Search found 909 matches

by cowdogman
Sun Apr 18, 2021 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 24
Views: 1913

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

Postscript: My son ended up getting high liability limits and adding a $1M umbrella on top. The umbrella is costing him $20/month.
by cowdogman
Sat Apr 17, 2021 3:35 pm
Forum: Personal Finance (Not Investing)
Topic: Can you recommend a good tax lawyer or accountant?
Replies: 5
Views: 572

Re: Can you recommend a good tax lawyer or accountant?

What kind of entity owns the building? Is it the sole owner?
by cowdogman
Sat Apr 17, 2021 12:14 pm
Forum: Personal Finance (Not Investing)
Topic: Earthquake Insurance
Replies: 14
Views: 955

Re: Earthquake Insurance

We live in the Seattle area. Our EQ cover is a little over $3,500/year with a $425K+ deductible. We have an expensive house with no mortgage, so the house is a material part of our net worth. I think about dropping EQ cover every year, but a total loss of the house would be painful--painful enough t...
by cowdogman
Wed Apr 14, 2021 10:04 am
Forum: Personal Finance (Not Investing)
Topic: First child entering college in the fall... need some advice
Replies: 174
Views: 10426

Re: First child entering college in the fall... need some advice

I went thru this exercise a couple months ago, but for our youngest, who will be applying to colleges in the fall, and I came to the conclusion aid would be zero. In fact my son received an email from one top school that said "Answer 7 questions and you'll be surprised how much aid you're entit...
by cowdogman
Mon Apr 12, 2021 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Advice for My Surviving Spouse (I'm not dead yet)
Replies: 11
Views: 1351

Re: Financial Advice for My Surviving Spouse (I'm not dead yet)

I would aim for simplification now and a single financial advisor later. The original post was way too complex and would likely result in too many opinions and analysis paralysis. Thanks. I do agree about combining the CFA and FA roles. And I would like to stay with Vanguard on investment advice--t...
by cowdogman
Mon Apr 12, 2021 1:54 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Advice for My Surviving Spouse (I'm not dead yet)
Replies: 11
Views: 1351

Re: Financial Advice for Surviving Spouse (I'm not dead yet)

delamer wrote: Mon Apr 12, 2021 1:35 pm It would be better to find a CPA who can advise on the issues you’ve identified for the FA (or vice versa) than suggesting your wife juggle to different advisers who have a lot of overlap
Good point.
by cowdogman
Mon Apr 12, 2021 1:05 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Advice for My Surviving Spouse (I'm not dead yet)
Replies: 11
Views: 1351

Re: Financial Advice for Surviving Spouse (I'm not dead yet)

Glad to hear that your post isn’t from “beyond the grave!” :shock: How old are both of you? Are either (or both) of you retired? Do you bith have an up-to-date will/estate plan? Around 60. Semi-retired (both working part time/ad hoc just for fun). Yes, just updated our wills/have had the same estat...
by cowdogman
Mon Apr 12, 2021 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Financial Advice for My Surviving Spouse (I'm not dead yet)
Replies: 11
Views: 1351

Financial Advice for My Surviving Spouse (I'm not dead yet)

I have taken care of the finances in our house for 35+ years. My wife is more than capable of doing so, but has had zero interest in being involved. There was a thread a month or so ago about Vanguard Personal Advisory Services (PAS) and whether a spouse (who does the finances) should suggest to the...
by cowdogman
Sun Apr 11, 2021 5:59 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 24
Views: 1913

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

If I were more worried about the application of the FCD I think the solution would be to have the car in my name and insure it myself, and thereby assure the application of the umbrella--a bizarre result IMO. And I'm guessing my son would strongly object--as he should. I am however going to suggest...
by cowdogman
Sun Apr 11, 2021 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 24
Views: 1913

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

I have a hard time believing that an auto policy would cover your vicarious liability for a vehicle that you neither owned nor were operating. Where does that stop? But maybe. It seems like it might fall under homeowners, but maybe excluded. When I asked my agent about this same situation (and same...
by cowdogman
Sat Apr 10, 2021 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 24
Views: 1913

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

Lee_WSP wrote: Sat Apr 10, 2021 7:01 pm If you don't agree with me, you're most certainly welcome and should consult an attorney in your state.
I am an attorney in my state. My question is more about insurance coverage and any practical experience of Bogleheads.
by cowdogman
Sat Apr 10, 2021 6:47 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 24
Views: 1913

Re: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

No. Your homeowners will not cover it. Auto claims are always excluded from home/renters policies. Will your auto cover it? Maybe, they'll certainly start and adjudicate the claim. The auto exclusions in my homeowner's policy are: f. bodily injury or property damage arising out of the ownership, ma...
by cowdogman
Sat Apr 10, 2021 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Liability Associated with Son's Car: Homeowner's Insurance and Umbrella
Replies: 24
Views: 1913

Liability Associated with Son's Car: Homeowner's Insurance and Umbrella

My older son, 23, is acquiring his first car. He has picked it out and will be paying for it himself (altho I'm transferring a part of the purchase price to his checking account). Title will be in his name and he will be buying the insurance (that is, the car won't be on our family policy). My son h...
by cowdogman
Sat Apr 10, 2021 1:51 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10538

Re: In-Laws' HOA demanding $8000 lumpsum payment

In the Seattle area sellers complete a Form 17, which has numerous questions about the property. One of the questions is: "Are there any pending special [HOA] assessments?" I would look to see if a similar form/question was used in your transaction and what the answer was--the answer optio...
by cowdogman
Mon Apr 05, 2021 11:13 am
Forum: Personal Finance (Not Investing)
Topic: How quickly did you receive your 2020 tax refund?
Replies: 137
Views: 11592

Re: How quickly did you receive your 2020 tax refund?

Filed online (TurboTax) 2/19--IRS accepted immediately

Received IDVerify letter from IRA on 3/21--and successfully verified ID online on same day

Still waiting 4/5--refund a little under $18K

I tried to call the IRS this morning and got a recording saying IRS was too busy to answer my call.
by cowdogman
Wed Mar 31, 2021 10:40 am
Forum: Personal Finance (Not Investing)
Topic: How to prove PPP Loan used for payroll? Sole Proprietor
Replies: 28
Views: 1798

Re: How to prove PPP Loan used for payroll? Sole Proprietor

... 2. Your wife should write a check on the business account to herself weekly or monthly for, at most, a pro rata amount on the loan (e.g., if monthly, 2/5th of the loan). Write "owner compensation" on the check. ... Checks? Who writes checks these days? Why do you think it's called a *...
by cowdogman
Tue Mar 23, 2021 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

All I can do is request a check and that will require 2 signatures and since it is a lot of $$ the bank would probably want driver's license of the two people named on the check. I read some banks would even require the check be deposited into a joint bank account. Banks just don't want the liabili...
by cowdogman
Tue Mar 23, 2021 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

See what I said to the other poster who had a similar idea. Draining the account that you jointly own with a partner without that partner's consent feels like theft to me. It doesn't matter what your intent is. If the relative owns 50% of the assets in the account, and you take 100% of those assets...
by cowdogman
Tue Mar 23, 2021 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

yeah my wife and I have JTWRS accounts with VG, TDA, Fidelity, and local banks and i've had no issue doing anything with them, selling, buying, transfering, etc. I needed my wife to close an account at a local bank that got sold and they got rid of anyone who knew anything. They wanted my wifes sig...
by cowdogman
Tue Mar 23, 2021 5:22 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

See what I said to the other poster who had a similar idea. Draining the account that you jointly own with a partner without that partner's consent feels like theft to me. It doesn't matter what your intent is. If the relative owns 50% of the assets in the account, and you take 100% of those assets...
by cowdogman
Tue Mar 23, 2021 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

See what I said to the other poster who had a similar idea. Draining the account that you jointly own with a partner without that partner's consent feels like theft to me. It doesn't matter what your intent is. If the relative owns 50% of the assets in the account, and you take 100% of those assets...
by cowdogman
Tue Mar 23, 2021 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

P.S., in response to some of the above posts, I would do NOTHING that would indicate that the relative is an owner of the account--like having a 1009 issued to him.
by cowdogman
Tue Mar 23, 2021 4:35 pm
Forum: Personal Finance (Not Investing)
Topic: JTWRS Problems - what are my options?
Replies: 136
Views: 10493

Re: JTWRS Nightmare - what are my options?

Sorry if I missed something above that would make what I'm about to say incorrect but here is what I would do. I would establish an account in my name only at the same company, link the accounts in your online access and then transfer 100% of the balance into the newly established account. There is ...
by cowdogman
Tue Mar 23, 2021 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: 529 affect on FAFSA?
Replies: 50
Views: 3318

Re: 529 affect on FAFSA?

What a great set of posts! Especially Harry Livermore's. My youngest applies to college this Fall and so I have been revisiting these issues. We are semi-retired and so income is not the issue, it's assets. I wholly agree that if you aim slightly below your (achievable) reach school (top 50 school i...
by cowdogman
Mon Mar 22, 2021 9:17 am
Forum: Personal Finance (Not Investing)
Topic: PPP 2nd draw loan amount--Schedule C line 7 vs. 31
Replies: 1
Views: 188

Re: PPP 2nd draw loan amount--Schedule C line 7 vs. 31

If the second loan has not been funded yet and you have the ability to stop it from being funded I would go with option 1 ASAP. I know $2,000 is a lot of money but I would give it up to avoid the hassle and problems of having two funded PPP loans. Based solely on my experience, these PPP loans are r...
by cowdogman
Sun Mar 21, 2021 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS; Amount Owed on IRS Site
Replies: 9
Views: 1594

Re: Letter from IRS; Amount Owed on IRS Site

s the $5,730 a placeholder until I verify my identity--or is something else going on? When you read the transcript, does the amount at the top have a minus sign? A minus indicates a credit. The code 150 is your total tax. This would be a positive number. An 806 is your withholding (should appear wi...
by cowdogman
Sat Mar 20, 2021 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS; Amount Owed on IRS Site
Replies: 9
Views: 1594

Re: Letter from IRS; Amount Owed on IRS Site

I received the letter. It was an IDVerify letter and I had to follow the verification procedure online, which I did successfully. Then I received this message: Congratulations! You have successfully completed the Identity Verification process. We now have the necessary information to continue proces...
by cowdogman
Sat Mar 20, 2021 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS; Amount Owed on IRS Site
Replies: 9
Views: 1594

Re: Letter from IRS; Amount Owed on IRS Site

So have you already filed your 2020 return? Or do you think they're pre-computing your 2020 balance due based on information (W2, 1099, etc) they have? Or maybe your return is partially processed at this point? It sounds a little unusual, I'm not sure what's going on. I can report that I haven't fi...
by cowdogman
Sat Mar 20, 2021 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS; Amount Owed on IRS Site
Replies: 9
Views: 1594

Re: Letter from IRS; Amount Owed on IRS Site

BolderBoy wrote: Sat Mar 20, 2021 11:30 am Why don't you fetch the transcripts for 2017-2019 from your IRS account and compare what they show with your filed returns for those years?
No changes/differences. And the IRS website shows zero owing for those years.
by cowdogman
Sat Mar 20, 2021 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Letter from IRS; Amount Owed on IRS Site
Replies: 9
Views: 1594

Letter from IRS; Amount Owed on IRS Site

I saw in my USPS Informed Delivery email this morning that I have a letter from the IRS to be delivered today. I have a large refund coming and so I suspect the letter is for ID verification. But I logged into my IRS Account and saw in big bold print that I owe $5,730, but nowhere on the site is any...
by cowdogman
Tue Mar 16, 2021 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Transitioning from Sole Proprietor to LLC taxed as Sole Proprietor
Replies: 11
Views: 434

Re: Transitioning from Sole Proprietor to LLC taxed as Sole Proprietor

The business is in software development consulting. It's all remote work, I'm not concerned as much with general liability or hitting someone with my car. My main concern would be more around E&O as you mentioned. I would be contracting with client as the LLC at that point, and not personally. ...
by cowdogman
Tue Mar 16, 2021 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Transitioning from Sole Proprietor to LLC taxed as Sole Proprietor
Replies: 11
Views: 434

Re: Transitioning from Sole Proprietor to LLC taxed as Sole Proprietor

In the situation of a single member LLC without any other personnel, the only liability protection you're getting is if your clients and others contract directly with the LLC instead of you. Then, in most cases, your personal assets aren't going to be on the hook for any liability arising from a br...
by cowdogman
Tue Mar 16, 2021 9:38 am
Forum: Personal Finance (Not Investing)
Topic: Transitioning from Sole Proprietor to LLC taxed as Sole Proprietor
Replies: 11
Views: 434

Re: Transitioning from Sole Proprietor to LLC taxed as Sole Proprietor

I’ll leave it up to the accounts to answer the tax question. But before you form the LLC, be aware that the California charges a minimum annual tax of $800. Many don’t find it’s beneficial to form an LLC for a side gig. If you do form an LLC, you would add it as a related company under a single con...
by cowdogman
Mon Mar 15, 2021 10:53 am
Forum: Personal Finance (Not Investing)
Topic: Question on taxes [Solo 401(k) maximum contribution]
Replies: 2
Views: 260

Re: Question on taxes [Solo 401(k) maximum contribution]

I also have $215,394 in 1099 income for 2020. The only expense I am deducting is $1,185 for a laptop. Why? Home office deduction? Office supplies? Zoom fees? Business taxes for your city/county/state? State/local business licenses? I do not pay any social security for my W2 job (meaning all of my s...
by cowdogman
Sun Mar 14, 2021 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: Can Quicken do this? (possible Quickbooks conversion)
Replies: 4
Views: 364

Re: Can Quicken do this? (possible Quickbooks conversion)

The only negative is their new subscription pricing model, you have to pay, and pay, and pay... Yes, but Quicken will let you extend your subscription starting 6 months before expiration. I have found that an occasional Google Shopping search will sooner or later show a good deal. E.g., a couple we...
by cowdogman
Sun Mar 14, 2021 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

Its seems like for anyone on unemployment and currently on a Bronze plan, it makes sense to now switch to a Silver plan due to the cost sharing reductions. Agree? It would mean losing the ability to put money into an HSA, but the much lower OOP max seems to make this make sense. Any reason someone ...
by cowdogman
Sun Mar 14, 2021 11:20 am
Forum: Personal Finance (Not Investing)
Topic: No Tax Refund Yet (Approaching 21 Days)
Replies: 31
Views: 1917

Re: No Tax Refund Yet (Approaching 21 Days)

At what point does the IRS pay interest on refunds? Interest for Individuals When do we pay interest? If you file your return on or after April 15, IRS has an administrative time (typically 45 days) to process your return without paying interest on your refund. Your return must be complete and sign...
by cowdogman
Sat Mar 13, 2021 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Can Quicken do this? (possible Quickbooks conversion)
Replies: 4
Views: 364

Re: Can Quicken do this? (possible Quickbooks conversion)

1. Yes, as to major banks and investment houses and well down market as well (e.g., smaller banks). John Hancock? Don't know, but if you can in Quickbooks I would think so. But if it's an insurance policy with an investment account, I would guess not. Quicken does not do trial periods but it does ha...
by cowdogman
Fri Mar 12, 2021 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: No Tax Refund Yet (Approaching 21 Days)
Replies: 31
Views: 1917

Re: No Tax Refund Yet (Approaching 21 Days)

Filed on Feb 18th still waiting. A large group of early filers are still waiting on their refunds. People who waited to file late Feb are getting their refunds before the early filers. Check out the IRS subreddit where the issue is well documented. The Washington Post is supposedly going to release...
by cowdogman
Fri Mar 12, 2021 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

Here's a chart showing the interpolated contribution numbers. It may not match any official chart, but it will be very,very close. 150 0.0000 200 0.0200 250 0.0400 300 0.0600 350 0.0725 151 0.0004 201 0.0204 251 0.0404 301 0.0603 351 0.0728 152 0.0008 202 0.0208 252 0.0408 302 0.0605 352 0.0730 153 ...
by cowdogman
Fri Mar 12, 2021 1:24 pm
Forum: Personal Finance (Not Investing)
Topic: No Tax Refund Yet (Approaching 21 Days)
Replies: 31
Views: 1917

Re: No Tax Refund Yet (Approaching 21 Days)

Filed on Feb 19th (21 days ago), return accepted in 30 minutes. Where's my Refund indicated "Accepted" for a couple weeks and for the last week has shown "Processing". My refund is huge (by my standards). I was expecting a sorta normal year and so front-loaded my estimated taxes ...
by cowdogman
Fri Mar 12, 2021 11:19 am
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

I buy directly from my insurer. It seems I will now need to enroll through Healthcare.gov (or maybe BCBS can move me over within their system)? Policy is identical to marketplace plan. Perhaps I should give this a week for other people to plow this path first rather than being the guinea pig. Does ...
by cowdogman
Fri Mar 12, 2021 11:00 am
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

I buy directly from my insurer. It seems I will now need to enroll through Healthcare.gov (or maybe BCBS can move me over within their system)? Policy is identical to marketplace plan. Perhaps I should give this a week for other people to plow this path first rather than being the guinea pig. Does ...
by cowdogman
Fri Mar 12, 2021 10:48 am
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

I buy directly from my insurer. It seems I will now need to enroll through Healthcare.gov (or maybe BCBS can move me over within their system)? Policy is identical to marketplace plan. Perhaps I should give this a week for other people to plow this path first rather than being the guinea pig. Does ...
by cowdogman
Fri Mar 12, 2021 10:42 am
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

But below that, the expected contribution drops down to 6%, 4%, 2%, and 0%, for MAGI at 300%, 250%, 200%, and 150%, respectively. And these are little mini-cliffs, in that a single dollar crossing over put ALL of your MAGI into play at the higher rate. So, the loss of tax credits is even larger, an...
by cowdogman
Thu Mar 11, 2021 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 161
Views: 18121

Re: ACA subsidy cliff now going away! Yay!

But below that, the expected contribution drops down to 6%, 4%, 2%, and 0%, for MAGI at 300%, 250%, 200%, and 150%, respectively. And these are little mini-cliffs, in that a single dollar crossing over put ALL of your MAGI into play at the higher rate. So, the loss of tax credits is even larger, an...
by cowdogman
Thu Mar 11, 2021 1:59 pm
Forum: Personal Consumer Issues
Topic: Motor vehicle accident; civil lawsuit
Replies: 87
Views: 10068

Re: Motor vehicle accident; civil lawsuit

Yes, he got just got the summon. I wonder if he was left out of the loop by AAA? I don't want to provide legal advice and I am not an expert on California law, but to commence a lawsuit against somebody you generally need to serve him/her before the expiration of the SofL. In any case, any insuranc...
by cowdogman
Thu Mar 11, 2021 1:43 pm
Forum: Personal Consumer Issues
Topic: Resubscribe to The Economist or switch to something else?
Replies: 32
Views: 2482

Re: Resubscribe to The Economist or switch to something else?

Far too expensive. I visit the library once a week and catch up for free! Ditto your other magazines, IMHO. I stopped all subscriptions years ago. Love the quiet bookish environment at the library. I threw all that subscription money into VTI, etc. I know, you said you don't want to, and that's fin...
by cowdogman
Thu Mar 11, 2021 1:39 pm
Forum: Personal Consumer Issues
Topic: Motor vehicle accident; civil lawsuit
Replies: 87
Views: 10068

Re: Motor vehicle accident; civil lawsuit

Agree with the above answers 100%, but I want to note that negligence claims generally have a 2-year statute of limitation (varies state to state), and a quick look just now indicates California's is 2 years. There are often exceptions to the limit and I'm assuming the claim against your brother is ...
by cowdogman
Thu Mar 11, 2021 1:28 pm
Forum: Personal Consumer Issues
Topic: Resubscribe to The Economist or switch to something else?
Replies: 32
Views: 2482

Re: Resubscribe to The Economist or switch to something else?

I love the hard-copy Economist--subscribed to it for years and then stopped because of the price. I stumbled on a website last year called discountmags.com that has super deals on magazines, altho the best deals are usually temporary offers ("today only!") by email. I signed up for its ema...