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Re: Accidental After Tax Contribution to Roll Over IRA

Were you eligible to deduct the contributions? If so, just leave it and file amended returns and get the refunds then use a Roth going forward (since you're unwilling to convert the whole thing, which is the easiest and probably best solution)
by MN Finance
Sun Mar 01, 2015 12:08 am
 
Forum: Investing - Help with Personal Investments
Topic: Accidental After Tax Contribution to Roll Over IRA
Replies: 11
Views: 550

Re: Which financial designation would you recommend?

I don't understand the question. You want a destination to help teachers? Designations are for business cards and resumes. If you want to "help" teachers, then help them (I'm not sure what help means either.)

Ps, none of the aforementioned "designations" are good ideas anyway.
by MN Finance
Sat Feb 28, 2015 10:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Which financial designation would you recommend?
Replies: 5
Views: 611

Re: Implementing NUA strategy

Thanks much. I guess I'm not sure how to handle it. Since I'm not the one taking the risk I'd want her to be cautious in interpreting the rules. The stock currently lists lots and basis within the ESOP, so presumably we go with that and potentially just execute NUA on the shares that are up 10 fold ...
by MN Finance
Fri Feb 27, 2015 8:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Implementing NUA strategy
Replies: 6
Views: 590

Re: Implementing NUA strategy

Alan,
Thank you kindly for your high quality reply. I was under the impression that it was possible to manipulate the basis, but you are implying that it's not.

Article from Forbes http://www.forbes.com/sites/advisor/2012/01/30/one-thing-you-dont-know-about-401k-rollovers-nua/
by MN Finance
Thu Feb 26, 2015 11:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Implementing NUA strategy
Replies: 6
Views: 590

Implementing NUA strategy

Hi All, Thanks in advance for your help. After some planning/research, I'm finally getting ready to help implement an NUA strategy for a coworker (former coworker from megacorp, now family member.) Just wondering if I'm missing anything obvious on this. She has consulted a CPA as well. 401k with $1M...
by MN Finance
Wed Feb 25, 2015 5:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Implementing NUA strategy
Replies: 6
Views: 590

Re: Help! I can't afford to eat on my South Beach vacation

Enjoy life. If enjoying life is spending as little as possible, then you picked the wrong place to vacation. Pick differently next year. Until then, appreciate the experience and don't pay attention to the bills otherwise you'll just waste your vacation (and probably really annoy your friends)
by MN Finance
Mon Feb 23, 2015 8:04 pm
 
Forum: Personal Consumer Issues
Topic: Help! I can't afford to eat on my South Beach vacation
Replies: 60
Views: 4884

Re: TIAA-CREF annuities.

RM's idea of transferring lnto the annuity accounts just before annuitizing will work. However, the annuity accounts in which I have invested have no good parallels in the TIAA-CREF mutual funds, or other mutual funds: CREF Stock, TIAA Real Estate, and TIAA Traditional. As Beth and Wizard said, you...
by MN Finance
Sun Feb 22, 2015 9:46 am
 
Forum: Investing - Help with Personal Investments
Topic: TIAA-CREF annuities.
Replies: 30
Views: 1561

Re: TIAA-CREF annuities.

There's no reason to keep money in the annuity funds if you prefer the mutual funds. As you said, you can transfer the money and then annuitize if you come to that decision later (ignoring tiaa which has a distinct difference right now in payout rates for old and new money.) I have my tiaa money in ...
by MN Finance
Sun Feb 22, 2015 12:24 am
 
Forum: Investing - Help with Personal Investments
Topic: TIAA-CREF annuities.
Replies: 30
Views: 1561

Re: Very Basic Variable Annuity Questions

She will get the cash surrender value. There is no tax issue because the money will be rolled to another roth and traditional IRA at vanguard. She will be investing for the rest of her life so the fact that retirement is soon does not have any bearing on the timing of the change (except that if the ...
by MN Finance
Wed Feb 18, 2015 5:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Very Basic Variable Annuity Questions
Replies: 6
Views: 679

Re: Inheriting Annuity Questions / Help

Your post sounds right on. The non qualified annuity is only taxable above the basis. The IRAs can be rolled over to the other inherited IRA you set up. If these are fixed annuities with the ability to continue that fixed 3% you could make the case that keeping them is fine if you're in need for bon...
by MN Finance
Wed Feb 18, 2015 2:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inheriting Annuity Questions / Help
Replies: 3
Views: 277

Re: Social Security Strategy

The fact that the older higher earning spouse might have a shorter life expectancy does not necessarily change the wisdom of delaying their own benefit because the assumption is that someday the long lived survivor will benefit from that delay.
by MN Finance
Wed Feb 18, 2015 2:28 pm
 
Forum: Investing - Theory, News & General
Topic: Social Security Strategy
Replies: 6
Views: 1183

Re: Need Help With New Spousal IRA

You don't need a "3 fund portfolio" for your Roth IRA. You need a 3 fund portfolio for your portfolio. Just pick one fund to compliment the others. Besides, given your huge sector bets, investing the Roth is not the area that likely needs some attention.
by MN Finance
Wed Feb 18, 2015 2:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need Help With New Spousal IRA
Replies: 2
Views: 298

Re: possible churning?

Google churning (I haven't). This is not that. The manager has some market timing strategy which will either be successful or unsuccessful. I saw someone like this recently who had a portfolio of etfs turned over at 1000% in 2014. Despite no transaction costs or tax consequences they trailed the mar...
by MN Finance
Sun Feb 15, 2015 1:28 pm
 
Forum: Investing - Help with Personal Investments
Topic: possible churning?
Replies: 20
Views: 1308

Re: credit freezing

jebmke wrote:I think there was recently a thread on this.

Very helpful, thanks
by MN Finance
Fri Feb 13, 2015 10:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: credit freezing
Replies: 2
Views: 380

Re: Starting a new RIA firm

First, it doesn't make any difference what this audience thinks because this is most certainly NOT your target market. Second, your ability to take flight in the business is not dependent on the quality and price of your product. It's dependent on how quickly you can reach critical mass. Now, stayin...
by MN Finance
Fri Feb 13, 2015 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Starting a new RIA firm
Replies: 2
Views: 309

Re: Better to leave qualified or non-qualified money to kids

Some of this clearly depends on the beneficiaries use of the funds, but there is virtually no possible scenario where it would be better for the kids to inherit the IRA. Mathematically calculating it would take some work, but they start out behind by the amount equal to their tax rate, come out behi...
by MN Finance
Fri Feb 13, 2015 6:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Better to leave qualified or non-qualified money to kids?
Replies: 14
Views: 1380

credit freezing

What's has been the experience here with freezing your credit? I don't have a particular fear that anything has been compromised, nor am I by nature suspicious. That said, we have to assume data breeches are here to stay so monitoring ones credit reports will be a life long activity. Since we've wor...
by MN Finance
Fri Feb 13, 2015 5:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: credit freezing
Replies: 2
Views: 380

Re: Only one Schwab OneSource ETF used in Intelligent Portfo

They wouldn't say this, but if I were running the business I would want as many non schwab funds as possible to avoid the misperception that they're solely trying to send flows in house. Their business success is partly dependent on separating the advisory services from the asset management services...
by MN Finance
Fri Feb 13, 2015 12:06 pm
 
Forum: Investing - Theory, News & General
Topic: 22 Schwab OneSource ETF used in Intelligent Portfolios
Replies: 23
Views: 2463

Re: Advisors: should clients expect you to waive sales charg

stlutz wrote:The load pays the salesman who sold you the fund. Couldn't the advisor essentially rebate a portion of this commission to you?

Not if they want to keep their job
by MN Finance
Wed Feb 11, 2015 11:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Advisors: should clients expect you to waive sales charges?
Replies: 10
Views: 1451

Re: How to tell who is bound to a fiduciary standard?

Ignoring the legal discussion and focusing on practical application, the issue is not if Vanguard (or other) is acting in a fiduciary capacity, but rather if that's the only capacity they can act. When I was a young broker at Merrill almost 20 years ago, I was registered as both a broker under FINRA...
by MN Finance
Thu Feb 05, 2015 11:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: How to tell who is bound to a fiduciary standard?
Replies: 65
Views: 6360

Re: What if you did not know you were a beneficiary

Investment companies obviously send statements at least annually, and certainly tax statements (assuming they are not on edelivery.) Even if things are a mess there are likely financial statements somewhere in the home. If there are no statements, the money had probably been cashed out or moved. Unl...
by MN Finance
Thu Feb 05, 2015 2:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: What if you did not know you were a beneficiary
Replies: 20
Views: 3535

Re: Question about RIA's

You may or may not want to set up an LLC like any other business activity, but you certainly don't have to register with the state as an RIA just to blog general advice (also not sure how you make the economics work).
by MN Finance
Wed Feb 04, 2015 5:01 pm
 
Forum: Investing - Theory, News & General
Topic: Question about RIA's
Replies: 2
Views: 247

Re: Stock held by deceased person

How much is it worth? Just asking because you could easily get to a point where the recovery cost is greater than the value of the position.
by MN Finance
Wed Feb 04, 2015 4:58 pm
 
Forum: Investing - Theory, News & General
Topic: Stock held by deceased person
Replies: 5
Views: 445

Re: RMDs and recharacterization

No idea and someone will surely post an IRS link from pub 590 or other, but intuitively I would assume it has to be based on the $100k.
by MN Finance
Wed Feb 04, 2015 4:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: RMDs and recharacterization
Replies: 7
Views: 412

Re: What if you did not know you were a beneficiary

Are you saying the surviving spouse believes the beneficiary designations were falsified by a third party? The insurance company indicated that the spouse is not entitled to any benefits? What do you mean the contracts are gone? We have to assume that the spouse want listed, if they were they'd prob...
by MN Finance
Wed Feb 04, 2015 1:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: What if you did not know you were a beneficiary
Replies: 20
Views: 3535

Re: Joining the free dinner circuit? Promises, promises.

2 or 3 hours for a 25 chicken dinner? Even the most frugal should consider that time poorly spent.
by MN Finance
Tue Feb 03, 2015 11:45 am
 
Forum: Personal Consumer Issues
Topic: Joining the free dinner circuit? Promises, promises.
Replies: 100
Views: 8145

Re: Where to keep large balance in Estate account

This certainly seems like a waste of time for a couple hundred dollars in potential interest.
by MN Finance
Tue Feb 03, 2015 11:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Where to keep large balance in Estate account
Replies: 8
Views: 986

Re: A Gift - tax consequences

Sure, that works! Each person can give up to $14K/year to each person without any gift tax consequences. It is a great thing you are doing for your friend and will really make a difference in his/her life. No, that doesn't work. That said I wouldn't get overly worried about this whole topic. If nee...
by MN Finance
Fri Jan 30, 2015 10:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: A Gift - tax consequences
Replies: 16
Views: 988

Re: How Helpful Are FP Certificate Courses?

Probably not worth your time. If it's a CFP prep course the focus will be on exam topics not real life topics. Only a fraction of financial planning has to do with investments and you'll get zero out of the investment material. Taxes and estate planning would be quite interesting but I don't know if...
by MN Finance
Fri Jan 23, 2015 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: How Helpful Are FP Certificate Courses?
Replies: 2
Views: 326

Re: Any Variable Annuity have lower fees than Vanguard's?

VG is probably the lowest cost, so just stop looking especially if you have your other money there. Jefferson National is excellent as well and very near VGs cost. They will be superior on customer service and have additional investment options available (like DFA.) TIAA CREF does NOT offer low cost...
by MN Finance
Wed Jan 21, 2015 12:08 pm
 
Forum: Investing - Theory, News & General
Topic: Any Variable Annuity have lower fees than Vanguard's?
Replies: 8
Views: 861

Re: filling a tax return for 2011

Raladic wrote:You're too late.
The IRS only accept returns for the last 3 tax years (which would now be 2014, 2013, 2012).

There's no way that's true
by MN Finance
Tue Jan 20, 2015 7:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: filling a tax return for 2011
Replies: 5
Views: 293

filling a tax return for 2011

My kids have all had SE income reported on 1099s through the last several years. In some cases when the amounts were small I didn't file a return for them, when it was above $400 I did file. I just realized that I missed a year when one of them earned something over $1000. Since its 1099 income, at ...
by MN Finance
Tue Jan 20, 2015 7:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: filling a tax return for 2011
Replies: 5
Views: 293

Re: backdoor roth when under AGI limit

I called Vanguard about this topic. They told me you can fund a traditional IRA anytime (assuming you don't hold any other IRA), and convert it over to a Roth. I wanted to go ahead and fund my 2015 Roth now instead of waiting till Dec to determine my MAGI. He said go ahead and fund the traditional ...
by MN Finance
Tue Jan 20, 2015 1:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: backdoor roth when under AGI limit
Replies: 16
Views: 1229

Re: is the pitch for index-based annuities childish?

i know index annuities are a hot topic right now, but it really struck me: isn't the entire premise childish? you're hoping for equity-like returns with no risk and no volatility? isn't this the investing equivalent of buying magic beans? You are paying 1%-1.5% option fee. Total fees will be quite ...
by MN Finance
Mon Jan 19, 2015 10:09 pm
 
Forum: Investing - Theory, News & General
Topic: is the pitch for index-based annuities childish?
Replies: 15
Views: 792

Re: backdoor roth when under AGI limit

What's the rush? Just wait until you know your income. April 15th seems to come about the same time each year. Yes, it matters. If you make a deductible 2014 contribution today, you get a tax deduction for 2014. If you then convert those dollars today to a Roth, you just realized a 2015 taxable conv...
by MN Finance
Mon Jan 19, 2015 9:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: backdoor roth when under AGI limit
Replies: 16
Views: 1229

Re: Simple SS Question

I'm not sure what you're saying except that if the PIA is 700, filing at 64 wouldn't give that. I understand that. My question is more as it relates to the ability to take spousal benefits which are (an unimportant amount) higher.
by MN Finance
Mon Dec 22, 2014 10:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Simple SS Question
Replies: 3
Views: 556

Simple SS Question

Spouse 1: Age 64, PIA: 700 Spouse 2: Age 64, PIA: 2400 I'm giving a talk to a couple employees this morning in our company retirement workshops regarding SS and momentarily had a lapse. Am I remembering this correctly? If spouse 1 is currently retired and spouse 2 continues to work: Spouse 1 claims ...
by MN Finance
Mon Dec 22, 2014 9:32 am
 
Forum: Personal Finance (Not Investing)
Topic: Simple SS Question
Replies: 3
Views: 556

Re: CRUT/CRAT [how to set up charitable trust?]

I would consider whether I could achieve my philanthropic goals with a donor-advised fund. That's certainly on the list, but a charitable remainder trust is a better fit assuming the administration is reasonable. I looked into setting one up several years ago. They're not terribly straightforward, ...
by MN Finance
Tue Dec 09, 2014 9:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: CRUT/CRAT [how to set up charitable trust?]
Replies: 6
Views: 370

CRUT/CRAT [how to set up charitable trust?]

Beyond google, curious if someone can give any considerations for how to most efficiently set up a charitable trust. 1) are good template documents available in the public domain? 2) do we need a 3rd party to act as trustee? 3) does it require an additional tax return (hoping to set it up so it does...
by MN Finance
Tue Dec 09, 2014 2:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: CRUT/CRAT [how to set up charitable trust?]
Replies: 6
Views: 370

Re: UTMA Variable Annuity - Early Retirement Planning

So, first this is absolutely NOT a stupid idea, but I'm sure you are already ignoring posts with no supporting information. That said, I think this only viable if all other options are already exhausted: you're fully funded for retirement and other goals, 529s fully or over funded, money set aside f...
by MN Finance
Wed Oct 29, 2014 1:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: UTMA Variable Annuity - Early Retirement Planning
Replies: 11
Views: 502

Re: Car Rental Return Frustration in Spain

I think that's a rather good story. I bet you tell it well at the end of a dinner party with friends, and the tale will probably grow as the years go by. Imo, this is what makes travel exciting. Joining the gray hairs on the cruise ship and charter bus avoid this, and is another option, then again n...
by MN Finance
Wed Oct 29, 2014 7:11 am
 
Forum: Personal Consumer Issues
Topic: Car Rental Return Frustration in Spain
Replies: 17
Views: 1640

Re: Prudent Investment Portfolio for 58-year Old w/20M Net W

This might or might not turn into a 40 post thread, but regardless there's absolutely no way to give any meaningful advice given the information. There are a dozen questions to ask, which could result in dozens of pieces of advice that together form a reasonable plan. If I posted a question on webMD...
by MN Finance
Tue Oct 28, 2014 12:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Prudent Investment Portfolio for 58-year Old w/20M Net Worth
Replies: 39
Views: 4971

Re: Marginal Tax Rate on Dual Income Couple

If the first spouse makes 600, then marginally speaking, adding income for the second spouse will obviously be taxed at 50% (top bracket, state, fica.) If you think that's a bad idea, then so be it. Doing it in theory is unnecessary, however, because just take your current return and add the income ...
by MN Finance
Fri Oct 24, 2014 7:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Marginal Tax Rate on Dual Income Couple
Replies: 13
Views: 1278

Re: 457b Question

457: can't access money in any way for any reason prior to separation of service, but can withdraw at any age without penalty after separation. 403: can access money while still employed via a hardship withdrawal or loans, or attainment of age 59.5. But normal withdrawals have a penalty before 59.5 ...
by MN Finance
Fri Oct 24, 2014 12:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: 457b Question
Replies: 10
Views: 769

Re: Daycare educational material for 3 year old

As the child of two parents who spent their careers as experts in child development, I can tell you that "play" is the primary, if not exclusive, method of learning for a 3 year old. This clearly doesn't mean chaos, but it also doesn't mean the use of educational concepts. There is no harm...
by MN Finance
Thu Oct 23, 2014 12:35 pm
 
Forum: Personal Consumer Issues
Topic: Daycare educational material for 3 year old
Replies: 10
Views: 932

Re: Question about stocks and taxes

The exception to a merger/buyout not being a taxable event is if it's a tax "inversion" that's been in the news lately. MDT for example. Those are taxable events.
by MN Finance
Wed Oct 15, 2014 1:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about stocks and taxes
Replies: 4
Views: 550

Re: Dry Powder, When to Start Value Averaging In?

Nearly 55, most likely will be retiring in less than a year. My question, looks like I will have 50 to maybe 100K after tax money that I'd like to put somewhere. Emergency fund is covered, won't need the money for a year or two, possibly more. Before this minor correction I was hanging on for anoth...
by MN Finance
Tue Oct 14, 2014 12:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Dry Powder, When to Start Value Averaging In?
Replies: 23
Views: 2296

Re: Question re: RMD

Clearly you can historically "prove" that the market is better in December than January because the market is higher more than 50% of the days, months, and years. So if you're looking at long term, big picture, out should turn out slightly better to take every December. Now, how much of a ...
by MN Finance
Tue Oct 14, 2014 12:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question re: RMD
Replies: 19
Views: 1569

Re: Tax shielding questions

Get married, have kids, get a big mortgage: 1) you'll pay next to nothing in tax on 100k, 2) 100k will barely pay the bills. Appreciate where you are.
by MN Finance
Sat Oct 11, 2014 5:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Tax shielding questions
Replies: 11
Views: 1308
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