Search found 15 matches

by dudelove22
Tue Jun 20, 2017 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Ally Bank 1.25% 11 month with no EWP
Replies: 104
Views: 12524

Re: Ally Bank 1.25% 11 month with no EWP

I apologize if this was already discussed, but it's not clear to me what 'no early withdrawal penalty' means to me. Let's say I close out the account after 6 months. Does this mean I keep the 6 months of interest? If this is the case, then what is the difference between this and a regular savings ac...
by dudelove22
Sun Apr 16, 2017 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: 'True' Cost Of A More Expensive House
Replies: 22
Views: 3869

'True' Cost Of A More Expensive House

Hi All, I'm considering purchasing a house in the next 6 - 12 months. I know this is one of (probably the most) important purchase I will make in my life, so I'm looking for some insight from my fellow Bogleheads. My question is, what is the 'true' difference in cost over the lifetime of a mortgage ...
by dudelove22
Fri Mar 31, 2017 8:15 am
Forum: Personal Finance (Not Investing)
Topic: Thoughts on SoFi Interest-First Mortgage?
Replies: 3
Views: 381

Thoughts on SoFi Interest-First Mortgage?

I've been looking into mortgage loans recently and came across SoFi. They claim to cater to people with high incomes but low down payments -- they'll finance a loan with only 10% down and no PMI. To me this sounds like a market ploy... no PMI, but higher interest rates? Also, they have a loan type w...
by dudelove22
Tue Mar 28, 2017 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Confused About Reporting of Roth Recharacterization!
Replies: 1
Views: 169

Confused About Reporting of Roth Recharacterization!

I apologize in advance as this has probably been asked many times before on this forum, but I can't seem to find a clear answer. Here is what I did: In 2017 (before the April 18 deadline), I contributed to a TIRA for the 2016 tax year. I quickly realized I made a dumb mistake and recharacterized the...
by dudelove22
Mon Mar 27, 2017 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: Considerations in House Buying
Replies: 5
Views: 791

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: 1818

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: 714

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: 714

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: 1818

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: 1818

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: 585

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: 323

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: 663

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: 663

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: 321

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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