Loans are installment credit, not revolving credit.tashnewbie wrote: ↑Fri Mar 15, 2024 3:45 pm Having the student loan is actually probably a net positive for your credit score because it is revolving credit
Search found 3877 matches
- Sat Mar 16, 2024 12:11 pm
- Forum: Personal Finance (Not Investing)
- Topic: Student loan "refinance" with credit card balance balance transfer?
- Replies: 15
- Views: 817
Re: Student loan "refinance" with credit card balance balance transfer?
- Fri Mar 15, 2024 12:08 am
- Forum: Personal Investments
- Topic: Revocable Trusts and I Bonds
- Replies: 4
- Views: 1099
Re: Revocable Trusts and I Bonds
Why?billf wrote: ↑Thu Mar 14, 2024 1:43 pm Follow-up question on this rather old OP...
Now that I have both an individual and a trust account (under the same tax ID), can I do the following:
- Buy $10K in my trust account
- Buy $10K in my individual account
- The next day, transfer $10K from my individual account to my trust account?
- Thu Mar 07, 2024 11:39 am
- Forum: Personal Finance (Not Investing)
- Topic: Transfer Car ownership to daughter or not?
- Replies: 41
- Views: 4952
Re: Transfer Car ownership to daughter or not?
If the car is intended to be a gift to your adult child, then I would complete the transfer. I understand young folks these days may need economic assistance from their parents after graduation but owning a 6-7 year old car and paying the tax and insurance is a great way to start to adult. Under very, very few circumstances would I carry an adult college graduate on my own auto insurance. Old thread, I know, but I did transfer ownership of the cars to my college senior daughter, but our insurance policy has me as primary and she and rest of family as other insured. My understanding is that liability follows car ownership, not the insurance policy.... A lot of that depends on whether she is still considered a member of your household (plus ...
- Wed Feb 28, 2024 9:25 am
- Forum: Investing - Theory, News & General
- Topic: Do cap-weighted funds strictly align with BH philosophy?
- Replies: 118
- Views: 8895
Re: Do cap-weighted funds strictly align with BH philosophy?
That’s completely opposite of how it works. I’m buying the next Apple or Tesla now, I just don’t know what it’s called. When it booms, I’ll already own it, having paid its share price when it was only a minnow.
I think this is another example of a fundamental misunderstanding of how an index fund works. If a stock increases its market share, the fund doesn't need to buy any more of it to maintain weighting. If you’d rather wait until a stock explodes in price to buy it, go for it.
- Wed Feb 28, 2024 9:20 am
- Forum: Personal Investments
- Topic: Has anyone invested in marijuana stocks?
- Replies: 92
- Views: 12454
- Wed Feb 14, 2024 11:05 pm
- Forum: Investing - Theory, News & General
- Topic: Any studies to refute dividend yield & chill?
- Replies: 161
- Views: 12092
- Mon Feb 12, 2024 9:49 pm
- Forum: Personal Investments
- Topic: should i pay off a car at 1.9% or invest in a cd at 5.5%
- Replies: 67
- Views: 6280
Re: should i pay off a car at 1.9% or invest in a cd at 5.5%
They do when they can make more investing the money they would have used on the car. Are you anti-mortgage too?Squirrel208 wrote: ↑Mon Feb 12, 2024 8:21 pmWealthy people don't get that way by financing the purchase of depreciating assets. <shrugs>
- Fri Feb 09, 2024 2:21 pm
- Forum: Personal Investments
- Topic: Why BlackRock not used as much?
- Replies: 45
- Views: 5376
- Fri Feb 09, 2024 2:19 pm
- Forum: Personal Investments
- Topic: Why BlackRock not used as much?
- Replies: 45
- Views: 5376
Re: Why BlackRock not used as much?
Blackrock isn’t a brokerage so you can’t buy any of their funds directly from them.familythriftmd wrote: ↑Fri Feb 09, 2024 2:16 pm I know that BlackRock has the honor of having greater asset load than any other firm. So why are we not talking about/using it as much as Vanguard, Fidelity, Schwab, etc.? Is it not consumer-facing or something?
- Fri Feb 02, 2024 12:05 pm
- Forum: Personal Finance (Not Investing)
- Topic: HSA Spending--EOBs Suffcient for IRS??
- Replies: 19
- Views: 2026
Re: HSA Spending--EOBs Suffcient for IRS??
Also, it’s not uncommon for EOB’s to be revised and have little resemblance to what someone actually ends up paying (like if the wrong billing codes were submitted). There’s a reason they’re all stamped with “this is not a bill”.hamhocs wrote: ↑Fri Feb 02, 2024 10:54 amAgree with this. You could have been reimbursed with FSA or Insurance Rewards. My hospital also gives a discount for paying in full. I do keep all EOBs and card statements. I also have a spreadsheet that tracks everything and accounts for expenses and what I actually paid. Also factors in mileage to/from doctors offices.TropikThunder wrote: ↑Thu Feb 01, 2024 7:00 pmI would think no. The EOB will show what you owed, not what you paid.
- Thu Feb 01, 2024 7:00 pm
- Forum: Personal Finance (Not Investing)
- Topic: HSA Spending--EOBs Suffcient for IRS??
- Replies: 19
- Views: 2026
- Thu Feb 01, 2024 12:38 pm
- Forum: Personal Finance (Not Investing)
- Topic: HSA overcontribution > How do I fix this?
- Replies: 14
- Views: 1414
Re: HSA overcontribution > How do I fix this?
The $888 that you contributed from your brokerage isn’t taxable income, it’s just not deductible for 2023. The earnings on that $888 will be taxable income for 2024, reported in 2025.
- Mon Jan 15, 2024 4:47 pm
- Forum: Personal Finance (Not Investing)
- Topic: How much can I contribute to HSA? - slight twist
- Replies: 3
- Views: 428
Re: How much can I contribute to HSA? - slight twist
Her other medical coverage does not affect your HSA eligibility, so you can do the full family limit + catch-up.
- Mon Jan 15, 2024 11:40 am
- Forum: Personal Finance (Not Investing)
- Topic: Tap Roth account for home downpayment?
- Replies: 15
- Views: 1541
Re: Tap Roth account for home downpayment?
Then you can afford to pay back a 401k loan, and/or quickly pay of a small mortgage. IMO that argues even more towards leaving the Roth money where it is.
- Mon Jan 15, 2024 11:38 am
- Forum: Personal Finance (Not Investing)
- Topic: Tap Roth account for home downpayment?
- Replies: 15
- Views: 1541
Re: Tap Roth account for home downpayment?
As controversial as 401k loans are here, I’d do the same. At least with a 401k loan you can put the money back. That and the negative aspects of 401k loans that people bring up here are almost hysterically overblown (and no longer even true given the TCJA changes).
- Sun Jan 14, 2024 12:28 pm
- Forum: Personal Investments
- Topic: Advice for 80yr Grandma w/ 95% AT&T Stock Portfolio
- Replies: 91
- Views: 11341
Re: Advice for 80yr Grandma w/ 95% AT&T Stock Portfolio
What I don’t know: 5 Should the at&t stock be sold only a little each year to minimize taxes? Depends on the answers to #1 and what retired@50 said. If it’s in an IRA, then no tax consequences of selling, only for withdrawing. If it’s in a taxable brokerage, then it depends on what kind of step up basis occurred which depends on (a) how the stock was owned (joint or individual), and (b) where she lives (community property or not). If step up is correct (and depending on how long ago he died), and the stock has stumbled recently, it’s entirely possible she can sell a big chunk of it and diversify with no tax consequence. My first choice for an 80-year old with several million dollars would be a retirement income fund like what all the T...
- Fri Jan 12, 2024 10:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Employer recoup HSA funds
- Replies: 15
- Views: 1660
Re: Employer recoup HSA funds
Yes, they can claw back payroll. The difference with payroll though is that when you sign up for direct deposit, you given them *permission* to withdraw deposits made in error. There’s no such clause in signing up for an HSA.
- Thu Dec 28, 2023 11:16 am
- Forum: Personal Finance (Not Investing)
- Topic: $700k Tax Bill
- Replies: 80
- Views: 17158
Re: $700k Tax Bill
Good plan. That’ll drop his tax bill all the way down to, what, $690k?Jack FFR1846 wrote: ↑Thu Dec 28, 2023 11:09 am Buy a vehicle that's over 6000 pounds and only drive it for business. You can depreciate it $25,000 a year. Here's a list of vehicles: https://www.taxfyle.com/blog/list-of-ve ... r-6000-lbs
Keep your present car for personal travel.
- Tue Dec 26, 2023 12:34 pm
- Forum: Personal Investments
- Topic: I am stuck with Fidelity Zero in brokage account with over 1.2M and 50% gain.
- Replies: 76
- Views: 13973
Re: I am stuck with Fidelity Zero in brokage account with over 1.2M and 50% gain.
That’s a totally different situation since there’s no tax due if you sell in an IRA.
- Fri Dec 22, 2023 12:50 am
- Forum: Investing - Theory, News & General
- Topic: Taxable accounts more tax-friendly at withdrawal time?
- Replies: 56
- Views: 26223
Re: Taxable accounts more tax-friendly at withdrawal time?
That’s my point. But the comment about a dollar in a Roth being better is misleading because it ignores how that dollar got there. In the same vein, a pizza that got delivered is generally better than a pizza you had to go pick up, if you get to ignore the delivery fee.Florida Orange wrote: ↑Thu Dec 21, 2023 1:25 pmIt depends on your tax bracket.TropikThunder wrote: ↑Tue Dec 19, 2023 11:16 pm Right on cue! But is $1.00 in a Roth better than $1.25 or $1.50 in traditional? That’s the more accurate comparison for a lot of people.
I don’t expect to change anyone’s mind though.
- Tue Dec 19, 2023 11:16 pm
- Forum: Investing - Theory, News & General
- Topic: Taxable accounts more tax-friendly at withdrawal time?
- Replies: 56
- Views: 26223
Re: Taxable accounts more tax-friendly at withdrawal time?
Don't forget about the taxes paid or not paid when the money went into the account. Exactly!! I don’t get why people bring up questions like this and totally ignore the tax situation at the contribution end. It costs $1 of income to put $1 into a traditional 401k/IRA/HSA but it costs more than $1 of income to put $1 into a Roth or taxable account, upwards of $1.50 in some cases. And yet you still get people mindlessly saying “a dollar in a Roth is worth more than a dollar in traditional”. As a general rule, a dollar in a Roth IRA is better than a dollar in a taxable account which is better than a dollar in a traditional IRA. Right on cue! But is $1.00 in a Roth better than $1.25 or $1.50 in traditional? That’s the more accurate comparison ...
- Tue Dec 19, 2023 12:51 pm
- Forum: Personal Investments
- Topic: Employer Post Tax Contributions to 403b
- Replies: 13
- Views: 1142
Re: Employer Post Tax Contributions to 403b
Just to be clear the employer is not making the contributions (as it if were a match). The employer is processing employee contributions into the after-tax, non-Roth account. The OP is written as if it’s employER funds rather than employEE funds but I’m not saying OP thinks that.
- Thu Dec 07, 2023 12:23 am
- Forum: Personal Finance (Not Investing)
- Topic: How to tax deduct upcoming losses in Roth IRA: Brilliant?
- Replies: 53
- Views: 7549
Re: How to tax deduct upcoming losses in Roth IRA: Brilliant?
No no, he’ll make the withdrawal before VTI drops. Then when it drops in taxable, he’ll book the loss and move the money (plus idle cash to offset the loss) back to the Roth.
I’m just waiting for OP to come back and say he was kidding and that he’s surprised anyone took it seriously.
- Wed Dec 06, 2023 7:32 pm
- Forum: Personal Finance (Not Investing)
- Topic: How to tax deduct upcoming losses in Roth IRA: Brilliant?
- Replies: 53
- Views: 7549
Re: How to tax deduct upcoming losses in Roth IRA: Brilliant?
Yeah all you need to do is identify a time in advance when it’s going to drop by enough to make it worthwhile. Easy peasy.
- Wed Dec 06, 2023 2:16 pm
- Forum: Personal Investments
- Topic: HSA - HealthEquity & Fidelity 2023/2024
- Replies: 6
- Views: 856
Re: HSA - HealthEquity & Fidelity 2023/2024
If these excess funds hit Fidelity before 2024 (they probably will), can I designate that it's for 2024 on the Fidelity side? Strictly, speaking you can't re-designate a 2023 HSA contribution for 2024. You can make 2023 contributions up to the filing deadline in 2024 but there's no direct mechanism to go the other direction. However, there is a way you can effectively move the 2023 overage to 2024 in two steps. 1. Leave everything as it is (including moving it to Fidelity), and don't try to remove the excess. File Form 5329 Additional Taxes on Qualified Plans for 2023, which will determine the overage and calculate the excise tax (6%). If your $1,000 estimate is accurate, the tax due with your 2023 return will be $60. 2. Reduce your HSA co...
- Wed Dec 06, 2023 2:00 pm
- Forum: Personal Investments
- Topic: HSA - HealthEquity & Fidelity 2023/2024
- Replies: 6
- Views: 856
Re: HSA - HealthEquity & Fidelity 2023/2024
To clarify, both you and your wife have single HDHP coverage, both have eligible HSA’s, and while *your* HSA is maxed out, hers is not?hmrambling wrote: ↑Wed Dec 06, 2023 11:43 am Alternatively, my wife also has an HSA. Can I keep the excess as-is and say that the excess goes toward the family amount allowed? My wife has not maxed out her 2023 HSA.
I believe that when two spouses each have single HDHP coverage, then both are limited to the single HSA contribution limit since there is no “family” coverage on either side. You can only share the family limit when both spouses have family coverage.
That said, are you over 55? There’s a +$1,000 max for that.
- Mon Dec 04, 2023 1:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: Can you give stock to younger kid who has no income to save taxes
- Replies: 32
- Views: 3887
Re: Can you give stock to younger kid who has no income to save taxes
Did I miss the part where OP says how old the daughter is? Everyone is assuming she’s a minor dependent child but nowhere has OP stated that (although some posts have been edited). “Daughter” could just as easily mean “adult daughter”.
- Fri Nov 17, 2023 9:37 pm
- Forum: Personal Investments
- Topic: Backdoor Roth on Vanguard
- Replies: 11
- Views: 1691
Re: Backdoor Roth on Vanguard
Wouldn't you want to convert ALL shares (or ALL dollars, for that matter) if you intend to do the backdoor Roth process in subsequent years? Why would you want to leave a balance in your traditional IRA and subject future conversions to the pro rata rule? No hurry to convert. There is an advantage in keeping the t-IRA fund "alive": reopening it is subject to a minimum initial investment. Pro-rata rule does not generate any real tax load . A dollar here, a dollar there, and sometimes a tax deduction, when you account for Federal and state taxes. Well, if you're fine with leaving some of the tIRA funds where they are, then I don't see why this: the amount converted would have been subject to next day closing price. would be a big d...
- Wed Nov 08, 2023 10:46 pm
- Forum: Personal Investments
- Topic: Problem with Fidelity, or am I expecting too much?
- Replies: 45
- Views: 5955
Re: Problem with Fidelity, or am I expecting too much?
This is NOT TRUE. 8606 is absolutely required and relevant. All gains on the withdrawal are taxed. Sorry but your are not correct in this scenario. Your scenario was different because of your existing tIRA balances. OP is not doing a conversion (see my prior comment just above). The entire account balance is taxed on withdrawal as reported on the 1099R generated when the money leaves the 401k. Form 8606 is to report and track non-deductible contributions . OP’s contributions were deducted , which is why they are taxable on withdrawal. Form 8606 is not relevant. Not until I had converted all my tIRA funds and ended a tax year with $0 in all tIRA account did I finally move 401k money to tIRA. Again, OP is not doing a conversion, they are doi...
- Wed Nov 08, 2023 10:40 pm
- Forum: Personal Investments
- Topic: Problem with Fidelity, or am I expecting too much?
- Replies: 45
- Views: 5955
Re: Problem with Fidelity, or am I expecting too much?
Doesn't a conversion of a pre-tax contribution in a Traditional 401K to a Roth IRA (or 401K), trigger an 8606? I checked on TurboTax HERE and it says this: We'll automatically generate and fill out Form 8606 (Nondeductible IRAs) if you reported any of these on your tax return: Nondeductible contributions made to a traditional IRA Distributions from a traditional, SEP, or SIMPLE IRA that had nondeductible contributions (excluding rollovers, conversions, recharacterizations, qualified charitable distributions, one-time distribution to fund an HSA, or return of certain contributions) Conversions from a traditional, SEP, or SIMPLE IRA to a Roth IRA Distributions from a Roth IRA (other than rollovers, recharacterizations, or a return of certain...
- Wed Nov 08, 2023 1:29 pm
- Forum: Personal Finance (Not Investing)
- Topic: FSA Boy meets HSA girl... classic story...
- Replies: 34
- Views: 4856
Re: FSA Boy meets HSA girl... classic story...
That's how I understand it, yes.SpookyKG wrote: ↑Wed Nov 08, 2023 1:23 pm Tropik - this is super helpful. Theoretically (I bolded your most relevant point) it seems that if we get married after Dec 1 and before the end of the year we would have no problem with her HSA (my FSA is totally spent), and would be able to file jointly for the entire year... best of both worlds (if there is a financial benefit to filing as a married couple, which I can calculate). Is that right?
- Wed Nov 08, 2023 1:26 pm
- Forum: Personal Finance (Not Investing)
- Topic: FSA Boy meets HSA girl... classic story...
- Replies: 34
- Views: 4856
Re: FSA Boy meets HSA girl... classic story...
No, an ineligible individual can't get HSA contributions made on their behalf, either.toddthebod wrote: ↑Tue Nov 07, 2023 4:46 pm Does it matter that it's employer funded? Everything I've read says you can't contribute to an HSA if you have an FSA.
- Wed Nov 08, 2023 1:15 pm
- Forum: Personal Finance (Not Investing)
- Topic: FSA Boy meets HSA girl... classic story...
- Replies: 34
- Views: 4856
Re: FSA Boy meets HSA girl... classic story...
There's a lot of misinformation and bad advice in this thread. :( It's come to my attention that if you are married, if one partner has an FSA (Flexible Spending Account), it means the other partner CANNOT save in an HSA. I've reviewed some other posts on the topic: https://www.bogleheads.org/forum/viewtopic.php?t=205699 This is correct. If Spouse 1 has a general purpose FSA (medical, dental, vision), then Spouse 2 is ineligible to contribute to an HSA. This is due to two things: (1) FSA funds can automatically be used on spouses and dependents, which results in (2) the spouse having "other health coverage", which is not allowed as far as contributions are concerned. Spouse 2 can keep their existing HSA and spend the money in it, ...
- Wed Nov 08, 2023 12:20 pm
- Forum: Personal Investments
- Topic: Problem with Fidelity, or am I expecting too much?
- Replies: 45
- Views: 5955
Re: Problem with Fidelity, or am I expecting too much?
An 8606 also isn’t relevant because your contributions have already been deducted when they went into the 401k.bubblepuppy wrote: ↑Tue Nov 07, 2023 9:53 pm A follow up question regarding the IRS Form 8606, Nondeductible IRAs. Is this something that TurboTax generates automatically or is it something you have to fill out yourself?
- Wed Nov 08, 2023 11:15 am
- Forum: Personal Investments
- Topic: No more lump sums for me!
- Replies: 83
- Views: 11110
Re: No more lump sums for me!
That’s not just a silver lining for me, that’s my whole strategy. I DCA into my traditional 401k. I lump sum into my Roth IRA and my HSA. I like the tax diversification and it definitely reduces “timing regret”.
- Sun Nov 05, 2023 10:40 pm
- Forum: Personal Finance (Not Investing)
- Topic: Buying a 120k car... yes, I need your help
- Replies: 275
- Views: 33138
Re: Buying a 120k car... yes, I need your help
My advice: don’t ask a car question on Bogleheads. The only approved vehicle choices are a used Toyota Camry or Honda Accord, preferably early 2000’s with over 100,000 miles.
Anything more extravagant and you’re doomed to homelessness and cat food.
Anything more extravagant and you’re doomed to homelessness and cat food.
- Thu Nov 02, 2023 3:04 pm
- Forum: Personal Investments
- Topic: Timing of placing bids for treasury note auctions
- Replies: 3
- Views: 536
Re: Timing of placing bids for treasury note auctions
Since you are placing non-competitive orders for treasuries whether you place bids early or later in the open bidding period won't impact the price/rate you receive. Be aware that Schwab, and other brokerages as well, will have their own earlier cut-off time for treasury auction orders that can be surprisingly earlier (maybe as early as the close of prior trading day) than the actual time of the auction. So if you want to place an order I'd do it on the early side so you don't forget or run into un-correctable complications (like not having enough cash correctly in the settlement account if its a non-margin account). Thank you! Will place order today... Yeah I was going to buy some 17-week ones yesterday (01 Nov) but I forgot the cutoff ti...
- Thu Nov 02, 2023 2:39 pm
- Forum: Investing - Theory, News & General
- Topic: Can vanguard force transition to brokerage platform?
- Replies: 207
- Views: 30861
Re: Can vanguard force transition to brokerage platform?
I see it as a self-resolving issue anyway, considering new customers haven't been allowed to open legacy accounts for what, 10-15 years now?
(except for those in the financial industry who can't have a Vanguard brokerage account)
- Thu Nov 02, 2023 2:38 pm
- Forum: Investing - Theory, News & General
- Topic: Can vanguard force transition to brokerage platform?
- Replies: 207
- Views: 30861
Re: Can vanguard force transition to brokerage platform?
I know there have been several threads about the per-account fees on the legacy platform not being waived by using electronic statements. And they can add up considering each mutual fund holding is its own "account".aristotelian wrote: ↑Thu Nov 02, 2023 12:27 pm Have you noticed them charging any fees? My mom was a long time holdout. I know they wore her down somehow, I believe by charging a monthly or annual fee.
- Sat Oct 28, 2023 1:48 am
- Forum: Personal Finance (Not Investing)
- Topic: severance package negotiating
- Replies: 46
- Views: 6546
Re: severance packaging negotiating
That’s completely different though. In your situation, the employer wanted people to leave, and incentivized them to do so. In OP’s case, they just don’t like the new ownership structure and want to leave of their own volition.
- Fri Oct 27, 2023 12:58 pm
- Forum: Personal Finance (Not Investing)
- Topic: severance package negotiating
- Replies: 46
- Views: 6546
Re: severance packaging negotiating
Why are you being so cryptic? If someone wants to quit because of an ownership change, I can’t see why the new owners would reward them on the way out.
- Fri Oct 27, 2023 12:57 pm
- Forum: Personal Finance (Not Investing)
- Topic: severance package negotiating
- Replies: 46
- Views: 6546
Re: severance packaging negotiating
Well sure, part of your “retirement/layoff package”. There’s nothing in OP’s post about potential layoffs. They just don’t want to keep working there.
- Mon Oct 23, 2023 10:28 am
- Forum: Investing - Theory, News & General
- Topic: Frec - Low Cost (0.10%) S&P500 Direct Indexing Startup
- Replies: 30
- Views: 5420
Re: Frec - Low Cost (0.10%) S&P500 Direct Indexing Startup
Maybe I’m just unsophisticated? But whenever I see new shiny investment offerings, I’m reminded that they created it to make them money, not to make you money.
- Sat Oct 21, 2023 11:50 pm
- Forum: Investing - Theory, News & General
- Topic: Investing 100% into TQQQ
- Replies: 231
- Views: 36281
Re: Investing 100% into TQQQ
Without addressing the rest, I note that TQQQ says it's not designed for use as a long term investment (https://www.proshares.com/our-etfs/leveraged-and-inverse/tqqq): Important Considerations This leveraged ProShares ETF seeks a return that is 3x the return of its underlying benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return, and ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multi...
- Tue Oct 10, 2023 12:14 pm
- Forum: Personal Finance (Not Investing)
- Topic: Selling son's house if he abandons it
- Replies: 36
- Views: 7175
Re: Selling son's house if he abandons it
I don't want the equity in the house to be lost and want to recover what there is as soon as possible in the event he flees. Some of it is mine, as I've been helping with mortgage payments but that's not my main concern. Simplest thing would be to have the authority to sell his house for him with no protracted financial complications. I'd hold his equity from the sale for him or for his needs. Three people have asked if you have any ownership interest or if you’re on the mortgage. That’s critical information to get good answers. If the answer to both is no, then there’s really no role for you to play here unless he gives you a role. You can keep making the mortgage payments if he bails, but you can’t sell it if he doesn’t agree to it.
- Mon Oct 09, 2023 10:12 am
- Forum: Personal Finance (Not Investing)
- Topic: Should I incorporate for my trading activities?
- Replies: 4
- Views: 699
Re: Should I incorporate for my trading activities?
Do you have another job as well? The bar to be considered a trader rather than an investor is pretty highwhohasaquestion wrote: ↑Mon Oct 09, 2023 9:47 am I plan to make trading an even bigger part of my daily activities.
If the nature of your trading activities doesn't qualify as a business, you're considered an investor and not a trader. It doesn't matter whether you call yourself a trader or a day trader, you're an investor.
https://www.irs.gov/taxtopics/tc429
The IRA part is irrelevant. You can’t claim any losses in a tax-advantaged account.whohasaquestion wrote: ↑Mon Oct 09, 2023 9:47 am I mainly trade in taxable, rollover IRA, and Roth IRA accounts.
- Mon Oct 02, 2023 2:25 am
- Forum: Personal Investments
- Topic: -----
- Replies: 35
- Views: 4771
Re: I Bond cash out timing, just checking my math
I’m pretty sure I read that you lose the most recent 3 months of interest when you cash out within 5 years. So you don’t wanna cash out immediately when it becomes a lower interest. You wanna cash out after having that lower interest rate for 3 months. ^^^^ This is my understanding as well. Supported by this: https://keilfp.com/blogpodcast/when-to-cash-out-i-bonds/ Right, but it seems like Treasury Direct front-loads the penalty rather than takes it off the end at cash out. I purchased the bond on Feb 1 2022, and it didn't report any interest for Feb, March, or April. May was the first month anything accrued. So I'd expect if I cashed out I'd get the total I see in the account now. If they took the last 3 months of interest off, that'd be ...
- Thu Sep 21, 2023 1:04 pm
- Forum: Personal Investments
- Topic: Maximum Contributions-401k
- Replies: 5
- Views: 906
Re: Maximum Contributions-401k
Once you leave an employer, you can no longer contribute to that employer’s 401k (but you can leave the money there). If her current employer does not have a 401k, then that space for 2023 is lost forever.invincible_robo wrote: ↑Thu Sep 21, 2023 12:55 pm Thank you. Expected Combined income- $300K.
Since my spouse deposited only 2000$ in 2023 at the start of the year from her previous employer. Her current employer not offering any 401K plan.
How she can contribute the remaining $20,500 to lower the tax?
Can she open a traditional IRA or brokerage IRA to deposit?
She can open a traditional IRA but at your combined income it won’t be deductible. And there’s no “brokerage IRA”, there are IRA’s (tax-advantaged) and brokerage accounts (not tax-advantaged).
- Fri Sep 15, 2023 12:18 pm
- Forum: Personal Finance (Not Investing)
- Topic: Approaching mortgage lender to buy out loan?
- Replies: 33
- Views: 2724
Re: Approaching mortgage lender to buy out loan?
Unless you’re one of the rare exceptions, Chase doesn’t still own your mortgage, they sold it within weeks after you closed. That’s how mortgages work in the US. Over 80% of residential mortgages are bought by either Fannie Mae or Freddi Mac to give the loan originators liquidity.CascadiaSoonish wrote: ↑Fri Sep 15, 2023 10:43 am Anyone had any luck negotiating a loan payoff & closeout with their bank at a discount? Seems like a win-win. Bank gets to take the low-value loan off their books, loan holder gets a discounted payoff based on the current market value of their loan.
- Sun Sep 03, 2023 1:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Please Advise me on a trust for my daughter so she won't have to pay taxes
- Replies: 39
- Views: 3781
Re: Please Advise me on a trust for my daughter so she won't have to pay taxes
No, that’s not the case. As several previous posts have said, the recipient of a gift does not pay taxes. The estate does but only above the estate exclusion.
Plus, as several previous posts have said, you can’t gift money to the minor child and then have the parents use it.