Recent content by bongo2

From the brief description you give those people are absolutely subject to MN income tax. While MN does not give any reward for reporting tax fraud it's still the right thing to do.

Yes! That's exactly why I wanted to get this perspective. I also think that attitudes might be different if I were asking this question after a market crash rather than a nine year bull run.

Thanks to everyone who replied. I thought that the "not one more day" answer would be the most popular, and it was, but there were a lot of people who are willing to work a little bit longer, and about 30% of people willing to work two or more years. This makes me feel a lot better about giving...

I'm 48, but I'm interested to hear what everyone on the board would do in their personal situation today even if it doesn't directly apply to me. My current assets are probably enough to satisfy my needs, but wants . . . well, I'm sure I can come up with something!

I know a lot of people here deal with "one more year" and "golden handcuffs". I'm in a situation where I've more or less hit my number, but my business is doing very well and for the next couple years I should be making 2-3 times what I made the last five. Enough that, with some luck, I can...

One reason why parents should help their children pay for college: the financial aid rules pretty much force them to. If your parents don't have any money, then you don't have to pay for college. If they do, then you have to pay more than any 19yo should be expected to (at some schools). It's a...

Most people like to take their SS early. Many people (certainly not anyone on this forum, but elsewhere) don't really care if the math says they are better off delaying. They want the money now. If you have done the math, and you see that it's better for someone to take SS late don't tell them...

Passive is a company that you have invested in. Active is a company that you are actively involved in the running of. The tax treatment can be slightly different between the two.

Good question. I suggest you call Vanguard and let us know the result. I would guess that since Dec 30th was a Friday (did you do it early in the day?) and you already got a 1099 that didn't show the conversion that it happened in 2017. But it's possible they will send you a revised 1099.

Be very careful if you have a complicated K1. Last year I used TaxCut and a CPA to do my taxes and the CPA saved me about $4k. Three reasons: I missed a deduction buried in the notes of the K1 (not on the main front page), TaxCut wouldn't give me all the foreign tax credits I was entitled to...

An in service withdrawal or rollover would mean that you are still working for the plan sponsor. This may or may not be allowed by your plan. If you are no longer working there, then you can always withdraw or rollover. As others are saying this may or may not be a good idea because a) expenses...

I'm surprised your personal umbrella will cover liability from your rented auto lot. Typically personal liability prolicies exclude commercial liability, and will sometimes add back in coverage for residential rental. I'd double-check that it will cover liability from a commercial rental...

Thanks audreyh1! This is the sort of real-world information you can't get anywhere else that keeps people coming back here.

The spirit of the poll was to ask how much money you would personally need with the restriction that you live in the US and have a family. All those other questions are optional for the responder. What lifestyle would you personally want? Do you want to send your children to private school...

Ziggy, are you saying $50k if you had two children, or $50k is what you need now? haha: so true. . .so true.