Search found 8267 matches

by celia
Mon Oct 15, 2018 3:36 am
Forum: Personal Finance (Not Investing)
Topic: Is it worth filing FAFSA even if you know you'll get nothing?
Replies: 58
Views: 3622

Re: Is it worth filing FAFSA even if you know you'll get nothing?

Our two children both graduated from universities. From calculators, I knew they/we would not qualify for any free money. A friend of mine said "You might be surprised." So I did submit the FASFA one time for first child's freshman year. I was not surprised. Wished I had never given up our informat...
by celia
Mon Oct 15, 2018 3:09 am
Forum: Personal Finance (Not Investing)
Topic: Switching from ACA to Medicare
Replies: 27
Views: 2583

Re: Switching from ACA to Medicare

Interesting thread. What happens when there is a 2-3 year age gap between spouses? When the older spouse hits 65 and goes on Medicare after both being on ACA, the MAGI to hit the cliff becomes lower (for single person) so is it likely that one person pays much higher premiums for a few years? Any g...
by celia
Sun Oct 14, 2018 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Also, I think IRS really does not know when I made tax year 2017 Roth contribution. On the original 2017 Form 5498 IRA Contribution information, it did not show when I made the initial Roth IRA contribution. On the second 2017 Form 5498, it did not show when I did the recharacterization. Only a sta...
by celia
Sun Oct 14, 2018 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Placing mother in nursing home - advice
Replies: 22
Views: 2192

Re: Placing mother in nursing home - advice

Finding a local Assisted Living facility near you appears to be the way to go until she needs nursing care. Can the catheter be removed and use Adult diapers instead? The best Assisted Livings, in my opinion, are the ones in a house in a neighborhood where they accept 6-8 patients and have 24 hour s...
by celia
Sun Oct 14, 2018 5:10 am
Forum: Investing - Help with Personal Investments
Topic: Get rid of my Roth IRA?
Replies: 30
Views: 1830

Re: Get rid of my Roth IRA?

..... How good or bad of an idea might it be to simplify my portfolio more by liquidating my Roth IRA and put the funds into my taxable account? .... Bad, bad, bad, bad, bad for reasons already given. Simplify your portfolio by leaving it in TSM and ignoring it for 40 years. Then come back and look...
by celia
Sun Oct 14, 2018 4:30 am
Forum: Personal Finance (Not Investing)
Topic: Bank lost beneficiary paperwork, says must go through probate
Replies: 18
Views: 2454

Re: Bank lost beneficiary paperwork, says must go through probate

The bank was bought out by a larger brokerage in 2012. The new brokerage says they have no record of beneficiaries. I would assume the new brokerage assigned new account numbers to all the accounts they took over in 2012. Are they saying the "old" account did not have any listed beneficiaries or th...
by celia
Sun Oct 14, 2018 3:22 am
Forum: Personal Finance (Not Investing)
Topic: Weigh in on our Marital Argument =)-- HCOL edition
Replies: 70
Views: 5251

Re: Weigh in on our Marital Argument =)-- HCOL edition

I would stay put but look at your condo with a different perspective. I assume you value education as your parents did for you. So you likely want your daughters to do the best they can in school, too. To do that, especially as they reach high school age, they need to have a consistent place to slee...
by celia
Sat Oct 13, 2018 10:21 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

For simplicity, do you think I could just put $5500 as the value at 12/31/2017 for my 2017 non-deductible IRA contribution so pretending no growth? I think $5500 will be a red flag as that is unlikely to be the correct number (to anyone else looking at your Form 8606). The primary way it WOULD be $...
by celia
Sat Oct 13, 2018 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Thank you so much for the reply. However, I am confused bout line 6. 1) On my tax year 2017 return, at the end of 12/31/2017, I did not have any money in a non-deductible IRA account. I recharacterized my 2017 Roth IRA contribution only in 2018. So should line 6 be $0, not $6888? I don't know the r...
by celia
Sat Oct 13, 2018 4:09 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

In case someone thinks the calculation of the remaining basis is wrong, the reason Amy can use more basis for 2017 than $5,500 is that the 2016 contribution has been invested longer than the 2017 contribution and thus has more growth. Amy could have converted a value different than $6930, but just h...
by celia
Sat Oct 13, 2018 3:32 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

MIretired found this text in an IRS publication (I assume) that is worded better than what I was going to start with: Reporting recharacterizations. Treat any recharacterized IRA contribution... as though the amount of the contribution... was originally contributed to the second IRA , not the first ...
by celia
Sat Oct 13, 2018 1:20 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

(deleted an early draft I accidentally posted)
by celia
Sat Oct 13, 2018 1:03 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1128

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Don't worry, Amy. I can answer all your questions and help you use your software. But I will need about an hour to type up my explanation and what all your numbers should be on the 2017 Form 8606. Meanwhile, if you can tell me the value of the 2017 recharacterization amount and what its estimated va...
by celia
Fri Oct 12, 2018 6:10 pm
Forum: Personal Consumer Issues
Topic: Crawlspace flooding issues - builder liable?
Replies: 16
Views: 1020

Re: Crawlspace flooding issues - builder liable?

I wouldn't rule out gutters as a problem. If they became clogged in the last 2 years, they will get clogged again. Sounds like you need a leaf guard on top of them to keep the big things from landing in the gutters again. And who knows? Maybe they were clogged with construction material from when th...
by celia
Thu Oct 11, 2018 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Copy/paste from sister's Living Trust?
Replies: 18
Views: 1415

Re: Copy/paste from sister's Living Trust?

Question: should I just "recycle" her Living Trust and just change out the names and assets info? And then get it notarized? This will save me over $1000. That might be considered "stealing" someone else's work (similar to copyright infringement). Why don't you talk to the same lawyer, who would st...
by celia
Thu Oct 11, 2018 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Copy/paste from sister's Living Trust?
Replies: 18
Views: 1415

Re: Copy/paste from sister's Living Trust?

Well without getting too specific, most recently for me this has meant transferring title of vehicles and rental homes. These are typically not able to be held by the trust initially for various reasons in my case. There are also other forms of compensation that I have received over the years that ...
by celia
Thu Oct 11, 2018 4:10 pm
Forum: Investing - Help with Personal Investments
Topic: When stocks and bonds drop at the same time, what do you do?
Replies: 40
Views: 4318

Re: When stocks and bonds drop at the same time, what do you do?

Let's switch it around:

When stocks and bonds RISE at the same time, what do you do?
by celia
Thu Oct 11, 2018 11:24 am
Forum: Personal Consumer Issues
Topic: My life saved by New subaru. Almost died.
Replies: 62
Views: 7044

Re: My life saved by New subaru. Almost died.

Did other cars collide? Or did everyone end up braking? If they were newer cars, they probably had automatic braking systems too (or slowed down a bit while climbing the hill).
by celia
Thu Oct 11, 2018 2:46 am
Forum: Personal Consumer Issues
Topic: Feeling Guilt among family/peers
Replies: 42
Views: 5107

Re: Feeling Guilt among family/peers

For example, recently proposed to my girlfriend and bought an engagement ring for $7834. I’m doing well financially and can afford it and wanted her to have something nice, but I’m hesitant in talking about it with those closest to me because they find the amount “ridiculous””way too much”, etc... ...
by celia
Thu Oct 11, 2018 1:50 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth mistake
Replies: 4
Views: 588

Re: Backdoor Roth mistake

Probably not the best idea to convert all of that. I would just pay the pro-rata taxes for this year. Then next year roll the remaining pretax into the new plan (8606 will tell you how much basis is left). +1 After rolling the pre-tax part to your new 401K, then convert the rest. That will get rid ...
by celia
Wed Oct 10, 2018 4:50 pm
Forum: Personal Consumer Issues
Topic: Medicare.gov Part D Drug Plan Accuracy?
Replies: 10
Views: 830

Too Many Variables!!! (Medicare Part D)

I don't know about this year but back in 2017 when I was doing my mothers, I found that by changing the pharmacy and looking at the details, I could get a better deal on one Tier III drug. The deal was better than any of the "Preferred Pharmacies" listed. After I signed her up, I had the doctor sen...
by celia
Wed Oct 10, 2018 4:40 pm
Forum: Personal Consumer Issues
Topic: Medicare.gov Part D Drug Plan Accuracy?
Replies: 10
Views: 830

Re: Medicare.gov Part D Drug Plan Accuracy?

I can pick different pharmacies from the Medicare.gov site and the prices change. Yes, the pharmacy you select will make the prices change. Costco and WalMart usually have the best price, I've been told, probably because they have lots of volume. But comparing several pharmacies near you is a good ...
by celia
Wed Oct 10, 2018 2:19 pm
Forum: Investing - Theory, News & General
Topic: How are stock dividends and bond coupons distributed in funds investment?
Replies: 6
Views: 438

Re: How are stock dividends and bond coupons distributed in funds investment?

Depending on the fund, you will receive dividends/interest/capital gains monthly, quarterly, or yearly. It is your choice to have the payments automatically re-invested in more shares or to put them in the settlement fund as cash. If you want to set your choice the same for all funds in an account, ...
by celia
Wed Oct 10, 2018 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition
Replies: 127
Views: 8517

Re: Gifting Appreciated Stocks to Grandparent to pay Child's Private School Tuition

OP, Why don't you try this out by gifting to your parent and have them pay the tuition for their grandchild who is not your child. That will not increase your taxes and it will help lower your capital gains. It also shows an independent decision by your parent.
by celia
Wed Oct 10, 2018 5:25 am
Forum: Personal Finance (Not Investing)
Topic: request help appealing IRMAA
Replies: 6
Views: 726

Re: request help appealing IRMAA

I don't know much about appealing IRMAA decisions, but found this page: https://secure.ssa.gov/apps10/poms.nsf/lnx/0601120005. I don't know if these apply to you but noted that it says: 2. Ordinarily, we do not make a determination retroactive to a prior premium year on a new initial determination, ...
by celia
Wed Oct 10, 2018 2:28 am
Forum: Investing - Help with Personal Investments
Topic: Retirement Advice
Replies: 6
Views: 1476

Re: Retirement Advice

Wife and Self; over age of 70. Income: Military Retirement + Social Security [Just adequate to meet our expenses if we live moderately] There is no teacher's pension involved as I chose to go with OGB approved personal investment option. The good news here is that if your wife survives you, she wil...
by celia
Tue Oct 09, 2018 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: You're in the Top 1% if you have $2.5 million
Replies: 21
Views: 3354

Re: You're in the Top 1% if you have $2.5 million

Personal finance site MagnifyMoney used data from the Federal Reserve and the Federal Deposit Insurance Corp. (FDIC) to break down the average and median balances by income. I have the feeling this study just looked at accounts in the banking system. I don't know how they could correlate income wit...
by celia
Tue Oct 09, 2018 11:38 pm
Forum: Personal Finance (Not Investing)
Topic: GEICO auto rates vs. USAA: too good to be true?
Replies: 184
Views: 34752

Re: GEICO auto rates vs. USAA: too good to be true?

There's a current thread about GEICO dropping liability (umbrella) insurance for someone who was in a car accident: https://www.bogleheads.org/forum/viewtopic.php?f=11&t=260011&newpost=4154951 The thread also gives some good thoughts about not going for the cheapest insurance. Just because somethin...
by celia
Tue Oct 09, 2018 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 in Non-deductible IRA conversion to Roth IRA
Replies: 7
Views: 666

Re: Form 8606 in Non-deductible IRA conversion to Roth IRA

I checked my paper works and found out that the first non-deductible IRA I made was in 2010 with corrected form 8606 filed. The remaining non-deductible IRAs I made was in 2016 and 2017. I did not file form 8606 for 2016, and the base for 2017 in form 8606 I filed was not correct ( as it does not i...
by celia
Mon Oct 08, 2018 9:50 pm
Forum: Investing - Help with Personal Investments
Topic: 5 months before LTCG for ex-employer stock
Replies: 1
Views: 214

Re: 5 months before LTCG for ex-employer stock

Your plan sounds reasonable. Or, depending on each year's marginal tax bracket, you might do some of the selling in a third or fourth year. This would give you some "working space" if you need to do Roth conversions during the same time period. Of course, we don't know enough about your overall tax ...
by celia
Mon Oct 08, 2018 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth --> Filling out FAFSA
Replies: 8
Views: 728

Re: Backdoor Roth --> Filling out FAFSA

The safest thing to do is to call the financial aid office of one of the colleges your son/daughter is applying to.

Please let us know what they say.
by celia
Mon Oct 08, 2018 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Apartment 50% of assets
Replies: 21
Views: 1862

Re: Apartment 50% of assets

OP, Please clarify if you are inheriting one unit or an entire apartment building. I think some people are assuming one way while others are thinking the opposite.

In addition, do you already own a house? If so, would you be selling it to move to the apartment?
by celia
Mon Oct 08, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: GEICO auto rates vs. USAA: too good to be true?
Replies: 184
Views: 34752

Re: GEICO auto rates vs. USAA: too good to be true?

There's a current thread about GEICO dropping liability (umbrella) insurance for someone who was in a car accident: https://www.bogleheads.org/forum/viewtopic.php?f=11&t=260011&newpost=4154951 The thread also gives some good thoughts about not going for the cheapest insurance. Just because something...
by celia
Mon Oct 08, 2018 1:37 pm
Forum: Investing - Theory, News & General
Topic: Why 401k does not have option to invest in Govt Bonds
Replies: 16
Views: 625

Re: Why 401k does not have option to invest in Govt Bonds

Your 401k administrators have chosen not to offer them. Only they can tell you why. When I had a 401K, it was the employer who chose the funds that were offered. My employer's 401K used Vanguard as the custodian and there were only 8 to 10 funds available to the employees, representing different as...
by celia
Mon Oct 08, 2018 3:17 am
Forum: Personal Consumer Issues
Topic: Medicare.gov Part D Drug Plan Accuracy?
Replies: 10
Views: 830

Re: Medicare.gov Part D Drug Plan Accuracy?

Could they possibly be saying the same thing? The quarterly price could be $45 while the monthly price is $15 plus a $2 pharmacy fee.

Since Open Enrollment for 2019 doesn't start for another week, maybe they are still entering data into the cost database.
by celia
Mon Oct 08, 2018 3:06 am
Forum: Investing - Help with Personal Investments
Topic: Net investment tax on Roth conversion
Replies: 6
Views: 456

Re: Net investment tax on Roth conversion

The amount converted is taxed as ordinary income, just as that much more in wages would be taxed. However, you don't owe SS or Medicare taxes on it since it isn't wages. State taxes will also tax it the same.
by celia
Sun Oct 07, 2018 11:37 pm
Forum: Investing - Help with Personal Investments
Topic: Roth or IRA?
Replies: 11
Views: 1028

Re: Roth or IRA?

> Traditional and Roth IRAs will be at Vanguard … kept separate because they were originally separate and I honestly have no idea why. Do you mean you don't now the difference or you don't know why she did it that way? I'm not really sure how we ended up with both an IRA and a Roth for my wife but ...
by celia
Sun Oct 07, 2018 10:36 pm
Forum: Investing - Help with Personal Investments
Topic: Loan Payment Vs. Holding in VWALX
Replies: 15
Views: 774

Re: Loan Payment Vs. Holding in VWALX

I guess you're asking if we agree that it is a wash to keep the loans as they currently are vs. using VWALX (in taxable account) to pay the loan off early. If your calcs are correct, it does look like a wash. But keep these things in mind: I assume you are claiming student loan interest on the front...
by celia
Fri Oct 05, 2018 4:50 pm
Forum: Personal Consumer Issues
Topic: Black suit with dark brown shoes?
Replies: 59
Views: 3914

Re: Black suit with dark brown shoes?

Thus for the black tie dinner I will wear a black suit, black tie, and white shirt. I want to wear the same dark brown shoes with matching dark brown belt. ...I don’t want to bring separate shoes for just a 3 hour dinner. ...but you're willing to bring a black suit, black tie, and white shirt for a...
by celia
Fri Oct 05, 2018 4:28 pm
Forum: Investing - Help with Personal Investments
Topic: Differences between Index Funds
Replies: 20
Views: 1901

Re: Differences between Index Funds

Schwab has good, low expense index funds in most asset categories. In general in an account at Schwab use Schwab funds, rather than pay a fee to buy a fund from some other fund company. This is important in that if you are adding new money to the fund from each paycheck, do you need to pay the fee ...
by celia
Fri Oct 05, 2018 4:13 pm
Forum: Investing - Help with Personal Investments
Topic: Combating Analysis Paralysis
Replies: 17
Views: 1851

Re: Combating Analysis Paralysis

Michael, I don't remember how close to retirement you are, but a portfolio of your size assumes you are nearing retirement. The comments above about your 80% stocks/20% bonds asset allocation may or may not apply to you, depending on what other income you expect in retirement and what your living ex...
by celia
Fri Oct 05, 2018 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Can't handle being in debt (mentally)
Replies: 42
Views: 5011

Re: Can't handle being in debt (mentally)

Things might be ok for a few months until he does his taxes. He can always withdraw his Roth contributions tax-free, but if he withdrew any growth in the account, that will now be taxed and a penalty added, assuming he is not yet 59.5. To get to the source of the problem, I suggest he still see a cr...
by celia
Fri Oct 05, 2018 6:26 am
Forum: Personal Finance (Not Investing)
Topic: 8606 mess and what to do
Replies: 41
Views: 3980

Re: 8606 mess and what to do

Now you can finish up your statement to the IRS. And it appears you're all good to go on backdoor Roths.

Thank you for sharing. We all learned from this too.
by celia
Fri Oct 05, 2018 6:11 am
Forum: Investing - Theory, News & General
Topic: 18 year old with personal and custodial Roth IRAs
Replies: 6
Views: 569

Re: 18 year old with personal and custodial Roth IRAs

You're right. Although the IRS doesn't define an account that way, the legal title of the account might be something like:
<parent>, guardian for <minor> Roth IRA. To the IRS, it's just another Roth IRA.
by celia
Fri Oct 05, 2018 6:02 am
Forum: Personal Finance (Not Investing)
Topic: Complicated inherited IRA situation
Replies: 8
Views: 1006

Re: Complicated inherited IRA situation

...you can solve the problem by taking the whole thing... +1 Just take a distribution of the entire balance and be done with it. +2 That's what I would suggest, too. You'll pay taxes on the whole amount but it shows that you cleaned up the mess as soon as you could. Why prolong the draw-down for se...
by celia
Thu Oct 04, 2018 11:01 pm
Forum: Investing - Theory, News & General
Topic: 18 year old with personal and custodial Roth IRAs
Replies: 6
Views: 569

Re: 18 year old with personal and custodial Roth IRAs

Just for clarification for others, there is no such account as a "Custodial Roth IRA" or a "Personal Roth IRA". The account is just a "Roth IRA" with the person's name on the account. I think that's a great idea that the young person wants to contribute to a Roth, as the factor that has the most imp...
by celia
Thu Oct 04, 2018 10:34 pm
Forum: Personal Consumer Issues
Topic: What purchase saved you the most money?
Replies: 136
Views: 12549

Re: What purchase saved you the most money?

Sending our kids to K-12 private schools (church-based) with parental involvement in the school helped all our kids to get into the top-tier colleges of their choice and graduate with no/little debt and reasonable parental financial support (saving more than the cumulative cost of K-12 tuition). Bet...
by celia
Thu Oct 04, 2018 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance: Is this a Qualifying Life Event (QLE)
Replies: 9
Views: 675

Re: Health Insurance: Is this a Qualifying Life Event (QLE)

...Unfortunately, the new policy does not work as well with her needs as my current health insurance plan. My employer’s health insurance plan allows me to add my spouse. I am just not sure if this qualifies as a Qualifying Life Event (QLE). Does the termination of an existing health insurance qual...
by celia
Thu Oct 04, 2018 9:28 pm
Forum: Investing - Help with Personal Investments
Topic: Opinion's: Best time to withdraw RMD's when required to do so.
Replies: 42
Views: 3249

Re: Opinion's: Best time to withdraw RMD's when required to do so.

...It is recommended that the asset that is expected to grow the fastest be the one converted or withdrawn to taxable to slow down the growth in the IRA. I don't agree. Growth in your tIRA is good, within the limits of your risk tolerance and AA. If you're able to keep your asset allocation the sam...
by celia
Thu Oct 04, 2018 8:18 pm
Forum: Investing - Help with Personal Investments
Topic: Opinion's: Best time to withdraw RMD's when required to do so.
Replies: 42
Views: 3249

Re: Opinion's: Best time to withdraw RMD's when required to do so.

If OP is married, she/he needs to consider what happens when one of them dies. The survivor will have to continue RMDs or QCDs but file taxes as Single. The room in each tax bracket for Singles is half of what it is for MFJ. So there is a good chance the tax bracket for the survivor will increase. T...