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Re: 5498 form for IRA recharacterization

Thanks, Alan!
by zrzhu111
Sun May 25, 2014 9:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: 5498 form for IRA recharacterization
Replies: 8
Views: 607

Re: 5498 form for IRA recharacterization

Alan S. wrote:... and the receiving custodian will issue a 5498. ....

so when will I receive a 5498 for the Roth account then? Thanks
by zrzhu111
Sun May 25, 2014 6:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: 5498 form for IRA recharacterization
Replies: 8
Views: 607

Re: 5498 form for IRA recharacterization

Form 1099-R is used to show distribution from retirement accounts.
so I guess the recharacterization from my Tradition account is counted as a distribution and I will receive 1099-R in 2015 for the recharacterization made in 2014. Am I right?
by zrzhu111
Sun May 25, 2014 9:52 am
 
Forum: Personal Finance (Not Investing)
Topic: 5498 form for IRA recharacterization
Replies: 8
Views: 607

5498 form for IRA recharacterization

I recharacterized my contribution from traditional to Roth IRA. I received the 5498 form (which does not show the recharaterization) for my traditional IRA, but not for the ROTH. Called Sharebuilder, they told me I would receive a form 5498 for Roth in 2015, which will show the recharacterizaion. I ...
by zrzhu111
Sat May 24, 2014 9:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: 5498 form for IRA recharacterization
Replies: 8
Views: 607

Re: Recharaterize IRA contribution

Bump!
by zrzhu111
Fri Mar 28, 2014 7:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA contribution
Replies: 10
Views: 683

Re: Recharaterize IRA contribution

This is an odd situation, but the only difference between what you filed and the recommended procedure would be the addition of an explanatory statement regarding your recharacterization. Your tax return itself would not change since you did not take an IRA deduction and neither did you file an 860...
by zrzhu111
Tue Mar 25, 2014 3:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA contribution
Replies: 10
Views: 683

Re: Recharaterize IRA contribution

Something doesn't add up here. You generally don't (more precisely AFAIK, never ) report Roth contributions on your tax return. Maybe you told turbotax that you made a Roth contribution? So it seems more likely that you reported nothing to the IRS about any IRA contributions whatsover. If that's th...
by zrzhu111
Tue Mar 25, 2014 11:55 am
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA contribution
Replies: 10
Views: 683

Re: Recharaterize IRA contribution

pshonore wrote:How did you report a "Roth" in your return? You may have told the software but the return the IRS received has no indication that you made a Roth contribution.

yes, I told HRBlock software that I contributed to Roth.
by zrzhu111
Tue Mar 25, 2014 11:51 am
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA contribution
Replies: 10
Views: 683

Re: Recharaterize IRA contribution

If I recharaterize my IRA contritubion after filing the return, do I need to file anything with IRS? Apparently yes. Recharacterizations You may be able to treat a contribution made to one type of IRA as having been made to a different type of IRA. This is called recharacterizing the contribution. ...
by zrzhu111
Tue Mar 25, 2014 10:59 am
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA contribution
Replies: 10
Views: 683

Recharacterize IRA contribution

Just filed my 2013 return a couple days ago. Now realized that I made traditional IRA contribution in June 2013, but in the return, I claimed that I had a Roth contribution of $5,500. Per House Blend, I told the taxsoftware (HRBlock) I contributed $5,500 to Roth. I know I have two choices here (or m...
by zrzhu111
Tue Mar 25, 2014 8:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Recharacterize IRA contribution
Replies: 10
Views: 683

Re: How can I purchase vanguard ETF with mutual fund?

Just recently opened an IRA account and put money in the primary money market fund. Then I added the brokerage service to IRA account. How can I exchange the primary money market fund for any vanguard ETF I want to purchase? thanks. You place a trade in the brokerage account to buy the ETF. When th...
by zrzhu111
Wed Jan 29, 2014 11:50 am
 
Forum: Investing - Help with Personal Investments
Topic: How can I purchase vanguard ETF with mutual fund?
Replies: 7
Views: 437

How can I purchase vanguard ETF with mutual fund?

Just recently opened an IRA account and put money in the primary money market fund. Then I added the brokerage service to IRA account. How can I exchange the primary money market fund for any vanguard ETF I want to purchase? thanks.
by zrzhu111
Wed Jan 29, 2014 9:56 am
 
Forum: Investing - Help with Personal Investments
Topic: How can I purchase vanguard ETF with mutual fund?
Replies: 7
Views: 437

Re: Do I have Vanguard Brokerage Account now?

i just went back to the website, then on the brokerage service. And opened a new brokerage service account to my IRA account, so i think I'll see it in a couple days.
by zrzhu111
Sat Jan 25, 2014 11:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do I have Vanguard Brokerage Account now?
Replies: 3
Views: 493

Portfolio checkup

This is my current portfolio, I would like my AA to be 70% stock, 20% bond and 10% alternative. I have no debt and 25% fed tax bracket and 8.8% for NY. Stock - US 56.37% Stock - International 18.47% Bond 11.97% Real estate 6.06% Health Care 6.71% Cash 0.42% The above allocation includes my 401k port...
by zrzhu111
Fri Jan 24, 2014 10:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Portfolio checkup
Replies: 3
Views: 225

Do I have Vanguard Brokerage Account now?

I just opened a Roth IRA account with Vanguard, then I selected "Not ready to invest" then put my money in the money market fund. Can I buy ETF now? Or I have to open it somewhere? Thanks.
by zrzhu111
Fri Jan 24, 2014 9:58 pm
 
Forum: Investing - Help with Personal Investments
Topic: Do I have Vanguard Brokerage Account now?
Replies: 3
Views: 493

Re: Questions regarding Roth VS. Tradtional

Roth VS. Traditional is not an easy question. Since I'm in my early career, I'll put more in Roth for now. I will reassess my situation in a few years. Thanks everyone.
by zrzhu111
Sat Jan 04, 2014 7:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Questions regarding Roth VS. Tradtional
Replies: 6
Views: 588

Re: Questions regarding Roth VS. Tradtional

... 2. If you can max out a Roth account and will have a large traditional account or a pension, prefer a Roth. It seems pretty confusing. Can anyone explain it? I'm guessing this is about avoiding having to take out more than you need because of RMDs. ... Since 401 k decreases the taxable income, ...
by zrzhu111
Wed Jan 01, 2014 4:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Questions regarding Roth VS. Tradtional
Replies: 6
Views: 588

Questions regarding Roth VS. Tradtional

I was reading the http://www.bogleheads.org/wiki/Traditional_versus_Roth . Have a couple questions. 1. If you expect to be in a higher tax bracket than your current bracket for most of your career, prefer a Roth. Why? 2. If you can max out a Roth account and will have a large traditional account or ...
by zrzhu111
Tue Dec 31, 2013 4:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Questions regarding Roth VS. Tradtional
Replies: 6
Views: 588

Re: Any Delay on Vanguard deposit/withdrawl?

Vanguard also lets you wire money to your bank for free. If you do this, withdrawals take about 24 hours, as long as you submit the sell order before the close of the stock exchange. (Some banks will charge a fee to accept a wire, so check if yours does before you use a wire withdrawal.) so if I se...
by zrzhu111
Fri Dec 06, 2013 11:12 am
 
Forum: Investing - Help with Personal Investments
Topic: Any Delay on Vanguard deposit/withdrawl?
Replies: 4
Views: 330

Re: Any Delay on Vanguard deposit/withdrawl?

For mutual funds, you get the close price on the day you place the order. Money actually gets taken from your bank account a couple of days later. For Vanguard Brokerage, the answer seems to be that it varies. They may let you use funds right away or they may make you wait a week or two. You meant ...
by zrzhu111
Fri Dec 06, 2013 11:09 am
 
Forum: Investing - Help with Personal Investments
Topic: Any Delay on Vanguard deposit/withdrawl?
Replies: 4
Views: 330

Any Delay on Vanguard deposit/withdrawl?

The minimum amount to open an Vanguard mutual/Brokerage account is $3,000. My question is if I open the account and initiate to transfer $3000 from my bank, when can I use the money to purchase mutual fund or ETF? What about the withdrawal? When the money will deposit into my bank account? Thanks.
by zrzhu111
Thu Dec 05, 2013 11:02 pm
 
Forum: Investing - Help with Personal Investments
Topic: Any Delay on Vanguard deposit/withdrawl?
Replies: 4
Views: 330

Re: ETF versus Mutual Fund

One pro of ETFs that isn't mentioned in the wiki article is the opportunity to move ETF shares from brokerage to brokerage to get free money. Depending on your account size and how diligent you are, you can get an extra ~0.5% per year risk-free, which adds up in the long run. That's assuming the of...
by zrzhu111
Tue Dec 03, 2013 11:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: ETF versus Mutual Fund
Replies: 17
Views: 1137

Anyone is using Personalcapital.com?

I'm thinking about sign up for personalcapital or sigfig to track all my investment. Any advice? Thanks.
by zrzhu111
Mon Dec 02, 2013 10:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone is using Personalcapital.com?
Replies: 3
Views: 836

Re: ETF versus Mutual Fund

From the wiki, can anyone explain it? Thanks.

Cons of ETFs:

...
Some possible friction when tax-loss harvesting since one usually sells one fund and then buys another. (It is possible to buy first and double-up, then sell later. This can be done with mutual funds as well.)
....
by zrzhu111
Sun Dec 01, 2013 12:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: ETF versus Mutual Fund
Replies: 17
Views: 1137

Re: How do you keep all your important documents?

Maybe this is a little bit off topic. I use Truecrypt to encrypt the files on my computer. Even someone has the access to my computer, they won't be able to open the files.
by zrzhu111
Wed Nov 27, 2013 8:30 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do you keep all your important documents?
Replies: 43
Views: 3739

Re: Etrade Solo 401k most flexible? Problems?

I've been researching this topic too, though have not yet talked to etrade. Re discussion above, here are a few things I've found: 1) Vanguard Solo401k: Called yesterday: No brokerage and no admiral class funds; roth option allowed for employee contribution. So in this solo401 your only options wil...
by zrzhu111
Tue Nov 26, 2013 8:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Etrade Solo 401k most flexible? Problems?
Replies: 39
Views: 3692

Re: Fees for Vaugard account?

https://investor.vanguard.com/what-we-offer/account-types-and-services/costs-and-fees Mutual fund accounts Waived under certain conditions.* If you don't meet the conditions, a $20 annual fee applies to each of your Vanguard mutual fund holdings with a balance of less than $10,000. *The mutual fund...
by zrzhu111
Tue Nov 12, 2013 1:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Fees for Vaugard account?
Replies: 4
Views: 415

Fees for Vaugard account?

Is it free to purchase and sell Vanguard funds and ETF via Vanguard account? I saw $20 annual fee on the website, in order to have it waived, I at least should have $50,000 for my account, correct?
by zrzhu111
Tue Nov 12, 2013 11:31 am
 
Forum: Investing - Help with Personal Investments
Topic: Fees for Vaugard account?
Replies: 4
Views: 415

Re: Open Vanguard account now or later?

Thanks. I'll open a Vanguard acct now then decide if I want to transfer the funds from Scottrade since Vanguard doesn't reimburse any fees.
by zrzhu111
Sat Nov 09, 2013 2:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: Open Vanguard account now or later?
Replies: 7
Views: 1056

Re: Open Vanguard account now or later?

What is your end plan wrt where you want to have your investments, Scottrade, Vanguard, or both? What do you currently have at Scottrade? What do you intend to have at Vanguard? What type of investments do you intend to own, mutual funds, ETFs, individual stocks? I have vanguard fund for all my inv...
by zrzhu111
Fri Nov 08, 2013 9:29 pm
 
Forum: Investing - Help with Personal Investments
Topic: Open Vanguard account now or later?
Replies: 7
Views: 1056

Open Vanguard account now or later?

I have some investment on Scottrade account. Should I open a vanguard account now and transfer the investment in right away? or should I open a vanguard account now and buy fund/ETF, then transfer the investment from Scottrade later time when I'm ready? I'm thinking about the reimbursement for the t...
by zrzhu111
Thu Nov 07, 2013 8:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Open Vanguard account now or later?
Replies: 7
Views: 1056

Re: Buy Vanguard fund thru Vanguard or Brokerage account?

I think I will open a VBS account when I buy any Vanguard fund. I'll keep Scottrade for now. Thanks.
by zrzhu111
Sat Sep 28, 2013 3:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy Vanguard fund thru Vanguard or Brokerage account?
Replies: 9
Views: 1791

Buy Vanguard fund thru Vanguard or Brokerage account?

Most of my investment are Vanguard mutual fund or ETF. I'm thinking I may not need the brokerage account (Scottrade) anymore If I continue to invest on Vanguard fund/ETF. Should I roll over my IRA Account from Scottrade to Vanguard?
by zrzhu111
Tue Sep 24, 2013 9:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: Buy Vanguard fund thru Vanguard or Brokerage account?
Replies: 9
Views: 1791

Re: Anyone has experience with Ally bank?

I still have an Ally Online Savings account simply because I have several online payments and transfers set up thru that account. I would have stayed strictly with them for a CD ladder but they wanted me to go through hoops to set it up, all in the name of the Patriot Act...so I took my money and s...
by zrzhu111
Sat Sep 21, 2013 11:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Anyone has experience with Ally bank?
Replies: 27
Views: 2994

Re: Anyone has experience with Ally bank?

Do they offer any promotion bonus for opening account on black Friday or other holidays, like Capital 360 (ING)? I'm wondering if I should wait?
by zrzhu111
Thu Sep 19, 2013 9:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Anyone has experience with Ally bank?
Replies: 27
Views: 2994

Anyone has experience with Ally bank?

Thinking about open a MMA account with them, because they have a pretty high interest rate and reimburse all ATM fees.
by zrzhu111
Thu Sep 19, 2013 8:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Anyone has experience with Ally bank?
Replies: 27
Views: 2994

Re: Question about Interest compounded daily

Thanks! I know now I was confused with APY and APR.
#Cruncher was right. The rates on Bankrate.com are APY, not APR, so I don't even need to do any conversion to compare the daily compounding and monthly compounding.
by zrzhu111
Mon Sep 02, 2013 10:15 am
 
Forum: Investing - Help with Personal Investments
Topic: Question about Interest compounded daily
Replies: 9
Views: 888

Re: Question about Interest compounded daily

Thanks. I think I figured it out.

APR=0.01 compounding monthly
=10000*(1+0.01/12)^12=10100.4596088718


APR= 0.009 compounding daily
=10000*(1+0.009/365)^365= 10090.405098137
by zrzhu111
Sun Sep 01, 2013 10:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about Interest compounded daily
Replies: 9
Views: 888

Re: Question about Interest compounded daily

Compounding Effective Rate (APY) Future Value quarterly (4) 10.38% =EFFECT(10%,4) $1,103.81 =FV(10.38%,1,0,-1000) monthly (12) 10.47% =EFFECT(10%,12) $1,104.71 = FV(10.47%,1,0,-1000) daily (365) 10.52% =EFFECT(10%,365) $1,105.16 = FV(10.52%,1,0,-1000) How do you convert the rate for daily/quarterly/...
by zrzhu111
Sun Sep 01, 2013 8:59 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about Interest compounded daily
Replies: 9
Views: 888

Question about Interest compounded daily

On Bankrate.com, I saw Barclays offers .9% on saving. It says "compound daily", which means earns interest on previous interest. What's the difference from the APY rate in the bank? Can you please give an example, let's say we deposit $1000? Thanks.
by zrzhu111
Sun Sep 01, 2013 6:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question about Interest compounded daily
Replies: 9
Views: 888

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