Search found 978 matches

by Pdxnative
Tue Mar 26, 2024 9:31 pm
Forum: Personal Consumer Issues
Topic: AC or Heat Pump in Seattle
Replies: 24
Views: 1527

Re: AC or Heat Pump in Seattle

There are cold climate heat pump options that’ll work well with a ducted dual fuel system. Carrier and Mitsubishi both have options for this. So I don’t know where the 30 degree thing is coming from. That might be around the temp where cost of natural gas gets competitive with electricity in your area but you can use the heat pump well below that, even in a dual fuel system.

You mention the rebates but not the federal tax credit. You might look into how that changes the price difference. I don’t think the AC will get much whereas an efficient cold climate heat pump in either of your last two options would get 2k I think.

ETA: here’s a link to Mitsubishi but carrier has a similar option

https://www.mitsubishicomfort.com/intelli-heat
by Pdxnative
Fri Mar 22, 2024 3:39 pm
Forum: Personal Investments
Topic: Using target age portfolio in 529s
Replies: 22
Views: 1444

Re: Using target age portfolio in 529s

My wife and I went through similar considerations with the 529s we have for our 2 kiddos. Ours had target date options. Like others have pointed out with theirs, we thought these were more conservative than our risk tolerance. Instead of using target, our 529 also had “Aggressive,” “Moderate,” and “Conservative” portfolio mixes that matched up better for us. We have a sort of sliding scale going at 2-year intervals/even-numbered birthdays: 100% Aggressive for each child’s 529 until age 10 Age 10: 75% Aggressive, 25% Moderate, 0% Conservative Age 12: 50% Aggressive, 25% Moderate, 25% Conservative Age 14: 25% Aggressive, 25% Moderate, 50% Conservative Age 16: 0% Aggressive, 25% Moderate, 75% Conservative Age 18: 0% Aggressive, 0% Moderate, 1...
by Pdxnative
Fri Mar 22, 2024 12:13 pm
Forum: Personal Investments
Topic: Using target age portfolio in 529s
Replies: 22
Views: 1444

Re: Using target age portfolio in 529s

We used age based early on but they didn’t fit with our preferred allocation as college approached.

We started shifting to cash when HS started and were mostly cash when college started.

That’s more conservative than most but it helped us sleep well.

What we did to make it easier and avoid FOMO was to shift retirement funds a bit more heavily into stocks, so our overall allocation didn’t change much. But the money we knew we’d use in less than 5 years was always safe and liquid.
by Pdxnative
Fri Mar 22, 2024 10:59 am
Forum: Personal Finance (Not Investing)
Topic: Is Scholarship Income Taxable?
Replies: 5
Views: 392

Re: Is Scholarship Income Taxable?

The pub 970 section on scholarships is pretty clear on this.

Perhaps he thinks she had qualified expenses in addition to the 1098 t number, which is quite possible. In that case there’s nothing to report.

If he or she would otherwise be eligible for education credits, or if 529 funds were used, then coordinating those is necessary. Pub 970 explains how to do that.
by Pdxnative
Sun Mar 17, 2024 2:33 pm
Forum: Personal Consumer Issues
Topic: Overnight in a DC Hyatt March 2025
Replies: 13
Views: 1595

Re: Overnight in a DC Hyatt March 2025

Hyatt place GT/West End or Park Hyatt. Good walkable neighborhood and easy access to metro.
by Pdxnative
Sun Mar 17, 2024 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Confused about 1099-Q and 1098-T
Replies: 19
Views: 1506

Re: Confused about 1099-Q and 1098-T

Like others I suspected TurboTax was automatically coordinating education credits for you in the background. Are you sure this isn’t the case? Did you check forms view? Keep in mind the 1098t and 1099q are for different things and not meant to be paired. The 1098t exists to report qualified expenses like tuition and fees, as well as scholarships, for the purpose of education credits. Qualified expenses for 529s have a completely different definition in the tax code, which is why you can include room and board as a qualified expense. So don’t expect them to match at any point. I haven’t used TurboTax in awhile but I’d check to make sure education credits aren’t being claimed. Then backtrack and see if you entered the numbers correctly and in...
by Pdxnative
Mon Mar 11, 2024 12:04 pm
Forum: Personal Consumer Issues
Topic: Electric wiring along/through basement floor slab?
Replies: 23
Views: 1793

Re: Electric wiring along/through basement floor slab?

Either the cord cover or use the ceiling and drop electrical down to the table. The latter is what you’d probably do in an office or warehouse environment where tripping and lawsuits were an issue.
by Pdxnative
Sun Mar 03, 2024 4:10 pm
Forum: Personal Consumer Issues
Topic: When do electric cars stop making sense?
Replies: 210
Views: 16584

Re: When do electric cars stop making sense?

I am not trying to be intentionally obtuse - I could really be talked into an EV, but so far nothing on this thread has convinced me they make economic sense at 40-50 cents per kwh (soon 45 to 55.) But didn’t your initial post indicate EV fueling was cheaper? And with gas cost assumption that is probably low right now and almost certain to go up during the summer months? On that basis alone, when considering that you’ll be immune to gas price increases (keeping in mind gas prices in CA have been a dollar or more per gallon more expensive than you assume, and quite recently) EVs seem to come out ahead. I’ve had Toyotas and I don’t remember annual maintenance being zero. Oil, brake pads, belts, hoses, etc. So how do ICE cars make economic se...
by Pdxnative
Sun Mar 03, 2024 3:44 pm
Forum: Personal Consumer Issues
Topic: When do electric cars stop making sense?
Replies: 210
Views: 16584

Re: When do electric cars stop making sense?

I am not trying to be intentionally obtuse - I could really be talked into an EV, but so far nothing on this thread has convinced me they make economic sense at 40-50 cents per kwh (soon 45 to 55.) But didn’t your initial post indicate EV fueling was cheaper? And with gas cost assumption that is probably low right now and almost certain to go up during the summer months? On that basis alone, when considering that you’ll be immune to gas price increases (keeping in mind gas prices in CA have been a dollar or more per gallon more expensive than you assume, and quite recently) EVs seem to come out ahead. I’ve had Toyotas and I don’t remember annual maintenance being zero. Oil, brake pads, belts, hoses, etc. So how do ICE cars make economic se...
by Pdxnative
Sun Mar 03, 2024 12:30 pm
Forum: Personal Consumer Issues
Topic: When do electric cars stop making sense?
Replies: 210
Views: 16584

Re: When do electric cars stop making sense?

I seem to be seeing an idea of "buying and operating an EV isn't drastically cheaper for me so I'm just going to stick with ICE"......What? Why on earth would you continue burning fossil fuel, hassling with oil changes and more overall maintenance for many years to come if driving an EV comes out around the same cost? Why does it have to be significantly cheaper in order to consider or believe that it makes sense? :confused :confused There are many reasons to switch to EV if they work for your scenario even if they aren't clearly cheaper. Also much potential to reduce ongoing operating cost with solar. If I were paying $0.40+/kWh for electricity, I can't imagine why I wouldn't have solar installed yesterday barring situations tha...
by Pdxnative
Sun Mar 03, 2024 12:04 pm
Forum: Personal Consumer Issues
Topic: When do electric cars stop making sense?
Replies: 210
Views: 16584

Re: When do electric cars stop making sense?

OP, why don’t you go drive an EV and see if you even would want one?

A good comp for the RAV4 would be something like a VW ID.4. I see 2021/22 models used for 26-30k on carmax. Used Bolts and Leafs are a great deal right now, well under 20k.

Personally, I much prefer driving EVs. If the math penciled out roughly even on fueling I’d take the EV every time. See what you think for yourself though.

I do think your math is ignoring that gas prices are fairly low now and maintenance on most EVs will be cheaper than RAV4.
by Pdxnative
Thu Feb 29, 2024 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Income vs assets - college tuition
Replies: 3
Views: 483

Re: Income vs assets - college tuition

You should run the net price calculator at each school of interest
by Pdxnative
Wed Feb 28, 2024 12:28 pm
Forum: Personal Investments
Topic: Floating an Unusual 529 Strategy
Replies: 38
Views: 3145

Re: Floating an Unusual 529 Strategy

My wife works for the state and her employer will provide our children with free tuition to any state university. How has no one mentioned the scholarship loophole yet? OP, does your wife's employee benefit show up as a "scholarship" to your student? If so, your child can withdrawal from the 529 plan the full amount of the scholarship and not be subject to the 10% non-qualified penalty. They WILL have to pay their income tax on the withdrawal but they may be in a very low bracket at this age. So basically it's not quite as good as a fully tax-free withdrawal but may be another option if you want to get the money out and not pass it onto grandkids, etc. No one has mentioned that. Thank you! This is a good point. Keep in mind only ...
by Pdxnative
Tue Feb 27, 2024 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Why Emergency Fund?
Replies: 80
Views: 8632

Re: Why Emergency Fund?

OP, seems like you haven’t actually experienced a prolonged market downturn? That’s probably shaping your view quite a bit. Think about scenarios starting in 1999 rather than 2015 and things might feel different. Still, no right or wrong here. My view is that some sort of stable, liquid fund for unplanned events is crucial when starting out. But leaving that aside and considering someone with several+ multiples of income saved already. I keep a few multiples of monthly expenses in a bank account as a basic operating fund. Everything set to autopay and I don’t want to spend much time making sure enough is in there. Plus if something happens to me it provides time for heirs to get things together before payments get missed. Then I keep anothe...
by Pdxnative
Mon Feb 26, 2024 9:52 am
Forum: Personal Finance (Not Investing)
Topic: Find it confusing to leverage AOTC - 529
Replies: 26
Views: 2619

Re: Find it confusing to leverage AOTC - 529

I don’t remember the process in TurboTax. But I’m guessing that the 1099q entry
/interview process includes questions about whether all of the distribution was for qualified expenses, if you want to treat part of it as being for non-qualified expenses, and if the latter were used for purposes exempt from the 10% penalty.

I don’t for sure, but that’s where I’d start in TT.
by Pdxnative
Sun Feb 25, 2024 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Find it confusing to leverage AOTC - 529
Replies: 26
Views: 2619

Re: Find it confusing to leverage AOTC - 529

Heretolearn and katietsu are sending you in the right direction.

Read pub 970 on AOTC and QTPs and examples for coordinating the two by claiming the *earnings portion* of 529 distribution as income, *without penalty*.

Basically you want to claim all the 3825 (or ideally add in other qualified expenses to get to 4k) for the AOTC (or LLC if no longer eligible for aotc).

That’ll make a portion of your 529 distribution non qualified (maybe, depending on specific numbers). You’ll pay income tax on the earnings portion of that distribution. No penalty though.

I don’t remember how to make TurboTax do this but get clear for yourself what you’re trying to accomplish and it’ll probably become clear.
by Pdxnative
Fri Feb 23, 2024 10:15 am
Forum: Personal Consumer Issues
Topic: College cheating, what would you do?
Replies: 64
Views: 4452

Re: College cheating, what would you do?

Sorry she has to experience this frustration. Assuming there is no honor code or something similar compelling her to report suspected cheating, I’d: Make sure she’s protecting her own interests—if any shared courses where roommate could be copying her work, that could be a problem. Make her aware that this really isn’t a problem for her even if she resents it. The GPA issue isn’t very meaningful right now. These are lower level courses and the roommate might find herself unprepared when the harder work comes. Your daughter will be more prepared for advanced coursework, exams where chat gpt isn’t available, job interviews, internships, etc. Encourage her to examine the school’s policy on the use of chat gpt so she understands appropriate use...
by Pdxnative
Thu Feb 22, 2024 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: A question about qualified scholarships, W-4s, and "other income"
Replies: 12
Views: 646

Re: A question about qualified scholarships, W-4s, and "other income"

Plus, your parents might claim education credits, which might involve treating even more of your financial aid as taxable. I was planning on filing Form 8863 to claim the AOTC and LLC for myself. Is this possible and will it mess anything up? You can’t claim the AOTC if you’re claimed as a dependent on someone else’s return. You can decide later whether your parents claim you as a dependent and take the AOTC, or whether they don’t claim you and you take it on your return. If the latter, it’d likely wipe out your entire tax or at least most of it. In addition, you might meet the support test that eliminates the kiddie tax as a concern. If you decide it’s best for your parents to take the AOTC you’ll need to work together on taxes, as they m...
by Pdxnative
Thu Feb 22, 2024 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: A question about qualified scholarships, W-4s, and "other income"
Replies: 12
Views: 646

Re: A question about qualified scholarships, W-4s, and "other income"

I’d ignore the 2750 for now. You might have qualified expenses next semester that balance it out for the year. Plus, your parents might claim education credits, which might involve treating even more of your financial aid as taxable. You just don’t know at this point.

The goal of the W4 is just to meet withholding requirements and withhold enough to meet the safe harbor rules (or pay estimated taxes in addition). I’d track that and check it every quarter or so and adjust withholding up if needed.
by Pdxnative
Thu Feb 22, 2024 12:18 pm
Forum: Personal Consumer Issues
Topic: Thoughts on buying cheap, used, "intermediate" range EV?
Replies: 168
Views: 13997

Re: Thoughts on buying cheap, used, "intermediate" range EV?

A used Tesla Model 3 and Y would be my choice. The EV depreciation issue is overblown. This is false. Most EVs depreciate much faster than most ICE vehicles. Just search "do EVs depreciate faster." "All-electric vehicles have the worst depreciation rate by vehicle type. iSeeCars reports the average five-year depreciation rate for electric vehicles is almost 50%, meaning the typical EV loses half its value in just five years. One reason is technology." Here's some examples 2017 Model S 100D $116,250 MSRP. In 2019. In December, 2023, owner posted Caravan indicated the car was worth $36,500. --> $79,750 / 68% depreciation in 2 years. Local examples... 2018 Model 3 was $66,000. Today they are selling for $22k. $44k / 67% de...
by Pdxnative
Tue Feb 20, 2024 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Excluding a young adult driver who no longer lives at home from my insurance policy
Replies: 34
Views: 2659

Re: Excluding a young adult driver who no longer lives at home from my insurance policy

She is far away at college and it’s costing you $900/year to insure her? When we were in that situation we were able to put kids in a different category, something like occasional driver (can’t remember specific term), because they were > some # of miles from home at college. Rates dropped quite a bit. When graduated and moved to city with no car, they switched to non owner policy (just to cover if they rented, car share, borrowed a car from someone who had poor/no insurance, and also because I think umbrella liability policy required it). We showed proof of that to drop them. They are still covered by our insurance when they drive our cars (as anyone would be). I’d maybe shop around and see how different companies categorize/treat kids at ...
by Pdxnative
Wed Feb 14, 2024 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: IRA Roth Conversion - College Savings
Replies: 5
Views: 421

Re: IRA Roth Conversion - College Savings

RetireWhen wrote: Wed Feb 14, 2024 12:08 pm We will pay off a couple student loans at that time, which is what will deplete the college savings just as planned a long time ago.
This may or may not affect your plans, but I’d make sure to look at the details of the new SAVE program. This might affect what you view as the optimal strategy for paying off the student loans. I could see cases where this might change your plans quite a bit (including leaving the money in the 529 for years after graduation, for the student to eventually manage).
by Pdxnative
Sun Feb 11, 2024 2:45 pm
Forum: Personal Consumer Issues
Topic: Thoughts on buying cheap, used, "intermediate" range EV?
Replies: 168
Views: 13997

Re: Thoughts on buying cheap, used, "intermediate" range EV?

What do you consider cheap and intermediate range?

Used LEAFs with 150 mile range are around 15k now, minus the 4k used federal tax credit if you and the car qualify.

I’d do that in a heartbeat for an around town car that met my needs. (Bolts, Kona, Nero, etc probably competitive in this range too).

If you’re willing to go up to 25k or so you could probably get a used polestar, ID.4, etc., that is a bit bigger, more suitable if you do a lot of road tripping.

The older LEAFs with 80ish mile range are around 5-6k but I assume most people would consider that short range these days.

I wouldn’t have warranty concerns with most of these EVs any greater than with an ICE (less, in fact, given the battery warranties).

What is your use case?
by Pdxnative
Wed Feb 07, 2024 3:43 pm
Forum: Personal Consumer Issues
Topic: EV Charging Station at Home
Replies: 48
Views: 3525

Re: EV Charging Station at Home

I’d start with seeing if you’re eligible for local utility, state incentives. Those might have specific requirements. Then check eligibility for the federal credit. You might find that a large portion of installation cost would be covered by incentives. I have a 60 amp circuit with hardwired Chargepoint home flex charging at 48 and it works great. I don’t think that charging speed is necessary but it’s nice. Hardwiring for us was preferred for safety (actually was required by the charger for 48 amp charging). We had concerns about receptacle overheating and cost was comparable to just hardwire. If we already had the receptacle and no incentives, I might’ve just gone with a slower charger and it probably would’ve been fine. I’d check out the...
by Pdxnative
Mon Feb 05, 2024 3:51 pm
Forum: Personal Consumer Issues
Topic: Calculating a "true" SAT average admissions score
Replies: 67
Views: 5780

Re: Calculating a "true" SAT average admissions score

The difference between "student-athletes" and the general student body in regards to academic achievement is so vast - even at Ivy (even though they do not technically provide athletic scholarships) and Stanford - that they generally shouldn't even be considered part of the same group. Ivies handle this a bit differently than Stanford does. Ivy rules require the average academic index for all athletes to be within one standard deviation of the campus AI. Even this tends to overstate the difference, as athletes test earlier, usually with little or no prep, and once they get a green light before senior year have little need to test again. There’s a small minority of athletes with relatively low (for these schools) test scores. But ...
by Pdxnative
Mon Feb 05, 2024 12:07 pm
Forum: Personal Consumer Issues
Topic: Calculating a "true" SAT average admissions score
Replies: 67
Views: 5780

Re: Calculating a "true" SAT average admissions score

Interestingly, the President of Dartmouth just announced that it is going back to requiring ACT/SATs for admission. Her letter explaining this included comments about both the predictive value of the test and some comments about how the tests if properly used (that is adjusted for socio economic factors) can benefit diversity. Another way of saying that is a kid who scores a SAT 1400 at a school which has an average of 1000, has a better chance of success than one who scores 1400 at an eastern prep school where the average is 1350. THe president’s claims are pure nonsense. She ignores studies indicating that high school grades are a much better predictor of success in the first year of college than SATs. As far as adjusting for socio-econo...
by Pdxnative
Mon Feb 05, 2024 11:13 am
Forum: Personal Finance (Not Investing)
Topic: First time filing as independent, 1098-T and 1099-Q 529 withdrawal
Replies: 6
Views: 487

Re: First time filing as independent, 1098-T and 1099-Q 529 withdrawal

aum wrote: Mon Feb 05, 2024 11:07 am Thank you for all the replies! Her total qualified expenses shall be around 41K as follow:

23K: Tuition and Fees
15K: Lodging/Boarding
3K: Books/Graduation fee

In this case, Can she claim 10K LLC and wont have any additional income added to her from this 529 distribution if 529 distribution was sent to her? We are also planning to pay her student loan back through SAVE program so any additional income from this distribution will add to her loan payment ( (AGI - 225% FPL) * 10% ).
Yes, the 529 distribution won’t add to her income even if she takes the LLC.

See IRS Pub 970 for details on LLC.
by Pdxnative
Mon Feb 05, 2024 10:44 am
Forum: Personal Finance (Not Investing)
Topic: First time filing as independent, 1098-T and 1099-Q 529 withdrawal
Replies: 6
Views: 487

Re: First time filing as independent, 1098-T and 1099-Q 529 withdrawal

Good points above. If concerned about this I suppose the most worry free path is to distribute from 529 to daughter, she writes a 15k check to each spouse. No reporting needed unless she wants to take LLC, in which case everything is self-contained on her taxes.

In reality, you could just distribute to daughter, have her reimburse you and call it good. I don’t think gift tax thresholds are much of an issue if you floated her the 30k and she makes you whole. But I’m not expert on that.

Distributing to yourself *might* increase possibility of red flag, not sure
by Pdxnative
Sun Feb 04, 2024 2:21 pm
Forum: Personal Finance (Not Investing)
Topic: Summer employment/internship for first year college kid
Replies: 12
Views: 1249

Re: Summer employment/internship for first year college kid

I’d encourage at least looking around at options and going into the career fair with the intent to learn what’s out there this year. However, I view summers as an opportunity to learn about different roles and to refine professional and academic interests, with importance increasing the last two summers. Sandwich shop this summer would be fine. But if she can find a different opportunity that allows her to experience a more professional setting, engage in academic research (yes, even as a low level person), or whatever else pops up, that might be a plus in helping her figure out her interests and path the next few years. Part of going through the process this year is about going into next year ready to land a good opportunity next summer wh...
by Pdxnative
Fri Feb 02, 2024 1:11 pm
Forum: Personal Consumer Issues
Topic: college decision: UIUC or UF for ECE?
Replies: 340
Views: 32460

Re: college decision: $63k UIUC ECE or full-ride UF ECE?

Seems to me that you’re approaching the academic/programmatic questions appropriately and probably getting useful info from reaching out to faculty + eventual visits. Just a couple more generic thoughts: You comment in a few places about hopes that your daughter will change in college, needs to be pushed, or needs to stretch more, etc: In my experience that doesn’t always happen the way parents hope but when it happens in positive ways it’s because kids are happy and internally motivated to explore and push beyond boundaries. I do not think a more rigorous program necessarily does this. Sometimes it does the opposite. I’d be inclined to assume that your daughter’s personality and approach to academics will remain fairly stable during colleg...
by Pdxnative
Mon Jan 29, 2024 6:55 pm
Forum: Personal Consumer Issues
Topic: Garage EV Charger Options - which way to go?
Replies: 58
Views: 5095

Re: Garage EV Charger Options - which way to go?

I’m assuming you’d have an electrician do the gfci?

You might want to explore charger costs after installation and subsidy before deciding this. If you’re eligible for the 30% federal credit and your state/utility rebate is very good the cost might be comparable.

I think our total cost after rebates for EVSE+install was <$500 at a time when we’d have spend at least a few hundred just to have an electrician make a trip out.
by Pdxnative
Mon Jan 29, 2024 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowner's liability for fallen tree?
Replies: 28
Views: 3490

Re: Homeowner's liability for fallen tree?

Ianal but my understanding in states I’ve lived in is that their insurance will cover this unless you knew or should have known the tree was unstable.
by Pdxnative
Sat Jan 27, 2024 7:25 pm
Forum: Personal Consumer Issues
Topic: Garage EV Charger Options - which way to go?
Replies: 58
Views: 5095

Re: Garage EV Charger Options - which way to go?

We have a Chargepoint home flex and it’s been great.

I’d consider the Tesla universal charger now if it’d also get you the rebates. Haven’t seen reviews on it though so do some research. State of Charge channel on YouTube is great for charger reviews.

I’d get the 60 amp circuit done and charger installed if cost is reasonable after rebates.
by Pdxnative
Wed Jan 24, 2024 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 13195

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

What I have pointed out is that the system is what it is, and that those in the 90th percentile of income who are seeking to manipulate their assets to quality for aid they do not truly need does, in fact, remove money from the aid pool. This and your prior statement implying a zero sum game for need based aid aren’t really accurate at Princeton, the school the OP mentioned. 300k isn’t 90th percentile there, and one person’s large aid award does not reduce the aid of anyone else. As for loans, the best schools seem not to like relying on them. The one thing I’d mention to OP is that there aren’t 20 schools at Princeton’s level of generosity. HYPSM and just a few others are at a different level, that can make not just thousands but tens of ...
by Pdxnative
Wed Jan 24, 2024 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school
Replies: 97
Views: 13195

Re: Controlling income and paying off mortgage rather than taxable investing might be worthwhile for a top 20 school

What I have pointed out is that the system is what it is, and that those in the 90th percentile of income who are seeking to manipulate their assets to quality for aid they do not truly need does, in fact, remove money from the aid pool. This and your prior statement implying a zero sum game for need based aid aren’t really accurate at Princeton, the school the OP mentioned. 300k isn’t 90th percentile there, and one person’s large aid award does not reduce the aid of anyone else. As for loans, the best schools seem not to like relying on them. The one thing I’d mention to OP is that there aren’t 20 schools at Princeton’s level of generosity. HYPSM and just a few others are at a different level, that can make not just thousands but tens of ...
by Pdxnative
Mon Jan 22, 2024 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: College counselor/consultant
Replies: 65
Views: 4655

Re: College counselor/consultant

Op, We didn’t use a counselor for any part of the process. Nor did many friends with academically motivated and bright kids. But, most of us were very familiar with the US system, including the many expats we know who were either educated in the US or worked here long enough to know the ropes and what they wanted for their kids. So, I suppose it’s possible there’s someone out there who could help with some particular goal you might have. But I’d spend some time discussing and reading before launching into interviewing people. That will help you avoid getting sucked into a paradigm of college admissions that doesn’t fit your goals and perspectives. If you’re happy with your own school or the state flagship or a moderately selective private t...
by Pdxnative
Fri Jan 19, 2024 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: How to make FAFSA-conscious decisions?
Replies: 60
Views: 5277

Re: How to make FAFSA-conscious decisions?

I agree with the comment above that generalizing about FA is difficult. As mentioned, FAFSA primarily affects federal aid. Some schools do use it to determine institutional aid. This might be relevant at specific state schools. At privates using FAFSA exclusively, I believe most do not meet full need. Most of the very highly endowed schools that offer great need-based aid use the CSS or their own forms. These also are the most difficult schools for admission. We are talking HYPSM and a few dozen other schools at most. Aid at the latter group can be extremely generous. The trick is getting admitted. You’d know by middle school if this is a possibility for your kids, but you can’t really plan on it happening even if your kids are very deservi...
by Pdxnative
Wed Jan 17, 2024 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: Income taxes for college student
Replies: 31
Views: 2131

Re: Income taxes for college student

I'm uncertain as to the other qualified expenses. Likely low to none. No new computer. The disbursements went the student. She will be claimed as a dependent of her widowed father. Her mother died in 2022. The student earned $6,000 in 2023. The parent contributed nothing. You’ll want to read pub 970 very carefully. https://www.irs.gov/pub/irs-pdf/p970.pdf If I understand you correctly, everything is going to end up on student and father’s taxes. It is worth your time to find out qualified fees as well as books and other costs. I’d be shocked if this were zero. You’d like to increase qualified expenses for scholarships as much as possible to minimize or eliminate taxation of scholarship if father takes the aotc. Right now you have an $1800 ...
by Pdxnative
Wed Jan 17, 2024 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: Income taxes for college student
Replies: 31
Views: 2131

Re: Income taxes for college student

Also meant to mention: she’ll get a 1098t from the school that’ll help you understand some of the fees that are qualified expenses for the tax credits (which is not the same as qualified for the 529). But she should also be able to find receipts for books, lab supplies, etc. and you’ll want those. Unfortunately, getting any receipts from her is like pulling teeth. I did receive last year's 1098t. In 2022 she had no earned income. $5,000 was distributed from the 529 to the parents. She did not file taxes as a local accountant said she did not have to. Her mother died. Her father did not claim AOTC for 2022. I don't know it the 1099 Q went on his return. Ugh. For 2020 and 2021 she lived at home and scholarships exceeded tuition. Her parents ...
by Pdxnative
Wed Jan 17, 2024 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Income taxes for college student
Replies: 31
Views: 2131

Re: Income taxes for college student

Can you add info: Other qualified expenses Who took the 529 distribution? Student, parent, you? Will student be claimed as dependent? By who,, and are they eligible for aotc? Any other student earned or unearned income? It’s possible the puzzle pieces will fit in a way that student standard deduction covers all otherwise taxable income from this, and parent can take the aotc I'm uncertain as to the other qualified expenses. Likely low to none. No new computer. The disbursements went the student. She will be claimed as a dependent of her widowed father. Her mother died in 2022. The student earned $6,000 in 2023. The parent contributed nothing. You’ll want to read pub 970 very carefully. https://www.irs.gov/pub/irs-pdf/p970.pdf If I understa...
by Pdxnative
Wed Jan 17, 2024 3:07 pm
Forum: Personal Finance (Not Investing)
Topic: Income taxes for college student
Replies: 31
Views: 2131

Re: Income taxes for college student

Also meant to mention: she’ll get a 1098t from the school that’ll help you understand some of the fees that are qualified expenses for the tax credits (which is not the same as qualified for the 529). But she should also be able to find receipts for books, lab supplies, etc. and you’ll want those.
by Pdxnative
Wed Jan 17, 2024 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Income taxes for college student
Replies: 31
Views: 2131

Re: Income taxes for college student

Can you add info: Other qualified expenses Who took the 529 distribution? Student, parent, you? Will student be claimed as dependent? By who,, and are they eligible for aotc? Any other student earned or unearned income? It’s possible the puzzle pieces will fit in a way that student standard deduction covers all otherwise taxable income from this, and parent can take the aotc I'm uncertain as to the other qualified expenses. Likely low to none. No new computer. The disbursements went the student. She will be claimed as a dependent of her widowed father. Her mother died in 2022. The student earned $6,000 in 2023. The parent contributed nothing. You’ll want to read pub 970 very carefully. https://www.irs.gov/pub/irs-pdf/p970.pdf If I understa...
by Pdxnative
Wed Jan 17, 2024 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: Income taxes for college student
Replies: 31
Views: 2131

Re: Income taxes for college student

Can you add info:
Other qualified expenses
Who took the 529 distribution? Student, parent, you?
Will student be claimed as dependent? By who,, and are they eligible for aotc?
Any other student earned or unearned income?

It’s possible the puzzle pieces will fit in a way that student standard deduction covers all otherwise taxable income from this, and parent can take the aotc
by Pdxnative
Wed Jan 10, 2024 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Advice regarding CPA fees
Replies: 22
Views: 2583

Re: Advice regarding CPA fees

Doesn’t seem unreasonable given all the returns. Decent accountants are hard to find these days. The idea of charging extra for consultations throughout the year isn’t that unusual. You can shop around but I’d expect to pay about 2k for a fairly simple 1120s and at least 500 for each personal return in a hcol area (accountants have expenses too). That’s just me, maybe someone will do it for less but you’d have to find them.

Why don’t you switch to having him just do the 1120s and then do all those personal returns on your own?
by Pdxnative
Wed Jan 03, 2024 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Scholarship/FAFSA Experience for Higher Income Families?
Replies: 60
Views: 8811

Re: Scholarship/FAFSA Experience for Higher Income Families?

Need-based aid is unlikely for you. Merit aid at schools hoping to boost numbers is a possibility if kids have good grades and test scores. You can look at a school like Utah State to get a sense of what that looks like, as they publish auto-merit tables. Similar stats-based merit exists at other schools but isn’t automatic. A large chunk of “merit” aid out there, especially at privates, is actually differential pricing. Admissions offices use consultants and their algorithms to determine what sort of discounting is needed to lure students away from their state flagship. Between the latter two you’ll probably find at least a few out of state options priced near your in-state schools if your kids have good academic stats (or even, potentiall...
by Pdxnative
Mon Jan 01, 2024 1:18 pm
Forum: Personal Finance (Not Investing)
Topic: Harvard RD Financial Aid
Replies: 19
Views: 3155

Re: Harvard RD Financial Aid

The NPCs at schools like these are pretty accurate for most people, assuming correct numbers are entered. But make sure you are entering the correct numbers; have your parents help. Ivies will generally match the aid offered at other Ivies. So it’s worth applying to Princeton if applying to other Ivies, on the off chance of admission and better aid. I believe Princeton does not count home equity while many other schools do (not sure about Harvard). Otherwise, no you aren’t going to be able to negotiate need-based aid unless there are particular nuances in your family’s financial situation that the algorithms ignore but which a professional administrator might use judgment to adjust. You can negotiate “merit” (aka differential pricing) at fa...
by Pdxnative
Fri Dec 29, 2023 11:39 am
Forum: Personal Consumer Issues
Topic: Robotics focused colleges (tier 2 + co op preferred)
Replies: 65
Views: 7939

Re: Robotics focused colleges (tier 2 + co op preferred)

Good in-state options and good suggestions so far. You also might consider Oregon State if looking out of state on the West coast. Their MECOP program might be of interest. I think they’re part of WUE? WUE might also be a good place to find out of state bargains.

There are a lot of privates that serve the niche you’re talking about but those likely wont be bargains (CWRU, RPI, Rochester, etc.).
by Pdxnative
Thu Dec 28, 2023 5:32 pm
Forum: Personal Finance (Not Investing)
Topic: 15 year old son getting learner's driving permit considerations
Replies: 19
Views: 1591

Re: 15 year old son getting learner's driving permit considerations

To me the main things would be to shop around every year, probably up the deductible, pay attention to which cars the insurance treats each of you as primary drivers (for us this affected the cost). Cost will go up, yes, for boys especially. Our view was that developing good driving habits was part of parenting and we wanted them doing it while at home and enjoying the same insurance coverage that made sense for us. Once off to college they might not drive much if at all, and then they’re into the world. So we did not delay independent driving or license but viewed it as a developmental process. Keep in mind that even if you can somehow limit insurance coverage for them while in your house, that doesn’t limit your/their liability. And then ...
by Pdxnative
Tue Dec 26, 2023 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Credit card recommendation: one card to rule them all?
Replies: 95
Views: 14595

Re: Credit card recommendation: one card to rule them all?

My experience with United miles has been pretty good. I usually get better than one cent per mile and if I don’t then I just pay cash. But I do have a United card in the drawer and that apparently gives better availability of points/miles tickets.

So if you travel, I’d suggest getting the Chase Sapphire Prefered and then one of the United cards mentioned above.

You can then transfer your Chase points to United when it’s a good deal, and the United card will give you travel benefits (lounges, checked bags, etc) as well as better availability of points tickets.

Worst case, you just convert your Chase points to cash.
by Pdxnative
Thu Dec 21, 2023 12:41 pm
Forum: Personal Investments
Topic: Too much risk in 529
Replies: 25
Views: 2079

Re: Too much risk in 529

If you need the money to meet your goals it shouldn’t be in stocks or probably bond funds. Prioritize safety.

If FOMO is the issue, increase your stock allocation in retirement or somewhere that you have time to recover.