Search found 6867 matches

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: 3048

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: 4479

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: 5134

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: 5134

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: 5134

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: 1318

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: 5134

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: 1318

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.
by pshonore
Fri Feb 14, 2020 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity is late with 1099
Replies: 49
Views: 4479

Re: Fidelity is late with 1099

Mine is late also...ITOT Total Stock Fund ETF is holding mine up! Fidelity has never been this late before, although we usually have only one or two Fidelity funds in taxable account. Very disappointing. Some of us have to get this stuff to accountants as soon as possible. P P.S. No foreign funds. ...
by pshonore
Sun Feb 02, 2020 3:38 pm
Forum: Personal Consumer Issues
Topic: Examples of Low Tech Improving Your Life
Replies: 207
Views: 17985

Re: Examples of Low Tech Improving Your Life

Re washing dishes by hand: I think that a modern dishwasher probably uses less hot water, and water generally, than doing dishes by hand. Am I wrong? I do the odd dish and pan by hand, but do large loads with a new Miele dishwasher. "Hand washing used 5 times as much water as an efficient dishwashe...
by pshonore
Sun Feb 02, 2020 3:25 pm
Forum: Personal Consumer Issues
Topic: Examples of Low Tech Improving Your Life
Replies: 207
Views: 17985

Re: Examples of Low Tech Improving Your Life

What do you Safety Razor folks use for shaving cream? I use cheap throwaway razors from Walmart, but for lather, there's nothing like a cake of shaving soap in a little bowl with a Badger hair shaving brush and some hot water. And don't forget the stand for the brush for drying.
by pshonore
Sun Feb 02, 2020 12:24 pm
Forum: Personal Consumer Issues
Topic: paying cleaning lady
Replies: 49
Views: 5065

Re: paying cleaning lady

You are required to withhold employment taxes if you pay out over $2200/year. https://www.irs.gov/pub/irs-pdf/p926.pdf From a cursory read of that IRS document, it sounds to me like you would not be responsible for withholding employment taxes for a typical housecleaner. From the "Do You Have a Hou...
by pshonore
Sun Jan 12, 2020 3:12 pm
Forum: Personal Investments
Topic: Transfer positions from Ameritrade without selling
Replies: 6
Views: 357

Re: Transfer positions from Ameritrade without selling

Note that fractional shares (if you have them from dividend reinvestment) usually cannot be transferred for stocks and ETFs. The sending broker will usually liquidate the fractions and send the cash. However you could wind up with several small cap gains/losses on them depending on your holdings in ...
by pshonore
Sat Dec 28, 2019 9:08 am
Forum: Personal Investments
Topic: Sell MLP at a Loss or Hold
Replies: 7
Views: 494

Re: Sell MLP at a Loss or Hold

you may want to log onto taxpackagesupport.com if your MLP issues a K1 You may think you have a capital loss based on share price at purchase vs share price now, but all those distributions you've been getting tax free have been at least a partial return of basis. They should have a feature there t...
by pshonore
Sat Dec 14, 2019 4:59 pm
Forum: Personal Consumer Issues
Topic: Huge electricity usage spike
Replies: 64
Views: 4430

Re: Huge electricity usage spike

Does he have a well? Most wells have a foot valve at the bottom of the well. It that malfunctions, your well pump may run continuously and you probably won't notice it. DAMHIKT.
by pshonore
Fri May 31, 2019 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Auto insurance - how much "medical expense benefits"?
Replies: 13
Views: 1219

Re: Auto insurance - how much "medical expense benefits"?

new2bogle wrote: Fri May 31, 2019 9:28 am What about an injured person (when you are at fault) who does not have health insurance?
That what the main Bodily Injury Liability covers (health insurance or not, passenger, pedestrian, etc).
by pshonore
Tue May 14, 2019 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: 2 Member LLC Owner Draw & Paying Tax for Work Credits
Replies: 4
Views: 311

Re: 2 Member LLC Owner Draw & Paying Tax for Work Credits

AFAIK you'll need operating earnings in Box 1 of the respective K1 to have self-employment earnings. Doing a 'draw" is not quite the the same thing.
by pshonore
Tue May 14, 2019 8:49 am
Forum: Personal Consumer Issues
Topic: Heating with propane?? Good idea?
Replies: 38
Views: 2465

Re: Heating with propane?? Good idea?

samsoes wrote: Tue May 14, 2019 6:14 am Be aware that it takes 1.5 gallons of propane to produce the equivalent heat (BTUs) produced by a gallon of heating oil.
Quite true, but Propane is more "efficient" than oil. Probably in the mid 90% range compared to high 80s% for a new oil burner.
by pshonore
Fri May 10, 2019 12:05 pm
Forum: Personal Consumer Issues
Topic: Hearing getting bad, which Hearing Aids would you recommend ??
Replies: 36
Views: 3073

Re: Hearing getting bad, which Hearing Aids would you recommend ??

Gill wrote: Fri May 10, 2019 10:07 am There have been some lengthy posts recently on this topic and a large number of people have suggested Costco Hearing Aid Center. I believe their top of the line hearing aids run about $2,500.
Gill
Costco got very favorable ratings in this month's Consumer Reports review
by pshonore
Thu May 09, 2019 12:14 pm
Forum: Personal Investments
Topic: Hedge against the decline of the Realtor profession
Replies: 48
Views: 4714

Re: Hedge against the decline of the Realtor profession

I think we heard the same thing 5-10 years ago. In my little corner of CT, the Agency model seems alive and well. Commissions might be down a tad, but most homes seem to sell with agents. YMMV.
by pshonore
Thu May 09, 2019 8:47 am
Forum: Personal Consumer Issues
Topic: Rarely used items that are worth having?
Replies: 112
Views: 13311

Re: Rarely used items that are worth having?

In the interest of accurate information and understanding, a snow roof rake looks like this. https://www.truevalue.com/roof-snow-rake-16-ft-long?cid=gooshop_google_b&ctcampaign=4680&ctkwd=&ctcreative=44622122499&ctplacement=&ctadpos=1o4&ctmatch=&ctlocid=9003438&cttrgtid=pla-296897550865&ctfeedid=&c...
by pshonore
Thu May 09, 2019 8:40 am
Forum: Personal Consumer Issues
Topic: Rarely used items that are worth having?
Replies: 112
Views: 13311

Re: Rarely used items that are worth having?

A syphon. Instead of storing gas in containers with stabilizer, etc... Your car(s) probably have all the fuel you'd ever need for Honda/Yamaha 1000 watt inverter. Most of todays cars have anti-syphon devices somewhere in the filler pipe. This may be to prevent spillage in rollovers rather than theft.
by pshonore
Thu May 09, 2019 7:53 am
Forum: Personal Consumer Issues
Topic: How to get insurance for a first time car buyer?
Replies: 10
Views: 857

Re: How to get insurance for a first time car buyer?

Be aware that temporary plates are NOT recognized in Mass... What does Mass use in the place of temporary plates? Not sure about MA, but in CT, the dealer can supply a new CT license plate or transfer your existing plate. All subject to having the required insurance. I did get a temporary plate fro...
by pshonore
Mon May 06, 2019 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Will vs POD?
Replies: 16
Views: 2159

Re: Will vs POD?

.....If you want to be buried in a nice place make sure you have that planned and sufficient assets in the probate estate to pay for it..... Well, even if you don't care and end up buried in a crummy place - you need to leave enough in your estate to pay a) Executor's fee (usually based on a percen...
by pshonore
Fri May 03, 2019 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Home purchase and closing
Replies: 6
Views: 1096

Re: Home purchase and closing

Just closed and had some (LOTS) of after-closing issues: - Even if inspector says water heater works make sure you turn on a couple faucets to make sure there is hot water - none of the cable jacks in my house worked. Not sure how to check this Good luck If the previous owners "cut the cord" there ...
by pshonore
Wed May 01, 2019 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Earned income for 9 year old
Replies: 52
Views: 3763

Re: Earned income for 9 year old

There were two doctors in my town, let’s call them A and B. A creates a scholarship that is awarded to offspring of B. A few years previously, B had created a scholarship awarded to offspring of, wait, spoiler alert, the child of A. IMO, stinks to the heavens, but apparently legal, or at least diff...
by pshonore
Tue Apr 30, 2019 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Random piling on of a financial advisor
Replies: 14
Views: 2308

Re: Random piling on of a financial advisor

Just as an aside, anyone measuring 10 year returns this month is starting at the low point following the great 2008 debacle. My 10 yr number as of 3/31/19 was around 12% (using XIRR). If the market winds up the same as now at year end, my 10 yr number (ending 12/31/19) will be around 5%.
by pshonore
Mon Apr 29, 2019 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Personal liability issues as a result of hiring uninsured & unlicensed handyman
Replies: 38
Views: 5796

Re: Personal liability issues as a result of hiring uninsured & unlicensed handyman

We only work with bonded, insured, licensed workers for tree trimming and painting multi-story buildings. We like sleeping well at night. Too many bad things could happen—very expensive to defend lawsuits—-I’m sn attorney but wouldn’t want to defend myself. "Bonded" workers do not exist for the mos...
by pshonore
Mon Apr 29, 2019 9:12 am
Forum: Personal Finance (Not Investing)
Topic: save on interest by paying down mortgage principal
Replies: 70
Views: 7125

Re: save on interest by paying down mortgage principal

If you want to cut your mortgage term in half from say 30 years to 15, pay an additional amount every month to principal that is equal to the principal amount for that month from the original amortization schedule. Of course that's easy to do with a new mortgage where the interest each month is usua...
by pshonore
Mon Apr 29, 2019 7:10 am
Forum: Investing - Theory, News & General
Topic: WSJ--How Schwab Ate Wall Street
Replies: 82
Views: 11020

Re: WSJ--How Schwab Ate Wall Street

I think CS is a very good firm with excellent customer service and IT service. I remember when I used to pay $29.95 for trades....geeee that sure sounds expensive in today's terms. I also have Charles Schwab's book "You're Fifty-Now What?" And the bid/ask spread was always 1/4 to 1/2 as well when b...
by pshonore
Sun Apr 28, 2019 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Unique Hit and Run Situation
Replies: 40
Views: 5004

Re: Unique Hit and Run Situation

My dad was in the parking lot and his car got side swiped by a hit and run driver. A nearby shop owner saw the car and license plate so we reported to our insurance. It was an elderly lady who had a special handicap license plate where they have "DP" designation in California. When we reported to t...
by pshonore
Sun Apr 28, 2019 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Why I don't think I should get long term care insurance right now
Replies: 164
Views: 13353

Re: Why I don't think I should get long term care insurance right now

Here's the big problem, I believe: Maximum Monthly Limit for: 100% Nursing Home Care: $10K 100% Home Health Care: $10K 100% Assisted Living Facility Care: $10K Annual Premium: $3,400 Their definition of "Long Term Care Insurance" is strange. I wouldn't consider Home Care or Assisted Living as Long ...
by pshonore
Sat Apr 27, 2019 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Why I don't think I should get long term care insurance right now
Replies: 164
Views: 13353

Re: Why I don't think I should get long term care insurance right now

Is this the rate you would pay if you started the insurance at that age? No. That is the premium in each year. It goes up because of the inflation rider. Edit: I believe that is the big difference with would is being compared here to other people's policies and why mine sounds so high. Then I certa...
by pshonore
Sat Apr 27, 2019 8:27 am
Forum: Personal Consumer Issues
Topic: Water heaters/ energy consumption, high electric bill
Replies: 34
Views: 2202

Re: Water heaters/ energy consumption, high electric bill

I saw a YouTube video that showed one of the biggest energy sucks in a home is the cable box. No kidding it equaled a refrigerator. DH said when we went from 3 boxes to 1 box there was a huge electric savings i saw that too. I have a CenturyLink router, DSL service for $35/mo. i haven't checked, bu...
by pshonore
Fri Apr 26, 2019 9:44 am
Forum: Personal Finance (Not Investing)
Topic: umbrella insurance negative cost?
Replies: 16
Views: 2020

Re: umbrella insurance negative cost?

Spoke with my insurance agent, he called Travelers and they confirmed it was legit and the likely key factor was that I paid off the mortgage after my most recent premium payment, which lowered the risk factor. I must be missing something. Why would your risk of a large loss decrease after paying o...
by pshonore
Thu Apr 25, 2019 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Property sale capital gains tax holding
Replies: 14
Views: 895

Re: Property sale capital gains tax holding

Is depreciation recapture figured into your estimate of tax due from the sale? From Turbo tax - "Do you expect that your income tax withholding will be at least 100 percent of the total tax on your previous year's return? Or, if your adjusted gross income (Form 1040, line 37) on your tax return was ...
by pshonore
Wed Apr 24, 2019 8:28 am
Forum: Personal Finance (Not Investing)
Topic: Adjusted basis in a partnership
Replies: 11
Views: 858

Re: Adjusted basis in a partnership

Note those suspended losses should have reduced your basis (and therefore increased your gain on sale). That normally be a wash with the suspended losses. My point is using the suspended losses without reducing basis may be understating your gain. Don't the partners instructions/sales info show your...
by pshonore
Tue Apr 23, 2019 3:35 pm
Forum: Personal Investments
Topic: What are the ways a solo business owner can put money into retirement?
Replies: 14
Views: 1221

Re: What are the ways a solo business owner can put money into retirement?

Note the contribution limits for self employed are limited to net profit less 1/2 of SS. A person making 10K of profit can contribute $9293 to a Solo401K
by pshonore
Tue Apr 23, 2019 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: Underassessment by County Assessor
Replies: 29
Views: 2173

Re: Underassessment by County Assessor

Years ago, prior to selling my first home, I went in to the county assessor office and provided documentation that my home was larger than they had on record. I wanted the true details of the house to be public (even at the cost of higher taxes) so that the value was estimated higher on Zillow. Tha...
by pshonore
Tue Apr 23, 2019 1:20 pm
Forum: Personal Consumer Issues
Topic: Amazon Returns accepted at Kohl's Dept. Stores...
Replies: 26
Views: 2854

Re: Amazon Returns accepted at Kohl's Dept. Stores...

Returning Amazon items at Kohl's is much easier than dropping them off at UPS. If you return at Kohl's, you don't have to print a return mailing label or even package your item for shipping. You can just walk in with an unwrapped, unboxed item and drop it off. At least that's the way it is at the K...
by pshonore
Tue Apr 23, 2019 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Adjusted basis in a partnership
Replies: 11
Views: 858

Re: Adjusted basis in a partnership

MikeRM wrote: Tue Apr 23, 2019 9:21 am That's a great point...do you have a point of view on whether the sale price should actually be 38,500, or whether I should exclude the 38,500 from reducing my basis?
Does the distribution actually show up in Box 19A of the K1? What are the numbers in the Capital Account block - Section L?
by pshonore
Tue Apr 23, 2019 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Underassessment by County Assessor
Replies: 29
Views: 2173

Re: Underassessment by County Assessor

Years ago, prior to selling my first home, I went in to the county assessor office and provided documentation that my home was larger than they had on record. I wanted the true details of the house to be public (even at the cost of higher taxes) so that the value was estimated higher on Zillow. Tha...
by pshonore
Tue Apr 23, 2019 9:10 am
Forum: Personal Finance (Not Investing)
Topic: Adjusted basis in a partnership
Replies: 11
Views: 858

Re: Adjusted basis in a partnership

Sounds to me like you're counting the sale twice. (once as a distribution and also as a sale)
by pshonore
Tue Apr 23, 2019 8:59 am
Forum: Personal Finance (Not Investing)
Topic: One big end of year tax payment instead of quarterly payments for S-corp?
Replies: 9
Views: 890

Re: One big end of year tax payment instead of quarterly payments for S-corp?

I suppose its possible to have no withholding from say monthly paychecks issued by your S-Corp and then have enough withheld from the last paycheck to cover the tax. I'm sure people do that with RMDs. However you probably would be filing a somewhat fraudulent W4 withholding form in the case of a pay...
by pshonore
Mon Apr 22, 2019 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: Mid year S-corp to sole proprietorship tax/401k implications
Replies: 38
Views: 2026

Re: Mid year S-corp to sole proprietorship tax/401k implications

I'm a physician currently have an S-corp but I am thinking sole proprietorship this may be more advantageous for me in terms of reducing federal income tax (increased section 199A QBI deduction). I plan to continue contributions to my individual 401k, possibly shifting to making mega backdoor contr...
by pshonore
Mon Apr 22, 2019 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: LLC taxed as S Corp - SS and Dividends
Replies: 16
Views: 1173

Re: LLC taxed as S Corp - SS and Dividends

First, from above if this is SSTB income, someone in the 37% tax bracket would not be eligible for any QBI deduction. Partners in partnerships do not have W-2 wages. In the case of both S-Corps and partnerships, only K-1 distributions are eligible for the QBI deduction. Which will be far smaller wi...
by pshonore
Mon Apr 22, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: LLC taxed as S Corp - SS and Dividends
Replies: 16
Views: 1173

Re: LLC taxed as S Corp - SS and Dividends

First, from above if this is SSTB income, someone in the 37% tax bracket would not be eligible for any QBI deduction. Partners in partnerships do not have W-2 wages. In the case of both S-Corps and partnerships, only K-1 distributions are eligible for the QBI deduction. Which will be far smaller wi...
by pshonore
Mon Apr 22, 2019 8:51 am
Forum: Personal Investments
Topic: Need help selling MLP [Master Limited Partnership]
Replies: 10
Views: 1130

Re: Need help selling MLP [Master Limited Partnership]

A little further explanation. Each year you get a K1 which usually shows operating income as well as other items of income and expense. (For most MLPs its usually an operating loss). Those losses get suspended and can be used in the future to offset operating income from the same MLP. When you sell,...
by pshonore
Sun Apr 21, 2019 9:07 am
Forum: Investing - Theory, News & General
Topic: Why don't dividends affect the cost basis?
Replies: 14
Views: 2029

Re: Why don't dividends effect the cost basis?

The dividend affects the cost basis of your holding if you reinvest the dividend. Note your holding is now more than the original share. The cost basis of that one share is not changed. If you did reinvest the cost basis of the holding would be $9.88. At the same time your holding would also be mor...