Search found 588 matches

Return to advanced search

Recommend Solo Roth 401(k) Option?

I'm a physician who is in the top tax bracket. I currently have a SEP-IRA and max contributions annually. I was thinking of opening a Solo 401(k) with Fidelity, rolling the SEP into the 401(k) (would open with Vanguard, but Vanguard does not allow this), and then making backdoor Roth contributions a...
by southerndoc
Sun Jan 25, 2015 1:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: Recommend Solo Roth 401(k) Option?
Replies: 6
Views: 471

Re: Withdrawing Backdoor Conversions from Roth IRA

It was a conversion in 2010 that was taxed in 2011 and 2012 (due to the 2010 conversion allowing the one time split taxes).
by southerndoc
Sun Jan 25, 2015 1:54 pm
 
Forum: Investing - Theory, News & General
Topic: Withdrawing Backdoor Conversions from Roth IRA
Replies: 33
Views: 2335

Re: Withdrawing Backdoor Conversions from Roth IRA

What happens if you made a total of $15,000 in contributions from 2000-2008, made a conversion of $100,600 in 2010, and then in 2015 withdrew $100,000 while under age 59.5? How do you calculate what gains are from the $100k v. the $15k, and because you made contributions and the 5-year conversion ru...
by southerndoc
Sun Jan 25, 2015 12:41 pm
 
Forum: Investing - Theory, News & General
Topic: Withdrawing Backdoor Conversions from Roth IRA
Replies: 33
Views: 2335

Re: Very Basic Question on Roth IRA - Deadline?

For some reason I thought the IRA had to be open during the year for which it was funded.

So I could open my wife's IRA today, make a non-deductible spousal IRA contribution for TY2014, then do a Roth conversion on it? (Income limits prevent me from contributing to a Roth directly.)
by southerndoc
Sun Jan 25, 2015 12:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Very Basic Question on Roth IRA - Deadline?
Replies: 10
Views: 651

Re: Reliability of LED televisions?

Just got rid of a Samsung 46" LED purchased in 2008. No problems whatsoever when I sold it off Craigslist. Only reason I got rid of it is we wanted a bigger screen (55", which is only an inch or two bigger than the 46" thanks to a smaller bezel). The screen was just as bright when I s...
by southerndoc
Sun Jan 25, 2015 12:34 pm
 
Forum: Personal Consumer Issues
Topic: Reliability of LED televisions?
Replies: 18
Views: 1215

Re: How much umbrella insurance do I need?

The difference in my $3 mil and $5 mil umbrella insurance policies was only $40/year. A no brainer for me to up to the max to protect future earnings as well as current assets.
by southerndoc
Sun Jan 25, 2015 12:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much umbrella insurance do I need?
Replies: 19
Views: 2117

Re: multiple 401Ks

I've read where individuals can maximize 401k's through employers and SEP's through their consulting work/self-employment.

Not sure how that applies to individuals who own their own corporation, but I would recommend speaking to your account and a retirement specialist.
by southerndoc
Thu Jan 22, 2015 4:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: multiple 401Ks
Replies: 6
Views: 690

Re: Keurig-cup coffee makers - why?

I use K cups because it's easier. Yes, it's more expensive, but so are a lot of other things in life that I use just for convenience.
by southerndoc
Thu Jan 22, 2015 4:39 pm
 
Forum: Personal Consumer Issues
Topic: Keurig-cup coffee makers - why?
Replies: 67
Views: 4750

Re: 529 Plans Reform

Ugh. Just contributed $2,000 to my daughter's 529.

What's next? Taxing Roths?
by southerndoc
Tue Jan 20, 2015 1:07 pm
 
Forum: Investing - Theory, News & General
Topic: 529 Plans Reform
Replies: 24
Views: 1367

Re: Termination of SEP-IRA for Individual 401(k)

sOUTHERNDOC, Can I ask why you are in need of transferring the funds to another institution as an intermediate step? I was able to just transfer to another account at Vanguard. To eliminate the SEP for prorata reasons for backdoor Roth conversions. Vanguard doesn't allow SEP rollovers. Fidelity does.
by southerndoc
Fri Jan 16, 2015 11:11 am
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Re: Termination of SEP-IRA for Individual 401(k)

I was looking through the application for Fidelity's Self-Employed 401(k). There is a notice in the application that if you use the prototype plan (which I believe is the easiest to set up), that you can't later establish another plan under the prototype plan. My plan is to set up at Fidelity, roll ...
by southerndoc
Thu Jan 15, 2015 10:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Re: Termination of SEP-IRA for Individual 401(k)

I also dealt with this at Vanguard a few months ago. There are situations (don't ask me which combo's are allowed, please) where you can contribute to the SEP IRA in the same year as a qualified plan- you just have to decrease the qualified plan contribution by the appropriate amount. However, I wa...
by southerndoc
Thu Jan 15, 2015 9:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

How Long Do You Keep Tax Records?

Out of curiosity, how long do you keep tax records on average?
by southerndoc
Thu Jan 15, 2015 9:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: How Long Do You Keep Tax Records?
Replies: 28
Views: 2416

Re: Spousal IRA and Immediate Roth Conversion

http://www.financial-planning.com/blogs/ed-slott-ira-conversion-rollover-2672863-1.html Another article on it with some further details. Basically this article implies it would be difficult to enforce since Congress specifically allows Roth conversions. This article suggests not doing the conversion...
by southerndoc
Thu Jan 15, 2015 9:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA and Immediate Roth Conversion
Replies: 11
Views: 590

Re: Spousal IRA and Immediate Roth Conversion

http://www.marketwatch.com/story/pro-ra ... 2013-05-03

Is anyone aware of this step transaction doctrine? If so, what period of time must one wait before converting the non-deductible IRA to a Roth?
by southerndoc
Thu Jan 15, 2015 9:04 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA and Immediate Roth Conversion
Replies: 11
Views: 590

Re: Spousal IRA and Immediate Roth Conversion

Just for clarification (and before I screw something up), my wife's Spousal IRA can make non-deductible contributions, convert to a Roth, and none of my SEP-IRA will be used for prorata calculations even though we file jointly? I think someone had mentioned that our IRA's are considered separate for...
by southerndoc
Thu Jan 15, 2015 8:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA and Immediate Roth Conversion
Replies: 11
Views: 590

Re: Termination of SEP-IRA for Individual 401(k)

This matches the information the Vanguard rep gave me when I opened an Individual 401(k) with Vanguard a few years back in addition to my existing SEP-IRA. While it's ok with the IRS to contribute to both within a year the Vanguard setup will only let you contribute to either one during a given tax...
by southerndoc
Thu Jan 15, 2015 8:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Re: Spousal IRA and Immediate Roth Conversion

I don't qualify for direct Roth contribution. My wife has no income, but we're MFJ so I think the only way she can contribute is through a Spousal IRA option and then a backdoor Roth conversion (with the spousal IRA contribution being a non-deductible contribution). C8H18, the income restriction for...
by southerndoc
Thu Jan 15, 2015 4:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA and Immediate Roth Conversion
Replies: 11
Views: 590

Re: Termination of SEP-IRA for Individual 401(k)

I originally had a SEP with Schwab, then opened one with Vanguard and transferred funds to Vanguard.

When I open the Solo 401(k) with Fidelity, should I mark the plan as 03 instead of 02?
by southerndoc
Thu Jan 15, 2015 4:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Spousal IRA and Immediate Roth Conversion

I'm about to open an IRA for my spouse and convert to a Roth. She does not work. I plan to make her deduction as a non-deductible contribution. When I convert her account to a Roth with Vanguard, will they close her IRA account? If not, will I be charged fees since it will have a $0 balance for a ye...
by southerndoc
Thu Jan 15, 2015 11:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA and Immediate Roth Conversion
Replies: 11
Views: 590

Re: Termination of SEP-IRA for Individual 401(k)

I think you terminate the agreement but not close the account.

I sent Vanguard an email but haven't seen their response. When they reply I'll post it here.
by southerndoc
Thu Jan 15, 2015 11:31 am
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Re: Termination of SEP-IRA for Individual 401(k)

Nowhere near as hard as I thought it would be.
by southerndoc
Wed Jan 14, 2015 2:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Termination of SEP-IRA for Individual 401(k)

I've finally decided to open an individual 401(k). Will probably open it at Fidelity so I can transfer my Vanguard SEP into it and then take advantage of the backdoor Roth option. I have the standard 5305 SEP agreement for my SEP. I've contributed funds this year (2015) for TY2014. I have not contri...
by southerndoc
Wed Jan 14, 2015 12:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Termination of SEP-IRA for Individual 401(k)
Replies: 18
Views: 1041

Re: Disability Insurance

Thanks for the responses. Yeah, I now realize my policy is garbage. My agent (former CFP guy) dropped the ball on this policy. I specifically told him that I wanted a policy that will pay ($15K per month) if I can't perform the one surgical procedure that I specialize in. I guess I can get a differ...
by southerndoc
Wed Jan 14, 2015 11:17 am
 
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance
Replies: 23
Views: 1335

Re: Vanguard or Somewhere Else (Solo 401k)

I don't understand why Vanguard doesn't offer admiral funds in its Solo 401(k).
by southerndoc
Wed Jan 14, 2015 3:21 am
 
Forum: Investing - Help with Personal Investments
Topic: Vanguard or Somewhere Else (Solo 401k)
Replies: 13
Views: 1565

Re: Disability Insurance

You should look into an own occupation policy. My policy will pay even if I find another job in another field. If I can't work in the ER because of disability, but later decided to do a radiology residency or work in an urgent care center, then my policy still pays for disability because I can't wor...
by southerndoc
Wed Jan 14, 2015 3:18 am
 
Forum: Personal Finance (Not Investing)
Topic: Disability Insurance
Replies: 23
Views: 1335

Re: Withdrawing from Roth IRA *Conversions*

I was under the impression that none of your conversions or contributions are taxed... only earnings that are withdrawn. You've already paid taxes on the conversions and contributions. I don't think you are going to be double taxed. I believe the 5-year rule, over 59 1/2, etc. is only for the 10% pe...
by southerndoc
Sun Jan 11, 2015 11:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Withdrawing from Roth IRA *Conversions*
Replies: 9
Views: 925

Re: HSA: Bank of America v. BenefitWallet

I forgot to mention that Benefit Wallet does give you 50 free checks. You could use them to pay large expenses. Yea, that was a plus for them. Now that I found the investment fee ($2.90/mo in addition to the $3.25/mo), BoA is cheaper. I found out that BoA has an online bill pay function. Even thoug...
by southerndoc
Sat Jan 10, 2015 6:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA: Bank of America v. BenefitWallet
Replies: 11
Views: 925

Re: HSA: Bank of America v. BenefitWallet

Southerndoc, what is your experience with BOA HSA? I've been looking for some anecdotes about investing with them. So far haven't had any bad experience other than taking a while to respond to communications. They do not offer any checks, so you can't pay large bills with checks. Their reimbursemen...
by southerndoc
Sat Jan 10, 2015 3:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA: Bank of America v. BenefitWallet
Replies: 11
Views: 925

Re: HSA: Bank of America v. BenefitWallet

G-Force wrote:You could always use another form of payment and reimburse yourself from your HSA if you exceed the $3000 daily limit.


True, but if BoA's limit is higher, I could just pay directly with one card and eliminate the hassle of submitting a claim.
by southerndoc
Sat Jan 10, 2015 11:58 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA: Bank of America v. BenefitWallet
Replies: 11
Views: 925

Re: HSA: Bank of America v. BenefitWallet

Just realized that BenefitWallet has a $3000 daily limit on transactions through their credit card.

Does anyone know what the limit is for Bank of America?

I can easily see needing to pay more than that for a hospital bill, procedure, etc.
by southerndoc
Sat Jan 10, 2015 10:36 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA: Bank of America v. BenefitWallet
Replies: 11
Views: 925

HSA: Bank of America v. BenefitWallet

Does anyone have any experience with BenefitWallet's (Bank of New York Mellon) HSA? My insurer (Blue Cross/Blue Shield of Georgia) has partnered with them, and when I changed my coverage this year they automatically opened an HSA with BenefitWallet. Their fee is cheaper than Bank of America ($2.90/m...
by southerndoc
Sat Jan 10, 2015 10:05 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA: Bank of America v. BenefitWallet
Replies: 11
Views: 925

Re: Vanguard's International Stock Fund

Don't rely too much on past performance. It's not a good indicator of future performance.
by southerndoc
Fri Jan 09, 2015 10:17 am
 
Forum: Investing - Theory, News & General
Topic: Vanguard's International Stock Fund
Replies: 8
Views: 1246

Re: roll solo 401K into a company 401K

What is the perceived benefit that would cause you to want to terminate your Solo 401k and roll it over? You have full control over the Solo 401k plan. You can change the provider that gives your choice of lowest costs, best products, and services. You can choose to rollover other retirement plans ...
by southerndoc
Fri Jan 02, 2015 1:54 am
 
Forum: Investing - Help with Personal Investments
Topic: roll solo 401K into a company 401K
Replies: 5
Views: 466

Re: [Getting Sued for] Malpractice

I don't think anyone in my experience ever bought more malpractice insurance than what came with the ER contract. I would worry that increasing your insurance would make you even more of a target, let alone how expensive it would be. Mike You probably can't buy more if your group provides the insur...
by southerndoc
Wed Dec 24, 2014 5:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Getting Sued for] Malpractice
Replies: 46
Views: 4871

Re: Dentist Bill from 2011

I recently received a bill for $50 for a no-show appointment from 2 years ago. I started not to pay it for untimely billing, but realized that $50 is a lot less than the time involved to sort out any credit hits that might happen. I'm sure they would've sold my $50 debt to a debt collector and that ...
by southerndoc
Wed Dec 24, 2014 5:00 pm
 
Forum: Personal Consumer Issues
Topic: Dentist Bill from 2011
Replies: 62
Views: 3828

Re: [Getting Sued for] Malpractice

Does anyone know how 529 plans are protected? I have one set up for my daughter and would hate to lose her college fund to a lawsuit (either malpractice or personal).
by southerndoc
Wed Dec 24, 2014 12:10 am
 
Forum: Personal Finance (Not Investing)
Topic: [Getting Sued for] Malpractice
Replies: 46
Views: 4871

Re: [Getting Sued for] Malpractice

As others mentioned, IRA protection is state dependent. It's also more favorable toward traditional/SEP IRA's than for Roth IRA's. The creditor laws are very murky (at least for my state), but that's what I was advised. 401(k) and 403(b)'s are pretty much untoucheable from what I understand. I'm not...
by southerndoc
Wed Dec 24, 2014 12:08 am
 
Forum: Personal Finance (Not Investing)
Topic: [Getting Sued for] Malpractice
Replies: 46
Views: 4871

Re: HSA account?

I have a Benefit Wallet HSA as well. They were previously called the HSA solution. Essentially there are 2 low cost index funds on the plan. Vanguard Total stock market and a small cap one. I pretty much put all my money in VTSMX and the ER is the same as Vanguards. I get charged $2.90/month for us...
by southerndoc
Tue Dec 16, 2014 4:05 pm
 
Forum: Investing - Theory, News & General
Topic: HSA account?
Replies: 15
Views: 2422

Withdrawing Roth Conversion Amount - Taxed?

A family member were discussing something an an interesting question came up. He is wanting to take his Roth IRA money and purchase a vacation home (never mind that this is a bad idea, which I've told him, but I digress). He did a Roth conversion in 2010 for a very large amount. He split taxes in 20...
by southerndoc
Sun Oct 05, 2014 9:53 pm
 
Forum: Personal Finance (Not Investing)
Topic: Withdrawing Roth Conversion Amount - Taxed?
Replies: 4
Views: 445

Re: Emergency room consent

The article you mentioned in the NYT mentions a troubling statement: the fact that a father requested a plastic surgeon to suture up his child when an ER physician is trained well enough to do it (we do it routinely on a daily basis), and then he balks at the bill. Plastic surgeons are expensive, a...
by southerndoc
Mon Sep 29, 2014 12:59 am
 
Forum: Personal Finance (Not Investing)
Topic: Emergency room consent
Replies: 61
Views: 3505

Re: Emergency room consent

I'm sorry, but if an insurance company tries to pay me 50% of what the customary rate is for a service, then why should I be obligated to take it? What's to say they will just pay $5 to treat your heart attack and I'm supposed to take it? At some point you have to draw the line. I never like it whe...
by southerndoc
Mon Sep 29, 2014 12:52 am
 
Forum: Personal Finance (Not Investing)
Topic: Emergency room consent
Replies: 61
Views: 3505

Re: Emergency room consent

I'm sorry, but if an insurance company tries to pay me 50% of what the customary rate is for a service, then why should I be obligated to take it? What's to say they will just pay $5 to treat your heart attack and I'm supposed to take it? At some point you have to draw the line. I never like it when...
by southerndoc
Sun Sep 28, 2014 10:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Emergency room consent
Replies: 61
Views: 3505

Re: Stamps cheaper at Staples than at USPS ?

Recently, I've been shipping packages via the USPS at Office Depot. The Office Depot shipping prices are indeed cheaper, even using the same USPS service..I've seen them as much as 30 to 40% cheaper for the same package weight and size. You get the same discount by printing labels at home and shipp...
by southerndoc
Sat Sep 27, 2014 11:53 pm
 
Forum: Personal Consumer Issues
Topic: Stamps cheaper at Staples than at USPS ?
Replies: 12
Views: 1491

Re: 3-Fund vs. Target Fund

If you have a lot of money invested, admiral funds are a bit cheaper than target date funds.
by southerndoc
Sun Sep 21, 2014 9:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: 3-Fund vs. Target Fund
Replies: 7
Views: 1110

Re: Vanguard's Website - Bad, or just me?

There are many things that can be improved on Vanguard's website and IT departments, but it's a small price to pay to get funds at 0.05-0.15% instead of 1-2%. You get what you pay for.
by southerndoc
Tue Sep 16, 2014 11:06 pm
 
Forum: Personal Consumer Issues
Topic: Vanguard's Website - Bad, or just me?
Replies: 36
Views: 2496

Re: IPhone 6 and AT&T Contract Extension

Call AT&T BEFORE you set up your phone. They will have you set it up while they're on the phone and get you on the right plan. There are some serious kinks in AT&T's automatic computer systems.
by southerndoc
Tue Sep 16, 2014 9:46 pm
 
Forum: Personal Consumer Issues
Topic: IPhone 6 and AT&T Contract Extension
Replies: 14
Views: 1288

Re: Air Purifier for Allergies

We have Honeywell HEPA filters with charcoal prefilters. Love them. The prefilter removes odors and the HEPA filter does very well at removing allergens. Living in Georgia, we have some hefty allergy seasons. I would stay away from ionic filters. There's a lot of controversy over the free radicals p...
by southerndoc
Tue Sep 16, 2014 9:43 pm
 
Forum: Personal Consumer Issues
Topic: Air Purifier for Allergies
Replies: 29
Views: 2391

Re: Opening Solo 401(k) and Closing SEP-IRA

I think he's saying that if I make contributions in 2014 (even for TY2013), then it is active. I will need to not make any SEP contributions in the year which I open the solo 401(k). I have a 5305-SEP.
by southerndoc
Mon Sep 15, 2014 11:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Opening Solo 401(k) and Closing SEP-IRA
Replies: 10
Views: 902

Re: Trouble Accessing Vanguard SBS Online

toto238 wrote:So it sounds like the bookmark/favorite seems to be the issue?


No, it has nothing to do with that since it happens on multiple computers (including my computer at work) even when not using a bookmark.
by southerndoc
Mon Sep 15, 2014 11:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: Trouble Accessing Vanguard SBS Online
Replies: 5
Views: 476
Next

Return to advanced search