Search found 9659 matches

by celia
Mon Nov 11, 2019 8:40 pm
Forum: Investing - Theory, News & General
Topic: Roth Conversion Calculation
Replies: 16
Views: 1085

Re: Roth Conversion Calculation

Are you also looking a tif the conversion moves you into IRMAA status, and how close you are to the next ledge? I am sorry… what is a tif? Neil has a slight typo and just means "at if" (or "to see if"). He is referring to this easy-to-read publication to see if you will have a Medicare surcharge (a...
by celia
Mon Nov 11, 2019 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: State Estate Tax Consideration
Replies: 16
Views: 899

Re: State Estate Tax Consideration

One way of thinking about this, if you really don't want to move, is that, when you die, you now have another heir: the state of Taxachusetts. List all your heirs and this new one along with how much money each would get, if you died now. Would that be ok with you? If you are leaving money to charit...
by celia
Mon Nov 11, 2019 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Homebuying in Los Angeles - Advice Needed
Replies: 48
Views: 2694

Re: Homebuying in Los Angeles - Advice Needed

Sure, you can afford the house and you will get all your money back when you sell. We bought in SoCal 40+ years ago and our house value is more than every dollar we ever put into it (mortgage, interest, adding on/remodeling, taxes, insurance, maintenance). That's not to say the future will give you ...
by celia
Mon Nov 11, 2019 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Estimating back taxes?
Replies: 5
Views: 336

Re: Estimating back taxes?

Since you already have a CPA, what info does she/he have on the both of you? past tax returns? forms from companies that report your income to the IRS? records for your business?

Who has your business records? Even if you trusted them to your wife, you should try to get them back.
by celia
Sun Nov 10, 2019 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should I buy the family cottage?
Replies: 90
Views: 7087

Re: Should I buy the family cottage?

Surely, your wife understands the family dynamics. What does SHE think about the possible purchase?

Would you be using jointly-owned money to buy it?
by celia
Sun Nov 10, 2019 6:19 pm
Forum: Investing - Theory, News & General
Topic: Wait for Social Security - breakeven returns
Replies: 103
Views: 9020

Re: Wait for Social Security - breakeven returns

. . .I live on (spend) the government's money, while keeping my own money in my portfolio. This is exactly the opposite of the advice I frequently hear to spend down one's portfolio while waiting to claim SS, thereby maxing out the putative SS benefit. Having my money in my brokerage account, to me...
by celia
Sun Nov 10, 2019 11:19 am
Forum: Personal Investments
Topic: Spend It All vs. Leave $$ for the Kids
Replies: 128
Views: 9466

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

Choose a SWR so if you are in the worst 10% of historical outcomes, you spend it all. And if you experience the average historical outcome, you’ll leave half behind. The problem with this is that probably the worst 10% of historical outcomes is having NO INCOME at all in your final years, except fo...
by celia
Sun Nov 10, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Settling a disputed estate, cannot locate one survivor
Replies: 20
Views: 1879

Re: Settling a disputed estate, cannot locate one survivor

If your friend prevails against the known child, I think that would also cover the other child.
by celia
Sun Nov 10, 2019 4:58 am
Forum: Personal Consumer Issues
Topic: House for Sale--How Much to Tell Potential Buyer
Replies: 35
Views: 2797

Re: House for Sale--How Much to Tell Potential Buyer

As an HOA Board member, you should be representing what the majority of your owners want. If many homeowners are bothered by the noise, that seems like a problem you should be addressing, on their behalf. Maybe you could buy the landscape company quieter equipment, plant some shrubbery to absorb som...
by celia
Sat Nov 09, 2019 8:24 pm
Forum: Personal Consumer Issues
Topic: What is this sound in the house?
Replies: 28
Views: 3101

Re: What is this sound in the house?

Chimney, you say???

We had a bird fly into our chimney earlier this year but haven't done anything about it yet. At a minimum, we need a chimney cap to keep the birds from entering. Here's what I posted:
viewtopic.php?f=11&t=280901&p=4539875#p4539875
by celia
Sat Nov 09, 2019 1:04 pm
Forum: Personal Investments
Topic: Decision: 0% tax on capital gains or Roth Conversion
Replies: 9
Views: 602

Re: Decision: 0% tax on capital gains or Roth Conversion

Why would you incur capital gains unnecessarily when you can allow them to accumulate and get a tax-free step-up of value at death? You need the room in each tax bracket for Roth conversions instead. If you have not yet done so, you should build a chart to estimate your expected income each year fro...
by celia
Fri Nov 08, 2019 9:56 pm
Forum: Personal Investments
Topic: divorce, splitting assets?
Replies: 14
Views: 2352

Re: divorce, splitting assets?

A divorce attorney would know what the legal ways are to get the info you request.
by celia
Fri Nov 08, 2019 9:41 pm
Forum: Personal Investments
Topic: Inherited IRA Strategy
Replies: 13
Views: 1070

Re: Inherited IRA Strategy

It looks like I only have two options: 1. Take a lump distribution 2. Take Required Minimum Distributions 3. Roll the 403b to an Inherited Traditional IRA and take out more than the Required Minimum Distributions each year but less than emptying out the account. The amounts can vary each year as lo...
by celia
Fri Nov 08, 2019 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Should I buy the family cottage?
Replies: 90
Views: 7087

Re: Should I buy the family cottage?

I see this as a family issue, rather than a financial issue. Sure, if you were buying it from a co-worker or friend, you could make a lot of money by selling it after a few years without having any hard feelings. But this is family. Your dad got it for a good deal, instead of his siblings. Sure, yo...
by celia
Fri Nov 08, 2019 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Best month to take RMDs?
Replies: 86
Views: 4537

Re: Best month to take RMDs?

Thanks. This kept bugging me until I found the reference. (I’m persistent when something means a lot to me.) I know this question will re-appear in a year or two and I won’t be able to locate this thread so I also edited the wiki pages for Roth IRA Conversions and Required Minimum Distributions with...
by celia
Fri Nov 08, 2019 2:41 am
Forum: Personal Finance (Not Investing)
Topic: Best month to take RMDs?
Replies: 86
Views: 4537

Re: Best month to take RMDs?

No. IRS rule is that you must satisfy your RMD before converting to a Roth in a given calendar year. You can distribute your RMD into a taxable account in January, then do a Roth conversion, and take monthly withdrawals from the taxable account. Can you refer me to the exact IRS rule on that, for m...
by celia
Thu Nov 07, 2019 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: will or living revocable trust
Replies: 15
Views: 1182

Re: will or living revocable trust

If you live in a community property state, you likely would want all your non-retirement accounts and house owned jointly. This is because the asset gets a step-up in value at the time one of you dies. When the second person dies, the assets get another step up in value. But, while widowed (only on...
by celia
Thu Nov 07, 2019 8:29 pm
Forum: Personal Investments
Topic: May need to move 401k money by end of year, but not eligible for new 401k until February
Replies: 27
Views: 1368

Re: May need to move 401k money by end of year, but not eligible for new 401k until February

Have you made any conversions in 2019 yet? If not, this is not a problem. Just do your next Roth conversion in 2020. You can make your 2019 non deductible contribution in either 2019 or before the April tax filing deadline in 2020. Not yet. But if I have an IRA balance on December 31st, 2019 from m...
by celia
Thu Nov 07, 2019 11:00 am
Forum: Personal Investments
Topic: Is the effective interest rate of a loan higher when it’s early in amortization period?
Replies: 42
Views: 1595

Re: Is the effective interest rate of a loan higher when it’s early in amortization period?

OP, Why are minimum monthly payments in your two examples different from each other? How did you come up with those payment schedules? Could it be that one also has insurance premiums tacked on to it to insure you make your payments? (This is common when taking out a mortgage and you put down less t...
by celia
Wed Nov 06, 2019 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Best month to take RMDs?
Replies: 86
Views: 4537

Re: Best month to take RMDs?

I would take them early in the year so I could have the rest of the year to do Roth conversions. (The RMD must be removed before doing conversions each year.)
by celia
Wed Nov 06, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Can a prenup & liability coverage be enough to forego having a trust?
Replies: 14
Views: 1182

Re: Can a prenup & liability coverage be enough to forego having a trust?

I am wondering if the use of a well-designed prenuptial agreement combined with liability coverage - including umbrella liability for my investment portfolio - can work in place of a trust. ... I also have insurance policies that include excess liability coverage (umbrella liability) to cover my ne...
by celia
Wed Nov 06, 2019 10:12 am
Forum: Personal Finance (Not Investing)
Topic: RMD Question
Replies: 6
Views: 921

Re: RMD Question

Note that it is the custodian's responsibility to calculate the RMD and tell you what it is. They have to report the RMD to the IRS each year, not you. But they also have to indicate if it was taken or not. This is important for you to confirm in case she wants to do some Roth conversions (after the...
by celia
Tue Nov 05, 2019 9:03 pm
Forum: Forum Issues and Administration
Topic: [Admin] tinypic (picture hosting) website is gone
Replies: 16
Views: 1584

Re: [Admin] tinypic (picture hosting) website is gone

The site search finds only 22 posts of yours that reference tinypic. https://www.bogleheads.org/forum/search.php?keywords=tinypic&terms=all&author=celia&sc=1&sf=all&sr=posts&sk=t&sd=d&st=0&ch=300&t=0&submit=Search One reason I requested site statistics is to get a view of what is commonly accessed....
by celia
Tue Nov 05, 2019 8:37 pm
Forum: Forum Issues and Administration
Topic: [Admin] tinypic (picture hosting) website is gone
Replies: 16
Views: 1584

Re: [Admin] tinypic (picture hosting) website is gone

One partial consolation for the OP and others who have lost images to defunct image hosting sites: As you've no doubt noticed over the years, the same questions and topics seem to re-appear on a regular basis on the Forum, month after month. The topic of Roth conversions (especially Backdoor Roths)...
by celia
Tue Nov 05, 2019 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone track their actual pension benefit start date?
Replies: 51
Views: 2877

Re: Anyone track their actual pension benefit start date?

DH and I each bought "extra years of service" to increase the size of our pensions. He used post-tax money and I used tIRAs to pay for it. The part that is the return of your post-tax money is not taxed again when the pension starts until you get the "same dollar amount" back. After that, the whole ...
by celia
Mon Nov 04, 2019 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: Part D - thinking of shifting to Walmart
Replies: 34
Views: 3431

Re: Part D - thinking of shifting to Walmart

CVS is a nuisance with their automatic calling service. I am perfectly able to look into my pill bottle and count how many pills are left, but they start calling every day and fill the prescription 2 or 3 weeks ahead of me needing more pills. With 4 persons in my household having prescriptions thos...
by celia
Mon Nov 04, 2019 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Part D - thinking of shifting to Walmart
Replies: 34
Views: 3431

Re: Part D - thinking of shifting to Walmart

Most important is finding a store w a team you like that is convenient for you. Befriend them and they will take good care of you. When we first started with WalMart, we were in the store near us and right before the new year started, we went up to the new pharmacist and introduced ourselves that w...
by celia
Mon Nov 04, 2019 4:45 pm
Forum: Personal Investments
Topic: At the halfway mark, need help with 2 big decisions
Replies: 30
Views: 3161

Re: At the halfway mark, need help with 2 big decisions

DESIRED ASSET ALLOCATION Desire 70%/30% for age right now I have approximately 1.1M in combined portfolio assets Goal is 2M at retirement (minimum) Are you familiar with the Rule of 72 ? It is a math concept that estimates how long it would take for your money to double (say to 2.2M). If the growth...
by celia
Mon Nov 04, 2019 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: will or living revocable trust
Replies: 15
Views: 1182

Re: will or living revocable trust

If you live in a community property state, you likely would want all your non-retirement accounts and house owned jointly. This is because the asset gets a step-up in value at the time one of you dies. When the second person dies, the assets get another step up in value. But, while widowed (only one...
by celia
Mon Nov 04, 2019 3:49 pm
Forum: Personal Consumer Issues
Topic: Wedding gift from brother
Replies: 28
Views: 3824

Re: Wedding gift from brother

My younger college-aged brother made us a breadboard for our wedding. Our first apartment had a horizontal slot for one but the board was missing. When we moved to our next apartment, we took it with us and enjoyed it for many years until we bought a house. I still remember that board with rounded e...
by celia
Mon Nov 04, 2019 3:20 pm
Forum: Forum Issues and Administration
Topic: [Admin] tinypic (picture hosting) website is gone
Replies: 16
Views: 1584

[Admin] tinypic (picture hosting) website is gone

I have probably been one of the more prolific posters here who includes screenshots of spreadsheets in their responses to various people, especially when coming up with a plan for how much in Roth conversions one should/could do each year. I have used tinypic.com to host my screen shots, but their w...
by celia
Mon Nov 04, 2019 2:14 pm
Forum: Personal Consumer Issues
Topic: Paying a contractor in cash
Replies: 48
Views: 1592

Re: Paying a contractor in cash

The proposed payment schedule is flaky. It should be based on parts of the job being done for each payment (ie, demo, grading, pouring cement, etc with lien releases from each sub-contractor) instead of calendar days. What if each step takes twice as long (weather, illness, whatever)? Then you have ...
by celia
Mon Nov 04, 2019 1:40 pm
Forum: Personal Investments
Topic: Roth IRA question
Replies: 5
Views: 821

Re: Roth IRA question

You didn't mention anything about your yearly AGI or marginal tax bracket, but if it is above a certain amount, you could be ineligible to contribute directly to a Roth. In that case, you should learn about the Backdoor Roth as a method for putting money into the Roth.
by celia
Tue Oct 29, 2019 7:15 am
Forum: Personal Finance (Not Investing)
Topic: How much money are saving in taxes by using tax deferred options?
Replies: 28
Views: 2738

Re: How much money are saving in taxes by using tax deferred options?

The conflicting information often comes from people using different assumptions . Stinky's comment is generally correct. See Traditional versus Roth - Bogleheads for details. For us, our assumption is that we would pay the taxes out of current income for the year in question. So we were looking at ...
by celia
Tue Oct 29, 2019 7:04 am
Forum: Personal Investments
Topic: CalPERS - Are there additional ways to increase retirement savings?
Replies: 13
Views: 1041

Re: CalPERS - Are there additional ways to increase retirement savings?

LilyFleur wrote:
Sun Oct 27, 2019 9:39 pm
I only know people who did not contribute to SS at the same time as CalPERS, although it could be possible through different agencies in the state.
Interesting! I only know people who DID contribute to SS at the same time as CalPERS. They had no choice since the agency did the withholdings.
by celia
Tue Oct 29, 2019 6:56 am
Forum: Personal Finance (Not Investing)
Topic: Help Dad do estate planning math and make adjustments
Replies: 45
Views: 2591

Re: Help Dad do estate planning math and make adjustments

The real estate is a share of a beach house. If, by any chance, D1’s share of the house was 33.33% or less and father is living in the house, couldn’t he gift similar shares to the other two daughters with the right to live there as long as he is living? Although this could seem fair, he would lose...
by celia
Sun Oct 27, 2019 9:34 pm
Forum: Personal Investments
Topic: CalPERS - Are there additional ways to increase retirement savings?
Replies: 13
Views: 1041

Re: CalPERS - Are there additional ways to increase retirement savings?

You could buy extra years of service. The earlier you buy in, the less it costs since your pay is generally lower earlier in your career (but you have a higher chance of dying before starting to collect the pension) https://www.calpers.ca.gov/docs/forms-publications/service-credit-purchase-options.pdf
by celia
Sun Oct 27, 2019 9:14 pm
Forum: Personal Investments
Topic: CalPERS - Are there additional ways to increase retirement savings?
Replies: 13
Views: 1041

Re: CalPERS - Are there additional ways to increase retirement savings?

Which is less bad? In regards to what criteria? If you contribute to CalPERS, you probably also contribute to SS and then are eligible to collect from both. If you contribute to CalStrs, I think your pension contribution is at a higher percentage of pay than the CalPers rate but lower than the comb...
by celia
Sun Oct 27, 2019 2:40 pm
Forum: Personal Investments
Topic: Considering Roth conversions, but would you if you were in my shoes?
Replies: 32
Views: 2461

Re: Considering Roth conversions, but would you if you were in my shoes?

If I had $750K in a Roth versus $1M in a Traditional account, all else being equal, it means that I paid 25% tax to get the money into the Roth. If my tax rate on withdrawal is 12%, I am much further ahead by using a Traditional account instead of a Roth. I disagree. You could have paid a high tax ...
by celia
Sun Oct 27, 2019 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: "Full Health Insurance" Coverage via Medicare
Replies: 22
Views: 1815

Re: "Full Health Insurance" Coverage via Medicare

My observation is that for top bracket taxpayers (high IRMAA), the cost of Medicare plus a good Plan F supplement plus a Part D plan total almost $1000 per month per recipient. $461.00 (B) + $77.40 (D) + $200? (F) = $738.40? per month person That looks like a crazy high drug plan to me, unless it a...
by celia
Sun Oct 27, 2019 8:17 am
Forum: Personal Finance (Not Investing)
Topic: How much money are saving in taxes by using tax deferred options?
Replies: 28
Views: 2738

Re: How much money are saving in taxes by using tax deferred options?

You’re not saving on taxes. You are deferring them. +1 To answer, you need to know the amount you are deferring now and what tax rate you would be paying now compared to : The value of the deferred amount at the time you withdraw it and the tax rate that would apply to it when it is withdrawn. Note...
by celia
Sun Oct 27, 2019 8:06 am
Forum: Personal Investments
Topic: Considering Roth conversions, but would you if you were in my shoes?
Replies: 32
Views: 2461

Re: Considering Roth conversions, but would you if you were in my shoes?

I made first contribution in 2017 and did not file 8606 with return for 17. Made another contribution in 2018, mentioned it to tax preparer and we filed 8606 this year for tax year 2018 which included all contributions. I know I will always have to file this form every year moving forward. No, you ...
by celia
Sun Oct 27, 2019 6:58 am
Forum: Personal Finance (Not Investing)
Topic: Do you plan to actually spend down your portfolio?
Replies: 104
Views: 9705

Re: Do you plan to actually spend down your portfolio?

I plan to live to 100. There’s a lot of unknowns between now and then. But barring the most catastrophic events that could happen, there should be at least the value of our retirement net worth left over for our heirs and a few charities. Besides that, both of our families have a history of leaving ...
by celia
Thu Oct 24, 2019 6:58 am
Forum: Personal Investments
Topic: Considering Roth conversions, but would you if you were in my shoes?
Replies: 32
Views: 2461

Re: Considering Roth conversions, but would you if you were in my shoes?

Option 1 above is horrid since you will then be stuck filing Form 8606 every year until the TIRA is emptied. Since you are a candidate for doing Roth conversions until age 70 (when SS might start along with RMDs) and your tax rate could be higher then than now, I would first read the wiki on Backdoo...
by celia
Thu Oct 24, 2019 12:34 am
Forum: Personal Investments
Topic: Backdoor Roth IRA for child?
Replies: 10
Views: 829

Re: Backdoor Roth IRA for child?

You can only contribute up to the amount the child earned. In many cases, it is not much money and the account is more like a "nuisance" account.
by celia
Thu Oct 24, 2019 12:27 am
Forum: Personal Finance (Not Investing)
Topic: Can I open and contribute to a IRA while receiving financial aid and government assistance.
Replies: 31
Views: 1981

Re: Can I open and contribute to a IRA while receiving financial aid and government assistance.

My question is can I open and contribute to an roth ira without losing my child care or other benefits . I am hoping to be able to be stable enough once my child enters school and not be reliant on government assistance . . . Is this something that I can do with out having to worry about losing my ...
by celia
Wed Oct 23, 2019 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Healthcare
Replies: 1
Views: 423

Re: Buying Healthcare

Can’t answer your question, but you need to know BCBS has many, many plans. They have different coverages and you will want to understand the coverage you are getting (or not). If you or your spouse work in a field that has an association supporting those who work in that field, see if they have con...
by celia
Tue Oct 22, 2019 10:50 pm
Forum: Personal Investments
Topic: Non Deductible IRA Contribution Question
Replies: 24
Views: 771

Re: Non Deductible IRA Contribution Question

My suggestion is to first manually fill out the missing 8606 Forms for each year you made a non-deductible contribution. Start with the earliest year as the remaining "basis" (non-deductible part) carries over each year and grows as more non-deductible contributions are made. Do not mail anything in...
by celia
Tue Oct 22, 2019 9:50 pm
Forum: Personal Investments
Topic: Need some proof reading on my Roth IRA back door plan. My first time.
Replies: 10
Views: 732

Re: Need some proof reading on my Roth IRA back door plan. My first time.

OP, Your original post gives me pause as to you really understanding the process, so I highly recommend you read and understand the above referenced wiki page. Also use the correct terminology when on the phone, or your requested transactions may be misunderstood. Many people do not understand the t...