Bogleheads.org

My personal experience is that there are some situations where tax refunds appear to go into a status where an IRS employee has to manually release it for payment. If they always work on more pressing matters, they never seem to get to a person who releases it. Write them a letter. I would not wait on the phone for very long on the topic. However, when I've called early in the morning, I've been able to speak to an agent within about 15 minutes of hold time. Not always. But sometimes.

I would expect the buy to be done overnight tonight and show up in your account on Saturday morning. Your Thursday purchase was submitted after the market closed on Thursday. So it pushed to Friday. It then becomes the same as purchasing anytime before the markets close on Friday. Mutual fund purchases are processed after the markets close. They won’t start processing them until then. I don’t usually see the results until the next morning.

And I think this would be the same at all the brokerages.

It is my understanding that this is a capital gain and it will increase your income for year it is realized. Unless you can offset it by comparable capital losses. It might be time to sell some investments that are currently at a loss. There is no exclusion for second homes. They are treated just like an investment from a loss/gain perspective.

If it adds to the Adjustable Gross Income line on your Federal income tax return, it adds to your MAGI for ACA purchases.

catnamedspot wrote: ↑Thu Mar 23, 2023 7:02 pm

PaunchyPirate wrote: ↑Thu Mar 23, 2023 6:54 pm

Sorry I didn’t answer this when you earlier asked. Each account will automatically have its associated settlement fund. That happens as soon as you create the account. Vanguard created each of your accounts for you as part of the platform migration. The settlement fund is there for each of your accounts.

So tell me if this is correct:

Once the mutual fund account is converted to a brokerage, Vanguard automatically assigns a settlement fund to it (whether you know it not), and that fund happens to be the Federal Money Market fund.

If you have an Sep Ira and Roth, it will create two separate settlement funds (one for each), and those settlement funds are the Federal Money Market.

Yes. That is correct.

Yeah the retroactive enroll in cobra is worth it but keep in mind there might be a state penalty for the missing month. Already covered. If you're not going to the doctor, you won't find out you have cancer or whatever, Well this is definitely not true. You think cancer is only diagnosed at scheduled dr visits? Thanks and agreed. Retroactive COBRA it is, if needed.. One last thing. Just be aware that IF you need medical care during that one month you may need to pay for it in full up front if you can’t get the provider to bill you later. They aren’t likely going to be too sympathetic to your situation and will probably treat you as uninsured. Once you would get the Cobra credentials, you’d have to file a claim yourself to get reimbursement...

you shouldn't have converted funds, you were converting the ACCOUNT (from MF platform to brokerage platform). A conversion of FUNDS would be if you had mutual funds and converted them to ETFs. the settlement fund is just where the money sits while it's waiting to be invested (or possibly transferred as you're trying to do to fidelity). But it can't just sit in a settlement fund by itself. So it sits in a money market fund IN the settlement fund. At least you're earning interest on your money in the settlemetn fund BECAUSE it's in a money market fund IN THE settlement fund. See the difference now? when i transitioned from mutual fund in old platform to brokerage platform last year i did not need to sell anything, go to settlement and rebuy ...

Yeah the retroactive enroll in cobra is worth it but keep in mind there might be a state penalty for the missing month. Already covered. If you're not going to the doctor, you won't find out you have cancer or whatever, Well this is definitely not true. You think cancer is only diagnosed at scheduled dr visits? Thanks and agreed. Retroactive COBRA it is, if needed.. One last thing. Just be aware that IF you need medical care during that one month you may need to pay for it in full up front if you can’t get the provider to bill you later. They aren’t likely going to be too sympathetic to your situation and will probably treat you as uninsured. Once you would get the Cobra credentials, you’d have to file a claim yourself to get reimbursement...

I understand it can be confusing to use the brokerage platform after using the mutual fund platform for so long. But, once you get used to the nuances, the new platform is quite flexible. The primary confusion you describe in your post is amplified because you happened to own shares of the Federal Money Market at the time of the conversion (so it seems). The Federal Money Market you own is exactly the same fund that Vanguard uses as its settlement fund. It would not be so confusing if you didn’t already own that fund. I never purchased into that fund via a buy transaction. So it never appeared in my list of holding other than as the settlement fund. So there was no confusion. If I wanted to invest in the Federal Money Market, I would simpl...

I understand it can be confusing to use the brokerage platform after using the mutual fund platform for so long. But, once you get used to the nuances, the new platform is quite flexible. The primary confusion you describe in your post is amplified because you happened to own shares of the Federal Money Market at the time of the conversion (so it seems). The Federal Money Market you own is exactly the same fund that Vanguard uses as its settlement fund. It would not be so confusing if you didn’t already own that fund. I never purchased into that fund via a buy transaction. So it never appeared in my list of holding other than as the settlement fund. So there was no confusion. If I wanted to invest in the Federal Money Market, I would simply...

I did the Cobra-no-pay option when I had a 15-day coverage gap between jobs. I didn’t even get the Cobra paperwork for one week. I filled it out, wrote the check, and put a stamp on the envelope. Then I left town on a trip. I told my best friend where the envelope was and to put it in the mail if anything happened to me. I tore it all up the day my new coverage started.

You will likely have to ask EJ if you need to create the second account as a managed account to match the source IRA in order to do the initial transfer. I would hope it doesn't, just to simplify things.

But yes, this is the normal process for accepting inherited IRAs. You create your own account of the right type (per the broker's instructions) and then the broker transfers the inheritance into it. Then as soon as that is all done, you can have another broker transfer it away from EJ.

I suggest the OP should research the residency requirements of the Affordable Care Act health plans. Plans available to you are based on where you live. Temporary locations are not acceptable locations for getting insurance via the exchange. There are exceptions for owning multiple homes and going between them (such as seasonal snowbirds), but the “intent to live in the location for a duration” must be met. Plus, when doing this, you actually end coverage in one location and start it in the other location.

If you intend to do this, you should fully set up the location with the desired insurance as your permanent residence. Otherwise, I think it would be considered fraud.

Then it really just becomes a balancing game. They can sell a portion of the funds each year over a few years to spread out the taxable gains. They need to estimate the taxes (and reductions in ACA subsidy) for various incomes (the estimated dividends + and realized cap gains). Each year. I’m on my 4th year of doing this.

Unfortunately, there isn't a magic sauce solution. Yes, at a minimum, discontinue reinvesting the dividends. Redirect those dividends to covering their expenses (if needed) or buying a low cost index fund with them in the account. Are you saying the $60k in 2021 cap gains/dividends was a one-time event and in 2022 they were $26k? The only way to change the situation is to 1) gradually sell the investments and buy something that generates less income or 2) Are they interested in donating or gifting the shares to a needy cause? Selling them realizes capital gains. So, as you indicate, you need to know how much that is. They may be able to sell newer shares for lower cost, if they have the cost basis set up so they can see how much each purcha...

Schwab had a glitch last week when some orders for T-Bills did not execute as planned. I had placed an order a day or two prior to an auction of new issue T-Bills. The order initially appeared to get fulfilled and the T-Bill appeared in my account and the funds used to buy it were removed. But soon afterwards the T-Bill disappeared and my account was credited with the purchase amount. I called Schwab and they transferred me to the bonds desk. They looked at my account and said, “Yes, we have a known issue where bond purchases didn’t get executed properly. We are looking into the problem and we hope to resolve it soon.” They told me to allow 2 days. The next morning, they executed the trade again and backdated it to the previous day. Everyth...

Question: it has only been 2 weeks But on “where is my refund “ and IRs go site , it changed from processing and most people should get in 21 days to “Your tax return is still being processed. A refund date will be provided when available. For more information about processing delays, please see our Refund Frequently Asked Questions. Please read the following information related to your tax situation: Tax Topic 152, Refund Information” Does it mean anything ? My experience has been that if the return is simple and straightforward, it will do directly from the "Processing" step to "Your return has been approved and your refund should be deposited on <date>". But if there is something that the IRS wants to take an additio...

I think we already covered all these, but here's a help article that seems to cover I too. Maybe I missed something in my earlier posts.

https://revenue-pa.custhelp.com/app/ans ... For-pay%3F

Also, under "My Profile" (upper right corner icon for the entire site), there is a "Manage My Access". Mine shows I have "Make Payments" access granted to my own Personal Income Tax account. This setting is changeable. So perhaps yours is not set to "Make Payments".

Follow up second question: I tried to make a PA40ES (2023 estimated Pennsylvania personal income tax) payment. I spent 30 minutes and cannot find where to do it! I did do this about two years ago (April 2021) for that year (2021). So I know that, at least then, this was possible. I tried to call MyPath but you cannot get through. Sign into your MyPath Account. On the home page, there is a link "Make a Payment" on the right side. On the next page there is a link "Make an ACH Debit Payment" up top. On the next page, select Payment Type = "Estimated Payment" and Tax Year = "2023". On the next screen it should show you where the payment is coming from (your linked bank account) and a place where you indi...

Follow up second question: I tried to make a PA40ES (2023 estimated Pennsylvania personal income tax) payment. I spent 30 minutes and cannot find where to do it! I did do this about two years ago (April 2021) for that year (2021). So I know that, at least then, this was possible. I tried to call MyPath but you cannot get through. Sign into your MyPath Account. On the home page, there is a link "Make a Payment" on the right side. On the next page there is a link "Make an ACH Debit Payment" up top. On the next page, select Payment Type = "Estimated Payment" and Tax Year = "2023". On the next screen it should show you where the payment is coming from (your linked bank account) and a place where you indi...

Question: it has only been 2 weeks But on “where is my refund “ and IRs go site , it changed from processing and most people should get in 21 days to “Your tax return is still being processed. A refund date will be provided when available. For more information about processing delays, please see our Refund Frequently Asked Questions. Please read the following information related to your tax situation: Tax Topic 152, Refund Information” Does it mean anything ? My experience has been that if the return is simple and straightforward, it will do directly from the "Processing" step to "Your return has been approved and your refund should be deposited on <date>". But if there is something that the IRS wants to take an additio...

You're in a good situation now. They know your current income and are still willing to offer you a job. You have leverage here. They really want you. The work-life balance is worse. You will have a lot of responsibility. They are hoping to grow as a result of hiring you. Don't sell yourself short. This is the minimum that I'd ask for. You'll have to evaluate if you want to shoot higher than this: -$200 to $220k base+bonus -Full relocation costs, including realtor's fees on both ends of the transaction + moving costs -$15k signing bonus to truth up the unvested 401k -$7k annual tuition reimbursement for MBA -Compare the health insurance costs, 401k company match, and PTO and truth-up for that. -Ask for at least as much PTO as you currently ...

Just as one data point, I was offered a bonus of 6k for moving any amount over 3 mil to eTrade. Fido rep offered 3500, but when I said I had reached out to eTrade, he said he may be able to secure a 'special, back pocket' bonus of 6k as well. These are the same numbers I experienced in January. However Fidelity did not hint at any possible increase in their initial offer. Schwab offered $3000 initially but quickly said they could come up to $6000 to match eTrade's offer (even though I did not even bring up eTrade with them). I never went back to Fidelity to see if they would match, but they probably would have, I'm guessing. I went with Schwab. The Schwab rep wrote up his paperwork based on the eTrade offer, even though I never mentioned i...

Just as one data point, I was offered a bonus of 6k for moving any amount over 3 mil to eTrade. Fido rep offered 3500, but when I said I had reached out to eTrade, he said he may be able to secure a 'special, back pocket' bonus of 6k as well. These are the same numbers I experienced in January. However Fidelity did not hint at any possible increase in their initial offer. Schwab offered $3000 initially but quickly said they could come up to $6000 to match eTrade's offer (even though I did not even bring up eTrade with them). I never went back to Fidelity to see if they would match, but they probably would have, I'm guessing. I went with Schwab. The Schwab rep wrote up his paperwork based on the eTrade offer, even though I never mentioned i...

If it doesn't appear on this list, I don't think it is currently supported: "myPATH can handle returns with: Wages and taxes reported on up to 64 federal Forms W-2 Miscellaneous income reported on up to 64 federal Forms 1099-MISC Interest income reported on up to 2 Pennsylvania Schedules A Dividend income reported on up to 2 Pennsylvania Schedules B Profit or loss from a business or profession reported on up to 20 Pennsylvania Schedules C Sale, exchange, or disposition of property reported on up to 2 Pennsylvania Schedules D Rents and royalty income reported on Pennsylvania Schedule E Other deductions claimed on Pennsylvania Schedule O Refund donations to Pennsylvania 529 College Savings Program Accounts reported on Pennsylvania Schedu...

I live in PA and my sole heirs are 10 nieces and nephews. Our inheritance tax is one of the worst in the states. It is paid if the deceased lives in the state. It doesn't matter where the heirs live. The tax must be paid. My estate will have to pay 15% as that is the tax rate for anyone other than spouses, parents, children. Siblings pay 12% and children pay 4.5%.

I would imagine Maryland taxes based on the residence of the deceased, just like PA does.

I chose to move my accounts from Vanguard to Schwab in late January. I’m happy with my choice so far. I researched both Fidelity and Schwab and spoke to reps from each. I determined either would meet my needs just fine. Schwab offered twice the financial bonus that Fidelity did. So, I went with Schwab.

Perhaps you are asking for him to do things that are normally covered under a pay-for arrangement. I never ask mine for guidance. I would expect to pay for that service.

Another issue I have noticed is that dealers are pushing even harder than usual for loans, even with new car interest rates 4-5% and used car rates even higher. I actually walked out of a dealership over the weekend because they refused to take my cash after agreeing to a price. The dealership has been calling me constantly since then so maybe they changed their mind. Can you take the loan, dealership incentives, and then payoff after the first or second statement? That was our strategy. I did this as well for a previous car (not the one I discuss above). I took the dealer arranged loan, which at the time, got me an additional incentive. I mentioned that I would likely pay it off early so I wanted to make sure there were no early pay-off p...

I purchased a Toyota Highlander near the beginning of the shortage. There were none on the lot in my local area. Toyota does not allow dealers to directly place an order for a specific car for a specific customer. You cannot go in, define the car with its options that want, and walk out with an Order Number that is tracked in any fashion. Instead, Toyota regions put in production requests on a monthly basis for cars to be built in the coming months. The regions gather these requests from their dealers monthly, but they also put in their requests based on what they think they can sell and what they make the most profit from. Any customer request would likely be added to that request. But these are nothing more than requests of the manufactur...

Hi All, It has been over a month since I sent in my tax return. When I check the status, I get this message, "We apologize, but your return processing has been delayed beyond the normal timeframe." I am due a sizable refund. I did e-file. Any Ideas what this could mean? Additional information request coming, audit? I did realize that I forgot to file an 858K rollover from my 401K to my individual IRA after my retirement an the end of 2021, but of course this was a non taxable event. I figured I would wait until they had processed my return and then file and amended return with this rollover. Have you created an Account on the irs.gov website and see if anything shows there? You can request an account and/or tax year transcript on...

I would guess the #1 thing to do would be to hire a gondola and be driven thru some of the canals. The kids would love it. Try to find an entertaining gondolier.

#2, for me, would be to ride a vaporetto water bus up the entire Grand Canal. Consider doing it again after dark if that’s feasible with the kids.
#3, for me, would be to just explore the city as much as possible on foot. Find the major bridges, like the Rialto, and enjoy gelato. Go inside any of the notable churches.
#4, I never did it, but the kids would love going up in the The Campanile di San Marco (tall tower overlooking St. Marks Square).

I guess my bigger question is how many Bogleheads actually download (or print) and save statements? Vanguard retains 7 years online if I recall correctly. Vanguard calculates and provides cost basis information for taxable accounts. I have never noticed an error but at this stage I don’t back in a recalculate and gave up Quicken 15 years ago. Vanguard provides Form 5498 for IRAs. This is important up to age 59 1/2. After that it does not matter for Roth and Traditional (with no Basis - Non-Deductible contributions). To think I used to have binders of statements and ultimately shred them. Interested in thoughts. Best. Tony I download my monthly statements and save them to my local computer, for which I have a defined backup system. I do not...

I guess my bigger question is how many Bogleheads actually download (or print) and save statements? Vanguard retains 7 years online if I recall correctly. Vanguard calculates and provides cost basis information for taxable accounts. I have never noticed an error but at this stage I don’t back in a recalculate and gave up Quicken 15 years ago. Vanguard provides Form 5498 for IRAs. This is important up to age 59 1/2. After that it does not matter for Roth and Traditional (with no Basis - Non-Deductible contributions). To think I used to have binders of statements and ultimately shred them. Interested in thoughts. Best. Tony I download my monthly statements and save them to my local computer, for which I have a defined backup system. I do not...

Do you actually have 2023 transactions? I don't think statements are generated for months where there are no transactions.

Can you simultaneously increase your estimate of 2023 income? You’re normally supposed to do that when an increase happens. Then generate a little income by selling an investment for a gain or pull from an IRA.

toddthebod wrote: ↑Mon Feb 27, 2023 2:01 pm

PaunchyPirate wrote: ↑Mon Feb 27, 2023 1:49 pm Google search found:

https://www.pimco.com/en-us/resources/t ... -end-forms

Look at the section named: 2022 PIMCO Tax Information to File Tax Returns

Unfortunately, that document doesn't seem to include the fund in question.

Ah, you are correct. I guess I should have gone one more step in my search. My bad.

Google search found:

https://www.pimco.com/en-us/resources/t ... -end-forms

Look at the section named: 2022 PIMCO Tax Information to File Tax Returns

Are you using a tax software that actually allows you to print out your tax return on paper and look at it before filing? Print out your return and compare it to previous years. I would not use a tax software that didn't provide this capability.

Just had a satisfactory experience doing an ACATs asset transfer from Vanguard to Fidelity. Well... pretty much except for not getting any notification from Vanguard that an outbound transfer had been initiated. I'll admit to being "spooked" by the whole ACATs business which got me motivated to moving to Fido ( what sold me was their account lock feature ). I will say that my 25+ year experience with Vanguard was generally good, however, the risk of account loss due to fraud( however small and regardless of eventual remimbursement? ) seemed to me to be an uncompensated risk I didn't feel comfortable continuing to take. We'll see how Fidelity works out. Just did the same. The first and only notification I got from Vanguard was of ...

I agree with the above post. Do whatever you need to speak to a live person on the phone. Ignore the instructions on the phone tree if you have to. In my experience, they will attempt to help you. Tell them your story.

OP - notify your employer plan administrator you no longer wish to grant any external party (the advisor) access to your account. Notify your financial advisor, thank them for their service but you are relieving them of their services to you. Take the savings, buy yourself a dinner or coffee and invest the rest. ^^^ This. You should not need to create any new accounts or move anything anywhere. Simply get the advisors access revoked and tell the advisor you no longer need them. Be prepared for a tear-jerk story from the advisor of how you are not making a wise decision. Just hold fast and say no thank you. He/she is fighting to keep his income stream from your money. Good luck. Run any investment questions you have by the members of this f...

When you say the advisor is "managing your account", do they actually have access to it to make trades and such? Usually with an employer plan, only the employee has that access. The advisor typically can instruct you on what changes to make to meet certain goals, but they would not have the access to do the changes themselves. Is that the situation here? or have you granted the advisor some form of administrative rights where they have access to perform trades and such?

I track my expenses meticulously in Quicken. It comes with a set of pre-defined categories and I tweaked it a little for my own purposes. One thing I don't do, however, is to try and break down the routine, weekly purchases I make at Walmart, Target, Grocery Stores, etc. into their smaller categories. I just have a Walmart Sub-Category, a Target Sub-Category, etc. under the primary "Household Expenses" category. If I go into Target and buy just a TV, then yes, that would be put into the "Electronics" category. That simplifies things a lot. I do 99.9% of my spending on credit card and Quicken downloads them nicely. After setting it up initially, it generally remembers and pre-assigns the transactions to the proper categor...

As much as I hated to do it, I left a single investment with Ameriprise for over 10 years after I fired my financial advisor. It was just handled by a regional team that I never communicated with. They would call and email now and then, but I just ignored them. If I wanted something, I would just call the primary support phone number on my statement and they handled it just fine. Since it was in a taxable account, I had to pay a $25/quarter fee for the pleasure of having them keep it for me. Having said that, I also had a VUL with them and I chose to just pay the taxes on it when I cashed out of it. That probably wasn't the best thing to do financially, but I wanted to be done with it. The investment I held on to for over 10 years did not h...

FreddieFIRE wrote: ↑Tue Feb 21, 2023 6:01 pm Decedent?

Decedent - a person who has died.

Not to be confused with:

decadent - characterized by or reflecting a state of moral or cultural decline.

I think for the most part, you can have as many accounts as you want when it comes to brokerage accounts, can't you? I don't mean something crazy but if I want to set up an account at Schwab specifically to handle our yearly expenses and not use it for my normal investing I could do that. Say add $x per quarter or even month to cover expenses. I have a good idea of what I want to do but I have to admit being lazy at times. One thing I keep expecting to get resolved but it has taken a lot longer than expected is the movement of my TD Ameritrade account into Schwab. Last notice I got is that it will be this year. Thanks for the comments. I'll probably call Schwab next week (doing a short road trip this week) to ask a few questions. I moved t...

Yes, you do. It's new income. Once distributed from the IRA, money that earns income has nothing to do with the previous location and is taxable.

Propellerhead wrote: ↑Sun Feb 19, 2023 3:29 pm I’m in the process of switching to Schwab from vanguard. I have a brokerage and checking account. I downloaded the app (iPhone) and every time I open it, I have to agree to the terms and conditions. I’ve deleted the app and reinstalled it a couple of times and this keeps happening. driving me nuts and honestly wants to make me try Fido now. has this happened to anyone else ?

Just did the switch last month. Both the iPhone and iPad apps work great for me. I use one or the other daily to view my accounts. I do have Face ID set up on both devices and both take me right to my account summary screen.

The argument against ID.me was that they were requiring/capturing/storing biometrics (facial recognition) as part of their identify verification. This freaked out a lot of people. Congress reacted. ID.me altered their verification process to not require this data to be used. They are still a valid authentication solution for the IRS and Social Security as of right now.

I created my ID.me account last year with no issues and use it for both the IRS and SSA websites.