Search found 290 matches

by SpideyIndexer
Tue May 15, 2018 2:08 pm
Forum: Investing - Theory, News & General
Topic: Stock & Bond Market Forecast
Replies: 18
Views: 2283

Re: Stock & Bond Market Forecast

I noticed something odd on the Vanguard 2018 outlook. On page 30, there is a bar graph which shows that saving more gives about a 18% higher probability of success while spending less gives only about a 4% higher probability of success. I would have expected "saving more" and "spending less" to be t...
by SpideyIndexer
Tue May 08, 2018 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: estate gain and fees in different years
Replies: 2
Views: 257

Re: estate gain and fees in different years

Yes, it was CA. Does that make a difference? Yes state taxes have already been paid on the gains at the sale. I am not sure how well we were served by our attorney regarding when the fees could be paid. (Although it seems the probate court needed to approve the amount of the fees in the accounting.)...
by SpideyIndexer
Thu May 03, 2018 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: estate gain and fees in different years
Replies: 2
Views: 257

estate gain and fees in different years

My spouse was the executor of a parent's estate. The parent's home was sold the following year at a gain over the (stepped up) assessed value so that year there was a large tax liability. However the probate court did not allow payments of executor and attorney fees until the year following the home...
by SpideyIndexer
Tue Apr 24, 2018 1:01 pm
Forum: Investing - Help with Personal Investments
Topic: anyone convert PONAX to PIMIX at Fidelity?
Replies: 10
Views: 1024

Re: anyone convert PONAX to PIMIX at Fidelity?

I see the following on Fidelity's site: PONAX is NTF but has a 3.75% front end load with a 2.5K minimum to invest. PIMIX has a $50 TF, no load, with a 100K minimum to invest. Share class conversions usually require a discussion with a rep and may require further communication between Fidelity and PI...
by SpideyIndexer
Mon Apr 23, 2018 2:04 pm
Forum: Investing - Help with Personal Investments
Topic: anyone convert PONAX to PIMIX at Fidelity?
Replies: 10
Views: 1024

anyone convert PONAX to PIMIX at Fidelity?

I have had a fairly small percentage of my bond allocation invested in PONDX (PIMCO income fund D class) in a couple of retirement accounts at Fido. PIMCO has done away with D class so these were converted to A class which has a slightly high ER. I would like to convert the holdings to PIMIX, the in...
by SpideyIndexer
Sat Apr 14, 2018 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: carryback of NOL of decedent estate
Replies: 3
Views: 316

Re: carryback of NOL of decedent estate

Thanks, Gill. Unfortunately the distributed excess deductions can only be used by beneficiaries up to 2% of their AGI. I have a related question regarding the election of estate expenses on which they can be either deductions for the estate income tax or for estate tax. For most cases it is preferre...
by SpideyIndexer
Fri Apr 13, 2018 7:32 pm
Forum: Personal Finance (Not Investing)
Topic: carryback of NOL of decedent estate
Replies: 3
Views: 316

Re: carryback of NOL of decedent estate

Actually I think since executor and probate attorney fees are administrative costs of an estate rather than business expenses, they will not qualify as an NOL. AM I correct?
by SpideyIndexer
Thu Apr 12, 2018 12:12 am
Forum: Personal Finance (Not Investing)
Topic: carryback of NOL of decedent estate
Replies: 3
Views: 316

carryback of NOL of decedent estate

Is it possible to carryback a NOL of a decedent's estate? In this case the estate had income in 2016, mainly due to a home sale, but a large loss in 2017.
by SpideyIndexer
Sun Mar 25, 2018 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: weird turbotax glitch previous year interest way off
Replies: 4
Views: 458

Re: weird turbotax glitch previous year interest way off

BogleNamedSue, Yes, indeed, in my 2017 income summary which includes numbers for 2017 and 2016, TT had added my reported taxable interest to the tax-exempt interest dividends when populating the 2016 interest. Thanks very much for your post! I'm curious how you discovered this quirk, as I cannot eas...
by SpideyIndexer
Sat Mar 24, 2018 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: weird turbotax glitch previous year interest way off
Replies: 4
Views: 458

weird turbotax glitch previous year interest way off

I am almost ready to file when double checking the tax history and two year comparison when I noticed the interest for 2016 is way off from reality, as in almost double. I guess I need to double check everthing else such was carry-overs etc. Has anyone else ever noticed this sort of thing and been a...
by SpideyIndexer
Wed Mar 21, 2018 12:31 am
Forum: Personal Finance (Not Investing)
Topic: Odd, AMT higher with less income
Replies: 4
Views: 594

Re: Odd, AMT higher with less income

And I think I figured the main reason, namely my state income tax deduction was higher in 2017. But this deduction is not taken in the AMT tax calculations. You can see the tax deductions added back into your taxable income on form 6251 line 3.
by SpideyIndexer
Wed Mar 21, 2018 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Odd, AMT higher with less income
Replies: 4
Views: 594

Odd, AMT higher with less income

Our AGI was considerably lower in 2017 compared to 2016, so I was surprised that according to TurboTax that the AMT due came out higher in 2017. Comments? Not much happened in our investment picture last year and mainly our self-employment income was reduced. It is probably an illusion since the "AM...
by SpideyIndexer
Mon Mar 12, 2018 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard SEP IRA to Solo 401k Considerations
Replies: 5
Views: 237

Re: Vanguard SEP IRA to Solo 401k Considerations

I suppose you are not interested in making backdoor Roth contributions. If you are, basically you'll want to zero out your TD IRAs, including the SEP. Since Fidelity's SE-401(k) plans accept rollovers, you could roll over your Vanguard SEP IRA(s) into a Fidelity account(s) which will allow annual ta...
by SpideyIndexer
Mon Mar 12, 2018 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: How much to withdraw from Roth vs. tax-deferred in retirement?
Replies: 26
Views: 1866

Re: How much to withdraw from Roth vs. tax-deferred in retirement?

It is difficult to answer the question without having a perfect crystal ball wrt to future income tax rates and brackets and expenses. Look up the threads on Roth conversion strategy in the early years of retirement prior to age 70 1/2 when RMDs must be taken; the same issues apply there.
by SpideyIndexer
Mon Mar 12, 2018 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax 1040X small error
Replies: 0
Views: 152

Turbotax 1040X small error

I am amending a prior year return. For whatever reason, when I change my self-employed health insurance deduction by x dollars, it shows up in the form 1040X as x + 1 dollars change in most of the line items. It is likely due to a rounding difference. Is this anything to worry about? I could overrid...
by SpideyIndexer
Tue Mar 06, 2018 9:35 pm
Forum: Personal Finance (Not Investing)
Topic: Do I really need umbrella insurance?
Replies: 21
Views: 1615

Re: Do I really need umbrella insurance?

I decided that I "need" it. But there is no right or wrong answer.
by SpideyIndexer
Tue Mar 06, 2018 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Evidence of paid health insurance premiums
Replies: 2
Views: 540

Re: Evidence of paid health insurance premiums

My concern is deducting premiums, and proving they were paid for an unsubsidized plan. I have bank statements, and check images where necessary.
by SpideyIndexer
Tue Mar 06, 2018 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Evidence of paid health insurance premiums
Replies: 2
Views: 540

Evidence of paid health insurance premiums

Does anyone have suggestions on what proof is required of health insurance paid for health insurance deductions? My situation is further complicated in that the plan is offered by a previous employer, totally unsubsidized and administered by a third party (not the provider.) So far the third party i...
by SpideyIndexer
Thu Mar 01, 2018 3:51 am
Forum: Personal Finance (Not Investing)
Topic: Phasing In SE Health Insurance Deduction
Replies: 9
Views: 521

Re: Phasing In SE Health Insurance Deduction

Yes, I agree Roth contributions to a one participant 401(k) might be a good idea in this situation. But research this carefully. The last time I checked, Vanguard allows Roth contributions to their plan but does not accept tIRA rollovers. On a different tangent, has anyone used TT Home and Business ...
by SpideyIndexer
Wed Feb 28, 2018 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Phasing In SE Health Insurance Deduction
Replies: 9
Views: 521

Re: Phasing In SE Health Insurance Deduction

Ok, I believe Turbo Tax is correct. IRS Pub 535 provides more details than the 1040 instructions which are so simplified to be misleading. Worksheet 6A, Self-Employed Health Insurance Deduction Worksheet, says to subtract the line 28 amount attributable to the same trade or business under which the ...
by SpideyIndexer
Wed Feb 28, 2018 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Phasing In SE Health Insurance Deduction
Replies: 9
Views: 521

Re: Phasing In SE Health Insurance Deduction

deleted double post

Seems that Turbo Tax considers at only the SE income of the policy holder against the deduction. Though this is not spelled out very clearly in the 1040 instructions.
by SpideyIndexer
Wed Feb 28, 2018 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Phasing In SE Health Insurance Deduction
Replies: 9
Views: 521

Re: Phasing In SE Health Insurance Deduction

It's not as gloomy for me as it may have seemed, as for most years my SE income was large enough that a maxed out deferred plan did not interfere with the SE health insurance deduction, except for 2017. Just to make sure I am understanding the line 29 worksheet correctly in the case of married filin...
by SpideyIndexer
Wed Feb 28, 2018 3:16 am
Forum: Personal Finance (Not Investing)
Topic: Phasing In SE Health Insurance Deduction
Replies: 9
Views: 521

Re: Phasing In SE Health Insurance Deduction

Thanks, Spirit Rider. FYI corrected the wording of my original post from "credit" to "deduction." I noticed the other thread which discussed "Form 1040 Line 29 <= Form 1040 Line 12 - Line 27 - Line 28" which may not be totally user friendly in TurboTax. This raises the issue on how best to allocate ...
by SpideyIndexer
Wed Feb 28, 2018 2:25 am
Forum: Personal Finance (Not Investing)
Topic: Phasing In SE Health Insurance Deduction
Replies: 9
Views: 521

Phasing In SE Health Insurance Deduction

I missed claiming a valuable deduction for health insurance when self-employed and am amending several returns to correct this. In the first year I retired from megacorp and began consulting. It is a little unclear how many months of health insurance premiums I can include. Any suggestions on how to...
by SpideyIndexer
Wed Feb 21, 2018 1:35 pm
Forum: Personal Finance (Not Investing)
Topic: At Cost Health Insurance: Subsidized or Not?
Replies: 2
Views: 299

Re: At Cost Health Insurance: Subsidized or Not?

Thanks. BTW I should have mentioned it is not COBRA but a standard offering for retirees. I finally was able to unearth the information that the plan is NOT subsidized in my case, buried in an extremely long SPD.
by SpideyIndexer
Mon Feb 19, 2018 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: At Cost Health Insurance: Subsidized or Not?
Replies: 2
Views: 299

At Cost Health Insurance: Subsidized or Not?

For now I am getting health insurance as a courtesy from a former employer. It is offered "at cost" at a significantly higher rate than the premium paid by employees. For the purpose of the self-employed health insurance credit (1040 line 29) would this be considered a subsidized plan or not? Premiu...
by SpideyIndexer
Sun Feb 18, 2018 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax and backdoor Roth IRA error?
Replies: 10
Views: 3496

Re: TurboTax and backdoor Roth IRA error?

If you import the 1099-R first (which is what happens if you follow the step-by-step process) it wants to tax you on the conversion, even after you later tell it you contributed to your non-deductible tIRA. That didn't happen to me. Once I entered the non-deductible tIRA contributions, that amount ...
by SpideyIndexer
Sun Feb 18, 2018 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax and backdoor Roth IRA error?
Replies: 10
Views: 3496

Re: TurboTax and backdoor Roth IRA error?

One thing that got to me this year: Even if you enter the questions in the 1099-R section correctly, TurboTax will not "know" you made nondeductible IRA contributions to a tIRA unless you first enter them in the IRA contribution section. So data must be entered both places to get the program to corr...
by SpideyIndexer
Wed Dec 20, 2017 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Maximizing state tax payment & deduction in 2017
Replies: 13
Views: 2049

Re: Maximizing state tax payment & deduction in 2017

I understand one cannot deliberately make a large state income tax overpayment. However, it is permissible to make an estimated tax payment late in 2017 that is expected to bring one's state tax liability to zero when filing? In my case, I would make an estimated state tax payment in December 2017 ...
by SpideyIndexer
Mon Dec 18, 2017 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Maximizing state tax payment & deduction in 2017
Replies: 13
Views: 2049

Re: Maximizing state tax payment & deduction in 2017

I understand one cannot deliberately make a large state income tax overpayment. However, it is permissible to make an estimated tax payment late in 2017 that is expected to bring one's state tax liability to zero when filing? In my case, I would make an estimated state tax payment in December 2017 e...
by SpideyIndexer
Thu Nov 30, 2017 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: IRS CP2000 and CP3219A hassles
Replies: 10
Views: 1443

Re: IRS CP2000 and CP3219A hassles

During another telephone call, the IRS told me my case is closed and there is no tax due!!!!!

I can expect a letter to that effect within 45 days.
by SpideyIndexer
Tue Nov 28, 2017 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: IRS CP2000 and CP3219A hassles
Replies: 10
Views: 1443

Re: IRS CP2000 and CP3219A hassles

Did you get the name and badge id of the IRS representative? Every representative has a supervisor. If you get an answer that you are not satisfied with, insist on getting with his/her supervisor. I may call again and ask specifically about my recourse, and kick it upstairs if I the answer is a pro...
by SpideyIndexer
Tue Nov 28, 2017 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: IRS CP2000 and CP3219A hassles
Replies: 10
Views: 1443

Re: IRS CP2000 and CP3219A hassles

Latest, IRS does have my fax regarding calculation and contributions to the one-participant 4o1(k) plans. The examiner will respond within 60 days which may be after my deadline to petition the tax court. So....is there any reason for me to petition the tax court if i don't know what the IRS determi...
by SpideyIndexer
Mon Nov 13, 2017 1:04 am
Forum: Investing - Theory, News & General
Topic: Right Bond Allocation - Government v. Credit?
Replies: 22
Views: 2589

Re: Right Bond Allocation - Government v. Credit?

I see the point, but there is another way to look at it. Just like costs in mutual funds matter, annual returns matter. If one could really get an additional 1% annual return with a certain bond type, over 16 years the 1% could compound to 17%. However, I think looking at the bonds in isolation is o...
by SpideyIndexer
Sat Nov 11, 2017 1:05 pm
Forum: Investing - Theory, News & General
Topic: Right Bond Allocation - Government v. Credit?
Replies: 22
Views: 2589

Re: Right Bond Allocation - Government v. Credit?

I don't understand this obsession with what happened over a short period of time in 2008 in determining what kind of bonds one will own long term. Yes, corporate bonds dropped more than treasuries in 2008 but then they recovered and surpassed them in 2009 and afterwards. If you are the type to sell...
by SpideyIndexer
Sat Nov 04, 2017 2:08 pm
Forum: Investing - Help with Personal Investments
Topic: Schedule C or not for next year
Replies: 10
Views: 632

Re: Schedule C or not for next year

But supposing you get income from another organization for which you provide a service and with whom you are in an employee relationship with. Seems to me you are not necessarily self-employed in this case and so the income is simply miscellaneous non-employee income. There seems to be another set o...
by SpideyIndexer
Sat Nov 04, 2017 1:00 pm
Forum: Investing - Help with Personal Investments
Topic: Schedule C or not for next year
Replies: 10
Views: 632

Re: Schedule C or not for next year

Hmm, I had thought there was a way to report 1099-MISC income on directly form 1040 but I am not finding it. Maybe line 21, other income? I have an acquaintance who does this so I will ask.
by SpideyIndexer
Sat Nov 04, 2017 12:33 pm
Forum: Investing - Help with Personal Investments
Topic: Schedule C or not for next year
Replies: 10
Views: 632

Schedule C or not for next year

My my spouse's business income is tapering off and it is becoming a gray area whether my spouse will continue be a business operator. There will be some 1099 income next year and we are trying to determine if it makes sense to continue filing a schedule C and paying the local business tax. As I unde...
by SpideyIndexer
Wed Oct 18, 2017 1:24 pm
Forum: Personal Consumer Issues
Topic: New Windows 10 PC HD, file and app programs
Replies: 1
Views: 268

New Windows 10 PC HD, file and app programs

Currently on windows 7 and may soon buy a Windows 10 machine in order to ease into it slowly. From what I understand I have a bit over two years until MS stops releasing security patches for Win 7. Can I reinstall turbotax on the new machine? I have bought it via download and have an Intuit account....
by SpideyIndexer
Wed Oct 11, 2017 1:29 am
Forum: Investing - Theory, News & General
Topic: reliable investment calculator with dividends reinvested
Replies: 7
Views: 819

Re: reliable investment calculator with dividends reinvested

Msk, Yes, thanks for mentioning the "before tax" issues with PV. I had mentioned it to the organization but it seems low on their priorities. Definitely hard to address accurately in a backtesting tool. Does one enter before or after tax income for every year, or estimated tax bracket average or for...
by SpideyIndexer
Tue Oct 10, 2017 11:51 pm
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping
Replies: 14
Views: 1805

Re: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping

Today an IRS rep said since I had a large amount of income adjustment on line 28 without justification (the solo 401(k) contributions) likely that is why it appeared on the CP2000. In that case a random percentage of those who open a solo 401(k) and make fairly large contributions might expect see a...
by SpideyIndexer
Sun Oct 08, 2017 2:47 am
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping
Replies: 14
Views: 1805

Re: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping

SR, thanks again. I agree with what you are saying about the 5498. I'm still wondering why the one-participant 401(k) plan contributions were questioned on the CP2000. I suppose the answer is that 2015 was the first year that my spouse and I both contributed to one-participant 401(k) plans, so the a...
by SpideyIndexer
Sat Oct 07, 2017 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping
Replies: 14
Views: 1805

Re: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping

Spirit RIder, Thanks very much for your reply. In your last paragraph, I think "cused" was a typo for "caused." So you are saying I was an active participant in both plans for 2015. My 2015 contribution for the SEP for made FOR TY 2014 and I claimed no IRA deductions in 2015. However, that informati...
by SpideyIndexer
Sat Oct 07, 2017 1:29 am
Forum: Personal Finance (Not Investing)
Topic: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping
Replies: 14
Views: 1805

Re: SEP-IRA, Solo-401k, retroactive effective dates, and overlapping

A blast from the past. I had a similar situation but not identical: 1. SEP IRA created in 2014. Some contributions made in 2014, and topped off in March 2015 for TY 2014. 2. Solo-401(k) created June 2015 and funded, and topped off to the max on March 2016, for TY 2015. 3. Later in SEP was rolled ove...
by SpideyIndexer
Fri Oct 06, 2017 11:27 pm
Forum: Personal Finance (Not Investing)
Topic: IRS CP2000 and CP3219A hassles
Replies: 10
Views: 1443

Re: IRS CP2000 and CP3219A hassles

Actually, the original CP2000 under the explanation of the "SEP contribution" issue calls out a form 5498 which was actually for a 2014 SEP contribution. I no longer contributed to the SEP IRA for TY 2015 and rolled it over into the SE401(k). I think the IRS has little visibility into SE401(k) contr...
by SpideyIndexer
Fri Oct 06, 2017 9:02 pm
Forum: Personal Consumer Issues
Topic: How to securely send a fax
Replies: 3
Views: 418

How to securely send a fax

Please forgive the dumb question, but this is more complicated than I expected. Do I need to buy a fax machine to do this? i would like to fax some information to the IRS that contains account numbers and SSNs. It seems there are security issues with third party e-fax providers and with going to Kin...
by SpideyIndexer
Fri Oct 06, 2017 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: IRS CP2000 and CP3219A hassles
Replies: 10
Views: 1443

Re: IRS CP2000 and CP3219A hassles

I forgot to mention, the IRS found no record of my response to the CP2000 which I sent late July by first class mail. So...I suggest that all correspondence to the IRS be sent either certified mail, or better, by fax. Fax goes directly to their office rather than to the mail room.
by SpideyIndexer
Fri Oct 06, 2017 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: IRS CP2000 and CP3219A hassles
Replies: 10
Views: 1443

Re: IRS CP2000 and CP3219A hassles

Spoke to the IRS after about a 1 hr hold. The rep was polite and easy to talk with. 1. They quickly corrected the erroneous income issue related to the estate. 2. I was mistaken about the meaning of "SEP contribution" on the "correction" to my tax form that the IRS is trying to make. In fact, I made...