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Re: contributed too much into solo 401K roth

Thank you so much for your clarification. I realize after reading your posts that I really didn't understand some of the basics of my solo 401K. When I spoke to the Vanguard rep about this issue he stated the issue was 'excessive deferral'. However, I didn't mention my age and he didn't ask so I gue...
by berkshire
Tue Apr 09, 2013 7:55 pm
 
Forum: Investing - Help with Personal Investments
Topic: contributed too much into solo 401K roth
Replies: 8
Views: 785

Re: contributed too much into solo 401K roth

How much was net income after expenses, not including s.e. tax or the $1000 or the 16016? The 250K refers to when you file an INFORMATION return form 5500 ez. Your tax presentation is correct. My net income was $17,486. So either my income would need to be higher or my total contribution to the emp...
by berkshire
Mon Apr 08, 2013 7:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: contributed too much into solo 401K roth
Replies: 8
Views: 785

Re: contributed too much into solo 401K roth

I am 61. $18K was contributed into the Roth employee deferral, and $1000 into the employee contribution. My net income after business expenses ended up being less than I had thought it would be when I contributed the $18K to the Roth. I did talk to a rep at Vanguard and was directed to the form at V...
by berkshire
Sun Apr 07, 2013 9:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: contributed too much into solo 401K roth
Replies: 8
Views: 785

Re: contributed too much into solo 401K roth

Does anyone have any insight into contributing too much into a solo 401K and the steps to take, as well as the question about the employer contribution and tax deduction? Would really appreciate any help. thanks.
by berkshire
Sun Apr 07, 2013 7:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: contributed too much into solo 401K roth
Replies: 8
Views: 785

contributed too much into solo 401K roth

I opened a solo 401K in 2012; set up as a Roth for employee deferrals. I filed my 2012 taxes a few days and have realized that I deferred too much into my 401K account based on my income this year. I contributed $18,000 in employee deferral and $1,000 into the employer contribution. Ending balance 1...
by berkshire
Fri Apr 05, 2013 8:48 am
 
Forum: Investing - Help with Personal Investments
Topic: contributed too much into solo 401K roth
Replies: 8
Views: 785

Re: Financially Challenged Boomer

Yep, got the 401K paperwork in the mail to Vanguard. Closed the Third Ave accounts and got that money deposited and ready to reinvest. Went to close my current taxable Vanguard accounts and put into Total Stock but realize I need to fund Total Stock with >10K so have to fund first with Alliant money...
by berkshire
Sat Jun 16, 2012 10:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Ah, thank you! :D
by berkshire
Sat Jun 16, 2012 5:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer - a little confused now

Landy and Pingo, or others - I'm starting to move my Vanguard funds using your advice and realize I'm confused about something. In your response it shows the types of account and then funds, with a percentage in front of the fund and then another percentage in brackets at the end of each fund number...
by berkshire
Sat Jun 16, 2012 5:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

thank you Pingo. If I have other questions as I make changes in my Vanguard funds, and get my 401K set up I'll post again. Thanks to everyone else also that provided some great ideas, suggestions. Much appreciated.
by berkshire
Thu Jun 14, 2012 9:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Pingo, Landy, and others - I am in the process of geting things moving with implenting changes. I did close my Third Avenue accounts. I have the paperwork in front of me to open Individual 401K Plan at Vanguard. I'm through most of the paperwork, and am at the point where I"m asked if I want to...
by berkshire
Mon Jun 11, 2012 5:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Hey Pingo, I am still here! Just got back from a busy work day here in beautiful Berkshire County, MA. I'm hoping to sit down tonight and digest what you and Landy have written. I'm a visual type person and have to see everything in front of me so have prined out the posts so can easily read, compar...
by berkshire
Thu Jun 07, 2012 4:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Pingo & others, So, the advice is to sell all Third Avenue holdings and use that money towards funding a taxable Vanguard account, that holds 11% Vanguard Total Stock Admiral(VTSAX) and 15% Vanguard Total International Admiral (VTIAX). Use cash from Alliant account to bring those two accounts up...
by berkshire
Wed Jun 06, 2012 5:04 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Pingo - That is a good question. I don't think that I need to keep 10% in cash as the amount of the portfolio continues to grow. I'm really looking at keeping a year of living expenses in cash, which is about $25K. Right now that is about 10% but that percentage will slowly decrease over the years, ...
by berkshire
Mon Jun 04, 2012 8:40 am
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

I made the adjustment in red in my OP to show the $25K I would want to keep in cash for emergency fund, leaving ~$70K to redirect towards investments. Thanks Landy.
by berkshire
Sat Jun 02, 2012 12:57 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Pingo - That's right...I did not sell in 2008. That was when I lost my job and started my small business. I rolled over the 401K I had with that company over to Vanguard. And then started funneling money into savings. I had every intention of eventually slowly moving money out of cash into other inv...
by berkshire
Sat Jun 02, 2012 8:47 am
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Pingo - with all the help you are providing you can call me ma'am, sir, or 'hey you'!! I actually double checked and my tax bracket this past year was 15%, not 10%, minor correction. Ruralavalon - it looks like I have 4 of the 5 funds you mention (missing the Total International Fund). But I need to...
by berkshire
Thu May 31, 2012 11:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Good morning..just finished reading the latest posts. Thank you again for your help. Pingo - I am not set on having any specific fund in my portfolio. I am looking to have a diversified portfolio that provides a balance between getting some decent returns for my investments without being high-risk. ...
by berkshire
Thu May 31, 2012 10:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Re: Financially Challenged Boomer

Thank you for looking things over and giving me some input. A few answers to questions asked: I haven't put money into the retirement accounts since 2009, when I started my own business. I've been just putting money into Alliant...hence, my 'inertia' the last years in investing. But want to start sh...
by berkshire
Tue May 29, 2012 4:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

Financially Challenged Boomer

I wonder if you might be able to provide some guidance. I have been fairly ‘frozen’ in inertia for the last few years and have been putting money only into my Alliant Credit Union account. However, I would like to start moving that money into some investment vehicles. Some information about me: I am...
by berkshire
Mon May 28, 2012 5:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Financially Challenged Boomer
Replies: 53
Views: 6132

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