Search found 4767 matches

by kaneohe
Sat Apr 14, 2018 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Making quarterly estimated payments w/ deductions?
Replies: 11
Views: 494

Re: Making quarterly estimated payments w/ deductions?

One difference between quarterly payments and deductions is that deductions any time of the year all count the same, while underpayment of quarterly payments could subject you to a penalty - even if the totals were fine for the year. There may be some confusion about the term deductions which OP us...
by kaneohe
Sat Apr 14, 2018 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Making quarterly estimated payments w/ deductions?
Replies: 11
Views: 494

Re: Making quarterly estimated payments w/ deductions?

Are you talking about Federal or state tax? If Federal, a large state deduction for 529 plan won't affect Federal?
by kaneohe
Sat Apr 14, 2018 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Use of Loss Carry Forward for New California Resident?
Replies: 3
Views: 310

Re: Use of Loss Carry Forward for New California Resident?

Instructions from CA Sch D: https://www.ftb.ca.gov/forms/2017/17_540dins.pdf "Line 6 – 2016 California Capital Loss Carryover. If you were a resident of California for all prior years, enter your California capital loss carryover from 2016. However, if you were a nonresident of California during any...
by kaneohe
Sat Apr 14, 2018 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Tax Consequences of Rolling a Traditional 401k to Roth IRA
Replies: 7
Views: 680

Re: Tax Consequences of Rolling a Traditional 401k to Roth IRA

The usual advice is to compare the marginal rate at which you would be withdrawing these funds later if you didn't convert. If, for example, you would be withdrawing in retirement at 15%, it may not make sense to pay 26% now. Or if you could convert later in retirement at 15%,it may make more sense ...
by kaneohe
Sat Apr 14, 2018 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Tax Consequences of Rolling a Traditional 401k to Roth IRA
Replies: 7
Views: 680

Re: Tax Consequences of Rolling a Traditional 401k to Roth IRA

Why not input your info into a tax calculator like HR Block tax calculator or Taxcaster.....might be more accurate......I got 800 and 3380 from HRB. Absolute #'s quite different from yours but the delta similar. This is the old doubling of marginal rate from 15% to 30% w/ the old tax law. QDIV shelt...
by kaneohe
Fri Apr 13, 2018 7:07 pm
Forum: Investing - Help with Personal Investments
Topic: Crazy to start 529 without kids??
Replies: 49
Views: 3910

Re: Crazy to start 529 without kids??

.......................................................... what would be the downside of investing a small amount in a 529? Very worst case is I never go back to school, never have kids, and my brothers never have kids..so I suffer a penalty on withdrawing my contributions (but not on the earnings)...
by kaneohe
Thu Apr 12, 2018 11:59 am
Forum: Personal Finance (Not Investing)
Topic: How do I make sure IRS receives my manual tax return ?
Replies: 89
Views: 6497

Re: How do I make sure IRS receives my manual tax return ?

misterno wrote:
Thu Apr 12, 2018 10:03 am
In some forums it says IRS does not recognize certified or express or priority mail as proof

So what is the best way to make sure IRS receives it?
which forums? maybe you should find another
by kaneohe
Thu Apr 12, 2018 7:47 am
Forum: Investing - Help with Personal Investments
Topic: Cost basis question
Replies: 2
Views: 237

Re: Cost basis question

you got good advice from cas on how to divide your original cost basis on A between A and B.
Also good advice to check for other events which may also have affected cost basis.

Your original cost basis is that when you inherited A on date of death.
by kaneohe
Wed Apr 11, 2018 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Microfocus tax implications
Replies: 22
Views: 1295

Re: Microfocus tax implications

Apparently there is some leeway here: http://www.costbasis.com/stkchanges/spinoffs.html "You are allowed by the IRS to use the opening price, the average price, the closing price, or the trade-volume-weighted average price on the first day of separate trading to compute the cost allocation factors. ...
by kaneohe
Wed Apr 11, 2018 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: Microfocus tax implications
Replies: 22
Views: 1295

Re: Microfocus tax implications

doesn't exactly help you since I joined via the HP/Agilent branch but might be similar: 1)HP/A spinoff.......HP took 80.5% of basis 2)HPQ/HPE spinoff......HPE took 52.9% of the basis in 1) 3)HPE/DXC spinoff.......HPE took 75.1% of the basis in 2) 4)HPE/Seattle Spin spinoff.....MicroFocus.......Micr...
by kaneohe
Wed Apr 11, 2018 7:15 am
Forum: Personal Finance (Not Investing)
Topic: Microfocus tax implications
Replies: 22
Views: 1295

Re: Microfocus tax implications

Thank you for that link. But Oh my God, what a mess! ............................. These things do have a way of getting out of hand.......think ATT breakup. The thing to remember is that although the big picture has a seemingly infinite number of things going on, it is "simply" the accumulation of...
by kaneohe
Wed Apr 11, 2018 7:09 am
Forum: Personal Finance (Not Investing)
Topic: Microfocus tax implications
Replies: 22
Views: 1295

Re: Microfocus tax implications

Thank you for that link. But Oh my God, what a mess! I joined this train via DEC/CPQ, so at least I am saved from the Agilent branch of the family tree! My example needs to be redone. As long as the total profit is more than the cash received, the cost basis of the new security stays the same. Only...
by kaneohe
Tue Apr 10, 2018 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Microfocus tax implications
Replies: 22
Views: 1295

Re: Microfocus tax implications

.................................................. Starting out with 400 shares of HPE, cost basis $3,360.98, purchase date 01/01/2000. .................................................. If you bought HP shares on 1/1/2000 (seems doubtful the market was open that day) or close to there, you have so...
by kaneohe
Tue Apr 10, 2018 7:30 am
Forum: Investing - Help with Personal Investments
Topic: CD market values down after purchase; why?
Replies: 20
Views: 2415

Re: CD market values down after purchase; why?

Not sure this is applicable to CDs (think it is) but Schwab may be valuing the CDs like a bond. Bonds, including muni bonds, have valuations that move up and down depending on interest rates. It is as common to see values go up as down. If you hold to maturity , you get face value. If not, you get m...
by kaneohe
Mon Apr 09, 2018 7:51 am
Forum: Personal Finance (Not Investing)
Topic: What tax forms do I need?
Replies: 4
Views: 294

Re: What tax forms do I need?

stocks: dividends to be reported: see lines 9a/9b on 1040 possibly leading to Sch B capital gains to be reported:see line 13 on 1040 possibly leading to Sch D/F8949 gambling: gross winnings to be reported: see line 21 on 1040; note that any losses are reported separately on Sch A so do not net losse...
by kaneohe
Sat Apr 07, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Where to hold ~500K cash
Replies: 25
Views: 3420

Re: Where to hold ~500K cash

I now need to hold ~500K in cash for the tax bill next year. Does IRS really allow one to have that much tax liability not fulfilled for almost an year? Don't they need their quarterly pound of flesh? Suppose I made $100K in YR2017 and paid $20K in income tax. In January 2018 I sold 2M options and ...
by kaneohe
Fri Apr 06, 2018 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Tax withholding allowances
Replies: 6
Views: 639

Re: Tax withholding allowances

Are you trying to withhold more or less than the current status? If more, then leave the allowances along and increase by a fixed $$/pay period to make the total for the yr what you want.
by kaneohe
Fri Apr 06, 2018 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401K Rovers to IRAs receive ERISA-like protection?
Replies: 9
Views: 713

Re: Do 401K Rovers to IRAs receive ERISA-like protection?

https://www.irahelp.com/slottreport/how-safe-creditors-your-401k-money-if-you-roll-it-ira I am not sure what the right answer is but this article seems to make a distinction between creditor protection in bankruptcy and non-bankruptcy situations. I think I know the 401K protection is quite armor-pl...
by kaneohe
Fri Apr 06, 2018 10:37 am
Forum: Personal Finance (Not Investing)
Topic: What's Your Credit Card Rewards Strategy?
Replies: 2713
Views: 531745

Re: What's Your Credit Card Rewards Strategy?

Anyone using Amazon regularly should consider the Amazon Store Card - basically a line of credit you can only use at Amazon, and get 5% back. https://www.bogleheads.org/forum/viewtopic.php?t=181150 Don't know why Amazon doesn't advertise more. Like OP, I was using the Amazon Visa for 3% back until ...
by kaneohe
Wed Apr 04, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Need Help On Taxes
Replies: 6
Views: 445

Re: Need Help On Taxes

One more question though. Let's say if I had a cap loss like this and I also had some winning stocks I had not sold yet. It would seem to make sense to sell some winners in the same tax year to offset the loss instead of claiming that loss against income like I have to do it now. Is this a better t...
by kaneohe
Wed Mar 28, 2018 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Tax estimate with no earned income
Replies: 10
Views: 727

Re: Tax estimate with no earned income

https://www.bogleheads.org/forum/viewtopic.php?t=86849 see the stacked bar chart by tfb (12/11/11). Stack your LTCG/QDIV (90K) on TOP of your ordinary income (1K interest, 4K non QDIV). Then subtract your std deduction of 24K from the BOTTOM of that stack. That removes the ordinary income and leave...
by kaneohe
Sun Mar 25, 2018 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 973

Re: filed with turbotax, do I need to mail in anything?

What does the attached statement say about the Gen Mills transaction? You might want to ask the broker about that too?
by kaneohe
Sun Mar 25, 2018 10:21 am
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 973

Re: filed with turbotax, do I need to mail in anything?

What's so special about the Gen. Mills transaction? I would think that IRS would get all the details of everything else since you have Box A transactions including the wash sales and adjustments presumably were already made for those by the broker so you don't have to make any adjustments of the bro...
by kaneohe
Sun Mar 25, 2018 9:51 am
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 973

Re: filed with turbotax, do I need to mail in anything?

Are these box A and box D transactions as opposed to Box B and Box E transactions?
by kaneohe
Sun Mar 25, 2018 9:00 am
Forum: Personal Finance (Not Investing)
Topic: filed with turbotax, do I need to mail in anything?
Replies: 12
Views: 973

Re: filed with turbotax, do I need to mail in anything?

See this from the top of the 8949 (both front/back): "Note: You may aggregate all short/(long)-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS and for which no adjustments or codes are required . Enter the totals directly on Schedule D, line 1a; you aren't required...
by kaneohe
Wed Mar 21, 2018 6:06 pm
Forum: Personal Finance (Not Investing)
Topic: Please help me fill out my W-4 correctly
Replies: 7
Views: 1494

Re: Please help me fill out my W-4 correctly

Another method that may be useful. Use tax software/calculator to calculate what your actual taxes will be based on all your income, not just wages.. Then fill in your W4 so that withholding will match. Best to have enough allowances that you are underwithheld. Then you can add an additional amount/...
by kaneohe
Sat Mar 17, 2018 7:07 am
Forum: Personal Consumer Issues
Topic: Tires on a 15 year old car....Replace or not?
Replies: 79
Views: 5546

Re: Tires on a 15 year old car....Replace or not?

viewtopic.php?f=2&t=244443&newpost=3833532

This thread and the linked one appear to have a lot in common. I agonized over the tire issue too and finally decided that I/family/friendsI were too important not to change the tires.
by kaneohe
Tue Mar 13, 2018 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Computing 2018 estimated tax - 2018 Pub 1040-ES instructions have an error?
Replies: 7
Views: 951

Re: Computing 2018 estimated tax - 2018 Pub 1040-ES instructions have an error?

Why not just use a tax calculator (or software) like the HRB calculator or Taxcaster. Both give 2018 results as well as 2017 at the end.
by kaneohe
Mon Mar 12, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Form 1116 Foreign Tax Credit
Replies: 3
Views: 451

Re: TurboTax Form 1116 Foreign Tax Credit

Follow lines below line 32 on the 6251 and it appears that the AMT may get impacted by any differences between numbers in the calculation. In the absence of any FTC, AMT is TMT minus regular tax. Looks like when you have FTC, AMT is defined as the difference of the "net" TMT and the "net" regular ta...
by kaneohe
Mon Mar 12, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2795

Re: Should my long term capital gains taxes change if I am in a high income bracket?

.................................................. Where did those tax #s come from? I used an online calculator: https://smartasset.com/investing/capital-gains-tax-calculator thanks for that link..........there is some interesting info at the bottom of the page that lists the marginal rates and th...
by kaneohe
Mon Mar 12, 2018 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2795

Re: Should my long term capital gains taxes change if I am in a high income bracket?

I was calculating some scenarios with my future income taxes. I have some LTCGs and assuming $100,000 cost basis and $1,000,000 sale basis, it's a $900,000 (this is just a scenario). I live in California. If my income in 2018 is $200,000, my capital gains tax is $291,000. However, if my income is $...
by kaneohe
Sun Mar 11, 2018 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's new Job and Tax Question
Replies: 2
Views: 426

Re: Wife's new Job and Tax Question

https://www.hrblock.com/tax-calculator/#/en/te/aboutYou Try putting your info in the calculator above. First put in your income (everything w/o your wifes). Note the taxes owed. Then put those taxes in your W2 wages as fed taxes withheld. Then put in your wife's income as SE (self employed) income....
by kaneohe
Sat Mar 10, 2018 9:43 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2795

Re: Should my long term capital gains taxes change if I am in a high income bracket?

That increase totals 8.8K,not quite the 12K delta that you got. Got it, makes more sense now... Thanks for explaining. Assuming the 12k delta includes CA tax, then there's a shift from the 9.3% to 12.3% bracket on 100k, accounting for the other 3k. That affects my capital gains income not my regula...
by kaneohe
Thu Mar 08, 2018 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Form 1099 R question
Replies: 6
Views: 580

Re: Form 1099 R question

Is box 2b (taxable amt not determined) also checked as it almost always should be? This tells you the that box 2a may or may not be significant. If you withdraw from TIRA and rollover to anotherTIRA within 60 days, the withdrawal is not taxable but custodian has no way of knowing that. Similarly if ...
by kaneohe
Wed Mar 07, 2018 11:44 am
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1818

Re: Medicare IRMAA

Back to redeeming early option........or perhaps the do nothing option.............not sure where in the IRMAA spectrum you are but in the first tier the increase looks like $1600 or so for MFJ...............I guess compare that with the extra income you'd get keeping them.....maybe it won't be so b...
by kaneohe
Wed Mar 07, 2018 10:17 am
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1818

Re: Medicare IRMAA

Thanks to everyone for the inputs. While there sounds like there is some hope of getting a successful appeal I am reticent to wait and find out that my case won't be approved. :confused So I guess I will look at the extra IRMAA costs versus the lost interest if I cash in the bonds early and see whi...
by kaneohe
Tue Mar 06, 2018 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Estimated Taxes
Replies: 19
Views: 1815

Re: Estimated Taxes

......................................................................... I disagree with both of you. As I wrote in my original post, I did not receive the windfall until the 4th quarter of 2008 (early November), so any annualized method of paying estimated taxes (along with Form 2210) would not a...
by kaneohe
Tue Mar 06, 2018 10:07 pm
Forum: Investing - Help with Personal Investments
Topic: Question on CD term and interest payment
Replies: 3
Views: 485

Re: Question on CD term and interest payment

It is not clear to me what you are asking. A 6mo. 1.5% CD earns at the same rate/yld as a 12 mo 1.5% CD but earns only half as much since it only lasts half as long.
by kaneohe
Tue Mar 06, 2018 8:04 pm
Forum: Investing - Theory, News & General
Topic: Medicare IRMAA
Replies: 19
Views: 1818

Re: Medicare IRMAA

Can't you simply wait until 2024 to cash them in. Or just cash in enough in 2022 and '23 to get you up to the IRMAA cliff. plannerman Taxes are due in the yr of maturity (or earlier) http://savings-bond-advisor.com/penalties-for-not-cashing-mature-savings-bonds/ OP could consider paying taxes earli...
by kaneohe
Tue Mar 06, 2018 2:43 pm
Forum: Investing - Help with Personal Investments
Topic: Capital Gains Question
Replies: 10
Views: 1317

Re: Capital Gains Question

Well you were right; but those are last year’s rate. Due to the tax law changes it is now folks in the 12 % rate that will enjoy the 0% capital gains rate. This is not correct. The brackets that determine LTCG did not change under the new law. The limit is still 15%. https://www.thestreet.com/story...
by kaneohe
Tue Mar 06, 2018 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: 10% IRS penalty on annuity that was 1035 exchange from VUL?
Replies: 20
Views: 993

Re: 10% IRS penalty on annuity that was 1035 exchange from VUL?

https://www.kiplinger.com/article/insurance/T003-C001-S001-how-annuities-are-taxed.html https://www.investopedia.com/ask/answers/082515/how-do-you-calculate-penalties-ira-or-roth-ira-early-withdrawal.asp I would think, like early w/d from IRA , you'd be taxed and penalized on earnings. No earnings,...
by kaneohe
Tue Mar 06, 2018 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: 10% IRS penalty on annuity that was 1035 exchange from VUL?
Replies: 20
Views: 993

Re: 10% IRS penalty on annuity that was 1035 exchange from VUL?

https://www.kiplinger.com/article/insurance/T003-C001-S001-how-annuities-are-taxed.html https://www.investopedia.com/ask/answers/082515/how-do-you-calculate-penalties-ira-or-roth-ira-early-withdrawal.asp I would think, like early w/d from IRA , you'd be taxed and penalized on earnings. No earnings,...
by kaneohe
Mon Mar 05, 2018 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?
Replies: 6
Views: 535

Re: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?

sounds correct about the simplified method not being used. About line 30 being the same on both forms........what was the foreign tax paid? Perhaps the same number? Remember the FTC compares 2 numbers.....the amount of FT paid vs the allowable credit which is based on the foreign income and the lowe...
by kaneohe
Mon Mar 05, 2018 12:29 pm
Forum: Personal Consumer Issues
Topic: Etiquette of hanging up on live telemarketers
Replies: 77
Views: 4027

Re: Etiquette of hanging up on live telemarketers

Why not just tell the truth.........you're expecting a call (important, if necessary) and they're not it. Then hang up . period.
by kaneohe
Mon Mar 05, 2018 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?
Replies: 6
Views: 535

Re: Foreign Tax AMT Limit - Did my Accountant use Simplified Method or not?

from instructions for F6251 p13/14 https://www.irs.gov/pub/irs-pdf/i6251.pdf Is line 17 on both forms the same? That would suggest simplified limitation election was used. The forms don't necessarily give the same results even if this election was used. "Simplified Limitation Election You may elect ...
by kaneohe
Mon Mar 05, 2018 11:51 am
Forum: Personal Finance (Not Investing)
Topic: What tax form for IRA re-characterization to Roth?
Replies: 4
Views: 255

Re: What tax form for IRA re-characterization to Roth?

Contributing for 2017? or 2018? If contributing for 2017 and you recharacterized contribution, it is as if you contributed to the Roth to begin with. For a Roth, no tax reporting needed. And no deduction for contribution. If contributing for 2018, basically the same except you would not be doing tax...
by kaneohe
Mon Mar 05, 2018 10:38 am
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC from SOFI - Am I self employed?
Replies: 18
Views: 1327

Re: 1099-MISC from SOFI - Am I self employed?

How would you guys classify this one. Person signs up w/ ??? (forgot the name but they're well known/national company) to wear something around their waist to document everything they're watching on TV. They do this for a yr and get paid monthly? for annual total of $800. 1099-MISC is issued w/ amt ...
by kaneohe
Mon Mar 05, 2018 1:50 am
Forum: Personal Finance (Not Investing)
Topic: Should my long term capital gains taxes change if I am in a high income bracket?
Replies: 21
Views: 2795

Re: Should my long term capital gains taxes change if I am in a high income bracket?

............................................................................................. I guess that's the point I'm getting to, if the gain is $900k, how would an income of $100K or $200K or even $250K for that matter, if the CG is above $900K, it automatically pushes me to the higher bracke...