Search found 635 matches

by Penguin
Sun May 16, 2021 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Taking SS 6 months before 70
Replies: 10
Views: 653

Re: Taking SS 6 months before 70

Here are the numbers based on start age and PIA. You can do the math. 69 + 4 months 126.7% 69 + 5 months 127.3% 69 + 6 months 128.0% 69 + 7 months 128.7% 69 + 8 months 129.3% 69 + 9 months 130.0% 69 + 10 months 130.7% 69 + 11 months 131.3% 70 or later 132.0% https://www.ssa.gov/benefits/retirement/p...
by Penguin
Sat May 15, 2021 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Question about Spousal Social Security Benefits
Replies: 12
Views: 1084

Re: Question about Spousal Social Security Benefits

I have a followup question now about Survivor benefits. If she files at age 62 and I file at age 70, and then say I die at age 75, is her Survivors benefit decreased due to the fact that she filed at age 62? No. She would be 78 at the time and get full survivor's benefit. RickBoglehead gives the co...
by Penguin
Thu May 13, 2021 4:27 pm
Forum: Investing - Theory, News & General
Topic: Another Social Security Claiming Age Question ??
Replies: 11
Views: 1152

Re: Another Social Security Claiming Age Question ??

DW is not eligible for a spouse benefit. The eligibility requirement is: B. Entitlement Requirements For A Spouse To be entitled to benefits as a spouse, a claimant must: 1. Be the spouse (see RS 00202.001A) of a NH entitled to retirement insurance benefits (RIB) or disability insurance benefits (DI...
by Penguin
Fri May 07, 2021 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Boeing Medicare Supplement
Replies: 15
Views: 1210

Re: Boeing Medicare Supplement

I decided on original Medicare and a HDG (High Deductable Plan G) supplement. My cost is $192.50/month. $148.50 for the part B premium and $44 for the supplement. No drug plan for now. Most of my decision was based on a book (The Great American Healthcare Scam) by and information presented on Dr. D...
by Penguin
Fri Apr 23, 2021 11:12 am
Forum: Personal Investments
Topic: 529 Plan
Replies: 6
Views: 633

Re: 529 Plan

My parents want to contribute to a 529 Plan for my daughter. Should I open a 529 Plan and have them contribute to that one or Should they open a 529 Plan and contribute to that one If its in my name, with my daughter as the beneficiary, come financial aid time 5% of the 529 will be calculated towar...
by Penguin
Sat Mar 06, 2021 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: How do SS survivor benefits work for minor children?
Replies: 13
Views: 789

Re: How do SS survivor benefits work for minor children?

Your spouse would be the representative payee for the child’s benefits. The Social Security Admininistration will closely monitor to assure the benefits are given to the child.
https://www.ssa.gov/payee/faqrep.htm
https://www.ssa.gov/pubs/EN-05-10076.pdf
by Penguin
Fri Mar 05, 2021 2:04 pm
Forum: Personal Investments
Topic: Seeking opinions on specialized trust for inherited IRA
Replies: 5
Views: 284

Re: Seeking opinions on specialized trust for inherited IRA

You are in the process of redoing your estate documents. Include in the process a plan for your IRA. Your estate attorney can guide you.
That is what I did.
by Penguin
Wed Mar 03, 2021 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Medallion signature guarantee
Replies: 89
Views: 6803

Re: Medallion signature guarantee

viewtopic.php?t=78467
Vanguard may waive medallion signature guarantee if you use voice recognition. (“At vanguard my voice is my password “)
by Penguin
Wed Mar 03, 2021 9:27 am
Forum: Personal Finance (Not Investing)
Topic: 1099 Sole Proprietor Check my Math
Replies: 3
Views: 264

Re: 1099 Sole Proprietor Check my Math

You may be eligible for QBI income deduction on schedule C.
by Penguin
Mon Feb 15, 2021 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Does it make sense to keep 30 year term life insurance?
Replies: 34
Views: 2778

Re: Does it make sense to keep 30 year term life insurance?

Term4sale says you may be able to buy $300,000 of insurance today for $315 per year for 10 year term. If you want life insurance, maybe you should should switch to a cheaper policy if you qualify.
by Penguin
Fri Feb 12, 2021 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Must I claim a dependent?
Replies: 6
Views: 800

Re: Must I claim a dependent?

You may want to take this IRS test. https://www.irs.gov/help/ita/whom-may-i-claim-as-a-dependent It is possible that one or more of your children do not qualify as a dependent. For example: Not a full time student Too old Not living at home Paid too much for own support Earned too much Married If th...
by Penguin
Sat Jan 30, 2021 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: Open Social Security - Spousal Benefits
Replies: 8
Views: 788

Re: Open Social Security - Spousal Benefits

No, if you apply for spouse benefit you are deemed to apply for your own benefit at that time Can I apply only for spouse’s benefits and delay filing for my own retirement benefit in order to earn delayed retirement credits? Views: 68213 No, if you turn age 62 on or after January 2, 2016, you are re...
by Penguin
Fri Jan 29, 2021 5:40 pm
Forum: Investing - Theory, News & General
Topic: Secure act - TSP
Replies: 3
Views: 506

Re: Secure act - TSP

Qualified charitable distributions. A qualified charitable distribution (QCD) is generally a nontaxable distribution made directly by the trustee of your IRA (other than a SEP or SIMPLE IRA) to an organization eligible to receive tax-deductible contributions. You must be at least age 70½ when the di...
by Penguin
Mon Jan 25, 2021 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Soc Sec Question-I'll be 70 in 6 weeks
Replies: 11
Views: 1261

Re: Soc Sec Question-I'll be 70 in 6 weeks

Just to confirm, even if my wife has been receiving full benefits since age 66 and I have been receiving 50% of her benefits based on the now eliminated "file and suspend" rule, do I still need to apply for full benefits? I filed for 50% of her benefits on my 66th birthday in March of 201...
by Penguin
Mon Jan 25, 2021 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Set up HSA for Mom for Her Long Term Care?
Replies: 5
Views: 417

Re: Set up HSA for Mom for Her Long Term Care?

You or your brother may contribute to your mothers HSA. The contribution will be deductible on your mothers tax return. No contributions will be permitted once your mother becomes eligible for Medicare.
by Penguin
Mon Jan 25, 2021 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Soc Sec Question-I'll be 70 in 6 weeks
Replies: 11
Views: 1261

Re: Soc Sec Question-I'll be 70 in 6 weeks

When you apply for your retirement benefits your spouse will be eligible for spouse benefits. It is possible that her spouse benefits may be larger than her own retirement benefits. If so she should switch.
by Penguin
Mon Jan 25, 2021 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Soc Sec Question-I'll be 70 in 6 weeks
Replies: 11
Views: 1261

Re: Soc Sec Question-I'll be 70 in 6 weeks

To begin your retirement benefits on your account you must apply. There is a potential pitfall to avoid. When you apply be sure to request that your retirement benefits begin at age 70. If you don’t there is a risk that your benefits will start six months retroactive. In this case your benefit will ...
by Penguin
Sun Jan 24, 2021 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Claiming social security at 70 and half
Replies: 18
Views: 2838

Re: Claiming social security at 70 and half

https://www.hsaedge.com/2017/03/17/medi ... -and-hsas/
This article claims that if you receive retroactive Medicare benefits that you are not qualified for hsa contributions during that time.
by Penguin
Mon Jan 11, 2021 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: I was denied term life, being advised to consider whole life
Replies: 36
Views: 3350

Re: I was denied term life, being advised to consider whole life

I suggest that you ask your doctor to write a letter to the insurance company stating that in his/her opinion your test and medical condition are not a risk to your mortality. It often works.
by Penguin
Mon Dec 28, 2020 5:05 pm
Forum: Investing - Theory, News & General
Topic: Why donate appreciated assets to charity?
Replies: 34
Views: 2360

Re: Why donate appreciated assets to charity?

Gill wrote: Mon Dec 28, 2020 4:58 pm
...then one does not have any capital gains taxes on the gifted shares
Say what?
Gill
by Penguin
Sun Dec 06, 2020 8:57 am
Forum: Personal Investments
Topic: Short term "safe" withdrawal rates - Dads desire for gifting
Replies: 10
Views: 1073

Re: Short term "safe" withdrawal rates - Dads desire for gifting

Some CCRC offer contractual lifetime guarantees. Gifting may void the guarantee. Read your contract. https://collitonlaw.com/what-happens-when-you-run-out-of-money-in-a-continuing-care-retirement-community-ccrc Gifting is considered a dissipation of assets and may void the lifetime guarantee. Most p...
by Penguin
Fri Nov 27, 2020 8:25 pm
Forum: Investing - Theory, News & General
Topic: 25K Capital Gain tax free for college
Replies: 16
Views: 2657

Re: 25K Capital Gain tax free for college

This is from the article: "The child will have enough assets to pass the support test (IRS Publication 501) and claim herself as a dependent on her own tax return and be eligible to claim the full $12,000 standard deduction and the American Opportunity Tax Credit (AOTC)." These are the ex...
by Penguin
Fri Nov 27, 2020 9:51 am
Forum: Personal Investments
Topic: Advice on cashing out of variable annuities?
Replies: 20
Views: 1383

Re: Advice on cashing out of variable annuities?

This is covered nicely in the wiki: https://www.bogleheads.org/wiki/Variable_annuity Probably the increased value in the non qualified annuity will be taxed as ordinary income. Probably the annuities that are in retirement accounts will not be taxed until distributed to father. Vanguard will probabl...
by Penguin
Mon Nov 23, 2020 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Help! Just became a Trustee... Need to understand taxes
Replies: 17
Views: 1386

Re: Help! Just became a Trustee... Need to understand taxes

I suggest this book written for the lay person:
The Trustee's Legal Companion

Carol Elias Zolla and Liza Hanks | 2019, 5th Edition
eBook: $39.99 $27.99, Book: $39.99 $31.99
It is from Nolo press.
It is easy to read. Your professional advisors can handle the details.
by Penguin
Wed Nov 11, 2020 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: Short Term Capital Loss Carry Forward
Replies: 32
Views: 1812

Re: Short Term Capital Loss Carry Forward

I had 43k short term capital loss last year (2019) and have $25k short term capital loss this year (2020). Used 3k ST loss for 2019 tax deduction. So, I assume 43k - 3k + 25k = 65k will be carried over to next year. I know I will be able to use 3k every year to offset my tax income using this ST lo...
by Penguin
Mon Nov 09, 2020 10:02 am
Forum: Personal Investments
Topic: Old Inherited IRA — non-spouse RMD unchanged?
Replies: 4
Views: 336

Re: Old Inherited IRA — non-spouse RMD unchanged?

[Generally, for individuals or employees with accounts who die prior to January 1, 2020, designated beneficiaries of retirement accounts and IRAs calculate RMDs using the Single Life Table (Table I, Appendix B, Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs)). The ta...
by Penguin
Wed Oct 28, 2020 11:20 am
Forum: Personal Finance (Not Investing)
Topic: How to avoid paying California tax on capital gain (legally)?
Replies: 74
Views: 6563

Re: How to avoid paying California tax on capital gain (legally)?

If you lived inside or outside of California during the tax year, you may be a part-year resident. As a part-year resident, you pay tax on: All worldwide income received while a California resident Income from California sources while you were a nonresident So, move to Texas. You now pay no Califor...
by Penguin
Mon Sep 28, 2020 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Cashing a check made to a non existent estate
Replies: 8
Views: 1080

Re: Cashing a check made to a non existent estate

https://law.justia.com/codes/new-jersey ... 10/3b-10-4
New Jersey has a simplified a small estate affidavit procedure for collecting assets.
by Penguin
Thu Sep 17, 2020 4:07 am
Forum: Personal Finance (Not Investing)
Topic: Advice for mother-in-law
Replies: 20
Views: 1836

Re: Advice for mother-in-law

Perhaps some stock/bond mix or a stock/bond mix combined with some type of inflation protected instrument or an annuity
Annuity is an insurance product that protects against living longer than expected. It may not be a good choice in this situation.
by Penguin
Thu Sep 03, 2020 9:46 am
Forum: Personal Investments
Topic: Confused here in MA
Replies: 56
Views: 5173

Re: Confused here in MA

You said Thanks for sympathies Dode...Husband and I were together for 23 yrs, but married only 9, ...He died 15 yrs ago...so I cannot access his SS which is unfortunate. You are probably eligible for social security widow benefit. It may be more than your retirement benefit. Call social security and...
by Penguin
Wed Sep 02, 2020 5:36 am
Forum: Personal Investments
Topic: Confused here in MA
Replies: 56
Views: 5173

Re: Confused here in MA

Best wishes to you. it is difficult to get financial information that is both reliable and inexpensive. You live in Massachusetts and may be eligible for a Senior Circuit breaker refundable tax credit of $1130 per year. Check it out. https://www.mass.gov/service-details/senior-circuit-breaker-tax-cr...
by Penguin
Mon Aug 31, 2020 12:09 pm
Forum: Personal Investments
Topic: LTCG Question
Replies: 9
Views: 477

Re: LTCG Question

Be sure it is a long term capital gain. Short term capital gains are taxed as ordinary income. If you reinvest your dividends then the reinvested dividends may be sold for a short term capital gain, if you sell the shares less than a year after you bought them then it is short term. I do reinvest m...
by Penguin
Mon Aug 31, 2020 11:43 am
Forum: Personal Investments
Topic: LTCG Question
Replies: 9
Views: 477

Re: LTCG Question

Be sure it is a long term capital gain. Short term capital gains are taxed as ordinary income.
If you reinvest your dividends then the reinvested dividends may be sold for a short term capital gain, if you sell the shares less than a year after you bought them then it is short term.
by Penguin
Mon Aug 24, 2020 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Question
Replies: 6
Views: 616

Re: Social Security Question

If your friend was born before January 2, 1954 then she probably applied for a restricted spouse application at her FRA. If so then she can receive spouse benefits until age 70 while accumulating delayed retirement credits. Then at age 70 she may switch to her own maximal benefit, which may be highe...
by Penguin
Fri Aug 14, 2020 10:26 am
Forum: Personal Investments
Topic: Index annuity
Replies: 60
Views: 2993

Re: Index annuity

Equity-indexed annuities are strongly not recommended for most investors. Interest paid by EIAs is not calculated with the usual formulas for calculating interest. EIA interest crediting methods are complex and have several moving parts. This makes it impossible to know at the time of purchase, how...
by Penguin
Mon Aug 10, 2020 7:35 pm
Forum: Personal Investments
Topic: Another inheritance situation. Comments appreciated.
Replies: 8
Views: 1237

Re: Another inheritance situation. Comments appreciated.

We're retired for 5 years and are now inheriting from my parents. We have SS and an inflation-indexed pension. We live comfortably on that, with small withdrawals from our 401K account. The inheritance from my father is a Vanguard IRA, and multiple accounts with Wells Fargo. All the accounts are ta...
by Penguin
Sun Aug 09, 2020 8:06 am
Forum: Personal Investments
Topic: Getting rid of Financial Advisor. What do I do next?
Replies: 36
Views: 3230

Re: Getting rid of Financial Advisor. What do I do next?

Arrgh! Your LPL advisor put you into variable annuities within both your Roth and Traditional IRA accounts. Not only do Bogleheads not like most variable annuities because of their high fees, it’s even worse when a “tax deferred” annuity is put into an account like an IRA that is already tax shelte...
by Penguin
Fri Aug 07, 2020 5:19 am
Forum: Personal Investments
Topic: Are we going to be able to make it? (Networth question)
Replies: 18
Views: 3306

Re: Are we going to be able to make it? (Networth question)

How disabled is your 11 year old son? Will he be able to do substantial gainful activity? If so then that is a good solution. If not then Social Security may provide a substantial benefit to your disabled child on your or your spouse's death. Here is how disability is defined: § 404.1505. Basic defi...
by Penguin
Sat Jul 25, 2020 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Drop Collision Insurance?
Replies: 32
Views: 2950

Re: Drop Collision Insurance?

I am curious what it cost to insure 2 cars for collision with 2 underage drivers?
by Penguin
Fri Jul 03, 2020 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Filing for Social Security at 70 after spousal benefits
Replies: 20
Views: 2506

Re: Filing for Social Security at 70 after spousal benefits

If you apply in August, 2020 you may have your benefits start in any month from February to November (payable the following month). I think the social security default position is to start the earliest possible time even if retroactive (February) unless you request otherwise. If you start earlier yo...
by Penguin
Mon Jun 29, 2020 5:20 pm
Forum: Personal Investments
Topic: For Alan S and others 2020 Covid-19 RMD
Replies: 17
Views: 624

Re: For Alan S and others 2020 Covid-19 RMD

Hello I took my 2020 rmd in January I took out 16000 dollars and had 27% off yet taken out for federal taxes I have two questions is there any reason why I should not put this money back into my traditional IRA with vanguard and secondly can I recoup the federal taxes that were taken out in January...
by Penguin
Tue Jun 23, 2020 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: IRS broadens rollover options for 2020 RMD distributions
Replies: 47
Views: 3430

Re: IRS broadens rollover options for 2020 RMD distributions

Thank you, Alan S.
This has been on my mind, and you have relieved my concern.
by Penguin
Thu Jun 11, 2020 8:08 am
Forum: Personal Investments
Topic: When does an advisor make sense?
Replies: 56
Views: 2943

Re: When does an advisor make sense?

The problem with hiring an advisor is that you have to know enough to be able to determine if he/she knows what they're talking about. And, if you know that much, you can handle things on your own with help from the collective wisdom of this forum. But, if you do need help in setting things up init...
by Penguin
Wed Jun 03, 2020 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: PBGC - how much could I get?
Replies: 3
Views: 475

Re: PBGC - how much could I get?

The special rules did not show on my screen. Can you give a link or show in another way?
by Penguin
Sun May 31, 2020 9:37 am
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 59
Views: 3541

Re: Tax loss harvesting

You can do $3k a year but it carries over. So if you TLH $9k this year you can deduct $3k this year, $3k next year, and $3k the year after that. As a total newbie in this regard.... I only got a brokerage in January this year, and have never had capital gains/losses on my tax return before. A coupl...
by Penguin
Sun May 31, 2020 5:47 am
Forum: Investing - Theory, News & General
Topic: Tax loss harvesting
Replies: 59
Views: 3541

Re: Tax loss harvesting

Besides the $3k income offset, Is there any advantage to _actively_ selling stock just to TLH? Here is one example: Today you sell a stock for $100,000 capital loss. Later you sell your home or business for a large capital gain. You can reduce that capital gain by subtracting any remaining capital ...
by Penguin
Fri Apr 17, 2020 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Social Security survivor benefit mechanics
Replies: 10
Views: 662

Re: Social Security survivor benefit mechanics

Social Security says this: If you’re already getting Social Security benefits If you’re getting benefits as a wife or husband based on your spouse’s work, we’ll change your payments to survivors benefits when you report the death to us. If we need more information, we’ll contact you. If you’re getti...
by Penguin
Sun Apr 05, 2020 5:07 am
Forum: Personal Investments
Topic: Treasuries - No state tax - How to do when filing taxes
Replies: 5
Views: 527

Re: Treasuries - No state tax - How to do when filing taxes

Treasuries - No state tax - How to do when filing taxes Not sure how this is accomplished when using Turbo tax, is there a Line to deduct the returns from the treasury for the state tax ? When we get the 1099 INT or 1099 DIV, turbo tax imports from the brokerage, will this have the information for ...