Search found 14 matches

by gizmo
Sun Feb 18, 2018 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Household Employee, Schedule H - Turbo Tax Recommends 21.5% Tax Payment For Nanny?
Replies: 0
Views: 235

Household Employee, Schedule H - Turbo Tax Recommends 21.5% Tax Payment For Nanny?

I am starting to sort through a household employee debacle as detailed https://www.bogleheads.org/forum/viewtopic.php?f=2&t=241417&p=3778745#p3778745 . Household employee received $4,250 in wages over the course of 2017; I expected to assume approximately $500 in tax liability over the year. I have ...
by gizmo
Sat Feb 17, 2018 9:39 am
Forum: Investing - Help with Personal Investments
Topic: New Job, New Accounts/Transfers, New Allocations
Replies: 2
Views: 266

New Job, New Accounts/Transfers, New Allocations

Emergency funds: Present Debt: 401k Loan - $29,000 @ 5.0% fixed Auto Loan - $17,500 @ 2.19% fixed Student Loan 1 - $24,990 @ 3.57% variable Student Loan 2 - $4,400 @ 4.25% fixed Student Loan 3 - $24,200 @ 6.63% fixed Student Loan 4 - $85,500 @ 6.63% fixed Mortgage - $270,000 @ 3.875% fixed Tax Fili...
by gizmo
Mon Feb 12, 2018 1:20 pm
Forum: Personal Finance (Not Investing)
Topic: Household Employee - Tax Withholding and Payment Questions
Replies: 2
Views: 290

Household Employee - Tax Withholding and Payment Questions

Unsure as to how deep of a hole I have dug myself into, but certainly know I would like to step/climb/crawl out of it. Backstory (Questionable Relevancy?) We have an occasional babysitter for days when my wife has freelance work set up. Every expectation for 2017 was that the babysitter would be use...
by gizmo
Fri Jan 05, 2018 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Checking account balance relative to credit limit?
Replies: 8
Views: 610

Re: Checking account balance relative to credit limit?

That's what I thought, but in a recent FICO credit report it said "Proportion of balances to credit limits on bank/national revolving or other revolving accounts is too high" and I want sure if this related to my accounts overall (including checking). I try to keep credit card balances at 20-30% of...
by gizmo
Tue Jan 02, 2018 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 New Spousal IRA Questions - Phaseout/tIRA/rIRA?
Replies: 3
Views: 274

Re: 2017 New Spousal IRA Questions - Phaseout/tIRA/rIRA?

How much of the gross is from the partners home business? A solo-401k for him/her could knock down your MAGI if it pulls in a nice amount of income. Regrettably, but respectfully, not much; partner's income is not included in numbers above. Business had gross revenues of $4,005.65 in 2017. Approxim...
by gizmo
Tue Jan 02, 2018 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 New Spousal IRA Questions - Phaseout/tIRA/rIRA?
Replies: 3
Views: 274

2017 New Spousal IRA Questions - Phaseout/tIRA/rIRA?

Several users in this thread noted that tax advantaged space should be my first priority, followed by paying down mid/high interest debt. I understand from other threads found through searching that most BHers tend to consider high interest debt to start anywhere from 5% to 3.5% (or even anything >0...
by gizmo
Wed Dec 27, 2017 9:04 pm
Forum: Personal Finance (Not Investing)
Topic: Debt, Investing, and Miscellaneous Planning
Replies: 5
Views: 678

Re: Debt, Investing, and Miscellaneous Planning

...Focus on continuing to max out the 401(k) / HSA (invest--don't spend) / spousal IRA / pension as your top priorities. 529s a little less so. Due to our MAGI being north of $196,000, I believed any such contribution would be non-deductible. Absent a backdoor Roth, would there be any reason to pur...
by gizmo
Wed Dec 27, 2017 5:30 pm
Forum: Personal Finance (Not Investing)
Topic: Debt, Investing, and Miscellaneous Planning
Replies: 5
Views: 678

Debt, Investing, and Miscellaneous Planning

Unsure as to whether this is more appropriate for the investing sub or this location here. It is certainly financial, personal, and actionable. Question: What ought I be doing to best utilize our income and assets (saving relative to taxes, investing, etc.)? . Unsure as One student loan of $25,000 h...
by gizmo
Sun Oct 22, 2017 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: FY17 Unused Dependent Care Funds
Replies: 2
Views: 320

Re: FY17 Unused Dependent Care Funds

I think the child care needs to be so that the parents can do work (though I suppose that can be broadly interpreted). If the grandparents babysat the kid(s) so you and your wife could go out on a date, that isn't in the spirit of the flexible spending provision. Agree 100% on this. I ought have be...
by gizmo
Sun Oct 22, 2017 8:51 am
Forum: Personal Finance (Not Investing)
Topic: FY17 Unused Dependent Care Funds
Replies: 2
Views: 320

FY17 Unused Dependent Care Funds

Whoops - with a little over two months to go, my wife and have realized an additional impact of changing our child's school and pre-school/kindergarten assignment. Last year we elected to have $5,000 put into a dependent care account as one of our children would have been in pre school at a private ...
by gizmo
Thu Apr 20, 2017 5:40 pm
Forum: Investing - Help with Personal Investments
Topic: Keep Mortgaged Home For Rental Property - Equity In ROI?
Replies: 14
Views: 1534

Re: Keep Mortgaged Home For Rental Property - Equity In ROI?

EDIT: Sorry, based on last post I see what you're getting at. Unless you plan to put the profit in bonds/CDs etc, you have no way of knowing what your return will be. Real estate, too, has downside risk. But if you do your due diligence (see what the market will bear in terms of rent) you will have...
by gizmo
Thu Apr 20, 2017 1:04 pm
Forum: Investing - Help with Personal Investments
Topic: Keep Mortgaged Home For Rental Property - Equity In ROI?
Replies: 14
Views: 1534

Re: Keep Mortgaged Home For Rental Property - Equity In ROI?

I am flummoxed though on how to consider the equity when calculating rental ROI. Is this a sunk cost that is immaterial? Is the "cost" of starting it as a rental the opportunity cost of not selling the home? I am not entirely sure what question you are asking. Why do you care what the ROI is? I am ...
by gizmo
Thu Apr 20, 2017 11:22 am
Forum: Investing - Help with Personal Investments
Topic: Keep Mortgaged Home For Rental Property - Equity In ROI?
Replies: 14
Views: 1534

Keep Mortgaged Home For Rental Property - Equity In ROI?

Honestly rather struggling on how to best articulate my question - fingers crossed what is below at least gets the ball rolling. --- Family and I are currently exploring the possibility of purchasing a new home. While our current home could be sold to free up cash, it could also be used as a short t...
by gizmo
Mon Mar 13, 2017 9:20 pm
Forum: Investing - Theory, News & General
Topic: How Many Contribute To A Retirement Fund But Never Invest
Replies: 21
Views: 2865

Re: How Many Contribute To A Retirement Fund But Never Invest

Complicit in this for about six months during my first relatively well paying job. Dropped funds into a Chase IRA for a series of account sign up bonuses - several months later at tax time I was going through paperwork, and found the funds were still safe and sound, and at the exact same value, in a...