Search found 11 matches

by dudelove22
Mon Mar 27, 2017 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Considerations in House Buying
Replies: 4
Views: 305

Considerations in House Buying

I've seen a bunch of these rent vs. buy debates... and I'm still unsure of what to think. Maybe it's the American way of thinking (i.e., brainwashing) -- for the American dream, owning a home will always be better. Or maybe it's the emotional desire to own one, but I can't help but lean towards the ...
by dudelove22
Thu Mar 23, 2017 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 Saver's Credit + My Stupidity = No Saver's Credit?
Replies: 10
Views: 1453

Re: 2016 Saver's Credit + My Stupidity = No Saver's Credit?

OP here. Thanks again everyone for all the responses. It has been extremely helpful and I think my main takeaway has been, make sure to read the fine print when dealing with tax-related issues. Anyhow, for those who have read the previous comments, I figured out that a total of ~$4500 to my spouse's...
by dudelove22
Wed Mar 22, 2017 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Minimizing Vehicles / Strategies
Replies: 5
Views: 626

Re: Tax Minimizing Vehicles / Strategies

OP again. Thanks for the replies everyone. If I'm reading this correctly: https://www.irs.gov/retirement-plans/2017-ira-deduction-limits-effect-of-modified-agi-on-deduction-if-you-are-covered-by-a-retirement-plan-at-work , then I can also contribute to a TIRA and deduct on top of the 401K at work (a...
by dudelove22
Tue Mar 21, 2017 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Minimizing Vehicles / Strategies
Replies: 5
Views: 626

Tax Minimizing Vehicles / Strategies

I'm trying to figure out the maximum tax sheltering I can get this upcoming year. My salary situation has changed enough recently (went from being a student to not a student) that I don't know what I need to know. Here's my finances (roughly): MFJ My Salary: ~$110K (bonus included) -- covered by 401...
by dudelove22
Tue Mar 21, 2017 10:49 am
Forum: Personal Finance (Not Investing)
Topic: 2016 Saver's Credit + My Stupidity = No Saver's Credit?
Replies: 10
Views: 1453

Re: 2016 Saver's Credit + My Stupidity = No Saver's Credit?

OP again here. Would the $$$ I contributed towards my TIRA still be deductible (above line) even though I was a student? If so, I am thinking to just leave the $$$ in my 2016 TIRA account and contribute additionally to my wife's TIRA for 2016. So for example (taking rough numbers here): Current 2016...
by dudelove22
Mon Mar 20, 2017 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 Saver's Credit + My Stupidity = No Saver's Credit?
Replies: 10
Views: 1453

2016 Saver's Credit + My Stupidity = No Saver's Credit?

I recently got myself into (possibly) a dumb situation by not being patient and not reading the fine print. Here's the scoop: 2016 financial info: ~ $38K AGI, Married Filing Jointly [all gross income coming from earnings (non-investments)] No retirement contributions. Spouse was apparently covered u...
by dudelove22
Sat Mar 18, 2017 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Another Rent vs. Buy Thread... (General, Not Specifics)
Replies: 4
Views: 487

Another Rent vs. Buy Thread... (General, Not Specifics)

From a purely financial perspective, what are the general factors that should come into play when deciding whether to rent or buy? I've seen calculators such as this: https://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html I have no clue on what things to even consider (opportunity ...
by dudelove22
Sun Mar 12, 2017 6:40 pm
Forum: Personal Finance (Not Investing)
Topic: Adjusting 2016 Tax Return For Retirement Contribution?
Replies: 4
Views: 265

Adjusting 2016 Tax Return For Retirement Contribution?

I'm sure this has been asked many times before, but I don't know where to start looking. Here is a quick rundown of our 2016 tax year. I've already submitted using TurboTax and received our returns (both Federal and State): MFJ in Connecticut Gross Income ~ $38K No retirement contributions Her emplo...
by dudelove22
Sun Mar 12, 2017 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Tax-Advantaged Retirement Account for Spouse Without 401K
Replies: 6
Views: 485

Re: Tax-Advantaged Retirement Account for Spouse Without 401K

Hi all, it's the OP - thanks for the quick and thorough responses. In response to some of the previous responses, is it possible for my wife to have a Roth and TIRA? If that is valid, our annual contributions would look something like this: Him: $18K 401K $6.75K HSA $5.5K Roth Her: $5.5K TIRA $5.5K ...
by dudelove22
Thu Mar 09, 2017 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Tax-Advantaged Retirement Account for Spouse Without 401K
Replies: 6
Views: 485

Tax-Advantaged Retirement Account for Spouse Without 401K

New lurker to this forum - it is beginning to become a bit of an obsession as of late! Anyway, here is my situation and question: Stats: Married Couple, both 30 y/o Him - $110K salary Her - $30K salary Current Retirement Savings Plan: He has a 401K plan + HSA and is currently contributing the max: $...
by dudelove22
Tue Mar 07, 2017 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Purchase Primary Residence or Rental Property First?
Replies: 2
Views: 261

Purchase Primary Residence or Rental Property First?

Let me start off by saying that I realize this isn't a black or white question and many factors need to be considered. I'm just looking for 1) some perspective and 2) where to look for this info (maybe that place is this forum?!). A quick snapshot of myself: 29 yr old, married ~ $140K combined gross...

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