Tax Day Update

Well its the day after taxes are due, so its a good time to think about our 2016 progress.

First, we haven't filed our taxes since we normally seek an extension which is what we did this year.

Second, we skipped 2015 IRA funding.  Just didn't happen for a variety of reasons.  Lack of discipline, baby and child care expenses, life, etc.  So, that means we have a bit of extra savings to put towards 2016 IRA funding.

Third, I'm still waiting on Mr. Sam to make my 2016 Excel savings chart.  He's as busy as I am, so it hasn't happened.  Hard to track progress without the chart.  But see below.

Definite goals:
(1) Max out 401k, $18,000 for each of us, for a total of $36,000.  On track.
(2) Finish funding our 2015 IRAs - $8900,  Skipped
(3) Fund 2016 IRAs, $11,000 for the both of us, for a total of $22,000.  $1100
(4) Baby Sam'college fund, add another $5000 this year.  On track

Updated tentative goal, so this is a definite goal now:
(5) Add to emergency fund, $10,000, increased this from $5,000 to $10,000, since we utilized a chunk to buy my nused car.  On track

Debt killing goals:
(1) Pay off lingering credit card debt in the amount of $4261.  Down to $2403
(2) Pay off Mr. Sam's new car, remaining debt $2000.  Down to $1000


Overall debt below $450,000 goal:  Total debt $474,731.

401K Held Hostage

Interesting article from the NY Times about 401k accounts caught up in a company bankruptcy for more than 5 years forcing the employees to face tax penalties when they couldn't withdraw, and to continue working into retirement because they could not access their retirement funds.

Mr. Iyer, who has glaucoma and diabetes, retired last fall. He said he continued working far longer than planned because he could not withdraw any of his retirement savings — 41 years’ worth that he had earned at a variety of companies but had rolled over into his Penn Specialty account. He was also upset by the $49,728 in administrative and legal fees extracted from his account while it was in limbo.   Mr. Iyer said. “It is interesting to note that the fees I ended up paying exceed what Penn Specialty Chemicals contributed on my account. I have learned never to trust a 401(k).”

Scary stuff.  Like most people, my professional career has not been with one company.  Rather, I've been with three companies and during that journey, started 401k accounts with each employer.  My last company, let's call it Company B, had some financial strife and is actually no longer in existence.  Shortly after I left Company B, really shortly, I rolled over my Company B 401k to Company C (my current company).  I departed Company B with a group and some of the folks did, later, have some challenges in rolling over their 401k to Company C.  The reason, like Penn Specialty, Company B ended up in bankruptcy and that delayed the ability of some of my co-workers to roll over those monies.

Now, my first 401k remains with Company A.  The reason I leave it there is because I have access to some very highly rated, and low fee, institutional funds.  However, I have thought about rolling it over to Company C.  Now, after reading this article, it almost seems safer to have more than one 401k account.

Here Fishy, Fishy

So I just received a phishing email  here at work.

 Email came addressed to me from ######@1040.com.  So a series of six numbers, which I'm not including here in case those phishers track the numbers they use to target victims and the @1040.com.  1040.com is a real web site and I assume it has nothing to do with the phishing.  The email had the subject line "2013 Tax Return Information".  Of course, the first thing I think is that my HR department is sending me my 2013 W2 and that's what those horrible phishers want you to think.  But, the .pdf attachment that was enclosed had both my name and my husband's name in the titling of it which seemed suspect

And, to gain access to the .pdf attachment I had to hand over the last 5 digits of my Social Security number.  Whoo-whoo, siren going off, red-flag going up.  Never give out personal information to someone who send you an email or calls you on the phone.

The first thing I did was send it to my helpdesk, because they track spam, scams and phishers.  That way they will investigate and add the email address to the company blacklist.  The second thing I did was google the email address, but I didn't find anything.  The third thing I did was forward it to the IRS via phishing@irs.gov.  The fourth thing I will do, from my home computer, is to order one of my three free credit reports to make sure there has been no suspicious activity.

I don't know if this phishing scam is related to the Target breach, but I did shop there during the respective time (I already canceled the card and have received a new one).

Here are some helpful hints if you receive a suspect phishing email.

The Upside of the Real Estate Crash

I was on Zillow today, poking around looking at a home that was recently listed a couple of blocks away.

Of course, I had to look up our home as well.  As for the Zillow Zestimate, it has our home listed as worth $40,000 less than what we paid for it, almost 10 years ago now, which I would say is not too far off the mark.

More interesting to me, Zillow has property tax records listed going back to the year we bought the home.  And while I knew hour taxes had gone way down, whoo-hoo I was surprised by the actual numbers.  Our property taxes are down 54% from 2004.  And, since Florida has both a homestead law and a law called Save our Homes, our property taxes on our primary dwelling (does not apply to our investment properties) can only increase at the rate of inflation or 3% which ever is less.  As a result, it is going to take a very long time, assuming values continue to rise, to get back to that initial tax bill from 2004.

Stocks - Time to Sell?

Today, I sold some stock.  This was a momentous occasion because this was a first for me.  The last few years, in my IRA, I have been buying individual stocks (my 401k is mutual funds).  As of today, I had 21 stocks and my "change since purchase" (this would be my return if I sold everything) is in the 70s%.

Now, before you commend me on my stock picking skills, let me tell you that I am not an expert and you shouldn't be following my investment advice.  Secondly, I really started buying stocks in 2009, in particular March 2009, so much of my gains is as a result of a dramatic increase in the market between March 2009 and now.  Thirdly, I pick most of my stocks utilizing Fidelity's Preset Expert Strategies, so I am working off of expert research and not some particular skill on my part.

So, as I have been working on research for investing my 2013 Roth IRA monies, I noticed that I have several stocks that have done quite well.  One stock was up 500% in less than a year.  As a result, I was looking for some advice on whether to sell or not.  Thankfully there is a lot of good research available to read on the topic.

First, I realized that I am not setting any goals when I buy stocks.  And, sometimes you don't need to set a goal if this is a stock, i.e. blue chip, that one plans to hold for many years.  But, on some of my more riskier investments I should be figuring out what I want to get out of the purchase and then "pull the trigger" when that event hits.  For an example, if I buy stock XYZ at $10 a share and my goal is to triple my money, I need to set that as a goal and then set up a limit order to sell when it reaches that number.

Second, tax implications (and note I am not a tax expert either, and we were audited by the IRS so you really should not rely on any tax discussions that you read here).  Since, I am buying and selling within a Roth IRA there are no tax implications.  But, if I were selling this stock that I bought less than a year ago in a trading account I would be paying short term capital gains.  Roth IRAs are awesome because that $4,300 I earned today is tax free.

So, yes, I ended up selling my super hot stock, profiting and pocketed $4,300, tax free, and . . . .  I had immediate regrets.

Even though I set a well researched limit order to sell at a price that I thought was reasonable, the stock went even higher today.  Bummed, is how I feel, I could have made more money and I worry whether I could have made even more money by holding on to it.  I expect that I will continue to stalk this stock in the future to see how much more I "lost" out on.

The lesson I learned, among others, is that if I set certain goals for my stock purchases and I hit those goals I will feel better about my plan rather than being caught up in the exuberance of one hot stock.

How do you buy (and sell) stocks?  Do you have a goal or plan for each at time of purchase?

2012 Taxes

Today I (Mr. Sam is out of town) met with the CPA and completed our 2012 taxes.  We owe the IRS, which is par for course sine we got audited a few years back, so I will send off the check and be thankful we are done with our 2012 taxes.

We do need to work on getting back on track so that we are filing our taxes in a timely manner rather than seeking an extension each year.  We also need to work on getting what we pay during the year, our itemized deductions and our withholdings in better balance.  We have made some progress this time around in that we owe less than we did a two years ago, but I'd really like to get it down to where I stroke a check for less than $1,000.

2013 Savings Goals - Rapid Catch Up

(1) Max out 401k(s) -        $25,581 (73%)  (goal is $35,000)
(2) Max out IRA(s) -         $11,000 (100%)    (goal is $11,000)
(3) Add to e/r fund -          $7,600 (76%)    (goal is $10,000)
(4) Pay down mortgage -   $3,735 (75%)    (goal is $5,000)
(5) Trading account fund - $3,900  (75%)    (goal is $5,000)
(6) House projects -          $1,900 (63%)     (goal is $3,000)

Total:  $53,716 (78%)

Since my last savings goal update post, I've done some noodling and some moving of monies.  As such, we are now on target to complete most of our 2013 savings goals.

First, as previously noted, I have maxed out our 2013 IRAs savings account, meaning that I have that money sitting in cash but ready to invest.  And depending on the market, I may invest sooner rather than later if the government shutdown continues to depress the market.

Second, I have taken a chunk of Mr. Sam's severance monies and put it into our trading account fund. Again, this money is simply sitting in cash, but the idea would be for Mr. Sam to invest these funds, even if not tax advantages, to make up for the fact that he was unable to max out his 2012 401k due to his layoff.

Third, I have caught up on our principal prepayment goal and I'm now back on track to complete the goal of paying down an extra $5,000 on our mortgage (on our primary home)

Accordingly, right now we are $600 ahead on our savings goals.  Whoo-hoo!!

2013 Savings Goals - October Update

(1) Max out 401k(s) -        $24,981 (71%)  (goal is $35,000)
(2) Max out IRA(s) -         $10,631 (97%)    (goal is $11,000)
(3) Add to e/r fund -          $7,600 (76%)    (goal is $10,000)
(4) Pay down mortgage -   $3,320 (66%)    (goal is $5,000)
(5) Trading account fund - $50  (1%)           (goal is $5,000)
(6) House projects -          $1,900 (63%)     (goal is $3,000)

Total:  $48,482 (70%)  

Posting a few days early as I was working on our personal finances this morning.  We are still about $3200 behind on where we should be.  We also have some unexpected upcoming expenses for Rental #3 (more about that later).

While I feel like we are working hard to catch up, doubling up on our mortgage prepayments, throwing money at the 2013 IRA fund, we are still $3200 behind as were were last month.

We also have to work on our taxes this weekend (Ugh!, my least favorite thing to do) as we have our appointment next week with the CPA and the deadline to file, with our extension is October 15, 2013.

Have a great weekend everyone!!

The Doctor Will See You

I'm not surprised at all about that this NBC News.com article identifies south Florida as a hot spot for identity theft by and at health care providers.  Time after time staff at Florida hospitals and doctor's offices are in the news for stealing patient's Social Security numbers for identity theft purposes.

Think about it, every time you see a new doctor and fill out an intake form there is a spot for your Social Security number and most people think you have to provide it.  "Quick said: 'you do not have to provide your Social Security number, but you do have to provide enough information for you to be distinguishable from other people.'"

I stopped providing my SS number to doctor's offices long ago and from time to time I get some push back on it.  A couple of years ago I was trying to make an appointment with a new health care provider, a dermatologist, and the intake person would not give me an appointment unless I gave her my Social Security number.  I declined and sought out care from another provider.  That has been the only time I had a real problem with declining to provide the number to a health care provider.

If you are utilizing a government health care insurance system, i.e. Medicare, Medicaid the VA, you, unfortunately, have to provide your Social Security number because that is the way those programs identify you.  But most private insurance companies no longer utilize Social Security numbers as an identifier and there really is no reason for a doctor to need this information from you except to increase there ability to collect a debt.

This handy list from the IRS provides the situations where there is a legal requirement to fork over your numbers.

Free Report or Free Snoop

You may have heard that public officials, like Hillary Clinton and Vice President Biden, as well as celebs, like  Beyonce and Jay-Z, were the victims of hacking and that their personal finance information was disclosed.

Well now, it sounds like, according to this report, that some of that information came from AnnualCreditReport.com.  AnnualCreditReport.com is the site which the three credit reporting agencies set up so consumers can gain free access to their credit reports.  Scary stuff to hear that, possible, hackers were able to defeat the security features of the site (which I've had trouble answer for myself).  But, I guess, now that I think about it, if your bio details are out in the public domain someone with time and energy could probably answer the questions posed by this site.

The last time I checked my credit report was right before our refinance.  This news story reminds me that it is probably time to check again.

Happy St. Valentine's Day - Part II

Are you planning to get engaged or married over St. Valentine's Day?

If so, there is a tool that let's you know whether you'll end up with a marriage tax bonus or a marriage tax penalty.  But, first you'll need to get your hands on your intended's tax return as the tool needs some serious data to give you an accurate result.

A marriage tax penalty is when:

• a wife and husband pay more income tax filing jointly as a couple than they would if they had remained single and filed as individuals.

A marriage bonus occurs when:

• a couple pays less tax filing jointly than they would if they were not married and filed singly.

Marriage penalties only hit couples where both spouses work.  And, under the 2013 Fiscal Cliff work compromise, it appears that the marriage tax penalty has gotten worse for those at the upper end of the income range. I'm still trying to sort out all the tax changes from the Fiscal Cliff compromise, but this article from Bloomberg provides some guidance on the various thresholds for when higher taxes and higher tax rates kick in.

I try not to get into politics here at Adventures of Sam, so I don't want to get into a Republican/Democratic Party debate on taxes.  But I'll state for the record that I'm actually in favor of higher taxes and I'm in favor of a progressive tax system.

But, I'm not in favor of a system that provides for a marriage tax penalty on $150,000 in income.  Higher tax rates kick in at $400,000 for an individual and $450,000 for a married couple.  Sure, if a couple is making more than $450,000 a year its hard to have any sympathy for them. But, think about a hard working professional couple in which both spouses are putting in 12+ hour days, they may have significant student loans that paid for those professional degrees, a mortgage, expenses related to kids and our government is penalizing (with higher taxes) either the wife (more often its the wife) or the husband for having a professional career.  I'd like to see the marriage penalty reduced even at the higher income levels, if higher tax rates kick in at $400,000 for an individual than maybe the higher tax rates for couples should kick in at $600,000 or something like that.

401k Spillover

In December 2012, after Mr. Sam had maxed out his 401k, I noticed that he was still contributing to his 401k in something called an "after-tax option."

We both thought the "after-tax option" was his Roth 401k option. I was certain that he couldn't go beyond the contribution limit of $17,000 between his regular 401k and his Roth 401k.  And, I was correct, the 2012 contribution limit of $17,000 applies both to the 401k and the Roth 401k or a combination of contributions to both.  So, I promptly freaked out as I was concerned that he had gone above and beyond the 2012 contribution limits and we were going to be back on the naughty list for the IRS (we previously were audited).

So three calls to Fidelity later and we learned that Mr. Sam's company offers an after-tax spillover contribution option in its 401k.  What that means, is that Mr. Sam can max out his 401k with pre-tax dollars up to the contribution limit of $17,000 ($17,500 in 2013) and then he can continue contributing to his 401k with after tax dollars up to a maximum of $50,000.

This is one of those retirement options that most people have never heard about.  So, why would we want to put more after-tax money into Mr. Sam's 401k?  For us, the big advantage is the company match.  Mr. Sam gets a great match and that match continues with the after-tax spillover contribution.  So for each extra dollar he puts in he gets an immediate 20% return.  While, his match is in company stock, since he is vested he can sell that stock at any point.

Now that we know about this option, we need to figure out how we better take advantage of this investment option in 2013.

Have you heard about the after-tax spillover?  Do you have that option in your plan?  If yes, do you use it?

2013 Savings Goals - Homework

Starting to work on our 2013 savings planning.

Task number one, since I'm in the office today, I increased my withholdings to max out my 401k/Roth 401k.  The contribution limits for 2013 have increased from $17,000 to $17,500. The 401k catch up contribution limit has stayed the same at $5,500.

So goal number one on our 2013 savings plan is to max out our 401ks at $17,500 each for a total of $35,000.

2013 Goal Planning

It is that time of the year, time to start thinking about our savings plan for 2013.

Always first on our list of goals is to max out our 401k contributions.  This year the 401k contribution limits a are going up to $17,500.  So, goal number one will be to save $35,000 in our 401k.

Second on our list of goals is to contribute the maximum to any other tax advantaged savings.  For us that means we will want to max out our non-deductible IRA.  We will later convert our non-deductible IRA to a Roth IRA, see this article for more information on how to do so.  IRA contribution limits are also going up from $5000 to $5,500.  So, goal number two will be to save $11,000 in our IRA.  Because of the respective contribution increases our retirement savings will be going up by $2000.

Other goals that are up for discussion:  (1) continuing to add to our emergency fund; (2)  working to pay down the mortgage on our primary home; (3) increasing our non tax advantaged savings (also known as adding to the trading account); and (4) adding to the house project account.

For me, paying off the mortgage is a primary goal as I've explained here, here and here.  Although, with our new lower interest rate of 2.75% from our recent Refi I recognize that paying extra on the mortgage really doesn't make good financial sense when you crunch the numbers.

We also have some house projects that I've been dreaming about for two years now.

How about you, have you started planning your 2013 savings goals?  What is on your list?

IRS and Paranoia

Ever since we were audited in 2010, each of the last two years we have received additional correspondence from the IRS after our taxes were completed and our payment submitted.

So, this year, when we received correspondence saying we owe additional taxes I am officially paranoid.  I've done some research and I can't find anything to support my position that once you've been audited your future tax returns receive additional scrutiny.  But, thanks to Jim R. as he found a CNNMoney.com article indicating that if you have been audited in the past you're on the audit hit list for at least a few years.

We are, of course, not claiming the deduction that got us in trouble before, and not (in my opinion) being aggressive in our tax avoidance efforts.  We are, also, paying a CPA to prepare our taxes.  We are paying our taxes on time although we have sought an extension the last few years.

In researching the form we received this year, a CP14, I understand that it is a form indicating an underpayment of taxes not based on a math error.  Often times, individuals receive a CP14 if their tax payment was not received at all.  I know for certain that the IRS received our tax payment because (1) I have a copy of the cancelled check and (2) the amount that is show due on the CP14 is less than a hundred dollars and we paid a ton more in taxes than that.

More than likely, I'll just pay the amount the IRS is claiming that is due because I am terrified of the IRS and do not want to end up being audited again.  But, since I understand (based on my own research) that these CP14 notices are computer generated and are often wrong I've asked my CPA to review and advise.  I also understand from my research that a GAO study found that 47% of this type of correspondence to taxpayers was incorrect and the IRS just collects and keeps the money.

2012 Goals - October Update

(1) Max out 401k(s) - $30,565 (90%)(goal is $34,000)
(2) Max out IRA(s) - $5529 (55%)(goal is $10,000)
(3) Add to e/r fund - $8000 (80%)(goal is $10,000)
(4) Pay down mortgage - $2490 (50%)(goal is $5,000)
(5) House projects - $900 (18%)(goal is $5,000)
(6) Trading account fund - $50 (1%)(goal is $5,000)

Total - $47,634 (69%)

At present, we are approximately $7,000 behind on our 2012 goals and the gap is widening each month.

The good news, Mr. Sam has maxed out his 401k for 2012 and we have completed savings for one of our IRAs.  Other good news - we are on target to complete our emergency fund savings goals.

The bad news, principal prepayment is on hold at 50% due to our refinance.  We don't have any prepayment penalties or restrictions on our new loan, so, in theory, we could complete this goal once our mortgage payment is set up with the new company as of November.  But, we would have to scramble to do so.  Of course we spent $3,000+ on the refinance but (I've decided) we can't really count that as principal prepayment.

As for our house projects and trading account, those both continue to lag behind.  The plan was that once Mr. Sam maxed out his 401, which he has now done, to reallocate those funds towards some of these goals.  But, as noted in my earlier rental posts we have been spending money on various house projects from our regular funds.  We also have to see if we owe the IRS any money (which we normally do).  I will know if we owe Uncle Sam this week.

Between the principal prepayment goal and the house/trading account goal, I'm leaning towards focusing on principal prepayment first, after the IRA savings is completed.  I'd also like to end the year, although it will be difficult with the holidays and the rental expenses, at least ahead of last year so we need to save at least $61,000 (which is short of our $69,000 goal).

Charitable Giving

A while back, I posted on charitable giving - who gives the most and to what organizations along with information regarding our own giving.  Today we had our appointment with our accountant to prepare our 2011 taxes, we filed for an extension  so we are rapidly running out of time to get our taxes done and in by October 15th.   **As an aside and to help me stay honest, I'm declaring here that I'm determined not to file for an extension on our 2012 taxes.

In my earlier post I under-estimated how much we are giving, in 2011 we gave $1,800+.  More interesting to me, is that from 2010 to 2011 we doubled our charitable giving since in 2010 we gave $900+.  I am only counting cash contributions, not our in-kind contributions (i.e. clothes to Goodwill) or our contributions of time (which are also significant).

While 2012 is really almost over, I hope that we exceeded (or will exceed) our 2011 giving.  Since I gathered up our 2012 tax documents as I was gathering and organizing our 2011 documents, I plan to add up our year to date giving for 2012 and see where we are at.  As I previously posted, I would like to increase our charitable giving each year since my individual charitable giving decreased after we got married and we got super serious about killing debt and increasing our savings.

2012 Goals - September Update

(1) Max out 401k(s) - $27,697 (81%)(goal is $34,000)
(2) Max out IRA(s) - $5126 (51%)(goal is $10,000)
(3) Add to e/r fund - $7200 (72%)(goal is $10,000)
(4) Pay down mortgage - $2490 (50%)(goal is $5,000)
(5) House projects - $900 (18%)(goal is $5,000)
(6) Trading account fund - $50 (1%)(goal is $5,000)

Total - $43,463 (63%)

At present, we are approximately $5,600 behind on our 2012 goals and the gap is widening.

Due to the mortgage refinancing, our mortgage pay down goal is on hold.  Our thinking was that we will have closing costs approaching $4,000 and we ought to save our pennies for those costs.  Do we count the closing costs towards this savings goal or not?  Once the refinance is completed, our closing is scheduled for this week, we will have two years in which we are not permitted to pay off the mortgage in full.  I need to understand whether that restriction extends to paying extra towards the principal or not.  If we are restricted on paying extra towards the principal do we keep saving the money we committed to the mortgage pay down or do we put it towards another goal?

For the house project goal, when we were getting ready for our refi appraisal, we spent close to a $1000 on getting the house cleaned up.  Do we count those expenses towards our house project savings or not?

We also have the added expense of the life insurance policies coming up.  And, we also have to get our 2011 taxes done which will include a payment to the IRS.

In sum, we have a lot of outgoing expenses in the next few weeks, but we need to get our savings back on track.  Mr. Sam will max out his 401k savings by the end of September which will free up some extra cash to put towards our other goals.  We also need to get ourselves refocused and recommitted in order to close out the last year with saving success.

Tax Time

It is that time of the year and we have just received the notice of proposed property taxes for our various properties in Florida.

Florida's homestead law complicates the real estate tax situation.  Florida's homestead law provides protection against forced sale of one's primary home.  One of the reasons O.J. Simpson  lives (or lived, he is in jail at present) in Florida is because of the generous protections from creditors provided for one's primary dwelling no matter how big or expensive.

For our purposes the homestead law provides a tax exemption from our real property taxes.  A family with a homestead property receives a $50,000 tax exemption for all real property taxes except for school taxes (for which $25,000 of that exemption applies).  So a family with a home valued at $200,000 would only pay taxes on $150,000 of the value and $175,000 for the school district taxes.

Even more important though is the protection provided against the rate at which taxes can increase from year to year.  For a Florida homestead property, the rate at which taxes can increase is 3% or the rate of inflation which ever is less.  For 2012 that increase is  3%.  So, that means, when we receive our proposed taxes for our primary home there are two numbers for our home, the assessed value (which is the market value for our home and land less the $50,000 homestead tax exemption) and the taxable value.  The taxable value can only rise by a maximum of 3% year over year and that is the number we pay taxes on.  For our Florida investment properties the assessed value and the taxable value are the same and there are no exemptions.

While the Florida real estate bubble deflation has been hard on our net worth, the upside (gotta look on the bright side) has been that the assessed value went down on all of our Florida properties, which means that our real estate taxes and overall carrying costs have gone down.  Now that property values are starting to edge up we have the 3% tax rate cap protection for our primary home so it will be quite few a years untill we are paying taxes at the level we were paying back in 2007 and 2008 (at least on our primary home).

For some long time Florida home owners, during the recession their real estate taxes continued to go up because there was such a huge gap between their assessed value and taxable value.  For folks like us, landlords to three Florida properties and our primary home was purchased in 2004 our real estate taxes have come down to be similar to the rate that the long term residents of our neighborhood pay.  We live in a very eclectic area so the disparity in real estate taxes is not as glaring as newer construction areas, where you could have, during the boom time, two identical sized homes with one owner paying $4000 in real estate taxes and the other non-homesteaded resident paying $8000 in real estate taxes.

Refinance - Part 8

We finally heard from the mortgage broker.  Our loan application has made it through underwriting and we have been approved.

Hooray!!

We do have to provide a few more documents.  We refinanced one of our rental properties in 2011 so we need to provide some documentation related to that refinance.  We also need to provide our most recent bank statements since more than a month has gone by since we provided the prior documentation.

We hoped to have the paperwork wrapped up shortly and then on to closing.