Search found 494 matches

by PaunchyPirate
Sat Jul 17, 2021 2:55 pm
Forum: Personal Investments
Topic: Reinvest dividends or cash distributions in taxable?
Replies: 26
Views: 2918

Re: Reinvest dividends or cash distributions in taxable?

I'm also in the camp of "I do a mixture". And I change it as necessary to meet my needs. My Traditional IRA is all bonds so I don't rebalance there. So I just auto reinvest dividends there. My Taxable account is heavily stocks with some tax-exempt bonds. I hold 3 individual stocks that hav...
by PaunchyPirate
Fri Jul 16, 2021 10:01 am
Forum: Personal Investments
Topic: Monthly tax savings - how to invest?
Replies: 3
Views: 321

Re: Monthly tax savings - how to invest?

For money that I know I need to pay an expense within the year, I put it in a "high yield" savings account such as Ally Bank offers online. The "high yield" is not at all high, but it's better than the savings account at your local bank. You won't make much money, but you won't r...
by PaunchyPirate
Tue Jul 13, 2021 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: ACA planning questions
Replies: 36
Views: 2778

Re: ACA planning questions

I will concur with the accuracy of the info provided above. I too have been managing my retirement income at about the $40,000 level in order to minimize my healthcare costs. I also chose to directly go on an ACA plan (with subsidy) even though COBRA was available to me. I will say that I stumbled d...
by PaunchyPirate
Tue Jul 13, 2021 7:56 am
Forum: Personal Finance (Not Investing)
Topic: Special assessment advice
Replies: 44
Views: 2192

Re: Special assessment advice

If you were to decide to pay from your taxable account, and assuming you have your Vanguard account set up with Specific ID cost tracking, the most taxably friendly way would be to sell individual lots of your investment that have the lowest capital gain (or maybe even a loss) up to the amount you n...
by PaunchyPirate
Mon Jul 12, 2021 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: IRS tells me to call then disconnects me
Replies: 21
Views: 2745

Re: IRS tells me to call then disconnects me

When I call that number, and enter all my details again, then it asks for the extension to speak to a real human, then it says "due to high volume of calls... blah blah blah... we can't assist you at this time" and then disconnects me. If you keep calling (different days and times), you'r...
by PaunchyPirate
Mon Jul 12, 2021 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: IRS tells me to call then disconnects me
Replies: 21
Views: 2745

Re: IRS tells me to call then disconnects me

When I call that number, and enter all my details again, then it asks for the extension to speak to a real human, then it says "due to high volume of calls... blah blah blah... we can't assist you at this time" and then disconnects me. If you keep calling (different days and times), you'r...
by PaunchyPirate
Sat Jul 10, 2021 5:12 pm
Forum: Personal Finance (Not Investing)
Topic: How quickly did you receive your 2020 tax refund?
Replies: 282
Views: 25108

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

I called the IRS on Friday to try and schedule an appointment with a real person to try and get to the source of the problem on my mother’s account. Since 2017, when my father died, the IRS has flagged my mother’s as being deceased even though she’s very much alive. We’ve resolved it a couple times,...
by PaunchyPirate
Fri Jul 09, 2021 6:56 am
Forum: Personal Investments
Topic: How do I quit my financial advisor?
Replies: 56
Views: 5952

Re: How do I quit my financial advisor?

I suggest the following: 1. Decide which brokerage company you wish to move your holding to. 2. Call them to discuss your plan. Have a list of every investment in the IRA accounts. The new company may or may not be able to hold them. If they can hold them all, it could be a simple transfer over. If ...
by PaunchyPirate
Tue Jul 06, 2021 9:39 am
Forum: Personal Investments
Topic: VTSAX withdrawal taxes
Replies: 11
Views: 1028

Re: VTSAX withdrawal taxes

Hello, I'm new to investing in taxable accounts, and am about to set up a Vanguard account with investments in VTSAX. I will be contributing to this account with money from the savings I have post tax. I'll be setting up automatic reinvestments also. I have a couple of clarifications, if you can pl...
by PaunchyPirate
Thu Jun 10, 2021 6:16 am
Forum: Personal Finance (Not Investing)
Topic: CSP new offer: 100,000 bonus points
Replies: 119
Views: 13400

Re: CSP new offer: 100,000 bonus points

I was thinking of getting a new travel rewards card. So I just signed up to get the 100,000 points. It said to expect my card in 3-5 business days. I’d love to have it in 7 days when I head off on my trip to Yosemite/Sequoia/King Canyon National Parks. Fingers crossed. Check with a local branch. Th...
by PaunchyPirate
Wed Jun 09, 2021 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: CSP new offer: 100,000 bonus points
Replies: 119
Views: 13400

Re: CSP new offer: 100,000 bonus points

I was thinking of getting a new travel rewards card. So I just signed up to get the 100,000 points. It said to expect my card in 3-5 business days. I’d love to have it in 7 days when I head off on my trip to Yosemite/Sequoia/King Canyon National Parks. Fingers crossed.
by PaunchyPirate
Tue Jun 08, 2021 12:04 pm
Forum: Personal Finance (Not Investing)
Topic: Affordable Health Care - Guidance for Registration/Selection etc.
Replies: 11
Views: 855

Re: Affordable Health Care - Guidance for Registration/Selection etc.

Hope this all helps. Happy to answer additional questions if you have them. I'm on my 3rd year of ACA coverage now. 2 were on the federal healthcare.gov exchange and then this year PA opened their own exchange so I had to switch over to it. It was painless. Thanks, Punchy Pirate, for an answer I di...
by PaunchyPirate
Mon Jun 07, 2021 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Health/Medical Insurance outside of ACA coverage area
Replies: 5
Views: 695

Re: Health/Medical Insurance outside of ACA coverage area

domestic travel insurance is cheap: https://travel.nationwide.com/quote Yes, but medically, it doesn't cover anything that your normal health insurance shouldn't already cover -- emergencies within the USA. It covers a lot of additional things including repatriation of your body should you die too....
by PaunchyPirate
Mon Jun 07, 2021 8:35 am
Forum: Personal Finance (Not Investing)
Topic: Health/Medical Insurance outside of ACA coverage area
Replies: 5
Views: 695

Re: Health/Medical Insurance outside of ACA coverage area

For my plans, and I believe all ACA plans, emergency services anywhere in the USA are covered. However, they must be an emergency. And mine only covers emergency room and emergency transportation (with a 10% copay). It does not cover treatment at an Urgent Care facility. As soon as the emergency is ...
by PaunchyPirate
Mon Jun 07, 2021 8:26 am
Forum: Personal Investments
Topic: Sold off a mutual fund - don't understand the calculated numbers
Replies: 6
Views: 549

Re: Sold off a mutual fund - don't understand the calculated numbers

Iit's only been since January 1, 2012 that brokers are required to report your capital gains data to the IRS. These are known as "covered shares". My guess is that the short/long term values might be the values since 2012 and the cost basis is the full, true value. It would be up to you to...
by PaunchyPirate
Thu Jun 03, 2021 6:34 pm
Forum: Personal Consumer Issues
Topic: What exactly is the selling point of "pre-paid" cellular/mobile plans?
Replies: 118
Views: 9616

Re: What exactly is the selling point of "pre-paid" cellular/mobile plans?

I am by no means a deadbeat. I retired securely at age 56 with excellent credit. I also found the best plan for me was Verizon’s prepaid $40 Per month plan with 5gb of data and unlimited talk and texts. Since I’ve retired, I average about 1/2 gb of data per month. With autopay on, Verizon discounts ...
by PaunchyPirate
Tue Jun 01, 2021 3:34 pm
Forum: Personal Finance (Not Investing)
Topic: Big Tax Bill because of Missing Paperwork on IRA Rollover
Replies: 23
Views: 1574

Re: Big Tax Bill because of Missing Paperwork on IRA Rollover

Asking for advice from tax experts on this forum. In 2019, I directed Charles Schwab to transfer $250,000 from my IRA account to New York Life to purchase a SPIA. Schwab wired the money to New York Life (NYL), NYL received it and began sending me the monthly annuity checks in April 2019. For the 20...
by PaunchyPirate
Mon May 31, 2021 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: ACA Health Plans vs Company Health Plans Pre-Medi-Care
Replies: 10
Views: 1075

Re: ACA Health Plans vs Company Health Plans Pre-Medi-Care

I will only comment on your Question "a": You need to drill into the specific plans you are considering to see how they will affect you day to day. Different plans will do/require/pay for/exclude/etc. different things. If you've decided a Silver plan is what you want, then drill into the p...
by PaunchyPirate
Sun May 30, 2021 8:34 am
Forum: Personal Finance (Not Investing)
Topic: Opening safe deposit box
Replies: 13
Views: 2429

Re: Opening safe deposit box

He definitely needs to ask the bank what he is permitted to do. At my bank, in Pennsylvania, for my type of box, in addition to having my key, I have to prove my identity matches the records of the box to get into it. I was told when I opened security box account, that upon my death, the executor of...
by PaunchyPirate
Sat May 29, 2021 6:14 pm
Forum: Personal Investments
Topic: IRA contributions
Replies: 24
Views: 1425

Re: IRA contributions

OP,

When you say…” when you open an IRA account, you can deposit an initial amount that does not count towards your contribution amount.”…this is not true. It DOES count toward your contribution for that year. The starting premise of your master plan is incorrect.
by PaunchyPirate
Sat May 29, 2021 2:30 pm
Forum: Personal Investments
Topic: IRA contributions
Replies: 24
Views: 1425

Re: IRA contributions

Just curious, is it possible to open multiple IRA accounts with different brokers and transfer them all into one big account to avoid the $6k per year rule? Example: Start initially with 20k from Fidelity than transfer it to Vanguard Start initially with 20k from another broker than transfer it to ...
by PaunchyPirate
Wed May 26, 2021 4:44 pm
Forum: Personal Finance (Not Investing)
Topic: Mom in Hospice, Questions about TIRA
Replies: 50
Views: 7357

Re: Mom in Hospice, Question about MRD

Yes, thanks, all taken care of right online. Remainder of MRD should come out tomorrow COB. Cheers, Ray Good decision. When my father entered hospice my Mom called her financial advisor to see if anything needed done. His only suggestion was to complete the RMDs for the year to simplify the future ...
by PaunchyPirate
Tue May 18, 2021 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Affordable Health Care - Guidance for Registration/Selection etc.
Replies: 11
Views: 855

Re: Affordable Health Care - Guidance for Registration/Selection etc.

Hi All, I am currently using COBRA which will expire end of July (reaching 18 months) my state is NJ I am trying to figure out: 1) my understanding is I will be able to sign up, as cobra end is QLE, as well this year deadline is August 15 2) how soon should I start the process if I need coverage st...
by PaunchyPirate
Tue May 18, 2021 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: 2020 Tax Rebate
Replies: 3
Views: 360

Re: 2020 Tax Rebate

There have been long delays for over a year now due to Covid. Sit back and relax for a few months or more. Here is the link to the current status. Look at the first item under "What to expect". As of May 8th, there are 16.9 Million returns waiting to be processed. https://www.irs.gov/newsr...
by PaunchyPirate
Tue May 18, 2021 6:04 am
Forum: Personal Finance (Not Investing)
Topic: dissemination of assets upon spousal death, probate process, and other questions
Replies: 22
Views: 2427

Re: dissemination of assets upon spousal death, probate process, and other questions

OP, if you "assume" the IRAs, they will simply be switched over to become part of your own IRA, although initially in a separate IRA account. You may then roll them over into your own existing IRA account if you wish. Most spouses probably do the combining portion of this out of simplicity...
by PaunchyPirate
Sat May 15, 2021 12:59 pm
Forum: Personal Investments
Topic: What's Your Rebalancing Workflow?
Replies: 31
Views: 3222

Re: What's Your Rebalancing Workflow?

I'm a bit of a data geek and enjoy spreadsheets and also I enjoy monitoring my financial situation. Usually on a daily basis. I have a Google Sheets spreadsheet that has all of my investments listed and I use the Google Finance functionality to update the prices each morning prior to markets opening...
by PaunchyPirate
Sat May 15, 2021 5:34 am
Forum: Personal Investments
Topic: How does accessing bonds in tax deferred account increase my future tax liability?
Replies: 5
Views: 932

Re: How does one access bonds in tax advantage accounts?

OP, are Roth IRAs your only tax advantaged accounts? Ideally, you would buy your bonds in a Traditional IRA, if you have one. If you don't have have a Traditional IRA, then you might want to consider Tax Exempt Municipal Bonds in your taxable account to get your bond allocation. With bond earnings a...
by PaunchyPirate
Fri May 14, 2021 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy cliff now going away! Yay!
Replies: 190
Views: 23929

Re: ACA subsidy cliff now going away! Yay!

“ How would you get the insurance id you don't apply?” Thanks for the reply, I assumed that I have an ID since I’ve been purchasing on the marketplace each year, but have always bypassed the income questions since it wasn’t relevant. Or, is the ID that you mentioned only available when income is ca...
by PaunchyPirate
Fri May 14, 2021 7:53 am
Forum: Personal Investments
Topic: Taxed on initial investment in brokerage?
Replies: 5
Views: 535

Re: Taxed on initial investment in brokerage?

The way it works is like this.... You initially bought something in the brokerage account valued at $2000. Let's say you bought 200 shares of XYZ at $10 per share. That makes up your $2000 investment. In order for that investment to be worth $2600 in six months, each share would have to now be worth...
by PaunchyPirate
Wed May 12, 2021 9:51 am
Forum: Personal Investments
Topic: What to do with extra cash after maxing out all retirement vehicles?
Replies: 20
Views: 2175

Re: What to do with extra cash after maxing out all retirement vehicles?

Easy, open a taxable brokerage account. Thanks. I've actually never used a taxable brokerage. If I deposit money, let's say every pay check, how do I realize the long-term capital gains? Do I have to wait after 12 after last deposit or purchase various funds so that I can sell at the 12-month mark ...
by PaunchyPirate
Wed May 12, 2021 6:03 am
Forum: Personal Finance (Not Investing)
Topic: ACA Subsidy Issue
Replies: 6
Views: 990

Re: ACA Subsidy Issue

It's an interesting situation that has, unfortunately, arisen due to the legislation. I would not expect the ACA exchange automated systems to be set up to deal with it since they weren't required to do so by the law changes. I think you'll likely just have to live with how it works. Perhaps you'll ...
by PaunchyPirate
Wed May 12, 2021 5:55 am
Forum: Personal Investments
Topic: What to do with extra cash after maxing out all retirement vehicles?
Replies: 20
Views: 2175

Re: What to do with extra cash after maxing out all retirement vehicles?

Agree with the above. It's time to open a regular brokerage account and invest in 1 or 2 (no need for more) well diversified index mutual funds (or ETFs) that align with your overall desired asset allocation. Turn on dividend reinvestment. Make sure your account/holdings are set up for Specific ID b...
by PaunchyPirate
Sat May 08, 2021 6:47 pm
Forum: Personal Finance (Not Investing)
Topic: Please Weigh In, Can't Ask Anyone Else - Burial Planning
Replies: 52
Views: 4629

Re: Please Weigh In, Can't Ask Anyone Else - Burial Planning

Yes, I’m in the “spread my ashes somewhere meaningful and special to me” camp. There are actually two specific locations I have in mind. Is it weird to consider spreading cremains in 2 or more spots? ^^^^^ I prefer the above approach. I’ve asked my niece to spread my ashes in the water at a scenic ...
by PaunchyPirate
Fri May 07, 2021 9:55 am
Forum: Personal Investments
Topic: Is this a wash sale? Selling VTSAX in Roth IRA and buying VTSAX in taxable account
Replies: 16
Views: 1647

Re: Is this a wash sale? Selling VTSAX in Roth IRA and buying VTSAX in taxable account

I don't think wash sales apply in a Roth sales transaction. You won't be attempting to claim a loss (if there was one) on a tax return.
by PaunchyPirate
Thu May 06, 2021 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Clarification on Third Round EIP/Plus Up Payments
Replies: 2
Views: 257

Re: Clarification on Third Round EIP/Plus Up Payments

I agree with yakk0. I did not get ANY stimulus payments in 2020 because my 2019 income was too high. But my 2020 income was well below the threshold to get full stimulus payments. I received the first 2 stimulus amounts on my 2020 tax return. I received the third stimulus about 10 days after they is...
by PaunchyPirate
Thu May 06, 2021 10:28 am
Forum: Personal Investments
Topic: Retirees: Monthly vs Quarterly vs Annual Distributions
Replies: 76
Views: 5175

Re: Retirees: Monthly vs Quarterly vs Annual Distributions

I pull out money when I need it. Currently, I'm spending from a savings account that had built up higher than necessary. After I deplete that some, I'll turn dividend reinvestment back off and spend from the dividends. I will augment, if needed, by selling something when I need it.
by PaunchyPirate
Wed May 05, 2021 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Estimating homeowner's insurance cost for house purchase
Replies: 14
Views: 868

Re: Estimating homeowner's insurance cost for house purchase

Thank you all for your insight. I have esurance for auto, I will call them to see if they offer homeowners as well. I don't have a specific property in mind (looking in two different towns), I was really just wondering from a budgeting perspective how I should think about it. Thanks, DX I've never ...
by PaunchyPirate
Tue May 04, 2021 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: 'early retiree' Floridians ... can you share you health insurance experiences??
Replies: 22
Views: 3932

Re: 'early retiree' Floridians ... can you share you health insurance experiences??

I'm not from Florida, but I think a huge part of your selection process is verification whether your existing doctors (PCP and specialists and preferred hospitals) and any prescriptions you take are going to be covered by that company's plans. ACA plans often come with a restricted physician/hospita...
by PaunchyPirate
Sun May 02, 2021 7:35 am
Forum: Personal Finance (Not Investing)
Topic: How to handle when IRS wrongly adjusts 1040
Replies: 14
Views: 1782

Re: How to handle when IRS wrongly adjusts 1040

I double checked the vehicle before purchase to make sure it qualifies - it was a 2020 Chrysler Pacifica Hybrid which shows $7500 here - https://www.irs.gov/businesses/irc-30d-new-qualified-plug-in-electric-drive-motor-vehicle-credit I also double checked that I entered the correct VIN. What's odd ...
by PaunchyPirate
Sat May 01, 2021 12:32 pm
Forum: Personal Investments
Topic: Do ACATS transfers need Medallion?
Replies: 10
Views: 716

Re: Do ACATS transfers need Medallion?

I had to have a medallion signature on one of my transfers 4-5 years ago. I'm pretty certain it was when I was transferring from TD Ameritrade to Vanguard. I don't recall if it was when I transferred an IRA account or a taxable account. I did both at 2 separate times. These were not irregular trans...
by PaunchyPirate
Sat May 01, 2021 9:08 am
Forum: Personal Finance (Not Investing)
Topic: How to handle when IRS wrongly adjusts 1040
Replies: 14
Views: 1782

Re: How to handle when IRS wrongly adjusts 1040

Go to IRS.gov and create an Account with the IRS. Once you have that done, you can order a transcript of your account and a transcript of your specific year's return. You can then go through line by line and see what they have done.
by PaunchyPirate
Sat May 01, 2021 9:05 am
Forum: Personal Investments
Topic: Do ACATS transfers need Medallion?
Replies: 10
Views: 716

Re: Do ACATS transfers need Medallion?

I had to have a medallion signature on one of my transfers 4-5 years ago. I'm pretty certain it was when I was transferring from TD Ameritrade to Vanguard. I don't recall if it was when I transferred an IRA account or a taxable account. I did both at 2 separate times. These were not irregular transf...
by PaunchyPirate
Fri Apr 30, 2021 7:52 am
Forum: Personal Finance (Not Investing)
Topic: Probate attorney costs
Replies: 20
Views: 2221

Re: Probate attorney costs

Probate for my father using a local attorney here in rural PA added up to about $1750. He billed us monthly (in the months that he did something) along the way. I think he billed us maybe 3 times along the way. The process took about 1 year. But the only thing we needed probate for was to resolve a ...
by PaunchyPirate
Fri Apr 30, 2021 7:33 am
Forum: Personal Investments
Topic: Oops--Invested in Bond Fund through Taxable Account
Replies: 9
Views: 1286

Re: Oops--Invested in Bond Fund through Taxable Account

Definitely don't put bonds in your Roth. You want stocks in your Roth so it can grow and grow and grow. There's nothing wrong with bonds in your taxable account if your desired asset allocation needs some bonds and it's the only place to put them. If you're in a higher income bracket, you should pro...
by PaunchyPirate
Thu Apr 29, 2021 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and ACA insurance costs? 60-65 yo.
Replies: 26
Views: 3141

Re: Early Retirement and ACA insurance costs? 60-65 yo.

It varies widely by location. Have you visited your state's ACA exchange (or healthcare.gov if your state doesn't have its own exchange)? You can get all the information you ask for without even having to create an account or reveal your personal information. Simply put in your zip code, ages, smok...
by PaunchyPirate
Thu Apr 29, 2021 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and ACA insurance costs? 60-65 yo.
Replies: 26
Views: 3141

Re: Early Retirement and ACA insurance costs? 60-65 yo.

It varies widely by location. Have you visited your state's ACA exchange (or healthcare.gov if your state doesn't have its own exchange)? You can get all the information you ask for without even having to create an account or reveal your personal information. Simply put in your zip code, ages, smok...
by PaunchyPirate
Thu Apr 29, 2021 6:11 am
Forum: Personal Finance (Not Investing)
Topic: Early Retirement and ACA insurance costs? 60-65 yo.
Replies: 26
Views: 3141

Re: Early Retirement and ACA insurance costs? 60-65 yo.

It varies widely by location. Have you visited your state's ACA exchange (or healthcare.gov if your state doesn't have its own exchange)? You can get all the information you ask for without even having to create an account or reveal your personal information. Simply put in your zip code, ages, smoki...
by PaunchyPirate
Wed Apr 28, 2021 7:17 am
Forum: Personal Investments
Topic: Understanding capital gains distributions to shareholders
Replies: 10
Views: 1206

Re: Understanding capital gains distributions to shareholders

I've always thought that IF a fund makes a capital gains distribution, it is a result of the actions it took in the current year. Meaning they don't hold on to them for a few years and then distribute them every now and then. If the fund sells some holdings and has capital gains, they will distribut...
by PaunchyPirate
Sun Apr 25, 2021 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Tax Strategies for drawing from a traditional IRA
Replies: 10
Views: 1571

Re: Tax Strategies for drawing from a traditional IRA

I'm confused how the previous 2 responses provide cash for the OP to pay his bills should he/she desire to early retire (as stated they are ready to do). His taxable account is only $135,000. If he uses that to pay taxes on the Roth conversions, that depletes his ability to pay his bills even furthe...
by PaunchyPirate
Fri Apr 23, 2021 4:49 pm
Forum: Personal Investments
Topic: Withdrawing funds for big expenses
Replies: 6
Views: 655

Re: Withdrawing funds for big expenses

123 wrote: Fri Apr 23, 2021 4:21 pm If I were you I would tolerate a little variance in my asset allocation and withdraw funds from the taxable account where the tax cost is lowest.
I would also do this ^^^^.