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How much to have Vanguard withhold on RMD

Hello all My wife will be taking RMDs on an inherited traditional IRA this year, first time. Question: Vanguard asks how much withhold - How much is best? Do you do the 10% suggested? Do you figure out your expected tax rate and do that? Does it really matter? Will we get penalized if we only withho...
by eelwood
Sat Nov 29, 2014 1:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much to have Vanguard withhold on RMD
Replies: 36
Views: 2657

Re: complicated IRA issue, easy question

I was PMed by someone on the forum, and hashed out the issue. Essentially, I did not have all the numbers and did not realize Vanguard took care of us at the time of the 403b rollover. When this was done, they distributed the RMD as calculated at the time of the rollover and withheld the necessary f...
by eelwood
Wed Nov 26, 2014 10:37 am
 
Forum: Personal Finance (Not Investing)
Topic: complicated IRA issue, easy question
Replies: 4
Views: 527

complicated IRA issue, easy question

We have a complicated inherited IRA issue that could use some help: My wife inherited a few retirement accounts from her mother, who passed away in 2013. In calculating the RMD, I think that Vanguard told me one thing, and one of my wife's siblings another - since the siblings all did the same thing...
by eelwood
Wed Nov 26, 2014 8:09 am
 
Forum: Personal Finance (Not Investing)
Topic: complicated IRA issue, easy question
Replies: 4
Views: 527

Re: How many families use 529 plans?

my parents paid for my sister and me to go to college. in return, we were to pay for our kids to go to college. I agreed so we're stuck, and I guess it will be pricey. we contribute a 1000 per month to our son's 529 (max out all tax advantaged retirement funds, backdoor Roth, etc., and save 5000 eac...
by eelwood
Sat Aug 02, 2014 5:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: How many families use 529 plans?
Replies: 113
Views: 8634

Whole life cash in situation - taxed?

My mother in law owned whole life policies on each of her kids - we were not aware. She had a policy on my wife ( on her life). My mother in law passed away last year. The policy was transferred first to the executrix of the estate, my sister in law, and we will now transfer it to my wife (she's wil...
by eelwood
Sat Aug 02, 2014 12:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Whole life cash in situation - taxed?
Replies: 1
Views: 281

exchanging shares in an IRA/tax implication

What are the tax implications of exchanging shares within IRAs? We have an inherited IRA and an inherited Roth IRA, and want to change from several funds to another - is there any tax implication to making an exchange? If you "exchange" is that really a sell then a buy? does that matter? t...
by eelwood
Sun Apr 13, 2014 8:45 pm
 
Forum: Investing - Theory, News & General
Topic: exchanging shares in an IRA/tax implication
Replies: 4
Views: 366

Re: Opinion - balance between school loans and saving

thanks for good replies. im reconsidering the plan I had, and may slow down loan repayments and shunt that money to the taxable retirement account and the future down payment. the link provided was good food for thought. (we do have an emergency fund, can survive easily for 4 months if both lose job...
by eelwood
Tue Mar 18, 2014 8:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Opinion - balance between school loans and saving
Replies: 14
Views: 784

Opinion - balance between school loans and saving

This essentially boils down to what is your opinion regarding paying down loans and saving. My wife and I, both physicians, both 32y, have been very aggressive about paying back 6.8% loans and have put all money toward this rather than saving, for the last 8 months (except maxing out retirement acco...
by eelwood
Tue Mar 18, 2014 12:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Opinion - balance between school loans and saving
Replies: 14
Views: 784

Backdoor Roth and inherited IRAs

My wife just received an inherited IRA and an inherited Roth IRA, in Vanguard, this month. She has no other IRAs (only an old 401(k) and a current 403(b)). We want to do the backdoor Roth conversion, since our income level prevents us from buying a Roth directly. I know that if she has other IRAs (t...
by eelwood
Sun Feb 09, 2014 10:12 am
 
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth and inherited IRAs
Replies: 2
Views: 310

401(k) and backdoor Roth question

Hello all - I wanted to request your advice regarding "backdoor Roth" and a 401(k) that needs to rolled over: My wife has a 401(k) from a prior employer that we intended to roll over into a traditional IRA. However, we found out we can convert a traditional IRA into a Roth (looking over th...
by eelwood
Tue Jan 21, 2014 10:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(k) and backdoor Roth question
Replies: 2
Views: 287

Re: Asset allocation advice

Hello, Thanks for feedback. More info: we are both out of training, combined income close to 425k I think. In about 12 months I'll be able to contribute to my groups' retirement plan (profit-sharing, I think maxes to about 51k?) - my wife has a 40x(x) and I think we can put the money anywhere. We pl...
by eelwood
Sat Jan 18, 2014 7:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: Asset allocation advice
Replies: 4
Views: 445

Asset allocation advice

Hello all - I'm trying to come up with a asset allocation plan for the long term - by this I mean placing money in taxable and sheltered accounts. I'd like to have a road map so we can just shunt money into these accounts each pay period. Current situation: 2 physician family, infant. Med school Deb...
by eelwood
Fri Jan 17, 2014 8:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Asset allocation advice
Replies: 4
Views: 445

Recommended books?

I'm 31, recently out of medical training along with my wife. I finally have time to read. I got through Bogle's common sense guide to investing, the Bogleheads guide to investing, and just about done with Bernstein's four pillars of investing. I have a decent foundation for investing. Can anyone rec...
by eelwood
Sat Jan 11, 2014 4:32 pm
 
Forum: Investing - Theory, News & General
Topic: Recommended books?
Replies: 3
Views: 334

Question regarding traditional IRA conversion to Roth IRA

this is probably simple stuff. Can someone either explain or point me to a good source regarding the conversion: I'm told I can purchase the traditional IRA and convert it to a Roth the following day... my wife and I both have Roth IRAs but are physicians just recently out of residency to we're abov...
by eelwood
Wed Nov 06, 2013 10:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question regarding traditional IRA conversion to Roth IRA
Replies: 7
Views: 643

Re: FSA vs child tax credit

Thanks for reply. I thought FSA maxed at 5k for the year. Also she will have only worked for 2 months this year with the group that offers the FSA - can we claim the full amount for daycare paid fior before she started work? My son has been in daycare for several months now. Sorry I'm not yet famili...
by eelwood
Tue Oct 29, 2013 12:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: FSA vs child tax credit
Replies: 7
Views: 568

FSA vs child tax credit

Am I correct that the FSA for childcare is a better option for higher income families (2 physicians) than the child care tax credit? My wife is starting a new job that offers the child care FSA and can take advantage for Nov and Dec (about $2,000 for 2 months if daycare at a daycare center) - I thou...
by eelwood
Tue Oct 29, 2013 12:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: FSA vs child tax credit
Replies: 7
Views: 568

Re: more than one credit card?

Good replies. Thanks. Follow up question(s). Someone mentioned that having multiple cards may be needed to build up a credit history which may be important for getting a mortgage. Somehow student loans can play into this. What are the key factors that come into play in someone's credit history? We a...
by eelwood
Fri Jul 26, 2013 8:14 am
 
Forum: Personal Finance (Not Investing)
Topic: more than one credit card?
Replies: 51
Views: 4000

more than one credit card?

I saw a post asking about the number of credit cards people have - people seemed to have a number and used them for various situations (flier miles, cash back, etc). What are people's thoughts on multiple credit cards? Any drawbacks? Any effect on credit? I have had a MasterCard thru USAA for 10 yea...
by eelwood
Thu Jul 25, 2013 10:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: more than one credit card?
Replies: 51
Views: 4000

Re: COBRA question

Thanks all for opinions/thoughts. Given the uncertainty I have, the possible lapse in coverage, a wife and 5 month old, my love of peace of mind, and in the long run a month's premium being of little consequence... I will get the coverage. I'm sure something could go wrong or be an issue for us late...
by eelwood
Tue Jun 11, 2013 5:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: COBRA question
Replies: 25
Views: 1421

COBRA question

I have a question regarding whether to get COBRA coverage. Here is my situation: I am completing a job June 30, and have coverage for my family. I start my new job late July and will have coverage starting August 1. I understand that I can wait over 2 months before electing to get coverage, and have...
by eelwood
Tue Jun 11, 2013 3:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: COBRA question
Replies: 25
Views: 1421

Allocation of resources: baby/school debt/home - thoughts?

I wanted to see if anyone could give thoughts about how to manage our resources over the next few years, given several goals: 1. Child care (first child due in about 6 months) 2. Pay down medical school debt. (most at 6.8%, some around 4.7%, less at 2%) 3. Purchase a home My wife and I are both phys...
by eelwood
Sun Aug 05, 2012 11:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Allocation of resources: baby/school debt/home - thoughts?
Replies: 1
Views: 296

Re: Life insurance

many thanks for the input. i dont fully understand the value in buying life insurance from several companies - other than reducing the risk that you get into trouble if the company no longer exists 25-30 years later (with a 30y term, say) - are there other benefits other than more risk reduction? th...
by eelwood
Sat Jul 28, 2012 10:34 am
 
Forum: Personal Finance (Not Investing)
Topic: Life insurance
Replies: 25
Views: 1742

Re: Life insurance

im the son in question. from what i gather, a 30y term plan for both my wife and me at 2M each with an A or higher company will be fine. while we do have a lot thru USAA, i wasnt sure of the value of paying several thousand more a year for a policy equal in most if not all respects that could be pro...
by eelwood
Wed Jul 25, 2012 12:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Life insurance
Replies: 25
Views: 1742

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