: 40
Views: 2041

Re: Medicare: Getting Part A and D only

Injury and illness can hit hard at any time and for many, the chances increase steadily as we age. Indeed, a week ago I was in perfect health much like OP, with minimal need for outpatient services. Then bang, out of the blue on a sunny day well above freezing, slipped on an unexpected patch of ice on a shady porch and fell—hard! Fractured my shoulder and banged up my knee pretty bad. Fortunately no surgery needed, but suddenly looking at a year with lots of Part B bills for an ambulance ride, trip to ER, lots of followup visits to orthopedist, X-rays, a CT scan, and eventually lots of physical therapy for both the shoulder and knee. (If I had needed surgery, I expect that would have been outpatient and therefore all Part B as well.) Very ...
by dodecahedron
Thu Mar 14, 2024 1:54 am
Forum: Personal Investments
Topic: Margin account is running wild with interest on Fidelity. Personal advice.
Replies: 20
Views: 1415

Re: Margin account is running wild with interest on Fidelity. Personal advice.

stevef22 wrote: Thu Mar 14, 2024 1:46 am I just wanted to thank everyone for jumping on this thread ( and not on me ) with some great advice. I was confused and thought I owed more in margin debt then my portfolio was worth.

It looks like im 75K in green after 81K margin debt is paid off.

So I will liquidate my stocks and take this on the chin. Im not taking margin anytime soon.
And welcome to the forum! This is a good place to learn.
by dodecahedron
Thu Mar 14, 2024 1:43 am
Forum: Personal Investments
Topic: Margin account is running wild with interest on Fidelity. Personal advice.
Replies: 20
Views: 1415

Re: Margin account is running wild with interest on Fidelity. Personal advice.

Also, I am sure this is painful but a good lesson. My own beloved DH learned this lesson the hard way, messing around with stocks on margin as a teenager, undergrad on scholarship with his work study pocket money at a Merrill Lynch brick and mortar office in the early 1970s. (Nowadays, I imagine he would never be allowed to open a margin account.) Roller coaster ride that was exciting before it crashed. He wound up eating rice-a-roni by himself for Thanksgiving, with no money to go home. This was before I met him but it left a profound impression and he often talked about it with his own MBA students in finance decades later. Margin can be seductive especially since margin interest rates were likely lower 5 years ago when you first opened t...
by dodecahedron
Thu Mar 14, 2024 1:19 am
Forum: Personal Investments
Topic: Margin account is running wild with interest on Fidelity. Personal advice.
Replies: 20
Views: 1415

Re: Margin account is running wild with interest on Fidelity. Personal advice.

Absolutely. The most I can pay off is 3-4K a month. Or are you sugguesting I liqudate stocks to stop this? I also considered this... however... Margin Debt is 81K and stocks are 75K. Thank you Why not sell the $75k in stock now to pay off most of the margin loan and then pay the remainder of the loan off in 2 months? I can do this! If best route to take. I just thought the stocks would come back up in the next 3-8 months. And then I would be kicking myself for not waiting. Your account image is blurry at least on my iPad but it looks like you have got more than enough in the account to cover the margin debt. I believe $75K is your equity after subtracting the $81K, so just liquidate enough to pay off the entire debt immediately. If the mar...
by dodecahedron
Wed Mar 13, 2024 4:53 pm
Forum: Personal Investments
Topic: 2023 contribution to Roth IRA after taxes filed?
Replies: 5
Views: 798

Re: 2023 contribution to Roth IRA after taxes filed?

nms2404 , welcome to the forum. Complications : C1) I hired an accountant to help me with my 2023 taxes because of various complexities (international student, 2 state tax returns because of out-of-state internship, etc.), and they suggest not contributing to the Roth IRA as to not complicate the already-filed (and refunded) 2023 return. As long as you are under the income limit a Roth IRA contribution made for 2023 will not complicate your 2023 tax return because it does not affect and is not reported on your tax return. Well, the Roth IRA would be reported on 2023 return if OP was eligible for Savers Credit. But if OP was enrolled in fulltime student status for at least 5 months in 2023, that would rule out eligibility. Depending on fili...
by dodecahedron
Mon Mar 11, 2024 6:41 am
Forum: Personal Investments
Topic: Thinking of Switching From Big Name Manager to Vanguard
Replies: 11
Views: 1434

Re: Starting the SSRI Paperwork

FriedOkra wrote: Sun Mar 10, 2024 10:24 pm
dodecahedron wrote: Sun Mar 10, 2024 8:09 pm What is SSRI? Surely not, in this context, Selective Serotonin Reuptake Inhibitor? And also not Social Sciences Research Institute?
Social Security Retirement Insurance. It's the official acronym that the Social Security Administration uses for the program.
Thanks. Never recall seeing it referred to as such, even though I have dealt with thousands of SSA-1099s from folks collecting it over the years at the VITA site I coordinate, and even though I personally have been collecting it for years. Still not sure that it belongs in the title of this thread.
by dodecahedron
Mon Mar 11, 2024 6:28 am
Forum: Personal Investments
Topic: Thinking of Switching From Big Name Manager to Vanguard
Replies: 11
Views: 1434

Re: Starting the SSRI Paperwork

Start with the bogleheads wiki. Setup your account at vanguard. (Or fidelity or Schwab) Setup the account to have tax lots as specific identification. Read the posts getting started, asset allocation and three fund portfolio. Contact vanguard or fidelity or Schwab) to initiate the transfer IN KIND from your currrent brokerage. You can do this online. If you try to do a push from them, they will drag their feet and are trained on how to convince you that you are making a huge mistake. The major pitfall would be selling and owing cap gains taxes. https://www.bogleheads.org/wiki/Getting_started https://www.bogleheads.org/wiki/Asset_allocation https://www.bogleheads.org/wiki/Three-fund_portfolio You can always talk to vanguard about potentiall...
by dodecahedron
Sun Mar 10, 2024 8:09 pm
Forum: Personal Investments
Topic: Thinking of Switching From Big Name Manager to Vanguard
Replies: 11
Views: 1434

Re: Starting the SSRI Paperwork

What is SSRI? Surely not, in this context, Selective Serotonin Reuptake Inhibitor? And also not Social Sciences Research Institute?
by dodecahedron
Sun Mar 10, 2024 7:57 pm
Forum: Investing - Theory, News & General
Topic: [Should I buy this Samuelson economics textbook?]
Replies: 16
Views: 1254

Re: [Should I buy this Samuelson economics textbook?]

retired@50 wrote: Sun Mar 10, 2024 6:01 pm
nyejos11 wrote: Sun Mar 10, 2024 4:12 pm Not so much the price at $6 inasmuch as the time spent reading it. Time better spent reading something newer?
I'd suggest you gain the classic foundational information first, before subjecting yourself to MMT or any other newfangled concepts.

Regards,
I am unaware of any mainstream intro textbooks that spend time on MMT. Mankiw, the current market leading textbook author, has made it clear that he is NOT a fan of MMT.
by dodecahedron
Sun Mar 10, 2024 6:24 pm
Forum: Investing - Theory, News & General
Topic: [Should I buy this Samuelson economics textbook?]
Replies: 16
Views: 1254

Re: [Should I buy this Samuelson economics textbook?]

Economics by Samuelson is a classic college textbook used in economics courses for years. Indeed it is a classic. First published in 1948, when John Bogle was an undergrad (and he later claimed he had struggled with it). It was by far the most widely used textbook in economics, perhaps in any discipline, for half a century or so. Since 2000, Greg Mankiw's text has taken over as the industry leader, though not to the same overwhelmingly dominant extent that Samuelson was in his day. Mankiw, by the way, is more conservative than Samuelson was. So much has changed in economics in recent decades, especially in macroeconomics, monetary policy, and the growing importance of international trade as a component of GDP, that I think the OP's time wo...
by dodecahedron
Sun Mar 10, 2024 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: Claiming AOTC - Advanced questions
Replies: 16
Views: 978

Re: Claiming AOTC - Advanced questions

$2,500 - $500 = $2,000. Impeccable arithmetic, but the OP's daughter is unlikely to qualify for $2500 on her return for reasons explained immediately above. If she is a dependent under age 24, she doesn't get the $1000 refundable portion. Unless she has $1500 in tax liability on her income, the non-refundable 1500 does her no good. Form 8863 is not that complicated. 7 Multiply line 1 by line 6. Caution: If you were under age 24 at the end of the year and meet the conditions described in the instructions, you can’t take the refundable American opportunity credit; skip line 8, enter the amount from line 7 on line 9, and check this box . . . . . . . . . . 8 Refundable American opportunity credit. Multiply line 7 by 40% (0.40). Enter the amoun...
by dodecahedron
Sat Mar 09, 2024 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Claiming AOTC - Advanced questions
Replies: 16
Views: 978

Re: Claiming AOTC - Advanced questions

Further note: the $2500 AOTC is composed of two parts: $1,000 refundable portion and $1,500 non-refundable portion. most traditional age college students (i.e., those under 24) are legally unable to claim the REFUNDABLE portion because the rules preclude such students from claiming it UNLESS they are providing more than half of their own support from their EARNED income. Although all students not claimed as dependents by their parents can qualify to claim the $1500 NON-refundable portion of the AOTC, that does them no good unless they have some actual tax liability. I really dislike the complexity of the educational benefits. Often in situations like this one needs to have both the parents and the child present to optimize their returns. T...
by dodecahedron
Sat Mar 09, 2024 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Claiming AOTC - Advanced questions
Replies: 16
Views: 978

Re: Claiming AOTC - Advanced questions

toddthebod wrote: Sat Mar 09, 2024 9:18 am $2,500 - $500 = $2,000.
Impeccable arithmetic, but the OP's daughter is unlikely to qualify for $2500 on her return for reasons explained immediately above. If she is a dependent under age 24, she doesn't get the $1000 refundable portion. Unless she has $1500 in tax liability on her income, the non-refundable 1500 does her no good.
by dodecahedron
Sat Mar 09, 2024 9:22 am
Forum: Personal Finance (Not Investing)
Topic: Claiming AOTC - Advanced questions
Replies: 16
Views: 978

Re: Claiming AOTC - Advanced questions

Further note: the $2500 AOTC is composed of two parts: $1,000 refundable portion and $1,500 non-refundable portion. most traditional age college students (i.e., those under 24) are legally unable to claim the REFUNDABLE portion because the rules preclude such students from claiming it UNLESS they are providing more than half of their own support from their EARNED income. Although all students not claimed as dependents by their parents can qualify to claim the $1500 NON-refundable portion of the AOTC, that does them no good unless they have some actual tax liability. Personally, my late husband and I did have one or two years when a college age dependent daughter had sufficient income tax liability of her own to benefit from the nonrefundabl...
by dodecahedron
Sat Mar 09, 2024 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Claiming AOTC - Advanced questions
Replies: 16
Views: 978

Re: Claiming AOTC - Advanced questions

toddthebod wrote: Sat Mar 09, 2024 8:49 am
WorkToLive wrote: Sat Mar 09, 2024 8:33 am Still $2,500 is nothing to sneeze at
Well, $2,000 since you lose the dependent credit.
Unless OP's child is Doogie Houser's age, the applicable dependent credit is only $500. Child Tax Credit (CTC) of $2K is for qualifying child dependents under age 17. Dependents 17 and up only qualify for the $500 Credit for Other Dependents.

Age is determined as of the END of the tax year. So a child who will turn 17 on or before 12/31/2024 will only qualify the parents who claim her as a dependent for the $500 Credit for Other Dependents, not the $2K CTC on their 2024 tax return.
by dodecahedron
Sun Mar 03, 2024 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare: 64 Year Old Eyeing 2025 Medicare
Replies: 168
Views: 11435

Re: Medicare: 64 Year Old Eyeing 2025 Medicare

So for the OP, what is critical is that you read the rules in YOUR state (and any other state where you might want to live in the future.) The OP is in Pennsylvania. The dead pool thread that I linked to is about Pennsylvania. It is possible to move to another state that allows you to switch Medigap plans without medical underwriting. However, that is a big change. It's better to select the right plan at age 65. It's no secret that I'm in Pennsylvania. Exactly. That’s why I’m trying to understand all of this way ahead of time. I didn’t see that you were in Pennsylvania. It is a nice state with a lot to like there—sorry their insurance regulations allow this kind of issue to arise. I hope you can find a carrier that won’t engage in this kin...
by dodecahedron
Sun Mar 03, 2024 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare: 64 Year Old Eyeing 2025 Medicare
Replies: 168
Views: 11435

Re: Medicare: 64 Year Old Eyeing 2025 Medicare

I'm surprised your HD plan includes Silver Sneakers. For New York City, it only shows 4 results for F HD and G HD: Emblem Health, Globe Life, Bankers Life, and Humana. It’s probably Humana, as they frequently include Silver Sneakers. They are the most expensive option in the medicare.gov tool at $101/mo for a 65 year old vs Emblem Health at $68/mo. It is indeed Humana. As far as I know they are the only Medigap that includes Silver Sneakers (at least around here.) I am in Upstate NY and I have 6 F-HD plans available to me. I pay $69 a month for my Humana plan and it is NOT the most expensive. The most expensive in my area is Highmark (d/b/a Blue Shield) at $98. Several others are more than my Humana plan at $75 and $78. Only one plan (Bank...
by dodecahedron
Sun Mar 03, 2024 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Medicare: 64 Year Old Eyeing 2025 Medicare
Replies: 168
Views: 11435

Re: Medicare: 64 Year Old Eyeing 2025 Medicare

What is the "dead pool game"? Some Medigap insurers will only offer a plan for 5-10 years. Then they close the plan, and it goes into a death spiral as the policyholders get older and sicker. Anyone who is still healthy enough to pass medical underwriting will switch to a different plan that has a lower premium, which makes the risk pool even sicker. This is a "dead pool" plan because it is in a death spiral. They do this to start a new plan with a lower premium. They get a lot of customers because the plan costs less than competitors' plans. 5-10 years later, they close the second plan and start a third plan. Some companies have four Medigap plans in one state, only one of which is open. Here is an example of a Boglehe...
by dodecahedron
Thu Feb 29, 2024 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: What's the best way to have federal taxes withheld so I don't have to pay the dreaded estimated taxes?
Replies: 70
Views: 9272

Re: What's the best way to have federal taxes withheld so I don't have to pay the dreaded estimated taxes?

Some years, if needed, I make a Vanguard tIRA withdrawal at year-end, and have all proceeds withheld as taxes, to reach a safe harbor. My taxes are normally low, though, so no giant consequences anyway. Same here. I do a trial return in late November and withhold as needed from traditional IRAs on Dec. 15. This year, I finally got it right with no penalty; I think. For the last several years my figures were wrong, I underpaid, and had to pay a minimal penalty. So, no quarterly payments. Withhold from IRAs. Note that penalties are no longer as "minimal" as they used to be. Due to rising interest rates, the IRS has recently raised the penalty quite a bit. Two years ago it was 3% but as of Oct 1, 2023 it has been 8%. WSJ The Surpris...
by dodecahedron
Thu Feb 29, 2024 11:04 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax desktop 2023 not computing tax for child/minor's investment-only income?
Replies: 6
Views: 766

Re: TurboTax desktop 2023 not computing tax for child/minor's investment-only income?

I don't think income below $2500 is taxed for children at all. For fun, change it to $2600 or $3000 and see what happens. I do know (we have kiddie tax issues) that $2500 is subtracted from the child's unearned income before Kiddie tax is calculated, so I'm conjecturing here..... Your conjecture is wrong. For a dependent child with zero earned income (such as the OP's child) the standard deduction is $1,250 but income above $1,250 is taxable at the applicable rate, 10% for ordinary income and 0% for LT capital gains and qualified dividends, until kiddie tax kicks in at 2500. If the child's income in excess of $1250 but under $2,500 had been interest, non qualified dividends or short term capital gains, it would have been taxed at 10%.
by dodecahedron
Thu Feb 29, 2024 7:40 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax desktop 2023 not computing tax for child/minor's investment-only income?
Replies: 6
Views: 766

Re: TurboTax desktop 2023 not computing tax for child/minor's investment-only income?

neurosphere wrote: Thu Feb 29, 2024 7:31 am What's on form 8615? That's where the tax is computed.
Since child's income is below $2500 (the threshold for kiddie tax), the child's tax is NOT computed on Form 8615. Instead, it is taxed at the child's own bracket rates, either ordinary income or the preferential rate for qualified dividends and capital gains.
by dodecahedron
Thu Feb 29, 2024 7:38 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax desktop 2023 not computing tax for child/minor's investment-only income?
Replies: 6
Views: 766

Re: TurboTax desktop 2023 not computing tax for child/minor's investment-only income?

I'm using TurboTax desktop for Mac, and when I punch in ~$2,450 (below the $2,500 2023 threshold) of income for my child (mix of DIV + capital gains), Turbotax computes his taxable income correctly (subtracting the dependent $1,250 deduction), but doesn't compute any tax. I assumed that income would be taxed at 10%. Any idea what's up, and if I'm failing here, or if it's a bug in TurboTax? I opened the 1040 and can't figure out why the tax computation is zero or what I need to do to get TT to compute the tax: https://drive.google.com/file/d/1i9tFXP6yoY7E1Hg-onCuaq3POhYFGvvf/view?usp=sharing Image of how TT put the key fields into the 1040 here on my Google drive (not sure how to embed images; this is my first Bogleheads post!): https://dri...
by dodecahedron
Mon Feb 26, 2024 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Protecting Roth Assets From the Owner of the Roth
Replies: 18
Views: 2962

Re: Protecting Roth Assets From the Owner of the Roth

dknightd wrote: Mon Feb 26, 2024 6:04 am I don't see an easy way to protect a Roth balance from the owner of that Roth. Unless you take the money out of the Roth.
+1. If A dies first, then B has complete control of the Roth. B can withdraw any or all of the proceeds from the Roth AND/OR B can leave the funds in the Roth but change the beneficiary designation to person D, cutting person C entirely out of the picture.
by dodecahedron
Thu Feb 15, 2024 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified eduction expenses for Lifetime Learning Credit?
Replies: 9
Views: 878

Re: Qualified eduction expenses for Lifetime Learning Credit?

Books are required for the course, so I believe they count. Turbo Tax has a separate entry for non required materials. We're MFJ below the phase out. if they are required and purchased from the institution they count. If they are required but purchased elsewhere, I believe not. . The above is not correct. My students who CHOOSE to purchase their required textbooks from our college (but also have the choice to purchase them elsewhere) can't count the cost of those books towards LLC. It is rare for most institutions of higher ed to require books and supplies to be purchased from the institution itself but it does occasionally happen, typically at trade schools where they may be custom textbooks created by the institution and custom packets o...
by dodecahedron
Thu Feb 15, 2024 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified eduction expenses for Lifetime Learning Credit?
Replies: 9
Views: 878

Re: Qualified eduction expenses for Lifetime Learning Credit?

Books are required for the course, so I believe they count. Turbo Tax has a separate entry for non required materials. We're MFJ below the phase out. Regardless of whether the books are required for the course, are you required, as a condition of your degree program enrollment, to specifically purchase those books from the institution where you are enrolled? If the answer is YES, they count as eligible expenses for LLC. But this is rare. I am a college professor. My syllabus lists required textbooks, but my students are free to buy them from the college bookstore, from Amazon, at a used book store, from a fraternity brother who took the class last year, etc. The college does not require students to buy the books from the college. So if my ...
by dodecahedron
Thu Feb 15, 2024 8:16 am
Forum: Personal Consumer Issues
Topic: College student considering staying in a hotel to save money.
Replies: 55
Views: 5279

Re: College student considering staying in a hotel to save money.

Room and board at a university in Boston is about $18,000+/semester, or $36,000/year. $36,000/180=$200/hour. So, would you take a job that would pay you $200 per hour, after taxes , (at least $250/hour per pre tax or a $500k/year job if this were to be done on a full time basis) in which you could likely at least read a bit or chill with music? Seems worth it to commute, even more so since you won't have to do this the full academic year, perhaps treating yourself to a hotel once in a while. PS: I smell an Econ/behavioral finance research topic At which university is room and board $36K per year? Harvard is about $20K per year, but with very generous financial aid many students pay far less. Tufts is $17K per year. The bigger question is w...
by dodecahedron
Thu Feb 15, 2024 4:13 am
Forum: Personal Consumer Issues
Topic: College student considering staying in a hotel to save money.
Replies: 55
Views: 5279

Re: College student considering staying in a hotel to save money.

“You know, I went to college in Boston. Well, not IN Boston, but nearby. No, not Tufts.” One of the best lines from 30 Rock. There are other colleges and universities near Boston but not in it other than Harvard and Tufts. Bentley, Brandeis, BC, Olin, Lesley, Wellesley, among others. Not sure why some seem so convinced that OP must be talking about Harvard, where financial aid is exceptionally generous, on campus housing is readily available to all undergrads, and students rarely choose to live in off-campus apartments that the OP considers their best alternative to hotel life. 98% of Harvard undergrads live on campus https://dso.college.harvard.edu/houses#:~:text=The%20House%20System,of%20the%20twelve%20residential%20Houses. Rare exceptio...
by dodecahedron
Thu Feb 15, 2024 3:18 am
Forum: Personal Consumer Issues
Topic: College student considering staying in a hotel to save money.
Replies: 55
Views: 5279

Re: College student considering staying in a hotel to save money.

I travel frequently to Boston (Seaport area) for work. Where would expect to staying? I consider $150 a night in a decent area a steal and usually end up paying the way more than that or getting forced to UMass or the Airport Hotels off the Silver Line in Chelsea. I paid $450 a night for a dump of a hotel during peak fall season this year 😩. I often spend close to that hour when that happens getting to the office. There’s usually cheaper options on the NW side near the burbs you could probably just have a shorter rail trip for and save some money. I can see this working out to save money between summer, winter breaks, etc. How much is the monthly rent you’re looking at? Splitting a three bedroom apartment will probably be around $1200 a mo...
by dodecahedron
Wed Feb 14, 2024 9:53 pm
Forum: Personal Consumer Issues
Topic: College student considering staying in a hotel to save money.
Replies: 55
Views: 5279

Re: College student considering staying in a hotel to save money.

PottedPlant wrote: Wed Feb 14, 2024 9:33 pm Why not just write: Harvard, as that is the only university in Cambridge?
The other big school is an institute.
OP said “attending university in Cambridge, Somerville, Boston area,” which could include not only Harvard but Boston University, Lesley University, Northeastern University, Suffolk University, Tufts University, and UMass Boston even if nomenclature rules out MIT.

Lesley University, by the way, is adjacent to Harvard’s campus.
by dodecahedron
Sun Jan 28, 2024 10:39 am
Forum: Personal Finance (Not Investing)
Topic: CD at Ally bank matures Aug 2021. Will I get a 1099Int in 2020 ??
Replies: 11
Views: 1515

Re: CD at Ally bank matures Aug 2021. Will I get a 1099Int in 2020 ??

According to Ally's website 12 month or less – interest is credited to your CD at maturity More than 12 months – interest is credited to your CD at year's end (annually) It's been my experience with any CD less than 12 months I receive the 1099 the year it matures. It's not just an Ally policy. It's an IRS rule, probably part of the tax code. Ouch! I knew the rule about less than 12 month term applied to T-bill interest, but did not realize it also applied to short term CDs as well until I opened my 1099-INT "Combined" interest statement from Ally today. I was surprised to see that my "combined" statement did not report my CD interest at all. I have a large 11-month CD that matures early next month, which accrued over $...
by dodecahedron
Sat Jan 27, 2024 10:53 pm
Forum: Personal Consumer Issues
Topic: HR Block Deluxe wants to charge me $39.95 for the State program
Replies: 64
Views: 5830

Re: HR Block Deluxe wants to charge me $39.95 for the State program

Well, I did get through to someone at HR Block. After a considerable time, he sent me an email with a link to the installer file for my State tax program. I downloaded and ran it and the State tax program now shows up and I can select it and click on Prepare Tax. I was happy until I ran it. It is way, way not ready for prime time. There are screens that ask for Yes or No to be selected with no Yes or No boxes. There is no place to enter state withholding tax. It asks for health insurance premiums paid, but there is no place to enter that information. But wait, there's more.... The good news is that it says my state tax for 2023 is just $4. So, it's saving me money. :P Let me say that this state program looks like a high school project. May...
by dodecahedron
Sat Jan 27, 2024 10:46 pm
Forum: Personal Consumer Issues
Topic: HR Block Deluxe wants to charge me $39.95 for the State program
Replies: 64
Views: 5830

Re: HR Block Deluxe wants to charge me $39.95 for the State program

When I got to the state tax section of my 2023 HR Block Deluxe program, instead of downloading the free State tax program that's supposed to be included with Deluxe, it wants me to pay $39.95. What's going on here and how can it be remedied? I'm running it on a Mac, not the Windows version. Having been a DIY tax guy for many years and now paying a pro to do taxes for multiple corporations, a trust, and a complicated personal return, it makes me laugh to hear that someone thinks $40 is a lot when it comes to tax prep costs. The cost of compliance with the tax laws in this country is astronomical. But $40 is a tiny price to pay for the time savings you get compared to doing this on paper. Hope it works out for you, but if not, console yourse...
by dodecahedron
Sat Jan 27, 2024 10:07 pm
Forum: Personal Consumer Issues
Topic: HR Block Deluxe wants to charge me $39.95 for the State program
Replies: 64
Views: 5830

Re: HR Block Deluxe wants to charge me $39.95 for the State program

Isn't efile data sent directly from your computer to the IRS (or state tax board), without making a stop on the tax prep software company's server? Often it goes to the software vendor. It can be, but the IRS rules allow a third party e-file data transmitter. I wouldn't assume desktop tax software is connecting directly with the IRS. Tax returns are always filed through the tax software company's server. They never go directly to the IRS unless you are using the IRS Direct File pilot. Talzara is correct, and worth noting, the IRS Direct File Pilot is brand new this year, and extremely limited in the types of returns you can do. The IRS is starting out very small with a limited number of invitations going out to folks who have had ultra-sim...
by dodecahedron
Sun Jan 21, 2024 3:32 pm
Forum: Personal Consumer Issues
Topic: upstate NY geothermal considerations
Replies: 22
Views: 2344

Re: upstate NY geothermal considerations

Thanks for this informed perspective. Yes Maine is even colder than here, I believe. We will definitely not consider wood as backup source due to asthma issues and not wanting to deal with chimney issues. Electric space heaters or even electric blankets are viable solutions for occasional short cold spells since there are only two of us. Though there is always the issue of power going out during brutal winter storms. (We have aboveground lines coming into our house.) I guess a backup generator needs to be part of the solution. 1. if you have electric resistance backup, which I think costs around $1500/ system, then you shouldn't need space heaters or blankets. The only reason to do that is if you don't want to heat all your home to the sam...
by dodecahedron
Sun Jan 21, 2024 12:26 pm
Forum: Personal Consumer Issues
Topic: upstate NY geothermal considerations
Replies: 22
Views: 2344

Re: upstate NY geothermal considerations

TomatoTomahto wrote: Sun Jan 21, 2024 12:23 pm
dodecahedron wrote: Sun Jan 21, 2024 12:08 pm

We have a large backyard (property is 1.6 acres, mostly in the back, though we’d like to avoid cutting down too many trees. How much space does shallow trench approach require?)
A typical horizontal well is more than 1/4 acre. Personally, aside from expense, vertical is my preference, especially with trees (roots go where they want to go).
Thanks, again this perspective is very helpful in trying to grok all the considerations.
by dodecahedron
Sun Jan 21, 2024 12:08 pm
Forum: Personal Consumer Issues
Topic: upstate NY geothermal considerations
Replies: 22
Views: 2344

Re: upstate NY geothermal considerations

Have 16-year old gas-fired Lennox Furnace that went out last night. Currently it is 47 degrees upstairs (and 15 degrees outside). Technician is due to arrive in a few hours and I am hoping it is fixable to at least get through the rest of this winter heating season, at which point I am highly motivated to replace it with a geo-thermal and/or heat pump solution. I realize that even with federal and state tax incentives this may not be the most cost-effective solution based on current natural gas prices but our family (environmentally conscious young adult daughter and I) and I are very interested in a long term sustainable greener carbon footprint. Would be interested in hearing experiences from other bogleheads who have recently done this ...
by dodecahedron
Sun Jan 21, 2024 11:28 am
Forum: Personal Consumer Issues
Topic: upstate NY geothermal considerations
Replies: 22
Views: 2344

Re: upstate NY geothermal considerations

We are in rural area near Boston, so almost as cold. We replaced our old failing oil burner and end-of-life AC with a vertical well geothermal (technically a ground source heat pump) and could not be happier. I don’t know about NY, but between federal, state, and utility incentives I think about 40% of the cost was subsidized. It was still pricy, but we run our all electric house (solar and batteries) at a small operating profit annually. You will want to improve the insulation on your house if it is deficient. Geo runs slowly (ie, steady temperature rather than blasts of heat) and is not suited for drastic changes in temp. I don’t know if you have ledge like we do in MA, but here a horizontal well was out of the question. We wound up with...
by dodecahedron
Sun Jan 21, 2024 10:35 am
Forum: Personal Consumer Issues
Topic: upstate NY geothermal considerations
Replies: 22
Views: 2344

upstate NY geothermal considerations

Have 16-year old gas-fired Lennox Furnace that went out last night. Currently it is 47 degrees upstairs (and 15 degrees outside). Technician is due to arrive in a few hours and I am hoping it is fixable to at least get through the rest of this winter heating season [ Edited to update: furnace has now been diagnosed and fixed with advice for prevention of the problem so I have luxury of more time to research and think this through and indoor temp is now 55 and steadily rising toward normal setting of 62 ] , at which point I am highly motivated to replace it with a geo-thermal and/or heat pump solution. I realize that even with federal and state tax incentives this may not be the most cost-effective solution based on current natural gas price...
by dodecahedron
Mon Jan 08, 2024 9:58 pm
Forum: Personal Investments
Topic: Tradit. and Roth IRA (confusion on limitations)
Replies: 17
Views: 2508

Re: Tradit. and Roth IRA (confusion on limitations)

Welcome to the forum, CheekyChops_0305 , Hang around to learn about investing and you will soon be helping others! We all started at the beginning. It appears your difficulty is in not knowing the terminology which we encourage you to learn. The (traditional) 401K and Roth 401K are employer plans. They are funded from withholdings from your paycheck and from your employer (who can only put money in the traditional 401K). A (traditional) IRA and Roth IRA are funded by you with money from your checking account or another "taxable" (non-retirement) account. The employer chooses the custodian (investment company) for the 401K while you choose the custodian(s) for your IRAs. By the way, "IRA" stands for INDIVIDUAL Retirement...
by dodecahedron
Sat Jan 06, 2024 9:33 pm
Forum: Personal Consumer Issues
Topic: Use Uber as cycling emergency ride?
Replies: 19
Views: 2969

Re: Use Uber as cycling emergency ride?

That AAA benefit is for specific clubs. The article is for the AAA serving " Colorado, Florida, Georgia, Iowa, Michigan, Nebraska, North Carolina, North Dakota, Puerto Rico, South Carolina, Tennessee, Wisconsin and select counties in Illinois, Indiana and Minnesota." If you find yourself needing this reassurance regularly, check out Better World Club's bicycle assistance: https://www.betterworldclub.net/nationwide-bike-roadside-assistance It will transport you and your bike up to 30 miles twice a year for the $41.95 membership fee. It’s at least some other states beyond the ones on calwatch’s list. For me, clicking on the AAA link I posted above takes me to an article about my local club in upstate NY. So worth contacting your lo...
by dodecahedron
Sat Jan 06, 2024 9:30 pm
Forum: Personal Consumer Issues
Topic: Use Uber as cycling emergency ride?
Replies: 19
Views: 2969

Re: Use Uber as cycling emergency ride?

Wwwdotcom wrote: Mon Dec 25, 2023 5:32 pm
AgentOrange wrote: Sun Dec 24, 2023 3:25 pm I've often thought that if I have an irreparable bike issue while out on a long bike ride, that I could get an Uber, and they would take me home.
Fortunately, I've never had to test this out, so I am not sure it would work.
Has anyone ever taken an Uber with a bike or other bulky item in the vehicle? (Golf clubs? Surfboard? :) )
How far are you riding? If its more than 20 miles round trip, you might need to make sure someone can pick you up or you have a riding partner that can do it.
Lots of public transit buses now have bike racks so if you’re biking where there’s good transit, that’s also an option.
by dodecahedron
Sat Jan 06, 2024 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: 10 year old wants to sit with me when I do taxes . Should I let him?
Replies: 98
Views: 16106

Re: 10 year old wants to sit with me when I do taxes . Should I let him?

I would absolutely not let him do this. He is too young and youngsters tend to be loose-lipped about matters they don't understand. Download an EZ form, which would be what he would use for a small business and do some "Let's pretend..." scenarios. Teach him about Roths. If you want to teach him about adulting, take him with you when you vote. EZ forms are a thing of the past. Schedule C-EZ ended in 2019 and 1040-Z ended even earlier. Maybe have him start here first https://www.taxslayer.com/blog/teen-filing-first-tax-return/ then here https://www.hrblock.com/tax-center/lifestyle/tax-tips/5-teen-tax-tips/ If he still wants more, have him work through these self paced lessons https://www.irs.gov/individuals/link-learn-taxes When I...
by dodecahedron
Sun Dec 24, 2023 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: Help planning my parents' tax return
Replies: 15
Views: 1382

Re: Help planning my parents' tax return

Second, you can't even begin to file until February, so tackle that PIN issue in January. I think (guess) that the IRS mails those out automatically? Note that the IRS *usually* opens efile in late January, so it is quite possible someone else could file a fraudulent return before February. The IRS announces the official beginning of efile season and it is hard to predict the exact date in advance. It was Jan 23, 2023 last filing season. In the past 20 years, the official efile opening day announced by the IRS has never been earlier than the day after MLK Day and MLK Day will be 1/15/2024 this year. During occasional/rare times of late breaking retroactive tax laws or government shutdowns the opening has been delayed to early February, but...
by dodecahedron
Wed Dec 20, 2023 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Odd Meeting Today with IRS Re my 2022 Return
Replies: 92
Views: 12439

Re: Odd Meeting Today with IRS Re my 2022 Return

Would be better if they waited to issue refunds sometime after April 15, perhaps May 15. That would reduce a lot of the incentive to file fake returns, since most would be caught before being paid out. Yes, that might solve much of the problem. But I believe it might take an act of Congress for that to happen...so I'm not holding my breath. :happy To reduce problems associated with fraudulent claims, the PATH Act (enacted in 2015) forced the IRS to delay issuing refunds until Feb 15 if the returns claimed refundable credits for EITC or ACTC. Even this very limited delay has caused some hardship and stress for low-income families properly entitled to those refunds and it does not fully mitigate the fraud problem because the IRS often doesn'...
by dodecahedron
Tue Dec 19, 2023 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Odd Meeting Today with IRS Re my 2022 Return
Replies: 92
Views: 12439

Re: Odd Meeting Today with IRS Re my 2022 Return

Instead of demanding all kinds of things from tax payers the IRS should provide proper security on the tax filing system. Perhaps provide a PIN for all tax payers via USPS like the US Treasury - Federal Tax Payment System does. Oh wait! The IRS is part of the US Treasury. :oops: The problem with issuing mandatory universal PINs via USPS is that taxpayers mislay those (or they get lost in the mail, especially if the taxpayer has moved since they filed their prior year tax return). If the TP can't find their PIN, then their only alternative is to paper-file rather than efile (and the IRS profoundly detests handling paper returns, which are mistake prone and far more costly to process.) That said, anyone who really *wants* an identity theft p...
by dodecahedron
Tue Dec 19, 2023 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Odd Meeting Today with IRS Re my 2022 Return
Replies: 92
Views: 12439

Re: Odd Meeting Today with IRS Re my 2022 Return

Seems very odd that the IRS would want to meet in person for any kind of tax return error - especially for the small dollars mentioned. For sure it’s ID fraud. I just had the same thing and had my meeting. I agree most likely it is suspected ID fraud. IRS is short-staffed and prefers to handle most routine audits of typical taxpayers by correspondence. ID verification is the only reason anyone I know has ever been requested to appear in person in recent years. (I do understand that certain kinds of small business audits are done in person, where the IRS would like to see the business premises of businesses that deal heavily in cash transactions--they have been known to do things like estimate revenues by counting the pizza box inventory re...
by dodecahedron
Tue Dec 19, 2023 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Odd Meeting Today with IRS Re my 2022 Return
Replies: 92
Views: 12439

Re: Odd Meeting Today with IRS Re my 2022 Return

Rather than prepare for me an audit, the incident convinced me that I'd never meet with the IRS for an audit without an accountant. I know more about my taxes than any accountant, but I do my taxes by hand. But if you use an accountant to prepare your taxes, they should be involved in the event of an audit. Don’t know about tax software - will they provide support? It's an option you pay extra for on TT when you finish your taxes using the software. I don't recall how much. I've always quickly passed over that option. Interestingly, the download version of HRB software offers this audit protection support free and automatically every year. (I purchase the download version of HRB Deluxe, which also costs less than its TT counterpart, but it...
by dodecahedron
Sun Dec 17, 2023 8:11 am
Forum: Investing - Theory, News & General
Topic: Roth IRA and tax theory
Replies: 18
Views: 2686

Re: Roth IRA and tax theory

Important to note that in all of the above, we have been discussing QUALIFIED Roth distributions. Unqualified Roth distributions (e.g., those taken before the age and/or 5 year holding requirements have been satisfied) are of course taxable as ordinary income.

Also, even qualified Roth distributions might be considered includible income for certain non-tax public benefit calculations for programs administered by state or local governments, e.g., subsidized senior housing eligibilty.