Search found 1424 matches

by earlyout
Mon Mar 09, 2009 3:43 pm
Forum: Personal Investments
Topic: Vanguard REIT, 1099 Corrected
Replies: 4
Views: 1600

Vanguard REIT, 1099 Corrected

Just a heads up in case you are about to file your income taxes. I filed my federal return last week and today received a corrected 1099 from Schwab. Significant changes to the 1099 all related to the Vanguard REIT ETF.

EO
by earlyout
Wed Mar 04, 2009 4:52 pm
Forum: Personal Consumer Issues
Topic: TT - No Federal Acceptance email
Replies: 8
Views: 1929

I wouldn't do anything. You've checked the status of your return and it shows it has been accepted. Probably not the first email that got lost or misdirected. I got my TT acceptance this morning and the only thing in the email of a personal nature is your your name as shown on the tax return. The em...
by earlyout
Wed Mar 04, 2009 10:10 am
Forum: Personal Consumer Issues
Topic: TT - No Federal Acceptance email
Replies: 8
Views: 1929

SPAM Filter?

I think it strange that you did not get your acceptance. A couple of obvious things to check. Did you check your junk mail folder? Can you go back into TT and check the email address you entered?
by earlyout
Tue Mar 03, 2009 4:21 pm
Forum: Personal Consumer Issues
Topic: Cable TV
Replies: 16
Views: 3719

Pick up the cheap TV and attach it to the coax that is now attached to the Samsung. If the cheap TV still works, its not the cabling.
by earlyout
Tue Mar 03, 2009 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: Filing an extension on your taxes
Replies: 10
Views: 2236

Rusty, The only way to receive your refund is to file your tax return. If you purchase a house later in the year, you will have to file an amended reutrn to claim the credit. This is not the same as filing an extension. If you file an extension, you will not receive your refund until after you file ...
by earlyout
Tue Mar 03, 2009 8:46 am
Forum: Personal Investments
Topic: Ordinary and Qualified dividend help
Replies: 16
Views: 5041

Instruction book?

Zoey, If you don't have a copy of the instruction booklet for your Form 1040 I strongly encourage you to get one. This booklet will make it much easier to understand how to complete the 1040. The booklet goes through the Form 1040 line by line with instructions, schedules and / or worksheets for gen...
by earlyout
Tue Mar 03, 2009 8:30 am
Forum: Personal Investments
Topic: 2010 Roth Conversion assistance needed
Replies: 33
Views: 6614

Re: 2010 Roth Conversion assistance needed

eradicator wrote:My wife and I plan on converting our non-ded IRA's (ND TIRA) to ROTH's in 2010 . . .
Do you have other IRAs? IIRC all of your IRAs are treated as a single account when you calculate basis for conversion. You are not allowed to just convert the non-deductible portion of your IRA.

EO
by earlyout
Sun Mar 01, 2009 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8880 Roth IRA tax credit
Replies: 7
Views: 2475

Missing facts

If we assume you are a single taxpayer with only $5000 of income, your standard deduction would reduce that to zero and you would have no taxable income. There would be no income tax due and no way to use any credit for the IRA contribution. Is the $377 you owe due to a penalty or self-employement t...
by earlyout
Wed Feb 25, 2009 8:35 am
Forum: Personal Investments
Topic: TLH w/o earned income or cap gains?
Replies: 4
Views: 1065

Re: TLH w/o earned income or cap gains?

If I have no earned income (nor taxable mutual fund gains) in a given year, can I still write off up to $3,000 of stock-loss against the "taxable income" from a roth-ira-conversion? Then carry over any excess for future years. My only taxable income is interest, except for when I do some ...
by earlyout
Tue Feb 24, 2009 10:59 am
Forum: Personal Consumer Issues
Topic: Shopping for a pre-paid cell phone plan
Replies: 28
Views: 6533

Yesterday I ordered the T-Mobile SIM card for my phone. I don't use the phone very much and it should be easy to lower my phone charges to an average of less than $10 per month. This Boglehead thread provides some good references and opinion on prepaid plans.

EO
by earlyout
Sat Feb 21, 2009 8:59 pm
Forum: Personal Consumer Issues
Topic: help me buy shades (errr. window treatments)
Replies: 10
Views: 2359

When we redid a house about 6 years ago we ordered most of the window treatments from Smith and Noble. Price, quality, delivery and service were fine. You have to make certain about your measurements and you will have to install them.

EO
by earlyout
Mon Feb 16, 2009 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Attorneys and Traffic Tickets
Replies: 40
Views: 5961

Amblance Chaser

Do you have any knowledge of this attorney? If your were injured and you needed representation would you use an attorney who slipped you a card as they carted you into the ER? Traffic offenses are part of the public record so it is quite easy to send solicitation letters to everyone that gets a tick...
by earlyout
Sat Feb 14, 2009 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Question regarding taxes and ROTH IRA
Replies: 7
Views: 1522

Bright side

Since the value of the money you contributed to the Roth last year has declined, you won't have to remove $5000. Vanguard will calculate the current value of that fraction of your Roth and transfer that amount per your instructions.

EO
by earlyout
Sun Feb 08, 2009 9:18 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax "ghosts" + other gripes?
Replies: 3
Views: 1354

Extra Worksheets

The extra worksheets just get in the way and add clutter. I don't know whey they keep them around. You can remove the extraneous worksheets by going to the forms mode, selecting the worksheet and clicking the "delete" button at the bottom of the worksheet. Just be careful there aren't any ...
by earlyout
Sun Feb 08, 2009 10:11 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question: multiple states for married filing jointly
Replies: 11
Views: 2976

Not income

John,

Thanks. You're correct, it is not NY income.

EO
by earlyout
Sun Feb 08, 2009 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Tax Question: multiple states for married filing jointly
Replies: 11
Views: 2976

NY State Requirement

A quick look at NY State income tax information, http://www.tax.state.ny.us/pdf/publicat ... /pub88.pdf , indicates that all the income a non-resident receives from a NY source is taxed by NY. As you already found out, NC will give you credit for the income tax you pay to other states.

EO
by earlyout
Fri Feb 06, 2009 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Working with an out-dated version of Turbo Tax
Replies: 18
Views: 2613

8606

After you enter the 1099-R for the conversion, TurboTax will ask you if you have any basis in the amount converted and if so, what amount. TT uses this information to prepare the 8606.

EO
by earlyout
Fri Feb 06, 2009 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: Working with an out-dated version of Turbo Tax
Replies: 18
Views: 2613

I was impatient and decided to go for it anyway. It really is quite easy to do. TT gives you good directions: just follow the box with data and input when prompted. Simple! I will look to update my 2007 TT today. Oddly enough, TT Deluxe 2007 is not recognizing my 401k rollover to my VG ROTH as a ta...
by earlyout
Thu Feb 05, 2009 10:15 am
Forum: Personal Investments
Topic: Roth Recharaterization Tax impact
Replies: 9
Views: 3150

Thanks for the replies. Earlyout, it makes complete sense how you described the process, and it does look much simpler now. I am glad you explained it EARLYOUT into the process for me. :lol: I hope I will not have to submit any notes, 'cause you can't really do that simply with Turbotax. I have som...
by earlyout
Wed Feb 04, 2009 6:29 pm
Forum: Personal Investments
Topic: Roth Recharaterization Tax impact
Replies: 9
Views: 3150

I am in a virtually identical position, and have the same questions. You'll get a 1099-R for the Roth conversion and another one for the re-characterization which will both need to be reported on your 2008 tax return. 1099-R for the Roth conversion in 2008 - yes. But I highly doubt you can expect a...
by earlyout
Wed Feb 04, 2009 9:54 am
Forum: Personal Finance (Not Investing)
Topic: SS and medicare tax
Replies: 20
Views: 2993

Quoting from Publication 17, p. 44: "If you performed services, other than as an independant contractor, and your employer did not withhold social secuity and Medicare taxes from your pay, you must file Form 8919, Uncollected Social Secuirity and Medicare Tax on Wages, with your form 1040. Thes...
by earlyout
Wed Feb 04, 2009 9:46 am
Forum: Personal Finance (Not Investing)
Topic: SS and medicare tax
Replies: 20
Views: 2993

Did they withhold federal or state income tax?
by earlyout
Sun Feb 01, 2009 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Capital Gains on 1040 Line 13 "income" still taxed
Replies: 4
Views: 1295

Tax Rate is 0

Your observations are correct. The entries on the 1040 / 1040 Schedule D are the pretty much the same as previous years. The capital gain and qualified dividends are included in gross income on your 1040. The 0% rate is applied on the tax calculation worksheet.

EO
by earlyout
Thu Jan 29, 2009 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Question
Replies: 10
Views: 1940

No. Deferred comps are not considered earned income. I am surprised that it comes through in Box 1 of a W-2 then instead of a 1099 like other distributions. Seems inconsistent. There is a section in pg. 45 of the 2008 IRS Publication 17 on income from Nonqualifed Deferred Compensation Plans. You ca...
by earlyout
Tue Jan 27, 2009 8:50 pm
Forum: Personal Investments
Topic: Help! (with a Roth IRA question)
Replies: 3
Views: 998

Since you have both regular income and capital gain, your taxes will be calculated using the "Qualified Dividends and Capital Gain Tax Worksheet --Line44" found on page 38 of the instructions for Form 1040. You may want to familiarize yourself with this form. You can download it from the I...
by earlyout
Mon Jan 26, 2009 1:32 pm
Forum: Personal Investments
Topic: Capital gains
Replies: 8
Views: 1762

Not certain what you mean by the "lower price in 31 days" but you can sell shares of TSM in a taxable account and use that loss to offset the capital gain on the XOM stock. When you buy TSM in 31 days, you will have to pay the then current price for the fund.

EO
by earlyout
Mon Jan 26, 2009 12:32 pm
Forum: Personal Investments
Topic: Lower price?
Replies: 1
Views: 724

Lower price?

Original post removed. Posted in wrong conversation.

EO
by earlyout
Mon Jan 26, 2009 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Umbrella Cover Directorship?
Replies: 14
Views: 2485

You should probably check with your insurance carrier. I am on the board of an NGO and up until a couple of years ago they had assumed that each of the board members would be covered by their own liability insurance. Some of the board memebers checked with their individual carriers and found that no...
by earlyout
Mon Jan 26, 2009 9:00 am
Forum: Personal Investments
Topic: Roth IRA Conversion Calculator
Replies: 3
Views: 1625

If you think the marginal tax rate on your IRA distributions at age 59 1/2 will be lower than the rate you would pay now to convert to a Roth, you would lose money. The primary reason for a Roth conversion is take advantage of tax rates that are lower than you expect them to be when you start IRA di...
by earlyout
Fri Jan 16, 2009 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - Partial Withdrawal of ROTH Contribution
Replies: 11
Views: 2316

The custodian of the Roth should send you the 1099. If Wells Fargo brokerege is the custodian, they should send it to you.

EO
by earlyout
Tue Jan 13, 2009 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Spouses and Soc Security Benefits
Replies: 23
Views: 13217

I started to receive 50% of my spouse's full SS benefit last April when I reached my full retirement age. I'll receive that beneift and collect delayed retirement credits until I'm 70 when I plan to apply for my own benefit. The application process was easy and quick. The only advice I would give is...
by earlyout
Mon Jan 12, 2009 2:58 pm
Forum: Personal Investments
Topic: Roth Conversion Rules for 2010?
Replies: 7
Views: 2270

Rate increases

I think your understanding is correct (at least it agrees with what little I know). The taxpayer has the option of having a 2010 Roth conversion taxed as income in 2010 or the taxes on that income can be split between 2011 and 2012. The only downside to this is that the 25% and 28% marginal tax rate...
by earlyout
Sun Jan 04, 2009 5:38 pm
Forum: Forum Issues and Administration
Topic: a suggestion to the moderators
Replies: 17
Views: 4126

I don't look at the categories anyway so I don't think it would matter. My suggestion would be to allow easier searching of members. For example, once you are in a thread I am not aware of anyway to simply click on a user's name and go to his profile. Try the "profile" box at the bottom o...
by earlyout
Sat Jan 03, 2009 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Expense Worksheet
Replies: 11
Views: 2405

Congratulations on realizing that it is necessary to track what you spend. I've used Quicken for about the last 10 years to keep track of what we spend. Quicken lets you set up the spending categories any way you wish and it is easy to generate different reports. It has worked very well for us. I al...
by earlyout
Thu Jan 01, 2009 4:34 pm
Forum: Investing - Theory, News & General
Topic: REGISTRATION FOR 2009 BOGLEHEADS CONTEST
Replies: 296
Views: 49542

I'll guess 1144.

EO
by earlyout
Thu Jan 01, 2009 11:38 am
Forum: Investing - Theory, News & General
Topic: Delay SS vs withdraw 401K money in down market?
Replies: 35
Views: 5632

Question

... In my wife and my case we will hit 70 and 66 nearly simultaneously so will maximize her surviving spouse benefit without an early filing discount somewhat automatically if we both wait. (My wife's benefit is less than half of mine and if my wife files before her full retirement age her survivor...
by earlyout
Tue Dec 30, 2008 5:56 pm
Forum: Personal Investments
Topic: Stock option question
Replies: 7
Views: 1339

I assume you are talking about non-qualified options. You should check with the administrator of the options program regarding the "cashless" exercise. My experience is this applies only if you exercise the options and then sell the stock immediately (take the cash). The proceeds of the sa...
by earlyout
Tue Dec 30, 2008 5:44 pm
Forum: Personal Investments
Topic: Just a funny poll
Replies: 5
Views: 1266

And if my portfolio performed as expected in an environment like we have this year? The portfolio is fine with less than 1% in cash.

Maybe you can expand your poll to include those that are satisfied with their portfolios.

EO
by earlyout
Fri Dec 12, 2008 4:48 pm
Forum: Personal Investments
Topic: Capital Loss Carryover Limits
Replies: 4
Views: 2379

I am a little confused. If net capital loss is 20k in 2008 and 3k is used up to offset odinary income you have a carry foward of 17k. Can the 17k that was carried foward to 2009 be used to offset a 17k capital gain in 2009 or is there a 3k limit? Is the 3k limit only to reduce ordinary income in a ...
by earlyout
Fri Dec 12, 2008 4:41 pm
Forum: Personal Consumer Issues
Topic: TurboTax 2008 available for download!
Replies: 198
Views: 49227

Question for Intuit

Based on reports elsewhere, the TurboTax user had to be connected to the internet while using the program. Apparently this was part of the mechanism used to control (and charge) for the extra tax returns. Is the requirement to be connected to the internet removed with the change in pricing or is the...
by earlyout
Thu Dec 11, 2008 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: SS question on spousal benefits
Replies: 8
Views: 2158

My apologies. You do not have to file and suspend for your wife to claim a full survivor benefit based on your record. You may want to look at "survivor benefits" on the SSA website.

EO
by earlyout
Thu Dec 11, 2008 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: SS question on spousal benefits
Replies: 8
Views: 2158

Spousal / Survivor

Prentis,

Survivor benefits are not the same as spousal benefit. I think your wife's survivor benefit will be very close to 100% of whatever benefit you have earned when you die. You're right about her receiving 50% of your benefit when you reach age 70 and start taking benefits.

EO
by earlyout
Thu Dec 11, 2008 8:49 am
Forum: Investing - Theory, News & General
Topic: TaxCut 2008 available now for download
Replies: 20
Views: 8239

TheEternalVortex wrote:How much do extra state versions cost?
The TaxCut website indicates that additional state returns are $29.95 each plus a $19.95 charge to e-file each state, including the first one.

EO
by earlyout
Thu Dec 11, 2008 8:41 am
Forum: Personal Investments
Topic: tax loss selling
Replies: 6
Views: 2182

Exchange TSM into Large Cap Index fund. In 60 days, if the market is at about the same level as it is now, or lower, then switch it all back to TSM. If much higher, hold Large Cap Index. Either way, you get to offset $3K off your taxes this year, and you get $27K to offset future capital gains/inco...
by earlyout
Tue Dec 02, 2008 3:40 pm
Forum: Personal Consumer Issues
Topic: AARP Tax-Aide and IRS VITA Tax Preparation Programs
Replies: 7
Views: 2306

Let the IRS do it.

A quick scan of the instructions for the 2008 1040 indicate that you can let the IRS do the calculation by entering "RRC" in line 71. The instructions also indicate that you can get the numbers from ww.irs.gov. (edit: I checked the website for our stimulus payment and it gave the correct a...
by earlyout
Tue Dec 02, 2008 11:40 am
Forum: Personal Investments
Topic: Carry capital loss over indefinitely?
Replies: 21
Views: 5532

Capital gain

Remember that a loss carryover will be applied first to any long term gain, even if that gain is taxed at 0% in 2008-2010. Also keep in mind that the $3000 limit only applies to regular income. As an example think about a couple in the 15% tax bracket with a$20,000 loss carry over to 2009. The marke...
by earlyout
Fri Nov 21, 2008 10:20 pm
Forum: Personal Consumer Issues
Topic: No Hot Water! What to Do?
Replies: 76
Views: 12758

How much do you want to spend?

If your current gas water heater is easily accessible to your electric service panel, you could get an electric water installed for about under a $1000. Cut out the gas heater and replace it with an electric heater. You need access to the electric panel since the electric water heater needs a separa...
by earlyout
Mon Nov 17, 2008 1:30 pm
Forum: Personal Consumer Issues
Topic: Computer Keyboard
Replies: 19
Views: 4079

Type of keyboard

You probably have a PS-2 type plug on your old keyboard. Make certain the "new" keyboard you get has the same type plug. A keyboard with a USB connector probably won't work on the older PC.

ED
by earlyout
Sun Nov 16, 2008 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: Qualified LT Care Expense = ~ Zero Incom Tax Liability??
Replies: 5
Views: 1362

Beth, My parents spent their last years in an assisted living facility because of illness (Alzheimers/dementia). I filed their taxes for them and itemized nearly all of their assisted living expenses as a medical deduction. This deduction included their lodging and meals. They ended up paying zero o...
by earlyout
Wed Nov 12, 2008 11:24 am
Forum: Personal Investments
Topic: Mutual fund distribution, tax loophole?
Replies: 7
Views: 1545

EDIT: Original post deleted. I checked the instructions for form 1040 re capital gain distributions. Short term capital gain distributions are not reported as capital gain but are included as ordinary dividends on the 1099-DIV (and taxed as regular income). The short term capital loss in this case w...