Search found 2762 matches

by tomd37
Thu Jun 14, 2018 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Will Vanguard/Fidelity automatically deduct QCD from RMD?
Replies: 27
Views: 2346

Re: Will Vanguard/Fidelity automatically deduct QCD from RMD?

Almost there, Definitely do not do a QCD any earlier than the day you attain age 70.5, preferably after that date. A QCD is part of the RMD but the Form 1099-R does not differentiate between the two. It will report the total distribution for a given year and it is incumbent upon the taxpayer to make...
by tomd37
Wed Jun 13, 2018 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Will Vanguard/Fidelity automatically deduct QCD from RMD?
Replies: 27
Views: 2346

Re: Will Vanguard/Fidelity automatically deduct QCD from RMD?

Almost there, I believe you can find the name of your Vanguard representative on your financial statement, either online or the paper copy if you receive that. I do the QCD around September and then the remaining RMD not later than early November. Doing the QCD in September gives me at least three m...
by tomd37
Wed Jun 13, 2018 9:58 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Investment Account
Replies: 4
Views: 424

Re: Taxable Investment Account

Yes, we do live in Tennessee. While we do not have an income tax per se, we do currently have the Hall Tax which in a tax on limited interest income items plus taxes on dividends, capital gain distributions, and non-dividend distributions. The Hall Tax is 3% this year and decreases 1% per year for e...
by tomd37
Wed Jun 13, 2018 9:39 am
Forum: Investing - Help with Personal Investments
Topic: Taxable Investment Account
Replies: 4
Views: 424

Taxable Investment Account

Based on reading some recent posts I have a question about ownership of a small taxable (non-IRA) investment account representing about 5% of our total investments with Vanguard. The Vanguard account is established as John Doe & Jane Doe, JT TEN WROS. We are both in early 80's and I am beginning to ...
by tomd37
Tue Jun 12, 2018 6:39 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Int. Growth vs. Vanguard Total Int.
Replies: 9
Views: 646

Re: Vanguard Int. Growth vs. Vanguard Total Int.

What are the symbols involved please PFinterest? :?:
by tomd37
Tue Jun 12, 2018 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Avoiding Estimated Tax Penalty - Safe Haven
Replies: 7
Views: 888

Re: Avoiding Estimated Tax Penalty - Safe Haven

Shagger - I have been told several times by my Flagship Rep that federal tax withholding from a RMD has to be a percentage amount and it cannot be less than 10%. It cannot be a specific dollar amount according to him. I take my RMD in September and by then have already figured out how much I need to...
by tomd37
Fri Jun 08, 2018 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Best banks for checking accounts?
Replies: 33
Views: 3187

Re: Best banks for checking accounts?

tj-longterm, Do you or your extended family have any military affiliations the might qualify you for membership in the Navy Federal Credit Union. I have been a member at NFCU since 1961 and they meet all your requirements. Check out their website to see if you qualify for their now extended membersh...
by tomd37
Tue Jun 05, 2018 1:19 pm
Forum: Personal Consumer Issues
Topic: Should I replace my water heater?
Replies: 30
Views: 1346

Re: Should I replace my water heater?

In my opinion if you have a 15 year-old water heater that you do not know how it was maintained I would most definitely replace it now without waiting for it to fail and possibly cause damage. When replacing it make sure to take all the precautions mentioned and ensure it is installed totally in acc...
by tomd37
Mon Jun 04, 2018 2:44 pm
Forum: Investing - Help with Personal Investments
Topic: [what to sell for] RMD
Replies: 21
Views: 1379

Re: [what to sell for] RMD

GerryL I have been taking RMDs for ten years now and in those tax years that QCDs were available for use I took my QCD from one account in September and then took the remaining QCD in November withholding a specific percentage for federal tax. The remaining RMD amount can be split between funds as n...
by tomd37
Sun Jun 03, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: What have you tapped your emergency fund for?
Replies: 15
Views: 1688

Re: What have you tapped your emergency fund for?

Used it to purchase a replacement vehicle for my wife when her one year old 3,900 mile car was totaled four weeks ago in accident caused by another driver. Thankfully no injury to either driver and upon settlement of the claim my insurance paid literally the entire cost of a new similarly equipped c...
by tomd37
Sun Jun 03, 2018 7:26 pm
Forum: Investing - Theory, News & General
Topic: To be or not to be complex, that is the question
Replies: 146
Views: 11478

Re: To be or not to be complex, that is the question

Question about joint ownership in a taxable retirement account. With such ownership how is the valuation of the account handled for tax purposes on the passing of one of the owners? Would it have been better to have the account registered in the name of only one of the spouses? Only five percent of ...
by tomd37
Sun Jun 03, 2018 9:45 am
Forum: Personal Finance (Not Investing)
Topic: Major Issue with Wife's Vanguard IRA - please help
Replies: 19
Views: 1808

Re: Major Issue with Wife's Vanguard IRA - please help

abs9986 - Please get back to us after your wife as the owner of the IRA has contacted Vanguard and give us the true details of the account. I believe if it was in fact a traditional IRA she cannot amend her tax returns for any year prior to 2015 as there is a three year limitation. For what calendar...
by tomd37
Thu May 31, 2018 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Kemper vs Amica home/auto insurance
Replies: 12
Views: 962

Re: Kemper vs Amica home/auto insurance

I always consider an insurance company's reputation for paying a fair value for any claim. I have been with USAA for all of my insurances (auto, home, umbrella, personal effects, etc.) since 1961. Have had three no-fault auto claims in that period and in each case they paid a very fair amount. The m...
by tomd37
Tue May 29, 2018 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Selling car in CA, titled in absent owner's name
Replies: 14
Views: 736

Re: Selling car in CA, titled in absent owner's name

I seem to remember eight years ago when I "sold" my 2010 vehicle to my daughter her state required her state "mileage certification" form signed by me before she could register the car in her state. I was in TN and she was in NC. Many state Division of Motor Vehicles have all sorts of info online th...
by tomd37
Tue May 29, 2018 8:02 am
Forum: Personal Finance (Not Investing)
Topic: Selling car in CA, titled in absent owner's name
Replies: 14
Views: 736

Re: Selling car in CA, titled in absent owner's name

Be sure to inquire about some type of "mileage certification" signed by owner when you talk about documents needed.
by tomd37
Mon May 28, 2018 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Paid off car loan, Fifth Third says no need for a title
Replies: 11
Views: 1907

Re: Paid off car loan, Fifth Third says no need for a title

All our new cars purchased from 2001 have been paid for by a cash transaction and therefore the titles for those cars were sent directly to me from the State Division of Motor Vehicles within about two weeks of purchase. For those cars purchased earlier the titles were released to me by the lien hol...
by tomd37
Fri May 25, 2018 9:12 am
Forum: Investing - Theory, News & General
Topic: Is inflation the greatest risk to retirement portfolios?
Replies: 100
Views: 8218

Re: Is inflation the greatest risk to retirement portfolios?

I would dare to say one of the biggest risks is the "investors themselves". Many too many investors make investment mistakes (e.g. changes at the wrong time) that have a huge effect on their portfolio down the road.
by tomd37
Mon May 21, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Check Letter / Notice from IRS Online
Replies: 9
Views: 1370

Re: Check Letter / Notice from IRS Online

Letters from the IRS pertaining to a tax return usually allow a response time of 30 days. Now is the time letters (e.g. CP2000) are coming out concerning the 2016 tax returns. You have time by waiting until you get home in a week.
by tomd37
Fri May 11, 2018 9:31 am
Forum: Personal Consumer Issues
Topic: Subcompact SUVs/Sedans with Adjustable Pedals Question
Replies: 12
Views: 692

Re: Subcompact SUVs/Sedans with Adjustable Pedals Question

It has been many years (probably more than twenty) since I have seen cars offered with adjustable pedals. But to my best recollection they were offered back in the 1990s as an option.
by tomd37
Thu May 10, 2018 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Refund but I Paid??
Replies: 6
Views: 933

Re: Refund but I Paid??

My understanding of other people's experiences is that the check usually shows up first and an explanation letter about two weeks later. Never personally had any experience in this matter.
by tomd37
Thu May 10, 2018 10:52 am
Forum: Forum Issues and Administration
Topic: Editing Subject Line
Replies: 4
Views: 491

Re: Editing Subject Line

The reason I ask is there is a post on another forum here that says "Gold Ball" when it should read "Golf Ball" and the poster has not edited the subject line.
by tomd37
Thu May 10, 2018 10:42 am
Forum: Forum Issues and Administration
Topic: Editing Subject Line
Replies: 4
Views: 491

Editing Subject Line

I know a poster can edit the text of a post. Can the poster edit the subject line of a post?
by tomd37
Sat May 05, 2018 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: New Car Purchase
Replies: 11
Views: 1627

Re: New Car Purchase

Alexa9 - Lexus ES350 non-hybrid.
by tomd37
Sat May 05, 2018 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: New Car Purchase
Replies: 11
Views: 1627

New Car Purchase

As a result of a recent accident it now appears that the cost of repairs to our 2017 car may going to be so much that our insurance company may want to declare the car as a total loss. The car was only fourteen months old and was just turning 4,000 miles, but the damage was extensive including damag...
by tomd37
Sat May 05, 2018 4:19 pm
Forum: Personal Consumer Issues
Topic: What do you pay baby sitters?
Replies: 53
Views: 5170

Re: What do you pay baby sitters?

Now I am beginning to think about what it might cost me to get people to "baby sit" me as I grow older! :shock: If you are a child of eight or a old person at eighty the price seems to presently be $20 per hour.
by tomd37
Sat May 05, 2018 9:22 am
Forum: Personal Consumer Issues
Topic: What do you pay baby sitters?
Replies: 53
Views: 5170

Re: What do you pay baby sitters?

I have to laugh about this subject. I am 80 and when I cared for children in the early 1950s I charged twenty-five cents per hour (and for three kids) and those parents balked when I raised the price to thirty-five cents per hour. :annoyed
by tomd37
Tue May 01, 2018 8:24 am
Forum: Investing - Help with Personal Investments
Topic: Navy Federal CU Special Certificate Offerings
Replies: 2
Views: 706

Navy Federal CU Special Certificate Offerings

NFCU has announced some new special offerings in their Certificates program with some limitations. The offerings are in their Share/IRA/ESA programs. The offerings are a 18-month 2.25% APY certificate and a 60-month 3.00% APY certificate. Minimum purchase amounts for both are $1,000, $10,000, $20,00...
by tomd37
Sun Apr 29, 2018 12:14 pm
Forum: Personal Consumer Issues
Topic: Kitchen Faucet & Sink recommendations?
Replies: 55
Views: 5118

Re: Kitchen Faucet & Sink recommendations?

BW1985 - We did a major renovation to our home in 2011 and replaced all the plumbing fixtures throughout the home. Our general contractor recommended Kohler or Moen fixtures. Depending on the location we used both, but used Kohler pull-out fixtures for the kitchen and laundry room sinks. Both were i...
by tomd37
Wed Apr 25, 2018 6:16 pm
Forum: Personal Consumer Issues
Topic: How did you tell the boss you're leaving/retiring?
Replies: 129
Views: 9447

Re: How did you tell the boss you're leaving/retiring?

I retired in August 2002 three months short of reaching age 65. I made my final retirement decision in May and posed it to my boss one month in advance of my proposed retirement date. They asked me if I would stay on an additional two months and I agreed. They were happy and I was happy. :D
by tomd37
Wed Apr 25, 2018 9:24 am
Forum: Investing - Help with Personal Investments
Topic: 40/60 Balanced Index ?
Replies: 10
Views: 1289

40/60 Balanced Index ?

I know Vanguard offers a 60/40 balanced index fund and I am wondering if they offer a similar type 40/60 fund. As I start to work my way up the eighties ladder I would like to simplify things for my wife when I am gone and find one fund similar to the Balanced Index Fund (VBIAX) but with a 40/60 sto...
by tomd37
Tue Apr 24, 2018 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Stock
Replies: 7
Views: 320

Re: Gifting Stock

:oops: Pay attention to details stated Tom!
by tomd37
Tue Apr 24, 2018 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Gifting Stock
Replies: 7
Views: 320

Re: Gifting Stock

Where did I go wrong? I thought if you gifted a person a stock you also gifted them the basis in that stock. I was under the impression if the recipient took the stock and sold it his gain would be taxable. Please help me understand the rules here.
by tomd37
Tue Apr 24, 2018 9:23 am
Forum: Personal Finance (Not Investing)
Topic: 1098T [IRS Form 1098-T, Tuition Statement]
Replies: 10
Views: 563

Re: 1098T [IRS Form 1098-T, Tuition Statement]

Totally agree with Mlipps post above. Form 1098-T has a historical record over many years as frequently being incorrect, although improving in more recent years. VITA and TCE tax preparation programs suggest the presentation of and use of supporting "summary of accounts" from the educational institu...
by tomd37
Mon Apr 23, 2018 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: 1098T [IRS Form 1098-T, Tuition Statement]
Replies: 10
Views: 563

Re: 1098T

I think she should be claiming the Lifetime Learning Credit utilizing Form 8863 and she should be claiming as expenses only the amount she actually paid the qualified institution in 2017. That amount should be available from her financial account with the institution. As to box 5 amount that is rese...
by tomd37
Mon Apr 23, 2018 10:30 am
Forum: Personal Finance (Not Investing)
Topic: [How do I send my Qualified Charitable Distribution to a charity]?
Replies: 12
Views: 579

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

Sorry, lost my response to Engineer. Most tax software programs will ask questions about 1099-R distributions and if you answer those questions correctly the total distribution will reflect on line 15a and the taxable amount on line 15b with the abbreviation QCD just to the left of line 15b. If you ...
by tomd37
Mon Apr 23, 2018 8:29 am
Forum: Personal Finance (Not Investing)
Topic: [How do I send my Qualified Charitable Distribution to a charity]?
Replies: 12
Views: 579

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

Creeker - I have been doing QCDs for the past nine years in those years when it was available under IRS rules. I just set up a telephone appointment with my VG representative, email him a list of the nine QCD recipients and amount for each the day before the call, and then he reviews that list with ...
by tomd37
Tue Apr 17, 2018 8:58 pm
Forum: Investing - Help with Personal Investments
Topic: Roth contribution for someone who didn't file a return
Replies: 4
Views: 378

Re: Roth contribution for someone who didn't file a return

You must have earned income in order to contribute to an IRA, either traditional or Roth. Your son did have earned income in the form of the payments he received from "Ken" and that payment should be reported. Even though your son did not receive a Form 1099-MISC from Ken I believe he should report ...
by tomd37
Sat Apr 14, 2018 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: [Help completing the TN state tax return]
Replies: 73
Views: 2566

Re: [Help completing the TN state tax return]

StraightEdge, Looking at my personal copy of the 2017 Guidance for Tennessee's Hall Income Tax Return I think you should be able to determine what is or is not taxable under the TN rules including for a person who moved into or out of Tennessee during the year and whose taxable interest and dividend...
by tomd37
Sun Apr 08, 2018 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Penalty for not having health insurance in 2017
Replies: 3
Views: 340

Re: Tax Penalty for not having health insurance in 2017

It still exists for tax year 2017 and also for tax year 2018 to the best of my knowledge.
by tomd37
Sun Apr 08, 2018 6:12 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about filing taxes for deceased relative
Replies: 7
Views: 569

Re: Questions about filing taxes for deceased relative

Sounds like a 2017 personal return should be filed for the MIL and if a refund was due her Form 1310 should be filed as part of that return. All can be submitted electronically I believe.
by tomd37
Fri Apr 06, 2018 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: E-File H&R
Replies: 5
Views: 267

Re: E-File H&R

If the initial return has already been submitted and accepted, would you not submit an amended return (1040X) by mail with the revised information?
by tomd37
Fri Apr 06, 2018 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC [Question on self-employment expenses]
Replies: 8
Views: 491

Re: 1099-MISC [Question on self-employment expenses]

Okay - He and the IRS have two income documents (W-2 and 1099-MISC) that have to be accounted for on the tax return. The IRS is looking for the W-2 income on line 7 and the 1099-MISC box 7 income on Schedules C and SE. The only other option might be the 1099-MISC income reported on line 21 of the 10...
by tomd37
Fri Apr 06, 2018 11:45 am
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC [Question on self-employment expenses]
Replies: 8
Views: 491

Re: 1099-MISC [Question on self-employment expenses]

The OP said he has a 1099-MISC from his employer in addition to the W-2 from the same employer. It appears to me the employer consider the OP as a self-employed contractor for the 1099-MISC job and therefore the OP must file a Schedule C or C-EZ along with a Schedule SE. The OP cannot take mileage f...
by tomd37
Mon Apr 02, 2018 10:28 pm
Forum: Investing - Help with Personal Investments
Topic: Corrected 1099-B
Replies: 3
Views: 235

Re: Corrected 1099-B

We are talking about an amended return (Form 1040-X) and a new Schedule D attached to it.
by tomd37
Tue Mar 27, 2018 8:10 pm
Forum: Personal Consumer Issues
Topic: 2018 Forester vs CRV vs RAV4
Replies: 130
Views: 13378

Re: 2018 Forester vs CRV vs RAV4

I too am anxious to see the new Forester, but doubt it will be available as early as this summer. From what I have read online it might be late this year. We will see.
by tomd37
Mon Mar 26, 2018 8:17 pm
Forum: Personal Consumer Issues
Topic: New car?
Replies: 46
Views: 3455

Re: New car?

BogleBoogie - I did not keep the receipts for gas purchases. Since 1975 upon returning to the states from an overseas tour of duty I have purchased an "At-A-Glance" auto record book for each new car purchased thereafter and recorded on a quarterly or semi-annual basis the mileage, amount of gas purc...
by tomd37
Mon Mar 26, 2018 4:14 pm
Forum: Investing - Theory, News & General
Topic: Invests money, 3 days later the market tanks.
Replies: 58
Views: 7420

Re: Invests money, 3 days later the market tanks.

I wonder how jackhensy is feeling today?
by tomd37
Mon Mar 26, 2018 3:42 pm
Forum: Personal Consumer Issues
Topic: Should I proactively replace my central AC unit?
Replies: 33
Views: 2545

Re: Should I proactively replace my central AC unit?

You are living on borrowed time! At that age I would very seriously consider replacing it with an appropriately sized and type of unit. HVAC dealers are not that busy yet and are offering some good deals as are the manufacturers. You will "pay through the nose" if it happens to go out in the late sp...
by tomd37
Mon Mar 26, 2018 2:38 pm
Forum: Personal Consumer Issues
Topic: New car?
Replies: 46
Views: 3455

Re: New car?

A year ago my wife finally agreed to letting go of her sixteen year old 2001 Lexus ES300 with 76,000 miles on it. It was in outstanding shape and she had four offers from the Lexus mechanics to sell it to them. I kept detailed records of every dollar spent on that car starting with its purchase, ins...