Search found 1370 matches

by suemarkp
Mon Mar 11, 2024 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Tax questions on 2nd home property purchased
Replies: 2
Views: 326

Re: Tax questions on 2nd home property purchased

Probably not many. Costs aren't deductable. Loss of value because you took it out isn't deductable but affects the selling capital price (property losses from damage, vandals, theft, maybe but you'd need to research those if they ever apply). Improvements can go into your cost basis, but it depends on what those are and you won't get it back until you sell. Only thing I can think if is its property taxes. But you'd need to itemize, and you may hit the SALT limit so it does no good. If you already itemize and have SALT headroom, it could work. If considering making it a rental, be sure to understand how that works. I think it now takes away some benefits for a fraction of your ownership period (e.g. you rent it for 4 years and decide to sell...
by suemarkp
Wed Feb 28, 2024 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Land vs Improvement Property Value
Replies: 7
Views: 599

Re: Land vs Improvement Property Value

Permits for buliding modifications are one trigger for property reassessments. Another is a time based (e.g. about every 15 years) random on site reassessment.
by suemarkp
Wed Feb 28, 2024 3:45 pm
Forum: Personal Consumer Issues
Topic: Anyone consider retiring to Vancouver, Washington?
Replies: 79
Views: 21624

Re: Anyone consider retiring to Vancouver, Washington?

Thank you for the info. It's very helpful. The hard part does sound hard, and thank you for sharing that. When you hike, how do you stay safe? Do you hike on trails that have a lot of other people? Do you carry mace? My Felida friend said that she only hikes in the national parks because the hikes near Felida have too many "sketchy" people around that make her feel unsafe. Washington is a shall issue state for concealed carry, so that is relatively easy. But your gun choices are becoming more limited. Best to buy what you want while a resident of another state and move them here. You can possess most things here, but can buy less and less. And they threw time barriers into gun purchases and are considering mandating training too....
by suemarkp
Tue Feb 27, 2024 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Cancer Diagnosis Hubby
Replies: 36
Views: 4542

Re: Cancer Diagnosis Hubby

Also recommend studying social security survivor benefits should he die. If he paid into SS, his statement will list a survivor benefit. Your child can collect that for their "support" until they are 18. You could collect it too if caring for minor children, but it is generally better for you to keep working if you can and it makes financial sense. If you have multiple minor children, each can collect it. But there is a family max and i think it is about equivalent to 2.3 peoples benefits. You can also collect his solial security survivor benefit even with no kids at age 62, at a reduced level, or at age 67 you get his full survivor benefit. Look at your own SS benefit. If it will be as high or high than his survivor benefit, swit...
by suemarkp
Sat Feb 24, 2024 1:43 am
Forum: Personal Consumer Issues
Topic: Energy efficient skylights for bathroom that qualify for tax credit?
Replies: 4
Views: 1188

Re: Energy efficient skylights for bathroom that qualify for tax credit?

There are both skylight tax credits and solar equipment tax credits. The solar hardware credits arent limited like skylights are. If you are interested in a power shade, if you get a solar powered shade in the skylight then you can count that skylight as solar power equipment. I did that in 2023 but chose solar powered opening instead of solar blinds (and you can have both if you want). The Velux website is pretty good about explaining the tax credit and how much you will get back. Installing them in different periods will cost more (my Velux install quote showed labor for 1st and labor for 2nd skylight installed at same time), but 30% of it is tax credited. I wouldnt let the tax credits drive the ship, but the solar credit can definitely m...
by suemarkp
Thu Feb 22, 2024 3:22 pm
Forum: Personal Investments
Topic: 401k fund choices (make sure you're sitting down)
Replies: 32
Views: 2834

Re: 401k fund choices (make sure you're sitting down)

gtrplayer wrote: Thu Feb 22, 2024 11:48 am Maybe someone can explain it to me, but why do companies voluntarily use American Funds? Their ER’s are not competitive so what is the selling point?
They have different share classes with different ERs. American Funds are managed, and their cheapest share class has ERs that aren't bad for managed funds. GAFFX, AGTHX, and RGEBX are all the same fund with ERs of .3%, .63%, and 1.1%. AGTHX also has a 5.75% front load.
by suemarkp
Tue Feb 20, 2024 2:22 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard 2023 Tax Forms
Replies: 33
Views: 2624

Re: No Tax Forms from Vanguard?

Do you have anything that causes late forms -- funds with K-1's (limited partnerships, REITs), or things that are slow like GLD/SLV? They may wait until they have everything to generate your consolidated form. I moved things that delay out of my taxable to IRAs so I don't need those slow forms. Partnerships and some REITs could be a problem in IRAs though.
by suemarkp
Mon Feb 19, 2024 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Conversion Triggered Estimated Tax Penalty
Replies: 17
Views: 1860

Re: Roth Conversion Triggered Estimated Tax Penalty

That is exactly what you need to do. I had the same problem in turbo tax and did the annualized income method to fix it. You get to a point where it has a box checked "no" and your tax still isn't reduced. It seemed like it had predetermined that annualizing wasn't the right thing to do, but I changed it to yes and suffered through entering all the income and tax values in the 3 periods it wanted and my $650 penalty went away. Best $650 per hour I ever made.

Do it 1st quarter next time, or cover the taxes through another IRA withdrawal at 100% withholding if they will do that.
by suemarkp
Mon Feb 19, 2024 12:07 pm
Forum: Personal Investments
Topic: Let me retire! Please?
Replies: 62
Views: 8076

Re: Let me retire! Please?

You may not be able to retire if all your money is in an IRA and 401K with no rule of 55. But if you have enough to get you to 59.5 so withdrawals are penalty free (or have a 401K with rule of 55 allowance), you can probably retire. Hopefully you have checked what your health care solution is until you reach Medicare age, know what that will cost, and you also have the kid to cover until they are self sufficient. I would try to keep the total spend closer to $150K/yr at first if you can to make sure things are as you planned. Once a Social Security kicks in, that you give you more headroom.
by suemarkp
Sun Feb 18, 2024 9:55 pm
Forum: Personal Consumer Issues
Topic: Importing tax info into tax programs. Who does it?
Replies: 67
Views: 5737

Re: Importing tax info into tax programs. Who does it?

For Vanguard data you dont use your login credentials, there are two numbers on your forms you type in and that lets the software go get them. I like this approach.

My mom has forms at Morgan Stanley and I have to use her login and password. I also have to enable her account for remote form access which is off by default. No 2FA.
by suemarkp
Sat Feb 17, 2024 12:52 am
Forum: Personal Finance (Not Investing)
Topic: car salvage question
Replies: 17
Views: 1631

Re: car salvage question

Also verify your state rules for what gets a salvage scarlet letter on a car title. Kid bought a car that turned out to have two VINs. It was a salvage, but the rules here don't require a salvage title if the car is 6-20 years old and valued under ~$10,000. Car just barely met the requirements ($ value was lower 5 years ago) which is probably why the dealer had it and didn't disclose the salvage. Surprisingly, the car had had few problems in 5 years.
by suemarkp
Wed Feb 14, 2024 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: Help with Taxes and Owing More than I Can Afford
Replies: 36
Views: 3163

Re: Help with Taxes and Owing More than I Can Afford

Note to your future self. Your 401K record keeper doesn't know your tax bracket so they have no idea how much tax to withhold. When you take a 401K distribution, I believe they are required to withhold 20%. You can tell them to withhold more, but you need to tell them if 20% isn't enough. So you should have anticipated that taking a huge distribution was going to move you up some tax brackets. And, if you take a distribution early (before age 59, or age 55 if you separated/retired from that company and they do the rule of 55), there is an additional 10% penalty tax you pay.
by suemarkp
Wed Feb 14, 2024 1:50 pm
Forum: Personal Consumer Issues
Topic: Fire safe that bolts into wall stud (not floor)
Replies: 7
Views: 700

Re: Fire safe that bolts into wall stud (not floor)

2 cubic feet and bolts in a stud cavity sounds mutually exclusive unless it is very tall. I have seen in wall rifle safes like that, but for what you describe a typical 14x20 in wall safe is big enough. You could put the papers in a fire bag inside a non-fire safe. I would probably double bag to be sure. Go with a mechanical lock so it may still work after a fire. Electronic lock will probably be toast.
by suemarkp
Sat Feb 10, 2024 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: 2023 Residential Energy Credits--Requirements
Replies: 9
Views: 1238

Re: 2023 Residential Energy Credits--Requirements

I had questions about the energy efficiency credits for new windows and the front door. The sales rep at the first company I dealt with had some knowledge. I wound up looking at the manufacturer's website to try to figure it out but It was complicated so I emailed the company and they told me what qualified. I was reading through the guidelines the other day and this is basically the official recommendation. Yes, but I wonder how that will work with an IRS auditor. "The company told me I qualified." At least the IRS could publish the minimum efficiency requirements for each year--and leave it up to the taxpayer to confirm (and document) that he meets the requirement for the credit by downloading the equipment spec from the manufa...
by suemarkp
Tue Feb 06, 2024 7:53 pm
Forum: Personal Consumer Issues
Topic: EV Charging Station at Home
Replies: 48
Views: 3465

Re: EV Charging Station at Home

EV inbound and I am trying to figure out the best charging solution. It will come with a 14-50 portable connector, but I don't have that receptacle. 120V would be too slow. In addition to evaluating options, I'd appreciate input on: The benefit of hardwire over plug-in, and whether it's worth the added cost. The importance of permit+inspection, and whether it's worth the added cost (California). From what 2 electricians told me, home EV charging stations are generally being installed without permit+inspection now (one said 90% of his clients). The importance of "UL Listed". Hardwire connection lets you eliminate GFCI protection for the receptacle which saves about $100+ for a GFCI breaker. There have also been issues with 14-50 r...
by suemarkp
Tue Feb 06, 2024 7:25 pm
Forum: Personal Consumer Issues
Topic: EV Charging Station at Home
Replies: 48
Views: 3465

Re: EV Charging Station at Home

You said the car comes with a 14-50 plug? If so, can you tell the car to limit its charging to 24 amps?

If both are true, you can put a 14-50 receptacle on a 30A circuit. Code requires the receptacle to be as larger or larger than the circuit rating (30A). It can seem misleading to put a 50A receptacle on a 30A circuit, but the code allows it. I would probably label that receptacle as "30A max" to avoid mis application.
by suemarkp
Mon Feb 05, 2024 12:46 pm
Forum: Personal Consumer Issues
Topic: Dimmer Switches
Replies: 16
Views: 1732

Re: Dimmer Switches

Do you have the same brand of light bulbs in each? I have 8 can lights on a switch. When all 8 lights have the same bulbs they dim just fine. Mixing just 1 different brand in with the other 7 causes blinking havoc. This is much less of an issue when the lights are on totally separate switches, but there seems to be noise or something that can go upstream from a dimmer and affect others, especially if they are using the ground wire as any sort of circuitry return path. If using all the same brand lamps doesn't help, then switch out the dimmer that pulsates. If it still pulsates, swap out both of them. If it is still bad, it could be the brand of light bulb. Do you have a neutral in the switch box? If so, a dimmer that uses a neutral is bette...
by suemarkp
Sun Feb 04, 2024 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Social Security Max Amounts For Married Couple
Replies: 16
Views: 2643

Re: Social Security Max Amounts For Married Couple

It was that openSS site that gave me awareness that a lower earning spouse can file early on their own record and switch to the higher earning spousal record when they finally file. This way you can get some income while allowing the larger account payment to grow. :sharebeer Not anymore. That used to work, but they took it away. If you are in your early 60s now, that window has closed. For OP, it is generally better for the lower earning spouse to file at 62 unless they are still working. But run your situation through opensocialsecurity to verify. Are you sure? If the higher earner hasn’t filed for SS when the lower earner files, I thought the lower earner wasn’t eligible to receive a spousal benefit. The thing that can’t be done is take...
by suemarkp
Sun Feb 04, 2024 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Social Security Max Amounts For Married Couple
Replies: 16
Views: 2643

Re: Social Security Max Amounts For Married Couple

pyesquared wrote: Thu Feb 01, 2024 2:55 pm It was that openSS site that gave me awareness that a lower earning spouse can file early on their own record and switch to the higher earning spousal record when they finally file. This way you can get some income while allowing the larger account payment to grow.
:sharebeer
Not anymore. That used to work, but they took it away. If you are in your early 60s now, that window has closed.

For OP, it is generally better for the lower earning spouse to file at 62 unless they are still working. But run your situation through opensocialsecurity to verify.
by suemarkp
Sun Feb 04, 2024 10:49 am
Forum: Investing - Theory, News & General
Topic: Staying in 12% tax bracket w/ annual Roth conversion
Replies: 26
Views: 4004

Re: Staying in 12% tax bracket w/ annual Roth conversion

You need to list your income by IRS quarter, but that really means doing it by month. This includes wages, pension payments, ira and 401k distributions, bank interest, qualified dividends, ordinary dividends, and maybe some more. Constant psyments are easy like pension. Variable ones you need to look at each payment. I changed my pension withholding twice last year so i still had to look at each month. So you need to look at all these sources by month and list them and sum them on IRS boundaries. You do the same for fed tax withholdings and estimated tax payments. It took me an hour to go through all the categories month by month and tally them up, and I did some estimating instead of actuals in some cases. Im glad i hold only 3 things in m...
by suemarkp
Sat Feb 03, 2024 6:04 pm
Forum: Personal Investments
Topic: Holdings and Dividends
Replies: 18
Views: 1688

Re: Holdings and Dividends

That can happen too. Some funds seem to have larger than usual distributions in the December distribution. I guess all you can do is look at the distribution history and try to leave some headroom for December being larger than the others. I'm not sure if this larger December payout is consistent within a given fund or is more random.
by suemarkp
Sat Feb 03, 2024 3:25 pm
Forum: Personal Investments
Topic: Holdings and Dividends
Replies: 18
Views: 1688

Re: Holdings and Dividends

I think much of it is the fact that investments are going up, so even if the dividend payout stayed the same at 2% or so, you will get more because of the larger balances in each fund. So the only thing you may be doing wrong is not checking your account quarterly or perhaps in early July to get a read on how much you have received so far in dividends so you can adjust your tax payment. Having fewer funds makes this easier to do. And don't forget to check the dividends on your settlement fund if you have a large amount of cash.

We could have a repeat of 2022 where about everything went down, but having less total money is not an ideal solution to preventing taxable income.
by suemarkp
Sat Feb 03, 2024 3:15 pm
Forum: Investing - Theory, News & General
Topic: Staying in 12% tax bracket w/ annual Roth conversion
Replies: 26
Views: 4004

Re: Staying in 12% tax bracket w/ annual Roth conversion

One warning if you wait until the end of the year to do a Roth conversion is if you need to pay estimated taxes you will probably have to do a Form 2210 to show that you paid your taxes in a timely fashion. I just suffered through that form this year and don't want to do it again. The hour it took to do it saved me $600 in penalties that I needed to show were unjustified. I'm doing Roth Conversions in the first quarter of the year from now on so I can avoid that form. If you can cover the tax payment by either withholding more from wages or IRA withdraws, that would also avoid the form. But that doesn't work well for me when I'm converting $100K at a shot, I'd I'd have to withhold a large fraction of my pension check to cover it. It can als...
by suemarkp
Fri Feb 02, 2024 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Scrap Silver
Replies: 21
Views: 2901

Re: Selling Scrap Silver

You could try JM Bullion for those. I know they have had wheat pennies in the past. You could probably get 2 cents each for them, and maybe 3 cents if you sell on craigslist. Shipping could be a problem though.

Eisenhower dollars arent worth much unless they are silver. Those may need to go to the bank.
by suemarkp
Fri Feb 02, 2024 7:06 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Scrap Silver
Replies: 21
Views: 2901

Re: Selling Scrap Silver

Abe wrote: Fri Feb 02, 2024 4:46 pm
suemarkp wrote: Fri Feb 02, 2024 3:15 pm Go here: https://www.jmbullion.com/my-account/buyback-products/

Search for "90% silver" in the Find Your Product window on the buyback page. They are currently paying $15.10 per $10 face (this price changes by the minute).
If they are paying $15.10 per $10 of face value, they are not paying very much. You must mean $15.10 per dollar of face value. Do they charge any additional fees?
ETA I see $1,000 is the minimum amount JM Bullion will buy.
Yes, it was $15.10 per dollar face, not $10. Besides the $1000 minimum purchase, you can choose to use their shipping label which they highly recommend (it was a UPS air label last time I used it). I think that costs about $30 which they reduce from your proceeds.
by suemarkp
Fri Feb 02, 2024 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Selling Scrap Silver
Replies: 21
Views: 2901

Re: Selling Scrap Silver

Go here: https://www.jmbullion.com/my-account/buyback-products/ or click on the Sell To Us link at the top of their main page. Search for "90% silver" in the Find Your Product window on the buyback page. They are currently paying $15.10 per $10 face (this price changes by the minute). They pay pay you a bit more if you sort it by coin type and for half dollars. You'd need to call for that, otherwise you could just send it in although you do need to register. I also don't know if you need to be a previous customer. I am, so I don't know what hoops a new customer needs to jump through before they buy back. I'm of the opinion that it is better to sell "junk silver" for what it is and not melt it at a refiner unless they are...
by suemarkp
Tue Jan 30, 2024 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: how do you like living in Columbus, Ohio (and practicing as a hospitalist)
Replies: 40
Views: 4817

Re: how do you like living in Columbus, Ohio (and practicing as a hospitalist)

Disagree with just about all of that. If you think it is cloudy, try Seattle. You get some nice clear days in Ohio in the winter, but it is usually cold when that happens. What I didn't like was the wind. [snip] No need for folks to argue about the sunshine in Columbus. We have actual data on this: https://en.wikipedia.org/wiki/List_of_cities_by_sunshine_duration#North_America The average mean daily sunshine hours in Columbus from November through March is 117.48. The average in Seattle for the same Nov-Mar period is 96.52. For context, the total annual sunshine hours in Columbus is 2182.6. In Seattle it's 2169.7. So yeah, Seattle's winters are slightly gloomier, and it's summers are slightly sunnier, resulting in an annual amount of Sunsh...
by suemarkp
Mon Jan 29, 2024 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: how do you like living in Columbus, Ohio (and practicing as a hospitalist)
Replies: 40
Views: 4817

Re: how do you like living in Columbus, Ohio (and practicing as a hospitalist)

Overall, it is a decent city with a lot to offer. But let me post some negatives for fun: 1. A cloud bank moves in about November and does not move out until late March. Don’t believe me, Google cloudiest cities in the US. 2. The airport sucks. I think Columbus is something like the 16th largest city in the US, and the airport is the 50th, close to that anyway. 3. If you drive 2 hours from the city you are still in Ohio. 4. When you leave the bubble of Upper Arlington, Dublin, Powell, DE county, etc. just be ready for it. [Political comment self-censored by poster to spare the moderators from having to do so]. Disagree with just about all of that. If you think it is cloudy, try Seattle. You get some nice clear days in Ohio in the winter, b...
by suemarkp
Sun Jan 28, 2024 5:56 pm
Forum: Personal Consumer Issues
Topic: Garage EV Charger Options - which way to go?
Replies: 58
Views: 5014

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

GFCI requirements creep up in each code cycle. It is now 120V and 240V outlets and up to 50 amps (2020 code or later). Typically, it is the location of the receptacle/outlet that triggers the GFCI rule but the list of specific things is also increasing. Outside air conditioner compressors will now require GFCI because they are outside (and many jurisdictions have delayed this rule because many VFD driven heat pumps and AC units don't play nice with GFCI's). All laundry receptacles require GFCI (120 to 240V, up to 50 amps). All receptacles in garages require GFCI protection, including ones intended for car EVSE chargers. All of these are also specifically listed as requiring GFCI protection whether hard wired or cord and plug connected, sing...
by suemarkp
Sun Jan 28, 2024 11:12 am
Forum: Personal Consumer Issues
Topic: Garage EV Charger Options - which way to go?
Replies: 58
Views: 5014

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

Where is the GFCI - a receptacle type in the garage or breaker type in the panel? If receptacle type, bad wires between the panel and GFCI wont cause a gfci trip. Is your garage attached or detached? A detached garage can only have one circuit feeding it which means you need a large feeder to it and cant just run a separate circuit. Attached can have as many separate circuits as you want. Agree with others, replace the GFCI first. Next is to minimize cord length plugged into the GFCI, so no extension cord or the shortest 12ga one you can get. A car charger outlet needs to be GFCId even if it is 240 volt. I have not seen a 240V gfci receptacle which puts you into a more expensive GFCI breaker. The cost is the same, whether 20 amp or 50 amp. ...
by suemarkp
Wed Jan 24, 2024 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Crypto taxes
Replies: 16
Views: 2348

Re: Crypto taxes

Check your custodian. Coinbase has much more useful information for tax purposes than they had before with both raw info and csv files you can use to import. But this will be custodian specific. Not sure how they handle staking.
by suemarkp
Sun Jan 21, 2024 11:44 am
Forum: Personal Investments
Topic: Should I transfer out of AGTHX in IRA to VFIAX?
Replies: 4
Views: 386

Re: Should I transfer out of AGTHX in IRA to VFIAX?

AGTHX is a growth fund. And apples to apples comparison would be to Vanguards VIGAX growth fund. These generally have a high return than the SP500 over time (look back 10 years or so) but are more volatile (higher highs and lower lows). AGTHX also has a front end load and a higher expense ratio which are negatives for it.

The SP500 has a mix of growth and value stocks and is a more stable choice than the growth fund, but it historically has given up some return. I would choose the SP500 fund over the growth fund if it is your main holding.
by suemarkp
Fri Jan 19, 2024 3:33 pm
Forum: Personal Consumer Issues
Topic: Space Heaters?
Replies: 62
Views: 5257

Re: Space Heaters?

Electrics are 100% efficient. However, the Costo Heat Disk is largely Infrared, so it will feel warm to you at a lower air temp, assuming the dish is pointed towards you. Interesting. I appreciate your input, I didn't consider the benefit of infrared technology! I may have to pursue this new heater! The infrared/radiant heaters are good in large buildings. We took some to a friend's pole building which has 20' ceilings. Using a space heater with a resistance coil and a fan would blow air about a foot and then just go straight to the ceiling. AN oil filled type would be even worse (no heat throw, and all just going up to the ceiling). The radiant heaters feel warm for up to 6' to 8' away or so, but you have to be in front of the parabola. T...
by suemarkp
Wed Jan 17, 2024 8:04 pm
Forum: Personal Investments
Topic: Egregious Financial Advisor Mistake - Help!!
Replies: 54
Views: 5099

Re: Egregious Financial Advisor Mistake - Help!!

Mistakes, errors, and lack of communication do happen in professional relationships. I would think that the tax software would have warned whoever was doing the tax returns that the ROTH contributions were not allowed. So hard to fathom how this issue was not discovered for something like two maybe three years. So while the Financial Advisor made an error, it seems to me that the client had some responsibility here as well. Somehow, I don't think that we have the entire story here. I don't know how tax software would warn. There is nothing to do for a "front door" Roth contribution and no form to file. You do eventually get a Form 5498, but it isn't a form you file with your taxes and it may come after you've already filed. Finan...
by suemarkp
Tue Jan 16, 2024 3:11 pm
Forum: Investing - Theory, News & General
Topic: Tax deferred vs taxable vs Roth conversion
Replies: 12
Views: 1021

Re: Tax deferred vs taxable vs Roth conversion

We not forbidden to speak about taxes, just speculating on where rates will go. I think you understand things correctly, and why people tell you that tax deferred and Roth is better than taxable. One little detail is taxable usually also gets a slight haircut each year through taxes on dividends. But these tax deferred accounts have limits, so if you want to save more, taxable is probably where it has to go. There is one more calculation for the tax deferred and that is RMDs. If, when you contributed to the tIRA or 401K you were in the 20% tax bracket, but when you take it out (maybe forced to by RMDs) you are in the 40% bracket, that isn't as advantageous and maybe taxable or Roth would have been better. So yes, you need to speculate some ...
by suemarkp
Mon Jan 15, 2024 5:38 pm
Forum: Personal Consumer Issues
Topic: Do you use BOTH gas AND electric (heat pumps) to heat your house?
Replies: 26
Views: 3321

Re: Do you use BOTH gas AND electric (heat pumps) to heat your house?

Not sure if anyone can tell you and you'll just need to experiment. Do you have just one thermostat for the radiator system? Is that thermostat near where a mini split will warm it or not really?

If the mini splits do most of the heating, the colder spots may not be warm enough. It may be better for the radiators to do most of the heating. So perhaps set that one to 67 or 68. Then set the mini splits where you want them and they will run when/if they need to. You can trade comfort for cost by turning down the radiator thermostat making those isolated areas colder while the heat pump areas stay to where they are set.
by suemarkp
Sun Jan 14, 2024 2:36 pm
Forum: Personal Consumer Issues
Topic: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather
Replies: 68
Views: 8134

Re: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather

GettingComfortable wrote: Sun Jan 14, 2024 1:27 pm To those who say that furnaces dry the air inside, why do you think that? :confused
Because heating air lowers its relative humidity. Doesn't matter what the heating source is. If you have a combustion furnace that gets is combustion air from inside the house, that combusted air is eject out a chimney. Make up air has to come in, which is from the outside. In the winter, that cold outside air is dry which compounds the humidity problem.
by suemarkp
Sat Jan 13, 2024 5:49 pm
Forum: Personal Investments
Topic: Portfolio review - Age 44
Replies: 12
Views: 5721

Re: Portfolio review - Age 44

This only matters for your taxable account. Since you have one at Vanguard, go to your account and click on "holdings". In that section, click on a ticker (such as VTSAX or your Target Date Fund ticker). It should bring up a window with details of your holding. The top section is divided into two columns, "Balance" and "Holding Options". Under Holding Options there are 4 rows: Service, Dividends, Capital Gains, and Cost Basis Method. You want it to look like: Service Status Dividends Fund (which means direct them to the Settlement Fund instead of reinvesting) Capital Gains Fund (again, this directs them to the settlement fund instead of reinvesting) Cost Basis Method Spec ID There is an Edit button or View/Chan...
by suemarkp
Sat Jan 13, 2024 2:57 pm
Forum: Personal Investments
Topic: Portfolio review - Age 44
Replies: 12
Views: 5721

Re: Portfolio review - Age 44

That's a hard question as we all have different risk tolerances. Mine is rather low, but I do understand better now that stocks are really more volatile than risky. Odds are very good that stocks will outperform inflation, but there could be periods where the market takes a steep dive and takes a while (years) to recover. That is normal and should be expected periodically. But over a long time, there is more up than down with stocks so you come out ahead. For someone in their mid 40's I'd choose an asset allocation of maybe 70/30 to 60/40. I personally am not a fan of international stocks until they start to do better. I have about 1/8th of my equities in international (so about 12% of stocks, or 5% of my total assets). When you are within ...
by suemarkp
Fri Jan 12, 2024 5:20 pm
Forum: Personal Investments
Topic: My kid asked me for advice! Please advise
Replies: 33
Views: 7633

Re: My kid asked me for advice! Please advise

Is this employer going to be her long term one, or is it just until she graduates and gets a real job? If temporary, I'm not so sure I'd mess with a 401K. When she quits, it may be liquidated or it may sit and she will then need to figure out how to transfer it to her new employer 401K or to an IRA. That may be a good learning experience, or she could be like one of my sons where it just sits losing money and he won't take the time to deal with it. Things may also may depend on how her taxes are handled. Are you counting her as a dependent? I'm not sure of the ramifications on that for you or her. Contributing to a Roth is most likely a good course, as her income tax rate should be low and that account can follow her forever. I'd consider o...
by suemarkp
Fri Jan 12, 2024 3:35 pm
Forum: Personal Consumer Issues
Topic: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather
Replies: 68
Views: 8134

Re: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather

Is this a mini split? If so, they seem to be more reliable. At some point, the compressor will fail or refrigerant will leak out so it won't work well. But a gas furnace can fail too with a $30 sensor or igniter that won't let it run (although I have spares on hand for those and can change them out quickly myself).

There are a lot of hacks in the HVAC industry that do poor installs. I've had 2 heat pumps and was not happy either time with their reliability and what it costs to fix something simple (if the refrigerant has to be removed to change something, that is a costly repair because of the refrigerant cost, and time to evacuate/refill).
by suemarkp
Fri Jan 12, 2024 3:17 pm
Forum: Personal Consumer Issues
Topic: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather
Replies: 68
Views: 8134

Re: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather

Because a heat pump is a less reliable system than a pure resistance heater and generally a gas furnace. Any heat pump thermostat will have an "emergency heat" button and that is why it is there. You could risk it and go with space heaters on failure, but because most heat pump installs in cold climates historically didn't make enough heat when really cold out and had aux heat to make up the difference, the emergency heat is a freebie by kicking on just the aux heat if the compressor has failed.
by suemarkp
Fri Jan 12, 2024 3:08 pm
Forum: Personal Consumer Issues
Topic: Help Finding Lower Cost Carrier WIRELESS = CONSUMER CELLULAR
Replies: 19
Views: 1761

Re: Help Fining Lower Cost Carrier WIRELESS = CONSUMER CELLULAR

T Mobile has a plan for people where at least one is over 55. You get unlimited talk, text, and data. Cost is $55/month for 2 phones, but it ends up being $70/month total once all the taxes and fees are added. What I don't know is if you can put your current phones on that plan (are they unlocked phones)? We just bought the phones and plan at Costco a few years ago, but have been happy with the plan.

https://www.t-mobile.com/cell-phone-pla ... mitedAge55
by suemarkp
Fri Jan 12, 2024 2:26 pm
Forum: Personal Consumer Issues
Topic: Do I really need a new home safe
Replies: 27
Views: 3867

Re: Do I really need a new home safe

I put that little sentry safe in the top shelf of my gun safe. Gun safe's aren't leaving unless someone has at least 30 minutes and the right tools to get them out.

You could also buy a wall safe and put a fire bag inside that for some document fire protection (fire bags aren't as good as the Sentry fire safes, but you could try double bagging). I like this one because our previous wall safe had an electronic lock whose battery failed and the backup key did not work. I eventually got the electronic one open, but said never again to electronic locks.
https://www.amazon.com/gp/product/B09YZ ... =UTF8&th=1
by suemarkp
Fri Jan 12, 2024 2:16 pm
Forum: Personal Consumer Issues
Topic: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather
Replies: 68
Views: 8134

Re: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather

A central system may be better if you already have forced air ducting. But you need to size for nearly worst case and not average. How big is your furnace? If it is 80k BTU, you wont find a residential heap pump that large. It also needs to move more air because heat pump air is not as hot as air from a gas furnace. So duct work is a size throttle I wouldn't look at the plate on the furnace and go with that as the heat load. Furnaces are usually way oversized ("let's make it a little bit bigger" is the mantra of installers) and only a percise measurement of your heating (and cooling) needs will right size the system. A Manual J is your firend, don't leave home without it! True, but Ohio gets cold. I'm not sure if a 60K BTU furnac...
by suemarkp
Fri Jan 12, 2024 2:01 pm
Forum: Personal Consumer Issues
Topic: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather
Replies: 68
Views: 8134

Re: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather

If you can heat you house with 60k btu (a 5 ton heat pump), and the ducts can flow 2000 cfm, then a heat pump can work. If those sizes dont work, aux heat can be added but this is raw electric resistance (expensive) or a gas furnace like you already have. You could also reduce your heat needs by installing better windows, adding insulation, etc. Finally, your power panel may not be big enough to handle the heat pump(s). So system upgrades may be required.. Look at this video to see if there is a way you can proceed without a panel upgrade: https://www.youtube.com/watch?v=47dl0FGKJWE&list=PLLTtM5Ga_CUtT-SB20vtU2y2EwtrwC6B6&index=6 While I agree that the NEC calculations for electrical services tend to greatly oversize what you actua...
by suemarkp
Thu Jan 11, 2024 9:50 pm
Forum: Personal Consumer Issues
Topic: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather
Replies: 68
Views: 8134

Re: Electric Heat Pump / Mini Split vs Natural Gas Furnace in Cold Weather

The calculation is more complicated. Are you looking at a single split heat pump or mini splits? Mini splits are good at zoning, but they are ugly bumps on the wall that only have certain locations they can be mounted. What will you do in bathrooms - many dont like to install mini split heads in humid bathrooms, so you may need a small baseboard or electric wall heater in bathrooms (and a mini split head is probably too large for a smll bathroom). You will have an ugly chase outside the house to cover the refrigerant lines and power cable. A central system may be better if you already have forced air ducting. But you need to size for nearly worst case and not average. How big is your furnace? If it is 80k BTU, you wont find a residential he...
by suemarkp
Thu Jan 11, 2024 1:54 pm
Forum: Personal Investments
Topic: Help me understand VMFXX
Replies: 6
Views: 1157

Re: Help me understand VMFXX

When looking at fixed income investing, most bond funds will drop their NAV when interest rates go up. Eventually, the NAV will recover so you "get your money back", but that could take up to 1.9X the duration of the fund (e.g. if the bonds average 5 years in duration, it could be almost 10 years before the NAV returns to what it was when you bought it). You also slowly benefit from the increased yields when interest rates go up and the fund buys new bonds. Likewise, when bond rates drop, the NAV increases and will drop back again to what it was in the future. This increase in the NAV can boost returns because you get the capital gain from the NAV and the yield from the bond interest. The problem is we don't generally know if bond...
by suemarkp
Wed Jan 10, 2024 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: who pays 401k fees?
Replies: 53
Views: 5163

Re: who pays 401k fees?

Does your company give company match on contributions? Do you have the ability to do a rollover to an external IRA from your 401K while an emoloyee and under age 55? If no and no, i wouldnt use that 401k. My kid when he worked at a grocery store had a plan with 1% fees and no match. I said forget that 401k and he just did Roth contributions to his own IRA and that Roth has no fees. If you get a match and can roll it out (you may need to keep the match in for X years to vest), then roll money out yearly to an IRA that has no fees. If you save more than the IRA limit each year, a taxable account really isnt much worse than a tax deferred IRA or 401k, especially if you invest in equities and you have capital gains rates of 0%. Even a 15% long ...
by suemarkp
Wed Jan 10, 2024 5:42 pm
Forum: Personal Investments
Topic: Portfolio review - Age 44
Replies: 12
Views: 5721

Re: Portfolio review - Age 44

How much of your income are you saving annually via 401k and taxable? You are in a high tax bracket so you should be able to save a lot. What is your typical annual spending?

Too many funds in your IRAs and 401k's. Need to simplify and put things in their better place. I would get your target date fund out of taxable, those can hurt you at 32%. Do target date funds in an IRA or 401k and put your taxable in the S&P 500 or total market type funds.

If you dont know what asset allocation you are comfortable with, you could mimic the target date fund allocations.