Search found 6858 matches

by pshonore
Sat Mar 28, 2020 5:04 pm
Forum: Personal Investments
Topic: [Can you reverse a RMD made before the CARES act?]
Replies: 7
Views: 1016

Re: [Can you reverse a RMD made before the CARES act?]

AFAIK, there's no way to deposit money into an existing Roth account unless you're making a current or previous year contribution (or rolling from another existing Roth). That means your broker is going to have to reprogram their systems to allow it and get the taxes right. That is going to take ti...
by pshonore
Sat Mar 28, 2020 4:29 pm
Forum: Personal Investments
Topic: [Can you reverse a RMD made before the CARES act?]
Replies: 7
Views: 1016

Re: [Can you reverse a RMD made before the CARES act?]

AFAIK, there's no way to deposit money into an existing Roth account unless you're making a current or previous year contribution (or rolling from another existing Roth). That means your broker is going to have to reprogram their systems to allow it and get the taxes right. That is going to take tim...
by pshonore
Thu Mar 26, 2020 8:14 am
Forum: Personal Finance (Not Investing)
Topic: Anyway to appeal denial of real estate tax relief?
Replies: 7
Views: 669

Re: Anyway to appeal denial of real estate tax relief?

So CDs get counted as assets but not checking accounts/brokerage accounts? As an example, In most places in CT assets get counted along with income for elderly tax relief. YMMV.
by pshonore
Wed Mar 25, 2020 10:44 am
Forum: Personal Investments
Topic: Fidelity IVV price
Replies: 4
Views: 252

Re: Fidelity IVV price

IVV is actually ex-dividend today (paying $1.0622) so that may be the culprit
by pshonore
Wed Mar 25, 2020 8:58 am
Forum: Personal Investments
Topic: Fidelity IVV price
Replies: 4
Views: 252

Re: Fidelity IVV price

Fido quote facility shows yesterday close as 244.3486
by pshonore
Mon Mar 23, 2020 3:33 pm
Forum: Personal Investments
Topic: ETF sale: when are funds available to trade?
Replies: 7
Views: 217

Re: ETF sale: when are funds available to trade?

Most brokerage accounts should be set up as margin accounts, which means you don't have to worry about any of this stuff and any funds from sales are always available immediately. In that case, be careful to turn off security lending if available. Otherwise "payments in lieu of" (dividends on lent ...
by pshonore
Mon Mar 23, 2020 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: [TAX Q] Work from home status change from voluntary to mandatory
Replies: 6
Views: 459

Re: [TAX Q] Work from home status change from voluntary to mandatory

I thought that deduction was only for self employment, not as an employee (Turbotax also does not mention this deduction for non-self employment as far as I can tell) If I am wrong let me know. I have been working from home due to my employer making it mandatory ....and if I can deduct that, that w...
by pshonore
Sun Mar 22, 2020 11:01 am
Forum: Personal Finance (Not Investing)
Topic: Flexible premium adjustable life insurance policy inherited - advice?
Replies: 6
Views: 255

Re: Flexible premium adjustable life insurance policy inherited - advice?

How does one "inherit" a policy? The named insured is generally considered the owner. First thing to do would be to get a Policy Statement of Value from the insuror showing cash value, projected payments, how long the policy remains in force and all those other financial details.
by pshonore
Sun Mar 22, 2020 7:43 am
Forum: Personal Finance (Not Investing)
Topic: unemployment insurance for gig and misclassified workers
Replies: 21
Views: 1559

Re: unemployment insurance for gig and misclassified workers

While a Sole Proprietor can issue a paycheck to valid employees and withhold taxes, etc, I doubt they can issue one to self. Of course, another solution would be to form an S-Corp or partnership.
by pshonore
Sat Mar 21, 2020 3:14 pm
Forum: Personal Consumer Issues
Topic: [What TV Show Have You Recently Watched?]
Replies: 2195
Views: 232213

Re: [What TV Show Have You Recently Watched?]

American Greed on CNBC. Curious if other Bogleheads enjoy that show. Love this show also. Not saying I'm immune, but I always love at the end when the victims say "...but he seemed so honest and sincere." But almost all of them did no due diligence and they don't realize that's the conperson's job ...
by pshonore
Sat Mar 21, 2020 3:07 pm
Forum: Personal Consumer Issues
Topic: [What TV Show Have You Recently Watched?]
Replies: 2195
Views: 232213

Re: [What TV Show Have You Recently Watched?]

American Greed on CNBC. Curious if other Bogleheads enjoy that show. Love this show also. Not saying I'm immune, but I always love at the end when the victims say "...but he seemed so honest and sincere." But almost all of them did no due diligence and they don't realize that's the conperson's job ...
by pshonore
Sat Mar 21, 2020 2:55 pm
Forum: Personal Investments
Topic: Two tax questions regarding K-1s
Replies: 2
Views: 187

Re: Two tax questions regarding K-1s

Generally speaking, the IRS generally tries to match total sale proceeds on all your 1099B forms to Sched D of your return. I don't know if a $2 diff will cause a mismatch or not. Nothing on the K1 in Part III? Not even zeros? Thats unusual. I usually skip filling in the Cap Account myself.
by pshonore
Sat Mar 21, 2020 10:01 am
Forum: Personal Finance (Not Investing)
Topic: unemployment insurance for gig and misclassified workers
Replies: 21
Views: 1559

Re: unemployment insurance for gig and misclassified workers

Unemployed benefits are mostly paid by levies on employers, and can be "experience rated" (meaning what an employer pays in "premiums" is based on how many people they let go). Self employed folks pay nothing in so get nothing back. Its a tough problem and there is no easy solution.
by pshonore
Sat Mar 21, 2020 9:50 am
Forum: Investing - Theory, News & General
Topic: I am up 7%!
Replies: 11
Views: 2429

Re: I am up 7%!

1/1/09 was almost the bottom of the Big Crash. And there's nothing wrong with using that as a starting point, but I bet your numbers will be significantly different if you use 1/1/10 or 1/1/11 as the start.
by pshonore
Wed Mar 18, 2020 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: K-1 Estates and Trusts Question-Excess Deductions on Termination
Replies: 22
Views: 1231

Re: K-1 Estates and Trusts Question-Excess Deductions on Termination

Actually, I was able to override the entry, but the amount of deduction is six figures (due to legal action), and it will also not input the dollar amount onto the form. Also, the software states that you cannot efile when overriding. Perhaps I should take my taxes to a tax preparer. We are both ju...
by pshonore
Tue Mar 17, 2020 10:34 am
Forum: Personal Consumer Issues
Topic: How to get Toilet Paper ? seriously.
Replies: 684
Views: 57743

Re: How to get Toilet Paper ? seriously.

The local joke in these parts is people are using their CVS receipts. (CVS is known for producing a 3 foot long cash register receipt for a single item purchase). On the other hand, its only about 3" wide and not very soft :happy
by pshonore
Sun Mar 15, 2020 8:36 am
Forum: Investing - Theory, News & General
Topic: 1099 error; file or wait
Replies: 3
Views: 160

Re: 1099 error; file or wait

If it were me and I couldn't wait for the corrected form, I would file the full amount and take a deduction on Sched C titled "duplicate check amount", thereby paying the "correct" amount. When the corrected form arrives, you can file an amended return.
by pshonore
Sun Mar 15, 2020 8:08 am
Forum: Investing - Theory, News & General
Topic: For MLP investors:
Replies: 19
Views: 1334

Re: For MLP investors:

If markets are even modestly efficient, the risk-adjusted expected return for these should be close to the market return, so why invest the time and effort as a retail investor? I mean that seriously. I have looked at MLPs several times and probably gone down the rabbit hole of figuring out partner...
by pshonore
Sat Mar 14, 2020 9:04 pm
Forum: Investing - Theory, News & General
Topic: For MLP investors:
Replies: 19
Views: 1334

Re: For MLP investors:

Have owned MLP symbol EPD for more than 10 years. I believe it is the largest pipeline company. They are just 0.5% of our portfolio (and you probably know the drop in the last month has approached a 50% decline). The yield is now around 11.5%. That assumes distributions continuously have in the pas...
by pshonore
Thu Mar 12, 2020 7:38 pm
Forum: Personal Investments
Topic: When does a Roth conversion take place? (Time of day)
Replies: 4
Views: 296

Re: When does a Roth conversion take place? (Time of day)

When Fido held my TIRA, I was able to do an online Roth conversion as late as roughly 7pm and got the closing price of whatever stock or ETF I was converting "in-kind" for that day. I'll bet each broker has their own cutoff time.
by pshonore
Thu Mar 12, 2020 5:23 pm
Forum: Investing - Theory, News & General
Topic: Vanguard's Wellesley Income fund is incredible
Replies: 595
Views: 123725

Re: Vanguard's Wellesley Income fund is incredible

sixtyforty wrote: Thu Mar 12, 2020 5:14 pm Today:

40(VTI)/60(BND) : -7.144%

Wellesley: - 4.57%

Not bad considering how brutal this market is.
That makes it about -8.8% YTD.
by pshonore
Thu Mar 12, 2020 9:15 am
Forum: Investing - Theory, News & General
Topic: Vanguard counting Roth conversions as RMD!
Replies: 20
Views: 1401

Re: Vanguard counting Roth conversions as RMD!

When I try to do a Roth conversion, I'm asked if my RMD has been completed. (If I have IRAs at multiple brokers, they have no way of knowing).
by pshonore
Wed Mar 11, 2020 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: Estimating Quarterly Taxes (Federal & State)
Replies: 7
Views: 562

Re: Estimating Quarterly Taxes (Federal & State)

LLCs are ignored for tax purposes; so she's either a Sole Proprietor (use Schedule C) or has a S-Corp in which case there's a separate return for that which will produce a K1 that goes into your normal return (Form1040). Find a good CPA. And don't forget to make payroll filings reflecting the salary...
by pshonore
Sun Mar 08, 2020 9:27 am
Forum: Personal Finance (Not Investing)
Topic: No attachments when eFiling using H&R Block's home software?
Replies: 13
Views: 1085

Re: No attachments when eFiling using H&R Block's home software?

Note that depending on what you want to attach, Form 8453 may help. It becomes part of your return and is used to then mail in required documentation. Power of Attorney documentation is a common example
by pshonore
Sun Mar 08, 2020 9:00 am
Forum: Investing - Theory, News & General
Topic: For MLP investors:
Replies: 19
Views: 1334

Re: For MLP investors:

Oh the dreaded K1! K1 forms are really not difficult and TurboTax handles them very well. In the year of sale, it does get somewhat complex though. I would however advise against buying an MLP in TIRA or Roth because of the possibility of becoming subject to a tax on UBTI (Unrelated Business Taxable...
by pshonore
Sat Mar 07, 2020 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax & Corrected 1099-DIV
Replies: 3
Views: 310

Re: Turbotax & Corrected 1099-DIV

Sure, just change the numbers on the form. Do you know how to work in "Form mode"? I suppose you could go thru the Interview again and change the numbers as well.
by pshonore
Sat Mar 07, 2020 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: deducting home office equipment?
Replies: 4
Views: 452

Re: deducting home office equipment?

Let's say you are an employee, & are instructed by your company to work from home, due to state of emergency declaration in CA. Working for hours with your laptop on dining room table is painful. Would buying an office chair & a standing desk be deductible? Would you have to depreciate expenses ove...
by pshonore
Fri Mar 06, 2020 10:02 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax with RMDs and QCD
Replies: 14
Views: 775

Re: TurboTax with RMDs and QCD

I had a different experience in my 2019 Form 1040 using Turbotax to report my wife's QCD of all of her RMD. (In the 2017 tax return, I simply imported her 1099-R showing the same full amount of the distribution in Box 1 Gross Distribution as well as in Box 2a Taxable amount, without changing anythi...
by pshonore
Tue Mar 03, 2020 11:30 pm
Forum: Personal Investments
Topic: Edward Jones didn't transfer partial shares to Vanguard
Replies: 6
Views: 880

Re: Edward Jones didn't transfer partial shares to Vanguard

AFAIK fractional shares do not transfer for stock and ETFs, but they do transfer for mutual funds. At least they did for me.
by pshonore
Mon Mar 02, 2020 7:19 pm
Forum: Personal Investments
Topic: Taxes on Sell of Rental Property
Replies: 7
Views: 760

Re: Taxes on Sell of Rental Property

You certainly owe tax to MA on the sale (and since you're not a resident they may require withholding when the closes). CA will tax you on all your income (including the MA cap gain) but likely give you a credit for some or all of what you paid to MA.
by pshonore
Mon Mar 02, 2020 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Import Fidelity 1099-DIV information for tax return preparer?
Replies: 2
Views: 203

Re: Import Fidelity 1099-DIV information for tax return preparer?

Just log into Fido and download the pdf of your Consolidated 1099, print it out and give to him or her. I doubt a "worksheet" of the info would be easier to use.
by pshonore
Sun Mar 01, 2020 1:32 pm
Forum: Personal Consumer Issues
Topic: Dog grooming clippers - any recommendations?
Replies: 18
Views: 659

Re: Dog grooming clippers - any recommendations?

Given that additional information, you may want to consider purchasing a #40 blade in addition to the regular grooming blade that comes with the unit. This will allow you to clip the hot spot area down to the skin, which is critical to preventing it from spreading. Clean and disinfect (rubbing alco...
by pshonore
Sun Mar 01, 2020 9:36 am
Forum: Personal Consumer Issues
Topic: Boiler cracked - heating alternatives?
Replies: 22
Views: 1163

Re: Boiler cracked - heating alternatives?

If you truly have a cracked boiler in your burner, its probably time for a brand new unit. Taking apart an entire burner to replace the boiler is a very labor intensive process, assuming parts are available. $8-10K does sound on the high side though. Also how do your heat hot water for domestic use?...
by pshonore
Tue Feb 25, 2020 6:32 pm
Forum: Personal Finance (Not Investing)
Topic: 35 year old Universal Life policy- Time to cancel?
Replies: 8
Views: 1029

Re: 35 year old Universal Life policy- Time to cancel?

Get an in force illustration. Something about Universal Life is that it is NOT permanent. I had a policy like this that my dad (owned insurance agency) bought for me and at 27 years into it, I got the illustration and saw that the cash value was already dropping annually. This is because the premiu...
by pshonore
Mon Feb 24, 2020 9:45 am
Forum: Investing - Theory, News & General
Topic: Fidelity [website issues Feb 24 2020]
Replies: 46
Views: 2694

Re: Fidelity

Same here. Login and instead of showing my accounts, it shows my DAF. Looks like a massive down day
by pshonore
Thu Feb 20, 2020 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Breakdown of State Retirement taxation
Replies: 5
Views: 686

Re: Breakdown of State Retirement taxation

Thought CCH was a free website. Now it appears if you want details, the choice is "sign up for a free trial or contact a representative"
by pshonore
Wed Feb 19, 2020 3:25 pm
Forum: Personal Investments
Topic: What topics/questions to ask on inheritance tax prep ?
Replies: 5
Views: 399

Re: What topics/questions to ask on inheritance tax prep ?

Well, I'm the trustee and the executor as well--sorry the conflation created confusion. Sounds like the bonds is worth discussing. Thanks. Just a reminder that many states who tax income start with Federal AGI. Its therefore possible that a person may not have enough income (after deductions) to ow...
by pshonore
Wed Feb 19, 2020 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Missing 1099-R, Can I Just Report Income?
Replies: 13
Views: 761

Re: Missing 1099-R, Can I Just Report Income?

If the withdrawal is less than $600, they do not need to send a form. You will need the EIN number and exact name of the payer to efile. You also need the box 7 code. Have you tried calling with the friend? I have been given the information over the phone before especially when I already can give t...
by pshonore
Tue Feb 18, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity is late with 1099
Replies: 49
Views: 4473

Re: Fidelity is late with 1099

Update: I received an email from Fidelity stating that it may be delayed until March 6. Sounds like an ROC situation. Some equity you own is declaring some of their dividends as return of capitol i.e a non-dividend distribution and has not determined the final breakdown. That means its not taxable ...
by pshonore
Tue Feb 18, 2020 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity is late with 1099
Replies: 49
Views: 4473

Re: Fidelity is late with 1099

Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted: My last Fidelity 1099 didn't show up until Feb 15...….because they were waiting for VG to provide...
by pshonore
Tue Feb 18, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard's Automatic RMD Service, QCDs, and Other Withdrawals
Replies: 50
Views: 3030

Re: Vanguard's Automatic RMD Service, QCDs, and Other Withdrawals

............................................................................ Also, if I do the QCD withdrawal using a Vanguard withdrawal transaction, it would be accounted for and reported by Vanguard at year-end as a non-taxable QCD. Whereas if I write a personal check from my money market fund, ...
by pshonore
Tue Feb 18, 2020 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity is late with 1099
Replies: 49
Views: 4473

Re: Fidelity is late with 1099

Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted: My last Fidelity 1099 didn't show up until Feb 15...….because they were waiting for VG to provide...
by pshonore
Mon Feb 17, 2020 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Pushing SS Income Into Next Year
Replies: 12
Views: 1018

Re: Pushing SS Income Into Next Year

He's turning 70 in June; his benefit will not increase after that. If he filed three months after he turned 70 they might go back and pay him as through he retired at 69 and 9 months. He should be ok filing at 70 and 6 months.
by pshonore
Mon Feb 17, 2020 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Tax underpayment penalty
Replies: 66
Views: 5126

Re: Tax underpayment penalty

"cap gains are usually at year end: Dec. " really ? then did I not incur any cap gains till the end of the year and hence should not have paid estimated tax ? Cap gains distributed from mutual funds are usually paid and declared in December, therefore they would be included in a January estimated p...
by pshonore
Mon Feb 17, 2020 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Tax underpayment penalty
Replies: 66
Views: 5126

Re: Tax underpayment penalty

@mtmingus . how ? Did you have to itemize the sale each quarter in AI ? My unusual extra "income" came in Dec 2019 not in Q1 ~ Q3. I made estimated IRS payment right after I got my final year-end cap gains info, then figured out how much we could convert TIRA to Roth IRA using 1040 calculator www.m...
by pshonore
Sun Feb 16, 2020 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Tax underpayment penalty
Replies: 66
Views: 5126

Re: Tax underpayment penalty

Does the IRS accept any withholding from an RMD as having been submitted evenly throughout the year? Could I withhold 75% of our safe harbor amount from my monthly pension and our monthly SS payments, and the final 25% as a single RMD withholding amount in mid-December each year? As far as I unders...
by pshonore
Sun Feb 16, 2020 9:28 am
Forum: Personal Finance (Not Investing)
Topic: Tax Accountant - Should I DIY
Replies: 11
Views: 1316

Re: Tax Accountant - Should I DIY

Is TaxAct the best platform to use? I think Turbo Tax is better. The Deluxe version is all you need, but even Basic may be enough. Get the download/cd version . Definitely let the accountant do the 2020 tax year return with the rental sale though. Out of curiosity, why do you recommend the download...
by pshonore
Sun Feb 16, 2020 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Tax underpayment penalty
Replies: 66
Views: 5126

Re: Tax underpayment penalty

The longer you wait to file your taxes the more the underpayment penalty. Although not by much. e.g. you would pay more in underpayment penalty if you file on April 1 versus if you had filed on Feb 1. Assuming you make your estimated payments on time and they cover your total tax liability, I don't...
by pshonore
Sat Feb 15, 2020 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Accountant - Should I DIY
Replies: 11
Views: 1316

Re: Tax Accountant - Should I DIY

ddurrett896 wrote: Sat Feb 15, 2020 4:56 pm Is TaxAct the best platform to use?
I think Turbo Tax is better. The Deluxe version is all you need, but even Basic may be enough. Get the download/cd version. Definitely let the accountant do the 2020 tax year return with the rental sale though.