Search found 550 matches

by GreatOdinsRaven
Tue Sep 12, 2017 6:06 pm
Forum: Investing - Theory, News & General
Topic: Upcoming 2017 changes to Vanguard REIT fund(s)
Replies: 23
Views: 6692

Bloomberg: Vanguard REIT Index Considers Changing its Index.

Vanguard REIT Index ETF considers a change to a new Index Vanguard, the $4.4 trillion asset manager, wants to adopt a new benchmark for the exchange-traded fund, which goes by the ticker VNQ, that would add specialty REITs and real estate management and development firms to the mix. Currently, the ...
by GreatOdinsRaven
Sun Sep 10, 2017 10:52 pm
Forum: Investing - Theory, News & General
Topic: My Favorite Alternative Funds
Replies: 229
Views: 40946

Re: My Favorite Alternative Funds

In any case, the fund is operating as one would expect and as people like Larry Swedroe acknowledged. No, I don't think it is. First I DO NOT advocate buying CAT bonds, with reason being that they are too concentrated in risks, heavy concentration in US hurricane risks. Rather own diversified portf...
by GreatOdinsRaven
Sat Sep 09, 2017 10:18 pm
Forum: Personal Investments
Topic: Retirement Checkup - Physician nearing end of Training
Replies: 27
Views: 3341

Re: Retirement Checkup - Physician nearing end of Training

ACN, I'd like to chime in with some practical advice. I'm a physician in private practice. I've watched many new hires make some very bad decisions. You're on this forum as a trainee so that bodes well for you. You're going to be golden. Just in case, though, I have a few recommendations and comment...
by GreatOdinsRaven
Fri Aug 04, 2017 6:58 pm
Forum: Personal Investments
Topic: Using VMVFX Vanguard [Global] Minimum Volatility fund for international.
Replies: 18
Views: 6566

Re: Using VMVFX Vanguard [Global] Minimum Volatility fund for international.

http://news.morningstar.com/articlenet/article.aspx?id=816974 Apparently investors are bailing on low vol funds because they are underperforming even though that is what you would expect in an up market. Agreed. As you would expect that was Gus's point. Hard to hold when you're watching everyone el...
by GreatOdinsRaven
Thu Aug 03, 2017 7:09 pm
Forum: Personal Investments
Topic: Using VMVFX Vanguard [Global] Minimum Volatility fund for international.
Replies: 18
Views: 6566

Re: Using VMVFX Vanguard [Global] Minimum Volatility fund for international.

As long as you stay the course and don't punt and go to a traditional int'l fund if global min vol underperforms, it is a reasonable idea. Last year at the Bogleheads meeting Gus Sauter briefly talked about the quant fund run in house with real money (Vanguard seed money). One was/is a min vol fund...
by GreatOdinsRaven
Mon Jul 10, 2017 9:44 am
Forum: Investing - Theory, News & General
Topic: Paul Merriman: The One Fund Every Investor Should Own
Replies: 122
Views: 23699

Re: Paul Merriman: The One Fund Every Investor Should Own

Not that it matters, because it's the past and it's a very short time period, start date dependent, and each fund is structured differently with different factor loadings etc, but in case you're interested here are the returns for an initial $10k investment in VBR, VTWV and IJS. Start date Oct 2010 ...
by GreatOdinsRaven
Sun Jul 09, 2017 11:36 pm
Forum: Investing - Theory, News & General
Topic: Favorite Feature of Vanguard Website?
Replies: 67
Views: 9711

Re: Favorite Feature of Vanguard Website?

I like that the "Account overview" page has a different number for "Total assets" than the "Balances & Holdings" page even though they are the identical set of investments and if I use the "Portfolio Watch" page there is even a third number for the total even though it is still the same identical s...
by GreatOdinsRaven
Wed Jul 05, 2017 1:00 am
Forum: Investing - Theory, News & General
Topic: Real Estate: Direct vs Indirect Investment
Replies: 92
Views: 11337

Re: Real Estate: Direct vs Indirect Investment

Question: If someone was maxed out on all their tax advantage accounts and still wanted to invest. Would they invest in Tax Managed index fund or REIT index fund?? Vanguard of course.What would be a better investment. Someone that it didn't matter if they had REITS. The investment would be 10% or m...
by GreatOdinsRaven
Sun Jul 02, 2017 11:19 pm
Forum: Personal Investments
Topic: Stable Value Questions
Replies: 12
Views: 2504

Re: Stable Value Questions

I stayed in the 401k partially to keep the stable value fund. The other reason is the 401k is at Vanguard and it has institutional index funds with somewhat lower ERs than Admiral. I just looked and my stable value is 1.99% with a .30 ER. The plans Total Bond Index offering just switched to the ins...
by GreatOdinsRaven
Sun Jul 02, 2017 11:11 pm
Forum: Personal Investments
Topic: Vanguard... Possible to auto invest in ETF's?
Replies: 25
Views: 10829

Re: Vanguard... Possible to auto invest in ETF's?

For a while I was using Vanguard Vanguard FTSE All-World ex-US Small-Cap Index Fund (VFSVX) only available in Investor shares (no admiral share class). I did call Vanguard and ask them to convert to the ETF share class (VSS). They did and they said my Spec Id would follow the share class conversion....
by GreatOdinsRaven
Sun Jun 18, 2017 4:36 pm
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 7132

Re: BMW X5 2017 - Seeking advice

Not sure about a diesel option. This article doesn't mention it at all which is a bad sign if that is of interest. It does go into the platform change. Although current model came out in 2014 the platform is actually significantly older. This will be a big upgrade. http://www.motorauthority.com/new...
by GreatOdinsRaven
Sun Jun 18, 2017 11:37 am
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 7132

Re: BMW X5 2017 - Seeking advice

Not sure about a diesel option. This article doesn't mention it at all which is a bad sign if that is of interest. It does go into the platform change. Although current model came out in 2014 the platform is actually significantly older. This will be a big upgrade. http://www.motorauthority.com/new...
by GreatOdinsRaven
Sun Jun 18, 2017 10:59 am
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 7132

Re: BMW X5 2017 - Seeking advice

OP, are you aware that the BMW X5 is an extremely old platform/design? 2017 will be the last model year before an entirely new X5 comes out for 2018. Heck, if you are buying in late calendar year 2017 then you may well be buying a 2018 model depending on release date. In any case, if it is a 2017 m...
by GreatOdinsRaven
Sun Jun 18, 2017 10:08 am
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 7132

Re: BMW X5 2017 - Seeking advice

OP, are you aware that the BMW X5 is an extremely old platform/design? 2017 will be the last model year before an entirely new X5 comes out for 2018. Heck, if you are buying in late calendar year 2017 then you may well be buying a 2018 model depending on release date. In any case, if it is a 2017 m...
by GreatOdinsRaven
Sat Jun 17, 2017 10:12 pm
Forum: Personal Consumer Issues
Topic: BMW X5 2017 - Seeking advice
Replies: 40
Views: 7132

Re: BMW X5 2017 - Seeking advice

2015 F15 35d purchased new, still under warranty. Have had a camera problem related to the pedestrian warning system. Just the part was $1200. Covered under warranty. But that didn't fix the problem. Required another $1000 repair also covered under warranty. Tires were run flat. Loud. Very loud. Mos...
by GreatOdinsRaven
Thu Jun 01, 2017 3:49 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

REITs are, likewise, hurt with rising interest rates, but they eventually claw back some return from the structure of their underlying portfolio. Many leases have built-in rate increases pegged to the CPI, etc. True. But, if yields on intermediate bonds ever rise back into the 4% or above range, I'...
by GreatOdinsRaven
Thu Jun 01, 2017 1:59 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

So at least relative to U.S. stocks, REITs today appear to be historically overvalued, and the most likely culprit would be yield-chasing investors in a period of lower bond yields (> 4%). We buy-and-hold REIT Index investors have benefited over the last decade — though we may someday pay a price i...
by GreatOdinsRaven
Wed May 31, 2017 11:16 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

Simplegift wrote: One wonders if something has fundamentally changed in the equity REIT market since Mr. Bernstein made his post? Or whether it's just been extreme yield-seeking by investors in a low interest rate environment? Up until 2010, low dividend yields were historically correlated with low...
by GreatOdinsRaven
Wed May 31, 2017 1:15 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

dodonnell wrote:Morningstar appears to be incorrect on Total Returns. (<rightClick> -> View Image for larger charts)

Image

Maybe they are just charting the Price return (without the dividends reinvested ... see the dotted versions below

Image
Affirmative.
by GreatOdinsRaven
Wed May 31, 2017 11:50 am
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

I was interested in REIT Index Fund returns vs S&P500 vs Treasuries since Unconventional Success was published in 2005. Vanguard REIT Index Fund: IRR 8.53% Vanguard S&P500 Index Fund: IRR 9.33% Vanguard Intermediate-term US Treasuries Fund: IRR 3.21% Again, REITs fell in between although yielding a ...
by GreatOdinsRaven
Wed May 31, 2017 11:40 am
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

Very aware of the Performance of REITS since Bill Bernstein's post. Holding firm on my allocation to REITS despite it ;) One wonders if something has fundamentally changed in the equity REIT market since Mr. Bernstein made his post? Or whether it's just been extreme yield-seeking by investors in a ...
by GreatOdinsRaven
Wed May 31, 2017 12:18 am
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

Just make sure you don't confuse "Fair Value" with "Expected Returns" How Would Mr. Bogle Calculate Expected REIT Returns? by Bill Bernstein » Mon May 06, 2013, bogleheads.org since the middle of 2013, the average annual real return for reits was about 7% As a long time holder of the REIT Index who...
by GreatOdinsRaven
Tue May 30, 2017 5:55 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

I just want to learn more about how to calculate or obtain REIT Index Fund fair values. The link that grok87 posted is one good way of assessing fair value of the REIT Index, using the premium (discount) to underlying net asset value. A second method is the price-to-funds from operations (P/FFO). T...
by GreatOdinsRaven
Tue May 30, 2017 5:24 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

Here's a link https://www.greenstreetadvisors.com/insights/avgpremnav It says reits are currently somewhat cheap Larry's recent article was somewhat down on US Equity REITs, but less so regarding Intl REITs. Just trying to reconcile the thoughts of Swensen vs Swedroe. As per my usual I'll do nothin...
by GreatOdinsRaven
Tue May 30, 2017 5:15 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

Re: What is the fair value of the Vanguard REIT Index Fund?

David Swensen discusses REITs (and the REIT Index) in his book, Unconventional Success. He says, "...public market securities frequently trade at prices that deviate from fair value. Green Street advisors, a highly regarded research firm that concentrates on publicly traded real estate securities, ...
by GreatOdinsRaven
Tue May 30, 2017 5:06 pm
Forum: Investing - Theory, News & General
Topic: What is the fair value of the Vanguard REIT Index Fund?
Replies: 27
Views: 3306

What is the fair value of the Vanguard REIT Index Fund?

David Swensen discusses REITs (and the REIT Index) in his book, Unconventional Success. He says, "...public market securities frequently trade at prices that deviate from fair value. Green Street advisors, a highly regarded research firm that concentrates on publicly traded real estate securities, r...
by GreatOdinsRaven
Wed May 24, 2017 10:38 pm
Forum: Personal Finance (Not Investing)
Topic: i am my own "guy," but not sure I should advertise that
Replies: 107
Views: 17117

Re: i am my own "guy," but not sure I should advertise that

"My guy is an older dude named Jack Bogle." I like this! This is going to be my 'stock' answer from now on. I would only add ... "He's been doing this for years." If they recognize the reference, then we can have a longer conversation. :wink: One Ping I use something along this line, myself. "I lik...
by GreatOdinsRaven
Wed May 03, 2017 9:50 pm
Forum: Investing - Theory, News & General
Topic: Ted Seides "Why I lost My Bet With Warren Buffett" - Bloomberg
Replies: 94
Views: 15356

Re: Ted Seides "Why I lost My Bet With Warren Buffett" - Bloomberg

Someone may have already posted the link to his interview with Patrick O'Shaugnessy, where he discusses this bet with Buffet. If not here it is. It will drive everyone batty for all the reasons discussed, above. I used to feel sorry for the guy. Now I realize that he brought it on himself- and hasn'...
by GreatOdinsRaven
Sat Apr 15, 2017 8:48 am
Forum: Investing - Theory, News & General
Topic: Larry Swedroe on Understanding Different Types of Risk
Replies: 45
Views: 6578

Re: Larry Swedroe on Understanding Different Types of Risk

I've learned a lot here the last five months. But before I even saw this post today, I was thinking how so many of the responses to posts are rude, snarky, condescending, etc., compared to the minority of posts that are helpful and genuine and come from the perspective of wanting to teach. I've not...
by GreatOdinsRaven
Sun Apr 02, 2017 1:14 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

My daughter got admitted into 8 year PLME (integrated 8 year medicine program, no MCAT needed) at Brown University. This is highly selective and hyper competitive program offered by only one IVY league school. Coming to financial aspects. Cost every year is 70K. There is no merit scholarship at Ivy...
by GreatOdinsRaven
Sun Apr 02, 2017 7:34 am
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

My daughter got admitted into 8 year PLME (integrated 8 year medicine program, no MCAT needed) at Brown University. This is highly selective and hyper competitive program offered by only one IVY league school. Coming to financial aspects. Cost every year is 70K. There is no merit scholarship at Ivy...
by GreatOdinsRaven
Sat Apr 01, 2017 11:02 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

Whoa. I have a few questions - first, how old is your child and do you have just one? And where did you see that 4 years of college would cost $568k? Vanguard. I included the link. Play around with the calculator and see what you think. My example assumes 14 years before the child reaches freshman ...
by GreatOdinsRaven
Sat Apr 01, 2017 10:38 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

If your question is can you have more than 1 529 in more than 1 state per beneficiary, the answer is yes. We have 529s in 3 states for each child, in part to manage taxes upon withdrawal. I have never seen any rule or hint of a rule anywhere that the accumulation limits cross state lines. Utah is U...
by GreatOdinsRaven
Sat Apr 01, 2017 10:37 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

As an aside, it seems you are assuming the worst case/most expensive case for education. Is your goal just to fund your kids education? Under current rules, all those funds will have to be spent on "higher education" or will incur taxes on the earnings plus a 10% penalty. Or Bogelhead it and put th...
by GreatOdinsRaven
Sat Apr 01, 2017 10:34 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

Assuming 108 months of 5% returns the ending balance the day our child starts college would be $572,400. If we assume a 4% rate of return the ending balance is $525,000 and a 3% return gets us to $481,000 well short of our goal of $568,000 Remember, the entire college bill won't be due on day one, ...
by GreatOdinsRaven
Sat Apr 01, 2017 10:32 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

Just a thought if concerned about contribution limits. Is it possible to fund a separate 529 account with the parent as the beneficiary. Then, once the child is in college, and has spent their 529 funds so they are below the contribution limits, beneficiary can be redesignated from parent's account...
by GreatOdinsRaven
Sat Apr 01, 2017 10:31 pm
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Re: Opening 529 plans in two states to avoid maximum aggregate limits

Assuming 108 months of 5% returns the ending balance the day our child starts college would be $572,400. If we assume a 4% rate of return the ending balance is $525,000 and a 3% return gets us to $481,000 well short of our goal of $568,000 Remember, the entire college bill won't be due on day one, ...
by GreatOdinsRaven
Sat Apr 01, 2017 1:19 pm
Forum: Personal Investments
Topic: Fidelity advisor said I invested in too much S&P 500 at once for my portfolio; DCA it?
Replies: 75
Views: 6023

Re: Fidelity advisor said I invested in too much S&P 500 at once for my portfolio; DCA it?

I just had a complimentary phone consultation with a Fidelity financial advisor about my current holdings and asset allocation. Now that my home is paid off, I have an additional $2k per month (starting today) to invest toward retirement. The Fidelity advisor saw that I had recently invested $100K ...
by GreatOdinsRaven
Sat Apr 01, 2017 11:39 am
Forum: Personal Investments
Topic: Opening 529 plans in two states to avoid maximum aggregate limits
Replies: 15
Views: 1765

Opening 529 plans in two states to avoid maximum aggregate limits

Just ran some simulations on my child's Vanguard 529 plan based on its current balance, current contributions, expected costs of undergraduate educational expenses etc. fortunately, we're probably going to be in great shape for her undergraduate degree. We'll reach the maximum aggregate limits for N...
by GreatOdinsRaven
Wed Mar 15, 2017 2:06 pm
Forum: Investing - Theory, News & General
Topic: Vanguard corrected 1099B is now incorrect
Replies: 20
Views: 3943

Re: Vanguard corrected 1099B is now incorrect

Finally received the 2nd corrected 1099B from Vanguard which now matches exactly back to the original one! So it looks like we are all good now. To be honest I was expecting much more of a hassle with Vanguard to get this resolved, but in the end it just took one email to them and it was taken care...
by GreatOdinsRaven
Sun Mar 12, 2017 9:31 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

I did "Search", then "kiddie" in HRBlock (delux desktop) to get right to proper interview place(s). Plural because different for parent and child tax returns. I'll answer my own question, taking a queue from Livesoft. For anyone reading this and using TurboTax: https://ttlc.intuit.com/questions/289...
by GreatOdinsRaven
Sun Mar 12, 2017 9:16 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

livesoft wrote: I think it will depend on the kind of unearned income: interest, QDI, nonQDI, STCG, LTCG, …. Could be $0.00 up to $106.
:sharebeer
by GreatOdinsRaven
Sun Mar 12, 2017 9:13 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

Leaving aside that the dependent child does not have to file with such low income, what you probably did was add the child's dividend income directly to Schedule B of your personal income tax return, which is not the the proper reporting method. Thank you for posting. Yes. You are correct. That's e...
by GreatOdinsRaven
Sun Mar 12, 2017 7:45 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

............................................... I'm definitely not the authority on the topic, but my reading of the A2 section of the pub 4012 link indicates the $1050 threshold is for adults and for children (most under the age of 18) it's $2100. .....................................................
by GreatOdinsRaven
Sun Mar 12, 2017 4:43 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

livesoft wrote:The IRS is your friend. See the instructions for Form 8615. I am not your friend.
Thank you.
by GreatOdinsRaven
Sun Mar 12, 2017 3:35 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

A child with only unearned income totaling less than $1050 doesn't have to file a return. Agree that you've keyed something wrong somewhere. Thank you. I think you're right that I keyed in something incorrectly. :oops: I'm definitely not the authority on the topic, but my reading of the A2 section ...
by GreatOdinsRaven
Sun Mar 12, 2017 3:26 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Re: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

Thank you all for your input. It was very helpful and reassuring to read the A2 section. And, I just saved $58.99- $4 in unnecessary taxes and $54.99 for TurboTax Premier...
by GreatOdinsRaven
Sun Mar 12, 2017 2:48 pm
Forum: Personal Investments
Topic: Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?
Replies: 22
Views: 3033

Tax time UTMA/TurboTax and how to file a child's UTMA 1099-DIV. What do I do?

Tried googling the answer before posting, but I'm reading conflicting statements. We have a dependent child with a (very) low balance UTMA. We are in the 39% marginal bracket with an effective tax rate of 31%. I did our taxes using TurboTax and did not include the UTMA account (thinking that I shoul...