Search found 3263 matches

by tomd37
Mon Jul 06, 2020 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax: IRS Penalty for Underpayment of Estimated Tax
Replies: 5
Views: 276

Re: Turbo Tax: IRS Penalty for Underpayment of Estimated Tax

After rereading the reference, and unless you meet the requirements for a waiver, I think you should get ready for a penalty assessment.
by tomd37
Mon Jul 06, 2020 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax: IRS Penalty for Underpayment of Estimated Tax
Replies: 5
Views: 276

Re: Turbo Tax: IRS Penalty for Underpayment of Estimated Tax

Your post initially indicates possible a married filing jointly return and maybe multiple employers. Can you elaborate more on your particular situation please. Also did you do a 2019 update on your W-4 form(s)?
by tomd37
Sun Jul 05, 2020 4:38 pm
Forum: Personal Finance (Not Investing)
Topic: Need to Pay Estimated Taxes for Social Security?
Replies: 31
Views: 2446

Re: Need to Pay Estimated Taxes for Social Security?

If I remember my conversation correctly a couple of years ago with my VG rep, if you do RMD withdrawals online you can select either 0% federal tax withholding or 10% or more in 1% increments. If you call your VG rep for RMD withdrawals, you can specify a specific dollar amount to be withheld for fe...
by tomd37
Sun Jul 05, 2020 11:46 am
Forum: Personal Consumer Issues
Topic: Water Heater Leak
Replies: 23
Views: 944

Re: Water Heater Leak

I think most tank type water heaters in the US are made by State Industries, but are marketed under various retail names. If the heater is contractor grade I would consider replacing it.
by tomd37
Sun Jul 05, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Based on neighborhood fireworks how is your local economy doing?
Replies: 56
Views: 3943

Re: Based on neighborhood fireworks how is your local economy doing?

Fireworks in the neighborhood were quickly stopped last night when Mother Nature gave huge presentation of her own fireworks that drove the neighbors inside very quickly never to return! I suspect they will be back out tonight. :annoyed
by tomd37
Sun Jul 05, 2020 11:12 am
Forum: Personal Finance (Not Investing)
Topic: E-file but sending payment by mail
Replies: 20
Views: 651

Re: E-file but sending payment by mail

I think Wander may be referring to state tax return submission. On federal return, as indicated, when e-filing you do not have to send any forms indicating federal tax withheld. IRS already has that info and they will attempt to match taxpayer data with IRS data. Edited to add: Appears Wander and I ...
by tomd37
Sun Jul 05, 2020 10:52 am
Forum: Personal Finance (Not Investing)
Topic: E-file but sending payment by mail
Replies: 20
Views: 651

Re: E-file but sending payment by mail

"If I croaked and left things in a mess for my spouse, she would kill me."

No worries for you at that point in time! Cheers.
by tomd37
Sun Jul 05, 2020 10:43 am
Forum: Personal Finance (Not Investing)
Topic: E-file but sending payment by mail
Replies: 20
Views: 651

Re: E-file but sending payment by mail

Jim - Am using Direct Pay for first time in the form of quarterly estimated tax payments on the 13th. Will see how it works. Decided to do my normal RMD for this year as a Roth conversion. Will stay just below the IRMAA limit and stay in the 22% bracket.
by tomd37
Sun Jul 05, 2020 10:34 am
Forum: Personal Consumer Issues
Topic: Toyota Venza
Replies: 23
Views: 3699

Re: Toyota Venza

I had a FWD 4-cylinder 2010 Venza with 44,000 miles that I traded in this time last year for a 2019 Subaru Outback Touring trim line with 3.6R engine. Got an excellent trade-in price for the Venza that the dealer sold to a local college student in just four days. The Venza was in excellent condition...
by tomd37
Fri Jul 03, 2020 2:21 pm
Forum: Personal Consumer Issues
Topic: Lawn Mole problems
Replies: 39
Views: 5225

Re: Lawn Mole problems

Have lived here 25 years and am next to a subdivision common area that can, at times, attract a lot of critters of various types including moles. Two years ago a problem, last year none, and this year big problems. Called my trusted wildlife "critter catcher" again this year and in four visits over ...
by tomd37
Fri Jul 03, 2020 2:14 pm
Forum: Personal Consumer Issues
Topic: Need home printer suggestions
Replies: 29
Views: 1379

Re: Need home printer suggestions

Op -
I don't think you can beat the Brother laser jet printers. They have all types depending on your use needs. I've had a wireless one for ten years now and its never had any issues. The tax preparation service I volunteer in each year has gone to Brother in many locations. :D
by tomd37
Thu Jul 02, 2020 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: [How do I send my Qualified Charitable Distribution to a charity]?
Replies: 41
Views: 2324

Re: [How do I send my Qualified Charitable Distribution to a charity]?

In April of this year I did just what Celia said regarding doing my own QCDs online without even contacting Vanguard. Using the online link I filled out their form twelve times for the twelve QCD checks needed. Five business days later the checks were in hand and I sent them on under a cover letter....
by tomd37
Wed Jul 01, 2020 7:16 pm
Forum: Personal Consumer Issues
Topic: United States Postal (Dis)service
Replies: 10
Views: 1180

Re: United States Postal (Dis)service

Ten years ago or so when I was having ongoing major problems with delivery services at the destination I wrote a letter to the Postmaster General in Washington, DC, copying both my local postmaster and the recipients postmaster. Turned out that later when the recipient moved (twice) within her city ...
by tomd37
Tue Jun 30, 2020 2:07 pm
Forum: Personal Consumer Issues
Topic: Your best Charity suggestion Please!
Replies: 22
Views: 710

Re: Your best Charity suggestion Please!

Investor.saver Two of my favorite local charities meet your stated requirements. Neither are national charities. They are Homeward Bound of Western North Carolina located in Asheville, NC and Cape Fear Literacy Council located in Wilmington, NC. Rather than stating their mission and attributes here,...
by tomd37
Mon Jun 29, 2020 3:20 pm
Forum: Personal Consumer Issues
Topic: Heat pump/ac using 4 kWh - how do I fix this?
Replies: 50
Views: 1957

Re: Heat pump/ac using 4 kWh - how do I fix this?

I would still like the OP to specifically identify how he determined that his unit was consuming 4 kilowatts per hour. What type of meter do you have (SMART or old type with multiple dials to be read) and how long was the reading to determine it was consuming those 4 kilowatts. If OP has the newer S...
by tomd37
Sun Jun 28, 2020 7:30 pm
Forum: Personal Consumer Issues
Topic: Heat pump/ac using 4 kWh - how do I fix this?
Replies: 50
Views: 1957

Re: Heat pump/ac using 4 kWh - how do I fix this?

Notmyhand Sounds like you might have a "SMART" meter. If you are looking at and reading the numbers directly off the the face of the electric meter I suspect you are getting the one-time high reading for usage upon start up. Google the subject of reading electric meters (for the type of meter you ha...
by tomd37
Sun Jun 28, 2020 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: Annual Credit Report - what good is it?
Replies: 11
Views: 651

Re: Annual Credit Report - what good is it?

I too pull my/our credit reports bi-monthly, but they are only five double sided pages in length. I call in the request and have the report mailed to us. Edited to add: We have been receiving this credit reports for about eighteen years now and use them to make sure there are not any new accounts th...
by tomd37
Sun Jun 28, 2020 1:20 pm
Forum: Personal Consumer Issues
Topic: I'm Buying a Boat...
Replies: 101
Views: 6295

Re: I'm Buying a Boat...

Sounds like 123 has some experience in boat buying and results thereof! :wink:
by tomd37
Fri Jun 26, 2020 3:18 pm
Forum: Personal Consumer Issues
Topic: Gambling winnings/losses on taxes
Replies: 11
Views: 732

Re: Gambling winnings/losses on taxes

Yes. Gambling losses, up to the extent of winnings, are deductible on Schedule A. So you must itemize deductions to claim gambling losses.
by tomd37
Wed Jun 24, 2020 1:16 pm
Forum: Personal Consumer Issues
Topic: What to buy parents as a token of appreciation/retirement
Replies: 57
Views: 3761

Re: What to buy parents as a token of appreciation/retirement

CarGuy85, As a retired couple in our mid 80's my response is give them something they will remember and cherish forever. Something with all the generations involved and that cannot be replaced as your parents age. Unfortunately we were not blessed with grandchildren and one of our two children has a...
by tomd37
Wed Jun 24, 2020 8:35 am
Forum: Personal Finance (Not Investing)
Topic: A gift from abroad
Replies: 5
Views: 551

Re: A gift from abroad

Kamikazekid - Look into the possible requirement for you to file IRS Form 3520. It and the instructions for it is available online at www.irs.gov. There will not be any tax due by the recipient, but as I understand it the form must be filed with the IRS. My daughter-in-law received a large sum of mo...
by tomd37
Tue Jun 23, 2020 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099-R in H&R Block - First time completing it, checking in about whether I'm doing it right
Replies: 4
Views: 242

Re: Form 1099-R in H&R Block - First time completing it, checking in about whether I'm doing it right

I am not familiar with the H&R Block tax program format, but in the system I use I enter all data that appears on the 1099-R in the appropriate software blocks. I do not pick and choose! As previously mentioned, the box 7 code G indicates a rollover and will not show as taxable income on Form 1040.
by tomd37
Fri Jun 19, 2020 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: Learning how to do your own taxes?
Replies: 48
Views: 2649

Re: Learning how to do your own taxes?

OP - There is no better way to learn how to do and understand your federal tax return than to do it with paper and pencil. All the necessary forms and instructions for those forms are available online at www.irs.gov. Start with your 2019 return as submitted and see if you can recreate it on paper. J...
by tomd37
Wed Jun 17, 2020 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Calling IRS, how to get a live person
Replies: 8
Views: 644

Re: Calling IRS, how to get a live person

I did not know the IRS had any live bodies working for them :wink: At this time!

You have a lot of tax experience on this forum so present your questions here if you so desire.
by tomd37
Mon Jun 15, 2020 11:18 am
Forum: Personal Consumer Issues
Topic: Really hard to avoid "Keeping up with the Joneses"!
Replies: 313
Views: 31960

Re: Really hard to avoid "Keeping up with the Joneses"!

After seeing 20,700+ people (including myself) read this post and 196+ people respond, I have to say I tuned this all out by listening to radio station WGAS (who gives a .... about the Jones?). :beer
by tomd37
Fri Jun 12, 2020 9:57 am
Forum: Personal Consumer Issues
Topic: Noisy return/intake in new HVAC
Replies: 59
Views: 2767

Re: Noisy return/intake in new HVAC

Delamer What type of air filters are you using in those returns and how often do you replace them? The reason I ask is that my long-time HVAC guy has suggested I not use those very much more expensive filters as they tend to restrict the air flow to the units. I personally use the Filtrete 1085/1100...
by tomd37
Wed Jun 10, 2020 9:09 pm
Forum: Personal Investments
Topic: Dad pulling retirements out of market. Advice Please!
Replies: 84
Views: 10473

Re: Dad pulling retirements out of market. Advice Please!

Skiguy18 - Thanks for the update. We are fourteen years older than your folks and can well understand their concerns. The main difference between their and our situation is that we went from a 60/40 asset allocation at retirement at age 65 to a 50/50 asset allocation at their age and have subsequent...
by tomd37
Wed Jun 10, 2020 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Fraudulent Tax Return using our Dependent's SSN
Replies: 17
Views: 1587

Re: Fraudulent Tax Return using our Dependent's SSN

MrsRoos - A credit score and a credit report are two different reports, often confused. A credit score reports "credit worthiness" of a person while a credit reports reports things like payments on credit cards, revolving charge accounts, mortgages, car loans etc. A credit score impacts what rates y...
by tomd37
Tue Jun 09, 2020 7:23 pm
Forum: Personal Investments
Topic: Reporting Cost Basis of stocks with no purchase history?
Replies: 15
Views: 1185

Re: Reporting Cost Basis of stocks with no purchase history?

Cobra911 As a volunteer in the AARP Foundation Tax-Aide program I periodically run into this situation. If the client does not know the basis for a particular sale or sales one of the first things we do is to look and see if using a $0 basis is going to have any effect on the tax return. Sometimes i...
by tomd37
Mon Jun 08, 2020 8:32 pm
Forum: Personal Investments
Topic: Adding to Add-On CD
Replies: 5
Views: 436

Re: Adding to Add-On CD

Financial institutions normally do not issue a 1099-INT for any amount under $10, but any interest earned should be reported on the tax return. When a client asks if they have to report $3.37 interest, my response is "you do now". :wink:
by tomd37
Mon Jun 08, 2020 8:12 pm
Forum: Personal Investments
Topic: Adding to Add-On CD
Replies: 5
Views: 436

Re: Adding to Add-On CD

You will receive a 1099-INT each year for the interest accrued to the account or that was paid to you.
by tomd37
Sun Jun 07, 2020 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone get their 5498 for tax year 2019
Replies: 9
Views: 641

Re: Anyone get their 5498 for tax year 2019

Thank you Alan for your last reply. I have already done my 2020 QCD and in 2021 will continue with my QCD first, followed by RMD, and a possible Roth conversion after those two. Normally when I do my RMD I have funds withheld to cover both my RMD tax bill and for any planned conversions. This year w...
by tomd37
Sun Jun 07, 2020 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Anyone get their 5498 for tax year 2019
Replies: 9
Views: 641

Re: Anyone get their 5498 for tax year 2019

Sorry Alan, but unless I don't fully understand what you are saying, I don't see an answer about the timing of my conversion. Can I do a Roth conversion now and have it applied to my 2020 tax situation or must I wait until some future date to do the conversion? The 2019 conversion is history now and...
by tomd37
Sun Jun 07, 2020 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Anyone get their 5498 for tax year 2019
Replies: 9
Views: 641

Form 5498 Tax Year 2019

I just checked my Vanguard account online and Form 5498 for tax year 2019 has not yet been issued for my 2019 Roth conversion. I assume that is because of the extended filing date until July 15, 2020 for 2019 returns and maybe there are other items reported on a 5498 that are impacted by the delay. ...
by tomd37
Sat Jun 06, 2020 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: IRS refund delay
Replies: 17
Views: 1182

Re: IRS refund delay

And boy did they mess up a lot of people by sending out those debit cards in the mail. I am sure many letters containing them did not even get opened up and some of those that were opened might have gone in the trash. No word from the government ahead of time to be on the lookout for these cards. :?...
by tomd37
Sat Jun 06, 2020 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: IRS refund delay
Replies: 17
Views: 1182

Re: IRS refund delay

Cyborg - Your situation is exactly why I set my withholding to owe the government rather than wait on the government to refund me. Also if any of the SSNs shown on the return were used fraudulently by someone else at least I would not have to wait for a refund.
by tomd37
Sat Jun 06, 2020 1:51 pm
Forum: Personal Investments
Topic: Retirement income tax rate
Replies: 64
Views: 4000

Re: Retirement income tax rate

I am well into retirement and RMDs at age 83. My biggest mistakes since retiring in 2002 were 1) not delaying SS benefits until age 70 and 2) not doing more Roth conversions than I had already done. Those years between 65 and 70 would have been the best years for conversions. I did a conversion last...
by tomd37
Thu Jun 04, 2020 4:04 pm
Forum: Personal Consumer Issues
Topic: Pl recommend a garden hose
Replies: 32
Views: 1953

Re: Please recommend a garden hose

Ram - I have the free-standing hose reel with 100 feet of Eley's hose. It sits in the front corner of the house and is pretty much hidden by the bushes, but it is heavy for movement at season end when loaded with 100 feet of hose. One thing I have noticed is that their hose is very strong, but witho...
by tomd37
Thu Jun 04, 2020 12:50 pm
Forum: Personal Consumer Issues
Topic: Pl recommend a garden hose
Replies: 32
Views: 1953

Re: Pl recommend a garden hose

In my opinion you cannot find a better product than the Eley hose reels and hose. I own one set and am ready to get a second set. Daughter got me hooked on their products. Not cheap but well worth the investment. Watch their site for sales, especially with Father's Day approaching. :D
by tomd37
Mon Jun 01, 2020 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Navy Federal CU Certificate Rate Drops
Replies: 3
Views: 782

Navy Federal CU Certificate Rate Drops

I noticed NFCU's 12-month certificate rate dropped as of today from 1.50% to 1.25% APY. I anticipated this based on the bond market situation. CD rates at Synchrony Bank and Live Oak Bank (both online banks) remain just slightly higher right now, but they too have been dropping. Will consider reinve...
by tomd37
Sat May 30, 2020 8:06 pm
Forum: Forum Issues and Administration
Topic: What does OP stand for?
Replies: 12
Views: 1709

Re: What does OP stand for?

In my working lifetime (now 83) if I would use an acronym I would write out the words the first time being used and follow those words by the acronym in parenthesis. Thereafter I would only use the acronym. For example: total stock market (TSM) or Vanguard (VG). :idea: On this site when discussing f...
by tomd37
Fri May 29, 2020 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Airline refusing to issue refunds
Replies: 167
Views: 15235

Re: Airline refusing to issue refunds

BrandonBogle I am still waiting on a refund from American Airlines. Had two tickets booked for travel April 16th Nashville>Charlotte>Wilmington. AA canceled the leg from Charlotte to Wilmington for many days in a row including our travel day. Applied for a credit card refund online for both tickets....
by tomd37
Thu May 28, 2020 11:49 am
Forum: Personal Consumer Issues
Topic: New Vehicle: Forester or Rav4 for boglehead couple
Replies: 88
Views: 5693

Re: New Vehicle: Forester or Rav4 for boglehead couple

I got my first driver's license sixty-seven years ago and have driven everything from a floor shift 1937 DeSoto to the automatics that are offered these days. And my newest car now is a 2019 Subaru Outback, 3.6R engine in the Touring trim line that has a CVT transmission. What I don't understand is ...
by tomd37
Wed May 27, 2020 10:14 am
Forum: Investing - Theory, News & General
Topic: “WHEN YOU'VE WON the game, stop playing with the money you really need.”
Replies: 233
Views: 19333

Re: “WHEN YOU'VE WON the game, stop playing with the money you really need.”

I see a lot of different replies coming from people of many different ages and financial positions. At 83 my situation is very different than that of someone in their mid-60s or mid 40s and I adjust my asset allocation accordingly. I feel I have won the race and want to protect what I have.
by tomd37
Tue May 26, 2020 4:33 pm
Forum: Personal Consumer Issues
Topic: Develop scotch/wine palate quickly and effectively
Replies: 31
Views: 2589

Re: Develop scotch/wine palate quickly and effectively

SimonJester - I enjoy my two ounces of Scotch whisky every evening in my Glencarin whiskey glasses. Thirty minutes away now. :D
by tomd37
Sat May 23, 2020 10:50 am
Forum: Personal Consumer Issues
Topic: Subaru Outback vs deer
Replies: 21
Views: 1903

Re: Subaru Outback vs deer

Definitely a claim under the "Comprehensive Insurance" section of your policy if you have such coverage. Comprehensive covers many other claims such as windshield damage from a rock or hit and run damage in a parking lot. I have been involved in all three instances in my sixty years of car insurance...
by tomd37
Sat May 16, 2020 8:42 am
Forum: Personal Finance (Not Investing)
Topic: Charitable donations from IRA
Replies: 11
Views: 553

Re: Charitable donations from IRA

Heartwood is correct. The financial institution issuing the check has no way of knowing whether or not the organization receiving the funds is a "qualified" charitable organization. :?: Therefore they report the full distribution amount as taxable and leave it to the taxpayer to report any non-taxab...
by tomd37
Fri May 15, 2020 7:15 pm
Forum: Personal Finance (Not Investing)
Topic: Charitable donations from IRA
Replies: 11
Views: 553

Re: Charitable donations from IRA

Jeanz - How old are the owners of the traditional IRAs from which distributions are being made? Has either one of them already attained the age of 70.5 or will this year? If so, QCDs might be very helpful to meet both your charitable desires and keep federal taxes down.
by tomd37
Fri May 15, 2020 6:22 pm
Forum: Investing - Theory, News & General
Topic: Vanguard brokerage account transition
Replies: 212
Views: 21755

Re: Vanguard brokerage account transition

I received a similar, but briefer, advisory today when I signed on to my account online. Right now I don't know if I will benefit in any way if I transition or if I will lose something. I just have two funds and two accounts; Total Stock Market and Total Bond Market Index in the traditional IRA (95%...
by tomd37
Fri May 15, 2020 7:46 am
Forum: Personal Consumer Issues
Topic: Flag Pole Light
Replies: 16
Views: 1179

Re: Flag Pole Light

I would question the ability of a solar powered light to provide light with any high intensity on a flag that is twenty-five or more feet (if not directly under it) away from the flag. If willing to accept a lower intensity illumination it might work but you would also have to consider how long the ...