Search found 8346 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: 5252

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

hicabob wrote: Sun May 16, 2021 9:54 am Looking at the long term trends it seems so although taxes, maintenance, insurance are negatives relative to index funds

Image
The difference is you can't buy the market and you can't buy small pieces over time. You can only buy 100% of a specific house at a specific time. It's more like buying a single stock that trades only once several years.
by tfb
Sat May 15, 2021 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: 5500 solo 401k reporting question
Replies: 13
Views: 1312

Re: 5500 solo 401k reporting question

niceguy7376 wrote: Sat May 15, 2021 8:37 pm 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 you're not required to file. The penalty is huge if you don't file when you're required to file. So when in doubt, file one anyway.
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: 914

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

teaman wrote: Thu May 13, 2021 11:01 am 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 tax. If A then B doesn't say if not A then not B. It's silent on what happens when not A.
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: 914

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: 2403

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

Dirghatamas wrote: Sat May 08, 2021 2:33 pm 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 into Fidelity. It won't be a problem when you use Fidelity as your primary account and you always have some cash available there.
by tfb
Thu May 06, 2021 9:48 pm
Forum: Personal Investments
Topic: Setting up automatic ACH transfers of dividends/interest?
Replies: 22
Views: 3046

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

HueyLD wrote: Mon Mar 29, 2021 8:14 pm 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 from Fidelity to an external bank account, first set your choice to Deposit into Core Account above, and then Account Features -> Payments and Transfers -> Automatic Withdrawals. You can create an automatic withdrawal plan to withdraw earnings daily.
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: 4959

Re: trapped in EJ by whole life insurance policy

LateStarterDad wrote: Tue Apr 27, 2021 9:15 am 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 one?), independent of the agent that sold it. You can tell the insurance company to switch to a different agent to service your policy if you want to. How does it have anything to do with your EJ brokerage account?
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: 944

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

jplee3 wrote: Mon Apr 26, 2021 3:11 pm 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 capital gains. Check out First Republic credit line, Schwab pledged asset line, Interactive Brokers margin loan etc. in other threads.
by tfb
Wed Apr 21, 2021 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: April 15 Federal Estimate Fail
Replies: 12
Views: 1823

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, 2021. The calculations and printed returns were correct. There was an issue with the electronic filing transmission to the IRS.
https://proconnect.intuit.com/community ... /00/158443

Maybe their consumer product did the same thing?
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: 3209

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

Cheez-It Guy wrote: Fri Apr 16, 2021 6:37 pm 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 05/1999 through 01/2008."

They would know! So I entered the same for one issued 05/1999. It is worth $32,968.

https://www.treasurydirect.gov/BC/SBCPrice

So it appears the $10,000 denomination was not actually available to begin with.
The $5,000 denomination was available in 09/1998. It's worth $17,352 in 04/2021. Two $5,000 bonds issued in 09/1998 are worth $34,704.
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: 3732

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: 468
Views: 97627

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: 1479

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

erishera wrote: Tue Apr 13, 2021 8:56 pm 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 like to fine-tune your income because you're never sure what the year-end dividends will be.
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: 1479

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

erishera wrote: Tue Apr 13, 2021 3:25 pm 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 in also reduces your PTC. For example, if you only have the $25K IRA conversion, you will have free health insurance if you choose the 2nd lowest silver plan. When you add LTCG, your health insurance premium and your co-pay and deductible will increase. You should look at the sum of tax and health insurance premium + co-pay + deductible, not just the tax itself.
by tfb
Tue Apr 13, 2021 8:26 am
Forum: Investing - Theory, News & General
Topic: 2021 I Bonds: what's your plan?
Replies: 468
Views: 97627

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: 832

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: 2267

Re: Fidelity Cash Management check clearing and transfer times

intluser wrote: Sun Apr 11, 2021 4:05 pm
tfb wrote: Wed Apr 07, 2021 3:18 pm
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.
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 transfer started at Marcus arrives on the same day if I request it early enough in the morning, and it's immediately available at Fidelity. Fidelity doesn't hold the money if the transfer is initiated from outside.
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: 1446

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 is the name for that specific type of risk? And how does one calculate the chances of it happening? As someone currently experiencing the consequence of this risk, I call it the risk of "accidental market timing." You didn't intend to time the market. The market timed you. I sold my house and moved to another state. Common wisdom says you should rent a year to get familiar with the new area. During this one year, real estate prices ros...
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: 2267

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: 413

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

tsm1th wrote: Sat Apr 03, 2021 3:45 pm 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 contributions to the plan (which she cannot do) and having an account with a zero balance in the plan that can receive a rollover.
A rollover is a type of contribution ("rollover contribution"). If she's not a part of your business, she can't have an account in the plan.
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: 6752

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 their own earnings but may be able to claim the credit for wages paid to their employees.
https://www.irs.gov/newsroom/who-qualif ... tax-credit
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: 736

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: 730

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: 2455

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

ipdiddly wrote: Sat Mar 20, 2021 10:48 am
celia wrote: Sat Mar 06, 2021 9:22 pm
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 transactions from the software. Then enter the contribution, saying it is non-deductible. THEN enter the Roth conversion. (This is the order in which the transactions happened.)
I don't believe the order of entry matters.
I agree. The order doesn't matter as long as you answer the questions correctly.
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: 662

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: 829

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: 565

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

OCDinvestor wrote: Tue Mar 16, 2021 1:07 pm 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.
OCDinvestor wrote: Tue Mar 16, 2021 1:07 pm SE= 40,000 x 0.9235 x 0.038 (since medicare at 3.8% rather than 2.9%) --- no social security tax since maxed out in W2 role
The 0.9% additional tax is a personal tax, not part of the self-employment tax.
OCDinvestor wrote: Tue Mar 16, 2021 1:07 pm So I guess my real question here is, even though I hit the contribution limit of $58k on the W2 side, do I have a new $58k limit on the employer side of the i401k?
You do, but it has to include the contributions to your 403(b).
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: 552

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 12:12 am
Forum: Personal Finance (Not Investing)
Topic: PPP second draw application
Replies: 4
Views: 573

Re: PPP second draw application

mookie wrote: Wed Mar 10, 2021 7:52 am 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 within one week when the bank is on the ball working with you.
by tfb
Wed Mar 10, 2021 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Stymied, HR Block-Online IRS Forms
Replies: 2
Views: 502

Re: Stymied, HR Block-Online IRS Forms

thirdman wrote: Wed Mar 10, 2021 8:54 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 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Self Employed Health Insurance Deduction, ACA Subsidy Double Dipping
Replies: 34
Views: 2735

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"?? Thank you in advance if anyone is monitoring this thread anymore. This is specifically me getting stuck in H&R Block! You should check all 12 months. Follow this for a walkthrough in H&R Block: Self-Employed ACA Health Insurance Subsidy In H&R Block Tax Software If the numbers don't make sense, then check the link above from FiveK to see if you're one of the edge cases for which the tax software doesn't work, and how to use a better cal...
by tfb
Tue Mar 09, 2021 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Qualifying for ACA subsidies in 2022 -- does my plan make sense?
Replies: 48
Views: 3544

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

terran wrote: Tue Mar 09, 2021 10:34 am 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 instead getting the subsidy back when they file their taxes: https://thefinancebuff.com/aca-health-i ... tance.html
Except this backfired badly in 2020 without warning. If you received the advance subsidy but your income went over the cliff, you'll get to keep the advance. If you didn't ask for the subsidy upfront and your income went over the cliff, you'll get nothing. I'll change tactics and always ask for it upfront.
by tfb
Sun Mar 07, 2021 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Software for self-employed finances
Replies: 18
Views: 1750

Re: Software for self-employed finances

peterp wrote: Sun Mar 07, 2021 6:44 am 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 expenses including taxes. Do all of these after the year ends.
by tfb
Sat Mar 06, 2021 9:06 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2020 - Software reporting backdoor roth as taxable
Replies: 3
Views: 1775

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

Boglehawk wrote: Sat Mar 06, 2021 7:20 am 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're not covered by a retirement plan, there's no income limit for deducting the traditional IRA contribution. The software gave you that deduction, and then it made your conversion taxable. Although the net result is the same, taking a deduction when you're not eligible is still wrong. If you're indeed not covered by a retirement plan, then the software did it correctly.
by tfb
Mon Mar 01, 2021 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Family to Single HSA Contribution Limit
Replies: 5
Views: 592

Re: Family to Single HSA Contribution Limit

dboeger1 wrote: Mon Mar 01, 2021 1:22 am 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 in Publication 969.
by tfb
Thu Feb 25, 2021 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: Free tax preparer
Replies: 5
Views: 673

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 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax / H&R Block Comparison
Replies: 32
Views: 4400

Re: Turbo Tax / H&R Block Comparison

carolinaman wrote: Mon Feb 22, 2021 8:43 am 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 meaningful or not, they don't like being taken advantage of for inertia, and they want to encourage competition.
by tfb
Sun Feb 21, 2021 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: No 1099-R after rollover/conversion -- consequences?
Replies: 22
Views: 2593

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

TedSwippet wrote: Sun Feb 21, 2021 11:40 am 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 8:27 am
Forum: Personal Finance (Not Investing)
Topic: (Attempting) to do my own taxes for the first time this year
Replies: 19
Views: 1753

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

Macro wrote: Sat Feb 20, 2021 9:04 am 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.
Macro wrote: Sat Feb 20, 2021 6:46 pm Thanks for all the helpful advice! In the end I used TT (Deluxe?) Cost me $69. Alternative would have been my parent's CPA who would have charged me $500.
It sounds like you used the online version. Next time buy the downloaded software. Even today, without hunting for sales, TurboTax Deluxe (without state, which you don't need in Florida) is only $40 on Amazon. It was $20 net of a gift card when it was on sale.
by tfb
Sat Feb 20, 2021 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: Making Sense of Healthcare.gov Pricing and Subsidies
Replies: 59
Views: 4015

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, and neither one of those 2 is changing when older spouse goes on MC. If the two are on a bronze plan, the net ACA premium is MAGI * applicable percentage - (benchmark plan - plan chosen) After one person goes off to Medicare, the difference between the benchmark plan and the bronze plan becomes smaller because the plan now covers only one person instead of two. Their net premium will increase, plus the additional premium for Medicare and supplement.
by tfb
Sat Feb 20, 2021 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Making Sense of Healthcare.gov Pricing and Subsidies
Replies: 59
Views: 4015

Re: Making Sense of Healthcare.gov Pricing and Subsidies

LMK5 wrote: Sat Feb 20, 2021 9:28 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 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Deferred Social Security 2020 Payroll Tax--TurboTax
Replies: 4
Views: 790

Re: Deferred Social Security 2020 Payroll Tax--TurboTax

cowdogman wrote: Tue Feb 16, 2021 9:51 am 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 refundable credits. So to me, if I'm getting a refund because I overpaid wanting to buy I Bonds, I can't defer. I can only defer to the extent I owe.
by tfb
Mon Feb 15, 2021 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: Deferred Social Security 2020 Payroll Tax--TurboTax
Replies: 4
Views: 790

Re: Deferred Social Security 2020 Payroll Tax--TurboTax

cowdogman wrote: Sun Feb 14, 2021 1:48 pm 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 household employment and self-employment tax payments you may owe on your 2020 tax return and pay them later instead. However, you can't defer amounts that you have already paid.
That says if you're receiving a refund you can't defer.
by tfb
Sat Feb 13, 2021 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: 2021 Tax Planning & CARES Charity Deduction
Replies: 6
Views: 827

Re: 2021 Tax Planning & CARES Charity Deduction

Chip wrote: Sat Feb 13, 2021 3:20 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 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: 2021 Tax Planning & CARES Charity Deduction
Replies: 6
Views: 827

Re: 2021 Tax Planning & CARES Charity Deduction

Archean wrote: Sat Feb 13, 2021 11:49 am 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 12:35 am
Forum: Forum Issues and Administration
Topic: The front page is ugly
Replies: 226
Views: 36875

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 organized many years ago. Now that we have well functioning forum software, putting an index on top of it isn't necessary anymore. If it's truly necessary, it sounds like we chose the wrong forum software.

Do we want to expand the reach and promote financial education to the public or do we want to serve an exclusive club that has it figured out already? The front page says it loud and clear.
by tfb
Mon Feb 08, 2021 1:45 am
Forum: Personal Finance (Not Investing)
Topic: Personal Finance for Engineers
Replies: 2
Views: 1203

Re: Personal Finance for Engineers

4a757374696e wrote: Sun Feb 07, 2021 10:14 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 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block business 2020
Replies: 24
Views: 8108

Re: H&R Block business 2020

bsteiner wrote: Wed Jan 06, 2021 8:42 am 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/000104154/000104154
by tfb
Sun Feb 07, 2021 9:03 am
Forum: Personal Investments
Topic: Mega Backdoor Roth limit if employer match is subject to vesting?
Replies: 9
Views: 725

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

LeftCoastIV wrote: Sun Feb 07, 2021 2:22 am 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 contributions were made.
by tfb
Sat Feb 06, 2021 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy and MAGI
Replies: 20
Views: 2322

Re: ACA subsidy and MAGI

spammagnet wrote: Sat Feb 06, 2021 11:12 am
curmudgeon wrote: Sat Feb 06, 2021 11:05 amI 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.healthcare.gov/see-plans/#/