Search found 31 matches

by cjclueless
Tue Jun 16, 2020 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Change of Address choices for father w/ cognitive decline
Replies: 28
Views: 1287

Re: Change of Address choices for father w/ cognitive decline

One thing to keep in mind.... when my dad moved from a regular apartment to assisted living I changed his address to the new place (trying to keep up some degree of autonomy/control when it was quickly fading!) Most of his stuff was on autopilot and online banking. When he did pass away, I was unabl...
by cjclueless
Fri May 08, 2020 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Pay Sibling's Undergrad or Refinance Parent's Mortgage
Replies: 52
Views: 3312

Re: Pay Sibling's Undergrad or Refinance Parent's Mortgage

Couple things on this from upthread: There was mention of parents shoving loads of money into tax deferred 401(k) or IRA accounts. Assuming that this was feasible for this family, the FAFSA formula adds those current year contributions back into resources in play under the assumption that those cont...
by cjclueless
Thu May 07, 2020 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Pay Sibling's Undergrad or Refinance Parent's Mortgage
Replies: 52
Views: 3312

Re: Pay Sibling's Undergrad or Refinance Parent's Mortgage

Also please keep in mind when considering financial aid is that in addition to FAFSA, UMich uses the CSS Profile which delves deeper into a family's financials. They do consider home equity as available for expenses, though most institutions have some cap on that. They also may consider any balance ...
by cjclueless
Thu Apr 16, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: FIT Withheld (Paycheck)
Replies: 4
Views: 291

Re: FIT Withheld (Paycheck)

It might not make a material difference in your case, but if you are having medical/dental insurance premiums withheld from one or both of your paychecks, that should come off the top as well further reducing AGI

CJ
by cjclueless
Wed Apr 15, 2020 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Qs - College (scholarship?) income
Replies: 6
Views: 240

Re: Tax Qs - College (scholarship?) income

Well you learn something new every day here at Bogleheads! My college student had a lab assistant job on her campus last year and I too was surprised at the lack of withholding for FICA/Medicare. However she also had a 1099 dog walking gig also with no withholding which I knew would result in employ...
by cjclueless
Tue Apr 07, 2020 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Financial advice for my recently widowed father in law.
Replies: 12
Views: 1148

Re: Financial advice for my recently widowed father in law.

You mentioned he is 60 and has been collecting Social Security since 59. Is this SS disability based on his prior working record? It would be unusual to be eligible prior to age 62 otherwise. He should be eligible for SS survivor benefits based on your MIL's (presumably) higher benefit. He would be ...
by cjclueless
Fri Apr 03, 2020 8:13 am
Forum: Personal Finance (Not Investing)
Topic: CARES Act Stimulus Check for 24-year old student
Replies: 5
Views: 548

Re: CARES Act Stimulus Check for 24-year old student

We have a similar situation with a twist. Our 21 year old had no filing requirement last year but for some self employment taxes owed. She is a full time student. We claimed her as usual and qualified for the $500 dependent credit but we do not qualify for any other good stuff like education credits...
by cjclueless
Wed Feb 26, 2020 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Name of a living trust?
Replies: 23
Views: 1570

Re: Name of a living trust?

Can an EIN be obtained while the grantor is still alive? I realize that an EIN is required once the trust becomes irrevocable upon the grantor's death, but before then, all income from said trust is attributable to the grantor under their SSN, yes? Maybe a "pre-EIN" might enable the trustee to save ...
by cjclueless
Mon Feb 10, 2020 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Grandma wants to skip generation with inheritance
Replies: 31
Views: 5863

Re: Grandma wants to skip generation with inheritance

Sounds messy! You also mentioned she is taking RMDs at this time from an IRA. If in fact she wills the IRA to the son, then he is on the hook for either continuing RMDs (at his tax rate/situation) and/or making sure it gets drained and taxed within 10 years. RMDs could cease for 10 years but that co...
by cjclueless
Tue Feb 04, 2020 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust Administration Attorney Fees
Replies: 5
Views: 767

Re: Revocable Living Trust Administration Attorney Fees

This could indeed be a 'none of the above' answer. You are fortunate in that it appears that all beneficiaries are in harmony as to equitable distribution. In my experience as personal rep/trustee I used an estate attorney to confirm that indeed the trust says what I thought it said (e.g. all assets...
by cjclueless
Wed Jan 08, 2020 1:28 pm
Forum: Personal Investments
Topic: Inherited Roth and RMD
Replies: 20
Views: 1288

Re: Inherited Roth and RMD

Is it possible that a trust was the beneficiary of the Roth IRA? I ask because you brought up the oldest beneficiary. If you and the other beneficiaries were specifically named on the Wells Fargo account beneficiary info prior to your mother's passing, the account should have been split per whatever...
by cjclueless
Tue Nov 12, 2019 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: Make donation through proxy (friend) and deduct?
Replies: 13
Views: 833

Re: Make donation through proxy (friend) and deduct?

Please encourage your friend to carefully read the plan rules. Something like this at my company would get you fired. While technically you can gift to anyone and they can do what they choose with the funds, generous matching companies tend to frown on this. I don't even submit for matching what my ...
by cjclueless
Wed Feb 21, 2018 5:04 pm
Forum: Personal Investments
Topic: Think I messed up a TLH exercise
Replies: 14
Views: 716

Re: Think I messed up a TLH exercise

The shares were sold yesterday and I immediately bought total US stock and total international stock. When I look at the Positions tab for that account (at Fidelity), there is no position showing for that bond fund. Thought I had studied the Wiki on this to death, but I suppose to be on the safe sid...
by cjclueless
Wed Feb 21, 2018 3:44 pm
Forum: Personal Investments
Topic: Think I messed up a TLH exercise
Replies: 14
Views: 716

Re: Think I messed up a TLH exercise

Wait a second.... In doing more research is it perhaps true that the only amount subject to the wash is the recent dividend reinvestment? So, if I continue to keep good records I can still claim the net this next tax time.
by cjclueless
Wed Feb 21, 2018 3:40 pm
Forum: Personal Investments
Topic: Think I messed up a TLH exercise
Replies: 14
Views: 716

Re: Think I messed up a TLH exercise

They were normal monthly dividends automatically reinvested. So no cash changed hands.

The shares purchased with that reinvestment were sold with the rest of the fund yesterday. Yup.....

Lesson for me -- turn off dividend reinvestment when contemplating TLH. Should have picked up on that. Grrr
by cjclueless
Wed Feb 21, 2018 3:28 pm
Forum: Personal Investments
Topic: Think I messed up a TLH exercise
Replies: 14
Views: 716

Think I messed up a TLH exercise

I suspect I am a tax loss harvest knucklehead. I think I created a wash sale due to the fact that a fund I sold had monthly dividends reinvested a couple of weeks ago. The original plan (working on a family member’s account FWIW) was to sell a good sized position of total US intermediate bond and re...
by cjclueless
Tue Oct 03, 2017 11:32 am
Forum: Personal Investments
Topic: Help with Rebalancing across Portfolio
Replies: 2
Views: 388

Help with Rebalancing across Portfolio

Hi everyone, I am considering a big rebalancing exercise soon. Right now my preferred asset allocation is 50% US total stock, 20% international total stock and 30% US total bond. I don’t see changing that in the near future. I hold this allocation roughly in each of my and my spouse’s accounts sprea...
by cjclueless
Thu Jun 29, 2017 7:25 am
Forum: Personal Finance (Not Investing)
Topic: Income after Fnal Return Filed
Replies: 11
Views: 1227

Re: Income after Fnal Return Filed

It looks as though she should ask for a 1099-MISC in the name of "Estate of husband". The 1099 should show what was withheld for federal and state taxes (as well as anything they mistakenly did with respect to Medicare/SS). Then, come tax time we complete the 1041 with the EIN. I haven't done a 1041...
by cjclueless
Wed Jun 28, 2017 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Income after Fnal Return Filed
Replies: 11
Views: 1227

Re: Income after Fnal Return Filed

Okay so it sounds as though she should ask his former employer to provide a W2 in the name of "Estate of husband" and find out if withholding happened for Medicare / FICA. She doesn't have any sort of statement from former employer that would show that. As for reporting it (and the W2) should it be ...
by cjclueless
Wed Jun 28, 2017 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Income after Fnal Return Filed
Replies: 11
Views: 1227

Income after Fnal Return Filed

My question is in regards to how to handle income of a decedent that arrives after the decedent’s final tax return has been filed. My brother passed away in July 2016. In March 2017 I prepared his widow’s return as married filing jointly for 2016 listing W2, 1099, etc income (she’s a SAHM) indicated...
by cjclueless
Thu Apr 27, 2017 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Question on realized cap gain / estimated taxes
Replies: 16
Views: 1351

Re: Question on realized cap gain / estimated taxes

Thanks Gill !! Good to know I can park that $200k somewhere safe and maybe make a buck or two. Yay! Great suggestions above regarding DAF and in fact that's in our longer term plan for a smaller position with still big capital gains but I wanted to liquidate the majority to redeploy to our overall a...
by cjclueless
Thu Apr 27, 2017 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Question on realized cap gain / estimated taxes
Replies: 16
Views: 1351

Re: Question on realized cap gain / estimated taxes

Maybe it's more complicated than I thought! A little clarifying information -- the $4,100 is what Turbo Tax spit out. My total federal tax liability last year was around $55k and I had a few income events for which withholding wasn't done. I owed about 11k paid in April of this year. So, if I make s...
by cjclueless
Wed Apr 26, 2017 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Question on realized cap gain / estimated taxes
Replies: 16
Views: 1351

Question on realized cap gain / estimated taxes

I just completed a sizeable liquidation of a single stock position. I chose the rip-the-band-aid off approach since it was long past time and spreading out over calendar years to keep me out of the max capital gains rate + Medicare investment tax rate would have taken several years to complete. My q...
by cjclueless
Thu Nov 03, 2016 9:52 am
Forum: Personal Investments
Topic: Help with Widow Investment Plan
Replies: 6
Views: 1177

Re: Help with Widow Investment Plan

Thanks everyone. I can't do much in the way of conversions this year since there's about 7 months of W2 earnings on the books. Thanks for confirming my thinking on the future. The qualifying dependent is her youngest son who is a college student so no dice on the Social Security benefits for him. We...
by cjclueless
Wed Nov 02, 2016 2:01 pm
Forum: Personal Investments
Topic: Help with Widow Investment Plan
Replies: 6
Views: 1177

Help with Widow Investment Plan

I’m looking for some guidance from this great community. My brother’s wife is recently unexpectedly widowed and she’s asked for my help establishing accounts and get a sustainable path going. She’s a very conservative (reluctant) investor. Her new portfolio and pension/SS will pretty much need to su...
by cjclueless
Fri Jul 31, 2015 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance - Buy House then Reverse Mortgage?
Replies: 13
Views: 2376

Re: Inheritance - Buy House then Reverse Mortgage?

Thank you for your replies! I agree that this needs to be looked at in the context of the overall budget to make sure we aren't digging a bigger hole. While the SPIA idea is interesting, I'm not sure how that could be done in the context of the funds sitting in an inherited IRA unless she were to li...
by cjclueless
Fri Jul 31, 2015 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Inheritance - Buy House then Reverse Mortgage?
Replies: 13
Views: 2376

Inheritance - Buy House then Reverse Mortgage?

Situation: My sister, age 54 (single, no children), will be a beneficiary of an inherited IRA – her share about $200k. She has very few assets and very low income. Her dream is to own a small house for her and her long-time companion but she is highly unlikely to qualify for a mortgage. I believe sh...
by cjclueless
Thu Jul 30, 2015 3:12 pm
Forum: Personal Investments
Topic: Another Single Stock (lack of) Diversification Question
Replies: 2
Views: 507

Another Single Stock (lack of) Diversification Question

Hi Everyone, Much along the same lines as the thread by the gentleman with 95% of assets in one stock, I have a similar dilemma. Here’s a little about me: Age – me, 50; H, 60 Tax – MFJ Fed 33% [or AMT as well, simply can’t figure that out] State 6% Her Salary: $170k base + ~70k bonus His Salary: $88...
by cjclueless
Fri Dec 06, 2013 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Newbie Question on Roth Backdoor
Replies: 8
Views: 528

Re: Newbie Question on Roth Backdoor

Well, I suppose I jammed that one up then.... Thanks for all the help. I will call the company and see what I need to do to rectify 2 direct contributions which should have gone the indirect route. It seems like a lot of craziness / conversions for an existing account, but I supposse someone smarter...
by cjclueless
Fri Dec 06, 2013 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Newbie Question on Roth Backdoor
Replies: 8
Views: 528

Re: Newbie Question on Roth Backdoor

Okay, I'm a little confused. My income each year makes me ineligible for the "regular" Roth contribution and I am maxing out all other tax advantaged options, but if an existing Roth is already open can I simply add to that each year without the intermediate step of adding to a tIRA then doing an im...
by cjclueless
Fri Dec 06, 2013 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Newbie Question on Roth Backdoor
Replies: 8
Views: 528

Newbie Question on Roth Backdoor

Hi Everyone, I searched around but haven't found a clear answer to what is probably a painfully obvious question. I couple years back I opened a Roth IRA via the backdoor provision. So, now I have this Roth sitting there. The following year I added the maximum contribution to it directly. Is that ok...