Search found 1578 matches

by fabdog
Sat Apr 10, 2021 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Gift Tax form 709
Replies: 13
Views: 745

Re: Gift Tax form 709

Since there is an 11,000+ exemption, my filing for a couple of 100K gifts seems ridiculous since I'll never get close to the max. How can IRS possibly track this? What is penalty? Well, as noted, it's required. And the exemption hasn't always been $11.5 million. There is certainly a possibility it ...
by fabdog
Sat Apr 10, 2021 6:54 pm
Forum: Personal Finance (Not Investing)
Topic: Question about catch-up contributions
Replies: 6
Views: 462

Re: Question about catch-up contributions

I'm really surprised the plan manager is allowing catch up contributions before she's reached the normal deferral limit. I'd call the plan manager and ask them, but my guess is they wouldn't have much choice but to just show it as regular 401 contribution if she left or stopped contributing before g...
by fabdog
Sun Apr 04, 2021 6:53 pm
Forum: Personal Consumer Issues
Topic: My Next Car: Tesla S vs BMW 540iX
Replies: 25
Views: 2887

Re: My Next Car: Tesla S vs BMW 540iX

If you have another ICE car in the family (your wife's BMW) to handle long trips, then moving one car to electric is the way to go... Given your price point, I'd expand my search on the EV side beyond Tesla... Audi, Jag, Porsche, even high end Volvo...

Mike
by fabdog
Fri Apr 02, 2021 6:22 pm
Forum: Personal Finance (Not Investing)
Topic: Underpayment penalty - is TaxAct's amount reliable?
Replies: 3
Views: 314

Re: Underpayment penalty - is TaxAct's amount reliable?

to satisfy yourself that it is... look at form 2210, or whatever form they used to calculate your underpayment penalty. Many things could make it small... if you had almost as much withheld this year as you owed last year, etc. So look at the form and see if the calculation makes sense. That will be...
by fabdog
Fri Apr 02, 2021 6:06 pm
Forum: Personal Consumer Issues
Topic: Good time to sell a car?
Replies: 16
Views: 1125

Re: Good time to sell a car?

+1 on Carmax... they now have online quotes as well... you still have to take your car in, but their offer was much better than Carvana or Vroom. Well worth the 20 minute drive over

Mike
by fabdog
Fri Apr 02, 2021 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k) contribution entries in Tax forms
Replies: 11
Views: 723

Re: Solo 401(k) contribution entries in Tax forms

All of the contributions you mentioned (both employer and employee) to a Solo 401K go on Schd 1, line 15. Your software will make sure you haven't over contributed.. it will assume employer and employee contributions up to the max allowed with your earnings Schedule C entry is if you set up a pensio...
by fabdog
Thu Apr 01, 2021 6:33 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax finding schedule H estimated nanny taxes paid?
Replies: 4
Views: 223

Re: Turbo Tax finding schedule H estimated nanny taxes paid?

Let's say as an example they paid in Q4 2020 $300 - total Local Tax Philiadelphia $200 - total PA State Unemployment Tax $400 - Toal PA State Withholding Then Turbo Tax asks me the following question for example "How much did you pay in state estimated taxes?" and I have to put an amount ...
by fabdog
Thu Apr 01, 2021 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: Turbo Tax finding schedule H estimated nanny taxes paid?
Replies: 4
Views: 223

Re: Turbo Tax finding schedule H estimated nanny taxes paid?

Does anyone know where I can find the records for which Estimated taxes were paid on my behalf into the accounts for my Federal EIN, my Pennsylvania Employer Withholding Tax Account, my Pennsylvania Unemployment account: the “PENNSYLVANIA SUI ER”, and my Philadelphia Tax Account Number? Your payrol...
by fabdog
Sat Mar 13, 2021 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Is it true that prior year capital loss carryover can be used with no limit to cancel out current year capital gains?
Replies: 24
Views: 2943

Re: Is it true that prior year capital loss carryover can be used with no limit to cancel out current year capital gains

How come the type of gains covered by capital loss carryover is hard to find? I have both long term and short term capital gains. Would a capital loss carryover offset long term gains or short term gains? Or do I have to specify whether the carryovers are from long or short and they offset accordin...
by fabdog
Fri Mar 12, 2021 9:00 pm
Forum: Personal Investments
Topic: Roth IRA Income limit passed with 6k already contributed
Replies: 16
Views: 1797

Re: Roth IRA Income limit passed with 6k already contributed

in addition to googling the answer on how to address the over contribution... find a new tax pro...

Mike
by fabdog
Sun Mar 07, 2021 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Tax ? regarding loss of rental income due to Covid19
Replies: 3
Views: 292

Re: Tax ? regarding loss of rental income due to Covid19

My take is yes, rented 12 months and at market price... in some future year you are going to (hopefully) have extra cash to report as rent... but for this year, just the rent you actually got

Mike
by fabdog
Tue Mar 02, 2021 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Schwab customer service completely swamped?
Replies: 29
Views: 2775

Re: Schwab customer service completely swamped?

I think they are specifically having issues with the bank. We had a similar experience in February. Had to open new accounts after my mother passed for my Dad. the brokerage accounts (2 trusts) went very quickly.. the checking to go with one of the trusts took over 2 weeks... they were extremely bac...
by fabdog
Sun Feb 28, 2021 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Issues selling an estate owned "landlocked" vacant lot in NC
Replies: 42
Views: 3605

Re: Issues selling an estate owned "landlocked" vacant lot in NC

not what you're likely wanting to hear... I know you are obligated to get the max value you can for the asset... but as you've described... you'll likely spend more than it's worth with no clear path to conclusion... have you thought about just deeding it to one of the adjoining lot holders and be d...
by fabdog
Sun Feb 28, 2021 8:13 pm
Forum: Personal Consumer Issues
Topic: Website that Purchases Smartphone
Replies: 10
Views: 744

Re: Website that Purchases Smartphone

depending on model, both Amazon and BestBuy offer relatively painless trade ins

Mike
by fabdog
Sun Feb 28, 2021 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: AZ 140 Box 10C With Newborn
Replies: 2
Views: 185

Re: AZ 140 Box 10C With Newborn

For a child born in 2020, the answer is 12 if they lived with you since birth.

this question is usually answered other than twelve by divorced/separated folks who split custody time... or a guardian who didn't care for the child all year

Mike
by fabdog
Sun Feb 28, 2021 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage interest deduction - greater than 750k loan amount (principal residence)
Replies: 3
Views: 539

Re: Mortgage interest deduction - greater than 750k loan amount (principal residence)

search for other threads here... folks have had issues with two mortgages during the year when the values get high...Whether a sale and purchase, or a refi, TT appears to be adding the two loans together and disallowing a significant portion of interest. what you should get is full deductibility on ...
by fabdog
Fri Feb 26, 2021 8:25 pm
Forum: Personal Finance (Not Investing)
Topic: mention health reasons for leaving job?
Replies: 7
Views: 1021

Re: mention health reasons for leaving job?

I like my manager as a person, we don't have an adversarial relationship and I trust him. So out of friendship I can see telling him at least about my health without any details. On the other hand it is personal information that I wouldn't want widely shared, and there's nothing I could do once I t...
by fabdog
Fri Feb 26, 2021 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: The long arm of CA Taxes
Replies: 1
Views: 594

Re: The long arm of CA Taxes

not a CA specific issue (although CA does have a long arm). Your last work location with that employer is where the taxable event with the distribution occurred. I had a similar situation, retired from a job in AZ, moved to VA. RSU's that vested in the future got taxes withheld in AZ, and I had to f...
by fabdog
Fri Feb 26, 2021 4:21 pm
Forum: Investing - Theory, News & General
Topic: Maryland 401K - Is Divorce/Custody Case a Hardship?
Replies: 2
Views: 394

Re: Maryland 401K - Is Divorce/Custody Case a Hardship?

It's not a MD (state specific ) issue. The 401 rules are the 401 rules. The hardships are clearly defined, and most plans stick to the safe harbor rules. These are IRS regs, not your plans choice. Under a “safe harbor” in IRS regulations, an employee is automatically considered to have an immediate ...
by fabdog
Fri Feb 26, 2021 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Keeping multiple state 529s or consolidate?
Replies: 8
Views: 357

Re: Keeping multiple state 529s or consolidate?

I believe NY will re capture your state tax deductions if you roll to another states plan. So I'd leave it with the NY plan

Mike
by fabdog
Wed Feb 24, 2021 8:08 pm
Forum: Personal Consumer Issues
Topic: Experience at Royal Lahaina Resort in Maui
Replies: 11
Views: 2146

Re: Experience at Royal Lahaina Resort in Maui

While you wait for feedback here you could go to TripAdvisor and read reviews... also google likely has many reviews for this resort. There are also Hawaii focused sites that have reviews (both by a site and by users)

Mike
by fabdog
Wed Feb 24, 2021 7:57 pm
Forum: Personal Investments
Topic: Selling RSU's - Commission?
Replies: 8
Views: 746

Re: Selling RSU's - Commission?

on your Fidelity site for your RSU's you should be able to find a fee schedule. It varies by what your company has set up... and as you've already discovered, is not Fidelity's normal "free" trades

Mike
by fabdog
Sun Feb 21, 2021 5:14 pm
Forum: Personal Finance (Not Investing)
Topic: Retention Bonus for Corporate Acquisition - Engineering
Replies: 8
Views: 1049

Re: Retention Bonus for Corporate Acquisition - Engineering

Sounds like it would be a major issue for the acquiring company if you and/or parts of your team left. Have you asked the current owner if they are having discussions with the buyer on this? It would have more credibility coming from them. If they are not, or are not willing, then you can bring it u...
by fabdog
Sun Feb 21, 2021 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 discrepancy - addition to basis (VWO)
Replies: 1
Views: 216

Re: 1099 discrepancy - addition to basis (VWO)

WHFIT is a type of investment.

https://www.investopedia.com/terms/w/whfit.asp

I would hold off filing taxes... every 1099 that I deal with that holds these type of investments gets a correction around mid march. So my take is what you have there is not the "last word"

Mike
by fabdog
Sun Feb 21, 2021 5:07 pm
Forum: Personal Investments
Topic: Solo 401K Excess Employer Contribution - clarification?
Replies: 2
Views: 241

Re: Solo 401K Excess Employer Contribution - clarification?

They way you have laid out is correct. I don't use Vanguard, I use Schwab. Even though each contribution has the year listed on the form, on my statements it's just listed in the year they actually received it. Schwab is clear they aren't tracking it, I am You are the plan sponsor and responsible fo...
by fabdog
Sat Feb 20, 2021 1:36 pm
Forum: Personal Consumer Issues
Topic: Availability of "News of the World" as a DVD Rental
Replies: 1
Views: 245

Re: Availability of "News of the World" as a DVD Rental

Everyone's friend Google reports the DVD will be available March 23rd. Should be in Redbox, etc shortly thereafter if not immediately

https://www.dvdsreleasedates.com/movies ... -the-world

Mike
by fabdog
Thu Feb 18, 2021 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Three questions about taxes on I-bond interest
Replies: 9
Views: 922

Re: Three questions about taxes on I-bond interest

you can begin accruing and paying the interest at any time, and when you make that election, you pay on all the interest accrued up thru that year. Then each year going forward just the new interest for that year so if you start accruing for 2020, you'd have the 2019/2020 interest to report... then ...
by fabdog
Mon Feb 15, 2021 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Software & SEP contribution
Replies: 3
Views: 214

Re: Tax Software & SEP contribution

Yes. In Turbotax you can ask it to calculate the max contribution to your self employed plan. You just need to tell it what type (SEP)

Mike
by fabdog
Mon Feb 15, 2021 3:50 pm
Forum: Personal Finance (Not Investing)
Topic: Pay-off 5.63% mortgage with no refinance or home equity loan option?
Replies: 20
Views: 1030

Re: Pay-off 5.63% mortgage with no refinance or home equity loan option?

It sounds like you do not have the liquidity to pay it off so why not look into refi? From OP I can't refinance or get a home equity line (No employment for past 2 years + other legal limitations). Other than paying as much as you can to reduce principal, if you can't refinance, I think your are st...
by fabdog
Sun Feb 14, 2021 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: E-filing minor's return with no DL#
Replies: 8
Views: 318

Re: E-filing minor's return with no DL#

TurboTax asks for State ID, but I just hit continue, and it proceeds. This works for VA, MD, and AZ so far...

TT must think MN requires it. On the states that do I am sure it will stop you

Mike
by fabdog
Sun Feb 14, 2021 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-B and covered security in estate account
Replies: 7
Views: 385

Re: 1099-B and covered security in estate account

The original date of acquisition sounds like a good explanation, even though it doesn't really make sense to use that distinction, since Vanguard is reporting the date of death as the date of acquisition. Well, they don't have any extra fields to report the two dates... so they use the one field th...
by fabdog
Sun Feb 14, 2021 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-B and covered security in estate account
Replies: 7
Views: 385

Re: 1099-B and covered security in estate account

The original dates of acquisition are driving the covered/non covered designation. The step up basis date is not the date of acquisition

and yes, if they were held longer than a year they will be reported as long term

Mike
by fabdog
Thu Feb 11, 2021 2:49 pm
Forum: Personal Finance (Not Investing)
Topic: Bitcoin As An Asset In A S-Corp
Replies: 4
Views: 412

Re: Bitcoin As An Asset In A S-Corp

My understanding of an S Corp is that yes, cap gains are passed thru to individual holders, who then report on their returns... so it does not appear to matter whether S Corp holds the bitcoin or you hold it...

Mike
by fabdog
Thu Feb 11, 2021 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Bitcoin As An Asset In A S-Corp
Replies: 4
Views: 412

Re: Bitcoin As An Asset In A S-Corp

would be taxed as a cap gain as something the S Corp had held for investment...

see this link and then FAQ's and publications referenced

https://www.irs.gov/businesses/small-bu ... currencies

Mike
by fabdog
Thu Feb 11, 2021 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Question on life insurance settlement
Replies: 4
Views: 339

Re: Question on life insurance settlement

You can ask the insurance company if they have a separate account they will hold it for you. When my Mom recently passed the insurance company offered my Dad the option of holding it with them at .5%

Online high yield savings accounts are in that neighborhood as well

Mike
by fabdog
Thu Feb 11, 2021 8:15 am
Forum: Personal Investments
Topic: Backdoor Roth Feedback Request
Replies: 6
Views: 347

Re: Backdoor Roth Feedback Request

Are the deductible and non deductible contributions in separate accounts? If so it's easy, just roll over the non deductible account If they are all mixed together, a bit more complicated. You have more than the $12K in non deductible because of earnings... so you need to understand what is the dedu...
by fabdog
Wed Feb 10, 2021 8:10 pm
Forum: Personal Investments
Topic: Include private investments and WL cash value in AA?
Replies: 9
Views: 613

Re: Include private investments and WL cash value in AA?

To the extent that reflecting the 15% of your portfolio in the tech company helps you realize you may need to take a different approach to the rest of your portfolio (more liquid, less stock, less tech, as desired) and the WL cash value you'd rely on as cash at retirement, and may give you degrees o...
by fabdog
Wed Feb 10, 2021 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax Solo 401k Calculation
Replies: 5
Views: 262

Re: Turbotax Solo 401k Calculation

Have you entered the W2 that has the 403B deductions on it yet? Were they coded properly so Turbotax sees them as a 403B?

The amount Turbotax is giving you for the max contribution looks like it doesn't think you have any other deferred income contributions

Mike
by fabdog
Wed Feb 10, 2021 3:58 pm
Forum: Personal Investments
Topic: Vanguard Customer Service is not responsive. Please advise. [Can't login to account]
Replies: 1
Views: 224

Re: Vanguard Customer Service is not responsive. Please advise. [Can't login to account]

you are going to have to keep trying to reach Vanguard. No one else can help you address the issue. All brokerages to one degree or another are slammed right now with extended delays for phone support between COVID, recent market activity, tax season, etc) from threads here Vanguard has suffered mor...
by fabdog
Wed Feb 10, 2021 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k Questions
Replies: 6
Views: 574

Re: Solo 401k Questions

You have certainly created a complex situation.. I am not an expert, perhaps Spirit Rider will see your post and weigh in. You can also try the search box to find previous threads.. something similar but not the same below https://www.bogleheads.org/forum/viewtopic.php?f=2&t=331948 You weren't c...
by fabdog
Wed Feb 10, 2021 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: File and amend or just extend?
Replies: 8
Views: 493

Re: File and amend or just extend?

File now with K1 estimates and get a refund. These are MLPs that generate very limited if any taxable items (unless you sell). The OP noted that their K1 income is highly variable. MLP's often come with little to no taxable income, and are available for most before the filing deadline. The OP has a...
by fabdog
Wed Feb 10, 2021 9:33 am
Forum: Personal Finance (Not Investing)
Topic: File and amend or just extend?
Replies: 8
Views: 493

Re: File and amend or just extend?

This is one reason extensions are available... Short of making up numbers as placeholders for the K1 and then amending when it actually shows up (not recommended) I don't see that you have any other path.

Mike
by fabdog
Wed Feb 10, 2021 8:26 am
Forum: Personal Investments
Topic: A couple Solo 401k Questions
Replies: 3
Views: 345

Re: A couple Solo 401k Questions

For question 1, most folks would say you have to wind it up if you have no intention to return to the business. It's been extensively discussed, here's one thread the search box turned up. See Spirit Rider's answer... he is an expert in the area https://www.bogleheads.org/forum/viewtopic.php?t=20607...
by fabdog
Wed Feb 10, 2021 8:24 am
Forum: Personal Investments
Topic: A couple Solo 401k Questions
Replies: 3
Views: 345

Re: A couple Solo 401k Questions

Deleted- incomplete answer
by fabdog
Tue Feb 09, 2021 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: Are loan origination charges tax deductible?
Replies: 11
Views: 1087

Re: Are loan origination charges tax deductible?

But there's also a "Processing fee: $1,500", which I understand to be a flat fee they charge for writing this type of loan. It's not mathematically connected to the loan amount (eg. 1% of the loan, like 1 point would be). I haven't found a clear answer online or in the IRS pubs that says ...
by fabdog
Tue Feb 09, 2021 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Tax implication for converting RSUs to common stock at startup
Replies: 1
Views: 163

Re: Tax implication for converting RSUs to common stock at startup

N*FMV Given that both N and FMV are unknown... I am not sure how any of us can help you estimate the taxes Could someone suggest should I pay taxes in cash or through RSUs themselves? Also, if paid by cash does it make sense to show the interest at all? Unless you have a large amount of spare cash,...
by fabdog
Tue Feb 09, 2021 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up a trust so that I can purchase more I Bonds
Replies: 5
Views: 384

Re: Setting up a trust so that I can purchase more I Bonds

A topic that has been discussed MANY times... here's an example... the search box will yield many more

viewtopic.php?t=213142

Mike
by fabdog
Tue Feb 09, 2021 3:21 pm
Forum: Investing - Theory, News & General
Topic: 501 (c) 3 organization and Foreign taxes on mutual funds
Replies: 9
Views: 457

Re: 501 (c) 3 organization and Foreign taxes on mutual funds

I guess it would depend on how much total is invested, which will determine how much foreign stock... and thus how much foreign dividend, and then the tax that you won't be able to reclaim... When you do all of that math on VASIX do you think you'll be giving up $20/year? Or $20000? That would help ...
by fabdog
Mon Feb 08, 2021 8:02 pm
Forum: Personal Finance (Not Investing)
Topic: Contribute to IRA in Feb, funded by NQSO next Dec?
Replies: 1
Views: 123

Re: Contribute to IRA in Feb, funded by NQSO next Dec?

As long as you have the income in the year.. it works. As you note, the risk is forgetting to generate the income, or those NSQO's you are letting appreciate instead go into reverse and have no value... If you've over contributed, you can ask the custodian to remove the excess contribution. You'll o...
by fabdog
Sun Feb 07, 2021 4:25 pm
Forum: Personal Investments
Topic: How to Deal with “Coupled” 401k Sub-Accounts
Replies: 5
Views: 5072

Re: How to Deal with “Coupled” 401k Sub-Accounts

No workaround I am aware of. My plan (held at Fidelity) operates in the same fashion. I am not able to dictate what is held in the Roth space vs tax deferred.

Mike