Search found 513 matches

by Chicago60
Sat Apr 14, 2018 8:34 am
Forum: Investing - Theory, News & General
Topic: Class Action suit against DDD?
Replies: 17
Views: 4705

Re: Class Action suit against DDD?

You won't know how much you receive unless you complete the claim form in a timely manner and send it in, but the class notice provides the settlement is for $50 million, if approved by the federal judge. Your share of the recovery likely depends on the number of people who submit valid and completed timely claim forms. I cannot imagine it will take you more than 15 minutes to complete, even if you have to look up your old tax returns and brokerage statements to show proof of purchase, sale, and dates. I think you'd be crazy not to fill it out. I am not a class member, but if I were, I'd hope you and others had David Jay's attitude and skip it--why enrich the lawyers--so my share of the recovery would increase. Oh I am definitely filling t...
by Chicago60
Fri Apr 13, 2018 4:52 pm
Forum: Personal Investments
Topic: Where do you buy muni and i-bond funds?
Replies: 8
Views: 702

Re: Where do you buy muni and i-bond funds?

I get my I-bonds from the treasurydirect website, and my muni funds from Vanguard.
by Chicago60
Fri Apr 13, 2018 4:29 pm
Forum: Personal Consumer Issues
Topic: Termination of transfers from SPG and Marriott to airlines?
Replies: 94
Views: 13880

Re: Termination of transfers from SPG and Marriott to airlines?

SlowMovingInvestor wrote: Fri Apr 13, 2018 3:43 pm I don't believe that transfers will be eliminated without notice. I'm sure that Mariott would face lots of lawsuits and negative publicity if it did that.
I agree completely. However, those lawsuits, though likely to be filed if no notice is given, might be unsuccessful. I assume Marriott's terms and conditions provide they can change the program without notice in any way they desire. Surprisingly, and wrongly in my opinion, United's terms of service which contains that type of language has been upheld by the Seventh Circuit. There have been a couple of cases as I recall against United Airlines for changes made without notice, and the lawsuits by consumers were lost.
by Chicago60
Fri Apr 13, 2018 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Could you support family on 1 income?
Replies: 88
Views: 9977

Re: Could you support family on 1 income?

We have survived on one income for 30 years, and raised 3 kids, all of whom have graduated from college and moved on with their lives.
by Chicago60
Fri Apr 13, 2018 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: 1040 goes into the ether. what now?
Replies: 21
Views: 2597

Re: 1040 goes into the ether. what now?

I have submitted by US mail my tax returns by hand for 42 years, without a problem.In light of your experience, I'd be inclined to FedEx the copies of the return.
by Chicago60
Fri Apr 13, 2018 2:13 pm
Forum: Personal Consumer Issues
Topic: Termination of transfers from SPG and Marriott to airlines?
Replies: 94
Views: 13880

Re: Termination of transfers from SPG and Marriott to airlines?

I have seen no reliable source that the airline transfer will be eliminated without notice. I plan on holding on to my Marriott and SPG miles....for now.
by Chicago60
Fri Apr 13, 2018 1:46 pm
Forum: Investing - Theory, News & General
Topic: Class Action suit against DDD?
Replies: 17
Views: 4705

Re: Class Action suit against DDD?

You won't know how much you receive unless you complete the claim form in a timely manner and send it in, but the class notice provides the settlement is for $50 million, if approved by the federal judge. Your share of the recovery likely depends on the number of people who submit valid and completed timely claim forms. I cannot imagine it will take you more than 15 minutes to complete, even if you have to look up your old tax returns and brokerage statements to show proof of purchase, sale, and dates. I think you'd be crazy not to fill it out. I am not a class member, but if I were, I'd hope you and others had David Jay's attitude and skip it--why enrich the lawyers--so my share of the recovery would increase.
by Chicago60
Wed Apr 11, 2018 7:03 am
Forum: Personal Investments
Topic: How can I Invest 4 million dollars to earn 120k (inflation adjusted) a year for life?
Replies: 93
Views: 26964

Re: How can I Invest 4 million dollars to earn 120k (inflation adjusted) a year for life?

livesoft wrote: Wed Apr 11, 2018 6:27 am Read this series of articles about how to invest, retire very early, and withdraw your money over 60 years:
https://earlyretirementnow.com/2016/12/ ... t-1-intro/
Great resource. Thanks for posting.
by Chicago60
Sat Apr 07, 2018 9:09 am
Forum: Personal Finance (Not Investing)
Topic: Where to hold ~500K cash
Replies: 25
Views: 4514

Re: Where to hold ~500K cash

I would look at this site for one year certificates of deposit: https://www.depositaccounts.com/blog/
If you are married filing jointly, you can place 500,000 at one institution and be covered by FDIC, though I would deposit less than that since your interest earned that exceeds 500,000 would not be covered by FDIC limits. If you are single, you should buy 2 separate CDs at 2 separate institutions.
by Chicago60
Sat Apr 07, 2018 7:18 am
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 393
Views: 68290

Re: MoviePass-Too good to be true, but it's legit.

PSA:
Back a few months, Moviepass' negotiations with AMC affected its users in a handful of theaters: Moviepass pulled out of 10 theaters across the country, including RiverEast in Chicago. A minor inconvenience for me and other users. Apparently, for now, the dispute has been resolved at AMC RiverEast and reportedly the other AMC theaters are back allowing MoviePass patrons at their theaters.
by Chicago60
Fri Apr 06, 2018 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: HSA family max contribution lowered to $6850 for 2018 [and changed to $6900 again]
Replies: 128
Views: 23409

Re: HSA family max contribution lowered to $6850 for 2018

I completed the form I printed online from 5th 3d Bank, mailed it, and the overfunding of $50 was deposited in my checking account promptly, without a fee. Maybe took me 5 minutes time in total.
by Chicago60
Fri Apr 06, 2018 9:21 am
Forum: Personal Investments
Topic: What should I sell?
Replies: 19
Views: 2922

Re: What should I sell?

That depends on your 2018 tax bracket, and whether you are Tax GAIN harvesting. And, as pointed out above, your reasons for purchasing each investment initially.
by Chicago60
Thu Apr 05, 2018 4:41 pm
Forum: Personal Investments
Topic: Who uses Schwab and what are the up and downsides?
Replies: 41
Views: 6332

Re: Who uses Schwab and what are the up and downsides?

I have had Schwab for many years, and also have accounts elsewhere. My biggest, maybe only, gripe is this: Schwab is ALWAYS late and last with 1098 issuance, and often sends revised 1098s after I have already prepared my taxes.
by Chicago60
Thu Apr 05, 2018 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: $6.55 Northrup Grumman 401k class action settlement
Replies: 37
Views: 8963

Re: $6.55 Northrup Grumman 401k class action settlement

Settlements of tort claims generally aren't taxable because of the notion that they are just making you whole, not making you new income. (ETA: it's more complex than just this simple statement, but good enough for this discussion) This seems different because it is making your 401k whole, so it should stay in a tax advantaged account. If you take the money for yourself in your regular account it is the same as taking it out of your 401k, thus the tax consequences. I think this is actually generally incorrect in this context. I think generally class action settlements in shareholder disputes either are taxable, or reduce your basis depending on the circumstances of the case, and your own specific circumstances. I agree, in the context of a...
by Chicago60
Tue Apr 03, 2018 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: $6.55 Northrup Grumman 401k class action settlement
Replies: 37
Views: 8963

Re: $6.55 Northrup Grumman 401k class action settlement

The lawyers always get millions of dollars in payment... It isn't like they are altruistic public defenders or volunteers. (emphasis mine) This is flatly untrue. First, the lawyers took the case on a contingency basis. If they were unsuccessful, they received nothing, and likely incurred on average hundreds of thousands of out of pocket expenses that were never reimbursed. Many many cases are dismissed or lost with no recovery. Second, many class action settlements yield less than $1 million in settlement, and therefore much less in any payment for the attorneys. Finally, and most importantly, every class action settlement must be reviewed and approved by the judge assigned to the case, including any payment of attorneys fees. Of course th...
by Chicago60
Sun Apr 01, 2018 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: Should I loan my child money for college?
Replies: 73
Views: 7818

Re: Should I loan my child money for college?

What have you and your child discussed in the last 18 years as to your responsibility to pay for or contribute to the child's college education, and what is your child's reasonable expectation given the discussions you no doubt have had? What changes in your financial circumstances, if any, have deviated from those discussions? Our circumstances are not yours. But. we made it clear to each child that they were responsible for studying and working hard, and we as their parents were responsible for paying for their college education at the best fit school for them. These discussion occurred over many years before they were high school seniors, so they knew what was expected of them, and what they could expect from us. As I noted, our circumst...
by Chicago60
Sun Apr 01, 2018 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: $6.55 Northrup Grumman 401k class action settlement
Replies: 37
Views: 8963

Re: $6.55 Northrup Grumman 401k class action settlement

The Class Action Administrator likely had all of your information so your time to complete the form in this instance was minimal. Accordingly, it probably took you less than 5 minutes to complete the claim form. I suspect you can figure out the hourly rate for your time, but you've concluded it was not worth it to you. It is always worth it to me--though I was not a class member for this case-- because I appreciate the check on the system that class actions provide, and I feel I am rewarding and thanking class counsel for their efforts by taking the few minutes to complete the necessary paperwork. Class counsel no doubt collectively spent thousands of hours working on the case.
by Chicago60
Fri Mar 23, 2018 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Merrill Edge sold my ETFs without my consent, SEC, FINRA, CFPB?
Replies: 89
Views: 12183

Re: Merrill Edge sold my ETFs without my consent, SEC, FINRA, CFPB?

Was it a discretionary account, where you gave broker authority to buy/sell?
Was it a margin account, and was the firm entitled to sell?
You already notified the appropriate authorities, and, as noted above, it appears you very likely suffered no losses. Nevertheless, whether you suffered losses or not, from a regulatory point of view at a minimum, unless the answers above are both "no", it seems troubling to me.
by Chicago60
Sat Mar 10, 2018 7:24 am
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 393
Views: 68290

Re: MoviePass-Too good to be true, but it's legit.

denovo wrote: Sat Mar 10, 2018 12:55 am
Chicago60 wrote: Fri Mar 09, 2018 2:41 pm In under 3.5 months, we have used MoviePass 16 times. However, we likely will use it sparingly the next few months as the quality of films released after the Oscars do not hold up to the ones released late in the year.
Feb-May is always a sucky time to see movies, the quality of films coming out stink.
“Get Out” last year was a rare exception.
by Chicago60
Fri Mar 09, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: I need to sell some stock now for a looming expense, right?
Replies: 28
Views: 3341

Re: I need to sell some stock now for a looming expense, right?

Have you considered, and determined what State tax deductions you may receive, placing some of the funds now into a 529 plan?
by Chicago60
Fri Mar 09, 2018 2:41 pm
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 393
Views: 68290

Re: MoviePass-Too good to be true, but it's legit.

In under 3.5 months, we have used MoviePass 16 times. However, we likely will use it sparingly the next few months as the quality of films released after the Oscars do not hold up to the ones released late in the year.
by Chicago60
Fri Mar 09, 2018 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: Young Lawyer in Big Law -- NYC or SF?
Replies: 13
Views: 3447

Re: Young Lawyer in Big Law -- NYC or SF?

Sometimes firm politics favors one office over another. This probably matters less with SF and NY, but is one the main office and the other an offshoot? If he worked there already SIL probably has some idea who the more influential partners are, which office are they in? Does one office get more or better work than the other? I have seen firms where 80% of the partners came from the main office, so if he's interested in that it may matter. Are the clients or at least the main clients primarily in one area or the other? Similarly, is the firm's and/or the SIL's interest concentrated in one area? If the firm does 80% of its work for West coast or Japanese clients then SF may be the answer...likewise as someone said if you are going to be wor...
by Chicago60
Wed Mar 07, 2018 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: HSA family max contribution lowered to $6850 for 2018 [and changed to $6900 again]
Replies: 128
Views: 23409

Re: HSA family max contribution lowered to $6850 for 2018

"Easier?" You might think, but I do not think so. The account is overfunded by $50, period. I believe I am required to withdraw that amount. If I called and was told there was a fee associated with the withdrawal, I would still have to complete the paperwork, and arguably consent to the fee. Under my approach, I can object--albeit after the fact--that a fee was assessed improperly, given the circumstances: the IRS (and Fifth Third's own website) reported that the maximum contribution for a family over 55 for 2018 was $7,900, and I made the contribution of that amount. Within 2 days of the IRS guidelines correcting (maybe clarifying) the previous reporting, I, in good faith, contacted 5th 3d, completed the paperwork without being t...
by Chicago60
Wed Mar 07, 2018 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: HSA family max contribution lowered to $6850 for 2018 [and changed to $6900 again]
Replies: 128
Views: 23409

Re: HSA family max contribution lowered to $6850 for 2018

Spirit Rider wrote: Wed Mar 07, 2018 5:42 pm
Chicago60 wrote: Wed Mar 07, 2018 5:28 pm Thanks for posting this information. I already made the 2018 family (55+) contribution of $7,900 in January. I called Fifth Third Bank, my HSA provider, and was directed to a form available online for over contribution correction. I just printed the form, completed it, and will mail it tomorrow. The $50 overfunding will be direct deposited back in my bank account.
Did you ask if there was a fee?
Nope. I am (reasonably) certain there will not be, given the circumstances. And, if a fee is attempted to be assessed, I: (1) will not pay it, and (2) will move the funds elsewhere.
by Chicago60
Wed Mar 07, 2018 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: HSA family max contribution lowered to $6850 for 2018 [and changed to $6900 again]
Replies: 128
Views: 23409

Re: HSA family max contribution lowered to $6850 for 2018

Thanks for posting this information. I already made the 2018 family (55+) contribution of $7,900 in January. I called Fifth Third Bank, my HSA provider, and was directed to a form available online for over contribution correction. I just printed the form, completed it, and will mail it tomorrow. The $50 overfunding will be direct deposited back in my bank account.
by Chicago60
Sat Feb 03, 2018 9:03 am
Forum: Personal Consumer Issues
Topic: Best Movies of 2017
Replies: 42
Views: 5649

Re: Best Movies of 2017

I also want to see "120 beats per minute". I don't think it played at any local theater, and it seems not to be available on disc either. Amazon has it on streaming, but as a French HIV+ person, I want to own a copy of this movie, not stream it. Looks like Amazon.fr has it, but no english subtitles for my husband. And at checkout, the exchange rate is 1 EUR = 1.294299114 USD which is a ripoff. That's 3.5% over the actual exchange rate, and no self-respecting bogleheads can do that. As you, of course, know 120 BPM is a French movie that tells the story, almost in documentary form, about the beginnings of the Act Up movement in Paris. It is extraordinarily emotional and compelling. If you want to own a copy, and given your backgrou...
by Chicago60
Sat Feb 03, 2018 8:45 am
Forum: Personal Consumer Issues
Topic: Best Movies of 2017
Replies: 42
Views: 5649

Re: Best Movies of 2017

bobcat2 wrote: Sat Feb 03, 2018 8:37 am None of the following movies would make my top ten but they were all worth seeing.

Marshall (perhaps this would make my top ten list.)

BobK
Thanks for the reminder about Marshall. We saw that one too and I liked it a lot, though still does not make my top 10.
by Chicago60
Fri Feb 02, 2018 5:47 pm
Forum: Personal Consumer Issues
Topic: Best Movies of 2017
Replies: 42
Views: 5649

Re: Best Movies of 2017

My Top 10 for 2017:
1) Three Billboards
2) LadyBird
3) The Florida Project
4) Call Me By Your Name
5) Dunkirk
6) The Shape of Water
7) Get Out
8) The Post
9) The Big Sick
10) Darkest Hour

Also worth seeing:

Coco
Beauty and the Beast
Baby Driver
Detroit
Star Wars
Phantom Thread
120 Beats Per Minute
Molly's Game
Logan Lucky
The Meyerowitz Stories
Graduation
Stronger
by Chicago60
Mon Jan 15, 2018 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Predict round number for a major index? Who cares? Predict Livesoft 60,000 instead.
Replies: 3
Views: 676

Predict round number for a major index? Who cares? Predict Livesoft 60,000 instead.

I am simply incapable of predicting when or how the Dow might hit 30,000 or the S&P 3000. But, I have figured out to the day and time, Central time of course, when Livesoft posts his/her 60,000th post. March 6, 2018 at 7:42am. Post your predictions here, if you dare.
by Chicago60
Wed Jan 10, 2018 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: Did I need a lawyer after an accident?
Replies: 29
Views: 3446

Re: Did I need a lawyer after an accident?

Lawyer here. The problem with lots of these posts is that laws differ, often greatly, from state to state. So giving advice like "do a depreciated value claim", or "the DUI guy's insurance should pay" is useless, if not dangerous, unless it applies to the claimant's state. Hey, do what you want. It's probably the only time in your life that you are going to have an injury claim. Once you settle and sign a release, you won't ever get another penny. So, if your arm falls off a minute later and the doc says it's accident related, you are S.O.L. That insurance adjuster has been doing it every day for years, knows what claim is really worth, and of course he will put your interests above the company's. Sounds like a fair fig...
by Chicago60
Wed Jan 10, 2018 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Letter from Social Security re Fraudulent Claim
Replies: 55
Views: 8196

Re: Letter from Social Security re Fraudulent Claim

JW-Retired wrote: Wed Jan 10, 2018 4:44 pm
Teague wrote: Wed Jan 10, 2018 4:24 pm If it's fake, I can't imagine what a scammer is hoping to accomplish.
IMO, it's a clever screening process. The scammer can probably accomplish practically anything they want on anyone foolish enough to fall for this and show up.
JW
But, the letter asks OP to show up at the correct address for SS, so how can this be a reasonable scam? Livesoft's question is dead on: what did the local SS office tell you when you called to inquire?
by Chicago60
Thu Jan 04, 2018 8:23 am
Forum: Personal Finance (Not Investing)
Topic: IL Law - settling an estate with missing heirs
Replies: 11
Views: 1340

Re: IL Law - settling an estate with missing heirs

You may want to contact the Illinois Bar Association or Chicago Bar Association and ask for a referral for an estates lawyer who likely can answer the question for you at minimal expense. Your library, assuming you do not want to purchase, might have access to this: https://www.iicle.com/estate-administra ... 14-edition.
by Chicago60
Tue Jan 02, 2018 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Can I do anything with an old, expired securties class action settlement check?
Replies: 9
Views: 7174

Re: Can I do anything with an old, expired securties class action settlement check?

There is a substantial likelihood that the funds are no longer available. In most settlements, once a reasonable period of time after checks have been issued has elapsed, class counsel will go back to court and get the court's approval to do something with the funds that never cleared--depending on the circumstances, counsel may ask the court to have the funds distributed pro rata to class members who timely submitted claim forms and cashed the checks, or have the funds donated to local law schools or organizations that support education on issues related to the claims asserted in the lawsuit. Rarely, but it happens, funds are deposited in unclaimed funds for various states, and should be the states of residences for the various class membe...
by Chicago60
Sun Dec 31, 2017 8:41 am
Forum: Personal Consumer Issues
Topic: My dad's army jacket
Replies: 76
Views: 12253

Re: My dad's army jacket

Spirit Rider wrote: Fri Nov 17, 2017 10:39 am As a disabled veteran, the son of a late veteran and the brother of two late veterans, I would be honored for you to wear your father's uniform. Sometimes, honor is about more than following the rules.

I am going to invoke the law of competing harms respect. Sometimes the respect shown to one's father outweighs an unintended disrespect.
I have no military experience and have nothing substantive to add to this discussion. But, Spirit Rider, this was beautifully stated, and I wanted you to know that I very much was moved by, and appreciated, it.
by Chicago60
Fri Dec 29, 2017 6:06 pm
Forum: Investing - Theory, News & General
Topic: REGISTRATION FOR THE 2017 BOGLEHEAD CONTEST
Replies: 711
Views: 58479

Re: REGISTRATION FOR THE 2017 BOGLEHEAD CONTEST

I am clearly and consistently bad at predicting the market compared to other Bogleheads. In 2017, I came in 562 out of 647. 86.8% beat me. In 2016, I came in 571 out of 610. 93.6% beat me. And, in 2015, I came in 491/552. 88.9% beat me. Thankfully, I just stay the course based on my desired asset allocation. Though for 2018, like the prior 3, I am again certain that the market will drop 15-20%.
by Chicago60
Fri Dec 29, 2017 5:32 pm
Forum: Investing - Theory, News & General
Topic: Do any of you follow Bob Brinker?
Replies: 65
Views: 19056

Re: Do any of you follow Bob Brinker?

I followed his radio show for many years although not so much in recent years. I even subscribed to his newsletter for a couple of years but did not follow his recommendations. I think the title of his newsletter, Market-timer, is a bit misleading since it appeared to me that his portfolio changes were long term in nature not short as is often associated with a market timer. His newsletter portfolios were mostly mutual funds primarily index funds and did not include individual stocks. His bad or at least questionable calls (QQQ, Vodaphone) were done on his radio show and were not in the newsletter and not part of his recommended portfolios . These calls were often short term calls. My viewpoint of Brinker is mostly positive. He introduced ...
by Chicago60
Fri Dec 29, 2017 2:07 pm
Forum: Personal Consumer Issues
Topic: MoviePass-Too good to be true, but it's legit.
Replies: 393
Views: 68290

Re: MoviePass-Too good to be true, but it's legit.

We purchased two passes last month. No glitches, yet. We probably see 40-50 movies/year in the theaters, so this is a no brainer for us, particularly this time of year.
by Chicago60
Thu Dec 28, 2017 11:23 am
Forum: Personal Investments
Topic: Strategy for conversion of $1.8 million IRA
Replies: 80
Views: 16908

Re: Strategy for conversion of $1.8 million IRA

- I am 61 years old, and just retired. My wife is 47. She is not employed, but has a side business as a tutor. I am starting a consulting practice. Our net income from these businesses will be within our control and will be between $ 25000-$50000 per year. It looks to me like you aren't retired. Many people make this much during their prime working years. Please don't think of yourself as retired as you will still have to pay taxes on this income, not only income taxes, but also FICA (employee AND employer shares). -We will have two kids in college for the next 3 years, and one In year four. This is important , I think, because it makes us eligible for the Hope tax credit of $2500 for each kid as long as our AGI is below $160,000. The Hope...
by Chicago60
Thu Dec 28, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Being bought out of family business(C corp) - need help
Replies: 11
Views: 1452

Re: Being bought out of family business(C corp) - need help

If the family business has a value to her that is material, either in total dollar terms or as a percentage of her net worth, even though she cannot quantify a precise amount now, she should contact an attorney and have the attorney communicate (requesting documents and negotiating terms) directly with the other owners' attorney, or them directly if they have none. If the business' value is insignificant, she can ask directly for the documents as others suggested above.
by Chicago60
Wed Dec 20, 2017 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: [Pass-Thru Entities Questions Thread]
Replies: 141
Views: 16299

Re: Pass Through Entities Questions Thread

Stormbringer wrote: Wed Dec 20, 2017 3:35 pm
Chicago60 wrote: Wed Dec 20, 2017 3:22 pm I believe lawyers and other specified professionals are excluded from the pass through entities eligible for this provision.
I *think* that only applies above the threshold ($315,000 married, filing jointly).
I "think" you are correct: http://www.abajournal.com/news/article/ ... with_limit
by Chicago60
Wed Dec 20, 2017 3:22 pm
Forum: Personal Finance (Not Investing)
Topic: [Pass-Thru Entities Questions Thread]
Replies: 141
Views: 16299

Re: Pass Through Entities Questions Thread

I believe lawyers and other specified professionals are excluded from the pass through entities eligible for this provision.
by Chicago60
Wed Dec 20, 2017 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Please Post Tax Bill Questions Here [was Tax Bill Omnibus Thread]
Replies: 889
Views: 85903

Re: Tax Bill Omnibus Thread

livesoft wrote: Wed Dec 20, 2017 3:10 pm
Grt2bOutdoors wrote: Wed Dec 20, 2017 3:05 pm
KlangFool wrote: Wed Dec 20, 2017 1:04 pm Folks,

If the personal exemption is suspended, what is the tax benefit of claiming my children as the dependent? Please enlightened me.

KlangFool
You can claim a $2k tax credit per child up to age of 17, thereafter dependents are eligible for $500 tax credit.
So is a spouse a dependent? For instance, I have no earned taxable income and do not foresee ever having any, so I am totally depending on my spouse.
Not in the legal or taxable sense of the word: https://apps.irs.gov/app/understandingT ... d04_01.jsp
but perhaps morally and practically.
by Chicago60
Sat Dec 16, 2017 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 34434

Re: be careful, no longer allowed to prepay local and state taxes for a deduction

Be real careful, as post numbers 249-253 of this post viewtopic.php?f=2&t=233726&start=250 suggests NYT might have it wrong and that prepayment of property taxes may still be deductible.
by Chicago60
Sat Dec 16, 2017 8:20 am
Forum: Personal Finance (Not Investing)
Topic: Can/Should early retiree avoid ACA tax credits?
Replies: 55
Views: 5903

Re: Can/Should early retiree avoid ACA tax credits?

I believe one can have a substantial net worth, and still technically qualify for a subsidy; a subsidy that is, in my opinion, intended for those less fortunate than one with a substantial net worth. Ethically, not legally, I find it troubling, and I would not take the subsidy. If you had a high net worth but only modest income would you forgo various tax deductions legally available to you? Mortgage interest deduction, for example? If you also had dependents, would you not claim them when filing your taxes? If you were self-employed, would you not even deduct the cost of your health insurance premiums? Or even go whole hog, and decline to take social security or medicare. Thing is, where to draw the line is personal, which is why it is be...
by Chicago60
Sat Dec 16, 2017 8:12 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 34434

Re: Prepayment of SALT Taxes? [State and Local]

New York Times reporting that this loophole is being closed by the compromise bill. Much ado about nothing apparently (although I'll still pay my 2017 taxes this month.) https://www.nytimes.com/2017/12/15/us/politics/republican-tax-bill.html?hp&action=click&pgtype=Homepage&clickSource=story-heading&module=first-column-region&region=top-news&WT.nav=top-news In a pre-emptive move against accounting maneuvers in high-tax states such as New York and California, the bill prohibits taxpayers from prepaying next year’s state and local income or property taxes, in order to deduct them from 2018 taxes. That form of tax planning would have allowed taxpayers to benefit more from the full state and local deduction this year bef...
by Chicago60
Fri Dec 15, 2017 6:39 pm
Forum: Personal Consumer Issues
Topic: Takata Airbag Class Action Settlement
Replies: 39
Views: 5700

Re: Takata Airbag Class Action Settlement

Many people just think about their own wallet at the moment, when they look at class action lawsuits ("only the lawyers make on on them") The value I get out of class action lawsuits is not the $0.50 coupon I may get. It is the deterrent it applies to companies from screwing their customers a will. If your Cell phone provider decides to charge all of it's customers a surcharge (say $0.50) that is not valid in the terms of your contract with them. Is everybody going to spend the time to sue them for the $0.50? No. So what stops them from doing it? How else would one propose controlling companies from screwing their customers out of nickles and dimes. Those nickles and dimes add up to real money (that's why the companies do it) Don...
by Chicago60
Fri Dec 15, 2017 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Online Savings Account Bonus
Replies: 2
Views: 746

Re: Online Savings Account Bonus

I would try these websites, which I use all the time for such information:

https://www.doctorofcredit.com/
https://www.depositaccounts.com/blog/
by Chicago60
Fri Dec 15, 2017 6:15 pm
Forum: Personal Consumer Issues
Topic: Takata Airbag Class Action Settlement
Replies: 39
Views: 5700

Re: Takata Airbag Class Action Settlement

munemaker wrote: Fri Dec 15, 2017 6:11 pm
Jack FFR1846 wrote: Fri Dec 15, 2017 4:48 pm I threw it out. Son's home from college so will schedule replacement next week.
I threw it out too. These are good for the lawyers, seldom anyone else.
In my opinion, this is truly a silly point of view. Taking a little bit of time to complete a claim form can get you some money for little effort and can recoup some of your losses, whereas throwing out the notice assures you of getting nothing. All to spite the lawyers? The editorial page of the WSJ would be proud.
by Chicago60
Fri Dec 15, 2017 6:09 pm
Forum: Personal Finance (Not Investing)
Topic: Can/Should early retiree avoid ACA tax credits?
Replies: 55
Views: 5903

Re: Can/Should early retiree avoid ACA tax credits?

I respectfully disagree with most, if not all, of the responses.

As I understand the intent of the legislation, one of its purposes was to provide a subsidy for lower income people who would not otherwise be able to afford health care insurance. I do not qualify, and I am sure I never will. I have never looked at the forms, but I assume you do not have to reveal your net worth; this is an income focused subsidy. But, I believe one can have a substantial net worth, and still technically qualify for a subsidy; a subsidy that is, in my opinion, intended for those less fortunate than one with a substantial net worth. Ethically, not legally, I find it troubling, and I would not take the subsidy.