Search found 88 matches

by gurusw
Thu May 17, 2018 4:05 pm
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

chillyuber, this is in Fremont.
by gurusw
Thu May 17, 2018 3:48 pm
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

HornedToad, $1M includes retirement. A couple of years back, I was saving $60K per year. Then my income started to improve, and now my savings are reaching $100K per year. So when I initially did the calculations, I thought I can put additional savings in RE & afford a house. I don't think my lifest...
by gurusw
Thu May 17, 2018 2:51 pm
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

Thanks everyone. We have moved between states 2 times since my son is 3, and the family is just tired of moving again. Maybe we made wrong choices in the past. I know places like Atlanta can be very cheap, but I have friends moving to bay area for better job opportunities from different places in th...
by gurusw
Thu May 17, 2018 1:03 am
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

CurlyDave, Thanks for the encouragement. I cannot project future income or job stability. But I am working for 20 years, and my experience is that the pay raise will average out to be 6% to 7% per year. Of course things are getting riskier as I get older in this industry. If I get stuck in my career...
by gurusw
Thu May 17, 2018 12:44 am
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

Luckywon, Thanks for the positive vibe there :) TravelGeek, My job is as seure as any 40+ year old's job in the Tech industry. Although my current employer does not have bad reputation of firing people or layoffs. But if things go downhill, these companies will do anything for survival. My spouse is...
by gurusw
Thu May 17, 2018 12:15 am
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

usnaron, I started seeing the validity of these articles as I started figuring out what all my new house needs. Plus the cost of additional utilities, gardening, etc. lotusflower, Thanks for your input. Btw I forgot to mention in my previous posts that my both cars are fully paid. One has 20K miles ...
by gurusw
Wed May 16, 2018 11:52 pm
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Re: Urgent: escrow situation in bay area

Buster, The reason for home was to build equity & not pay rent in retirement years. Also we want our kid to have a home where he form memories, where he makes friends & attends same schools with them. Basically he build bonds with them & the place. At rental place, people come & by the time he makes...
by gurusw
Wed May 16, 2018 10:58 pm
Forum: Investing - Help with Personal Investments
Topic: Urgent: escrow situation in bay area
Replies: 50
Views: 2771

Urgent: escrow situation in bay area

Hi, I briefly read some threads on bay area housing. But I thought of presenting my personal situation for direct feedback. We are in escrow for a SFH of $1.2M. Down-payment $240K. Mortgage $960K. Closing cost $10K After moving in, there is expense of $10K for appliances and necessary upgrades. Sing...
by gurusw
Sun Apr 22, 2018 7:58 pm
Forum: Investing - Help with Personal Investments
Topic: Question on IRA contributions
Replies: 1
Views: 269

Question on IRA contributions

Hi, Recently I executed some steps to do backdoor ROTH IRA contributions. 1. I used to hold Rollover IRA with Fidelity. I transferred all the money from Rollover IRA to my 401K plan. 2. After doing that, I recharacterized the "2017" excess contributions of my ROTH to non-deductible IRA. For doing th...
by gurusw
Sat Mar 17, 2018 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

I called Vanguard & they gave explanation about $94.88 deduction. Fed withholding is $86.25 and State withholding is $8.63. There is no penalty. TurboTax is asking me Vanguard's Fed ID & State ID, and the rep wasn't able to provide me that... meaning he did not know. Do you know if I can leave these...
by gurusw
Tue Mar 13, 2018 12:52 am
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

So are you saying that $6362.48 was withdrawn from your wife’s IRA account? This would represent $5500 + $862.48? But then $6267.60 was deposited back into the taxable account? Thus your assumption is that $94.88 was withheld for taxes? You could be right though that seems an odd amount of witholdi...
by gurusw
Mon Mar 12, 2018 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

Just to be clear, there are two options. 1. You can ask for a return of the 2017 contribution plus earnings. You do this before the due date. If this is done correctly, there are no taxes on the withdrawal of the contribution. Taxes and a penalty if under 59.5 yrs are only due on the earnings. This...
by gurusw
Sun Mar 11, 2018 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

You entered it as your wife's, not yours, correct? Yes, entered as my wife's. Also I am now able to get "1099-R entry screen" in Turbo Tax that allows me to enter all the amounts myself plus the explanation. Btw I see 10% taxes were withheld plus 10% penalty on the taxes. Does that sound correct? T...
by gurusw
Sun Mar 11, 2018 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

First of all, Alan, thanks for the detailed reply. For me, TurboTax has taken care of the situation correctly. I just have a small query on this. I had made monthly contributions to ROTH in 2017 Jan to Nov ($500 each), and TurboTax is asking me date of ROTH contributions. What shouldm I answer? I th...
by gurusw
Sun Mar 11, 2018 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

So for 2017 returns, for my wife's part, am I supposed to report her non-deductible contribution to tIRA as well?
Or am I supposed to skip that since I withdrew that amount before the tax filing deadline.
by gurusw
Sat Mar 10, 2018 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

Re: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

Hi, Can someone please help shed light on my situation above? So far I have found this myself. In Feb 2018, I recharacterized my ROTH contributions to Non-deductible IRA. Fidelity took out $5500 of contributions plus the earnings on that amount from ROTH, and deposited all the money in my non-deduct...
by gurusw
Fri Mar 09, 2018 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions
Replies: 16
Views: 997

IRA/ROTH Tax Q: Reporting recharacterization & withdrawal of contributions

Hi, Status: MFJ In the year 2017, I contributed $5500 to ROTH & contributed $5500 to wife's TIRA. In January 2018, it became clear that we should not have done so because my income is above the threshold to make ROTH contributions and deductible TIRA contributions on wife's name. In Feb 2018, I rech...
by gurusw
Mon Feb 26, 2018 10:22 pm
Forum: Personal Finance (Not Investing)
Topic: Put spouse on mortgage?
Replies: 12
Views: 1310

Re: Put spouse on mortgage?

Thanks for the replies. I asked the same question to my mortgage broker, and he replied as follows: "Typically, as long as the loan continues to be paid, the lender does not look at the loss of the primary borrower - this would be just as applicable if your spouse was on the loan as she is not showi...
by gurusw
Mon Feb 26, 2018 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Put spouse on mortgage?
Replies: 12
Views: 1310

Re: Put spouse on mortgage?

1. If you have children and no will, the heirs will be spouse and children whether you put spouse on title or not - else only spouse. 2. Who will get the proceeds of your life insurance policy? Will that person clear off the mortgage dues from the proceeds? 3. Do you claim mortgage interest deducti...
by gurusw
Mon Feb 26, 2018 12:46 am
Forum: Personal Finance (Not Investing)
Topic: Put spouse on mortgage?
Replies: 12
Views: 1310

Put spouse on mortgage?

Hi, We are first-time home buyers, and still searching for houses. My spouse is home-maker. Both of us have good credit scores (800+). We have joint bank accounts where the money for down-payment is parked. I have life insurance enough to cover mortgage. I am told that my spouse can be on the title ...
by gurusw
Wed Jan 31, 2018 11:29 pm
Forum: Personal Finance (Not Investing)
Topic: First Time Home Buyer (Pre-approval)
Replies: 6
Views: 1334

Re: First Time Home Buyer (Pre-approval)

Hi, I am just reading this thread (and many such others) since we have just actively started shopping for houses. Since we just started, I am wondering what is the best way to go about starting the procedure. Some houses that I visited asked me whether I have pre-approval. I also see there is a diff...
by gurusw
Sun Jan 21, 2018 11:29 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Re: Need help with excess IRA/Roth contributions

For WIFE'S contribution: Neither spouse is eligible for a Roth contribution, but your wife also cannot do a back door Roth contribution without taxes on the conversion because of her 17,000 pre tax IRA with no plan to roll it to. So not third option for her. Therefore, her options are limited to a ...
by gurusw
Sun Jan 21, 2018 3:49 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Re: Need help with excess IRA/Roth contributions

For WIFE'S contribution: Neither spouse is eligible for a Roth contribution, but your wife also cannot do a back door Roth contribution without taxes on the conversion because of her 17,000 pre tax IRA with no plan to roll it to. So not third option for her. Therefore, her options are limited to a ...
by gurusw
Sun Jan 21, 2018 3:43 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Re: Need help with excess IRA/Roth contributions

Thanks again. I am also looking at this as a foundation step for future investment planning. Hence more questions. For YOUR contribution: Since your MAGI appears set to exceed the Roth income limit indefinitely, keeping the contribution and paying the excise tax so you can assign it to a future year...
by gurusw
Sun Jan 21, 2018 2:37 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Re: Need help with excess IRA/Roth contributions

Alan, thanks for your comprehensive reply. I am still digesting your analysis. I will post my questions (if any) later.
by gurusw
Sat Jan 20, 2018 4:26 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Re: Need help with excess IRA/Roth contributions

Btw I had talked with Fidelity yesterday to explore the possibility of recharacterizing excess ROTH to Traditional, and then back to ROTH. The rep told me that IRS no longer allows 2 recharacterizations.
by gurusw
Sat Jan 20, 2018 12:58 am
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Re: Need help with excess IRA/Roth contributions

For 2018, MAGI will be more than 199K.
both contributions have 10+% gain.
by gurusw
Fri Jan 19, 2018 10:38 pm
Forum: Investing - Help with Personal Investments
Topic: Need help with excess IRA/Roth contributions
Replies: 9
Views: 664

Need help with excess IRA/Roth contributions

Here’s my tax filing situation for 2017. - MFJ - I am the only earner, covered by 401K plan at work - AGI/MAGI > $196K - I have already contributed 5500 to ROTH - Spouse contributed 5500 to Traditional IRA - Between these 2 accounts, I have 15% capital gains Now I realize that because of AGI/MAGI, I...
by gurusw
Wed Nov 22, 2017 12:23 am
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA Phase Out
Replies: 15
Views: 1805

Re: Help with Roth IRA Phase Out

Thanks for the replies again. I took some time to digest the information here, and on Internet. So it boils down to this for me. Form 8606 was indeed due for me in 2011 & 2012 because of ROTH conversions. But my then CPA did not file it! However as you are saying, 100% of the conversion amount was t...
by gurusw
Mon Nov 20, 2017 12:52 am
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA Phase Out
Replies: 15
Views: 1805

Re: Help with Roth IRA Phase Out

Hi, Thanks for the help. I went over my tax records, and it seems I had not filed 8606 for any of the tax year. Apparently I have never made non-deductible IRA contributions. But I had done Traditional to Roth conversion in 2011 & 2012 (and I had paid the required tax then). As per your pointers, I ...
by gurusw
Sat Nov 18, 2017 10:12 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA Phase Out
Replies: 15
Views: 1805

Re: Help with Roth IRA Phase Out

Thanks for the help. This is now going in another direction for me - IRA basis. Over the years, sometimes I have filed taxes myself filling the tax forms manually, sometimes using TaxAct, and sometimes using TurboTax. And I've not been diligent about filing IRA basis, or carrying it over from one sy...
by gurusw
Sun Nov 12, 2017 5:58 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA Phase Out
Replies: 15
Views: 1805

Re: Help with Roth IRA Phase Out

Hi,

Thanks for the links. But I have 401K plan at work. I think that prevents me from making traditional IRA contributions. So I am not sure whether I can recharacterize ROTH to Traditional. Is my understanding correct?
by gurusw
Sat Nov 11, 2017 10:46 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Roth IRA Phase Out
Replies: 15
Views: 1805

Help with Roth IRA Phase Out

Hi, At the beginning of this year, I started contributing to ROTH, and I have already invested $5000 to it. There is only one payment of $500 remaining. This year my income has gone up & I suspect I will either be between phase out limits of ROTH, and maybe totally ineligible to contribute in the ye...
by gurusw
Mon Oct 30, 2017 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

gasdoc, thanks for your advice, and saving me headache. Meanwhile I received the best rate from both Cincinnati & Banner. I started paying their premiums by staggering the policies. I also asked for the lab results from both Banner & Cincinnati. As I went through these, I noticed that my height is r...
by gurusw
Wed Sep 20, 2017 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

gurusw wrote:
Sun Sep 17, 2017 8:49 pm
The agent (the one whom I had conacted through Term4Life) is now trying to sell me universal life policy in addition to term life.
Sorry for the typo. It should have said Term4Sale, not Term4Life.
by gurusw
Sun Sep 17, 2017 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Thanks for the replies. Things have progressed. My EKG came normal. Meanwhile my doctor was never contactable. But Banner has moved on, and they are giving me their preferred rate - as per the agent. Have not received their paperwork yet. Cincinnati Life has already given me their quotes for P1 rate...
by gurusw
Sat Sep 02, 2017 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Thanks for the responses. Banner is actually demanding me to get EKG on their cost. I am going for it.

Agent also wants doctor to provide written record that there is no cardiac history with my parents. I am gonna try, but not sure whether the docstor is comfortable.
by gurusw
Tue Aug 29, 2017 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Hi Rupert, thanks for responding. I asked the agent about the things you had mentioned. He said that it's a misconception that if a company denies LI, other companies won't entertain you. They have to cite a reason for denying services; and if that reason is addressed the other companies should not ...
by gurusw
Sun Aug 27, 2017 5:11 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Hi, I am just posting update, and seeking some opinions. Finally the medical results are in, and a couple of weird things are happening. 1. During the med test, my blood pressure reading came up a bit higher than nornal. So the agnt asked me to switch from Ohio Life to Banner. According to him, I wo...
by gurusw
Sat Jul 29, 2017 7:30 pm
Forum: Investing - Help with Personal Investments
Topic: Advice needed to make short-term investments in Taxable accounts
Replies: 19
Views: 1976

Re: Advice needed to make short-term investments in Taxable accounts

I have a follow up question on this. I have emergency fund that I need to stash away too. At present my online bank is giving 0.75% on savings, my credit union's Money Market is giving 0.90%, and VG Prime MM is giving 0.52% APY. What will be your choice? If I want to use one of the vehicles for stas...
by gurusw
Mon Jul 24, 2017 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Btw do the insurance agents take any fees if I go through Term4Sale?
by gurusw
Wed Jul 12, 2017 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Thanks for all the replies. I got my medical tests done for Ohio National & Cincinnati Life. Do you think these are good companies to go for, if they offer me their best rate?
by gurusw
Wed Jul 05, 2017 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Hi, I have decided that I am going to buy 2 policies. I have also decided the policy values & the terms. Need suggestion on shopping. If I am using term4sale, should I start shoping for both the policies together, or one-after-another? Any other pointers? Also I have a existing policy that's expirin...
by gurusw
Sat Jul 01, 2017 6:11 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Re: Buying Life Insurance

Thanks for the reply. Any opinions on buying Whole Life policy vs Term? If I am stacking 2 policies, would it make sense to buy the smaller/longer one as a Whole Life policy?
by gurusw
Fri Jun 30, 2017 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Buying Life Insurance
Replies: 26
Views: 5621

Buying Life Insurance

Hi, I am 42 now, and my 10 year life insurance policy will be expiring in 2 years. Thinking back, I made a mistake by not buying a 30-year term policy then. However I want to correct my course asap. Hence I am thinking of getting a new policy right now, and canceling the old one. I need help with tw...
by gurusw
Fri Jun 23, 2017 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Health Coverage - COBRA & ACA
Replies: 16
Views: 1266

Re: Health Coverage - COBRA & ACA

Btw are there alternatives to COBRA that I can consider?
by gurusw
Fri Jun 23, 2017 7:31 am
Forum: Personal Finance (Not Investing)
Topic: Health Coverage - COBRA & ACA
Replies: 16
Views: 1266

Re: Health Coverage - COBRA & ACA

Will you and your family have health insurance coverage coverage from day one of your new job? If so, then your plan should work. Be sure to send back the form indicating that you are going to elect COBRA coverage as soon as you get it. Verify with your current employer when your health insurance e...
by gurusw
Fri Jun 23, 2017 12:03 am
Forum: Personal Finance (Not Investing)
Topic: Health Coverage - COBRA & ACA
Replies: 16
Views: 1266

Health Coverage - COBRA & ACA

Hi, I am looking to transition jobs. My lasy day at the current job will be Jul 7, and the first day in the new company would be Aug 14. In between, I am planning to do international trip, and some domestic travel too. Ours is a family of 3. In essence, we will be without health insurance between Ju...
by gurusw
Sun Jun 18, 2017 4:15 pm
Forum: Investing - Help with Personal Investments
Topic: Advice needed to make short-term investments in Taxable accounts
Replies: 19
Views: 1976

Re: Advice needed to make short-term investments in Taxable accounts

Hi,

So if my bond allocation (100K) is substantailly lower than mortgage (400K), then what does it mean? Should I not buying the house yet? or do I need to move more money in bond allocation?

Thanks.
by gurusw
Sun Jun 18, 2017 2:50 pm
Forum: Investing - Help with Personal Investments
Topic: Advice needed to make short-term investments in Taxable accounts
Replies: 19
Views: 1976

Re: Advice needed to make short-term investments in Taxable accounts

I did this in 2013, when I bought a home. I had a stock holding in my taxable account which was more than enough to pay cash for a home (but which would have led to a huge tax bill if I did that). I intended to put 20% down on a home. So I left my taxable account in stock, and when I signed the con...