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fabdog

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 ...

fabdog

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...

fabdog

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

fabdog

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...

fabdog

+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

fabdog

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...

fabdog

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 ...

fabdog

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...

fabdog

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...

fabdog

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

Mike

fabdog

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

fabdog

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...

fabdog

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...

fabdog

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

Mike

fabdog

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

fabdog

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 ...

fabdog

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...

fabdog

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...

fabdog

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 ...

fabdog

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

fabdog

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

fabdog

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

fabdog

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...

fabdog

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

fabdog

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...

fabdog

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

fabdog

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 ...

fabdog

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

fabdog

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...

fabdog

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

fabdog

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...

fabdog

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

fabdog

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

fabdog

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

fabdog

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

fabdog

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...

fabdog

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...

fabdog

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

fabdog

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...

fabdog

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...

fabdog

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...

fabdog

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

fabdog

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...

fabdog

Deleted- incomplete answer

fabdog

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 ...

fabdog

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,...

fabdog

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

viewtopic.php?t=213142

Mike

fabdog

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 ...

fabdog

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...

fabdog

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

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