Search found 1762 matches

by prd1982
Mon Mar 18, 2024 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: IRS rollout of Login.Gov: any updates?
Replies: 24
Views: 3475

Re: IRS rollout of Login.Gov: any updates?

When I used my login.gov ID to sign into SSA, I was asked if I wanted to link it to my ID.ME account. I said yes.

I jus got an email that said my ID.ME account was no longer linked to my SSA account. So it switched authentication to login.gov.

Edit: I misunderstood the message from the SSA. It said it deactivated my account at www.ssa.gov/myaccount. That must be the original way to log onto the SSA. Both my ID.ME and my login.gov work with the SSA site.
by prd1982
Mon Mar 18, 2024 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: IRS rollout of Login.Gov: any updates?
Replies: 24
Views: 3475

Re: IRS rollout of Login.Gov: any updates?

cheesepep wrote: Mon Mar 18, 2024 5:15 pm Can someone answer my original question of whether login.gov only requires the download of an app and FaceID and does not require a picture of myself or driver's license or video call with someone to verify my identity?

I don't want to create another login if I dont have to.
Creating a login.gov ID doesn't require any of that. It also doesn't identify who you are. When you go to a site at supports login.gov, that site will go through the verification process to identify who you are.
by prd1982
Mon Mar 18, 2024 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: IRS rollout of Login.Gov: any updates?
Replies: 24
Views: 3475

Re: IRS rollout of Login.Gov: any updates?

I just created my login.gov ID and it didn’t ask for any information to identify who I am. So if this is going to be used for IRS transactions that retrieve sensitive data (eg transcript), then the IRS a is going to have to add its own “prove who you are” mechanism. That is the major feature in ID.ME. Perhaps try to get your SS report to see how it works with a government site. I had logged onto SS and used my login.gov ID. The site prompted me to enter my SSN and some basic info (I think it was mailing address and maybe DOB, but not sure). I realize that the IRS could implement the same logic. I wonder if the IRS considered that sufficient information to verify that you are who you claim? I know the IRS "Get Transcript" was expl...
by prd1982
Mon Mar 18, 2024 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: IRS rollout of Login.Gov: any updates?
Replies: 24
Views: 3475

Re: IRS rollout of Login.Gov: any updates?

808 wrote: Mon Mar 18, 2024 3:44 pm
The post I quoted and my response are in reference to the IRS site, https://www.irs.gov

The IRS website has NOT implemented login.gov, although they were planning to as of last year.

EFTPS is not the same, although both are run by the U.S. Department of the Treasury.
I just created my login.gov ID and it didn’t ask for any information to identify who I am. So if this is going to be used for IRS transactions that retrieve sensitive data (eg transcript), then the IRS a is going to have to add its own “prove who you are” mechanism. That is the major feature in ID.ME.
by prd1982
Mon Mar 18, 2024 9:28 am
Forum: Personal Finance (Not Investing)
Topic: IRS rollout of Login.Gov: any updates?
Replies: 24
Views: 3475

Re: IRS rollout of Login.Gov: any updates?

jebmke wrote: Mon Mar 18, 2024 8:39 am It appears that the IRS site (not EFTPS) requires ID dot me and will not accept login.gov; is that correct?
That’s what I see as well. I’m guessing the IRS is relatively lax about identifying the person who wants to send it money.
by prd1982
Sun Mar 17, 2024 4:34 pm
Forum: Personal Finance (Not Investing)
Topic: Over 80, take more than minimum RMD? Advice?
Replies: 18
Views: 1883

Re: Over 80, take more than minimum RMD? Advice?

You don't want to do a DAF for your charitable giving. Rather you want to do QCDs (qualified charitable distributions). Taking money from your IRA & adding to your DAF counts toward your AGI even though you get to deduct from your taxable income. Money taken from your IRA as a QCD doesn't get counted in your AGI. This can help reduce IRMAA and NIIT. If your state income tax is based on your AGI, the QCD method reduces your state income tax. Finally it might allow you to take the standard deduction rather than itemize.
by prd1982
Sat Mar 16, 2024 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: tax brackets etc assuming TCJA sunset no new laws
Replies: 24
Views: 2420

Re: tax brackets etc assuming TCJA sunset no new laws

Thesaints wrote: Sat Mar 16, 2024 8:01 pm ...and the marriage penalty comes back with a vengeance. We will not be able to remain both employed.
Sorry. What are you referring to?
by prd1982
Sat Mar 16, 2024 12:31 pm
Forum: Personal Investments
Topic: Fidelity 1099 Corrected Div. Already filed 2023 taxes, options
Replies: 8
Views: 648

Re: Fidelity 1099 Corrected Div. Already filed 2023 taxes, options

Thesaints wrote: Sat Mar 16, 2024 12:28 pm Submit a paper 1040X by mail.
I agree. However, be sure to wait until your initial return was processed. Hopefully you got a refund from the initial return so you can easily determine when processed.
by prd1982
Sat Mar 16, 2024 11:16 am
Forum: Personal Investments
Topic: Vanguard - fund sale - how to avoid excessive trading restrictions
Replies: 4
Views: 519

Re: Vanguard - fund sale - how to avoid excessive trading restrictions

toddthebod wrote: Sat Mar 16, 2024 10:50 am
You should not run into any restrictions unless you are simultaneously buying those same funds.
You should not run into any restrictions unless you are simultaneously buying those same funds in the same account.
So you could sell in your taxable account and buy in your IRA.
by prd1982
Fri Mar 08, 2024 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Switching from Medicare Advantage back to original Medicare
Replies: 18
Views: 2812

Re: Switching from Medicare Advantage back to original Medicare

There is switching back to traditional Medicare, and then there is getting a Medicare supplement, which you probably want . You need to check the rules for Georgia about whether it is subject to medical underwriting. If so you may need to get a physical exam, and can be rejected ir get a high premium.
by prd1982
Thu Mar 07, 2024 4:12 pm
Forum: Personal Consumer Issues
Topic: Home phone (copper) solution for parents
Replies: 26
Views: 2493

Re: Home phone (copper) solution for parents

I had trouble sending faxes when i switched to digital. I now use fax.plus. i have a plan which sends a page for $0.20. Works great. It sends PDFs.
by prd1982
Thu Mar 07, 2024 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: Genworth Long Term Care
Replies: 61
Views: 7634

Re: Genworth Long Term Care

beyou wrote: Thu Mar 07, 2024 3:53 pm
My MIL just got a notice from Genworth that her premium will be gradually adjusted from $700 to $2600 over next 4 years.
What state? Mine has gone up a lot, but no where this percentage
by prd1982
Thu Mar 07, 2024 1:35 pm
Forum: Personal Consumer Issues
Topic: Getting Vanguard website to work for me
Replies: 11
Views: 1290

Re: Getting Vanguard website to work for me

I would try using my phone (using cell data) to see if I can get by the continue problem. If that works, try using the phone on Wi-Fi.
by prd1982
Thu Mar 07, 2024 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Another Medicare Advantage Discussion - Let's have some facts
Replies: 22
Views: 1299

Re: Another Medicare Advantage Discussion - Let's have some facts

Im guessing most people make very little use of medical services. So they are clearly happier with lower cost.

To me the biggest issue is trying to understand why Advantage plans are so much cheaper that Medicare + supplement+ drugs. Is the government overpaying? Are the insurance companies making less profit on Advantage (yet advertising more)? Or is Advantage getting the providers to take less money? I know the Advantage plans say they keep people healthier but i don't see how.
by prd1982
Thu Mar 07, 2024 11:32 am
Forum: Personal Finance (Not Investing)
Topic: some turbo tax questions and paper filing
Replies: 30
Views: 2468

Re: some turbo tax questions and paper filing

I think we need to define "audited". I assume all math errors are paper returns. Do these count as audited? As for items such as requesting documentation, i read that the database the IRS logic uses to select the returns doesn't show how the return was filed. Assuming true , any difference in selection rates is really from differences in the types of returns people file on paper vs efile.

I will also contend that you will never convince some people that the IRS is telling the truth.
by prd1982
Wed Mar 06, 2024 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: tax filing using PDF
Replies: 22
Views: 1422

Re: tax filing using PDF

popoki wrote: Wed Mar 06, 2024 1:37 pm Zie is correct, you cannot email to the IRS, you must use the postal service. Now, do you trust the post office to deliver, and do you trust the IRS to open the mail in a timely manner? No way I would file by mail unless there was no e-file option.
Let’s not forget that the IRS hires folks to transcribe the numbers from your forms into their database forms. This can cause errors which generate letters from the IRS that you must answer.
by prd1982
Wed Mar 06, 2024 7:36 am
Forum: Personal Finance (Not Investing)
Topic: "Chunking" Charitable Contribution into Donor Advised Fund
Replies: 18
Views: 1304

Re: "Chunking" Charitable Contribution into Donor Advised Fund

Current law has the lower standard deduction returning in 2026. So you could only fund for 2024 & 2025. Of course, that means no deduction for those 2 years, plus there is a possibility that the law will change to keep the current large standard deduction.

But please don’t stop giving to charity for 2 years.
by prd1982
Tue Mar 05, 2024 6:37 pm
Forum: Personal Finance (Not Investing)
Topic: some turbo tax questions and paper filing
Replies: 30
Views: 2468

Re: some turbo tax questions and paper filing

delamer wrote: Tue Mar 05, 2024 6:33 pm Well, that’s interesting because I don’t even remember getting the option to use my regular account login to download into TT. Just information from my 1099. And I use the desktop version too.
The VG brokerage site uses the key from the 1099. However I think the old mutual fund site might still use userid/password.
by prd1982
Tue Mar 05, 2024 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: some turbo tax questions and paper filing
Replies: 30
Views: 2468

Re: some turbo tax questions and paper filing

hghysm21 wrote: Tue Mar 05, 2024 6:00 pm Thanks!
1. If I use TurboTax disk, then my data will be stored on their backend server. Is that safe?
2. What's the down side of paper file, if I don't need refund fast and mail the paper return via certified mail requesting return receipt?
1. I believe the government reviews their security. Hopefully others will confirm. Of course that is no guarantee. But a lot of security minded folks on this site use it.

2. With efile, you are sure it isn’t lost in transit or at the IRS. Also you eliminate the possibility of transcribing errors. Finally, the IRS would appreciate it.
by prd1982
Tue Mar 05, 2024 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: some turbo tax questions and paper filing
Replies: 30
Views: 2468

Re: some turbo tax questions and paper filing

hghysm21 wrote: Tue Mar 05, 2024 5:32 pm 1. If you use turboTax and provide brokerage name, your account number, does TbTax import the brokerage data, like 1099?
2. If you use TbTax to file electronically, does TbTax store your date on their website?
3. 2023, can you still paper file federal and state taxes?
1. It will import 1099 data from many brokerages. In some cases it wants a "key" on your 1099 rather than your password.

2. Yes if using the online TT. If using the desktop TT, it stores on its backend servers. No idea how long it is saved.

3. Yes. However as previously mentioned i would not recommend that.
by prd1982
Tue Mar 05, 2024 7:43 am
Forum: Personal Finance (Not Investing)
Topic: Giving (unequal) money to adult children
Replies: 90
Views: 8262

Re: Giving (unequal) money to adult children

Do you have a sense of what your two children think about the non-thriving child? Do they think that family is having unfortunate issues, or do they blame them for being lazy? If the former, I don’t think you have any push back concerns about loaning the money. If they think the family isn’t trying, then be prepared for push back when they learn. That doesn’t mean you shouldn’t lend the money. Just be prepared.
by prd1982
Mon Mar 04, 2024 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: QCDs before age 73?
Replies: 30
Views: 2440

Re: QCDs before age 73?

Assuming you plan to give your entire RMD to charity, it doesn’t matter tax-wise. It will be as if your IRA does not exist . So, if you start now, future RMDs will be smaller. Personally, I would start now.
by prd1982
Sun Mar 03, 2024 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: Free Online Tax Software - If it's free, you are the product.
Replies: 37
Views: 4321

Re: Free Online Tax Software - If it's free, you are the product.

You meant a paid preparer? Do you mean the the pop-up booths that show up in Walmart and such? Or are there payday loan style places that bolt on tax preparation services at tax time? If so, that's the nature of that sector in many areas outside of filing taxes; pawn shops, convenience stores, dollar stores, etc.
Yes, I meant preparer. As to locations, I include the pop ups, HRB storefronts, etc. Yes I understand about pawn shops etc. However it is particularly galling that a significant portion of a tax break that I approve of and help fund is going to the paid preparer.
by prd1982
Sun Mar 03, 2024 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Free Online Tax Software - If it's free, you are the product.
Replies: 37
Views: 4321

Re: Free Online Tax Software - If it's free, you are the product.

Agreed with the sentiment about tax preparation industry. They lobby to keep/make income taxes complicated for their own interests. The IRS/Gov't allows the lobby to persist and makes tax preparation way too difficult. For many people, the IRS has much of the information needed. Yet, requires people to resubmit and often people must pay companies/people to do on their behalf. I disagree with the causes. The tax prep industry doesn’t lobby to make the taxes more complicated. They lobby to keep the government out of providing a free online service to prepare taxes. What the IRS is currently developing is just a free version of one of the existing online prep services. The IRS doesn’t have anything to do with making tax prep way too difficult...
by prd1982
Thu Feb 29, 2024 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-DIV income taxed at 85%?
Replies: 11
Views: 2023

Re: 1099-DIV income taxed at 85%?

I cannot be sure what is going on, but you probably hit one of those tax cliffs that everybody writes about. These are often caused by loss of tax credits for income going over a limit. See, e.g., https://www.bogleheads.org/forum/viewtopic.php?t=295815 One hint I can say is: "Please read your Form 1040!" That is, don't talk about TurboTax. You are also going to have to look and understand the internal tax worksheet that TT uses. This is used to actually determine your taxes given your taxable income. This calculation is not on the tax forms printed for mailing. H&R Block uses a worksheet inside schedule D, even if schedule D is not submitted. Perhaps someone else reading this thread can tell you how to find it in TT.
by prd1982
Thu Feb 29, 2024 11:38 am
Forum: Personal Investments
Topic: What is considered a 'good' customer at a brokerage these days (and does it matter)?
Replies: 7
Views: 1081

Re: What is considered a 'good' customer at a brokerage these days (and does it matter)?

How much money the customer has invested isn't the correct measurement. The correct one is how much profit does the customer generate. So in VG terms, paying to have VG help manage your portfolio makes you a better customer than a DIY customer having several times more assets.
by prd1982
Thu Feb 29, 2024 7:33 am
Forum: Personal Finance (Not Investing)
Topic: Adding beneficiaries to non-retirement account at Vanguard
Replies: 24
Views: 1591

Re: Adding beneficiaries to non-retirement account at Vanguard

This issue comes up repeatedly.

* VG doesn't allow you to name beneficiaries on a joint account. Why doesn’t really matter.

* some very knowledgeable people believe that taxable accounts should go through the will rather than naming beneficiaries.

So,

* if you still want to name beneficiaries, move you funds to another broker.

* if you agree that the will is the way to handle these accounts, thank VG for helping you to see the light.
by prd1982
Wed Feb 28, 2024 7:45 am
Forum: Personal Consumer Issues
Topic: Want to leave timeshare.
Replies: 111
Views: 12034

Re: Want to leave timeshare.

PoppyA wrote: Wed Feb 28, 2024 7:41 am IMHO if it only cost you $1,500 to get out of it completely it is worth it!
Agreed. Just make sure you are selling back to the timeshare company and not some 3rd party that is scamming you.
by prd1982
Tue Feb 27, 2024 11:23 am
Forum: Investing - Theory, News & General
Topic: Retirees apparently tend to maintain assets - lessons for BH investors?
Replies: 129
Views: 16930

Re: Retirees apparently tend to maintain assets - lessons for BH investors?

This article, and I suspect a lot of people, consider having the same number of dollars 10 years into retirement as having not spent down their retirement money. Yet inflation had significantly reduced the value of the remaining pot. Only people who need to use very little of their savings can keep the value constant or growing over a 30 year period.

Just consider removing money from an IRA, paying taxes on it, and then investing the rest. That can be a substantial amount of real gains required to make up for the taxes.
by prd1982
Mon Feb 26, 2024 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: When did your Net Worth surpass your lifetime earnings?
Replies: 93
Views: 11641

Re: When did your Networth surpass your lifetime earnings?

Shouldn’t your earnings be inflation adjusted? After all, a $1 earned 20 years was worth a lot more than $1 of your current net worth,
by prd1982
Mon Feb 26, 2024 11:17 am
Forum: Personal Consumer Issues
Topic: Auto insurance suddenly cancelled: typical of this huge company?
Replies: 19
Views: 5115

Re: Auto insurance suddenly cancelled: typical of this huge company?

TheGiantess wrote: Mon Feb 26, 2024 9:38 am We have an Elantra without a mobilizer and got the"fix". Your car can still be stolen,
So what benefit did the fix provide?
by prd1982
Sun Feb 25, 2024 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: How do people go bankrupt?
Replies: 39
Views: 3162

Re: How do people go bankrupt?

Major illness that requires a wage earner to stop work. Can be made worse by having large medical expenses.

Loss of job and unable to find another one with a salary that allows them to pay their debts and ongoing obligations.
by prd1982
Sun Feb 25, 2024 12:41 pm
Forum: Personal Consumer Issues
Topic: AT&T outage affects other MVNOs?
Replies: 50
Views: 5028

Re: AT&T outage affects other MVNOs?

jebmke wrote: Sun Feb 25, 2024 12:15 pm
Northern Flicker wrote: Sat Feb 24, 2024 4:34 pm AT&T is in damage control mode from a PR perspective either way. Of course it doesn't look good. That is true whether it was an engineering failure or a security breach.
This often happens when communication is poor, either intentionally or by incompetence. Happens every time. Most of the time the sooner you get out ahead of bad news/issues the better.
I don't know what you want AT&T to do. They quickly came out and said:

* it wasn't a cyber attack (something we all considered)

* it was our fault doing a deployment. We are sorry.

What more are you expecting? Compensation?

The issue appears to have already dropped from the mainstream news.
by prd1982
Sun Feb 25, 2024 11:48 am
Forum: Personal Investments
Topic: RMD First World Problem/Options..
Replies: 10
Views: 782

Re: RMD First World Problem/Options..

Make sure your kids are financially literate and prepared to handle a large inheritance.
by prd1982
Sat Feb 24, 2024 1:52 pm
Forum: Personal Consumer Issues
Topic: AT&T outage affects other MVNOs?
Replies: 50
Views: 5028

Re: AT&T outage affects other MVNOs?

tetractys wrote: Sat Feb 24, 2024 1:38 pm And I’m not worried about it, just frustrated with AT&T’s rash placating even before any investigation.
My assumption is that the network folks were in the middle of deploying a major change and they messed up the deployment . AT&T didn't need to determine if an intruder caused the outage. Would it really help to tell you exactly what happened? I'm guessing you would say that AT&T was just lying.
by prd1982
Fri Feb 23, 2024 4:00 pm
Forum: Personal Consumer Issues
Topic: AT&T outage affects other MVNOs?
Replies: 50
Views: 5028

Re: AT&T outage affects other MVNOs?

tetractys wrote: Fri Feb 23, 2024 3:42 pm
Northern Flicker wrote: Fri Feb 23, 2024 3:01 pm
tetractys wrote: Thu Feb 22, 2024 10:22 pm The AT&T outage must have been cover for something very sinister. Is there any news on what it is yet?
Likely human error.
We’ll have to see what the various investigations come up with. The contagion seemed to go beyond even multiple “human error(s),” and the public explanation has been hurried and irrational.
If it was a cyberattack, then I’m impressed and comforted that AT&T was able to recover so quickly.
by prd1982
Fri Feb 23, 2024 9:43 am
Forum: Personal Finance (Not Investing)
Topic: IRMAA help
Replies: 12
Views: 1515

Re: IRMAA help

If you are going to consider a Roth conversion, please use a tax program to see how much taxes you will have to pay for the conversion.
by prd1982
Fri Feb 23, 2024 9:33 am
Forum: Personal Finance (Not Investing)
Topic: HR Block 2023: return of PDF printing problems
Replies: 19
Views: 1467

Re: HR Block 2023: return of PDF printing problems

I’ve not encountered a problem using H&R Block this year. I don’t invoke print. Rather, I go to File, then Wrapping Up, and “save your returns as a PDF”. Outside of the program I view the PDF and then print it.
by prd1982
Fri Feb 23, 2024 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Tax Liability On dividends in 3 fund portfolio
Replies: 11
Views: 627

Re: Tax Liability On dividends in 3 fund portfolio

roccodean wrote: Fri Feb 23, 2024 9:08 am
prd1982 wrote: Fri Feb 23, 2024 8:58 am I corrected my original response. I had reversed the qualified vs non-qualified numbers.
Wow. Taxed at my federal tax bracket level on the $17,000 or so (line 1a) ?
No. You will be taxed on 17000. However the majority will be taxed at your long term rate (probably 15%). You will only be taxed at your wage rate on ordinary dividends minus qualified dividends. I cannot see the original post right now but I think it is about $5000.
by prd1982
Fri Feb 23, 2024 9:05 am
Forum: Personal Consumer Issues
Topic: AT&T outage affects other MVNOs?
Replies: 50
Views: 5028

Re: AT&T outage affects other MVNOs?

jebmke wrote: Fri Feb 23, 2024 7:28 am I'm sure we will probably get an explanation that blames some poor engineer when the root cause was likely a management issue.
Sorry, I’m guessing this was an engineer’s/implementer’s mistake. Management doesn’t usually get involved in the technical details.
by prd1982
Fri Feb 23, 2024 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Tax Liability On dividends in 3 fund portfolio
Replies: 11
Views: 627

Re: Tax Liability On dividends in 3 fund portfolio

I corrected my original response. I had reversed the qualified vs non-qualified numbers.
by prd1982
Fri Feb 23, 2024 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Tax Liability On dividends in 3 fund portfolio
Replies: 11
Views: 627

Re: Tax Liability On dividends in 3 fund portfolio

roccodean wrote: Fri Feb 23, 2024 7:40 am
And there is no adjusting this or nothing to do correct ? This is standard on these funds.
This is standard for these 3 funds. Note that I have no idea if these 3 funds are appropriate for you. For example, if in a low tax bracket, you probably would not want a tax-exempt fund. Also if you have an IRA or 401K, you probably want the bonds in your deferred account. If you are asking if the funds are appropriate for you, then you would need to provide more info asking for a review
by prd1982
Fri Feb 23, 2024 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Tax Liability On dividends in 3 fund portfolio
Replies: 11
Views: 627

Re: Tax Liability On dividends in 3 fund portfolio

Without knowing your total income picture, here is my estimate of how this will be taxed.

You will be federal taxed on $17,455. $12,885 will be taxed at 15% (most likely) and the rest at your wage-income percentage. You will get a $649 reduction in US taxes owed, although you will need to file a 1116 form with your return. You will not be federally taxed on the $7872, but probably will at the state level.

Edited to correct qualified candidates non-qualified numbers.
by prd1982
Thu Feb 22, 2024 8:17 pm
Forum: Personal Consumer Issues
Topic: Help with washer, dryer, dishwasher that are 25 years old and never used
Replies: 22
Views: 2969

Re: Help with washer, dryer, dishwasher that are 25 years old and never used

My wife and I vote to replace all the hoses with stainless steel mesh hoses. Then run the appliances empty to check them out for problems
by prd1982
Thu Feb 22, 2024 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Rates - Short or Long term?
Replies: 6
Views: 677

Re: Capital Gains Rates - Short or Long term?

They are treated as long term, even if your MIL had held them for only 2 days. However if any dividends were reinvested after your MIL's death, those additional shares would be sold as short term.
by prd1982
Thu Feb 22, 2024 9:32 am
Forum: Personal Finance (Not Investing)
Topic: RMD, estimated income tax for survivng spouse
Replies: 15
Views: 2064

Re: What is both passes?

ee_guy wrote: Thu Feb 22, 2024 8:39 am One scenario was not addressed.

Consider a scenario with both deaths occurring late in December, both account holders died after their required beginning date to start taking RMDs and non-Eligible Designated Beneficiary inherits the tIRA. According to the rules, an RMD must be taken from the account by 12/31 of the year the original account holders died. In this case, it may not be possible.

What happens if RMD and tax withholding is not completed until the following year? What are the penalties and can they be waived?
Didn’t they recently change the rule to allow until April 15 (tax day) for the year of death RMD ago be taken?
by prd1982
Wed Feb 21, 2024 4:15 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question - Overpayment of Social Security and Medicare taxes
Replies: 6
Views: 474

Re: Tax question - Overpayment of Social Security and Medicare taxes

TheGuru1 wrote: Wed Feb 21, 2024 4:00 pm There is cap or reset for Medicare taxes.
I think you meant "no cap or reset".
by prd1982
Wed Feb 21, 2024 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Beneficiaries for Joint Accounts on Vanguard
Replies: 11
Views: 584

Re: Beneficiaries for Joint Accounts on Vanguard

Use the will to direct distribution of the joint accounts.
by prd1982
Tue Feb 20, 2024 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable status for Vanguard cash funds (VUSXX VMSXX VYFXX VMFXX)
Replies: 51
Views: 6718

Re: Did I mess up my taxes? Where do you adjust VMFXX for State tax = 70% taxable ??

Geologist wrote: Tue Feb 20, 2024 6:17 pm
Historically, the form was mailed with the 1099. In more recent years, it is simply posted on the web and it is described by Vanguard on its website where it lists important documents for filing taxes (https://investor.vanguard.com/investor- ... tion/taxes; "details about government obligations" is explicitly listed). You are expected to know something (and certainly you are expected to know about potential tax exemptions associated with US government obligations). It is not outrageous.
It is interesting that my brokerage 1099 lists % income from US gov securities for VTSAX. You might think they would add VMFXX.
by prd1982
Tue Feb 20, 2024 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: SS with holding or end of year IRA with holding
Replies: 2
Views: 262

Re: SS with holding or end of year IRA with holding

Mopar440 wrote: Tue Feb 20, 2024 11:51 am
Perhaps having most of my obligation paid out of SS will let my IRA grow more as tax advantaged.
Any thoughts?

Mopar440
Well if you have the money taken from the RMD you will have more money to invest from SS into funds that are taxed at qualified rates vs growth taxed as ordinary dividends. Also, SS will not withhold for the state.

Personally i don't think it really matters. Do what is easiest for you. I agree to avoid estimated payments.