Search found 8348 matches

by tfb
Sun May 16, 2021 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Does "time in the market beats timing the market" apply to housing?
Replies: 33
Views: 4171

Re: Does "time in the market beats timing the market" apply to housing?

Looking at the long term trends it seems so although taxes, maintenance, insurance are negatives relative to index funds https://upload.wikimedia.org/wikipedia/en/thumb/b/b8/Median_and_Average_Sales_Prices_of_New_Homes_Sold_in_United_States_1963-2016_annual.svg/2560px-Median_and_Average_Sales_Price...
by tfb
Sat May 15, 2021 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: 5500 solo 401k reporting question
Replies: 13
Views: 839

Re: 5500 solo 401k reporting question

What happens in the below example? Balance as of Mar 15 th 2021 - 210K Contributed 19K on Mar 15 2021 for 2021 year - 230k Investment grows to 250K for one day in May 2021 (7th) but now down to 247K on 5/14/21 Should 5500 be filed for May 7th date? Pascal's wager. It's easy enough to file one when ...
by tfb
Thu May 13, 2021 11:43 am
Forum: Personal Finance (Not Investing)
Topic: MBDR: 1099-R for In-plan Roth Rollover -- State Distribution entry question
Replies: 9
Views: 462

Re: MBDR: 1099-R for In-plan Roth Rollover -- State Distribution entry question

so per the above statement, if state income tax was not withheld in the first place (i.e; box 14 is 0), box 16 should be empty, correct, since there's NO distribution that's subject to state/local tax? It doesn't say that. If state tax wasn't withheld, the distribution can still be subject to state...
by tfb
Thu May 13, 2021 10:53 am
Forum: Personal Finance (Not Investing)
Topic: MBDR: 1099-R for In-plan Roth Rollover -- State Distribution entry question
Replies: 9
Views: 462

Re: MBDR: 1099-R for In-plan Roth Rollover -- State Distribution entry question

teaman wrote: Thu May 13, 2021 10:49 am I live in a state that has no income tax, so I don't understand why Box 16 shows $5
The provider is just saying this $5 is taxable income at the state level, which is true. If your state has no income tax, $5 taxable at a zero rate is still zero.
by tfb
Wed May 12, 2021 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Brokerage -> Credit card payment BKM/ issue
Replies: 17
Views: 1593

Re: Fidelity Brokerage -> Credit card payment BKM/ issue

4/28/2021 I then initiated an ACH transfer (pull from Fidelity Brokerage acct) 100$ from my main bank to the Fidelity. This was the problem. Money pulled in isn't available for 4 business days. Not enough days had passed when the debit came. If you want the money available sooner, push the money in...
by tfb
Thu May 06, 2021 9:48 pm
Forum: Personal Investments
Topic: Setting up automatic ACH transfers of dividends/interest?
Replies: 21
Views: 1740

Re: Setting up automatic ACH transfers of dividends/interest?

When I went to Account Features and selected Dividends and Capital Gains, my only two choices are Reinvestment or Deposit into Core Account. There was not an option to transfer to an external linked bank account. In case you're still looking to withdraw dividends and capital gains automatically fro...
by tfb
Wed Apr 28, 2021 1:54 am
Forum: Personal Finance (Not Investing)
Topic: trapped in EJ by whole life insurance policy
Replies: 42
Views: 4342

Re: trapped in EJ by whole life insurance policy

Vanguard can't pull part of my holdings from EJ without the rest of it--I would have to get out of the policy bought through EJ first, was my understanding. I don't understand. Edward Jones is not an insurance company. It's only an agent. The policy is between you and the insurance company (which o...
by tfb
Tue Apr 27, 2021 12:15 am
Forum: Personal Finance (Not Investing)
Topic: Cash-out refi after purchasing a home w/ all-cash or a high down payment
Replies: 4
Views: 682

Re: Cash-out refi after purchasing a home w/ all-cash or a high down payment

But I'd also have to liquidate a significant amount of index fund positions from our taxable account which would trigger a significant amount of capital gains When the money is needed only for a short period before the refi comes through, I would consider borrowing short-term instead of triggering ...
by tfb
Wed Apr 21, 2021 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: April 15 Federal Estimate Fail
Replies: 12
Views: 1500

Re: April 15 Federal Estimate Fail

From one of the popular tax software vendors' product for tax professionals: We discovered that 1040-ES Q1 Payments were not withdrawn from returns filed on or after March 25th, 2021. Returns after this date instead have the Q1 amount combined with the Q2 payment scheduled to occur on June 15th, 202...
by tfb
Fri Apr 16, 2021 10:33 pm
Forum: Investing - Theory, News & General
Topic: $10K invested in a Series I Bond in 1998
Replies: 16
Views: 2474

Re: $10K invested in a Series I Bond in 1998

I tried to check this at the official TreasuryDirect website. I tried putting in a $10,000 bond issued 01/1998, and received the below error message: "The following error(s) have occurred: Impossible series/denomination/issue date selection. Valid issue dates for $10000 Series I Bonds are 05/1...
by tfb
Thu Apr 15, 2021 12:11 pm
Forum: Personal Finance (Not Investing)
Topic: Can I make a Roth for my daughter?
Replies: 31
Views: 3232

Re: Can I make a Roth for my daughter?

Shalom Aleichem wrote: Thu Apr 15, 2021 1:53 am there is no reason I can't just open a Roth and fund it for 6K, correct?
If she's an adult, she'll have to open the account in her name. You can't open the account using her information. If she's still a minor, you have to open a special custodial Roth IRA.
by tfb
Tue Apr 13, 2021 10:05 pm
Forum: Investing - Theory, News & General
Topic: 2021 I Bonds: what's your plan?
Replies: 306
Views: 50447

Re: 2021 I Bonds: what's your plan?

tipswatcher wrote: Tue Apr 13, 2021 8:06 pm The fixed rate could be odd or even
I thought the fixed rate had always been only one decimal place, i.e. even when taken to two decimal places.
by tfb
Tue Apr 13, 2021 9:58 pm
Forum: Personal Finance (Not Investing)
Topic: Make $126K tax free and optimize ACA PTC & Standard Deduction
Replies: 7
Views: 1141

Re: Make $126K tax free and optimize ACA PTC & Standard Deduction

I am reading these as a confirmation that it may be a valid tactic to convert and contribute in the same year When you're eligible to contribute for the previous year before April 15, the contribution can be used as a lever to lower your income when you realize you converted too much or when you'd ...
by tfb
Tue Apr 13, 2021 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Make $126K tax free and optimize ACA PTC & Standard Deduction
Replies: 7
Views: 1141

Re: Make $126K tax free and optimize ACA PTC & Standard Deduction

Given all of the above, ACA PTC will be the difference between 8.5% of 105K and the cost of the 2nd lowest silver plan. This makes every additional $ earned subject to 8.5% "tax" in addition to the Federal tax that starts kicking in at this point. The dollars before the federal tax kicks ...
by tfb
Tue Apr 13, 2021 8:26 am
Forum: Investing - Theory, News & General
Topic: 2021 I Bonds: what's your plan?
Replies: 306
Views: 50447

Re: 2021 I Bonds: what's your plan?

CPI-U in March puts the variable rate at 3.53% for bonds purchased in May through October. Those who already bought in 2021 will get 3.53% in the next cycle after earning 1.68% for six months.
by tfb
Mon Apr 12, 2021 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: AGI and mod AGI cut off points
Replies: 6
Views: 601

Re: AGI and mod AGI cut off points

ShaftoesSpreadsheet wrote: Mon Apr 12, 2021 1:07 pm Any others I'm missing - child care tax credits, education expenses, other tax perks?
The important "trigger" income levels 2021:

https://www.early-retirement.org/forums ... 06300.html
by tfb
Sun Apr 11, 2021 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Cash Management check clearing and transfer times
Replies: 12
Views: 967

Re: Fidelity Cash Management check clearing and transfer times

I was transferring funds from my Marcus savings to Fidelity for some bills. Start the transfer at Marcus. It'll be available the next day or on the same day. Done that before, still takes two or three days to clear. From Marcus? Or from somewhere slower such as Ally? Try it again from Marcus. My tr...
by tfb
Sun Apr 11, 2021 1:43 pm
Forum: Investing - Theory, News & General
Topic: Real Estate Risk: What Do You Call This Kind?
Replies: 12
Views: 1226

Re: Real Estate Risk: What Do You Call This Kind?

What is the technical term for the risk you take when you sell your primary residence but wait a few years to buy another place to live? The risk I’m thinking about is housing prices making one of their California-style irrational leaps and being priced out of the market. So my theory experts, what...
by tfb
Wed Apr 07, 2021 3:18 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Cash Management check clearing and transfer times
Replies: 12
Views: 967

Re: Fidelity Cash Management check clearing and transfer times

intluser wrote: Wed Apr 07, 2021 1:21 pm I was transferring funds from my Marcus savings to Fidelity for some bills.
Start the transfer at Marcus. It'll be available the next day or on the same day.
by tfb
Sat Apr 03, 2021 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: Add spouse to my solo 401k if not actively part of my business?
Replies: 2
Views: 244

Re: Add spouse to my solo 401k if not actively part of my business?

She will not contribute new money to the plan; this would simply be a receptacle for rollovers. I know she cannot contribute, and I have no intention of classifying her as an employee or my business as a joint venture. I'm simply having trouble finding an answer that differentiates between contribu...
by tfb
Fri Apr 02, 2021 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: How to resolve tax disagreement with my CPA?
Replies: 34
Views: 6119

Re: How to resolve tax disagreement with my CPA?

Don't know whether this is current, but ... Employee Retention Credit The Employee Retention Credit is available to employers of any size, including tax-exempt organizations. It also may be available to tribes, if they operate a trade or business. Self-employed people can't receive the credit for th...
by tfb
Mon Mar 29, 2021 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Line 5a on IRS Form 1040 For Mega Backdoor.
Replies: 3
Views: 275

Re: Line 5a on IRS Form 1040 For Mega Backdoor.

Planner01 wrote: Mon Mar 29, 2021 6:56 pm The amount I contributed over the $19,500 in my 401k which I later converted to Roth in my 401k. Hence, mega backdoor Roth IRA, showed up in my 1040 on line 5a under pensions and annuities. Is this another mistake from my accountant?
No, it should show up there.
by tfb
Sun Mar 21, 2021 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Can I still get third stimulus recovery credit on my 2020 return?
Replies: 5
Views: 543

Re: Can I still get third stimulus recovery credit on my 2020 return?

CygX1 wrote: Sun Mar 21, 2021 9:59 am Specifically, will the credit apply for the third stimulus when I file my 2020 return in May 2021? Or do I need to wait until I file my 2021 return in 2022?
When you file your 2020 return they will recalculate and send you the difference.
by tfb
Sat Mar 20, 2021 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: TT - Getting taxed on my Roth IRA conversion (1099-R, 8606)
Replies: 19
Views: 1964

Re: TT - Getting taxed on my Roth IRA conversion (1099-R, 8606)

Most likely you entered the Roth conversion before the non-deductable contribution since that’s the default order in which questions are asked. So the software is looking at this as you converted some existing money in the tIRA then later made a non-deductible contribution. To fix this, delete both...
by tfb
Thu Mar 18, 2021 12:42 am
Forum: Personal Finance (Not Investing)
Topic: Filed 2020 taxes earlier than I should have
Replies: 2
Views: 501

Re: Filed 2020 taxes earlier than I should have

baseball2horse wrote: Thu Mar 18, 2021 12:12 am I am assuming that there is no way to easily go back to my 2019 tax filing and I have just accidentally buy permanently lost out on the stimulus?
If you make your 2021 income lower than the threshold you'll have a second chance at this time next year.
by tfb
Wed Mar 17, 2021 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Best Tax Software to Handle a K-1 (1065)?
Replies: 6
Views: 436

Re: Best Tax Software to Handle a K-1 (1065)?

H&R Block downloaded software also works just fine.
by tfb
Tue Mar 16, 2021 1:33 pm
Forum: Personal Investments
Topic: $58k contribution limit question- W2 + i401k
Replies: 6
Views: 357

Re: $58k contribution limit question- W2 + i401k

Technically my W2 employer uses a combination of 403(b) and 401(a), but my understanding is that these are effectively the same thing from tax purposes. No. The 403(b) aggregates with your i401k but the 401(a) does not. SE= 40,000 x 0.9235 x 0.038 (since medicare at 3.8% rather than 2.9%) --- no so...
by tfb
Tue Mar 16, 2021 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Sorry, yet another TT Backdoor Roth Question
Replies: 7
Views: 334

Re: Sorry, yet another TT Backdoor Roth Question

ScubaHogg wrote: Tue Mar 16, 2021 12:29 pm - Should I delete this 1099-R (Untitled)? If so, how (there doesn't seem to be a delete form option)?
When you are looking at the form, there are three buttons at the bottom: Print, Delete, Close Form.
by tfb
Thu Mar 11, 2021 1:12 am
Forum: Personal Finance (Not Investing)
Topic: PPP second draw application
Replies: 4
Views: 398

Re: PPP second draw application

Are there any other lenders that you would recommend applying to? Find a small local community bank that accepts applications from non-customers or conditioned on your opening an account there. https://www.icba.org/about/find-a-community-bank The total turnaround time to get SBA approval should be ...
by tfb
Wed Mar 10, 2021 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Stymied, HR Block-Online IRS Forms
Replies: 2
Views: 325

Re: Stymied, HR Block-Online IRS Forms

thirdman wrote: Wed Mar 10, 2021 9:54 pm I am stymied. I am using the HR Block Online tax return website and I cannot find how to go to the IRS forms.
You will see them after you pay for the software. If they let you see the forms before you pay, you may choose not to pay and only copy out the forms.
by tfb
Wed Mar 10, 2021 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: Self Employed Health Insurance Deduction, ACA Subsidy Double Dipping
Replies: 34
Views: 2341

Re: Self Employed Health Insurance Deduction, ACA Subsidy Double Dipping

I guess another way to ask this to folks, in the Self-Employed Health Insurance worksheet, section VI., line "b", how would you populate this list of months if you received health care only through ACA for all 12 months. Do you consider this "self-employed health insurance"?? Th...
by tfb
Tue Mar 09, 2021 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Qualifying for ACA subsidies in 2022 -- does my plan make sense?
Replies: 48
Views: 2148

Re: Qualifying for ACA subsidies in 2022 -- does my plan make sense?

My understanding is that you can get the advance credit (subsidies) by providing a letter that explains your change of circumstances. Here's a post describing why some people (those who will be near the top of the subsidy eligible income range) might consider not taking the advance credit and inste...
by tfb
Sun Mar 07, 2021 11:38 am
Forum: Personal Finance (Not Investing)
Topic: Software for self-employed finances
Replies: 18
Views: 1299

Re: Software for self-employed finances

Then (this is the big one) when I input a self-employment income credit it should tell me: - you can put $X into your self-employed 401K - you must set aside $X for quarterly taxes (breaking down the federal vs. state amounts) - therefore you can pay yourself $X Self-fund one year of living expense...
by tfb
Sat Mar 06, 2021 10:06 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2020 - Software reporting backdoor roth as taxable
Replies: 3
Views: 633

Re: H&R Block 2020 - Software reporting backdoor roth as taxable

The only thing that has changed for me from last tax year is moving from a W-2 employee to a K-1, but my income level has stayed the same. If you're covered by a workplace retirement plan, you have to tell the software somewhere. A W-2 does that by having box 13 checked. When you're single and you'...
by tfb
Mon Mar 01, 2021 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Family to Single HSA Contribution Limit
Replies: 5
Views: 423

Re: Family to Single HSA Contribution Limit

However, I'm struggling to find any information on the IRS site about how mid-year transitions are handled. Would the higher limit still apply on a pro-rated basis to the time that my wife was on the HDHP, or would it effectively be the lower $3,600 limit for the whole year? Pro-rated. See example ...
by tfb
Fri Feb 26, 2021 12:35 am
Forum: Personal Finance (Not Investing)
Topic: Free tax preparer
Replies: 5
Views: 396

Re: Free tax preparer

Use the IRS lookup tool to find the best free service for you.

https://apps.irs.gov/app/freeFile/
by tfb
Mon Feb 22, 2021 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax / H&R Block Comparison
Replies: 21
Views: 1907

Re: Turbo Tax / H&R Block Comparison

I do not get it how some people will switch products to save a few bucks. My time and the assurance of doing my taxes correctly are far more important. Some people who switched found the perceived hassle is minimal and the new product is also better in some ways. Whether the price difference is mea...
by tfb
Sun Feb 21, 2021 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: No 1099-R after rollover/conversion -- consequences?
Replies: 13
Views: 819

Re: No 1099-R after rollover/conversion -- consequences?

TedSwippet wrote: Sun Feb 21, 2021 12:40 pm It was. Vanguard 401k to Vanguard Roth IRA.
If Vanguard has a separate site/login for the 401k, look for the tax form on the 401k side using the 401k site/login, not on the retail IRA side. This has tripped up other posters with Fidelity when Fideity's 401k tax forms were posted in NetBenefits.
by tfb
Sun Feb 21, 2021 9:27 am
Forum: Personal Finance (Not Investing)
Topic: (Attempting) to do my own taxes for the first time this year
Replies: 19
Views: 1348

Re: (Attempting) to do my own taxes for the first time this year

Even with a product like TurboTax, there are various versions (Free, Deluxe, Premier), and I want to make sure I am not spending any more money than I need to for my tax filing. Thanks for all the helpful advice! In the end I used TT (Deluxe?) Cost me $69. Alternative would have been my parent's CP...
by tfb
Sat Feb 20, 2021 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Making Sense of Healthcare.gov Pricing and Subsidies
Replies: 59
Views: 3162

Re: Making Sense of Healthcare.gov Pricing and Subsidies

Agree with your rundown completely, just wanted to comment on #3. Generally speaking, the monthly premium on ACA will not change much. It may move few dollars up or down since too many variables are involved, but will remain roughly the same since the subsidy is based on MAGI and household size, an...
by tfb
Sat Feb 20, 2021 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Making Sense of Healthcare.gov Pricing and Subsidies
Replies: 59
Views: 3162

Re: Making Sense of Healthcare.gov Pricing and Subsidies

LMK5 wrote: Sat Feb 20, 2021 10:28 am The site then gave me a premium of $2.00 per month with over $1000 per month in subsidies for bronze coverage for the both of us. Can this be true?
The bronze plan has a $12,000 deductible. The premium is low, but be prepared to pay 100% of your healthcare before you pay $12,000 out of pocket.
by tfb
Wed Feb 17, 2021 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Deferred Social Security 2020 Payroll Tax--TurboTax
Replies: 4
Views: 527

Re: Deferred Social Security 2020 Payroll Tax--TurboTax

The above calculation is before the application of any refundable credits like the PTC, the AOC and the Child Tax Credit. Once those credits are applied, it is possible that a refund will be payable when it wasn't before the application of those refundable credits. You're right. I don't have any re...
by tfb
Tue Feb 16, 2021 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Deferred Social Security 2020 Payroll Tax--TurboTax
Replies: 4
Views: 527

Re: Deferred Social Security 2020 Payroll Tax--TurboTax

Now I was curious, and so I filled out the SS deferral worksheet in the 1040 instructions--and it appears we are eligible for the SS deferral--notwithstanding that we are receiving a refund. Schedule 3, Line 12e instructions: If you file Schedule H or Schedule SE, you can defer some of the househol...
by tfb
Sat Feb 13, 2021 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: 2021 Tax Planning & CARES Charity Deduction
Replies: 6
Views: 531

Re: 2021 Tax Planning & CARES Charity Deduction

Chip wrote: Sat Feb 13, 2021 4:20 pm It lowered AGI in 2020, as it was considered an adjustment to income. Is it somehow different in 2021?
The 2021 deduction is placed in a different section of the tax code.
by tfb
Sat Feb 13, 2021 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: 2021 Tax Planning & CARES Charity Deduction
Replies: 6
Views: 531

Re: 2021 Tax Planning & CARES Charity Deduction

Archean wrote: Sat Feb 13, 2021 12:49 pm Does anybody know if the 2021 deduction is truly "above the line" and hence lowers AGI?
It doesn't lower AGI. Your two sources use the term "above the line" loosely to say you can take the deduction if you don't itemize.
by tfb
Fri Feb 12, 2021 1:35 am
Forum: Forum Issues and Administration
Topic: The front page is ugly
Replies: 226
Views: 32437

Re: The front page is ugly

I have to agree the front page is ineffective. Anyone who doesn't already know what this site is about will not be able to grasp what's going on by visiting the front page. The current front page serves existing members already in the know. The front page started when Morningstar's forum was poorly ...
by tfb
Mon Feb 08, 2021 2:45 am
Forum: Personal Finance (Not Investing)
Topic: Personal Finance for Engineers
Replies: 2
Views: 942

Re: Personal Finance for Engineers

4a757374696e wrote: Sun Feb 07, 2021 11:14 pm I stumbled across these slides for CS 007: Personal Finance for Engineers at Stanford. Thought y'all might find it interesting.

https://cs007.blog/2020/10/06/cs-007-co ... rial-2020/
The author Adam Nash is the former CEO of Wealthfront.
by tfb
Sun Feb 07, 2021 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block business 2020
Replies: 17
Views: 4337

Re: H&R Block business 2020

Now that I have the 2020 program, the same thing happens when I try to open the 2018 or 2019 H&R Block business. For 2019 and later, follow the instructions here: https://support.cch.com/kb/solution/000107040/000107040 For 2018, follow these instructions: https://support.cch.com/kb/solution/000...
by tfb
Sun Feb 07, 2021 10:03 am
Forum: Personal Investments
Topic: Mega Backdoor Roth limit if employer match is subject to vesting?
Replies: 9
Views: 483

Re: MBD limit if employer match is subject to vesting?

Similarly, when the employer matching vests in future years, do I need to take all of the vesting that took place in that year (could be multiple years of prior matching) into account when determining the $58K overall limit in future years? No, they already counted in the year when the matching con...
by tfb
Sat Feb 06, 2021 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy and MAGI
Replies: 20
Views: 1920

Re: ACA subsidy and MAGI

I might try the ACA exchange for your state; I wish. We live in Florida. Florida uses healthcare.gov. Healthcare.gov has "see plans & prices" where you can plug in your specifics - zip code, household of two, only need coverage for one, income, age, desired plan type, etc. https://www...