Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #114
Date: Fri, 19 Dec 1997 19:46:06 -0500 (EST)
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persfin-digest Friday, December 19 1997 Volume 04 : Number 114
IN THIS ISSUE:
ADVERTISEMENT: MCI INFOSOURCE
PERSFIN-DIGEST TAKES A VACATION
TurboTax vs TurboTax Deluxe
Re: Pub 590 Figure Needed
Buying Apartment Building Closing Question
Problems with Gifting Land to Minors?
Re: Car Dealer's Fault
RE: Roll over a brand new IRA?
Re: car dealer problem - (LONG)
Re: Roth IRA vs IRA ?
Re:Tax Side of Child's Income
Re: how long tax deduct losses...
irs pub 590
Re: Personal Flexible Spending Accounts
Re: Roll over a brand new IRA?
Do it yourself investing is *not* foolish
How do I calculate Portfolio Turnover Rate?
Tax question for Non-resident dependents
Thanks, and a query about buying land.
Computing TAX on converting to ROTH IRA
Quicken - Where is their accountability?
If Sellers Back out of Closing Question
TravelersBank TravelerMiles Program
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Date: Fri, 19 Dec 1997 16:09:25 -0500 (EST)
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------------------------------
Date: Fri, 19 Dec 1997 16:20:17 -0500 (EST)
From: The Editor <ikrakow@shore.net>
Subject: PERSFIN-DIGEST TAKES A VACATION
As I will be leaving for Europe tomorrow for a 3 week vacation,
Persfin-Digest will be taking a "vacation" as well. I will resume
publication around January 15, after we return and I have caught up on my
email (and snail mail, telephone calls, and so on).
I'd like to wish everyone a happy and joyous Holiday Season, no matter
what holiday (or even if you don't have any specific holiday). If you
have any replies to any questions posted in this issue, please email the
sender. If you would like the answer posted in the next issue, email
the digest (persfin-digest@shore.net) as well, but be aware that there
will be some delay before your answer (or question) is posted.
Best wishes.
Ira
------------------------------
Date: Fri, 19 Dec 1997 16:21:30 -0500 (EST)
From: "J. Pat Martinez" <martinej@ava.bcc.orst.edu>
Subject: TurboTax vs TurboTax Deluxe
Hello,
I'm thinking about trying software (PC or Mac) that assists in completing my
federal income tax forms. I was leaning toward TurboTax. Is TurboTax Deluxe
worth the extra price? Have users of TurboTax or TT-Deluxe been satisfied?
Pat M.
------------------------------
Date: Fri, 19 Dec 1997 16:21:57 -0500 (EST)
From: Tony_Babb@notes.pw.com
Subject: Re: Pub 590 Figure Needed
Check out www.irs.gov (I think that's the correct URL). You can download and
print most forms and instructions. I don't remember if 590 was one of them.
------------------------------
Date: Fri, 19 Dec 1997 16:22:08 -0500 (EST)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: Buying Apartment Building Closing Question
We will be closing on a 4 unit apartment building in the VERY near future. My
question is, are there any advantages or disadvantages to closing before the
end of 1997 or right after the first of 1998?
Thanks
jackie
Jacqueline.D.Richardson@Hitchcock.org
------------------------------
Date: Fri, 19 Dec 1997 19:22:35 -0500 (EST)
From: Grady <gcash@volusianet.net>
Subject: Problems with Gifting Land to Minors?
I spoke with an elderly widow (in her 80's) who asked me about
gifting land to minors (her grandchildren) for estate planning
purposes. Her estate is approximately $1 million, mostly parcels
of raw land. Her other assets are limited, plus she doesn't wish to
gift cash, stocks, etc.. just this land.
What are the potential problems of gifting land to minors? How is
this best accomplished? A trust? Can the parent - a co-owner of
the land - be the trustee or does this create problems? This land
would be jointly owned by the minors, their mother, and another
relative.
Grady Cash, CFP
------------------------------
Date: Fri, 19 Dec 1997 19:23:38 -0500 (EST)
From: "Louis J. Schwarz, CFP, RFC" <sfc@deafcfp.com>
Subject: Re: Car Dealer's Fault
> From: JBednarzyk <JBednarzyk@aol.com>
> Subject: car dealer problem
- --
Contact your local Office of Consumer Affairs and/or Attorney General in
your county or state at your earliest convenience.
Louis J. Schwarz, CFP, RFC TTY 301-587-5996
Schwarz Financial Concepts FAX 301-587-5997
814 Thayer Avenue, Suite 301 Voice Relay 800-735-2258
Silver Spring, Maryland 20910-4500 Mailto:sfc@deafcfp.com
------------------------------
Date: Fri, 19 Dec 1997 19:24:48 -0500 (EST)
From: "Jackson, Anthony D." <JacksAD1@central.SSD.JHUAPL.edu>
Subject: RE: Roll over a brand new IRA?
Dave wrote:
Happy holidays to all pers-finers:
I have never had an IRA, although I've participated in a
tax-deferred 403(b) plan for many years. The Roth IRA is appealing
because
it seems to be simple -- no tax owed when the money is taken out.
Do I have this figured correctly: if I open a $2000
non-deductible
IRA for 1997, then in early 1998 roll it over into a Roth IRA, then tax
would be due only on the small accumulation? And I could then add in
another $2000 for my 1998 contribution?
Alternatively, my 1997 IRA could be initiated in 1998 (prior to
April 15). So could I simply begin with $4000 in early 1998 -- all in
one transaction, with no tax owed?
Thanks for your help.
David
- ----------------------------------------------------------
Dave,
You are correct in your thinking. I proposed the same scenario
to the reps at Vanguard and they sort of agreed. However, it was
suggested to established the 1997 non-deductible IRA first (prior to
4/15/98), Convert it to a Roth IRA the next day, then make a 1998
contribution to the new Roth IRA account. They suggested it's best to
write two seperate checks ($2000 each). You can set it up initially in
a money market account then once it's all in Roth then do direct
transfer to the mutual fund of your choice.
Tony Jackson
------------------------------
Date: Fri, 19 Dec 1997 19:25:18 -0500 (EST)
From: Mike Machnik <machnik@ctron.com>
Subject: Re: car dealer problem - (LONG)
>How do we get them to stop harassing her?
Tell them that the matter is closed and if she hears anything from them
at all about this ever again, she will contact the local newspaper
and/or tv station and tell them her story.
As long as her story is accurate and true, I don't see any problem with
doing this. These things happen all the time. The ability to make
someone's dishonest and unethical business practices public knowledge is
one of the recourses consumers have.
If the local tv station has a consumer reporter or I-Team unit, this
sounds like just the kind of story they would be interested in -- it's
up their alley, and it is guaranteed to draw viewer interest.
- ---
Mike Machnik
machnik@tiac.net
------------------------------
Date: Fri, 19 Dec 1997 19:29:17 -0500 (EST)
From: Steve Foulks <steve_foulks@up.bresnan.net>
Subject: Re: Roth IRA vs IRA ?
>From: "schong" <<schong@planetall.com>
>Can anyone explain the difference between the new Roth IRA and the regular
>IRA?
Overall you are limited to investing $2,000 of new money per year in
IRA's (excluding educational IRA's), so it is important to chose the
right one. Here are some of the important differences:
Regular IRA:
1. Provides a deduction for the amount invested for
low income people, and other people in some situations. In my case,
because my income was too high and I was covered by a pension plan, I
contributed to, but couldn't deduct my IRA contributions in prior
years.
2. When withdrawn, taxes must be paid on income earned. If you deducted
the IRA investment, it will also be taxed.
3. Can't be withdrawn before age 59 1/2 with paying a 10% penalty plus
the tax in 2. above. There are numerous exceptions to this rule.
4. Must begin withdrawals on April 1, of the year after you turn 70
1/2.
ROTH IRA:
1. Provides no deduction for the amount invested, and
has an AGI ceiling (e.g., $110,000 for a single person), so upper middle
class people can't take advantage of the ROTH IRA.
2. I f the distribution is "qualified", NO TAX is paid on the
distribution. A qualified distribution is one which occurs 5 year five
years after your first contribution, and meets most of the other rules
for an regular IRA. Thus it is probably important to put something in an
ROTH IRA in 1998.
3. Can withdraw investments in an ROTH IRA at any time without penalty
irrespective of 2. above, and investments are assumed to be withdrawn
first. Withdrawals of the income component which are not "qualified
distributions" are subject to the early withdrawal rules for a regular
IRA. This gives you much greater flexibility than a regular IRA, but I
would be loathe to use it, since a ROTH IRA is unquestionably the best
tax sheltered investment around, once you already have money in it.
4. You do not have to begin withdrawing the money at any age.
In some respects the ROTH and regular IRA are similar. With respect to
item 3 and 4 the ROTH IRA has definite advantages over the regular IRA.
Is giving up the deduction on a regular IRA now, more than offset by
paying no taxes later? If you make the assumption that tax rates for
you will remain unchanged during your lifetime, then the ROTH IRA is the
best choice without question. Given that it is difficult to predict
future directions for tax rates, judging by the past, this seems a
reasonable assumption. If tax rates were to be lower when one retires,
it is possible that a regular IRA would give you more after tax dollars.
But the longer the investment period, the better the ROTH IRA looks, even
in this situation. Of course if tax rates rise, then choosing the
regular IRA would be a mistake.
I am 50 and the ROTH IRA looks like the best choice to me. If I were
younger I would be even more enthusiastic. Of all of the assets that you
will use for retirement, the ROTH should be used last, since its build up
in value is totally tax free forever.
------------------------------
Date: Fri, 19 Dec 1997 19:30:03 -0500 (EST)
From: Steve Foulks <steve_foulks@up.bresnan.net>
Subject: Re:Tax Side of Child's Income
>From: "L. Chen" <am302@FreeNet.Buffalo.EDU>
>> From: Steve Foulks <steve_foulks@up.bresnan.net>
> >Subject: Re:Tax Side of Child's Income
>>
>>
> > If I only made $900 and was 16 I probably wouldn't contribute to an IRA.
> >Why don't you make her a gift of a contribution? Maybe not tell her, and
> >sometime later in life surprise her with the good news. I do that for my
> >kids. Actually I started contributing to an IRA fro them a few years ago
> >and contributed an amount equal to their allowance, since they have to work
> >to get it. When you start an IRA for an 8 year old, and maybe continue
> >through college, it won't take much money, or effort on their part to
> >prepare for retirement.
>What work do they do -- Work around the house or other work? If household
>chores, would it stand up on IRS audit?
>Chen
They have a list of household chores that they must accomplish to get their
allowance, so it is earned income. Because the amount is less than $400
per year, they aren't required to file a tax return to pay the self
employment tax, since they are self employeed. You can contribute 100% of
your self employment income to an IRA up to $2,000. Yes it would absolute
stand up to an IRS audit.
Further I will roll their money into a ROTH IRA at the beginning of next year.
Steven M. Foulks, CPA, CFP, PhD
Professor of Accounting & Finance
Northern Michigan University
<http://www.acs.nmu.edu/instruct/business/sfoulks/default.html/>
------------------------------
Date: Fri, 19 Dec 1997 19:31:39 -0500 (EST)
From: Steve Foulks <steve_foulks@up.bresnan.net>
Subject: Re: how long tax deduct losses...
>From: cazlo <<cazlo@yahoo.com>
> I had a business in N.Y. that had to close up 2 years ago, 1995. I
>had a substantial loss as a partner of the business.
>My question is now that I am down in Florida (from NY), can I still
>use the loss towards deductions for this years taxes, 1997?. I did not
>come close to having the amount I showed as a loss on the 1995 return,
>being deducted from my income since then. If so, how long can I keep
>carrying it, and how do I go about filing it?
>Do I just include a copy of the schedule E form from 1995 that
>showed the loss, along with this year's tax forms?
>Thanks for any insight you may have....
> Cazlo
If you mean that you were a partner in a partnership, then I can tell you
not many things in the tax code are more complex that partnership
liquidations, and their aftermath. You need to hire a professional.
Anything I say here won't due justice to the complexity of this type of
transaction. If you had a professional, who really know the partnership
liquidation area, handle your 1995 1065 tax return, then all of the
information you need should have been reported on your 1065 K-1 for 1995.
Basically a portion of the loss would be
capital in nature and a portion of
the loss <bold><underline>ordinary</underline></bold>. This process of
determing the <underline>nature</underline> of the gain/loss is very,
very complex. The <bold><underline>ordinary</underline></bold> portion
was deductible without limitation in 1995. If it created negative
taxable income, you might qualify for a <underline>net operating loss
</underline>( a daunting computation itself), which could benefit other
years ( back 3 years and forward 15 years). The <bold><underline>capital
loss</underline></bold> portion could be used to offset other capital
gains, and any excess could offset ordinary taxable income up to $3,000
per year indefinitely. It is entirely possible that although you had an
overall loss you may have had ordinary income and a capital loss
simultaneously.
Like I said, you need to hire professional help here.
Steven M. Foulks, CPA, CFP, PhD
Professor of Accounting & Finance
Northern Michigan University
<<http://www.acs.nmu.edu/instruct/business/sfoulks/default.html/>
------------------------------
Date: Fri, 19 Dec 1997 19:32:34 -0500 (EST)
From: APRESTON@server.vcccd.cc.ca.us
Subject: irs pub 590
on 16 dec dmak@tma-net.org asked about an IRS Publiction 590 figure (appendix
E). while i did not look up the specific question (life-expectancy factor
for a person who is 70), i was able, within 3 minutes to acces IRS.GOV on the
web, and go to what appeared a very comprehensive listing of all irs
publications. depending on your printer memory and downloading software (i
use adobe acrobat), you can open up and print virtually all IRS forms and
publications - like them or not, they have what appears to be a pretty good
web page setup. hmmmmm...makes me wonder if i can make modifications to and
save any of the publications, thereby creating some of my own tax law
changes. kind of off the subject, but government executive magazine
published a "federal technology source" magazing about 6 months ago that
lists the home page address of virtually every federal agency. good reading
for web surfers.
------------------------------
Date: Fri, 19 Dec 1997 19:33:17 -0500 (EST)
From: Steve Foulks <steve_foulks@up.bresnan.net>
Subject: Re: Personal Flexible Spending Accounts
>From: "Dill, Mary" <mdill@jhancock.com>
>
>Hi -
>
>My brother is self-employed and facing a large medical bill his
>insurance will not cover. Is it possible to set up an account similair
>to the ones made available by large corporations?
>Thanks in Advance.
First there has to be an employer / employee relationship. Thus your
brother would have to incorporate and become an employee. However the tax
law says that there must be a genuine risk of forefiture to the employee,
if he overestimates his medical expenses. In other words if I withhold
more than is needed, then I will loose the excess withholdings to my employer.
If your brother, or his family are the only owners of the corporation,
would there be a genuine risk of forefiture? I don't think so, but perhaps
others on this list have had first hand experiences.
Steven M. Foulks, CPA, CFP, PhD
------------------------------
Date: Fri, 19 Dec 1997 19:33:58 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: Roll over a brand new IRA?
[Disclaimer: this is my opinion, not advice. I am not a professional.]
> I have never had an IRA, although I've participated in a
[snip]
> Do I have this figured correctly: if I open a $2000 non-deductible
>IRA for 1997, then in early 1998 roll it over into a Roth IRA, then tax
>would be due only on the small accumulation? And I could then add in
>another $2000 for my 1998 contribution?
> Alternatively, my 1997 IRA could be initiated in 1998 (prior to
>April 15). So could I simply begin with $4000 in early 1998 -- all in one
>transaction, with no tax owed?
Yes, you are correct. However, if your AGI is over $100,000 in the
tax year of conversion (single or married filing jointly, $0 if
married filing separately) you cannot do the conversion.
Also note that if you did have other IRAs, some or most of the
conversion *would* be taxable, depending on the ratio of total
non-deductible contributions to total IRA value.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Fri, 19 Dec 1997 19:34:53 -0500 (EST)
From: Steve Brodeur <sbrodeur@draper.com>
Subject: Do it yourself investing is *not* foolish
"Stanley E. Cahn" <stockman@mtolympus.ari.net> wrote:
>In investing as in Law, Doing it yourself means you have a fool for a
>client.
I have to strongly disagree.
This forum, and forums like The Motley Fool, go a long way toward debunking
the myth that elementary investing is beyond the reach of the average
person.
Perhaps this is the case with the Law, because I am truly ignorant and
truly fearful of law-related issues. The blatant examples that we hear day
in and day out about ridiculous lawsuits and apparent results reinforces
this deep rooted fear. But "Doing it yourself" need NOT be foolish in
investing.
Unlike THE LAW, investment can be approached on an individual basis with a
wide variety of scope, risk, and sophistication (and success). While most
trusts, partnerships, and sophisticated tax strategies might be beyond the
ability (and need, and desire) of the casual investor, mutual funds, stock
purchases, treasury direct, CDs, and other investment strategies and
vehicles are well within reach of the non-professional. It is true that
investing requires a certain amount of knowledge (as does getting a drivers
license, maintaining a checking account, or programming a VCR). But the
average investor can make some very simple, sound, profitable decisions
with very little research and training.
Professional advice has its place in investments and financial planning.
But just as when seeing a doctor, (or a lawyer), a little consumer
information is in order when shopping for advice or services. The consumer
should understand the costs associated with getting the advice or service.
And the consumer should understand enough about the advice to make an
educated decision on a course of action. A service provider (doctor,
lawyer, financial advisor) who keeps the client in the dark does the client
a disservice (IMHO).
The top level decisions regarding my investments and financial planning are
made by the person who cares the most about the results- me! I make
informed decisions, based upon my own knowledge, and a variety of
resources, including the advice of a financial planner.
I resent Mr. Cahn's assertion that I am a fool for managing my own
investments. I also think he does the community a great disservice by
trying to perpetuate the notion that investing is beyond the ability of the
average person.
Whew. Sorry. Flame off.
[For those who follow The Motley Fool, I do not consider myself either
foolish or Foolish (yet). ;) ]
sbrodeur@draper.com
standard disclaimer. just me. not a professional. opinion, not advice.
------------------------------
Date: Fri, 19 Dec 1997 19:35:33 -0500 (EST)
From: BobWo <BobWo@aol.com>
Subject: How do I calculate Portfolio Turnover Rate?
How do I figure the turnover rate ona portfolio of common stocks?
------------------------------
Date: Fri, 19 Dec 1997 19:38:01 -0500 (EST)
From: "Sudhakar Vemuri" <vemuris@hotmail.com>
Subject: Tax question for Non-resident dependents
Hi,
My cousin has accepted a job in USA starting January 98. But his
wife and kids will not be able to join him in 98 because of some
personal reasons. They are solely dependent on him.
Given this scenerio, I have the following questions:
1. Can my cousin, claim tax deductions on his family even though
they are not physically present in USA, but 100% dependent on him.
2. If yes, what is the procedure to follow ?
3. If no, are there any LEGAL work-arounds/suggestions ?
Thanks,
Sudhakar Vemuri
------------------------------
Date: Fri, 19 Dec 1997 19:39:45 -0500 (EST)
From: Jeff Morgan <Morgajs@parsec.com>
Subject: Thanks, and a query about buying land.
Thanks for the responses to my questions about Roth IRAs.
Now, a completely different topic: does anyone know of
any good books about buying unimproved land?
I'm thinking about buying a few acres and eventually
putting a house on it, and am wondering what the common
pitfalls are.
I'll need to research topics like finding and assessing land,
finding a reasonable builder, tax implications of a second or
vacation home, sources for home plans, zoning, water and
mineral rights law, etc.
Sort of a "Buying unimproved land and putting a house on it"
for dummies, if you will.
Thanks in advance.
- --
Jeff Morgan - morgajs@parsec.com
------------------------------
Date: Fri, 19 Dec 1997 19:40:42 -0500 (EST)
From: Adam Londre <londre@cig.mot.com>
Subject: Computing TAX on converting to ROTH IRA
If you have a substantial amount in an IRA that you wish
to convert to a ROTH IRA in 1998, do you compute the tax on
the entire conversion in 1998 and then spread the tax due
over 4 years? Or can you transfer 25% of your IRA to a
ROTH over the next 4 years(thereby recomputing the tax due each year)?
Seems if you have a substantial amt. you wish to transfer it could
easily place you in the top tax bracket than if you didn't do
the conversion.
Also, can you transfer a portion of your IRA to a ROTH?
thanks much,
Adam
------------------------------
Date: Fri, 19 Dec 1997 19:41:33 -0500 (EST)
From: "L. Mccullough" <loulou@u.washington.edu>
Subject: Quicken - Where is their accountability?
I just recieved a "special offer" upgrade to Quicken 98, and in the fine
print it says that you need "36 MB free disk space, plus 6 MB FOR
MICROSOFT EXPLORER"!!!
I called the 800 # and asked what they were going to do about that, in
view of the recent court ruling...the Answer was (after a 10 minute wait),
"Oh, I don't know anything about that, that is a technical question and
you will have to call tech support"...which of course is not a toll-free
number. So of course I won't do this, as I have Netscape now and am happy
with it, so why do I HAVE to have Explorer installed on my computer.
It is true, there are no choices, you take what they give you or do
without. Seems like there should be someone who is accountable?????
Linda McCullough
The bluest skies are in Seattle
------------------------------
Date: Fri, 19 Dec 1997 19:42:51 -0500 (EST)
From: Jacqueline.D.Richardson@Hitchcock.ORG (Jacqueline D. Richardson)
Subject: If Sellers Back out of Closing Question
We are in the process of purchasing a house. There is a glitch in the
title which my lawyer found. Apparently many years ago a 15 foot stretch
of land was annexed from the house next door (both properties at the time
were owned by the same person) and added on to the one I am buying. At
the time the proper paperwork was never recorded or approved by the City
so this piece of land is legally owned by the house next door (although
they don't know it).
When the current owners bought the property their lawyer didn't find the
problem. Now, their lawyer wants my lawyer to give in and close without
resolving this problem. My lawyer said that I won't have a problem as long as
I own the property, but when I go to sell it this will crop up again and then
it will be in my lap to resolve. My lawyer and I are for holding out and
making them do the work with the City to get it straightened out, but I am
afraid they may try to back out of the deal if we won't go along with them. If
they do back out or try to where do I stand? I will have spent (lost) money on
my lawyer for the title search, the appraisal, my rate lock at the bank, etc.
etc. Do I have any recourse against the sellers to recoup my losses or am I
just out of luck? Of course, if it comes to that I will discuss it with my
lawyer, but I don't want to raise it with her now (don't want the "clock
ticking" needlessly).
Any advice will be appreciated.
jackie
Jacqueline.D.Richardson@Hitchcock.org
------------------------------
Date: Fri, 19 Dec 1997 19:43:38 -0500 (EST)
From: "Paul J Stadnik" <paul.j.stadnik@bangate.tek.com>
Subject: TravelersBank TravelerMiles Program
I wanted to know if anyone on this list has any experience with the
TravelersBank TravelerMiles Program? Its a $39/yr option with the Quicken
Platinum Visa Card. After every $6000 you charge, you get a certificate
for $100 off any airline's fare to any destination worldwide. Up to four
certificates can be combined ($400 off any airline ticket). In addition,
four certificates can be used for a free roundtrip coach ticket on any U.S.
airline within the continental U.S.
I am not concerned with the annual fee, but rather the fine print regarding
reward redemption: "Free tickets are nonrefundable coach or economy class
fares and apply only to the lowest published fare category on a particular
flight available on U.S. carriers. ... You may be offered an alternate
airline selection or times when redeeming free tickets, due to availability
and varying airline flight schedules."
I can live with the other restrictions for free travel: 21 day advance
purchase and Saturday night stay. I am leery of the "lowest published
fare" phrase. I don't want to be in the situation where every itinerary I
might choose had only a minimal number of seats at the lowest fares and
they're all sold out. I am looking for feedback from others who may have
used the TravelersBank service (either through Quicken or another credit
card issuer). Is this a worthwhile service?
Thanks in advance.
Paul
------------------------------
End of persfin-digest V4 #114
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