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Like Jerome99, I still don't get how to fix this issue in Turbotax. My wife and I both bought Traditional IRAs and converted then to Roth IRAs by back dooring. TurboTax still has me paying taxes on those contributions. Not sure where I'm going wrong.

livesoft wrote:Wasn't this discussed in this thread -> viewtopic.php?f=2&t=109062&p=1600850

Thanks...I'll take a look at that thread!

In 2012 my wife and I both opened traditional IRAs with after tax money. We then back doored them into Roth IRAs due to our income levels being to high to take advantage of the traditional IRAs. The problem is I think Fidelity has the wrong distribution code on my form 1999-R. They have the code as ...

[OT comment removed by admin LadyGeek] I tried to follow the advice but making changes were tricky. I'm asking to make recomendations since I changed my 401K. I tried to follow Duckies advice but honeslty it got tricky so I'm not sure if I got the percentages correct. [Response to personal attack r...

2. Any other recomendations? Thanks for your help!!! Ummm, your debts aren't going away. Your emergency fund is WOEFULLY underfunded (my opinion!) Between the two of you, you make plenty of $$$. With no kids, now is the time to maximize your retirement contributions (the ones that reduce your taxes...

You have $400k in debt with an unstable job? If that is the case I strongly suggest you begin supplementing your emergency fund ASAP Yeah the best part is the $10k in the roths would fully cover us for 6 months. We would only have the house payment plus utilities, etc and my wife's slary would near...

linuxuser wrote:A duplicate post by Woody from October 2012
viewtopic.php?f=1&t=104718&p=1519707

Our 401Ks have completely changed so I wanted another evaluation. Is this ok? If not, please delete this thread.

We have been in forbearance for 3 years because we think it may not make sense to pay it off. I am not familiar with students loans. Are you saying you don't plan on repaying any of the loans? Are you able to do that? Sorry, I should have been more clear. We do plan to pay of the student loans but ...

Combined Income ~$250K/yr Debt: We have a $450k house and owe $320k. We are in year 2 of a 15 year mortgage at 2.875%. We have a combined $70k in student loans ($20k at 3.125% and $50k at 4.25%). We have been in forbearance for 3 years because we think it may not make sense to pay it off. We current...

Yes, just invest in VTI. Or you can invest in a different ETF since Fidelity has no-commission ETFs: https://www.fidelity.com/etfs/ishares such as IWV. Or you can move your Roth at Fidelity to another broker such as TDAmeritrade or Vanguard or WellsTrade that all have VTI for no-commission. Or wait...

I just opened a Fidelity Roth IRA and funded it with $5000. I was going to invest in VTSMX but there's a $75 transaction fee on top of the 0.14% Management Fee and 0.18% expense ratio. :annoyed Should I just invest in VTI instead? Or does Fidelity have a fund like VTSMX that I can invest in with onl...

Duckie wrote:
His Roth IRA -- 2.5%
2.5% Vanguard Total Stock Market

Her Roth IRA -- 2.5%
2.5% Vanguard Total Stock Market

What is the symbol for the Vanguard Total Stock Market? Thanks!

Duckie, I just rolled in my rollover IRA to his 401k to allow me to contribute to a traditional IRA so I could backdoor it into a Roth IRA. Now the rolled in amount went into the Spartan Ext Market Index Fund and I didn't realize it had a short term trading fee. So the bottom line is what should I ...

If I went to 25% bonds what would change Duckie? Thanks for the advice!

pingo wrote:The missing link of information is what TFs Her 401k offers.

Sorry I don't know what TF's are...

Duckie, I just rolled in my rollover IRA to his 401k to allow me to contribute to a traditional IRA so I could backdoor it into a Roth IRA. Now the rolled in amount went into the Spartan Ext Market Index Fund and I didn't realize it had a short term trading fee. So the bottom line is what should I d...

Combined Income ~$250K/yr Debt: We have a $450k house and owe $320k. We are in year 1 of a 15 year mortgage at 2.875%. We have a combined $70k in student loans ($20k at 3.125% and $50k at 4.25%). We have been in forbearance for 3 years because we think it may not make sense to pay it off. We current...

My wife and I are opening IRAs for both of us ($5K each). Our 401Ks are both with Fidelity. I was thinking about opening the IRAs with Fidelity but wanted to ask you guys and gals about this first. Which is the best company to open IRAs with and why? We plan to invest in index funds. Thanks for your...

Isn't ETF vs index fund the same thing? I'm not interest in a non index mutual fund.

Thanks!

It will be 5k for my wife and 5k for me.

Thanks! I was just using those as examples...I'm not going to do the nasdaq.

Anyone else?

Thanks guys...and gals

I'm about to do a backdoor Roth IRA and I'm wondering which are better ETFs or Index funds? Ie. QQQ vs a nasdaq index fund?

Thanks!

Is this salary limit set by individual companies or the IRS?

Thanks!

So where can I get a high limit card with a low int rate? I don't want bonuses, miles or any of that stuff, just a high limit low int rate card. If I go to the visa website and enter everything in I'm afraid they will just mail me another low limit card. Then I will have to keep it for a while then ...

The credit card was issued by our credit union when we opened our checking/savings accts and they asked me then what I wanted the maximum to be. I told them 10K. Now my wife and I have to go back in and talk to a loan officer to get the limit raised. I don't like having to explain to someone why I w...

What is a good rule of thumb on the credit card limit you should have? I wouldn't think it's a good idea for someone making $50k per year to have a limit of $40k nor should someone who makes $500k per year only have a limit of $1k, generally speaking. Notice I said generally speaking...I'm looking f...

Thanks guys and gals :) My wife and I usually float a few thousand in the checking account and we are close to our 10k emergency fund goal. Our current car ins deductible is $500 and our current home ins deductible is $1000. We are pretty safe people in a pretty safe neighborhood with a killer secur...

Are there any rules of thumb on what you should pick as deductibles for auto and homeowners policies?

Thoughts?

Thanks!

I am about to roll in his rollover IRA into his 401k so I can make a 5k contribution to a taxable IRA then back door it into a Roth IRA the next day. Is this a good idea with the fund choices I have in his 401k? I see the limited fund options as the only downside. Thoughts? Note: I'm also going to m...

Does anyone disagree with my student loan pholosophy? Basically pay int only until they force me out of forbearance due to low int rates and perks, ie. deferred repayment if I lose my job? We have been in forbearance for 4 yrs...it hasn't affected my credit and has allowed us to put more in our 401k...

I'm sorry but I am uncomfortable with how refunds and emergencies have been described in this thread. I agree with one point : if you have enough assets to trow your weight around then you can survive anything by brute force. But that is not the norm. Emergencies that I worry about are "tippin...

I also have a credit card to use which buys me time to figure out where to get money for unplanned repairs, etc. Thanks! So if you were to have the furnace die and transmission go out on your vehicle in the same month, you would charge it to your credit card. What if this were March of 2009 and the...

Are we saving enough for retirement?

Thanks for the reply. Those type scenarios can happen for sure. If that happened I would have about 4k in my checking acct (I always float a few thousand there) and another 10k to use from a line of credit that can instantly be transferred to my checking account. I also have a 10k limit on my credit...

I just updated the available funds to include all index funds. More funds are available but too many to list unless it's real necessary.

Thanks!

A couple of thoughts: - Emergency funds need to have a multi-tiered approach. If the sewer lines goes today and you need $2.5k by tomorrow to pay the guy for an emergency repair, do you have it? Never mind "I can get it within a few days" - do you have it now? There are a ton of examples ...

Combined Income ~$250K/yr Debt: We have a $450k house and owe $320k. We are in year 1 of a 15 year mortgage at 2.875%. We have a combined $70k in student loans ($20k at 3.125% and $50k at 4.25%). We have been in forbearance for 3 years because we think it may not make sense to pay it off. We current...

So I was thinking I would need like 30k for a 6 month EF. Turns out that it would only be ~5k after counting my wife's income and unemployment benefits (if I lost my job) and adding up all our expenses (we are debt free except the house). My wife's job is very stable so it would be very unlikely for...

So do you guys not recommend an Emergency Fund with liquid cash in a MMA, savings acct, or something similar with 3-6 months expenses? Sounds like y'all may recommend an Emergency Plan instead which using credit cards, home equity (HELOC) among other credit related options. So do you guys use a cash...

I agree keep it liquid until you build up assets.After you build up assets you need emergency plan.Try this link about emergency plan http://www.bogleheads.org/forum/viewtopic.php?f=2&t=102878 John I have assets. I'm 37 and my wife is 31. We owe about 345k on a 450k house. We have no other debt...

Lots of people just use FDIC insured accounts. A popular alternative are "I Bonds" (really "Series I Savings Bonds") which are backed by the full faith and credit of the US government - these give a rate of return that corresponds to the current inflation rate (I'm simplifying h...

Thanks for the reply! I have asked about the next steps in another thread. For this thread I'm just looking for ideas regarding the emergency fund. Thanks again!

Hey guys! My wife and I are close to having our Emergency Fund (6 months of expenses) saved up. :D My job security is iffy but hers is solid. Where do you recommend us keep our emergency fund .... -While saving but before we reach our goal? -Once we reach our goal? I currently have it in a Money Mar...

Guys, thanks for your help! I have done some research and I think backdoor roths are probably the best "next step" for my wife and I!

Hello everyone! I'm 37 and my wife is 31. Our combined AGI is ~200k per year. We do not have kids and don't plan to. We both max out our 401ks and we are looking to save more for retirement but we are not sure how. :? We do not qualify for a Roth IRA and there is no tax advantage to a traditional IR...