Search found 1606 matches

by trueblueky
Thu Nov 14, 2019 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Question on personal accounting costs for tax preparation
Replies: 10
Views: 529

Re: Question on personal accounting costs for tax preparation

A K-1 can be tricky; however, for most people, it is not. Look at last year's K-1. On the back are instructions on where the information goes. Some of the less common lines are not easy, particularly from a master limited partnership. I would not just enter the data without understanding it. Anyhow,...
by trueblueky
Tue Nov 12, 2019 10:15 pm
Forum: Personal Investments
Topic: Taxes on Long Term Capital Gains
Replies: 12
Views: 1231

Re: Taxes on Long Term Capital Gains

https://engaging-data.com/tax-brackets/

My favorite way to visualize it.
by trueblueky
Mon Nov 11, 2019 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: Seller's agent not letting us use a buyer's agent
Replies: 122
Views: 10439

Re: Seller's agent not letting us use a buyer's agent

How can he truly represent both parties? (Not to mention that this seller's agent, by his own admission, is long-term friends with the owner.) That clinches it for me. You can not (and should not) expect your interests to be fairly represented by the seller's agent here. I don't get it. Every agent...
by trueblueky
Mon Nov 11, 2019 6:18 pm
Forum: Personal Investments
Topic: Spend It All vs. Leave $$ for the Kids
Replies: 173
Views: 12721

Re: Spend It All vs. Leave $$ for the Kids

How do you know how much to spend if you want to spend it all? :twisted: It's a pretty simple equation: "how much to spend" = "all" Bill Gates has $106B. If he spends it all today, poor Bill will be broke from tomorrow. But if he only spends $1,000,000 a day and doesn't make another cent, he will r...
by trueblueky
Sun Nov 10, 2019 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: What happens if a QCD check is not cashed before January 1?
Replies: 14
Views: 785

Re: What happens if a QCD check is not cashed before January 1?

https://www.irs.gov/newsroom/know-these-facts-before-deducting-a-charitable-donation https://www.irs.gov/pub/irs-pdf/p1771.pdf If the check is $250 or more, you need written acknowledgement from the charity. I don't know how that works if they receive the check late and cash it the following year. I...
by trueblueky
Sun Nov 10, 2019 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Fed. Employees - Tammy Flanagan Consult?
Replies: 7
Views: 764

Re: Fed. Employees - Tammy Flanagan Consult?

Before I retired I joined NARFE (National Active and Retired Federal Employees Association), $40 per year, specifically for the purpose of getting access to their retirement planning webinars, several of which were given by Tammy Flanagan. As soon as you sign up you have immediate access to all of ...
by trueblueky
Sat Nov 09, 2019 8:40 pm
Forum: Personal Investments
Topic: Spend It All vs. Leave $$ for the Kids
Replies: 173
Views: 12721

Re: Spend It All vs. Leave $$ for the Kids

Not sure I'm up to spending it all.
More comes in every month.
;>D
by trueblueky
Sat Nov 09, 2019 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: When to move to FL? (tax implications and more)
Replies: 13
Views: 1440

Re: When to move to FL? (tax implications and more)

Another tax consideration is Florida homestead exemption on real estate. Check with the county assessor in Florida. https://m.wikihow.com/Apply-for-a-Homestead-Exemption-in-Florida The Homestead exemption can reduce your assessed value by $50,000. The first $25,000 is exempt from all property taxes;...
by trueblueky
Sat Nov 09, 2019 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Seller's agent not letting us use a buyer's agent
Replies: 122
Views: 10439

Re: Seller's agent not letting us use a buyer's agent

The agent has a fiduciary responsibility to represent the seller. I hear this a lot but it's almost never borne out in practice. It's best to operate under the assumption that the agent's fiduciary duty is to themselves and to close the deal. If the agent was truly acting as a fiduciary they would ...
by trueblueky
Fri Nov 08, 2019 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: Seller's agent not letting us use a buyer's agent
Replies: 122
Views: 10439

Re: Seller's agent not letting us use a buyer's agent

My wife and I have been looking for a house for about a year now. We've had our eyes on one of them. It's been on the market for 100 days. We went to its open house 2.5 months ago. Two weeks ago, we wanted to see it again, so we called the company (C21) on the sign outside and had the seller's agen...
by trueblueky
Wed Nov 06, 2019 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage plans
Replies: 4
Views: 476

Re: Medicare Advantage plans

chalet wrote:
Wed Nov 06, 2019 10:15 pm
the GOV pays the companies that offer the advantage plans.
More than Medicare rate?
by trueblueky
Wed Nov 06, 2019 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage plans
Replies: 4
Views: 476

Medicare Advantage plans

I read that Medicare pays less than other payers, so that doctors and hospitals need to charge more to others.

So how do Medicare Advantage plans, which may have no monthly cost and pay part of Medicare Part B, make money for the HMO?
by trueblueky
Sun Nov 03, 2019 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Moved to a new state, purchasing house -- should I amend my will and living trust?
Replies: 6
Views: 644

Re: Moved to a new state, purchasing house -- should I amend my will and living trust?

Establishing residence in a new state is a good excuse to have your trust restated. You should then have either your new attorney agree that your ancillary documents are still valid or have them redone too. This is tempting to put off, but bear in mind that eventually you would have needed to have ...
by trueblueky
Sun Nov 03, 2019 2:15 pm
Forum: Personal Investments
Topic: Do you consider pensions as part of your overall asset allocation?
Replies: 67
Views: 5046

Re: Do you consider pensions as part of your overall asset allocation?

My wife and I would both have pensions at retirement. Hers would be a federal pension and mine a corporate pension. Both reasonably solid. Hers as solid as you can get being back by the federal government. Do you value these income flows along with social security as fixed income as part of an over...
by trueblueky
Sun Nov 03, 2019 1:55 pm
Forum: Personal Investments
Topic: Updating retirement planning roth vs. traditional and FSA use with an unexpected surprise.
Replies: 14
Views: 831

Re: Updating retirement planning roth vs. traditional and FSA use with an unexpected surprise.

Once FSA became available, we used it every year, though not at the max level. You may be surprised how much you pay out of pocket each year. For us:

Well baby visits.
Twice a year dental cleanings x2.
New glasses every other year x2.
Prescription out of pocket.
other deductible and co-pays.
by trueblueky
Sat Nov 02, 2019 9:24 pm
Forum: Personal Investments
Topic: Quick RMD Question
Replies: 14
Views: 1731

Re: Quick RMD Question

As I understand it you can't really delay your RMD. When you're 70 1/2 you have to take it. I think the penalty is a whopping 50%. For the first yr only, a delay is allowed until the following April 1. https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum...
by trueblueky
Fri Oct 25, 2019 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Who does your tax returns?
Replies: 103
Views: 5167

Re: Who does your tax returns?

The OPs list of who does your tax return did not include one big source of tax preparation services; AARP Foundation Tax-Aide (Tax Counseling for the Elderly) who prepare well over 2,000,000 returns each year at no cost to the taxpayer. The IRS also sponsors a similar free program for low to modera...
by trueblueky
Fri Oct 25, 2019 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: How often do you shop for better insurance rates? (auto, life, home)
Replies: 24
Views: 1654

Re: How often do you shop for better insurance rates? (auto, life, home)

About every two years, because I'm lazy.

I do not understand companies that would rather get new clients than keep current ones who have been no problem (cable could take lessons here too).
by trueblueky
Thu Oct 24, 2019 10:57 am
Forum: Personal Investments
Topic: 11 Reasons to Carry a Big, Long Mortgage by Ric Edelman.
Replies: 93
Views: 10828

Re: 11 Reasons to Carry a Big, Long Mortgage by Ric Edelman.

Most of the "reasons" are true. The keys for investors are these four: true: Reason #7 Mortgages Allow You To Sell Without Selling true: Reasons #8 and #9 Mortgages Allow You To Invest More Money And To Invest It More Quickly. Mortgages Allow You To Create More Wealth Than You Otherwise Would. true...
by trueblueky
Mon Oct 21, 2019 9:55 pm
Forum: Investing - Theory, News & General
Topic: Individual 1099 Employee ??s - i401k, Roth i410k, HSA, Dependent FSA, etc
Replies: 8
Views: 586

Re: Individual 1099 Employee ??s - i401k, Roth i410k, HSA, Dependent FSA, etc

Howdy Taking a new part time job estimate $400k income, all individual 1099. All my stuff currently is at Fidelity and Vanguard. Can you please validate/add to my thinking, as I process optimizing my 1-person LLC? 1. Setup LLC 2. Setup individual 401k, add first $19k as Roth 401k, and remainder $38...
by trueblueky
Sun Oct 20, 2019 4:44 pm
Forum: Personal Investments
Topic: Odds of Illinois Teacher Pension Solvency to use for Planning Purposes
Replies: 27
Views: 3008

Re: Odds of Illinois Teacher Pension Solvency to use for Planning Purposes

I have heard that Illinois has strong constitutional protections for pensions (they must be paid first). However, what I would ask is how is Illinois going to overcome the shortfalls as the pension liabilities are grim. You may collect your pension only to find that property taxes have tripled. I w...
by trueblueky
Sun Oct 20, 2019 4:38 pm
Forum: Personal Investments
Topic: After tax account allocation
Replies: 13
Views: 1318

Re: After tax account allocation

Hello, My wife (40) and I (42) have stable jobs with decent income. Our retirement and roth are maxed out (allocation 85/15, and 80/20). House will be paid in 4 yrs. 529s are on track to pay for college and few years of graduate school if needed. Emergency fund in place. No other debt. Target retir...
by trueblueky
Sat Oct 19, 2019 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - RMD on Inherited IRA
Replies: 16
Views: 1162

Re: Tax Question - RMD on Inherited IRA

Correct. But it also may just so happen that one Sib needs all the cash and wants to cash out his/her inheritance. If so, that becomes the RMD for everyone. (An alternative it take out the RMD against mom's last income return, but then the RMD would have to be pulled out before the balance is distr...
by trueblueky
Sun Oct 13, 2019 5:33 pm
Forum: Personal Finance (Not Investing)
Topic: Does a condo owner need umbrella insurance?
Replies: 13
Views: 1296

Re: Does a condo owner need umbrella insurance?

We are considering buying a condominium. I understand that we would need to buy "condo insurance." Is this fire and theft on the interior and the contents? Typically, your monthly association fee includes insurance on the building. You would need to buy insurance on contents and liability. You will...
by trueblueky
Sat Oct 12, 2019 8:48 pm
Forum: Personal Investments
Topic: FERS employee age 51 offered a VERA can't access my TSP savings
Replies: 10
Views: 917

Re: FERS employee age 51 offered a VERA can't access my TSP savings

Thanks, we looked at 72t but the Roth ladder works better for us we just need to get the money into the Roth before the older spouse turns 70. Nine year age difference. We have money to live on till then. This is confusing. You asked this question as if you are the TSP holder, but earlier posts sug...
by trueblueky
Tue Oct 08, 2019 2:28 pm
Forum: Investing - Theory, News & General
Topic: [Thrift Savings Plan - Fund composition and comparisons]
Replies: 28
Views: 1410

Re: Improving the TSP [for current participants]

They are probably assuming F has a somewhat higher return than G. Seems to me that is a reasonable assumption and it looks to be consistent with the facts that we know. The allocations depend on the correlation matrices of the 5 TSP assets. Sorry, but no. The only way to generate an efficient front...
by trueblueky
Tue Oct 08, 2019 10:36 am
Forum: Personal Finance (Not Investing)
Topic: What are the essential and discretionary expenses in a retirement budget?
Replies: 110
Views: 6634

Re: What are the essential and discretionary expenses in a retirement budget?

Several mentions of housing costs being discretionary. Yes, but. Once you own a house, you may be stuck with its costs far longer than you hoped or planned. Yes, you can move to a LCOL, downsize, live in a yurt. However, until you actually sell the former home, you have its expenses. Been there. Don...
by trueblueky
Mon Oct 07, 2019 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: What are the essential and discretionary expenses in a retirement budget?
Replies: 110
Views: 6634

Re: What are the essential and discretionary expenses in a retirement budget?

Details matter: Golf -- The Old Course? club membership? twice a year at Clayton Municipal? Theater -- West End? Broadway? community theater season? Clayton Jr High? Concert -- NY Philharmonic? Ryman Auditorium? Clayton HS band? Sports -- Super Bowl? Alma Mater homecoming? Clayton Little League? Din...
by trueblueky
Fri Oct 04, 2019 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Fed Employee Disability Ins.?
Replies: 22
Views: 1084

Re: Fed Employee Disability Ins.?

Please read up on the Federal Employees Compensation Act

https://www.dol.gov/owcp/dfec/regs/statutes/feca.htm
by trueblueky
Fri Oct 04, 2019 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Should My Uncle File an Amended 1040X?
Replies: 18
Views: 928

Re: Should My Uncle File an Amended 1040X?

Part of 1040X is explaining the differences from the original return. Sometimes that's as simple as "received revised 1099B, which changes line xx from $2000 to $1900". I imagine the more complex the changes, the more likely the computer is to summon a human. Sounds like there are multiple changes t...
by trueblueky
Fri Oct 04, 2019 9:11 am
Forum: Personal Finance (Not Investing)
Topic: Retirees: How do you handle quarterly tax payments?
Replies: 45
Views: 3686

Re: Retirees: How do you handle quarterly tax payments?

If you wait until Jan 15, 2020 to pay estimated taxes, then you could be charged underpayment penalties. Those penalties could be reduced or eliminated by filing Form 2210 with Schedule AI completed. Not sure I understand how one could underpay taxes if you had zero tax liability until say Dec 30th...
by trueblueky
Fri Oct 04, 2019 8:57 am
Forum: Personal Investments
Topic: 75 year old widow (my mom) retirement portfolio suggestions, RMD's - 2.35M assets
Replies: 25
Views: 2134

Re: 75 year old widow (my mom) retirement portfolio suggestions, RMD's - 2.35M assets

My suggestion would be to keep it simple, super simple. Roll everything that is not in taxable account into Vanguard, into one fund. Either a Wellesley Income fund (35:65) or Target Retirement Income (30:70). That would be Age-10 to Age-5 in bonds, rest into equities. +1 on this. Simple. Understand...
by trueblueky
Thu Oct 03, 2019 9:02 pm
Forum: Investing - Theory, News & General
Topic: Over Confident in Old-age: Cognitive Decline and Financial Literacy
Replies: 83
Views: 7842

Re: Over Confident in Old-age: Cognitive Decline and Financial Literacy

Seems like one could set up a test for themselves that has randomized questions that they take at some regular interval. If/when they start failing the test repeatedly, they should have a clear action plan of what to do, determined in advance. The test they used is in an appendix to the article, bu...
by trueblueky
Thu Oct 03, 2019 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Do you know what your partner spends money on?
Replies: 80
Views: 6541

Re: Do you know what your partner spends money on?

Consider switching to a joint credit card so you can both look at it, or ask to see spouse's statements to help budget. But, does it matter what they are spending it on? We have joint cards so I can see my husband's charges since I pay the bills. He could log in and see mine but I think he never do...
by trueblueky
Thu Oct 03, 2019 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Posting for a friend: opt out of employer arbitration?
Replies: 16
Views: 1467

Re: Posting for a friend: opt out of employer arbitration?

Company forcing your friend to sign away 7th Amendment rights -- in suits exceeding $20, the right to trial by jury shall be preserved -- under duress. Which other Constitutional rights should they waive?
by trueblueky
Thu Oct 03, 2019 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Improving the TSP [for current participants]
Replies: 418
Views: 62233

Re: Improving the TSP [for current participants]

Please note that the requirement to have spouse sign the TSP withdrawal form applies to FERS and military accounts, but not to CSRS accounts. The signature requirement is part of the FERS law, so yes, it would take an act of Congress to change that.

CSRS spouses receive notification.
by trueblueky
Wed Oct 02, 2019 3:23 pm
Forum: Personal Investments
Topic: What funds not taxed at state AND federal level?
Replies: 2
Views: 443

Re: What funds not taxed at state AND federal level?

Municipals are not taxed by the federal government. Treasuries are not taxed by state governments. To be double tax-exempt generally requires municipals from your state. Some will advertise triple tax-exempt where there is a significant local tax as well (NYC). Vanguard offers a NJ tax-exempt munici...
by trueblueky
Wed Oct 02, 2019 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Improving the TSP [for current participants]
Replies: 418
Views: 62233

Re: Improving the TSP [for current participants]

Kentucky? Does anyone know if TSP withdrawals are treated the same as your Federal Pension in Kentucky for income tax purposes? In Kentucky, the portion of your Federal pension earned prior to 1/1/98 is exempt from taxation, so only the portion accrued after is taxed. There is no place on Schedule ...
by trueblueky
Mon Sep 30, 2019 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Temp Worker - How Much Emergency Fund Do I Need?
Replies: 18
Views: 1303

Re: Temp Worker - How Much Emergency Fund Do I Need?

Maybe your emergency funds needs to cover:
* Recession hits, takes months to find next gig, plus
* Next gig requires relocation (think NY to SF)

So, you need $2500/month for 12 months plus what for the move?
by trueblueky
Sun Sep 29, 2019 10:23 pm
Forum: Investing - Theory, News & General
Topic: Vanguard PAS -- one size fits all?
Replies: 19
Views: 2709

Re: Vanguard PAS -- one size fits all?

Nice to see Rick Ferri also noticed that PAS has the same recommendation for everyone. My point exactly, but he makes it better.

viewtopic.php?f=10&t=291487#p4771048
by trueblueky
Sat Sep 28, 2019 8:05 pm
Forum: Personal Investments
Topic: REIT Tax Efficiency
Replies: 8
Views: 741

Re: REIT Tax Efficiency

Thanks for the replies! My first time posting a question on this great forum. One added question: Are REIT's eligible for stepped up basis upon death? I am thinking this may address the concern on reduced basis due to the annual fund payouts. I don't plan on having to sell the fund. Yes. They are e...
by trueblueky
Sat Sep 28, 2019 5:27 pm
Forum: Personal Investments
Topic: REIT Tax Efficiency
Replies: 8
Views: 741

Re: REIT Tax Efficiency

Let's say the REIT cost $50/share and distributes $5 annually. $3 may be nonqualified dividends, so it would be taxed as regular income (not at the LTCG / qualified dividend rate). This amount can receive the QBI 199a credit of 20%, so you would pay taxes on $2.40 of ordinary income. At 24% bracket,...
by trueblueky
Sun Sep 22, 2019 9:24 pm
Forum: Personal Investments
Topic: TSP in retirement
Replies: 31
Views: 2870

Re: TSP in retirement

I'd also be interested to hear what people have done for moving the money out of TSP, where did you move it to and why, what companies and what type of funds, possibly any good type of annuities outside of TSP. I wanted to convert money to Roth to take advantage of low tax rates before RMD, SS, tax...
by trueblueky
Sun Sep 22, 2019 5:57 pm
Forum: Personal Investments
Topic: TSP in retirement
Replies: 31
Views: 2870

Re: TSP in retirement

Here is something that I have posted before about TSPs. Be sure that you understand that the TSP inheritance laws are different than IRA inheritance laws and they are sometimes worse. There is a wiki on this; https://www.bogleheads.org/wiki/TSP_estate_planning There was a post awhile back where whe...
by trueblueky
Sun Sep 22, 2019 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Tax form for Seniors.
Replies: 23
Views: 1755

Re: Tax form for Seniors.

must agree with you...using tax software to do your taxes certainly has its advantages, however, doing them by hand you are more apt to know not only "what" you are paying in, but "why". That is true. Software is no substitute for knowing what you are doing. But doing it by hand time after time has...
by trueblueky
Sat Sep 21, 2019 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Tax form for Seniors.
Replies: 23
Views: 1755

Re: Tax form for Seniors.

The IRS developed Form 1040-SR because part of a law that was enacted directed IRS to do so. According to the law the form be as similar as practicable to Form 1040EZ but without some of the restrictions that form had. The draft Form 1040-SR has many more lines than Form 1040EZ had and is essential...
by trueblueky
Sat Sep 21, 2019 2:39 pm
Forum: Personal Investments
Topic: TSP in retirement
Replies: 31
Views: 2870

Re: TSP in retirement

I've recently retired from the federal government, I'd like to wait 5 years to start using any of my TSP, I'm very confused on what a good allocation is in retirement, I'm middle of the ride as far as a risk taker. I just turned 57, some seem to say 60C/40S, some of have said put a portion in F, or...
by trueblueky
Fri Sep 20, 2019 10:46 am
Forum: Investing - Theory, News & General
Topic: Vanguard PAS -- one size fits all?
Replies: 19
Views: 2709

Vanguard PAS -- one size fits all?

https://institutional.vanguard.com/iam/pdf/CIRAVOA.pdf shows before and after for clients who signed up with Vanguard PAS. Customers who were aggressive moved to roughly 60/40 with 1/3 international. Clients who were conservative moved to roughly 60/40 with 1/3 international. For this, they paid 0.3...