Search found 3341 matches

by Chip
Sun Apr 11, 2021 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB
Replies: 134
Views: 8298

Re: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB

abuss368 wrote: Sun Apr 11, 2021 2:28 pm What states tax Roth IRA withdrawals? I am not aware of any.
There aren't any. I was trying to point out the futility of speculating on future tax law changes.
by Chip
Sun Apr 11, 2021 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB
Replies: 134
Views: 8298

Re: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB

I find it hard to believe states will exempt retirees from millions in social security benefits 30 years from now when social security benefits grow due to inflation. There will be a labor shortage for states trying to shift the tax burden to the workers Then you should also find it hard to believe...
by Chip
Sun Apr 11, 2021 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB
Replies: 134
Views: 8298

Re: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB

Don’t forget about state taxes. Many will be living in other states like Cali. Want it or not California doesn't tax social security. Neither does my state. Not currently but who knows in the future Currently there is only ONE state (Utah) that taxes Social Security benefits in exactly the same way...
by Chip
Sun Apr 11, 2021 9:40 am
Forum: Personal Finance (Not Investing)
Topic: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB
Replies: 134
Views: 8298

Re: Ed Slott's new book NEW RETIREMENT SAVINGS TIME BOMB

Ed 2 wrote: Sun Apr 11, 2021 8:32 am Don’t forget about state taxes. Many will be living in other states like Cali. Want it or not
California doesn't tax social security. Neither does my state.
by Chip
Sat Apr 10, 2021 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question
Replies: 3
Views: 320

Re: Tax question

Braje wrote: Sat Apr 10, 2021 12:52 pm I ran the numbers in https://turbotax.intuit.com/tax-tools/c ... taxcaster/ and come up with a much higher tax saving with the Traditional 401k
Right. OP forgot about the 37% taxes on the 19,500 of ordinary income.
by Chip
Sat Apr 10, 2021 7:47 am
Forum: Personal Finance (Not Investing)
Topic: capital gains taxes need to be paid in quarter they occur?
Replies: 6
Views: 726

Re: capital gains taxes need to be paid in quarter they occur?

Let's also not forget about the potential safe harbors involving 2020 tax liability.
by Chip
Wed Apr 07, 2021 6:02 am
Forum: Personal Finance (Not Investing)
Topic: DAF - At What $ Level Do Other Options Make Sense?
Replies: 10
Views: 1057

Re: DAF - At What $ Level Do Other Options Make Sense?

It appears that our DAF is funded richly enough that there will still be funds in it when we reach RMD age. In hindsight, I wish that we had funded the DAF a little less richly, so that we could make full use of QCDs at age 72 and later. I go back and forth on this. The DAF is so convenient for sma...
by Chip
Wed Apr 07, 2021 4:13 am
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit (1116) - H&R Block vs TurboTax
Replies: 8
Views: 1056

Re: Foreign Tax Credit (1116) - H&R Block vs TurboTax

grabiner wrote: Tue Apr 06, 2021 8:22 pm Only if your credit is limited on Form 1116, which is not that common for investors.
Is there any data to support the assertion that it isn't common for investors?
by Chip
Tue Apr 06, 2021 6:31 am
Forum: Personal Consumer Issues
Topic: No foreign fee, reimburse atm fee cards besides Schwab?
Replies: 33
Views: 2026

Re: No foreign fee, reimburse atm fee cards besides Schwab?

Fidelity: 1% FTF. 2% cash back. Earn 1% using fidelity internationally. Money is fungible. I think you're talking about the credit card, not the debit card. This just adds to the confusion. As mentioned many times above, the Fidelity DEBIT card does NOT have a FTF when used to make ATM withdrawals....
by Chip
Mon Apr 05, 2021 3:55 am
Forum: Personal Finance (Not Investing)
Topic: Foreign Tax Credit (1116) - H&R Block vs TurboTax
Replies: 8
Views: 1056

Re: Foreign Tax Credit (1116) - H&R Block vs TurboTax

If I understand Form 1116 correctly (hmmm), for line 1a I should scale the foreign-qualified-dividend value by the appropriate magic number (0.4054 or 0.5405) for my capital-gains tax bracket, but for line 3d (Gross foreign source income) I should show the whole foreign-qualified-dividend value (wi...
by Chip
Sun Apr 04, 2021 10:53 am
Forum: Personal Investments
Topic: Wells-Fargo Settlement Check from Former IRA Account
Replies: 15
Views: 1178

Re: Wells-Fargo Settlement Check from Former IRA Account

I’ve sent the form asking them not to deduct taxes, so hopefully they will do as I ask. I have not found a way to reach them about changing the way the check is made out, so I will research the indirect rollover method and hope my tax accountant can sort out the 1099R. You should be able to roll it...
by Chip
Sun Apr 04, 2021 10:29 am
Forum: Personal Investments
Topic: Help Establishing a Boglehead-Friendly Strategy!
Replies: 11
Views: 990

Re: Help Establishing a Boglehead-Friendly Strategy!

I understand theoretically how to do TLH on my own, but it seems like for 25 basis points Betterment’s algorithms will be a value-add, unless I am looking at my Fidelity dashboard every single day for loss opportunities. I agree with everything nolesrule said. You will know when major loss harvesti...
by Chip
Sun Apr 04, 2021 5:05 am
Forum: Investing - Theory, News & General
Topic: Common Cents On Roth Conversions
Replies: 32
Views: 3880

Re: Common Cents On Roth Conversions

Other intangible benefits of converting/ withdrawing everything from tax-deferred are that you don't have to worry about RMDs in your later years, when you are more likely to have some cognitive decline. (The penalty for not withdrawing enough is severe--50% of the amount that should have been remo...
by Chip
Sat Apr 03, 2021 10:38 am
Forum: Personal Investments
Topic: Help Establishing a Boglehead-Friendly Strategy!
Replies: 11
Views: 990

Re: Help Establishing a Boglehead-Friendly Strategy!

Hi, and welcome! You have excellent fund choices in the 401k/403b/457b. No need to go to brokerage link. If you are considering the 3 fund portfolio , then these are the funds to use: Fidelity® 500 Index Fund (FXAIX, 0.015%) Fidelity® Mid Cap Index Fund (FSMDX, 0.025%) Fidelity® U.S. Bond Index Fund...
by Chip
Fri Apr 02, 2021 8:44 am
Forum: Personal Investments
Topic: What Are You Doing Given Record Stock Market Highs and What Is Your Situation?
Replies: 120
Views: 12531

Re: What Are You Doing Given Record Stock Market Highs and What Is Your Situation?

So I do think it's different. A variation on the most dangerous words to long term investing success: "This time is different". There were quite a few people here saying the same thing a year ago, opining that things were different and that people should get out of the stock market for a ...
by Chip
Mon Mar 29, 2021 4:57 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax and 1099R Pension Income
Replies: 7
Views: 617

Re: TurboTax and 1099R Pension Income

I'd look back at your 2019 1099-R as well. It's likely you had VA tax taken out then, too. So also file a paper NR return for that year. What returns did you file in 2018? While I have no special knowledge of the two states, it's usually the case that you would file part-year resident returns in eac...
by Chip
Sat Mar 27, 2021 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Owned a home, rented it for 2 years, then sold - Still owe tax?
Replies: 39
Views: 2830

Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

This is all so strange. Maybe I should just not report it. Reason 1: The IRS says if I'm meet the exclusion test I don't need to report it https://www.irs.gov/taxtopics/tc701 Reason2: I didn't get a form 1099-S (also mentioned at the link above) https://turbotax.intuit.com/tax-tips/home-ownership/t...
by Chip
Sat Mar 27, 2021 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Owned a home, rented it for 2 years, then sold - Still owe tax?
Replies: 39
Views: 2830

Re: Owned a home, rented it for 2 years, then sold - Still owe tax?

I think it would be best to go to the source: IRS Pub 523.

It appears to me that you're eligible for the cap gain exclusion but you must recapture depreciation. But it's fairly complex. I suggest you go through the worksheets in Pub 523 (Wksht 3 in particular) to understand the process.
by Chip
Sat Mar 27, 2021 6:05 am
Forum: Personal Investments
Topic: new investor in her 20s seeking help with first investments – especially bonds
Replies: 28
Views: 2594

Re: new investor in her 20s seeking help with first investments – especially bonds

Hi, and welcome! You're off to a great start. If I'm interpreting correctly, all of your retirement savings are going into your 401k. Your choice of the 2065 target date fund is excellent. Savings for your house aren't part of your retirement, so placing them in a high yield savings account is perfe...
by Chip
Sun Mar 21, 2021 4:30 am
Forum: Investing - Theory, News & General
Topic: Are we better off now than Dec 2018?
Replies: 301
Views: 25664

Re: Are we better off now than Dec 2018?

I think people need to ask themselves why they are freaked out about a US stock market that is just about where it was in Dec 2018. Why not just take what you had back then “off the table”. THINK about this! We are looking to be in far worse shape over the next year than anything that was remotely ...
by Chip
Sun Mar 21, 2021 3:38 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity DAF Mutual Fund Transfers
Replies: 4
Views: 441

Re: Fidelity DAF Mutual Fund Transfers

The shares you transfer to the DAF (or any other charity) must have been held over a year to get the full tax benefit. You can only deduct your cost basis on shares held for a year or less.
by Chip
Fri Mar 19, 2021 6:52 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax bug: Form 2210, has been fixed!
Replies: 6
Views: 1061

Re: TurboTax bug Form 2210

Don't want to change the subject too much. But, does the existence of bugs of this sort tend to favor buying the online vs. the CD version of Turbotax? I assume that once T-tax acknowledges the bug, that they will be able to fix the online software reasonably quickly. It would appear that updating ...
by Chip
Wed Mar 17, 2021 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Adding margin lending to a Fidelity after-tax brokerage account
Replies: 53
Views: 2457

Re: Adding margin lending to a Fidelity after-tax brokerage account

Hypothetical: I borrow $10,000 on Margin in an account that holds only FZROX (Fidelity zero total US market) on December 1. FZROX pays its entire annual dividend of $180 (1.8%) on Dec 7. Fidelity pays me this as cash-in-lieu on Dec 10 and I pay off the margin loan on Dec 14. That's 2 weeks of inter...
by Chip
Wed Mar 17, 2021 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Any TaxSlayer experts? Schedule D entry question
Replies: 6
Views: 500

Re: Any TaxSlayer experts? Schedule D entry question

One question, though, regarding the use of the M adjustment code on the 8949 (Exception 2). From my reading of the 8949 instructions, it appears that supporting statements must be attached whenever taking Exception 2, even if no additional adjustments were required. Is that indeed the case or is th...
by Chip
Wed Mar 17, 2021 1:13 pm
Forum: Personal Consumer Issues
Topic: Anyone with experience removing pipe plugs
Replies: 61
Views: 4801

Re: Anyone with experience removing pipe plugs

Maybe I'm a neanderthal, but I'd just put a pipe wrench on it. Maybe a big one. The OP explained that the head is recessed with no access from the side, otherwise a variety of wrenches might work - but not with the security of the proper socket. Sorry, missed that information in the later post.
by Chip
Wed Mar 17, 2021 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Any TaxSlayer experts? Schedule D entry question
Replies: 6
Views: 500

Re: Any TaxSlayer experts? Schedule D entry question

My friend panic sold during Covid last year, so has close to 100 transactions on their 1099-B. None of the sales have adjustments, thus it would be really nice just to enter 2 summary transactions and have the totals appear in lines 1a/8a. I use the TaxAide version of TaxSlayer. I'm not sure how or...
by Chip
Wed Mar 17, 2021 7:50 am
Forum: Personal Finance (Not Investing)
Topic: Adding margin lending to a Fidelity after-tax brokerage account
Replies: 53
Views: 2457

Re: Adding margin lending to a Fidelity after-tax brokerage account

I have a margin account at Fidelity, but I don't think I've ever used the feature. A couple of things of note: 1. You can move specific positions to your "cash" account if you don't want them lent out. Of course they won't be used to calculate available margin. Right now I only have two po...
by Chip
Wed Mar 17, 2021 7:30 am
Forum: Personal Consumer Issues
Topic: Anyone with experience removing pipe plugs
Replies: 61
Views: 4801

Re: Anyone with experience removing pipe plugs

Maybe I'm a neanderthal, but I'd just put a pipe wrench on it. Maybe a big one.
by Chip
Mon Mar 15, 2021 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Repeated fraudulent Paypal charges using compromised credit card
Replies: 24
Views: 1475

Re: Repeated fraudulent Paypal charges using compromised credit card

I had a similar issue with a Capital One card and small, fraudulent charges from the Apple App Store. After I reported the first charge it was reversed and I received a new card. Then there was immediately another charge on the new card, perhaps even before I received the card. I complained loudly t...
by Chip
Sat Mar 13, 2021 5:47 am
Forum: Personal Finance (Not Investing)
Topic: A 1099 puzzler
Replies: 25
Views: 1950

Re: A 1099 puzzler

You are correct. 1a does show all of the dividends. So in this case $10. 1b shows that portion of 1a that is qualified dividends which is $9. $3 is short term capital gain distribution does not have to be generated by a dividend. I don't think you are understanding the issue. The IRS requires that ...
by Chip
Sat Mar 13, 2021 5:19 am
Forum: Personal Finance (Not Investing)
Topic: A 1099 puzzler
Replies: 25
Views: 1950

Re: A 1099 puzzler

1a is ordinary dividends taxed as ordinary income. 1b are qualified dividends taxed as capital gains. It says"total" on 1a but that is total of ordinary dividends and not total of ALL dividends. They are separate amounts and 1b is not a part of 1a. It separates out how the dividends are t...
by Chip
Fri Mar 12, 2021 12:50 pm
Forum: Personal Consumer Issues
Topic: Received IRS refund in error
Replies: 9
Views: 994

Re: Received IRS refund in error

illumination wrote: Fri Mar 12, 2021 12:50 pm I would actually recommend not just sending the check back, that can end up just going down some bureaucratic black hole and get lost.
+100

And then the notices start demanding the money back....
by Chip
Fri Mar 12, 2021 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Rule of 75
Replies: 5
Views: 823

Re: Rule of 75

It's company-specific. My wife's Megacorp had a general 75 rule, but dropped it to 70 for a while when they wanted to reduce staff through early retirements.
by Chip
Thu Mar 11, 2021 6:46 am
Forum: Investing - Theory, News & General
Topic: FTC and 1116: Reporting income and qualified dividends Merril Edge vs Vanguard
Replies: 14
Views: 1040

Re: FTC and 1116: Reporting income and qualified dividends Merril Edge vs Vanguard

grabiner wrote: Wed Mar 10, 2021 8:21 pm Most investors with foreign stock get 100% of the credit, because the foreign tax is usually about 8% of the dividend, and people with enough foreign income to need to file Form 1116 pay much more than 8% of their income in tax.
You've said this in many threads here, but how do you know this?
by Chip
Tue Mar 09, 2021 5:20 am
Forum: Personal Investments
Topic: Vanguard Checks Written on Brokerage/Settlement Account Being Rejected or Returned To Merchants
Replies: 74
Views: 7061

Re: Vanguard Checks Written on Brokerage/Settlement Account Being Rejected or Returned To Merchants

In the MICR code at the bottom, do your Fidelity checks have the check number field at the very left, or on the right? My Vanguard checks have the check number field first (leftmost). i.e., my Vanguard checks look like this: ⑈ <other numbers><check number><check digit> ⑈ ⑆ <routing number> ⑆ accoun...
by Chip
Mon Mar 08, 2021 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: How to determine capital loss carryover?
Replies: 15
Views: 633

Re: How to determine capital loss carryover?

jebmke wrote: Mon Mar 08, 2021 12:46 pm What happens to the $3,000 if you have no tax liability even without the deduction?
Evil trick question that I have asked my TaxAide students, especially if you tell them that the 1040 shows a 3K capital loss. :twisted:
by Chip
Sun Mar 07, 2021 8:59 am
Forum: Personal Investments
Topic: Vanguard Checks Written on Brokerage/Settlement Account Being Rejected or Returned To Merchants
Replies: 74
Views: 7061

Re: Vanguard Checks Written on Brokerage/Settlement Account Being Rejected or Returned To Merchants

There is a third group of four digit numbers on the Vanguard checks/drafts right after the account number but the same is true of our regular bank checks. That number is just the check number - 1015,1016, etc. There are no other numbers on the checks. They are virtually identical to any bank’s chec...
by Chip
Sun Mar 07, 2021 5:07 am
Forum: Personal Investments
Topic: Vanguard Checks Written on Brokerage/Settlement Account Being Rejected or Returned To Merchants
Replies: 74
Views: 7061

Re: Vanguard Checks Written on Brokerage/Settlement Account Being Rejected or Returned To Merchants

Please note, that quote from ASU doesn't say checks issued from VANGUARD can't be converted because Vanguard is incompentent, it said checks from ANYONE'S money market account can't be converted. It's not Vanguard' fault the recipients of these payments aren't processing them correctly. Hmmm. I did...
by Chip
Sat Mar 06, 2021 8:26 am
Forum: Investing - Theory, News & General
Topic: Why the disdain for managed funds like ARKK that destroy total market funds?
Replies: 827
Views: 68845

Re: Why the disdain for managed funds like ARKK that destroy total market funds?

It's easy to pick stocks that look good in hindsight and over two years. Try doing it in the future and over 40 or 50 years. Highlighting Boglehead investing principals saves people money over the long term, which is good. Highlighting individual stocks that have done well over the past two years t...
by Chip
Sat Mar 06, 2021 5:00 am
Forum: Personal Consumer Issues
Topic: Slight Sewer Gas smell coming from bathroom - Problem solved -maybe!
Replies: 25
Views: 3707

Re: Slight Sewer Gas smell coming from bathroom

I learned in another thread here that there are alternatives to the wax rings. The main attraction for me is that they don't require that the toilet base be set perfectly on the first try. I used this one on a recent toilet installation. So far, so good. By the way, we had a wax ring leak with no sm...
by Chip
Sat Mar 06, 2021 4:53 am
Forum: Personal Finance (Not Investing)
Topic: Foreign Source Income Percentage Questions
Replies: 3
Views: 365

Re: Foreign Source Income Percentage Questions

Is there enough info in a 1099 to accurately determine foreign sourced income? Up until this year I would have agreed with grabiner that you have to go to the fund company's website. And I see from your other thread that you dug up the information from Schwab. But HueyLD has pointed out to me that ...
by Chip
Fri Mar 05, 2021 4:03 pm
Forum: Personal Consumer Issues
Topic: water softener for whole house?
Replies: 94
Views: 11020

Re: water softener for whole house?

Cause any power outage/blurp requires a electric timer set/setup, it regens on a fixed schedule whether need or not(waste/salt usage), and Electric timer gear driven valves mechanisms anywhere a BrineTank has limited life (especially those timers on top the the fliptop brinetank lid![a formula for ...
by Chip
Fri Mar 05, 2021 12:57 pm
Forum: Personal Consumer Issues
Topic: water softener for whole house?
Replies: 94
Views: 11020

Re: water softener for whole house?

squirm wrote: Fri Mar 05, 2021 11:45 am Get one that doesn't rely on an external power source.
Why? I have power available at the install location.
by Chip
Fri Mar 05, 2021 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: How much Umbrella Insurance?
Replies: 57
Views: 8703

Re: How much Umbrella Insurance?

Our home and auto liability coverage protects 100% of our assets that are not protected by federal and/or state law. I would word this differently: Your home and auto liability coverage protects you against judgements of an amount that happens to equal your non-exempt assets. Judgements in excess o...
by Chip
Fri Mar 05, 2021 11:03 am
Forum: Personal Consumer Issues
Topic: water softener for whole house?
Replies: 94
Views: 11020

Re: water softener for whole house?

[...]It's a 2 tank, No timer, no electricity, No Problems[...] That was quite a sales pitch. Why would I need 2 tanks with 14 gpg water and a 2 person household? I already have electricity at my install location so a mechanical timer is not a requirement. I would prefer regeneration at night so som...
by Chip
Fri Mar 05, 2021 10:59 am
Forum: Personal Consumer Issues
Topic: water softener for whole house?
Replies: 94
Views: 11020

Re: water softener for whole house?

Ours has the electronic head unit. We've never heard a sound from it, even during regeneration, though it's in a closet in our garage along with our furnace and electric water heater. It's been 100% trouble-free, and Ohio Pure Water was fantastic at every stage of the process. Thanks. I had electro...
by Chip
Fri Mar 05, 2021 8:15 am
Forum: Personal Consumer Issues
Topic: water softener for whole house?
Replies: 94
Views: 11020

Re: water softener for whole house?

I got the Fleck water softener system today. The cost of the system including shipping was $746. Though it took me three trips to the big box hardware stores to get the adapters and pipe, I finished installing it myself this afternoon, reportedly saving myself at least $800 in labor. It looks like ...
by Chip
Fri Mar 05, 2021 6:55 am
Forum: Investing - Theory, News & General
Topic: Any benefit to diversifying strategy?
Replies: 35
Views: 1938

Re: Any benefit to diversifying strategy?

Ooooh that's fascinating. Definitely on my list of books to read. Would you mind expanding on that a little as it pertains to investing? I was thinking of the things that 000 mentioned. Buying/holding bonds right now has a negative expected real return. Essentially an almost guaranteed small loss. ...
by Chip
Thu Mar 04, 2021 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Tax Loss Harvesting - STCL and LTCL
Replies: 4
Views: 219

Re: Tax Loss Harvesting - STCL and LTCL

To add just a little to lakpr's post, if you get to step 4, the offset against income comes out of your short term losses until you've used them up, then your LT losses.
by Chip
Thu Mar 04, 2021 7:07 am
Forum: Investing - Theory, News & General
Topic: Schwab Funds 2020 QDI & Foreign Source Income now available
Replies: 4
Views: 465

Re: Schwab Funds 2020 QDI & Foreign Source Income now available

Nice detective work. Schwab certainly manages to make things difficult.