Search found 547 matches

by Penguin
Sat Aug 04, 2018 7:16 am
Forum: Investing - Theory, News & General
Topic: Using 529 Like a 401k (not for education!)
Replies: 8
Views: 1301

Re: Using 529 Like a 401k (not for education!)

AndroAsc wrote:
Fri Aug 03, 2018 9:26 am


Apart from tax comparisons, 529 plans are also better sheltered from creditors correct?

Thoughts? Let's discuss.
I don't think this is correct. It varies from state to state.
http://advisor.morningstar.com/uploaded ... _Table.pdf
by Penguin
Sun Jun 24, 2018 12:52 pm
Forum: Investing - Theory, News & General
Topic: some rethinking on taxable and retirement accounts with 2018 tax law
Replies: 8
Views: 1153

Re: some rethinking on taxable and retirement accounts with 2018 tax law

CODE: SELECT ALL Tax Single Filers Joint Filers Head of Household 0% $0 - $38,600 $0 - $77,200 $0 - $51,700 15% $38,601 - $425,800 $77,201 - $479,000 $51,701 - $452,400 20% > $425,800 > $479,000 > $452,400 I believe this chart is based on taxable income, not AGI. Please correct me if I am wrong. Th...
by Penguin
Sun Jun 03, 2018 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Tax software for 2018
Replies: 20
Views: 1697

Re: Tax software for 2018

H R Block worked for me. It says 2017 but it estimates 2017 and 2018.
https://www.hrblock.com/tax-calculator/#/en/te/aboutYou
by Penguin
Sun Jun 03, 2018 5:48 am
Forum: Personal Finance (Not Investing)
Topic: Ca. state tax question
Replies: 10
Views: 927

Re: Ca. state tax question

California does not tax dividends paid by a fund attributable to interest received from U.S. obligations or California state or municipal obligations IF at least 50% of the fund’s assets would be exempt from California tax when held by an individual. California taxes dividends derived from mutual f...
by Penguin
Mon May 21, 2018 8:08 am
Forum: Investing - Help with Personal Investments
Topic: Newly widowed, how do I invest 1.5 million life ins. proceeds
Replies: 72
Views: 8287

Re: Newly widowed, how do I invest 1.5 million life ins. proceeds

Please accept my condolences on your loss. You are getting excellent advice. There is one thing you must consider quickly. Health insurance is very expensive. Death is a qualifying event to allow you apply for insurance under the affordable care act, but only for 60 days after the death. If you need...
by Penguin
Thu Mar 15, 2018 7:02 am
Forum: Personal Finance (Not Investing)
Topic: Gift tax
Replies: 18
Views: 1204

Re: Gift tax

A credit card company does not qualify. But are you married? If so, then your spouse can also gift to your daughter. Otherwise, I think there a simple form you can fill out and no gift tax will be due. The form to fill out is form 709. In my opinion it is not that simple of a form. According to Nat...
by Penguin
Fri Mar 02, 2018 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: when to file restricted application
Replies: 2
Views: 280

Re: when to file restricted application

There is a reason that you should file a restricted application now. If you do you will receive spouse benefits for two additional years, from age 66 to 68. In order for you to qualify, you wife must have already claimed her retirement benefit. If you wait until your wife is 66 you will not get any ...
by Penguin
Tue Feb 20, 2018 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Social Security and late life marriage
Replies: 10
Views: 1136

Re: Social Security and late life marriage

What if she retires at age 66, still single, starts collecting her own SS, then we marry a few years later but before I start SS, and then I die. Would she still get my larger SS benefit? You have to be married for 9 months prior to your death. If we marry on my deathbed the day before I die, she g...
by Penguin
Sun Dec 10, 2017 7:45 am
Forum: Investing - Help with Personal Investments
Topic: Fraud/401k sales and the elderly parent
Replies: 15
Views: 2128

Re: Fraud/401k sales and the elderly parent

This is a frightening story. I can imagine that it could happen to me or my family.
Perhaps this could help a little. You can deduct theft losses on your income taxes. There are some limits.
https://www.irs.gov/taxtopics/tc515
by Penguin
Thu Nov 23, 2017 8:37 am
Forum: Personal Finance (Not Investing)
Topic: Does anyone file form 5329 just to establish statute of limitations?
Replies: 8
Views: 1723

Re: Does anyone file form 5329 just to establish statute of limitations?

Natalie Choate, who is a responsible tax advisor for retirement plans thinks that filing 5329 every year is one of the BEST things you can do. C. BEST: File form 5329 every year. Form 5329 must be filed for any year that you owe an IRA-related penalty. That’s the form you use to report missed requir...
by Penguin
Thu Nov 23, 2017 7:36 am
Forum: Investing - Theory, News & General
Topic: Dropping Term Life Insurance When Hitting Your Number
Replies: 30
Views: 4105

Re: Dropping Term Life Insurance When Hitting Your Number

Thanks for the replies. I just hit my number recently and I am not much beyond my number. My wife and I have retired, no other streams of income other another dividends and spending down of savings. I have enough in cash and short term instruments to reach my delayed SS at age 70 in 3 1/2 years. Wh...
by Penguin
Wed Nov 15, 2017 9:16 am
Forum: Personal Finance (Not Investing)
Topic: Medicare and glucose test strips
Replies: 4
Views: 573

Re: Medicare and glucose test strips

It appears that Medicare part B covers glucose test strips. https://www.cms.gov/Outreach-and-Education/Medicare-Learning-Network-MLN/MLNMattersArticles/downloads/se0738.pdf Medicare covers certain supplies if a beneficiary has Medicare Part B and has diabetes. These supplies include: • Blood glucose...
by Penguin
Tue Oct 31, 2017 5:29 am
Forum: Personal Finance (Not Investing)
Topic: SS earnings limit with unpredictable earned income
Replies: 2
Views: 435

Re: SS earnings limit with unpredictable earned income

She must make a report of expected earnings at the beginning of the year and and annual report of earnings at the end of the year. Social security administration will calculate the reduction for excess earnings. Check here: https://www.ssa.gov/OP_Home%2Fhandbook/handbook.18/handbook-toc18.html espec...
by Penguin
Mon Oct 30, 2017 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: SSA Spousal Benefits assumptions
Replies: 5
Views: 634

Re: SSA Spousal Benefits assumptions

a) Wife claims her PIA at her FRA, our benefit is $1234/month. I think you are correct. At 70, I claim my PIA, $3574/month, so our total benefit is now $4808/month The PIA means primary insurance amount. That is what you collect at your full retirement age. The amount you collect at age 70 is not c...
by Penguin
Wed Oct 11, 2017 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: Another SS Spousal Benefit Post
Replies: 5
Views: 742

Re: Another SS Spousal Benefit Post

Hm. You are 63. What is your birthday? If you turned 62 before January 2, 2016 you can file a restricted spouse application. If your you turned 62 on January 2, 2016 or later then you do not have this choice.
This may help:
https://www.ssa.gov/planners/retire/deemedfaq.html
by Penguin
Tue Oct 10, 2017 5:26 pm
Forum: Personal Finance (Not Investing)
Topic: How are social security survivor benefits calculated?
Replies: 3
Views: 727

Re: How are social security survivor benefits calculated?

Sorry, I don't understand your question.
Here is a summary of survivor benefits:
https://www.ssa.gov/planners/survivors/ifyou5.html
Are you asking how benefits are reduced for your earned income?
by Penguin
Mon Oct 09, 2017 6:56 am
Forum: Personal Finance (Not Investing)
Topic: Tax basis after death of spouse
Replies: 7
Views: 1137

Re: Tax basis after death of spouse

New Mexico is a community property state. The trust was set up in New Mexico. The condos are in the trust. Presumably the condos remain community property. Community property steps up basis of H and W on death of either one. Rev. Rul. 66-283 would declare that your father is correct. The basis is st...
by Penguin
Sat Oct 07, 2017 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: SS Benefit checks?
Replies: 13
Views: 2049

Re: SS Benefit checks?

Are social security benefit checks for the current month or prior or following month? When and how we pay your benefits. We pay Social Security benefts monthly. The benefts are paid in the month following the month for which they are due. For example, you would receive your July beneft in August. I...
by Penguin
Fri Jul 28, 2017 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: When do kids need to file taxes?
Replies: 2
Views: 537

Re: When do kids need to file taxes?

Your dependent doesn't have to file. Chart B – For Children and Other Dependents If your parent (or someone else) can claim you as a dependent, use this chart to see if you must file a return. In this chart, unearned income includes taxable interest, ordinary dividends, and capital gain distribution...
by Penguin
Sat Jul 22, 2017 5:10 pm
Forum: Personal Finance (Not Investing)
Topic: Simple question on Donor Advised Fund at Vanguard
Replies: 7
Views: 802

Re: Simple question on Donor Advised Fund at Vanguard

The Vanguard Charitable site is the home of the Donor Advised Fund. At this site it says: Open a philanthropic account It's easy and takes about 15 minutes if you have the information below. By clicking Start below, you confirm your understanding that all donated assets are the property of Vanguard ...
by Penguin
Fri Jul 14, 2017 6:36 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question
Replies: 6
Views: 708

Re: Tax Question

I agree with dbltrble. DW and I will reach the RMD phase of our IRA's in three years. Although I have been transferring money from our IRA's into our roth's I am still concerned about going from the 15% to the 25% federal tax bracket when SS kicks in as well at about the same time, our state tax rat...
by Penguin
Wed Jul 12, 2017 6:11 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question [Misc Income]
Replies: 3
Views: 507

Re: Tax Question [Misc Income]

In my opinion the Bosch check is not income. It is restoration of value. In my opinion the buyback would be taxable if it were more than you paid for the the car (basis after depreciation, if any, for business use). My opinion is worth what you paid for it. Taxable or not In general, “any settlement...
by Penguin
Sat Jun 17, 2017 6:03 am
Forum: Personal Finance (Not Investing)
Topic: inherited IRA in community property state requires spousal consent for non-spousal beneficiary
Replies: 32
Views: 3579

Re: inherited IRA in community property state requires spousal consent for non-spousal beneficiary

In some (but not all) community property states, the income from separate property is community property. Along these lines, is there any straightforward way that the RMDs from these inherited IRAs can be maintained as separate property? I'm not sure. Perhaps this is a way. Instead of the beneficia...
by Penguin
Thu Jun 08, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: SS claim strategy younger spouse highest PIA
Replies: 10
Views: 1290

Re: SS claim strategy younger spouse highest PIA

. . . Result: 1.w filed for her own benefit to start on 3/1/2015, the month after she turned 62 and received 75% of her full retirement age benefit. 2.h will file for his own benefit to start on 3/1/2026, the month after he turns 70 and receive 129.33% of his full retirement age benefit. 3.w will f...
by Penguin
Tue May 16, 2017 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Keep or dropping collision coverage - rental car
Replies: 6
Views: 862

Re: Keep or dropping collision coverage - rental car

I would drop comp/collision and then get the rental car insurance for the rental. Only 1 of our 4 cars (teen drivers and my old beater) has comp/collision. If you rent cars often , it's almost always going to be cheaper to keep collision/comprehensive on your own car than buy coverage at the rental...
by Penguin
Sat May 13, 2017 6:06 am
Forum: Personal Finance (Not Investing)
Topic: 529 plan for a new baby -- large lump sum at birth?
Replies: 8
Views: 1502

Re: 529 plan for a new baby -- large lump sum at birth?

phositadc wrote:
Is there any big reason NOT to dump a large lump sum into a 529 shortly after birth?
If you gift more than $14,000 per donor in a year you must complete form 709. This may cost $1000.
viewtopic.php?t=165751
You can also complete form 709 yourself.
by Penguin
Fri May 05, 2017 7:54 am
Forum: Investing - Help with Personal Investments
Topic: What to do with inheritance
Replies: 37
Views: 4522

Re: What to do with inheritance

Jack says: $200k are in her IRA. I would say to move this to a low cost provider like Vanguard as an inherited IRA. You'll have to take RMDs based on her age when the time comes. I think leaving it and then taking withdrawals as needed or as the RMD requirements come would be a good plan. You will h...
by Penguin
Wed May 03, 2017 9:12 am
Forum: Personal Finance (Not Investing)
Topic: Federal Allowances and Nonrefundable credits
Replies: 5
Views: 664

Re: Federal Allowances and Nonrefundable credits

Edited to add: I just did the IRS withholding calculator and it says my anticipated income tax is $0 and I should claim 4 allowances. I only have one child. Has anyone ever claimed a higher allowance than the amount of dependents they have? Yes, I have done that. Complete Form W-4. Enter "2" in box...
by Penguin
Sun Apr 30, 2017 8:35 am
Forum: Personal Finance (Not Investing)
Topic: If I delay SS to age 70, could spousal benefit start earlier?
Replies: 22
Views: 2801

Re: If I delay SS to age 70, could spousal benefit start earlier?

My wife waits till FRA and files her own, I am older so I can apply for spousal benefit. Then at age 70 switch to my own and have my wife apply for spousal benefit. If this is allowed, then there's nothing to lose, correct? You can not do this if you were born after January 1, 1954. https://www.ssa...
by Penguin
Sat Apr 29, 2017 7:16 am
Forum: Personal Finance (Not Investing)
Topic: Income Tax Schedule A
Replies: 5
Views: 555

Re: Income Tax Schedule A

Hi eonny,
Turbotax says this may be a solution:
Click the Continue button on the Your 1099-R Entries page and complete the follow-up questions to indicate that you had a Roth IRA open on December 31, 2015.
In your case, perhaps December 31, 2016.
by Penguin
Fri Apr 28, 2017 8:42 am
Forum: Personal Finance (Not Investing)
Topic: 529 Strategy for Grad School
Replies: 7
Views: 1231

Re: 529 Strategy for Grad School

Unless things have changed, you could open multiple accounts per person per beneficiary and get the deduction for each account. Just FYI. Incendiary, this thread confirms your memory. It appears that you can have multiple accounts for one beneficiary and get state of Virginia tax deduction up to $4...
by Penguin
Wed Apr 26, 2017 6:06 am
Forum: Personal Finance (Not Investing)
Topic: Estimated tax payment posting
Replies: 7
Views: 706

Re: Estimated tax payment posting

I don't know. I mailed my voucher on April 18. My bank cleared the check on April 25.
by Penguin
Sat Apr 22, 2017 5:57 am
Forum: Personal Finance (Not Investing)
Topic: Mom's Universal Life Insurance – Keep or not?
Replies: 8
Views: 1351

Re: Mom's Universal Life Insurance – Keep or not?

Hi Viking65, I am sorry to hear about your mother's illness. It sounds like you feel conflict because you think that your mother is paying for this policy but you are the one who benefits from it. One solution might be for you to gift to your mother $1K/year to pay the premium. Then the premium is n...
by Penguin
Sun Apr 16, 2017 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - California Joint Tenant question
Replies: 1
Views: 238

Re: Tax Question - California Joint Tenant question

This reference says you are each entitled to deduct $1,000,000.
http://www.thetaxadviser.com/issues/201 ... basis.html
It appear that if one of the joint tenants dies then the other can only deduct $1,000,000 as a single taxpayer, or perhaps $1,100,000.
by Penguin
Fri Mar 03, 2017 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Restricted Application
Replies: 28
Views: 4981

Re: Social Security Restricted Application

pizza, There is no certain best plan. You may try this calculator: http://www.bedrockcapital.com/ssanalyze/ Depending on your inputs you may get a plan something like this: Recommended Solution Based on the data above, the following plan of action is recommended: Wife will file for her own benefit t...
by Penguin
Sat Feb 11, 2017 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: convert Vanguard ETF to Vanguard mutual fund
Replies: 6
Views: 1357

Re: convert Vanguard ETF to Vanguard mutual fund

Vanguard says you cannot convert ETF to mutual fund. Can I convert my conventional Vanguard mutual fund shares to Vanguard ETF Shares? Yes. Most funds that offer ETF Shares will allow you to convert from conventional shares of the same fund to ETF Shares. (Four of our bond ETFs—Total Bond Market, Sh...
by Penguin
Tue Feb 07, 2017 5:44 am
Forum: Personal Finance (Not Investing)
Topic: Any downside to Grandparent 529
Replies: 20
Views: 2918

Re: Any downside to Grandparent 529

A portion of the grandparent's 529 distribution counts in the child's income for financial aid purposes which will impact eligibility in future years. One strategy is to use it for the final year so no impact. Below is one article from Forbes on the matter. http://www.forbes.com/sites/troyonink/201...
by Penguin
Sun Feb 05, 2017 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security: Wife's benefit is 50% of husband's FRA?
Replies: 14
Views: 2376

Re: Social Security: Wife's benefit is 50% of husband's FRA?

teen persuasion asked Don't the new "deemed filing" rules mean that a spouse can no longer file exclusively for spousal benefits, since you are deemed filing for your own benefits as well as spousal? Who will be affected? If you turn 62 on or after January 2, 2016, and will be eligible for benefits ...
by Penguin
Fri Feb 03, 2017 2:08 pm
Forum: Personal Finance (Not Investing)
Topic: Social security benefits when worked in non covered job 32 years ago?
Replies: 8
Views: 1441

Re: Social security benefits when worked in non covered job 32 years ago?

You may need to review the windfall elimination provisions of social security. Your wife may be exempt if she has 30 or more years of social security earnings. If she does not then she would be subject to actuarial reduction of her PIA based on her lump sum benefit. Here is a brief review of windfal...
by Penguin
Fri Jan 27, 2017 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Applying for credit card with credit freeze
Replies: 10
Views: 2424

Re: Applying for credit card with credit freeze

I have applied for other credit cards and I was told which agency to unfreeze.
by Penguin
Sun Jan 22, 2017 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Do kids have to pay taxes on interest from savings accounts?
Replies: 8
Views: 1410

Re: Do kids have to pay taxes on interest from savings accounts?

livesoft, Standard Deduction for Dependents The standard deduction for an individual who can be claimed as a dependent on another person's tax return is generally limited to the greater of: $1,050, or The individual's earned income for the year plus $350 (but not more than the regular standard deduc...
by Penguin
Sat Dec 24, 2016 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare premium 2017 for joint filers is different.
Replies: 8
Views: 1236

Re: Medicare premium 2017 for joint filers is different.

No, because of the "hold harmless" provision. For 2017, the COLA will be 0.3 percent. This amount is also too small to fully fund higher Part B premiums, so the hold harmless provisions will again be in effect. Instead of seeing their Social Security benefits rise by this amount, most people who are...
by Penguin
Wed Dec 07, 2016 1:59 pm
Forum: Investing - Help with Personal Investments
Topic: Qualified Charitable Distributions
Replies: 3
Views: 302

Re: Qualified Charitable Distributions

Yes, but not more than $100,000. 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 mus...
by Penguin
Fri Nov 11, 2016 11:04 am
Forum: Personal Finance (Not Investing)
Topic: SSA: "We cannot pay you because of your work."
Replies: 12
Views: 3460

Re: SSA: "We cannot pay you because of your work."

https://www.ssa.gov/pubs/EN-05-10069.pdf Review this pamphlet. The first example is similar to your mom. She will get paid in 2017 her regular monthly payment starting after 2 months of zero payment. When social security learns the actual 2017 income they will retroactively restore the partial 2nd m...
by Penguin
Mon Oct 17, 2016 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal and Delayed Credits
Replies: 3
Views: 484

Re: Spousal and Delayed Credits

I am interested in determining her options if I died while she is drawing spousal. 1) Can she continue to draw spousal until she is 70 so that she can increase her own benefit via delayed credits? If you die, your wife cannot collect spouse benefits because she is no longer a spouse. She can collec...
by Penguin
Sun Oct 02, 2016 1:15 pm
Forum: Personal Finance (Not Investing)
Topic: Another Social Security Question [how much is Survivor benefit?]
Replies: 5
Views: 838

Re: Another Social Security Question [how much is Survivor benefit?]

I would think she would get your age 68 benefit (FRA *1.16 for 2 years of DRCs * COLA for the two preceding years). pshonore is correct. 1. Eligibility The DRCs will be added to the widow(er) benefit if: NH was entitled to RIB and MBA was increased by DRCs or NH would have been entitled to RIB and ...
by Penguin
Sat Oct 01, 2016 6:02 am
Forum: Investing - Help with Personal Investments
Topic: Evaluate Pension options
Replies: 4
Views: 804

Re: Evaluate Pension options

Go to immediateannuities.com
Enter your age, and the age you are eligible for the annuity (65)
Enter your state
Enter the amount that they offer to buy your annuity
They will offer you an annuity and compare the monthly rate to your annuity ($808/mo)
by Penguin
Tue Sep 27, 2016 6:17 am
Forum: Personal Consumer Issues
Topic: Tap Water filter for 2 adults? For drinking.
Replies: 10
Views: 1254

Re: Tap Water filter for 2 adults? For drinking.

We are happy with Culligan FM-15A. It attaches to faucet and filters when you want to. It costs about $22 and lasts for 6 months (200 gallons). I don't know if it works for brown water. It works for lead.
by Penguin
Thu Sep 15, 2016 12:12 pm
Forum: Personal Consumer Issues
Topic: want to leave comcast but keep my email?
Replies: 17
Views: 7831

Re: want to leave comcast but keep my email?

I can confirm from my own experience that you can keep your comcast.net email address after canceling your comcast account. I just did this last month. After canceling, comcast contacted me and asked if I wanted to continue my old address and I did.