Search found 34 matches

by Kiloaxe
Tue May 31, 2016 10:06 am
Forum: Personal Finance (Not Investing)
Topic: tax question retirement distribution
Replies: 6
Views: 1247

Re: tax question retirement distribution

Thanks for the advice. for some reason this was more confusing than it should have been. This was an indirect rollover. I did NOT receive a 1099-R. I have been on the phone with vanguard for quite some time explaining the situation. They initially were telling me that the IRS did not receive a form from them since they could not find any records. It was not in my tax forms online. I had to essentially go through my statements, show him where to look, and eventually he tracked down the form which I had not received. He was not certain why this had not shown up in my forms. I am sending in documents confirming rollover on the other end.
by Kiloaxe
Thu May 26, 2016 10:56 pm
Forum: Personal Finance (Not Investing)
Topic: tax question retirement distribution
Replies: 6
Views: 1247

Re: tax question retirement distribution

It was vanguard IRA to my jobs 401k plan. I did not receive any 1099 R forms regarding this distribution, but not certain if this is standard for rollovers
by Kiloaxe
Thu May 26, 2016 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: tax question retirement distribution
Replies: 6
Views: 1247

tax question retirement distribution

I am hoping someone will be able to help with this. I received a notice from the IRS regarding an additional tax that I owe from 2014 on retirement distribution for vanguard IRA. Vanguard had sent the tax form to IRS (for some reason there is NO tax form regarding this account when I look on vanguard website at all my 2014 forms but I am able to find a monthly statement for the withdrawal). It appears to the IRS that this was an early withdrawal but I had actually rolled this over into my 401k, if I recall correctly this was an indirect rollover. I am able to find the contribution into my 401k but I do not have any tax forms for either end of the rollover. Has anyone dealt with similar issues? should I have received a tax form? whats the be...
by Kiloaxe
Wed Mar 30, 2016 3:55 pm
Forum: Personal Investments
Topic: solo 401k question
Replies: 10
Views: 1198

Re: solo 401k question

Thank you both. I am not very familiar with ETFs so had not looked into those
by Kiloaxe
Wed Mar 30, 2016 2:42 pm
Forum: Personal Investments
Topic: solo 401k question
Replies: 10
Views: 1198

solo 401k question

I am funding a Solo 401k (for 2015) for my spouse. She has a 'day' job and maxed out her employee contribution (18k). She has a side job as an IC and was planning to fund a Solo 401k with additional employer contribution (my understanding of 20% of profit). I opened an account with fidelity last year but had not yet funded with 2015 contributions. Based on her income we can contribute roughly 2000 dollars to this, but it looks like the minimum initial investment is 2500 for most of the funds. Assuming that for the 2016 fiscal year we will have similar amount to contribute, can I overfund the 401k with 2500 now and only list the deductible amount of 2000 on our taxes for 2015?
by Kiloaxe
Wed Dec 02, 2015 12:24 am
Forum: Personal Finance (Not Investing)
Topic: HSA limit
Replies: 11
Views: 2362

Re: HSA limit

Spouse plan is cheaper with +1 than as a family. My family plan is insanely expensive. We save some in overall paycheck deductions this way, and my employer funds my HSA. The downside is since we have two high deductible plans, if we both have medical issues, this could potentially be much more costly.
by Kiloaxe
Tue Dec 01, 2015 9:36 am
Forum: Personal Finance (Not Investing)
Topic: HSA limit
Replies: 11
Views: 2362

Re: HSA limit

Great thank you. Her HR was persistent that they are separate plans. I assumed they would treat her plan as 'family' and continue contributions even over 3350. I will just stop incoming contributions after she hits 3300 to make my life easier come tax season.
by Kiloaxe
Tue Dec 01, 2015 9:13 am
Forum: Personal Finance (Not Investing)
Topic: HSA limit
Replies: 11
Views: 2362

HSA limit

question on HSA limit

My wife and I have two separate health insurance plans. Our son is on her plan. we both contribute to an HSA. we file taxes jointly.

I have contributed 3350 to my plan, she is around 3200. The family max is 6650 for the year which, I believe, would mean she can contribute 3300?

I had her email her jobs HR to stop contributions but they stated it would automatically stop once hits the max. Since the max family is not even double the individual policy, I am certain this means we will overcontribute once she puts in over 3300. When she emailed regarding this, her HR told her that my contributions for the year do not affect how much she can put in. Am I right or is her employer?
by Kiloaxe
Fri Nov 06, 2015 8:15 am
Forum: Personal Investments
Topic: Vanguard brokerage Roth IRA
Replies: 1
Views: 584

Vanguard brokerage Roth IRA

I recently opened a IRA which is now listed as a brokerage account in a money market settlement fund. I am planning to do a backdoor Roth conversion. My other Roths are not brokerage accounts. It will not let me convert the IRA to these Roths since they are not brokerage accounts. It does look like I can upgrade my accounts to brokerage Roth IRA but not sure on any potential downsides? Secondly when I convert this, will it keep my current investment funds the same? Thanks KA
by Kiloaxe
Wed May 06, 2015 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Debating mortgage refinance
Replies: 8
Views: 1418

Re: Debating mortgage refinance

Ideally would like to stop paying PMI, however do not have the money at this point to put down an extra 50k to principal. we are maxing our retirement accounts and extra savings has gone directly to student loans. It seems it would be better to put the extra money towards my loans that are at 4.5% which is costing more per month in interest than PMI (currently 150/mo). Although I have debated this as well, which would require that I hold off on refinance for at least 6-9 mo to save up for that.
Thanks for the insight
by Kiloaxe
Wed May 06, 2015 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Debating mortgage refinance
Replies: 8
Views: 1418

Debating mortgage refinance

All, I am 1 year into a 30 year mortgage at 4.25% interest and am considering refinancing to a 15 year mortgage. We have quite a bit of student debt, all of which as been refinanced, and we have been aggressively paying this down. Current debt: No credit card debt Loans: 90k, 5 year repayment at 3.5% 58K remaining on 10 year repayment at 4.5%. Mortgage: 330K remaining @4.25% (29 years remaining) Income ~300k I imagine that we will be in our current house between 2-4 more years, and my primary reason to consider refinancing is to accrue more equity in the next few years, which would put us in a better financial situation for down payment on next house when we end up selling. We have about 8% equity now (based on initial appraisal) and are pa...
by Kiloaxe
Thu Apr 23, 2015 2:04 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loan Consolidation- DRB
Replies: 11
Views: 1973

Re: Student Loan Consolidation- DRB

I refinanced all of my student loans with them. was fairly painless, have not had any issues. Would recommend looking into it, make sure you do not need any of the benefits that you could get from your government loans however (ie loan forgiveness if you qualify).
by Kiloaxe
Sat Mar 07, 2015 9:49 am
Forum: Personal Investments
Topic: Question re HSA limits
Replies: 2
Views: 437

Re: Question re HSA limits

great, thanks for the reply and clarification on that!
by Kiloaxe
Sat Mar 07, 2015 9:30 am
Forum: Personal Investments
Topic: Question re HSA limits
Replies: 2
Views: 437

Question re HSA limits

Both my wife and I are on our own health care plans, and are contributing to HSAs. Our first kid is on the way, and her plan also offers a single +1 option as well as a family option. For the sake of cost (and employer contribution to my HSA), I will be keeping my own health insurance plan and her plan will cover our newborn. Am I allowed to contribute the max to my HSA (3350) in addition to fully funding her HSA to the increased limit of 6650? For tax purposes, we are married filling jointly.
by Kiloaxe
Sat Jan 24, 2015 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Half off TurboTax thru Monday
Replies: 37
Views: 6610

Re: Half off TurboTax thru Monday

Already started (barely) doing my taxes using online Turbotax through Vanguard. Am I able to just switch and buy this?
by Kiloaxe
Sun Jan 11, 2015 11:23 am
Forum: Personal Finance (Not Investing)
Topic: Student loan refinance - variable vs fixed
Replies: 4
Views: 1346

Re: Student loan refinance - variable vs fixed

Mule
-good points. seems that even if rates increased would not likely occur within the next year and principal would be much less by that point based on my accelerated payment plan. I think variable will be worth it in this case. thanks!
by Kiloaxe
Fri Jan 09, 2015 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan refinance - variable vs fixed
Replies: 4
Views: 1346

Re: Student loan refinance - variable vs fixed

It looks like the interest rate is calculated every quarter, based on 3 month LIBOR. max interest rate of 9%
by Kiloaxe
Fri Jan 09, 2015 10:15 am
Forum: Personal Finance (Not Investing)
Topic: Student loan refinance - variable vs fixed
Replies: 4
Views: 1346

Student loan refinance - variable vs fixed

All, Im in the process of another student loan refinance. Both my wife and I have high interest loans. I have refinanced to a 10 year < 5% interest, in the hopes of paying off the higher interest loans (spouse) faster. I plan to have my spouse loans paid off in 2 years, ideally. I have the choice of either a 5 year fixed at 4.8 or 5 year variable at 3.8, on roughly 100k loan. I'm tempted to go with the variable loan, however I am a little cautious regarding the potential for the interest to skyrocket. What are others thoughts on these variable loans? (which is based on LIBOR). If the plan is to have it paid off in 2-3 years, would variable be worth it? Hard to know when/if the LIBOR will trend up, but looking at previous levels in 90s/early...
by Kiloaxe
Tue Jan 06, 2015 10:35 pm
Forum: Investing - Theory, News & General
Topic: HSA Bank Low Balance Fee- How is it paid?
Replies: 27
Views: 5720

Re: HSA Bank Low Balance Fee- How is it paid?

I have not had any monthly fees either and I have <5k in the HSA
by Kiloaxe
Thu Dec 25, 2014 1:32 am
Forum: Personal Finance (Not Investing)
Topic: Medical billing: wrong procedure
Replies: 28
Views: 3673

Re: Medical billing: wrong procedure

As a physician, this is not surprising to see. I have had significantly larger bills for even face to face time or evaluation. Medical billing is very complex. I can assure you that the physician is not making anywhere close to what the insurance company bills you. Most physicians do not due their own billing; I have coders who evaluate my chart etc and determine appropriate code.
by Kiloaxe
Tue Dec 16, 2014 10:41 am
Forum: Personal Investments
Topic: vanguard IRA to Roth conversion question
Replies: 7
Views: 1055

Re: vanguard IRA to Roth conversion question

Thanks for the replies. This is an established vanguard IRA. I attempted to do this by exchanging funds, but it still looks like it's going against my 2014 contribution, I'll call and do it over the phone
by Kiloaxe
Tue Dec 16, 2014 12:02 am
Forum: Personal Investments
Topic: vanguard IRA to Roth conversion question
Replies: 7
Views: 1055

vanguard IRA to Roth conversion question

I have a small account in a pretax IRA that I am planning to transfer to a Roth IRA (and pay taxes on). On Vanguard website, when I go to make this transaction, it is asking me to put in the 2014 contribution amount, and lists a limit of 5,500. This is technically zero since it is a contribution from a previous year, although it is not allowing me to complete the transaction without putting in the amount. Do I put in the amount, without worrying that it will affect my 2014 IRA contribution? thanks
by Kiloaxe
Tue Oct 28, 2014 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: Career Advice for an Unhappy Young Doctor?
Replies: 121
Views: 24271

Re: Career Advice for an Unhappy Young Doctor?

I'd say stick with it for a few years. Most people will tell you that first year out of residency is probably more stressful than residency. You are on your own, learning a new system. Being an internist gives you a lot of different practice options - clinic, Hospitalist, fellowship option. Keep with it, and you can always switch practice settings down the road
by Kiloaxe
Thu Oct 23, 2014 12:26 pm
Forum: Personal Investments
Topic: Retirement portfolio advice - new physician
Replies: 6
Views: 1487

Re: Retirement portfolio advice - new physician

after looking into it further, Im not sure the SV fund is even an option. Its listed in my 401k plan but not available for me to put funds into for some reason...

I'm still not entirely clear on benefit for vanguard 500 versus growth index as they seem to have alot of similarities. The growth index is a cheaper fund, but is this generally a more volatile fund? my limited understanding is that the 500 index is a mix of growth and value funds and may be more stable long term. would I better to use the 500 index instead?
by Kiloaxe
Wed Oct 22, 2014 10:03 am
Forum: Personal Investments
Topic: Retirement portfolio advice - new physician
Replies: 6
Views: 1487

Re: Retirement portfolio advice - new physician

thanks for the input on the retirement portfolio. Im not sure on the expense on the SV, its not entirely clear when I look at the report.

any thoughts on the 500 index versus vanguard growth index?
are any of the bond funds decent in our 401ks?

I appreciate the input!
by Kiloaxe
Tue Oct 21, 2014 10:29 am
Forum: Personal Investments
Topic: Retirement portfolio advice - new physician
Replies: 6
Views: 1487

Retirement portfolio advice - new physician

Hey all, I am posting for advice on retirement planning. I am a relative newbie with trying to figure this stuff out (although have been following along on this site as well as WCI for several years), and now that I am out of my medical residency, I would like to have a better grasp on this. His income: 250 - 300k Her income: 60k Emergency funds: about 3 months (have good short and long term disability and job stability so dont anticipate needing more than this currently) DEBT: No credit card debt Home Mortage (approx 350k at 4.5% on 30 year) Student Loans: His: Have been paying 10 year repayment during residency, with approx 90K left at 6.8% and 7 years remaining. plan to consolidate back to 10 year with SoFi to lower rate < 5% and put add...
by Kiloaxe
Tue Oct 21, 2014 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Overpaying student loan
Replies: 31
Views: 6647

Re: Overpaying student loan

Thanks for all the replies. These are federal loans, at variable rates (6.8-8.5). These are actually my wife's loans, who is on 10 year repayment but am putting all my additional funds to paying off the highest interest loans. My loans are at much lower rate and will deal with those after hers are paid off.

IMO, I should be able to apply additional money however I please but I'll play the game. It felt good to pay off one of the 5k loans at 8.5 percent yesterday.
by Kiloaxe
Mon Oct 20, 2014 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: Overpaying student loan
Replies: 31
Views: 6647

Overpaying student loan

Question on overpayment on loans. I was under the impression that if you paid above the standard monthly payment, you could direct this money how you pleased. I'm planning on overpaying my student loan now that I am out of residency, and the loan company is telling me that the overpayment first will be applied to accrued interest before principal. Is this accurate? Is this the same for a mortgage?
by Kiloaxe
Sat Apr 19, 2014 12:01 pm
Forum: Personal Investments
Topic: Question on borrowing from IRA
Replies: 12
Views: 1398

Re: Question on borrowing from IRA

Thanks all. Yes I am under 59. I essentially need to liquidate 4k to show enough future cash reserves -about 6 months- on a mortgage (they don't consider funds kept in retirement). I'm finishing my residency and will be starting as an attending physician this summer. I don't actually need money to spend, but need it to meet cash reserve, and will be returning it to IRA within a month.
by Kiloaxe
Fri Apr 18, 2014 2:21 pm
Forum: Personal Investments
Topic: Question on borrowing from IRA
Replies: 12
Views: 1398

Question on borrowing from IRA

Hey all,
I have a question on borrowing from IRA as short term loan (<60 days). I need to liquidate some cash temporarily with intent on paying it back within the allotted timeframe. What is the process to do this? Do I withdraw the funds directly to my bank, and then return to the IRA (or a different rollover IRA)? Or is there a different way that I need to go about obtaining the funds so that I don't get a penalty or taxed.
If I decide to open a new IRA, how do I go about this process after I've obtained the funds?
by Kiloaxe
Sat Nov 02, 2013 9:18 am
Forum: Personal Finance (Not Investing)
Topic: Physician - real estate question
Replies: 11
Views: 2088

Re: Physician - real estate question

EmergDoc, student loan refinance looks like great option. Will need to look into that more.

No geographic restrictions in my job contract. I think all the points are valid on waiting to buy a house to a) save money and b) make sure group is the right fit
by Kiloaxe
Fri Nov 01, 2013 6:16 pm
Forum: Personal Finance (Not Investing)
Topic: Physician - real estate question
Replies: 11
Views: 2088

Re: Physician - real estate question

Great, thanks for the insight. May need to do a little looking into physician loans. As far as location goes, I am from the area and anticipate living here long term. Even if things dont pan out in my new job, I would probably continue working in the same city.
by Kiloaxe
Fri Nov 01, 2013 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: Physician - real estate question
Replies: 11
Views: 2088

Physician - real estate question

Hey all, wanted to get your thoughts on my financial situation and buying a house. I will be finishing residency this summer. My new job will pay roughly 250k (up from 50k), excluding bonus of 30/year. My wife makes about 60k/year. Combined, we are paying about 3000/month in student loans (10 year repayment), and have been doing this through residency on combined 110k/year gross income. I would like to buy a house next summer after completing residency, and am trying to figure out the best route to take. We are looking at houses around 300-350k and ideally would get a 15 year loan. I anticipate having about 25k Saved up by next summer to use as a down payment. How difficult will this be given the smaller down payment, and higher debt to inc...
by Kiloaxe
Fri May 10, 2013 11:06 am
Forum: Personal Finance (Not Investing)
Topic: Medical Resident: When Should I Get Disability Insurance
Replies: 80
Views: 10441

Re: Medical Resident: When Should I Get Disability Insurance

I am a pgy2 EM resident. I ended up buying a DI policy early in intern year, to essentially insure my insurability. Everything that Staythecourse said is key. I have the bare minimum coverage now, and once I become an attending I can increase it due to the future benefit rider without having to go through another health screen etc. it's best to go through an agent who deals primarily with physicians as he/she will know exactly what to look for in a policy.