Search found 85602 matches

by livesoft
Thu Mar 28, 2024 11:10 am
Forum: Personal Investments
Topic: Advice on Conversion to Roth offsets with Charitable giving.
Replies: 5
Views: 219

Re: Advice on Conversion to Roth offsets with Charitable giving.

Resources to read might be James Lange's recent book: "Retire Secure for Professors and TIAA Participants" though the first part of the book is about the accumulation phase which you are done with and don't need to read.

Or perhaps one of his other books: https://paytaxeslater.com/books/
by livesoft
Thu Mar 28, 2024 11:06 am
Forum: Personal Investments
Topic: Advice on Conversion to Roth offsets with Charitable giving.
Replies: 5
Views: 219

Re: Advice on Conversion to Roth offsets with Charitable giving.

Doesn't DAFFY take 3% off the top? If not, how much does it take? Instead of DAFFY, why not something like Fidelity Charitable DAF?

Level of Roth conversion depends on you figuring out a lot of things. We convert up beyond the 12% tax bracket and then donate to charity 30% of AGI to bring us back down to spot where we pay 0% tax on qualified dividends and long-term capital gains. Your post suggests that you are multiples wealthier than us. It doesn't look like you have seen that low a tax bracket in many years.
by livesoft
Thu Mar 28, 2024 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Can I pay my estimated taxes before filing the taxes?
Replies: 10
Views: 522

Re: Can I pay my estimated taxes before filing the taxes?

One can make payments of all kinds almost whenever you want and multiple times. Please take a look at
https://www.irs.gov/payments/direct-pay
and explore you options. Do you see how you could finagle it to even make a payment for 2027 if you wanted to? I would not suggest that though.
by livesoft
Thu Mar 28, 2024 7:07 am
Forum: Personal Investments
Topic: Harvesting [Tax Loss Harvesting]
Replies: 1
Views: 206

Re: Harvesting

It is unlikely that you would have shares purchased a few years ago at a loss. There are several reasons for that such as stocks generally go up and you would have sold your losers before you had held them more than one year anyways. Realized short-term losses (even if carried over) will first offset realized short-term gains. Realized long-term losses (even if carried over) will first offset realized long-term gains. Any remaining realized losses (short or long term) will offset any remaining realized gains. Any remaining realized losses will offset up to $3,000 of ordinary income. Any remaining realized losses will get carried over to the next tax year. One can clearly see how this happens by looking at Form 1040 Schedule D which is a rea...
by livesoft
Wed Mar 27, 2024 8:17 pm
Forum: Personal Consumer Issues
Topic: Recommendation of Biology Major. UW\UCSD\UCDavis\CaseWestern
Replies: 47
Views: 2604

Re: Recommendation of Biology Major. UW\UCSD\UCDavis\CaseWestern

I just want to mention that around UW and UCSD there are many biotech companies and hospitals that perhaps students can get jobs at while around UCDavis and Case perhaps less so.
by livesoft
Wed Mar 27, 2024 8:00 pm
Forum: Personal Investments
Topic: What happened to Vanguard's Portfolio Watch?
Replies: 15
Views: 1765

Re: What happened to Vanguard's Portfolio Watch?

UpperNwGuy wrote: Wed Mar 27, 2024 7:58 pm Seems like Vanguard has made changes to Portfolio Watch in the last few weeks. It has lost a lot of functionality. Has anyone else noticed?
Just now it seems the same to me as it has been for about 6 months or more.
by livesoft
Wed Mar 27, 2024 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Preparation Fees
Replies: 12
Views: 930

Re: Tax Preparation Fees

People with math anxiety get taken advantage of. An acquaintance asked me to review their tax return which cost them $750. They had no taxable income, but didn't want to use free tax software themselves because they didn't want to read the instructions.
by livesoft
Wed Mar 27, 2024 7:46 pm
Forum: Personal Investments
Topic: Trading: Bid/Size Question
Replies: 2
Views: 237

Re: Trading: Bid/Size Question

Do you use thinkorswim to see real-time order book and level II quotes when the market is open?

There is an old thread about broker trade executions. Here's a link to a comment with a screen grab of the order book and executions:
viewtopic.php?p=3845521#p3845521

For something like Lockheed, the bid size should not matter. I don't know that trading screen (you didn't post a screen capture), so from your description I cannot imagine what is going on.
by livesoft
Wed Mar 27, 2024 6:43 am
Forum: Personal Investments
Topic: Withdrawal Strategy Help Requested
Replies: 13
Views: 1269

Re: Withdrawal Strategy Help Requested

Some random comments: With your assets arranged differently I don't think you should be paying any Federal income taxes. That is, as it stands now your portfolio with CDs in taxable does not appear to be tax efficient with over $400,000 of CDs creating $20,000 a year of fully taxable income. Maine is a very interesting place. With your expected $11,500 monthly spend I think you will be some of the highest income people in the state. I would definitely do this: https://www.bogleheads.org/wiki/Placing_cash_needs_in_a_tax-advantaged_account. That is, you can still have those CDs, but not in a taxable account. My withdrawal strategy would be to sell equities in taxable until depleted which you sort of have been doing. As I did so, I would excha...
by livesoft
Tue Mar 26, 2024 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Which line number in 1040 Tax form refers to my Tax Bracket ?
Replies: 8
Views: 845

Re: Which line number in 1040 Tax form refers to my Tax Bracket ?

Probably have to look at a worksheet since your taxable income doesn't always give you your tax bracket. For instance $50K of taxable income that is 100% from wages will not be taxed the same as $50K of taxable income that is 100% from qualified dividend income.
by livesoft
Tue Mar 26, 2024 5:04 pm
Forum: Investing - Theory, News & General
Topic: Never selling shares
Replies: 57
Views: 4336

Re: Never selling shares

adave wrote: Tue Mar 26, 2024 5:00 pmBut if one can build a stock portfolio that throws off enough money without hurting growth that much and you never have to sell shares, wouldn’t that be ideal?

Buffett says his holding period is “forever”. Couldn’t my father say the same?
Yes. My kids will inherit shares of VTI. I am pretty sure they will think that's "ideal" for them. :)
by livesoft
Tue Mar 26, 2024 2:57 pm
Forum: Personal Investments
Topic: Advice for 29 year old daughter
Replies: 32
Views: 2813

Re: Advice for 29 year old daughter

doctormike wrote: Tue Mar 26, 2024 10:23 am I told her she'd be better off putting the max into a Roth IRA each year instead of all the savings going in her Roth 401k because 40 years from now she won't be faced with RMDs. Being that she has a 40 year window I'm recommending that she put all of her new Roth IRA money in VTSAX. I'd love to hear thoughts from the forum about this. Thanks much
Uh, in 39 years she rolls her Roth 401(k) into a Roth IRA and no more RMDs.

But she can still put all her money in a Roth 401(k) AND use the same compensation to qualify for a Roth IRA. That is, it is not an "either / or" decision because she can do both.
by livesoft
Tue Mar 26, 2024 2:48 pm
Forum: Personal Investments
Topic: My Portfolio-New Member
Replies: 7
Views: 642

Re: My Portfolio-New Member

While you do not pay Federal and state income taxes now, your portfolio is not particularly tax efficient. You may be able to rearrange asset location to be more tax efficient without a tax cost. Also you may be able to do Roth conversions at a tax rate of zero. I would not (and do not) have any money market funds in taxable nor bonds funds in taxable nor balanced funds in taxable. They are all in tax-advantaged accounts instead. In taxable I have only broad-market, low-expense-ratio, passively-managed stock index funds such as Total Stock Market and Developed international Stock Market. If you are worried about "what happens when stocks drop and I want to access cash and not sell my equities funds" then please read: https://www.b...
by livesoft
Tue Mar 26, 2024 2:20 pm
Forum: Personal Consumer Issues
Topic: Is this a termite?
Replies: 28
Views: 3296

Re: Is this a termite?

SmileyFace wrote: Tue Mar 26, 2024 1:18 pmI am pretty sure the OPs picture is inside their house (but maybe I badly assumed it). Maybe even their kitchen counter.
Maybe, but looks like concrete sidewalk to me, but maybe their kitchen is modern concrete style.
by livesoft
Tue Mar 26, 2024 12:58 pm
Forum: Personal Consumer Issues
Topic: Is this a termite?
Replies: 28
Views: 3296

Re: Is this a termite?

SmileyFace wrote: Tue Mar 26, 2024 12:46 pm When you say you see them all the time do you mean in your home?
I live in the woods. I do not see them in my home. There are plenty of better wooden materials for them to play with outside my home.
by livesoft
Tue Mar 26, 2024 12:34 pm
Forum: Personal Consumer Issues
Topic: Is this a termite?
Replies: 28
Views: 3296

Re: Is this a termite?

I see these ants all the time. They are a part of the natural world. I don't worry about them.

Also termite swarms were just leaving their nests on the full moon yesterday. It was great seeing them all flying away. Pest control folks know this happens, so they advertise a lot more at this time.
by livesoft
Tue Mar 26, 2024 12:09 pm
Forum: Personal Consumer Issues
Topic: how to open paper milk carton "cleanly"?
Replies: 30
Views: 1905

Re: how to open paper milk carton "cleanly"?

I use such cartons for my soy milk. I start by using the screw cap, but at the end when carton is nearly empty, I open the paper part for the last of the milk and let it drain into a glass. Then I add a little water to carton, shake it a little bit to rinse the inside, and then pour that into my uncooked oatmeal (as a water or Dr Pepper substitute), then cook the oatmeal (with all the other ingredients). Anyways, I just open the carton the way I learned more than 60 years ago in grade school. Youtube shows it: https://www.youtube.com/watch?v=dcgYEh5PtlM. but this is only after the carton is mostly empty after using the screw cap over the previous week to get the milk out. But one could open as in the video, THEN use a scissors to cut the ed...
by livesoft
Tue Mar 26, 2024 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Form3520 needed if income below standard deduction?
Replies: 5
Views: 461

Re: Form3520 needed if income below standard deduction?

I don't know the answer, but since it should cost nothing to file, then why not? Besides, it would be great practice for the future.

Also, a signicant number of tax returns that have zero tax are filed. It's not about the tax liability, but about the income.
by livesoft
Tue Mar 26, 2024 6:44 am
Forum: Personal Investments
Topic: How quickly can I liquidate a mutual fund at Vanguard to my linked bank account?
Replies: 9
Views: 1270

Re: How quickly can I liquidate a mutual fund at Vanguard to my linked bank account?

livesoft wrote: Sun Mar 24, 2024 6:52 pm Submit an order RIGHT NOW to have $1 of your VMSXX to appear in your bank account. I think that will answer your questions to your satisfaction.
So how did it go? Is your $1 in your checking account this morning?
by livesoft
Tue Mar 26, 2024 5:57 am
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund and H&R Block - How to list contributions?
Replies: 5
Views: 209

Re: DAF and H&R Block

Did Schwab DAF not give you a Form 8283 "Noncash Charitable Contributions"? Fidelity DAF gives us this form with information in Part 1 filled out for our convenience. While the form that Fidelity gave us is not included in our tax return, HRBlock creates the Form 8283 and we can compare it to the one given to us by Fidelity. They should be consistent.

Added: The Fidelity-provided Form 8283 has "Treasury Regulation #20.2031-2" in column "(i) Method used to determine the fair market value"
by livesoft
Tue Mar 26, 2024 5:53 am
Forum: Personal Finance (Not Investing)
Topic: Donor Advised Fund and H&R Block - How to list contributions?
Replies: 5
Views: 209

Re: DAF and H&R Block

HRBlock tax-prep software cannot know whether your items are limited by 50% or 30%, so you must tell it. In the desktop version, one can read the displayed instructions and follow them. 1. For "Method used to value" I use "Comparable sales" and not appraisal. After all, the donated securities were sold by the DAF. 2. Answer "Yes" to the publicly traded securities question. 3. On the page with "Your total donations are more than 20% of AGI ..." is the text: So, your 2023 charitable deduction might be limited. Tell us more about your donated property on our forms . That will help us accurately figure your donation. After you complete the forms, return to this screen. with the word "forms" in g...
by livesoft
Tue Mar 26, 2024 5:22 am
Forum: Investing - Theory, News & General
Topic: Theoretically, would VTI be an effective long term retirement investment, even when held in a taxable account ?
Replies: 34
Views: 4310

Re: Theoretically, would VTI be an effective long term retirement investment, even when held in a taxable account ?

Please be aware that there is a difference between gross income and taxable income, so a married couple can have more than $90K of income and not pay income tax if it is the right kind of income.

VTI does not pay 100% qualified dividends anymore though it used to. About 5% of the dividends are so-called Section 199A dividends.

In any event, more than 40% of US tax returns have no income tax. That is, more than 40% of "taxpayers" pay no Federal income taxes.

There is also the old thread
How to pay ZERO taxes in retirement with 6-figure expenses

VTI is a great investment for low-earners, high-earners, no earners, and everyone and in every kind of investment account: taxable, tax-deferred, Roth, and mattress.
by livesoft
Mon Mar 25, 2024 4:40 pm
Forum: Personal Consumer Issues
Topic: Projecting An Excel Spreadsheet Onto a Screen/Wall
Replies: 3
Views: 372

Re: Projecting An Excel Spreadsheet Onto a Screen/Wall

No special software is required assuming you have Excel. You just need a projector that can attach to your laptop/computer. Or if there is a big-screen TV monitor on the wall, then you can attach your laptop/computer to it. You will need a compatible cable, but that is not difficult to get.

Perhaps search in a web browser "LCD projector." Your library may have one. Many meeting rooms have one. Our grocery store has a free meeting room with a setup. So does the local Nature Center.
by livesoft
Mon Mar 25, 2024 2:23 pm
Forum: Personal Investments
Topic: Horrified by Schwab Platform -- Where to Next?
Replies: 94
Views: 15644

Re: Horrified by Schwab Platform -- Where to Next?

stockwiz wrote: Mon Mar 25, 2024 1:43 pm Anyone else not find Schwab having ratings depth like TDAM?
I'm gonna state that many people are like me and consider Stock ratings reports to be useless and a waste of time. I have never looked at any of them no matter which brokerage I used including TDAmeritrade, Fidelity, Schwab, Vanguard, WellsTrade.
by livesoft
Mon Mar 25, 2024 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Costs of children after daycare
Replies: 4
Views: 522

Re: Costs of children after daycare

Could you hire in-home nanny with all-in costs of $36K?

Our public schools have after-school care at school provided by the local YMCA. You can find out what something like that might cost in your area. In general, we had many friends in our area who were say a year or two ahead of us on children and always talked among ourselves. That gave us exact child care costs which we would also pass along later to the parents who were a year or two behind us.
by livesoft
Mon Mar 25, 2024 10:32 am
Forum: Personal Consumer Issues
Topic: Need information on clothes dryer lint screen
Replies: 18
Views: 993

Re: Need information on clothes dryer lint screen

When you observe what is coming out of the hose especially on a cool morning, do you see the fog of moisture condensing? Are the clothes getting dry? We have almost no lint trapped when drying non-cotton items. That is, our clothes do not produce lint. Old cotton towels have already lost most of their lint, so are not big lint losers either. Our dryer is now 30 years old.

Experiment: Through in a bunch of separated facial tissue in the washer with clothes, then dry them. Where does the facial tissue go?
by livesoft
Mon Mar 25, 2024 9:58 am
Forum: Investing - Theory, News & General
Topic: Vanguard TDF -- Why are there International Bonds?
Replies: 8
Views: 764

Re: Vanguard TDF -- Why are there International Bonds?

Because Vanguard did a study of the past and found that international bonds were helpful.

This should tell you that the things you read are also a matter of opinion. You will have to choose whom to believe and whether it matters or not going forward into the future.
by livesoft
Mon Mar 25, 2024 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Missing Entire Funds?
Replies: 26
Views: 1435

Re: Vanguard Tax Forms Missing Entire Funds?

^Our consolidated 1099 from Vanguard BS is only 6 page long. The text "0.00" appears on 3 pages a total of 158 times. Only one single page has the 1099-DIV table that has only two relevant numbers (and they are the same number for our 1099) that end up on our Form 1040, so quite easy to read and understand.

And if one imports the 1099 from Vanguard directly from Vanguard web site via tax-prep software, then the tax-prep software will be another "set of eyes" looking in the 1099 for relevant numbers. Thus, though a human doesn't have to read the 1099, they really should. Humans make mistakes, but so do programmers writing the software interfaces, and so does Vanguard.
by livesoft
Mon Mar 25, 2024 9:41 am
Forum: Personal Investments
Topic: Those complimentary dinners for retirees by investment advisors
Replies: 143
Views: 10506

Re: Those complimentary dinners for retirees by investment advisors

You should go and report back. We have never been to one, but they are also never at restaurants that we would eat at anyways.
by livesoft
Mon Mar 25, 2024 9:27 am
Forum: Personal Investments
Topic: Wells Fargo WellsTrade brokerage account access question
Replies: 34
Views: 3938

Re: Wells Fargo WellsTrade brokerage account access question

I have never seen a brokerage warn about potential wash sales. Sometimes wash sales are beneficial, too.

All my brokerages have stock price alerts, so I would not even consider that as a brokerage choice criteria.
by livesoft
Mon Mar 25, 2024 9:03 am
Forum: Personal Finance (Not Investing)
Topic: Approaching parents about removing oneself from their estate
Replies: 35
Views: 3907

Re: Approaching parents about removing oneself from their estate

Maybe you don't talk to your parents, but do you talk to your siblings? Maybe they all will disclaim their inheritance without your knowledge including your sister? :)
by livesoft
Mon Mar 25, 2024 8:38 am
Forum: Personal Investments
Topic: buying mutual funds seems easier than buying ETFs
Replies: 64
Views: 4892

Re: buying mutual funds seems easier than buying ETFs

So would it be accurate to say that a "Market order - On the close" ETF order is the same as a mutual fund order, but both are worse than trading during the day? Ha! I guess it would be accurate to say that on a day that you must buy, then it is worse not buying at the lowest price of the day. And on a day that you must sell, then it is worse not selling at the highest price of the day. :twisted: There are practically daily instances of where one didn't get the best price for something whether buying from Amazon, a particular grocery store (and not the one across the street), or a particular gas station (and not the one at the next Interstate exit), a new-to-you vehicle, or you-name-it. Generally, one is not paralyzed by the fear...
by livesoft
Mon Mar 25, 2024 7:39 am
Forum: Personal Investments
Topic: Taxable account assets for pre-retirement
Replies: 8
Views: 914

Re: Taxable account assets for pre-retirement

Huh, interesting. I think the main thing I'm asking is (1) Are stocks not so tax-efficient if it's more likely that I'll sell them early, triggering capital gains tax, .... Are you telling me that if you found a money market fund that paid 15% a year (or in 3 months!) that you would not invest in it because it would trigger ordinary income taxes? I sure hope not. Selling early in time of need and paying capital gains tax is not a sin. And maybe fear of paying capital gains tax helps you mentally to keep your money invested. OTOH, there is a benefit of potential tax-loss harvesting which can help one avoid future net capital gains. It may seem hard to believe, but I think it is better to have equity fund losses in a taxable account than in ...
by livesoft
Mon Mar 25, 2024 7:33 am
Forum: Personal Investments
Topic: Dilemma of sorts…[asset allocation to reduce RMDs]
Replies: 16
Views: 2175

Re: Dilemma of sorts…

Where do you recommend keeping an emergency fund if you don't have any fixed income in taxable? We don't need no stinkin' emergency fund per se because our entire portfolio is an emergency fund. As is often mentioned on Bogleheads.org if one needs money quickly in an emergency, then one can get in a couple of days. In the meantime there are credit cards to use. But I can sell shares in my WellsTrade account of say Vanguard Total Stock Market Index ETF, let the trade settle and then in less than hour have the money in my checking account. For those that object with "But VTI could lose money or drop 25% just before you need to sell it!" I respond with "So what? I will just exchange some BND into VTI at around the same value in...
by livesoft
Sun Mar 24, 2024 8:32 pm
Forum: Personal Investments
Topic: Taxable account assets for pre-retirement
Replies: 8
Views: 914

Re: Taxable account assets for pre-retirement

I would still have "with 100% US stock ETFs in my taxable accounts and stock ETFs + bonds + some small-cap/international stock ETFs in my tax-protected accounts."

You have probably already read this, but I link it anyways:
https://www.bogleheads.org/wiki/Placing ... ed_account
by livesoft
Sun Mar 24, 2024 8:29 pm
Forum: Personal Consumer Issues
Topic: To buy or not to buy a big SUV
Replies: 42
Views: 3494

Re: To buy or not to buy a big SUV

Take two vehicles: Your current one and another one that you rent.
by livesoft
Sun Mar 24, 2024 6:52 pm
Forum: Personal Investments
Topic: How quickly can I liquidate a mutual fund at Vanguard to my linked bank account?
Replies: 9
Views: 1270

Re: How quickly can I liquidate a mutual fund at Vanguard to my linked bank account?

Submit an order RIGHT NOW to have $1 of your VMSXX to appear in your bank account. I think that will answer your questions to your satisfaction.
by livesoft
Sun Mar 24, 2024 6:39 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Missing Entire Funds?
Replies: 26
Views: 1435

Re: Vanguard Tax Forms Missing Entire Funds?

tetractys wrote: Sun Mar 24, 2024 6:37 pm My consolidated form 1099 was 12 pages and the 1099-B didn’t start until page 3. When I was doing my taxes it took me a few tries to find it.
But the OP apparently didn't sell any shares, so all the numbers should be embedded in the 1099-DIV of the consolidated 1099, right?
by livesoft
Sun Mar 24, 2024 5:20 pm
Forum: Personal Investments
Topic: Help me understand the extra work of SpecId for cost basis
Replies: 11
Views: 733

Re: Help me understand the extra work of SpecId for cost basis

cacophony wrote: Sun Mar 24, 2024 3:00 pm 1. How easy is it to sell a large number of small lots through Vanguard's site?
Trivial.

2. How easy is it to report these transactions on taxes? I use FreeTaxUSA which requires manually entering everything (except W2). Is there some easy way to report the sale of 10+ different lots as a single line without having to enter in each lot transaction separately?
Trivial. All shares sold in a specific transaction will have the same "Date Sold" and the "Date Acquired" will be "Various", so all grouped together in one transaction or at most two transactions with Var-S or Var-L as Date Acquired. This is same as using Average Basis. See IRS instructions.
by livesoft
Sun Mar 24, 2024 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard Tax Forms Missing Entire Funds?
Replies: 26
Views: 1435

Re: Vanguard Tax Forms Missing Entire Funds?

https://investor.vanguard.com/investmen ... tributions shows otherwise for 2023.

Do you get separate 1099 for your Vanguard mutual fund platform and for your Vanguard brokerage platform?
by livesoft
Sun Mar 24, 2024 1:46 pm
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

Wannaretireearly wrote: Sun Mar 24, 2024 1:23 pm Very good! I account for 20 good years, 50 to 70. But also factor looking after parents roughly in 10 years time affecting our ‘mobility’ to travel. Is this not a factor for you or your wife?
Our parents died a long time ago while our kids were still in school.
by livesoft
Sun Mar 24, 2024 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Number of healthy years with no dependents
Replies: 23
Views: 1626

Re: Number of healthy years with no dependents

My spouse has been overseas to 7 countries in 3 separate trips in the past year. She asks "You want to know what I'm planning for next year?"

I've been on a few mountaintops in the last year and I am almost her age.

We are both getting close to 70 and I think we are as healthy now as at age 50, so I'm not sure why you short-change yourself and stop at 60.
by livesoft
Sun Mar 24, 2024 11:19 am
Forum: Personal Investments
Topic: Cost Basis question when sell all shares of mutual fund
Replies: 19
Views: 1460

Re: Cost Basis question when sell all shares of mutual fund

Columbia85 wrote: Sun Mar 24, 2024 10:21 am .... At some point if I sold this holding, I wonder if Vanguard would report the zero-cost basis and if I would have the chance to list the step-up basis for the IRS. It's such a small holding I'm not sweating it either way, but it piqued my curiosity.

Dennis
The way 1099-B work is that there are categories for sold shares including one "Cost Basis Not Reported to IRS." In any case, one can override (i.e. adjust) any of the information. I suppose the IRS can object to one's adjustments and one will have to deal with them.
by livesoft
Sun Mar 24, 2024 11:15 am
Forum: Personal Investments
Topic: Cost Basis question when sell all shares of mutual fund
Replies: 19
Views: 1460

Re: Cost Basis question when sell all shares of mutual fund

I got a message from sscritic that I was wrong about ALL shares (noncovered and covered) having the same Average Cost per share. I'll just quote what he sent me: VG and most brokers use what is called separate accounts. Non covered has one average and covered has another. I ran into this years ago when selling at VG, selling enough sells to get rid of all my non covered as well as some covered. It fooled me for a while, but VG used to have a statement explaining this. I recently transferred my VG shares to [redacted], and they default to average basis, and the cost per share listed is one number for all the non covered and another for the covered. Thanks for the correction and personal experience. All my shares in my screen grab are all non...
by livesoft
Sun Mar 24, 2024 9:25 am
Forum: Personal Investments
Topic: Fiduciary advisors vs not - how important do you think it is
Replies: 33
Views: 2274

Re: Fiduciary advisors vs not - how important do you think it is

tibbitts wrote: Sun Mar 24, 2024 9:03 amWhat are the examples you've encountered?
An example I have seen for someone else:
"You don't need to make any Roth conversions even though the taxes to do so would be zero."
by livesoft
Sun Mar 24, 2024 9:16 am
Forum: Personal Investments
Topic: Cost Basis question when sell all shares of mutual fund
Replies: 19
Views: 1460

Re: Cost Basis question when sell all shares of mutual fund

22twain wrote: Sun Mar 24, 2024 9:06 am If he started investing in that fund before 2011 (or whenever), doesn't that mean Vanguard won't report cost basis for those early shares, and he'll have to dig that out of his transaction records?
Vanguard will not report to the IRS what the cost basis is for those shares, but will tell the tax payer what the Average Cost is for all shares. That is, the cost basis for all the shares purchased before 2011 (or whenever) will be the same as the Average Cost is for all the shares. As noted, nothing to worry about here. Simple.

Example screen grab of a Vanguard account with non-covered shares:

Image
by livesoft
Sun Mar 24, 2024 9:00 am
Forum: Personal Finance (Not Investing)
Topic: What are your "hidden" tax tips?
Replies: 56
Views: 4794

Re: What are your "hidden" tax tips?

TimeIsYourFriend wrote: Sun Mar 24, 2024 5:40 am What tips have you learned that saved you money on your taxes that weren't obvious from the beginning?
Reading the IRS instructions for all the forms I use and also IRS Publication 17.
by livesoft
Sun Mar 24, 2024 5:18 am
Forum: Personal Investments
Topic: Cost Basis question when sell all shares of mutual fund
Replies: 19
Views: 1460

Re: Cost Basis question when sell all shares of mutual fund

rossington, I panicked and sold all shares before seeing your post. My memory is that the website said no cost basis was selected. The worse part is that I apparently started in the fund around 2005, before cost basis was reported to the IRS. I am not looking forward to that headache. This really will not be a headache. Vanguard will give you the average cost per share on the 1099-B that shows up, but it should also be in your online account right now. As for LT vs ST, you also can see in your account how many shares would be ST. I think it took me longer to type this comment than it will take you to figure this out. Besides, if you use tax-prep software, then when you import the 1099-B (or consiolidated 1099) into the tax-prep software fr...
by livesoft
Sat Mar 23, 2024 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard mutual funds that pay monthly
Replies: 5
Views: 615

Re: Vanguard mutual funds that pay monthly

I would say that most Vanguard bond and money market mutual funds pay a monthly dividend just like they have been doing since inception including a few years ago. Since this is so obvious I wonder if the OP wanted to exclude bond and money market funds from their results.
by livesoft
Sat Mar 23, 2024 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-NEC for Teen (high school) Taxes
Replies: 8
Views: 624

Re: 1099-NEC for Teen (high school) Taxes

When I was 16 and had a job my parents told me to go to the Post Office and get a free copy of IRS Publication 17 and told me to read it and file my own return. https://www.irs.gov/pub/irs-pdf/p17.pdf