Search found 18 matches

by dangling
Wed Mar 22, 2017 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - Backdoor Roth IRA
Replies: 6
Views: 1297

Re: Form 8606 - Backdoor Roth IRA

So if I am doing 2016 TIRA contribution now (before april 15th, 2017) and backrothing it roll over to Roth now, you are saying that no form 8606 for 2016 tax filing? only mention TIRA contribution in TaxAct software (which is what I am using). When you tell your software you made a contribution to ...
by dangling
Wed Mar 22, 2017 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

Thank you everybody. @Watty - yes decided to rent for now - and will think about buying when I sell the current house. Will make it easy for downpayment as well without stressing myself. I do have basic life insurance + disability with new employer. But just started application process with prudenti...
by dangling
Wed Mar 22, 2017 6:20 pm
Forum: Investing - Help with Personal Investments
Topic: Investment profile analysis
Replies: 0
Views: 272

Investment profile analysis

Hi again Late retirement planner, got a new job, rolled over funds and started some new accounts - need guidance. Also thank you BHs - saved a bunch on taxes this year due to guidance and some well deserved critique Questions: Q1. For 401K at fidelity - stay in blended retirement fund, choose from a...
by dangling
Sun Mar 19, 2017 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

I just opened our 529 with Vanguard. It isn't state-specific so it doesn't matter where we live or where she goes to school. There are state-specific plans (I think I remember Nevada had a good one?) but you don't have to live in that state to participate. You may also be confusing 529s with pre-pa...
by dangling
Sun Mar 19, 2017 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: Form 8606 - Backdoor Roth IRA
Replies: 6
Views: 1297

Re: Form 8606 - Backdoor Roth IRA

If you're contributing to Traditional IRA for 2016, your 2016 8606 will only show the contribution for 2016. Assuming you did not do any conversions in calendar 2016, the IRA basis (non-deductible contribution) added for tax year 2016 will carryforward from line 14 to the 2017 8606 form line 2. The...
by dangling
Thu Mar 16, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

Dangling, Another thing to consider...have you started saving for your kids college? You have 3 kids and I assume they are quite young? For a 5 year kid (i.e. 13 years until college) you need to save $299/month to be able to pay 50% of the projected college costs. Click on link below and select &qu...
by dangling
Wed Mar 15, 2017 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

On a lighter note this comment was a kick in the pants but also amusing reference to monopoly (if I am not mistaken) Kudos awval999 for administering pain coated with humor !!! You were told in 2015 to get term life insurance in your first post here. It's 2017, you still need term life insurance. Yo...
by dangling
Wed Mar 15, 2017 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

Thank you everyone for all the feedback. I have scheduled calls with online agents - I am getting quoted $110 / month for 20 yrs, 1.25 million term life insurance with prudential - the other companies consider my eCig/Vape as tobacco so they are over $200/month. The SUV is for the spouse and she lov...
by dangling
Wed Mar 15, 2017 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

Good luck getting your (term, not universal) life insurance. Do you have the option to get more through work? My husband and I usually can get 3-4x salary through work. Do you have disability insurance through work? If not you should look into getting that on your own as well. You are more likely t...
by dangling
Wed Mar 15, 2017 11:26 am
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

Re: House buying guidance with current finances

Oh boy bogleheads are serious people! (compliment) Thank you all for the critique and feedback. 1. Yes, the decent pay bump is fairly recent. 2. Yes, the critique on term insurance is valid - I have been lazy and analysis paralysis on what/how much to get - whether to go for cheaper $100/month or th...
by dangling
Wed Mar 15, 2017 3:50 am
Forum: Personal Finance (Not Investing)
Topic: House buying guidance with current finances
Replies: 30
Views: 3470

House buying guidance with current finances

Age: 36, Married, 3 kids Sole earner - New Annual Income : 200K Late starter in retirement and finance planning Started to Maximize 401K, backdoor Roth, HSA recently: current status 108K, 30K, 6K respectively Savings Acct: 120K No investment accts - newbie No term/life/disability insurance - only th...
by dangling
Thu Mar 02, 2017 3:19 pm
Forum: Investing - Help with Personal Investments
Topic: Switched Job - profile review and financial advice
Replies: 5
Views: 609

Re: Switched Job - profile review and financial advice

@Earl Lemongrab : Yes, just fond out about SEP IRA so thank you for confirming that. So, current plan is that I open a SEP IRA with Fidelity (current employer 401K is also with fidelity) since the previous employer 401K with principal has very high fees, I was thinking of rolling it over to fidelity...
by dangling
Wed Mar 01, 2017 7:02 pm
Forum: Investing - Help with Personal Investments
Topic: Switched Job - profile review and financial advice
Replies: 5
Views: 609

Re: Switched Job - profile review and financial advice

@Duckie Thank you so much for the valuable information. Dint know about solo 401K Solo 401K is gold with employer 20% contribution The way I understand it now is that I can still make 18K contribution (max limit) to the employer 401K as a regular employee - but then also contribute up to 20% as empl...
by dangling
Wed Mar 01, 2017 3:41 pm
Forum: Investing - Help with Personal Investments
Topic: Switched Job - profile review and financial advice
Replies: 5
Views: 609

Switched Job - profile review and financial advice

Married Filing Jointly (36 yrs old) with 3 kids (8yr , 4yr, 1 yr), spouse - homemaker Just switched job: New Annual Job Income $215,000.00 Side Business (LLC - no employees) Annual Income: Fluctuates $5000 to $25000 His 401K with previous employer (Principal Financial): $107,083.00 Plan fees in 2016...
by dangling
Sun Apr 05, 2015 2:24 am
Forum: Investing - Help with Personal Investments
Topic: Newbie finance/retirement planning questions
Replies: 7
Views: 1278

Re: Newbie finance/retirement planning questions

Thank you Duckie for providing a detailed response. Everything you have mentioned makes sense.. at least the ones I do understand right now and for the rest I will try to increase my general knowhow to understand why you recommended those After contributing to Roth IRA for 2015, I will still have mo...
by dangling
Fri Apr 03, 2015 6:11 pm
Forum: Investing - Help with Personal Investments
Topic: Newbie finance/retirement planning questions
Replies: 7
Views: 1278

Re: Newbie finance/retirement planning questions

Updated to the proper format.. Question 4: Should I get disability/life insurance? Absolutely! It's recommended you obtain 10x gross income in the form of term life insurance. Click on term4sale.com for an easy to use calculator to estimate annual costs. Obtain a policy that will last for the durat...
by dangling
Fri Apr 03, 2015 4:00 pm
Forum: Investing - Help with Personal Investments
Topic: Newbie finance/retirement planning questions
Replies: 7
Views: 1278

Re: Newbie finance/retirement planning questions

Updated to the proper format..
Question 4: Should I get disability/life insurance?
by dangling
Fri Apr 03, 2015 4:54 am
Forum: Investing - Help with Personal Investments
Topic: Newbie finance/retirement planning questions
Replies: 7
Views: 1278

Newbie finance/retirement planning questions

Mid thirties, Married filing jointly with 2 kids Annual Income: 110K Emergency Fund: 30K Savings Account: 32K HSA: 1500 No Disability/Life insurannce Debt: 120K remaining on 250K house mortgage (15 yr, 3.1%) Debt: Credit cards paid in full every month around 3.5K 401k: 56K - contributing 5% with 3%...