Search found 250 matches

by markfaix
Sat May 02, 2020 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Expenses used for PPP loan forgiveness not deductible
Replies: 19
Views: 1371

Re: Expenses used for PPP loan forgiveness not deductible

I'm confused how to do the accounting with this. Suppose I pay an employee in my business $72,000/year in salary. Cash based accounting. From my PPP loan, I plan to pay the employee her usual $6,000/month salary for the next 8 weeks. This $12,000 salary for the next 8 weeks will be forgiven. Accordi...
by markfaix
Sun Apr 26, 2020 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: E-filed tax return still processing over 21 days later...
Replies: 7
Views: 646

Re: E-filed tax return still processing over 21 days later...

I e-filed my tax return over 40 days ago. When I check Where is my Refund, it says "your tax return is still being processed." I know the IRS isn't processing paper returns, and is busy with stimulus checks, but they have not indicated any delay for e-filed returns. They say 9/10 e-filed tax refund...
by markfaix
Fri Apr 24, 2020 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Applied for PPP to multiple banks - cancel one or more apps?
Replies: 5
Views: 316

Re: Applied for PPP to multiple banks - cancel one or more apps?

I hope the feds check for duplicates and not that three checks show up. This article says that the SBA system accepts the 1st valid application and rejects subsequent ones: https://bench.co/blog/operations/apply-ppp-twice/ This article says that multiple applications with same EIN will generate a f...
by markfaix
Fri Apr 24, 2020 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Applied for PPP to multiple banks - cancel one or more apps?
Replies: 5
Views: 316

Applied for PPP to multiple banks - cancel one or more apps?

I applied to 3 banks for a PPP loan: 1) National megabank, where I have business checking. Applied 4/6, asked 4/14 to upload forms I had already sent, haven't heard back since. 2) Local bank, where I have personal checking. Applied 4/16, didn't hear back, so applied to bank #3 (see below), just hear...
by markfaix
Tue Apr 21, 2020 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 134
Views: 11337

Re: Optimizing PPP Forgiveness

4. Nothing, however we were advised not to go above the 100k pro rata limit (1923.08/week * 8 weeks) including their current salary. Can you clarify this? In determining the amount of the loan, payroll costs are capped at 100k per employee as you mentioned. But for forgiveness, the US Treasury webs...
by markfaix
Fri Apr 17, 2020 8:46 pm
Forum: Personal Finance (Not Investing)
Topic: PPP loan: hard pull personal credit report?
Replies: 6
Views: 709

Re: PPP loan: hard pull personal credit report?

No hard pull was required. These loans are not personally guaranteed. If someone checked your credit for this they did so illegally. Thanks knpstr. My business bank (PNC) was very slow to process, so I got shut out. Was looking into PayPal, and at the end of the application it says this: I understa...
by markfaix
Fri Apr 17, 2020 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: PPP loan: hard pull personal credit report?
Replies: 6
Views: 709

PPP loan: hard pull personal credit report?

I am a >20% business owner and have applied for the PPP loan. For those who received a PPP loan, did your bank do a hard pull credit report? (I'm with PNC.) I may be in the market for a mortgage in the coming year.
by markfaix
Thu Apr 02, 2020 1:42 pm
Forum: Personal Investments
Topic: Asset allocation/location with anticipated house purchase
Replies: 1
Views: 110

Asset allocation/location with anticipated house purchase

Seeking advice about asset allocation and location with a mortgage down payment for a home purchase in the next year. $1M portfolio, half in taxable, half in 401k. $150K needed for house down payment, purchase planned in the next year or so Desired asset allocation is 75/25 stocks/bonds 1. Do you co...
by markfaix
Wed Mar 25, 2020 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Buy house with coronavirus uncertainty?
Replies: 15
Views: 1972

Buy house with coronavirus uncertainty?

DW and I are looking for a house in Maryland near our kids' school. The neighborhoods we are targeting generally have low inventory, and appropriately priced houses get multiple offers within days of listing. DW is very nervous about buying a house with the uncertainty surrounding the coronavirus pa...
by markfaix
Fri Mar 20, 2020 12:20 am
Forum: Personal Investments
Topic: Was your Financial Advisor worth its money?
Replies: 15
Views: 1929

Re: Was your Financial Advisor worth its money?

For my mother's assets , a FA provided the following: 1. A rational, evidence-based investment plan formulated during more tranquil times 2. CONSISTENT IMPLEMENTATION of said plan. 3. Changes to the plan when truly warranted by circumstances, not because of emotions, market volatility, etc. 4. TLH ...
by markfaix
Fri Mar 20, 2020 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Do I really need supplemental LT DI insurance if I am already covered by work group plan?
Replies: 10
Views: 461

Re: Do I really need supplemental LT DI insurance if I am already covered by work group plan?

Hi, I have been looking at getting supplemental LT DI insurance and have been getting some quotes. Now I am deciding whether I should take the policy or not and wanted to get some advice from the community if I really need it or not. Here some stats about me: 41 y/o male, married, 2 kids, living in...
by markfaix
Wed Mar 18, 2020 2:54 pm
Forum: Personal Investments
Topic: Was your Financial Advisor worth its money?
Replies: 15
Views: 1929

Re: Was your Financial Advisor worth its money?

This is just a general question for those that use a Financial Advisor. Did you FA provide a recommendation or took any action while all this mess was/is going on? Do you think it was sound advice and was it worth what you are paying him/her. I am just curious to read what value did, if any, your F...
by markfaix
Wed Mar 11, 2020 11:03 pm
Forum: Personal Investments
Topic: Sell equities/AA adjustment before taking mortgage
Replies: 0
Views: 108

Sell equities/AA adjustment before taking mortgage

DW and I are looking to purchase a new house in the next year or so, and with the recent bear market we are trying to figure out how to manage our asset allocation and location with an anticipated mortgage down payment. For our 60/40 AA, our taxable account has 100% stock index funds, while our 401k...
by markfaix
Tue Mar 03, 2020 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: Getting audited: advice requested
Replies: 16
Views: 3132

Re: Getting audited: advice requested

Thanks to all for your advice. The auditor was very professional and efficient. She asked for a QBooks ledger and payroll tax returns. Nothing uncovered by the audit.
by markfaix
Mon Feb 10, 2020 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Getting audited: advice requested
Replies: 16
Views: 3132

Getting audited: advice requested

My S corp was chosen for a random audit by my state Dept of Labor / Unemployment Insurance Division. I am the sole owner and employee of the S corp. I did not hire any independent contractors or anyone who could remotely be reclassified as an employee. The letter said it would be a field audit, but ...
by markfaix
Tue Jan 14, 2020 6:33 am
Forum: Personal Finance (Not Investing)
Topic: Institutional trustee that permits self directed investments?
Replies: 7
Views: 551

Re: Institutional trustee that permits self directed investments?

Thanks. Both FIDELITY and VANGUARD only offer bundled Administration plus Investment services. Waiting to hear back from Schwab. I glanced at Cardiff Park, by I don't really need investment services. I am self managing based upon advice from seekingalpha.com lol. Could not find any reference to "FP...
by markfaix
Sun Jan 12, 2020 7:43 pm
Forum: Personal Finance (Not Investing)
Topic: Institutional trustee that permits self directed investments?
Replies: 7
Views: 551

Re: Institutional trustee that permits self directed investments?

My father passed last month and his trusts are being split into separate trusts for me and my siblings. My brother, who is trustee, intends to resign as trustee of each of our trusts. Dad's trust permits the beneficiary (me) to manage the investment of my trust funds but requires the trustee be an ...
by markfaix
Fri Jan 10, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: [Estate planning] Simplicity: Inherit outright vs trusts for kids?
Replies: 28
Views: 3319

Re: [Estate planning] Simplicity: Inherit outright vs trusts for kids?

I know of nightmare scenarios for both. My sister, a Princeton economics graduate, became disabled in her 30s, so giving her an inheritance outright would have been problematic. Why would that have been problematic? IMHO, estate planning isn't a DIY adventure. I see too many suggestions here that d...
by markfaix
Fri Jan 10, 2020 1:48 pm
Forum: Personal Investments
Topic: Realize cap gain to pay cash for house vs take mortgage?
Replies: 6
Views: 675

Realize cap gain to pay cash for house vs take mortgage?

DW and I am moving from a low cost of living to a HCOL area. I am looking for advice whether to take out a 10-15 yr fixed mortgage or pay cash, which would require me to realize capital gains. I realize this topic comes up often, but there are a few twists in our situation, so we're reaching out for...
by markfaix
Tue Jan 07, 2020 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: [Estate planning] Simplicity: Inherit outright vs trusts for kids?
Replies: 28
Views: 3319

[Estate planning] Simplicity: Inherit outright vs trusts for kids?

DW and I are updating our estate plans. My question is about how simple or complicated we should make things in leaving our estate to our children after we both pass. Background: We are 49/50 yrs old. First/only marriage for both. Three kids ages 19, 12, 8. Total assets $2.5 million. Good health. Up...
by markfaix
Mon Dec 02, 2019 5:52 pm
Forum: Personal Investments
Topic: Question about S Corp salary vs profit (no medicare/ss tax) and deductions
Replies: 13
Views: 711

Re: Question about S Corp salary vs profit (no medicare/ss tax) and deductions

<r><QUOTE author="CodeMaster" post_id="4869088" time="1575325939" user_id="1259"><s>[quote=CodeMaster post_id=4869088 time=1575325939 user_id=1259]</s> Say hypothetically I have 500k in one year in my scorp bank account. Say I pay myself 50k salary. Would the rest be considered profit with no medica...
by markfaix
Sat Nov 30, 2019 4:59 pm
Forum: Personal Consumer Issues
Topic: Accounting software to keep track of LLC partnership
Replies: 3
Views: 517

Re: Accounting software to keep track of LLC partnership

Accounting needs for having all independent contractors. LLC partnership with multiple owners getting profit sharing. Need to file IRS form 1065 and Schedule K-1 which I will probably have our CPA do. Might need 1099 misc for the non-partner ICs. Believe all income is pass through and owners are al...
by markfaix
Fri Nov 22, 2019 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Buyer's agent commission refunds: Hungry Agents, Redfin, others?
Replies: 17
Views: 2360

Re: Buyer's agent commission refunds: Hungry Agents, Redfin, others?

What do you need a buyer's agent for? Do you need advice when looking at a home? When you use Redfin, your agent doesn't actually look at the home with you. Another person will show up for the house tour. When I was searching for my home, my agent would let me decide whether I liked the floor plan ...
by markfaix
Thu Nov 21, 2019 9:36 pm
Forum: Personal Consumer Issues
Topic: Kindle Paperwhite speed?
Replies: 7
Views: 1013

Re: Kindle Paperwhite speed?

Hi all, Thanks for the replies. I have rebooted/restarted the Kindle. The page turns are a little faster, but changing from one book to other is very sloooow. It takes some time, maybe 45-60 secs, to close a book, return to the home page, refresh the home page, then load the next book that I select....
by markfaix
Wed Nov 20, 2019 7:34 pm
Forum: Personal Consumer Issues
Topic: Kindle Paperwhite speed?
Replies: 7
Views: 1013

Kindle Paperwhite speed?

I have a Kindle Paperwhite from 2013. I use it regularly, especially for reading at night or outdoors, but lately it seems very laggy and slow to use its functions: to load books, search in a book, highlight, jump around, etc. I'm not sure if it's actually getting slower or if the iPad Kindle is jus...
by markfaix
Wed Nov 13, 2019 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Buyer's agent commission refunds: Hungry Agents, Redfin, others?
Replies: 17
Views: 2360

Buyer's agent commission refunds: Hungry Agents, Redfin, others?

My family is looking to purchase a single family home in suburban Baltimore. We know the area reasonably well, but we would like to use a buyer's agent, based on what we've read in prior threads (more credibilty with sellers' agents, easier scheduling, etc.) Does anyone have recent experience in usi...
by markfaix
Tue Oct 01, 2019 6:28 pm
Forum: Personal Consumer Issues
Topic: Apple iPhone iOS 13 Discussion
Replies: 79
Views: 10033

Re: Apple iPhone iOS 13 Discussion

Foolishly, I installed them when they came out, 4+ days ago.

Never had this level of battery drain with any other iOS update ... but it seems that I'm in the minority as least here.
by markfaix
Tue Oct 01, 2019 12:22 pm
Forum: Personal Consumer Issues
Topic: Apple iPhone iOS 13 Discussion
Replies: 79
Views: 10033

Re: Apple iPhone iOS 13 Discussion

MAJOR battery drain on both 13.1.1 and 13.1.2 for my iPhone 8. Usually I'm at 60% at the end of the day; now I'm 20%. Have done the usual battery conservation techniques: dim display, no location services, reset, etc. No improvement.

Wish I could go back to 12.
by markfaix
Wed Jul 24, 2019 9:28 pm
Forum: Personal Investments
Topic: How to transfer custodial Roth IRA after age 18?
Replies: 5
Views: 561

Re: How to transfer custodial Roth IRA after age 18?

Alan S. wrote:
Wed Jul 24, 2019 8:14 pm
What is the state?
Maryland
by markfaix
Wed Jul 24, 2019 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity customer service declining?
Replies: 17
Views: 2285

Fidelity customer service declining?

I have been a satified Fido customer for over 20 years--until recently. DW and I have our Roths, traditional IRAs, my small business 401k, and almost all of our taxable investments. The service has been uniformly excellent until recently, and I'm debating whether to leave. 1) When I transferred my H...
by markfaix
Wed Jul 24, 2019 6:35 pm
Forum: Personal Investments
Topic: How to transfer custodial Roth IRA after age 18?
Replies: 5
Views: 561

How to transfer custodial Roth IRA after age 18?

A few years ago, I opened a custodial Roth IRA at Schwab for my then 15-year-old son for him to invest his summer job earnings. At the time, the age of majority in my state was 21, so the custodial Roth was scheduled to turn over to his control at age 21. He is now 18, which is now the age of majori...
by markfaix
Tue Apr 16, 2019 11:42 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 729

Re: TurboTax error in handling excess Roth contribution?

The IRS computer matching will be looking for that 1099R distribution of 100 to show up on line 4a of Form 1040 for 2018, but since there is no tax due because of no earnings, they might not send an inquiry. If you allow Ttax to assign the excess to 2018, will you still be able to enter the 1099R? ...
by markfaix
Mon Apr 15, 2019 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 729

Re: TurboTax error in handling excess Roth contribution?

Ok, now it all makes sense. Except we are back to your original problem trying to figure out why Ttax apparently does not think that the contribution returned was for 2017. The 1099R codes are correct, because the 8 code correctly means that if there were any earnings (there isn't since .02 rounds ...
by markfaix
Mon Apr 15, 2019 11:04 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 729

Re: TurboTax error in handling excess Roth contribution?

Thanks, but there is a conflict between your first post and your most recent regarding WHEN contributions were made for each year. The 1099R coding indicates the return of a contribution made in 2018 but cannot specify whether it was FOR year 2017 or 2018. However, you indicated in your first post ...
by markfaix
Sun Apr 14, 2019 6:28 pm
Forum: Personal Consumer Issues
Topic: How to fix jerky images on streaming TV?
Replies: 29
Views: 2159

How to fix jerky images on streaming TV?

After cutting the cord, I subscribed to YouTube TV with a Roku Streaming Stick+. Streaming to our 4 year old Vizio 52" TV has been problematic. Especially when watching sports, the images often become herky/jerky and robotic. I presume this is from buffering/interruptions in the streaming signal. I ...
by markfaix
Fri Apr 12, 2019 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 729

Re: TurboTax error in handling excess Roth contribution?

What was the year on that 1099R, the amounts in Box 1 and 2a, and code in Box 7? 1099-R 2018 Box 1 Gross distribution $100.02 Box 2a Taxable amt $0.02 Box 7 Dist codes 8J (8=return of contribution taxable in 2018; J=early dsitribution from Roth IRA) The initial contribution was made in 01/2018 for ...
by markfaix
Fri Apr 12, 2019 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 729

Re: TurboTax error in handling excess Roth contribution?

RickBoglehead wrote:
Fri Apr 12, 2019 8:27 pm
Did he enter the form sent that indicated the $100 return of contribution? TT is looking for that.
Yes, he entered the 1099-R documenting returning of the $100 excess contribution.
by markfaix
Fri Apr 12, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 729

TurboTax error in handling excess Roth contribution?

I am posting on behalf on my minor son. In 1/2018, my son contributed $4100 to a Roth IRA for tax year 2017. He then found out his W-2 income would be $4000, so he withdrew the $100 excess contribution from his Roth in 3/2018. In 1/2019, my son contributed $3000 to his Roth for tax year 2018. His 20...
by markfaix
Thu Feb 07, 2019 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable grant on 1099G Box 6 OK to contribute to Roth?
Replies: 5
Views: 345

Re: Taxable grant on 1099G Box 6 OK to contribute to Roth?

The payment looks like stipends to help pay for part of his living expenses. What did the NIH tell him about the payment? I don't think it qualifies as earned income even though he might have a good learning experience. The NIH gave him an offer letter for the summer job stating his salary would be...
by markfaix
Thu Feb 07, 2019 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable grant on 1099G Box 6 OK to contribute to Roth?
Replies: 5
Views: 345

Taxable grant on 1099G Box 6 OK to contribute to Roth?

My son, age 17, was paid ~$3000 in 2018 for an NIH internship. His earnings were reported on form 1099-G, box 6 (taxable grants), not a W-2. Is this money acceptable as compensation for Roth contributions? Should I put it onto Sch C? TurboTax does not consider it as eligible. The money is NOT a scho...
by markfaix
Wed Feb 06, 2019 2:29 pm
Forum: Personal Investments
Topic: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn
Replies: 8
Views: 636

Re: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn

I screwed up something, which may make things more complicated. I am the sole shareholder/employee of an S Corp. When I got the "excess" contribution back, I ptu it back into the S Corp, so my W-2 Box 14 has "S Corp HSA $6850.00" instead of $6900. Is it better to file a corrected W-2? Or can I just...
by markfaix
Fri Feb 01, 2019 5:33 pm
Forum: Personal Investments
Topic: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn
Replies: 8
Views: 636

Re: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn

In 2018, I contributed $6900 to my HSA. I had a family HDHP for the entire year. In March, when the IRS lowered the maximum allowed contribution to $6850, I withdrew $48 (the $50 initial contribution, less $2 capital losses). Of course, the IRS later raised the max contribution limit back to $6900....
by markfaix
Thu Jan 31, 2019 8:06 pm
Forum: Personal Investments
Topic: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn
Replies: 8
Views: 636

How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn

In 2018, I contributed $6900 to my HSA. I had a family HDHP for the entire year. In March, when the IRS lowered the maximum allowed contribution to $6850, I withdrew $48 (the $50 initial contribution, less $2 capital losses). Of course, the IRS later raised the max contribution limit back to $6900. ...
by markfaix
Mon Jan 14, 2019 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Maryland 529 College Investment Plans
Replies: 37
Views: 5846

Re: Maryland 529 College Investment Plans

I'm a Maryland resident and have one account per child for our three children. I contribute $5,000 per child ($2,500 per parent). I don't do anything special to mark the contribution's owner, though. I claim the full amount on our taxes (Married filing jointly). If we get audited, I would think it ...
by markfaix
Sun Jan 13, 2019 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: S corp tax software: Taxact or Turbotax?
Replies: 5
Views: 483

Re: S corp tax software: Taxact or Turbotax?

I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return. If you have a prior year CPA prepared 1120s to use as a mo...
by markfaix
Sat Jan 12, 2019 9:04 pm
Forum: Personal Consumer Issues
Topic: Leave negative eBay feedback for item not received?
Replies: 7
Views: 673

Re: Leave negative eBay feedback for item not received?

Thanks all! I didn't realize sellers can't leave neg feedback. I left neg feedback for the seller.
by markfaix
Sat Jan 12, 2019 4:30 pm
Forum: Personal Finance (Not Investing)
Topic: S corp tax software: Taxact or Turbotax?
Replies: 5
Views: 483

S corp tax software: Taxact or Turbotax?

I am a sole owner/employee of a small business S corp. I wanted to try to do our own 1120S federal and state as my overpriced CPA is getting too expensive. I need to do Sch L (balance sheet) and Sch M-1 and M-2. Any recommendations? Reviews are terrible for Taxcut, and mixed for Taxact and Turbotax ...
by markfaix
Sat Jan 12, 2019 4:15 pm
Forum: Personal Consumer Issues
Topic: Leave negative eBay feedback for item not received?
Replies: 7
Views: 673

Leave negative eBay feedback for item not received?

I purchased an item on eBay in December. The seller never sent notification of shipment and didn't respond to my messages. I filed a case with eBay and got my money back. Should I also post a negative feedback? In the one other time I posted a negative feedback for failure to deliver the item, the s...
by markfaix
Fri Jan 11, 2019 1:01 pm
Forum: Personal Consumer Issues
Topic: Banff/Lake Louise vacation-suggestions?
Replies: 16
Views: 1122

Banff/Lake Louise vacation-suggestions?

After saving our pennies, our family is planning a three generation (ages 78 through 9) one week vacation in the Canadian Rockies in June. My idea of a good vacation is a relaxed pace, light-schedule vacation at a beach or beautiful outdoor area. I *hate* large crowds, long lines, tour buses, etc. F...
by markfaix
Fri Jan 04, 2019 6:23 pm
Forum: Investing - Theory, News & General
Topic: Change 529 beneficiary from parent to child - tax consequences?
Replies: 1
Views: 293

Change 529 beneficiary from parent to child - tax consequences?

To maximize my state (MD) tax deduction for 529 contributions, DW and I both own 529 accounts for the benefit of each of our children, and also for the benefit of each other. For the 529s where DW/I are the beneficiaries, we plan to eventually change the beneficiary from DW/me to our children. 1) Ma...