Search found 252 matches

by jj
Fri Feb 28, 2020 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question: How to report dependent children's income
Replies: 16
Views: 603

Re: Tax question: How to report dependent children's income

the SW told him he couldn't, because he was under 16. Why? IDK, other than there's apparently a rule that taxpayers under age 16 can't e-file. :annoyed My minor child (under 12) has a UTMA for which I am the custodian. For the first year, I had to send in a paper return. In subsequent years, their ...
by jj
Sun Feb 23, 2020 10:26 am
Forum: Personal Finance (Not Investing)
Topic: How Far Back on HSA Reimbursements?
Replies: 4
Views: 444

Re: How Far Back on HSA Reimbursements?

Spirit Rider wrote:
Sun Feb 23, 2020 9:07 am
To clarify, to be considered a qualified medical expense, the date of service must be after the establishment date . Which in the vast majority of cases is not the date the account was opened, but the date of the first contribution.
My emphasis.

Thank you for contributing this clarification.
by jj
Sun Feb 16, 2020 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Tax underpayment penalty
Replies: 45
Views: 3157

Re: Tax underpayment penalty

Does the IRS accept any withholding from an RMD as having been submitted evenly throughout the year? Could I withhold 75% of our safe harbor amount from my monthly pension and our monthly SS payments, and the final 25% as a single RMD withholding amount in mid-December each year? As far as I unders...
by jj
Fri Feb 14, 2020 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare vs IRMAA vs health care coverage
Replies: 21
Views: 1337

Re: Medicare vs IRMAA vs health care coverage

MAGI vs Medicare IRMAA surcharge 0 - 174k.. = $144 174 - 218 = $202 218 - 272 = $289 272 - 326 = $326 326 - 750 = $462 750 + .....= $491 Take your IRMAA amount for the top tier $491, add in a low cost Part D (drug plan) for $15 and a Mutual of Omaha supplement, Plan G, with very comprehensive cover...
by jj
Wed Feb 12, 2020 9:26 pm
Forum: Personal Investments
Topic: Second guessing my asset allocation: Fear of missing out
Replies: 48
Views: 3365

Re: Second guessing my asset allocation: Fear of missing out

I had been through 2008 and then settled on 60:40. My friend who is 100% stocks and who invests through personal capital says his return is 33%. He started investing from 2009 . This made me feel like I am missing out is that 33% avg per year or 33% total since 2009 ? He said average per year Beard...
by jj
Fri Feb 07, 2020 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 8995-A delayed until March 2020
Replies: 16
Views: 2005

Re: H&R Block 8995-A delayed until March 2020

Qualified Business Income
by jj
Wed Jan 29, 2020 8:17 pm
Forum: Personal Consumer Issues
Topic: Early retirement - Long term "successes"
Replies: 75
Views: 6997

Re: Early retirement - Long term "successes"

Google for Paul and Vicki Terhorst. One article: https://www.nextavenue.org/30-years-ago-they-retired-35-update/ "30 Years Ago They Retired at 35: An Update Globetrotter Paul Terhorst and his wife Vicki are loving their lives Paul Terhorst, a frugal Peat Marwick accountant who retired at 35 in 1984 ...
by jj
Sun Jan 26, 2020 9:03 am
Forum: Personal Investments
Topic: HSA and Death of Spouse
Replies: 5
Views: 669

Re: HSA and Death of Spouse

I think this article from Ed Slott points out the differences between a spouse and a non-spouse beneficiary very clearly. https://www.irahelp.com/slottreport/why-your-kids-don%E2%80%99t-want-your-hsa "The account value of your HSA account becomes taxable to your children in the year of your death. T...
by jj
Fri Jan 24, 2020 11:22 pm
Forum: US Chapters
Topic: Sad news: LadyGeek's husband has passed
Replies: 352
Views: 23377

Re: Sad news: LadyGeek's husband has passed

I am so sorry for your loss, and send virtual hugs along with a big, big thank you for all you do for the Bogleheads forum.
by jj
Sat Jan 04, 2020 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA contributions and Imputed income on W-2
Replies: 16
Views: 749

Re: Roth IRA contributions - keeping track?

https://www.irs.gov/pub/irs-pdf/p590a.pdf This is the IRS publication on the matter, though from 2018 and out-of-date as it is pre the new SECURE act. Page 6 of 61 shows: "Wages, salaries, etc. Wages, salaries, tips, professional fees, bonuses, and other amounts you receive for providing personal se...
by jj
Sat Jan 04, 2020 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA contributions and Imputed income on W-2
Replies: 16
Views: 749

Re: Roth IRA contributions - keeping track?

I imagine it's point 1 where Bogleheads are struggling. I have no experience with the 'imputed value of life insurance' counting as compensation eligible to make IRA contributions. I believe your assumptions are correct with points 2 through 5. I'm sure someone will be along soon who will have the c...
by jj
Sun Dec 01, 2019 12:13 am
Forum: Personal Finance (Not Investing)
Topic: Need advice in selecting HCA policy for my son
Replies: 14
Views: 805

Re: Need advice in selecting HCA policy for my son

Age, zip code and smoking status are the determiners for policy pricing through the ACA. Previous medical conditions are not allowed to be taken into account. Different policies from different health insurance carriers will have their own pricing. For a low-income person, a silver policy is often b...
by jj
Sat Nov 30, 2019 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Need advice in selecting HCA policy for my son
Replies: 14
Views: 805

Re: Need advice in selecting HCA policy for my son

Age, zip code and smoking status are the determiners for policy pricing through the ACA. Previous medical conditions are not allowed to be taken into account. Different policies from different health insurance carriers will have their own pricing. For a low-income person, a silver policy is often be...
by jj
Thu Nov 07, 2019 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Any way to "forfeit" income to avoid IRMAA cliff
Replies: 53
Views: 6230

Re: Any way to "forfeit" income to avoid IRMAA cliff

Gill wrote:
Wed Nov 06, 2019 5:16 pm
Nowizard wrote:
Wed Nov 06, 2019 5:10 pm
Would it be correct to say that since IRMAA is a medical expense, it could be a factor in itemizing with a medical deduction?
Tim
Yes, the premium is deductible.
Gill
Also reimbursable from an HSA account, I presume...

looking for a silver lining :?
by jj
Fri Nov 01, 2019 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Capital One outage? (Responds with error message)
Replies: 17
Views: 1158

Re: Capital One outage? (Responds with error message)

nisiprius wrote:
Fri Nov 01, 2019 10:07 am

At the moment, the outage is total for me. No credit card information, no bank account information, and no CreditWise score. Just "Oops, we've hit a snag!"
Same for me too
by jj
Sun Oct 27, 2019 8:05 am
Forum: Personal Finance (Not Investing)
Topic: Do prices on umbrella policies adjust annually or remain fixed?
Replies: 14
Views: 1304

Re: Do prices on umbrella policies adjust annually or remain fixed?

Ours has changed every year. Sometimes by a few $$, other years by a lot - like when our kids became young drivers - for example
by jj
Fri Oct 25, 2019 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: ACA 2020 pricing [What's your 2020 pricing?]
Replies: 38
Views: 4505

Re: ACA 2020 pricing [What's your 2020 pricing?]

I have been notified by my Health Insurance company that for 2020 my policy will no longer be HSA compliant because of the access to 24/7 telemedicine (I have not used this service). Meanwhile, the premium goes up 4.5% even with me losing the HSA benefit. :? That's weird. My plan is HSA compliant a...
by jj
Fri Oct 25, 2019 11:49 am
Forum: Personal Finance (Not Investing)
Topic: ACA 2020 pricing [What's your 2020 pricing?]
Replies: 38
Views: 4505

Re: ACA 2020 pricing [What's your 2020 pricing?]

If you want to buy an unsubsidized Silver plan, you should buy an identical plan off-exchange at a lower price. In my experience, the Silver plans (indeed all plans) on or off exchange are at identical pricing. I do not qualify for a subsidy but I cannot buy an ACA conforming policy cheaper than on...
by jj
Fri Oct 25, 2019 11:41 am
Forum: Personal Finance (Not Investing)
Topic: ACA 2020 pricing [What's your 2020 pricing?]
Replies: 38
Views: 4505

Re: ACA 2020 pricing [What's your 2020 pricing?]

I have been notified by my Health Insurance company that for 2020 my policy will no longer be HSA compliant because of the access to 24/7 telemedicine (I have not used this service). Meanwhile, the premium goes up 4.5% even with me losing the HSA benefit. :?
by jj
Thu Oct 10, 2019 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: How Many Allowances To Avoid Any Federal and State Witholding?
Replies: 13
Views: 1648

Re: How Many Allowances To Avoid Any Federal and State Witholding?

Assuming your AGI will be over $150,000 (over $75,000 if you are married filing separately), you must pay the lower of 90% of the tax shown on the current year’s return or 110% of the tax shown on the return for the previous year to avoid a penalty. Therefore, if your tax shown for the previous year...
by jj
Sun Sep 15, 2019 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area teacher saving half my income – why the doubt? (and asking more questions)
Replies: 508
Views: 32954

Re: Bay Area teacher saving half my income – why the doubt? (and asking more questions)

To be honest this a very interesting thread and reminds me of Livesoft's thread from a few years ago in its usefulness, i.e. how to manipulate the tax code to one's advantage :

'How to pay ZERO taxes in retirement with 6-figure expenses'

viewtopic.php?t=87471
by jj
Sat Sep 14, 2019 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Medical expense deduction documentation
Replies: 16
Views: 1321

Re: Medical expense deduction documentation

Momus wrote:
Sat Sep 14, 2019 5:33 pm

Jinxing myself...
Long may your good health continue... :)
by jj
Sat Sep 14, 2019 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Medical expense deduction documentation
Replies: 16
Views: 1321

Re: Medical expense deduction documentation

You need to exceed 10% gross to even deduct anything. Most people here will have income 100k-1M+/yr. Say 150k income, anything over 15k is deductible. So if you have 20k in medical expenses, only 5k is deductible for tax purpose. No way I'll reach paying out of pocket cost for over 15k... I threw a...
by jj
Thu Aug 29, 2019 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security age 70 or bust?
Replies: 81
Views: 5134

Re: Social Security age 70 or bust?

We had large tax deferred accounts and did not want to take our large RMDs at age 70 1/2. We don't need the RMDs as we have other income streams. We are saving a lot in taxes by not taking RMDs. If we took RMDs and didn't spend them then we would have more taxable dividends and capital gains to dea...
by jj
Thu Aug 29, 2019 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Gifts of appreciated stock to grandchildren
Replies: 11
Views: 1024

Re: Gifts of appreciated stock to grandchildren

Hard to tell at this point how it'll work for my kids. I am at the moment unable to trust them to use the potty, let alone manage a future windfall. :D :D These years go quickly... enjoy them. If it did appear that our final child was going 'off the rails' so to speak, I would have no compunction i...
by jj
Thu Aug 29, 2019 9:44 am
Forum: Personal Finance (Not Investing)
Topic: Gifts of appreciated stock to grandchildren
Replies: 11
Views: 1024

Re: Gifts of appreciated stock to grandchildren

If you are already a TurboTax user the extra tax filings are very easy and no extra cost, the package gives you 5 free e-filings. This assumes you have no state taxes. I am doing/have done a similar thing. We have funded 529s to (our considered) maximum point, but also set up UTMAs with appreciated ...
by jj
Tue Aug 27, 2019 10:02 am
Forum: Personal Finance (Not Investing)
Topic: US citizens moving to the UK - hopefully less complex than recent posts but woudl like your advise
Replies: 7
Views: 698

Re: US citizens moving to the UK - hopefully less complex than recent posts but woudl like your advise

Thought of a couple more...

Currency issues - the pound won't always be as beat up as it is now... maybe... how might that affect you long term?

FATCA issues - you will need a UK bank account... will you be able to get one easily?

jj
by jj
Tue Aug 27, 2019 9:58 am
Forum: Personal Finance (Not Investing)
Topic: US citizens moving to the UK - hopefully less complex than recent posts but woudl like your advise
Replies: 7
Views: 698

Re: US citizens moving to the UK - hopefully less complex than recent posts but woudl like your advise

I will have a crack at replying to bump your post. I hope that posters more knowledgeable than me will respond to you. As far as I see it you have various things to consider. There will be visa issues for your wife, it will take some time (3..5 years) for her to receive a 'right to remain' in the UK...
by jj
Mon Aug 19, 2019 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B premium for 2020
Replies: 11
Views: 1712

Re: Medicare Part B premium for 2020

Can you do anything to reduce MAGI by $1200 to avoid IRMAA? For example, recognize a capital loss for tax purposes? I suspect that ship has sailed. I think OP is indicating that his MAGI for IRMAA is $171,200 for 2018 tax year and I'm pretty sure there's nothing to be done about it now. For medicar...
by jj
Sat Aug 17, 2019 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: [Can my children claim SS benefits if I continue working?]
Replies: 16
Views: 1349

Re: [Can my children claim SS benefits if I continue working?]

Thank you all for your advice. It seems clear that my children would be eligible for benefits when I am 62. But there is a question as to whether I would be “retired” if I continue to work. In the most obvious meaning of the word, no, I would not be. But does “retired” as used here by the SSA just ...
by jj
Sat Aug 17, 2019 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: [Can my children claim SS benefits if I continue working?]
Replies: 16
Views: 1349

Re: [Can my children claim SS benefits if I continue working?]

Unless you are deceased, or your child is blind or disabled, they get no Social Security benefits. This statement is incorrect. https://www.ssa.gov/pubs/EN-05-10085.pdf Children of live social security claimants do not need to be disabled in any way. "To get benefits, a child must have: • A parent ...
by jj
Fri May 31, 2019 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a home and renting out the extra bedrooms
Replies: 22
Views: 2555

Re: Buying a home and renting out the extra bedrooms

Firstly, well done for amassing a net worth of almost $2,000,000 before you're 30! My son (28) has just bought his first SFH after renting since college. His house cost was in the same ballpark as yours. His live-in girlfriend is going to be sharing the costs with him. Financially, I think he will b...
by jj
Sun May 19, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: At what NW do I have disposable income?
Replies: 85
Views: 6373

Re: At what NW do I have disposable income?

It seems to me that you are yearning for financial independence. Unfortunately, you have to walk before you can run. It is very difficult to become financially independent in your thirties without help from an inheritance or a stock-option windfall. It can be done with a healthy income and a super-f...
by jj
Thu May 09, 2019 8:24 pm
Forum: Personal Investments
Topic: Turning 65 (And I really think I'd like to retire some day)
Replies: 14
Views: 2509

Re: Turning 65 (And I really think I'd like to retire some day)

If I were you and thinking about retirement in the near future I would move all funds in the Traditional IRA from stocks to bonds. I would do this as soon as possible, there are no tax consequences. This would give you an asset allocation of 70:30 - with stocks in Roth and taxable and bonds in tax-d...
by jj
Wed May 08, 2019 10:16 am
Forum: Personal Investments
Topic: I Don't See Great Benefits to ROTH Conversion for Us. Help Me
Replies: 52
Views: 6281

Re: I Don't See Great Benefits to ROTH Conversion for Us. Help Me

If I were you, I would contribute to Roth IRAs for both yourself and your spouse for your remaining working years. You are both over 50, so that would be $7000 each/year, this could be direct contributions or back-door. This will give you some flexibility in your spending through the years when you ...
by jj
Thu May 02, 2019 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Empty nester downsizing - success!!!
Replies: 102
Views: 15720

Re: Empty nester downsizing - any advice?

If you sell your home and move to a rental apartment, don't you have to pay some sort of tax? I thought you had to re-invest in real estate within 18 months or else pay some sort of tax? That law went away a long time, maybe 20 years, ago. Now, MFJ has an exemption of $500,000 and then pays LT capi...
by jj
Tue Apr 23, 2019 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: roll over savings bonds to 529 plans?
Replies: 6
Views: 974

Re: roll over savings bonds to 529 plans?

I'm hoping that someone with experience in this will answer your questions, as I am curious too!
by jj
Sun Mar 31, 2019 12:14 pm
Forum: Personal Investments
Topic: Selling Series I Bonds
Replies: 43
Views: 4657

Re: Selling Series I Bonds

How's that different than any account where somebody (the executor presumably) has to find everything? My wife and I know how to get into each others accounts of all types and proper ownership, execute rights, etc. are fully set up. If we're both gone, then it's the executor's job to uncover all of...
by jj
Tue Mar 19, 2019 10:51 am
Forum: Personal Investments
Topic: TreasuryDirect - Don't let your survivor lose assets
Replies: 53
Views: 5508

Re: TreasuryDirect - Don't let your survivor lose assets

Can bonds be changed to 'co-ownership' after the event?

I believe our more recent I bonds are set up as co-ownership with my spouse, but the earliest ones not. Is it possible to change this designation?

Thank you
by jj
Thu Mar 07, 2019 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Medicare and HSA rules
Replies: 11
Views: 898

Re: Medicare and HSA rules

We're in the same situation, with one of us going on Medicare later this year, and having a family HSA eligible policy covering spouse plus a grade schooler. My interpretation of the rules would allow your wife to contribute the full family amount to her HSA for 2019 ($7000), plus the $1000 for 55+ ...
by jj
Thu Feb 28, 2019 10:57 am
Forum: Personal Finance (Not Investing)
Topic: If you currently or are planning to spend over $120k/year in retirement, what is your projected budget?
Replies: 196
Views: 16058

Re: If you currently or are planning to spend over $120k/year in retirement, what is your projected budget?

Early retired, early 60s, pre-Medicare, one dependent still at school, one independent but not quite off our dime yet. These are our actuals for last year. Been tracking all expenses since 1999 in MS Money, now still using their Sunset edition. Healthcare $39k - one of us met their high deductible $...
by jj
Fri Feb 15, 2019 12:25 pm
Forum: Personal Investments
Topic: Muni Bonds for large part of Bond allocation smart?
Replies: 32
Views: 4056

Re: Muni Bonds for large part of Bond allocation smart?

Retired 60's couple. I felt uneasy when our muni bond funds represented 32% of our total investments a few years ago, it seemed too much for comfort. Our IRA space was <15% of investments at that time. I built up our CD and I bond positions to increase our fixed income holdings in taxable and held t...
by jj
Sun Feb 10, 2019 10:57 pm
Forum: Investing - Theory, News & General
Topic: Consensus on I Bonds for 2019?
Replies: 67
Views: 13960

Re: Consensus on I Bonds for 2019?

https://www.irs.gov/pub/irs-pdf/f8815.pdf Form 8815 linked above shows the updated income limits for using I Bonds tax-free for education in 2018. For Single filers the limit is a MAGI of $79,500 and phases out completely at $94,550. For MFJ the MAGI limits are $119,300, phasing out at $149,300. In ...
by jj
Sun Feb 10, 2019 4:01 pm
Forum: Personal Investments
Topic: Newbie with retirement withdrawal question
Replies: 28
Views: 2608

Re: Newbie with retirement withdrawal question

Resist the temptation to tinker. You have a good plan and are executing it. Let me precis what I have gleaned to be your situation and set things out in a slightly different way. Approximate figures. Total portfolio $825. Of which $100k is in a traditional IRA and $725 in taxable (was real estate un...
by jj
Sat Jan 12, 2019 12:26 pm
Forum: Personal Investments
Topic: What to do after maxing out all tax advantaged options?
Replies: 33
Views: 4465

Re: What to do after maxing out all tax advantaged options?

I have been a Bogleheads for the past 25 years but I did not discover this forum until a couple of years ago. I finally decided to register today to respond to this post and ask a couple of questions. Once one has maxed out all his or her tax-advantaged accounts, why not buying Berkshire Hathaway s...
by jj
Fri Jan 11, 2019 4:53 pm
Forum: Investing - Theory, News & General
Topic: Kitces - Retirement Tax Rate Equilibrium
Replies: 23
Views: 3959

Re: Kitces - Retirement Tax Rate Equilibrium

Also, it was not pointed out that married taxpayers will eventually be filing single, and some for many years. In those years the marginal rates would rise considerably because the single tax brackets would more than offset the reduction of income coming from elimination of the lower SS benefit, an...
by jj
Thu Jan 10, 2019 4:24 pm
Forum: Investing - Theory, News & General
Topic: BHers, what is your Roth IRA %?
Replies: 137
Views: 8797

Re: BHers, what is your Roth IRA %?

Roth/HSA 7% Tax-deferred 18% Taxable 75% Our Roths are all conversions since 2012, that being the first year it made sense due to early retirement. There are another 7 years where we will be able to convert until the oldest of us reaches their RMD year. We have converted at relatively low tax cost u...