Search found 12299 matches

by celia
Fri Apr 16, 2021 2:09 am
Forum: Personal Investments
Topic: Paycheck contribution to University of California (UC) retirement account failed
Replies: 14
Views: 1148

Re: Paycheck contribution to University of California (UC) retirement account failed

It might help to know if this also happened to others in your dept who are classified similarly. In other words, did it happen widely or just to you?
by celia
Thu Apr 15, 2021 2:15 pm
Forum: Personal Finance (Not Investing)
Topic: desperately seeking help understanding Form 8606 on 2020 tax filing (Roth recharacterization/conversion issues)
Replies: 78
Views: 2550

Re: desperately seeking help understanding Form 8606 on 2020 tax filing (Roth recharacterization/conversion issues)

I'm not sure how I'll figure out what the total ($4000 + growth) as of 12/31/2020 would have been. The concept to calculate it is simple. Assuming you didn’t add or withdraw any money from the Roth since you made a $7000 contribution, look at what percentage the $7000 was to the whole Roth on the d...
by celia
Thu Apr 15, 2021 1:44 pm
Forum: Personal Finance (Not Investing)
Topic: desperately seeking help understanding Form 8606 on 2020 tax filing (Roth recharacterization/conversion issues)
Replies: 78
Views: 2550

Re: Moron of the year award goes to me: need help with rechar/pro rata Roth stuff

Part I --- Nondeductible Contributions to IRAs 6. 0 ---> 5234 (ending value of all IRAs, 4,000+1,234) I have my doubts that Aliengrrl's main question has been resolved. I think (but am not sure) that Katietsu is saying that Line 6 should be $0 after the recharacterization, because the literal value...
by celia
Thu Apr 15, 2021 4:55 am
Forum: Personal Finance (Not Investing)
Topic: desperately seeking help understanding Form 8606 on 2020 tax filing (Roth recharacterization/conversion issues)
Replies: 78
Views: 2550

Re: Moron of the year award goes to me: need help with rechar/pro rata Roth stuff

Your original 2019 contribution was made to a Roth in 2019, but recharacterized in 2020. The basis for 2019 ($7000) was reported on Form 8606 line 1 for 2019 because after a recharacterization, it is the same as if you had contributed to the IRA originally. The year ending value of the IRA didn't ma...
by celia
Thu Apr 15, 2021 12:42 am
Forum: Personal Finance (Not Investing)
Topic: Power of a personal real estate offer letter
Replies: 77
Views: 4705

Re: Power of a personal real estate offer letter

I'm 100% sure it helped us win the bid because my low offer beat out a higher offer from a real estate flipper. How much higher was the other offer? I was told it was $35k higher. Selling price isn’t everything. Maybe the high bidder had contingencies or shaky credit or something that would slow do...
by celia
Wed Apr 14, 2021 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Surviving spouse option to file MFJ equivalent for two years - strategies?
Replies: 4
Views: 454

Re: Surviving spouse option to file MFJ equivalent for two years - strategies?

No children in the picture, so I guess he's going to have to do Single filing starting this year. And I will pass along the Roth conversion idea. If he does the Roth conversion, he needs to be aware of how much space is in his new Single tax brackets. (It is half as much as MFJ tax brackets.) Howev...
by celia
Wed Apr 14, 2021 2:21 am
Forum: Personal Finance (Not Investing)
Topic: I just became a victim of identity theft - What to do now?
Replies: 20
Views: 1749

Re: I just became a victim of identity theft - What to do now?

Also did you call the department store back to confirm? Did you previously do business with this department store and that is how they had your number? Occasionally you will receive calls from scammers purporting to be from a banking institution, government agency or other business and attempt to s...
by celia
Wed Apr 14, 2021 12:12 am
Forum: Investing - Theory, News & General
Topic: What's your definition of "Family Money"?
Replies: 47
Views: 5394

Re: What's your definition of "Family Money"?

It depends on what you mean by "family". It could mean you and your spouse and all the kiddos. Or it could refer to the extended family of one of you. In the first case, our family money is what DH and I earned by working or investing. In the second case, it could mean what you get from yo...
by celia
Tue Apr 13, 2021 5:09 pm
Forum: Personal Investments
Topic: Multiple years of expenses in cash when starting retirement
Replies: 86
Views: 5330

Re: Multiple years of expenses in cash when starting retirement

It is currently set up to convert our 401(k)s to Roth which will hurt us from a subsidy viewpoint. We will make the calculations at that point to determine which is more valuable to us. Have you considered that maybe it would be worth it to give up a year or two of subsidies (costing you an additio...
by celia
Tue Apr 13, 2021 4:48 pm
Forum: Personal Investments
Topic: Multiple years of expenses in cash when starting retirement
Replies: 86
Views: 5330

Re: Multiple years of expenses in cash when starting retirement

I've seen many people here posting about this as they start retirement and also asking how others spend down their savings. What they often have not thought about is what will happen in the future when RMDs start along with being on SS and/or a pension. Their retirement may be financially secure, bu...
by celia
Tue Apr 13, 2021 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: Job Dilemma
Replies: 65
Views: 6569

Re: Job Dilemma

I have a few potential job offers and would love to hear which one you'd go for . I would stay with #1 since I don't need any extra complications in my life while I am pregnant or early parenting. YOU should go with #1 or #3 but they sound similar. If they are in different industries, maybe it's ti...
by celia
Tue Apr 13, 2021 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Unexpected interpretation of the SECURE Act 10-year inherited IRA drawdown
Replies: 8
Views: 1040

Re: Unexpected interpretation of the SECURE Act 10-year inherited IRA drawdown

I inherited an IRA late last year, and took no distribution. So under this interpretation...I guess I'd be subject to an IRS penalty already?? WTH :oops: No penalty for you since RMDs were $0 in 2020, due to covid. Sorry. :D But I can't see how you can have a penalty in the case of someone dying in...
by celia
Tue Apr 13, 2021 3:11 am
Forum: Personal Investments
Topic: advice, please: allocation in inherited IRA
Replies: 8
Views: 624

Re: advice, please: allocation in inherited IRA

It depends on what the rest of your portfolio has. If married and filing MFJ, also include your spouse's assets. The whole portfolio should look like a balanced plan, since this account is a significant amount of money. Start with your desired Asset Allocation (% of stocks vs % of bonds with stocks ...
by celia
Mon Apr 12, 2021 8:49 pm
Forum: Personal Investments
Topic: Emergency (oh my God fund)
Replies: 45
Views: 4596

Re: Emergency (oh my God fund)

How is kid's tuition an emergency? Did you adopt some 17 year-olds who were already accepted into college?

Or your kids partied in college and lost their merit scholarships?
by celia
Mon Apr 12, 2021 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Strategy for passing your Digital Assets upon your death?
Replies: 27
Views: 1361

Re: Strategy for passing your Digital Assets upon your death?

I once asked kiva.com how I could give my account assets to someone after I died. They said to just give them my login info and the beneficiary could then change my email address to theirs.
by celia
Mon Apr 12, 2021 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Strategy for passing your Digital Assets upon your death?
Replies: 27
Views: 1361

Re: Strategy for passing your Digital Assets upon your death?

My estate attorney has the password to my hidden thumb drive with all digital accounts and access codes. So what happens in 30 years when you die and the lawyer preceded you in death and his business was sold? In other words, neither you nor the lawyer will be able to tell the beneficiaries anything.
by celia
Mon Apr 12, 2021 2:47 pm
Forum: Investing - Theory, News & General
Topic: Ross Gerber (Wealth Management) claims index funds won’t have high enough returns to fund retirement
Replies: 27
Views: 1944

Re: Ross Gerber (Wealth Management) claims index funds won’t have high enough returns to fund retirement

If you make $150K a year while working, you are likely maxing out your retirement accounts and will have maximum SS and possibly a pension. No-one says your savings has to provide your entire support in retirement.
by celia
Mon Apr 12, 2021 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: 2020 Roth Conversion 8606 Question
Replies: 10
Views: 422

Re: 2020 Roth Conversion 8606 Question

I forgot to say, that you have to save a copy of the 8606 with your copy of the 2020 tax return. Then whoever does your taxes next year, needs to see the 8606 along with the 2020 tax return. Hopefully this 8606 will be the only one that contributes **FOR** one year and converts **IN** a different ye...
by celia
Mon Apr 12, 2021 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: 2020 Roth Conversion 8606 Question
Replies: 10
Views: 422

Re: 2020 Roth Conversion 8606 Question

How can you convert on ‘the same day’ when the contribution hasn’t ‘settled’ yet? Nonsense! You are supposed to make the contribution to the IRA before you report it on Form 8606. Do that before May 17,2021, then send in Form 8606. But before you even do that, you need to read the Backdoor Roth wiki...
by celia
Mon Apr 12, 2021 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Contract with Family Member for Grandfather’s Care?
Replies: 17
Views: 1742

Re: Contract with Family Member for Grandfather’s Care?

Another thing to consider with the lawyer is if your state has a prorgan to pay relatives who do the care-giving. It will probably be at minimum wage, but that at least reduces your costs.

California does this.
by celia
Mon Apr 12, 2021 11:30 am
Forum: Personal Finance (Not Investing)
Topic: I mailed in my taxes not knowing about the big backlog... Is there anything I can do to cancel that and e-file instead?
Replies: 15
Views: 2012

Re: I mailed in my taxes not knowing about the big backlog... Is there anything I can do to cancel that and e-file inste

You can’t cancel the mailed return. There’s nothing to stop you from e-filing but you will just confuse them, especially if it is not the same numbers you mailed. If you want to file an amended return, THAT must be mailed in. Tax credits dont ‘run out of money’, so no worries there. There also is an...
by celia
Mon Apr 12, 2021 11:22 am
Forum: Personal Consumer Issues
Topic: Medicare Claims Processing Question
Replies: 22
Views: 1394

Re: Medicare Claims Processing Question

Claims don’t have to be submitted again if Medicare already was billed. (I never had anything re-submitted.). They just need to be re-processed from October going forward, once Medicare is made aware they are primary and that MoO is secondary. Your brother should also not be carrying around expired ...
by celia
Mon Apr 12, 2021 2:42 am
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8846

Re: Prenuptial arrangements

If you haven’t met each other’s closest relatives, get going on that. (You know, a picture is worth a thousand words...). Hopefully you will be more understanding of each other after that.
by celia
Mon Apr 12, 2021 12:55 am
Forum: Personal Consumer Issues
Topic: Medicare Claims Processing Question
Replies: 22
Views: 1394

Re: Medicare Claims Processing Question

Thanks for the responses everyone. A couple of points of clarification. I did not need to cancel his PPO plan. He was not full-time (40 hours/week), but qualified for the PPO plan the following year if he achieved 1,500 hours the prior year. You only qualify for the PPO plan for one calendar year. ...
by celia
Sun Apr 11, 2021 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: Contract with Family Member for Grandfather’s Care?
Replies: 17
Views: 1742

Re: Contract with Family Member for Grandfather’s Care?

My grandfather can no longer live on his own. My father has asked for my help in drawing up a contract for my aunt to care him, ... I think this means you would pay the initial lawyer fees, unless the trust is willing to pay. That’s what I would do. As far as uncle, ask him how he would contribute ...
by celia
Sun Apr 11, 2021 9:41 pm
Forum: Personal Investments
Topic: Creating revocable trust just for buying I Bonds?
Replies: 29
Views: 1947

Re: Creating revocable trust just for buying I Bonds?

It seems like it would be MUCH simpler to talk your mom into owning I-bonds than the cost and time and tax filing for a new trust. Can your dad buy them in her name and gift them to her each year? You can also use your tax refund to get $5k in I bonds. https://www.bogleheads.org/forum/viewtopic.php?...
by celia
Sun Apr 11, 2021 8:56 pm
Forum: Personal Investments
Topic: Roth Conversion: small or large - which makes sense?
Replies: 10
Views: 1239

Re: Roth Conversion: small or large - which makes sense?

1. Continue annual $30K Roth conversions to fill up 12% tax bracket -OR- 2. Convert all of husband’s 401K pre-tax account in two larger conversions filling up the 24% tax bracket. Taxes would be paid from a separate brokerage account. 1. Always filling up to the top of the 12% tax bracket is a no-b...
by celia
Sun Apr 11, 2021 8:03 pm
Forum: Personal Investments
Topic: Required minimum distributions: All to QCDs vs. ROTH conversions
Replies: 7
Views: 697

Re: Required minimum distributions: All to QCDs vs. ROTH conversions

It depends on how big your tax-deferred accounts are. You can only QCD $100K per year per person. So you could potentially still have large RMDs (larger than the QCDs). Also, don’t forget that in the next 8 years, your tax-deferred accounts will continue to grow, possibly doubling in size. And after...
by celia
Sun Apr 11, 2021 7:49 pm
Forum: Personal Consumer Issues
Topic: Anyone keep a separate phone for 2FA?
Replies: 13
Views: 1414

Re: Anyone keep a separate phone for 2FA?

Are you willing to keep paying for phone service for a phone that is rarely used?

Do you really want everyone in your address book to have to change their records of what your new phone number is?
by celia
Sun Apr 11, 2021 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking your reactions to tax situation.
Replies: 6
Views: 759

Re: Seeking your reactions to tax situation.

There is a multi-year backlog and you will be getting interest besides a refund.... eventually.

Keep your proof of mailing and anything else they may send you.

You are not alone on this issue.
by celia
Sun Apr 11, 2021 7:33 pm
Forum: Personal Investments
Topic: RPM Suggests Lower Roth Conversion is Better?
Replies: 10
Views: 1706

Re: RPM Suggests Lower Roth Conversion is Better?

To help you better understand your portfolio and how to estimate how much to convert each year, I suggest you read this thread and follow the links in my posts there. My first link should help you see your portfolio differently while the second link shows a sample spreadsheet for someone planning a...
by celia
Sun Apr 11, 2021 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Prenuptial arrangements
Replies: 123
Views: 8846

Re: Prenuptial arrangements

I'm curious to hear how others have planned for an upcoming marriage. We've had a few preliminary discussions and they honestly haven't gone the greatest. Some of our differences: -One prefers paying off the house while the other values more investments. -One is more of a 30% of income saver while ...
by celia
Sun Apr 11, 2021 12:25 am
Forum: Personal Investments
Topic: Recharacterization from Roth IRA to TIRA
Replies: 4
Views: 376

Re: Recharacterization from Roth IRA to TIRA

I still have a hard time understanding how they calculate the recharacterization so I'll leave for someone else to explain. Let’s use an example. Suppose your Roth is valued at $12,000 on the day you contribute $6,000. That is 33.33% of the account value. If no other contributions or withdrawals ar...
by celia
Sat Apr 10, 2021 11:57 pm
Forum: Personal Investments
Topic: Recharacterization from Roth IRA to TIRA
Replies: 4
Views: 376

Re: Recharacterization from Roth IRA to TIRA

I believe Vanguard will handle this on the phone with you (if you can get through). If there’s ANY question of what you’re trying to do, it is always safer to call in and have them do it. This is better than making a mistake, then figuring out how to fix a mistake for your earlier mistake.
by celia
Sat Apr 10, 2021 11:25 pm
Forum: Personal Finance (Not Investing)
Topic: [Spouse recently passed away. Please help me handle his financial matters]
Replies: 111
Views: 7296

Re: Inherited IRA or IRA rollover?

A 401K, as you know, is money you (and your employer) contribute to a retirement account. Your contributions are ususally made pre-tax and you will pay the taxes on it as the money is withdrawn in retirement. An IRA is a retirement account that you contribute to on your own (outside of work). Basica...
by celia
Sat Apr 10, 2021 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: [Spouse recently passed away. Please help me handle his financial matters]
Replies: 111
Views: 7296

Re: Spouse died in January: What taxes do I need to be aware of?

As I just posted in another thread: Good thing is that I have done our budget, taxes, mortgage, refinance, etc. all these years. You definitely have an advantage over other women in a similar situation. Your experience and familiarity with terminolgy will help you here. Biggest concern I have at th...
by celia
Sat Apr 10, 2021 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: Help me untangle this Roth tax issues: first time home purchase + rollover + over-contribution
Replies: 8
Views: 484

Re: Help me untangle this Roth tax issues: first time home purchase + rollover + over-contribution

instead of both of you  ‘recharacterizing’ $1310 from your respective Roths to your Traditional IRA, one of you could recharacterize $2620 (or more) instead. After reading the Backdoor Roth wiki page, if one of you has a large ‘Traditional’ IRA and no employer plan to roll the pre-tax money to, the...
by celia
Sat Apr 10, 2021 8:17 pm
Forum: Personal Finance (Not Investing)
Topic: Age 63 retired, planning how to use Roth conversions
Replies: 35
Views: 4017

Re: Age 63 retired, planning how to use Roth conversions

I can’t ‘get’ the overview of what your current portfolio looks like without knowing how much is in Taxable, Tax-deferred, and Roth. Please note that it doesn’t make sense to see what the current value of your portfolio is (by adding up the Taxable, Tax-deferred and Roth) because the value of a doll...
by celia
Sat Apr 10, 2021 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: Help me untangle this Roth tax issues: first time home purchase + rollover + over-contribution
Replies: 8
Views: 484

Re: Help me untangle this Roth tax issues: first time home purchase + rollover + over-contribution

Second, instead of both of you  ‘recharacterizing’ $1310 from your respective Roths to your Traditional IRA, one of you could recharacterize $2620 (or more) instead. I believe this is only true if OP and Partner are legally married. Since OP said partner rather than spouse, they might not be. If th...
by celia
Sat Apr 10, 2021 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: Help me untangle this Roth tax issues: first time home purchase + rollover + over-contribution
Replies: 8
Views: 484

Re: Help me untangle this Roth tax issues: first time home purchase + rollover + over-contribution

Yes, you now have a paperwork mess and some reading to do. The most important thing for you to look for while reading is the difference between the Basis in a Roth IRA and the Basis in a traditional IRA. Neither one includes growth that happened in the account. The second most important thing to und...
by celia
Sat Apr 10, 2021 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Gift Tax form 709
Replies: 13
Views: 790

Re: Gift Tax form 709

First, you need to understand the IRS rules. You currently can give up to $15,000 a year to as many people as you want without having to notify the IRS. So can your spouse. The reason for this is that if you are subject to estate tax when you die (we all wish we had $11M a person, which is the curre...
by celia
Sat Apr 10, 2021 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10530

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

Title insurance is a huge ripoff and this situation will likely prove that again. Title “insurers” are the only insurers out there that pay out <5% of premiums in claims. It's worse than that. Title insurers pay only 0.5% of premiums in claims. Title insurers claims a 5% loss ratio, but that's actu...
by celia
Sat Apr 10, 2021 5:29 am
Forum: Non-US Investing
Topic: after retirement allocation
Replies: 6
Views: 942

Re: after retirement allocation

It would be better if you shared your portfolio using the format presented in the Asking Portfolio Questions wiki page. Since we are already familiar with this layout, you will get better answers. In particular, we are looking to see if you will need to use the ACA for medical insurance, if you need...
by celia
Sat Apr 10, 2021 5:04 am
Forum: Personal Investments
Topic: Rebalance Tax Quandry
Replies: 10
Views: 801

Re: Rebalance Tax Quandry

... the Taxable Account houses our entire US equities which is all in VTI (Total US Stock Market Index ETF) Because these shares were purchased in 2009 - 78% of the balance is long term gains. So anything we sell will have a lot of gains that effects both Federal Tax and our Health Care Subsidy. I ...
by celia
Fri Apr 09, 2021 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: In-Laws' HOA demanding $8000 lumpsum payment
Replies: 91
Views: 10530

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

The real estate listing read the following "2013 & 2014 STORM LITIGATION HAS BEEN SETTLED". Did the in-laws ask what this meant? It was part of the listing for a reason. I read it as there had been a lawsuit which is now decided. But it doesn’t say what the decision is. I would have a...
by celia
Fri Apr 09, 2021 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Removing non-deductible portion from t-IRA
Replies: 6
Views: 527

Re: Removing non-deductible portion from t-IRA

Since your IRA contributions are now only partly deductible, the odds are that they will soon be completely non-deductible (ie, you will be making too much money to be eligible for any deductible IRA contributions ). Instead of worrying about just the part of the past contribution that is a non-ded...
by celia
Fri Apr 09, 2021 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Questions for 10+ year retirees
Replies: 21
Views: 2930

Re: Questions for 10+ year retirees

1. It is generally stated that expenses go down in retirement over time, has this turned out to be true for you and if so, by roughly what percentage over what time period? Considering that something like 40% of the retired population has SS as their only income, they HAVE TO live within that given...
by celia
Fri Apr 09, 2021 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Anyways to improve financial aid?
Replies: 70
Views: 3677

Re: Anyways to improve financial aid?

This. Only the PSAT/NMSQT test taken in the fall of the student’s Junior year counts towards the National Merit Scholarship. But if a student can do well on one test, on one day, they can get a full ride at a number of good public universities, and a substantial scholarship at some private universi...
by celia
Fri Apr 09, 2021 12:08 pm
Forum: Investing - Theory, News & General
Topic: Can this be true? [CNBC: Investors put more money into stocks]
Replies: 24
Views: 3729

Re: Can this be true?

The same dollar can go "in" more than once. Buy, sell, buy, sell, buy,... There's been a lot of tiny purchases with Robinhood and other apps all the way to mutual funds rebalancing. So, it depends on how you want to look at it (and create a "huge" headline).
by celia
Fri Apr 09, 2021 11:44 am
Forum: Personal Consumer Issues
Topic: Hire a contractor without worker's comp insurance if it's a family business?
Replies: 15
Views: 1246

Re: Hire a contractor without worker's comp insurance if it's a family business?

Did you ask them if they carried it? Maybe the database is not up-to-date, especially with state workers sidelined during covid.