Search found 65 matches

by Megamill
Wed Jan 01, 2020 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 669

Re: Questions about DS (minor) filing his own tax return

We’ve paid someone to do our taxes for decades. The last time I did it myself was on the short (paper) form I think it was the 1040EZ—I’ve never used turbo tax or any other tax prep software. I thought about just having our tax guy do DS’s tax return but he (DS) wants to do it. So thanks to all who ...
by Megamill
Tue Dec 31, 2019 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 669

Re: Questions about DS (minor) filing his own tax return

Do you mean he shouldn’t claim himself for the std deduction?
by Megamill
Tue Dec 31, 2019 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 669

Re: Questions about DS (minor) filing his own tax return

Good point about the learning opp! DS was a bit shocked when he saw how much was withheld from those first couple paychecks even though it's pretty minimal (now).
by Megamill
Tue Dec 31, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 669

Re: Questions about DS (minor) filing his own tax return

Yes, we have been including the UTMA accounts on our tax returns. So just want to make sure who reports what now that he wants to start filing his own.
by Megamill
Tue Dec 31, 2019 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Questions about DS (minor) filing his own tax return
Replies: 11
Views: 669

Questions about DS (minor) filing his own tax return

DS would like to get a tax refund of all fed taxes he paid from his PT job (which will only amount to a few hundred $). So I told him he has to file his own tax return and he said he learned how to do that in one of his classes so he's ready. Questions: Will he be responsible for reporting the inter...
by Megamill
Wed Nov 27, 2019 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Anyone consider financial health of college in decision?
Replies: 17
Views: 1455

Anyone consider financial health of college in decision?

Forbes put out an article today "Dawn Of The Dead: For Hundreds Of The Nation’s Private Colleges, It’s Merge Or Perish". I was surprised at some of the names that are ranked "C" and below on the list. Question to BH parents of college (or soon to be) kids: Do you try to find out the financial health...
by Megamill
Wed Nov 27, 2019 10:55 am
Forum: Personal Investments
Topic: What's Your Opinion on a Custodial Brokerage Account?
Replies: 12
Views: 1077

Re: What's Your Opinion on a Custodial Brokerage Account?

If the kids don't know the UTMA accounts exist, they won't be able to blow it foolishly at age majority, right?
by Megamill
Thu Oct 24, 2019 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Question About Academic Scholarships
Replies: 11
Views: 551

Re: Question About Academic Scholarships

I asked this question because in our case, I was blown away at how much DS will be awarded from a particular small private university close to home. Additionally, there is another award (renewable each year) that he can apply for and if he receives that, we would end up potentially paying only about...
by Megamill
Thu Oct 24, 2019 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Question About Academic Scholarships
Replies: 11
Views: 551

Re: Question About Academic Scholarships

Thank you both for the info and the link to that NYT article: "What College Admissions Offices Really Want Elite schools say they’re looking for academic excellence and diversity. But their thirst for tuition revenue means that wealth trumps all." This is what I suspected but must have not used good...
by Megamill
Thu Oct 24, 2019 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Question About Academic Scholarships
Replies: 11
Views: 551

Question About Academic Scholarships

Probably a dumb question, but when an incoming freshman is awarded a generous scholarship based on ACT score and HS GPA, does the university actually get that scholarship money or is it a "discount"? So does the school make more $ off the kids who are paying full tuition than the kids that are award...
by Megamill
Wed Oct 09, 2019 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

I would be wary of any finance degree that didn't involve a lot of math. Look at the pre-requisites for the courses. Some finance degrees are very serious. Others are glorified undergraduate business management degrees with just a smidgen more math (of course the best undergraduate business degrees...
by Megamill
Tue Oct 08, 2019 12:27 pm
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

I'm a finance/accounting double major with a CPA. I work for a Fortune 500 company in corporate finance. I started in the accounting department and moved into finance. Similar career path for many of my finance co-workers. Seems like it is easier to move from accounting into finance. Suggest lookin...
by Megamill
Tue Oct 08, 2019 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

FrugalConservative wrote:
Tue Oct 08, 2019 11:04 am
Accounting major with a finance minor.
After reading through all the great responses, I agree with this and then top it off with CPA...
by Megamill
Sun Oct 06, 2019 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

It really depends what he wants to do. The pros are finance is it’s much easier to get into specialized fields like trading, commercial/investment banking, etc. but the downside is only the very best get into those so it’s much harder for the average student to get a good paying job with just a gen...
by Megamill
Sun Oct 06, 2019 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

From the perspective of HR in a Fortune 10, the most critical part is being a properly certified CPA that can sign off company accounts, e.g. of subsidiaries or even medium sized individual companies. How he gets there, or whether he loves or hates accounting is irrelevant. I have a daughter with a...
by Megamill
Sun Oct 06, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

willthrill81, actually I'm thinking we revert back to plan A completely, which is first 2 years at the (public) cc, which when he starts out, his advisor will help him to select the right courses to ensure that all credits will x-fer over to the 4 year U. (This state U program allows students to att...
by Megamill
Sun Oct 06, 2019 9:59 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

The other option (which was "plan A") is for DS to attend one of our state's (public) cc (also small and close to home--he wants to save $ by commuting rather than live on campus) for the first 2 years which he can then guarantee transfer to the local "parent" state (public) 4 year U to finish off t...
by Megamill
Sun Oct 06, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Re: Finance or Accounting Degree?

Lots of really good info from all your posts. Thank you all--it means a lot coming from you all. Consensus appears to be Accounting degree, which is what he had thought to pursue on his own. I thought maybe Finance would be the better route, so I'm glad I asked the question here. I do see him also t...
by Megamill
Sat Oct 05, 2019 10:46 am
Forum: Personal Finance (Not Investing)
Topic: Finance or Accounting Degree?
Replies: 81
Views: 6085

Finance or Accounting Degree?

Math has always come very easily for DS and he has no interest whatsoever in anything STEM. Anyone have any input on which degree (Finance or Accounting) would offer better future opportunities?
by Megamill
Thu Oct 03, 2019 3:14 pm
Forum: Personal Investments
Topic: Kids Investment Account
Replies: 30
Views: 2246

Re: Kids Investment Account

fwiw...My DS at 17 is a little older than your DD, but he has a PT job and is averaging about $150 - $200 per week in earnings. I talked to him about a Roth IRA and that if he wanted me to open one for him, I would match all of his contributions (up to his total gross income or the $6k limit). He ag...
by Megamill
Wed Sep 25, 2019 7:24 pm
Forum: Personal Investments
Topic: Starting a Custodial Roth IRA
Replies: 4
Views: 447

Re: Starting a Custodial Roth IRA

Thanks mhalley and Duckie. So rather than wait until the end of the calendar year, the parent could just match the kid's gross paycheck (from W2 job) every pay day. So if kid is averaging $400 every biweekly paycheck, then parent could deposit $400 into the Roth IRA every other week as long as the c...
by Megamill
Wed Sep 25, 2019 10:40 am
Forum: Personal Investments
Topic: Starting a Custodial Roth IRA
Replies: 4
Views: 447

Starting a Custodial Roth IRA

I have a few questions regarding Roth IRA for a minor. I know that as long as the kid has earned income s/he can contribute to the Roth IRA up to the total earned income. I've also read about how some parents match the kid's contributions. Questions: 1. Is the contribution to the kid's Roth IRA limi...
by Megamill
Sun Sep 22, 2019 9:06 am
Forum: Personal Finance (Not Investing)
Topic: Health ins ?s for younger spouse
Replies: 3
Views: 440

Re: Health ins ?s for younger spouse

Also mhalley, thanks very much for that link. Very helpful.
by Megamill
Sun Sep 22, 2019 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Health ins ?s for younger spouse
Replies: 3
Views: 440

Re: Health ins ?s for younger spouse

By "future ss", I mean DF's DH has not yet claimed. Also, his retiree health plan stops (for both of them) when he turns 65 but DF is younger so won't be Medicare eligible for a few more years.
by Megamill
Sat Sep 21, 2019 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Health ins ?s for younger spouse
Replies: 3
Views: 440

Health ins ?s for younger spouse

Asking on behalf of a Dear Friend (DF) whose retired DH has health ins (for both) through his former employer until 65. I know that DF can look for her own insurance on the ACA exchange and in doing so, also possibly qualify for a subsidy. Three questions: 1. Assuming they file MFJ, the subsidy is b...
by Megamill
Mon Sep 09, 2019 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Equifax breach settlement update?
Replies: 49
Views: 4602

Re: Equifax breach settlement update?

I had not responded previously on the Equifax situation, but got an email over the weekend soliciting my participation. The current status seems to be either (1) “up to” $125 cash, or (2) four years of free credit monitoring, followed by six more years of Equifax-only monitoring. We opted for door ...
by Megamill
Mon Sep 09, 2019 7:45 am
Forum: Personal Finance (Not Investing)
Topic: Equifax breach settlement update?
Replies: 49
Views: 4602

Re: Equifax breach settlement update?

What about those who opt for the free credit monitoring? Does it just automatically kick in?
by Megamill
Sun Sep 08, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Equifax settlement: how to file claim?
Replies: 156
Views: 15156

Re: Equifax settlement: how to file claim?

DH and me were supposedly affected (after I entered the last 6 of our SS a couple weeks ago) so we both opted for the free monitoring service, but I just realized that we never received any follow up e-mail with next steps, etc. I did save a copy of the pdf summary for both of us, but still, shouldn...
by Megamill
Wed Aug 28, 2019 5:05 pm
Forum: Personal Finance (Not Investing)
Topic: What makes your dream house so special?
Replies: 41
Views: 3350

Re: What makes your dream house so special?

Own outright (no mortgage) Walk-in closet in master Dual vanity, walk-in shower master bath First floor laundry Good size flat lot in SAFE area with the BEST neighbors Nobody behind us (conservancy behind back yard) Single story Finished dry basement with full bath, wet bar, extra living space and h...
by Megamill
Sun Aug 25, 2019 11:08 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

Re: How Best to Leverage AOTC When Usually Receive Tax Refund?

Thank you all for the very helpful info. For some reason I was over complicating all of this based on articles I have read about AOTC. One other question I just thought of...I have a bunch of iBonds that I don't have the total interest to date handy. I purchased them over the years with the intentio...
by Megamill
Sun Aug 25, 2019 9:47 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

Re: How Best to Leverage AOTC When Usually Receive Tax Refund?

Regarding payment schedules, some schools deliberately bill both semesters before December 31, (say Aug 8 deadline for fall, and Dec 8 deadline for the following spring) so you get two semesters paid in a single year. This lines up nicely with the 4 year limit to eligibility for AOTC. Good to know....
by Megamill
Sun Aug 25, 2019 9:43 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

Re: How Best to Leverage AOTC When Usually Receive Tax Refund?

There is a line that shows your total tax for the year. For 2018 1040 form, that is on line 15, called "total tax". If that is greater than than the credit amount ($2500 in the case of the AOTC), then you get the whole $2500 back. The fact that you may have had too much withheld does not change tha...
by Megamill
Sun Aug 25, 2019 8:45 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

Re: How Best to Leverage AOTC When Usually Receive Tax Refund?

The biggest issue with expecting a tax refund is not the interest-free loan (which is a trivial cost at today's rates) but the possibility that something goes wrong and your refund is delayed. I have had three state tax refunds delayed because of errors (two by the state, one by me). [/quote Good p...
by Megamill
Sun Aug 25, 2019 8:41 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

Re: How Best to Leverage AOTC When Usually Receive Tax Refund?

I think you might have a misunderstanding on how the tax credit works. It is credited against the entire tax bill for the year, not just what you owe at tax filing time. So, even if you over withheld, as long as you had sufficient total taxes due for the year, you will have the full amount credited...
by Megamill
Sun Aug 25, 2019 8:35 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

Re: How Best to Leverage AOTC When Usually Receive Tax Refund?

#3 just make sure you pay at least $4,000 out of pocket for every year you want to claim the AOTC. Can you explain why I would need to pay at least $4k out of pocket to claim the AOTC? Wouldn't the minimum you need to pay out of pocket be $2,500 (the max amount of AOTC)? Also, if you pay for the Fa...
by Megamill
Sat Aug 24, 2019 9:23 am
Forum: Personal Finance (Not Investing)
Topic: How Best to Leverage AOTC When Usually Receive Tax Refund?
Replies: 15
Views: 697

How Best to Leverage AOTC When Usually Receive Tax Refund?

A couple questions for all who have claimed the AOTC for your kids' college tuition/expenses: 1. If DS starts first year of college in Fall of 2020, and we pay first semester tuition at that time, we'd be eligible for the credit when filing 2020 income tax, right? 2. We typically receive a fed tax r...
by Megamill
Wed Aug 07, 2019 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Is SS# Really Necessary on College App When No Financial Aid is Requested?
Replies: 7
Views: 500

Re: Is SS# Really Necessary on College App When No Financial Aid is Requested?

Ok, so if he skips it on the application, then there will be an opportunity to include it during the actual enrollment process?
by Megamill
Wed Aug 07, 2019 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Is SS# Really Necessary on College App When No Financial Aid is Requested?
Replies: 7
Views: 500

Is SS# Really Necessary on College App When No Financial Aid is Requested?

It's college application time for DS and I was just scanning through the application process instructions and there is a statement saying that although the applicant is not legally required to provide SS#, they are strongly encouraged to do so and that it's required when applying for financial aid o...
by Megamill
Tue Aug 06, 2019 7:25 am
Forum: Personal Investments
Topic: Is 0.30% Annual Fee on HSA Investment Account Reasonable?
Replies: 16
Views: 1254

Re: Is 0.30% Annual Fee on HSA Investment Account Reasonable?

Thanks all for the very helpful info. Lots of food for thought...
by Megamill
Mon Aug 05, 2019 3:25 pm
Forum: Personal Investments
Topic: Is 0.30% Annual Fee on HSA Investment Account Reasonable?
Replies: 16
Views: 1254

Re: Is 0.30% Annual Fee on HSA Investment Account Reasonable?

Ok, this is getting interesting...So are these the steps I would follow to leverage Fidelity's preferable management of HSA: 1. Ask my employer's HSA provider if I can make transfers out of it to another HSA and find out if there are fees to do this 2. If yes, then open an HSA at Fidelity 3. Do the ...
by Megamill
Sun Aug 04, 2019 2:40 pm
Forum: Personal Investments
Topic: Is 0.30% Annual Fee on HSA Investment Account Reasonable?
Replies: 16
Views: 1254

Re: Is 0.30% Annual Fee on HSA Investment Account Reasonable?

Is it enough of a ripoff to keep me from investing any of it? There are a few low cost Vanguard funds available (I was eyeing the 2030 target retirement fund @ 0.14% ER). Assuming I don't need the funds for another 5 to 10 years and plan to continually add to it each month...
by Megamill
Sun Aug 04, 2019 2:28 pm
Forum: Personal Investments
Topic: Is 0.30% Annual Fee on HSA Investment Account Reasonable?
Replies: 16
Views: 1254

Is 0.30% Annual Fee on HSA Investment Account Reasonable?

I have about $20k in my HSA not invested (yet). My HSA investment provider charges an annual fee of 0.30% (in addition to any of the mutual fund expense ratios). Is this extra fee pretty standard or is it a ripoff?
by Megamill
Wed Jul 31, 2019 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: How do you decide what car to buy for your kid
Replies: 91
Views: 4567

Re: How do you decide what car to buy for your kid

DH bought a 2006 Accord with 96k miles for 6k for DS on the coldest day of Winter (every school and practically every business was closed except this car place.) It was very well maintained as per the entire service history that was included in the paperwork. He will probably be able to put another ...
by Megamill
Wed Jul 31, 2019 10:19 am
Forum: Personal Investments
Topic: Help for a relative
Replies: 17
Views: 1506

Re: Help for a relative

Is there another friend/relative that she can live with and possibly do household chores in exchange for rent?
by Megamill
Thu May 09, 2019 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: ? about Roth 401k Segregation of Contributions & Growth
Replies: 11
Views: 811

Re: ? about ROTH 401k Segregation of Contributions & Growth

Yes it’s very confusing indeed. When I look at the screen that breaks out the sources it includes my contributions, both pre and post tax and employer match amount. I just want to be sure that all my Roth contributions and earnings are being correctly tracked to ensure clean rollovers to rIRA and tI...
by Megamill
Wed May 08, 2019 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Handling Stock Grants
Replies: 12
Views: 881

Re: Handling Stock Grants

Thanks for that link.

"When you later sell the shares, you will pay capital gains tax on any appreciation over the market price of the shares on the vesting date."

I think that answers my question.
by Megamill
Wed May 08, 2019 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Handling Stock Grants
Replies: 12
Views: 881

Re: Handling Stock Grants

For RSUs--how would they be taxed when sold (long after vest)? The withholding has already been taken and that's what confuses me because there will also be LTCG, right?
by Megamill
Wed May 08, 2019 9:02 am
Forum: Personal Finance (Not Investing)
Topic: Handling Stock Grants
Replies: 12
Views: 881

Re: Handling Stock Grants

For those of you that choose to hold some of the company stock grants (and watch them grow), when you finally do sell, how are taxes calculated? (Please explain as if to a caveman :happy )
by Megamill
Tue May 07, 2019 8:13 am
Forum: Personal Finance (Not Investing)
Topic: ? about Roth 401k Segregation of Contributions & Growth
Replies: 11
Views: 811

Re: ? about ROTH 401k Segregation of Contributions & Growth

Thanks! So when it's time for the rollover, I presume that the 401k provider will know that there will be 2 rollover "paths", one to tIRA and the other to rIRA, right?