Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #111
Date: Tue, 9 Dec 1997 21:22:00 -0500 (EST)
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persfin-digest Tuesday, December 9 1997 Volume 04 : Number 111
IN THIS ISSUE:
ADVERTISEMENT: MCI FAX BROADCAST SERVICE
Problem with Short Term Bond Funds
Estate Plan for Surviving Spouse?
Re: Net Access in Japan and Nepal
Father-in-law's will?
commodities futures and options?
Re: Roth IRA Conversion at Death?
jerry conley's question about brokerage fees
403(b)
Re: realized/unrealized values of fund shares?
Re: *SHORT-TERM* US Treasury bond fund versus Money Market fund?
Re: voltage in Japan
Subject: overseas Net access - Japan and Nepal
Re: Small business loan?
4-year spread of taxes on conversion to a Roth IRA
Using Life Insurance with Estate Taxes
Penalties for under 59 1/2 'ers
Loans for small businesses
Re: - Claim Parents as Dependents?
Re: realized/unrealized values of fund shares?
Overseas Net Access in Japan, Voltage in Tokyo etc.....
403(b) to Roth IRA question
Re: Buying Currency
Re: E-Investing.
Probate?
Quicken 4 vs. Quicken '98 Basic
Roth - contributions after conversion?
Developing a Business Plan - Suggested resources?
[Q]: Tax Side of Child's Income
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------------------------------
Date: Tue, 9 Dec 1997 20:47:22 -0500 (EST)
From: dmak@tma-net.org
Subject: Problem with Short Term Bond Funds
I agree that there is additional risk of investing in a short-term
bond versus a money-market fund. Even with a very short-term bond
fund (1-2 years), it could be possible that you would never recoup
your principal (although the interest received may still put you in
the green).
Unlike buying an individual bond, when you know you'll get your
principal back by the maturity date (barring default), with a bond
fund, there is no fixed maturity date! The fund manager is
constantly buying new bonds everyday to invest new money and to
reinvest maturing bonds, so if interest rates are higher 2 years
later, you're probably going to lose principal.
------------------------------
Date: Tue, 9 Dec 1997 20:49:35 -0500 (EST)
From: dmak@tma-net.org
Subject: Estate Plan for Surviving Spouse?
Our family has unfortunately committed the infamous estate-planning
no-no: my father willed all of his assets to my mother, leaving her
with an estate well over the $600K limit. I want to know what we
could do at this point to reduce estate taxes when the children
inherit my mother's estate. Unfortunately, she does not want to give
up any control to her assets. Do I understand correctly that there
isn't anything we can do, assuming that my mother does not give up
title to some of her assets? Thanks!
(Editor's Comment - She could start an annual gift plan of $10K to
whoever (as many people as she wants). This violates her wishes, but in
estate planning the rule is if you have control of the asset it's part of
your estate. -IK)
------------------------------
Date: Tue, 9 Dec 1997 20:50:50 -0500 (EST)
From: "M. J. Webster" <web_webster@ibm.net>
Subject: Re: Net Access in Japan and Nepal
> From: Ryo Imamura <imamura@elwha.evergreen.edu>
>
> I will be going to Japan and Nepal for long periods. Is there an
> Internet provider that has local phone access in those countries? If so,
> please provide info on how to download their software and/or their phone
> numbers. Thanks.
>
> Ryo Imamura
> imamura@elwha.evergreen.edu
>
IBM Global Network currently has 1,100 internet dial access numbers in
52 countries worldwide, including over 570 in the United States and
Canada. I checked to see if Nepal and Japan are included. Japan is,
but unfortunately Nepal is not. IBM Global Network rates very highly
among large ISPs on customer satisfaction, and I can personally attest
to the high quality of their service. Their Minneapolis POP was down
for a day a few months back, and when I called customer service to
inquire as to when it would be available again, they gave me immediate
temporary access to a no-extra-charge inward WATS line (inward WATS
access is normally subject to fairly nominal per-minute surcharge of (I
think) 10 cents).
More information, online account initiation, and software downloads are
available at http://www.ibm.net .
I am not affiliated in any way with IBM - don't even own any stock - but
I do recommend their service, especially for travelers.
Web Webster
web_webster@ibm.net
------------------------------
Date: Tue, 9 Dec 1997 20:51:49 -0500 (EST)
From: Steven Klein <SKLEIN@snm.org>
Subject: Father-in-law's will?
My wifes father recently passed away. During his lifetime he claimed
that there was money in the will for his grandchildren (mine and my wife
children). According to my brother-in-law (who is also the estate
executor) that my children were not mentioned at all in the will. My
brother in law says he is the only one that has copy of the will. My wife
does not want ot strain her relationship with her brother by asking to
inspect the will. So she is taking him at his word on this matter.
The question is, When one legally prepares a will does the state
automatically get a copy of the will? And if so how can one get a copy of
a will.
What she really wants to do is look at the will without her brother finding
out. Her brother would be real insulted and hurt if he found out we might
doubt him.
SK
------------------------------
Date: Tue, 9 Dec 1997 20:53:01 -0500 (EST)
From: Lloyd Colston <colston@viagrafix.com>
Subject: commodities futures and options?
Call me stupid, if you want, but I am looking at commodities futures
and options. I know there is a lot of money to be made here. Is
there anyone on the list making money besides the brokers?
Help me learn how.
Thanks.
Lloyd Colston Success comes in cans, not can'ts
Pryor, OK USA social worker, writer, editor
------------------------------
Date: Tue, 9 Dec 1997 20:54:11 -0500 (EST)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: Re: Roth IRA Conversion at Death?
><...> The beneficiary of a regular IRA can avoid income taxes by
>rolling the IRA over into his/her own IRA. <...>
ONLY if the beneficiary is the surviving spouse.
Any other beneficiary has no choice but to take
the IRA proceeds as a distribution taxable as income.
I know. I've been there.
Jeff Morgan - morgajs@parsec.com
------------------------------
Date: Tue, 9 Dec 1997 20:55:52 -0500 (EST)
From: APRESTON@server.vcccd.cc.ca.us
Subject: jerry conley's question about brokerage fees
jerry conley wondered why anyone would have mutual fund transactions through
a broker. he asked what he said may seem to be a silly question: "is there
some advantage to trading (mutual funds) through a broker?"
no. the minute you give a broker 3, 4, 5 or 8% you have lost the opportunity
to make ANY money on the amount you just gave away. it is gone forever. why
on EARTH would anyone do that?
(Editor's Comment - The worst are the in-house mutual funds from brokers
like Merrill Lynch. They lock you in with front end and back end loads.
- -IK)
------------------------------
Date: Tue, 9 Dec 1997 20:56:51 -0500 (EST)
From: APRESTON@server.vcccd.cc.ca.us
Subject: 403(b)
someone had typed: "i have read in a vanguard retiremetn planning publication
that if i work for an eligible school or non-profit organzation, i may be
permitted to arrange for an individual 403(b) plan directly through an
insurance compay or mutual fund."
then, Rich carreiro replied "i think this is ture, but i was under the
impression what happens is that if your employer has a 403(b) plan, you can
go to a fund company on your own instead of through the administrator your
emploer uses."
my input: i work for a community college that has a "contract" with several
insurance firms and mutual fund companies (in some cases both, such as USAA).
when selecting a 403(b), employees of this district are ONLY allowed to
select from those companies approved on the contract. i questioned that, to
no avail - however, i did find taht by looking closely through the list, i
could indeed set up no-load mutual funds from an approved firm on the list,
and avoid the annuity insurance route (which, in my mind is one of the WORST
vehicles ANYONE could use for retirement). anyway....once i found a no-load
firm that met my personal desires and needs, i had to work through BOTH the
fund company AND the district payroll office. one of the things i have to do
every year is get a "maximum exclusion allowance (MEA)", which used a formula
to determine how much i can contribute to my 403(b). my employer will NOT do
this - they do not want to be saddled with responsibility for determining the
amount i can have withheld. the mutual fund company must prepare and certify
it, and holds harmless the district that employs me. the MEA is then sent to
the district, and the payroll office will begin withhonlding UP TO but no
more than the amount stated in the MEA. there is a renewall requirement
every year, and if the employer does not receive a new MEA, they will STOP
withholding all together.
the 403(b) requires a little bit of independent research (so as to avoid
getting sucked into such things as variable annuities/life insurance in
retirmeent plans), and to find no-load funds that have them (after all...why
pay a load AND an annaul fee? makes no sense at all). but anyone who is
persistent can probably find the right type of investmetn vehicle in a 403(b)
read a recent edition of "money" magazine where there is an article comparing
401(k) and 403(b) plans...it is quite insightful - and basically states taht
in the case of 403(b), plan "adminstartors" are by and large uninformed (i
had to do most of my research myself, there was a new employee who knew
little about our rules), and the district itself really isnt all that
interested in employee's futures to be actively involved in "selling" the
program. 403(b) programs have the lowest percentage rate of particiaption of
all retirmetn plans.
another option, at the risk of overkill here. let's say you can only set up
a 403(b) mutaul fund with "XYZ FUND"...and you dont want that, but it's your
only option. a little research might tell you taht you can actaully set one
up with another fund of YOUR choice ("ABC FUND") after you've alraedy set up
the one with "XYZ FUND", and periodoically transfer money from the one you
didnt want to the the one you did. taht takes some bookwork, but it's still
an option. my personal opinion is that all the extra effort is worth it,
espcially because of the high percentags you can have withheld (including
the"catchup" provision).
good luck, and dont forget to do the IRA as well, if possible
------------------------------
Date: Tue, 9 Dec 1997 20:58:43 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: realized/unrealized values of fund shares?
>never come across anything that gives the details about this. The info was
>presetented this way:
>
>Net Realized Gain NRG as % of NAV Unrealized gain
> 2.20 7 8.67
> 1.17 3 14.97
> 1.05 4 5.09
> .44 2 4.60
>
>Could anyone give a brief rundown of what these figures mean (esp. for
>potential buyers)?
Net realized gain: The per share amount of net capital gains realized by
by the fund's buying and selling activity over the
course of the year. In other words, the net trading
profits that were turned from paper to cash in that year.
In virtually all cases, this will be distributed out to
shareholders. This late in the year you may wish to
hold off buying into a fund before the distribution so
that some of your investment isn't immediately handed
back to you as taxable income.
NRG as % of NAV: The NRG divided by the share price at the time of the
calculation, expressed as a percentage.
Unrealized gain: The "paper gain" built into the share price. Take the
total value of the fund's holdings and subtract the total
basis (essentially what the fund paid for them). That
difference is the total unrealized gain. Divide that
by the number of fund shares in existence at the time of
the calculation to get the number shown in the chart
you saw.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Tue, 9 Dec 1997 20:59:52 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: *SHORT-TERM* US Treasury bond fund versus Money Market fund?
>Money market funds pretty much have zero principle risk, both in the
>short and long term. Hence its good to stick short-term $$ there.
So far so god...
>In a short-term US Treasury bond fund, however, there is some short-term
>fluctuation of principle if interest rates change. But from my
>understanding the principle should *eventually* be 100% safe over a
>slightly longer term.
That is incorrect, though practically over any time period longer than
a few years the chance of your total investment being worth less than
your initial investment is quite small, as it would take a big interest
rate spike to drive down the bond prices, but then as money rolled over
from maturing bonds in the portfolio and from trading activity, higher
yielding bonds would be bought and so the income yield of the fund would
go up.
>I.E., each bond will ultimately (and ultimately would be in a mean
>time of 1.5-2 years) be redeemed for its face value. And, even in the
>short-term principle should fluctuate only slightly due to the short
>duration of the bonds.
This is where your logic falls down. The funds do not hold the bonds
to maturity. Instead, the fund holds its average maturity relatively
fixed (though it will tend to shorten and lengthen the maturity depending
on its interest rate forecasts). In other words, the fund will always
act like a bond that matures in (say) 2 years. The fund never matures
and hence can never guarantee principal.
Personally, I'd recommend buying the bonds directly from the US govt
via the Treasury Direct program. You can do it commission-free and
with no annual fees (accounts over $100,000 par value have a $25/yr
fee). Perhaps set up a bond ladder. You'll save the fund expense
ratio and will have the ability (if desired) to hold the bonds to
maturity, guaranteeing your principal. If you need the money before,
you can sell bonds through TreasuryDirect for a $34 fee (no more
having to transfer the bonds from TD to a broker first), leaving you
with similar risk of loss to having owned the fund.
>So, is there a flaw in the above reasoning?
I would say yes, but admittedly not a very deep one. Other than
your mistake in the view of how funds handle the bonds, your post
seemed well thought out to me and had a lot of good ideas. Of course,
it doesn't hurt that I'm doing exactly what you suggested (except I'm
using bills and bonds directly instead of a fund) :-) :-)
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Tue, 9 Dec 1997 21:00:50 -0500 (EST)
From: Zalman Liss <zalliss@fast.net>
Subject: Re: voltage in Japan
100 v or 200v, 50Hz or 60 hz depending on location
------------------------------
Date: Tue, 9 Dec 1997 21:01:44 -0500 (EST)
From: "Lloyd Colston" <colston@viagrafix.com>
Subject: Subject: overseas Net access - Japan and Nepal
If I were given this challenge for a short term, I would look at
Compu$erve. Though they generally are high priced, their $30 per
month would be affordable given they have net access and local access
numbers worldwide. Compuserve's web site is
http://www.compuserve.com where you will find access numbers listed.
Let me know how more I can help.
Lloyd Colston Success comes in cans, not can'ts
Pryor, OK USA social worker, writer, editor
------------------------------
Date: Tue, 9 Dec 1997 21:02:34 -0500 (EST)
From: Lloyd Colston <colston@viagrafix.com>
Subject: Re: Small business loan?
"Does anyone know the best way to go about finding information about
obtaining a small business loan? My son, who is recently out of the service, has an opportunity to go
into business for himself, but will probably need to get a loan to get on
his feet. I can help him some, but he really needs to do this himself
and has some backing from a company he is currently employed by (in another
part of the country). I don't even know where to start. I guess a local bank????? Would
the VA have any sort of program for an ex-navy person?"
The first place I would start is your local Small Business
Development Center, followed by Service Corp of Retired Executives
(SCORE), followed by a visit to the Small Business Administration Web
site (http://www.sba.gov) where you will find
http://www.sbaonline.sba.gov/financing/ and not my admonition that
SBA does not loan money.
How much money does he need? Does he have his business plan written
and ready to share with the world?
Yes, VA might help but probably not.
Let me know how more I can help.
Lloyd Colston
------------------------------
Date: Tue, 9 Dec 1997 21:03:13 -0500 (EST)
From: JONESW@CCSUA.CTSTATEU.EDU
Subject: 4-year spread of taxes on conversion to a Roth IRA
Steve Foulks said, relative to spreading the income from cashing in a regular
IRA for purposes of converting to a Roth IRA, that "you don't have to do
this, which would be sensible if you happen to be in a low tax bracket in
1998."
I am quite sure this is wrong. You MUST spread it over the 4 years; you have
no choice. This can be a disadvantage for some. The relevant law is Section
408A(d)(3)(A)(iii):
In the case of a distribution before January 1, 1999, any amount required
to be included in gross income by reason of this paragraph shall be so
included ratably over the 4-taxable year period beginning with the
taxable year in which the payment or distribution is made.
Bill Jones
------------------------------
Date: Tue, 9 Dec 1997 21:03:54 -0500 (EST)
From: JONESW@CCSUA.CTSTATEU.EDU
Subject: Using Life Insurance with Estate Taxes
Lester Levy asks about whether it is a good idea to gift an heir a single
premium universal life insurance policy that costs the 600K you get to have
free of estate taxes, instead of giving them the 600K itself. The policy
might typically have a face value of 2 million dollars.
Answer: Ask the heir. I think that anyone in their right mind would rather
have the 600K right now, with all the flexibility that implies, instead of
wait until you die to get 2 million. I have looked into policies from
several different insurance companies and found that the returns are not as
good as one can obtain on one's own. I expect that investing in e.g.
Vanguard's tax-managed mutual funds would produce a much higher return.
Consider this: Instead of the heir investing it herself, you are giving it
to an insurance company to invest for her. They will take a 10% or higher
cut for sales commission, and a few percent per year for administrative
costs. Their earnings are subject to corporation taxes before they credit
you. I don't see how, logically, she would not come out better by
eliminating the middleman. And do you really want someone looking forward to
your death that way?
All that said, if you are healthy and in your sixties, it clearly saves on
estate taxes to gift the 600K now instead of years later at death, since 600K
now is worth several million years later due to the time value of money.
Bill Jones
------------------------------
Date: Tue, 9 Dec 1997 21:05:02 -0500 (EST)
From: "Jim Reed" <jreed1@airmail.net>
Subject: Penalties for under 59 1/2 'ers
I understand that there is still a quirk in the Roth technical revisions
that does not allow anyone under the age of 59 1/2 to convert their
regular IRA to a Roth IRA without the 10% penalty......regardless of the
circumstances.
I was wondering if anyone had any information about this.
Kindest regards,
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Tue, 9 Dec 1997 21:06:50 -0500 (EST)
From: "Jim Reed" <jreed1@airmail.net>
Subject: Loans for small businesses
Hi....I've been a small business person for most of my life now.
And......my experience is that loans for small businesses are difficult
at best. I would be surprised if you found your local bank to be very
receptive. Also, I'm not aware of any special programs for the
ex-military trying to start a small business.
I've seen many people spend so much time focusing on the loan that could
have better been spent rolling up their sleeves and doing the necessary
legwork to get the business off the ground.
Just good ole' fashioned hard work.... <smile>
I recognize this is not what most people want to hear, but, IMHO, it is
the truth most of the time.
My experience in dealing with the Small Business Administration has not
been good, but you might have better luck........so, the SBA might be
one option.
I believe that the best option is to get in contact with your local
Small Business Development Center (SBDC). Your area likely has one.
Many of the SBDC's are affilitated with local community colleges. If
that doesn't locate them, my guess is that your local Chamber of
Commerce can put you in contact.
Good luck!
Kindest regards
Jim, in Texas
jreed1@airmail.net
------------------------------
Date: Tue, 9 Dec 1997 21:07:38 -0500 (EST)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: - Claim Parents as Dependents?
Paraphrased from IRS Pub 17 (1996) pages 28 and 29
If you have provided more than half the support for the year for your
parent and the parent is a citizen or resident of the US or a resident of
Canada or Mexico for any part of the year you can claim them as your
dependent.
I don't think a visitor to the US meets the definition of resident
Avrum Lapin
Upland., CA
------------------------------
Date: Tue, 9 Dec 1997 21:09:21 -0500 (EST)
From: Avrum Lapin <avrum113@cyberg8t.com>
Subject: Re: realized/unrealized values of fund shares?
If you sell an asset you have a net realized gain or loss (selling price -
purchase cost).
If you still hold an asset it has an unrealized gain or loss (current value
- - purchase cost)
Net realized gaim is what is reported on the 1099 that you will get from
the fund and is reported as Capital gain. Your 1099 will stae whether it
is a short,long or mid term gain.
Avrum Lapin
Upland., CA
------------------------------
Date: Tue, 9 Dec 1997 21:10:16 -0500 (EST)
From: "Michael J. Madigan" <mjm@twics.com>
Subject: Overseas Net Access in Japan, Voltage in Tokyo etc.....
Here in Japan there are a number of providers based in the Tokyo area as
well as other areas of Japan. Global Online has access numbers throughout
Japan and they are primarilay an English Speaking ISP. No special software
required. It is all there in a standard install on the Mac platform or the
Windows Platform. If you want to use ATT they are providing ISP services
here now too. I do not have Global Onlines number handy, but they have a
website up that should be easy enough to find. If you cannot find the
number, send me a note and I will dig it up. I leave for Shanghai on
Tuesday and will return Saturday evening, so if you post between then I
will get back to you on Sunday or Monday.
>Subject: voltage requirements in Tokyo?
>As I get ready to go to Tokyo, I am wondering if I can use my laptop
>computer and electric toothbrush there.
The voltage here is 100V. My Braun electric toothbrush purchased in San
Francisco last year works fine. At least the Braun toothbrushes have the
ability to handle various voltages, others may also. In reality you need to
be concerned with anything that has a motor or a heating coil. The coil
will not get as warm, and may stress the guts of the dryer. Dryers here are
available all over the place and a pretty reasonable one will run you no
more than $20-$30. Your laptop will have built in capability to handle
multi-voltages assuming it was purchased within the last few years. The
shape of the plug in Japan is identical to the one used in the U. S. In
General you will find your electric appliances working fine, and those that
do not can be dealt with by grabbing a transformer once you are here.
Laptops and toothbrushes though handle the trip pretty well.
>Subject: RE: exchanging money in Japan?
>Don't forget there is an exit tax -- 2000 yen last I looked -- ....
It is now JPY 2040 after the increase in the tax to 5%.
>I did try an ATM once & it didn't recongnize my card. I didn't pursue
>it.
You can get a list of the ATMs in which a given bank's cards will work from
the bank itself. The fact that so many cards are all tied into a few large
groups of systems makes it easier still. A Citibank account will also
alleviate some of this difficulty though. They are easy to get to in Tokyo
and have ATMs. The trend is toward 24 hour machines now (at last) and the
Citbank cards issued here can access many other banks machines. It would be
worth a call to Citibank to see if the ATM cards issued in the US allow
this in Japan also.
More Questions? Keep posting them. Happy to help.
Mike
http://www.twics.com/~mjm/jmac.html
------------------------------
Date: Tue, 9 Dec 1997 21:11:07 -0500 (EST)
From: Gregg Sporar <gsporar@acm.org>
Subject: 403(b) to Roth IRA question
Rich Carreiro wrote:
> Well, for defined *contribution* plans (401(k), 403(b), etc.) there is
> really not much hassle. You can always roll them out to a *regular*
> (i.e. not Roth) IRA and not have to pay any tax.
Which caused me to wonder:
But after I roll it into a regular IRA, can I then convert that regular
IRA to a Roth (in 1998) and pay the normal "regular-to-Roth" taxes?
Thanks,
Gregg Sporar
------------------------------
Date: Tue, 9 Dec 1997 21:11:34 -0500 (EST)
From: jdennis@po3.nsknet.or.jp (John D. Dennis)
Subject: Re: Buying Currency
>...
>If you are thinking about buying the currency itself, there is no such thing
>as "buying it with minimal overhead charges" -- esp. for small amounts. The
>spread between bid and offered rates on these currencies could be 10-20%.
>
>An indirect way to invest/speculate in these currencies is to buy the stocks
>in those countries -- preferrably those with ADRs in the U.S. Or buy the
>closed-end country/region funds -- a lot of them are selling at a discount to
>NAV.
Citibank offers residents of Japan (and elsewhere) something called a
"multimoney account." You can distribute your money--using a "basket" of
major currencies, or, you can easily switch to any single major currency
with a phone call (for a fee, of course) (certainly less than the spread
described above, tho!). Visit a Citibank branch in Japan or Hong Kong or
wherever and you can withdraw funds from your account in the local
currency. Their service isn't designed for currency speculation (which is
way out of my league)--Ms. Chen's suggestion about stocks (or targeted
country funds) might be much more appropriate.
jdd
------------------------------
Date: Tue, 9 Dec 1997 21:12:36 -0500 (EST)
From: Baynon <Toothdoc@Liii.com>
Subject: Re: E-Investing.
I Invest Online using DATEK (www.Datek.com).
$9.99 per trade. I am very happy with their service.
- --
mailto:ToothDoc@Liii.com
------------------------------
Date: Tue, 9 Dec 1997 21:13:23 -0500 (EST)
From: Steven Klein <SKLEIN@snm.org>
Subject: Probate?
Can someone please explain to me in simple terms what is meant by "a
will having to go through probate"
SK
------------------------------
Date: Tue, 9 Dec 1997 21:14:06 -0500 (EST)
From: Scott Barnett <sab@crisp.net>
Subject: Quicken 4 vs. Quicken '98 Basic
I've been a Quicken 4 user for about 3 years now - I've really
come to enjoy the program and have nearly my entire portfolio
tracked using the program.
I had the opportunity to get Quicken '98 Basic for $10 after
rebate, so I figured I'd upgrade. After all, it's been 3 years!
Plus, Quicken 4 is not multi-tasked, so doing things like backups
causes my machine to be unusable until the operation completes (ok,
it's only 30 seconds or so, but you get spoiled!)
Well, I was very disappointed with Quicken '98 Basic. First of all,
most of the Planning features I have in Quicken 4 are no longer there
(like Loan planning - I use quite a bit). Also, the size of the data
files appear to have grown by a factor of 2.5 - I can no longer backup
my data file to a single floppy. Also, the user interface seems to
have gone downhill, at least as far as I can tell. I like upgrades
that look the same - after all, you're used to the program, you shouldn't
have to relearn everything in an upgrade!
Can anybody tell me what the big advantages are of Quicken '98 over
Quicken 4? Otherwise, I'm sticking with the tried and true.
- --
Scott Barnett
sab@crisp.net
------------------------------
Date: Tue, 9 Dec 1997 21:14:55 -0500 (EST)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: Roth - contributions after conversion?
I was recently (mis?)informed by a rep for a large mutual fund
company that after converting regular IRA A to Roth IRA B, I
would no longer be able to contribute to IRA B, although I would
be able to open a new Roth IRA C and make contributions to it.
Truth or fiction? Being the paranoid, er, cautious type, I'm
inclined to think it's just an excuse to collect another yearly
maintenance fee...
Thanks in advance.
(yeah, I've got to stop taking advice from mutual fund reps....)
- --
Jeff Morgan - morgajs@parsec.com
I accept full responsibility for my actions,
except for those that are someone else's fault.
------------------------------
Date: Tue, 9 Dec 1997 21:15:58 -0500 (EST)
From: "David W. Vaughan" <david_vaughan@ibm.net>
Subject: Developing a Business Plan - Suggested resources?
Hi folks!
I've got an idea I'd like to develop into a possible new business so as
I first step I thought I'd develop a business plan for it.
However, while I'm quite financially literate (background in
international corporate finance marketing on Wall Street), I have not
had any experience in developing a business plan for a small business
and so I would appreciate it if anyone here with more experience in this
area would give me some pointers to (probably net-based in the first
instance) resources which they have found useful.
TIA! /dwv
------------------------------
Date: Tue, 9 Dec 1997 21:17:22 -0500 (EST)
From: varsh <varsh@concentric.net>
Subject: [Q]: Tax Side of Child's Income
Hi netters,
Tax season is coming and this time I have a new (for me) situation I
want your opinion about.
My daughter got her fisrt part-time job after she became 16, last
August. Her 1997 income will be on $700 level.
How should I treat it? Part of our family income (married filing
jointly) or separate?
We are in 28% bracket, so she is better pay lower (15%) tax... Can I do
it in *our* tax return?
What if she will follow my advice to open IRA, which AGI will be
affected?
So, what are our choices/preferences regarding tax filing?
Thank you for your advice,
- -Boris
Dover,NH
------------------------------
End of persfin-digest V4 #111
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