Search found 1820 matches

by mcraepat9
Sat Jan 27, 2024 12:10 am
Forum: Personal Investments
Topic: Conflicted about 529
Replies: 31
Views: 2709

Re: Conflicted about 529

renter wrote: Fri Jan 26, 2024 9:10 pm
Yesterdaysnews wrote: Fri Jan 26, 2024 8:55 pm You can take $10k out per kid for K-12 private school.
But might still be taxable + penalty at the state level, depending on the state.
One of those states being NY (the state in which the OP is located).
by mcraepat9
Wed Jan 10, 2024 12:04 am
Forum: Personal Finance (Not Investing)
Topic: Potentially selling a great house
Replies: 101
Views: 11748

Re: Potentially selling a great house

You can afford it. The increased payment seems ancillary and not entirely relevant.

If you want to move because you prefer the new neighborhood, you should do it. If you lose your job, you have plenty of cushion in your net worth to handle that.

I don’t think you need our permission. If you want to move, do it!
by mcraepat9
Wed Jan 03, 2024 3:58 pm
Forum: Personal Consumer Issues
Topic: your system for reviewing credit card transactions
Replies: 86
Views: 9316

Re: your system for reviewing credit card transactions

You all are so impressive. I’ve probably checked my CC statements once every few years. Don’t have time and can’t be bothered.
by mcraepat9
Wed Jan 03, 2024 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Need HELP with money order
Replies: 15
Views: 1252

Re: Need HELP with money order

zie wrote: Wed Jan 03, 2024 3:43 pm You should be able to mail it into Schwab(or stop by one of their locations).
This.
by mcraepat9
Wed Nov 29, 2023 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: Asset protection for homes (LLCs, trusts, etc.?)
Replies: 6
Views: 1192

Re: Asset protection for homes (LLCs, trusts, etc.?)

Umbrella for actual liability protection.

Privacy you already messed up because your name is in the county recorders office in the chain of title (anonymous trust would have been the proper move from the start).

Revocable trust or single member LLC owning your property should have no impact on fed property tax deduction, basis step up, primary residence gains etc.

State deductions vary - NJ for example does not allow a state tax deduction for property taxes paid on residences in LLCs.
by mcraepat9
Sat Nov 18, 2023 10:38 pm
Forum: Personal Consumer Issues
Topic: New TV: OLED vs QLED
Replies: 53
Views: 17028

Re: New TV: OLED vs QLED

Samsung OLED is great
We use a NVIDIA Pro shield streaming device, far superior to Samsung Smart TV
by mcraepat9
Thu Oct 19, 2023 8:41 pm
Forum: Personal Investments
Topic: Not sure which account to invest in
Replies: 24
Views: 3040

Re: Not sure which account to invest in

1POINT21GW wrote: Thu Oct 19, 2023 8:06 pm I have a Roth 401(k) available through work, but it has high expense ratios - 1.12% on their 2045 target date retirement fund.
1. Are you sure there are really *no* low-cost funds in your 401k? It's not totally unheard of, but unlikely.
2. Why are you using a Roth 401k rather than a traditional 401k? Very few Americans will come out ahead using a Roth 401k, especially anyone trying to retire early (decades of Roth conversions in lower tax brackets). You might be lighting money on fire.
by mcraepat9
Thu Oct 19, 2023 4:22 pm
Forum: Personal Investments
Topic: Bank calling on source of funds
Replies: 73
Views: 9660

Re: Bank calling on source of funds

OldRunner wrote: Thu Oct 19, 2023 4:07 pm Is this a normal thing? Calling almost a month later?
Yes, yes. Especially if your wife's account isn't regularly receiving 7 figure wires. This is a very common anti-money laundering protocol. It is CYA for the bank.
by mcraepat9
Sun Oct 15, 2023 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling with decision to pay down 6% mortgage or invest
Replies: 24
Views: 3097

Re: Struggling with decision to pay down 6% mortgage or invest

You have enough cash and a loan principal so low that it probably doesn’t matter. I personally prefer the leverage and liquidity so would not be paying down your 6% mortgage if it were me, but Bogleheads will probably say that risk-adjusted it makes sense to pay down early.
by mcraepat9
Sun Oct 15, 2023 5:23 pm
Forum: Personal Investments
Topic: i401K Funding 2022 v. 2023
Replies: 10
Views: 910

Re: i401K Funding 2022 v. 2023

mainly I'm just wondering about 2022 contribution option in my Vanguard i401k account. Thank you! for the employee side, Dec 31 2022 was the deadline. for 2022 employer contributions the ship has sailed unless you had filed for an extension and you have not yet submitted that... if you are still working on your extension you can figure out what you can contribute and get it done on Monday, put those figures in your 2022 taxes and be golden. If your 2022 taxes already filed, no 2022 contributions available Mike If the OP’s self employment income is taxed as a sole proprietor/disregarded entity, isn’t the deadline for employEE deferrals the business tax deadline including extensions (so Oct 16 2023 if OP extended)? You do need a written sala...
by mcraepat9
Sun Oct 15, 2023 5:09 pm
Forum: Investing - Theory, News & General
Topic: Contribution deadlines for Solo 401k as Single-Member LLC
Replies: 6
Views: 962

Re: Contribution deadlines for Solo 401k as Single-Member LLC

ill wrote: Sun Oct 15, 2023 4:45 pm
HomeStretch wrote: Sun Oct 15, 2023 2:58 pm As a SP, you have until your tax filing due date (including extensions) to make the employEE/ER contributions. You need to make a written election by 12/31/23 for any 2023 employEE elective deferral that you intend to make in 2024 by your 2023 Form 1040 filing deadline. File the election in your 401k file.
Got it. Thanks. One more question: Should I make contributions (Employee deferrals, Employee after-tax contributions, Employer contributions) to a solo 401k from my business LLC account, or does it not matter and I can do them from personal account as well (assuming I got funds on that personal account from business account in this year)?
Does not matter.
by mcraepat9
Sun Oct 15, 2023 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage 6.825% vs savings
Replies: 29
Views: 4636

Re: Mortgage 6.825% vs savings

Our first mortgage was 30 Year @ 8.25%. Not surprisingly, you could also get a bit over 6% in savings accounts. We paid as agreed and focused our monies on long term tax advantaged investments (use or lose every year) and ample emergency fund. Not surprisingly, rates eventually came down (along with savings rates) and we refinanced our mortgage along the way. I value the benefits a mortgage affords me: * Liquidity * Hedge against inflation * Leverage for other investments * More options I also believe this time is not different and the Fed will eventually have its way….although I am doubtful we will see the recent mortgage lows for a long time (my current mortgage is 2.625%…great gift by dumb luck). I understand the various arguments inclu...
by mcraepat9
Sat Oct 14, 2023 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Question re paying down the mortgage, deducting interest on taxes, and itemizing.
Replies: 7
Views: 1084

Re: Question re paying down the mortgage, deducting interest on taxes, and itemizing.

What is the principal amount of debt secured by your two mortgages? As you probably know, you can only deduct mortgage interest on $750,000 of debt (or $1MM if the debt was incurred prior to December 16, 2017).
by mcraepat9
Mon Oct 09, 2023 10:59 pm
Forum: Personal Consumer Issues
Topic: Tablet to use as a kitchen TV?
Replies: 16
Views: 1985

Re: Tablet to use as a kitchen TV?

vnatale wrote: Mon Oct 09, 2023 6:59 pm If there are any baseball fans among you ... I was quite surprised to find out that the MLB At Bat app does NOT work on the Amazon Fire Tablet.
You need to sideload it to work on the fire tablet.
by mcraepat9
Thu Sep 14, 2023 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my business?
Replies: 39
Views: 3688

Re: Should I sell my business?

MrHappy wrote: Thu Sep 14, 2023 8:38 am My question is, do I sell?
Very silly threshold question, but how did you get this offer? Did you hire a banker and run a formal process to test the market to get the best price?
If not, do not sell until you do this. You could be lighting money on fire.

Source: attorney who does this stuff everyday.
by mcraepat9
Tue Sep 05, 2023 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Am I Underpaid? (Lawyers)
Replies: 71
Views: 9178

Re: Am I Underpaid? (Lawyers)

anon_investor wrote: Mon Sep 04, 2023 9:37 pm
mcraepat9 wrote: Mon Sep 04, 2023 2:36 pm NYC biglaw partner here. 15 years out of law school.

You are doing law correctly. I make plenty of money but time is limited, stress is high and flexibility varies considerably from week to week, client to client etc. I would not do this all over again if I had a chance to start over.

Enjoy your freedom and time with your family. You can never get it back. Trust me. I speak from experience.
If you had a do over, would you do biglaw partner again?
No.
by mcraepat9
Mon Sep 04, 2023 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: If you have a high income ($500K+), how did you do it?
Replies: 190
Views: 23879

Re: If you have a high income ($500K+), how did you do it?

Cruise wrote: Mon Sep 04, 2023 1:17 pm Whoa is us
Freudian slip I am sure, but whoa is right!
by mcraepat9
Mon Sep 04, 2023 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Am I Underpaid? (Lawyers)
Replies: 71
Views: 9178

Re: Am I Underpaid? (Lawyers)

NYC biglaw partner here. 15 years out of law school.

You are doing law correctly. I make plenty of money but time is limited, stress is high and flexibility varies considerably from week to week, client to client etc. I would not do this all over again if I had a chance to start over.

Enjoy your freedom and time with your family. You can never get it back. Trust me. I speak from experience.
by mcraepat9
Thu Aug 10, 2023 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Does Everyone need a local Bank?
Replies: 69
Views: 6513

Re: Does Everyone need a local Bank?

Only Charles Schwab Bank for 15 years. No local branches. Never been a problem for me. I upped my ATM withdrawal limit to $3,000 a day to make it easier if I needed cash on short notice. But overall I don’t think a local branch moves the needle.
by mcraepat9
Sun Jul 23, 2023 11:45 am
Forum: Personal Investments
Topic: portfolio review - NYC 54/53
Replies: 20
Views: 2581

Re: portfolio review - NYC 54/53

Regarding question 1: He may be thinking of having your wife do a Solo 401(K) instead of a SEP-IRA. The contribution limits would be higher, because she would be able to do employer contributions as well as employee contributions. But the 401(K) would require filing form 5500 as soon as the account total goes above $250,000. And some other gotcha's. Here's a couple of links to look at: https://www.forbes.com/advisor/retirement/sep-ira-vs-solo-401k/ https://www.investopedia.com/articles/financial-advisors/012716/solo-401k-vs-sep-which-best-biz-owners.asp This is probably right. I don't think it's a coincidence that the max contribution for 2022 (including catch-up) is $67,500 and your tax professional referred to $68,000. However, given tha...
by mcraepat9
Sun Jul 16, 2023 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone decline a debit card for checking account?
Replies: 55
Views: 5897

Re: Anyone decline a debit card for checking account?

tj wrote: Sat Jul 01, 2023 9:46 am
mcraepat9 wrote: Tue Jun 27, 2023 10:57 pm Schwab allows you to set a POS debit max amount whereby you can only charge a certain amount of $ at any point of sale using your debit card. I set mine at $0.01. Card otherwise works at ATMs etc w your PIN.
Can you do this on the website?
No i had to call in. But Schwab phone customer service is easy and frankly they are a pleasure to talk to.
by mcraepat9
Tue Jun 27, 2023 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone decline a debit card for checking account?
Replies: 55
Views: 5897

Re: Anyone decline a debit card for checking account?

Schwab allows you to set a POS debit max amount whereby you can only charge a certain amount of $ at any point of sale using your debit card. I set mine at $0.01. Card otherwise works at ATMs etc w your PIN.
by mcraepat9
Sun Jun 11, 2023 3:55 pm
Forum: Personal Investments
Topic: Solo 401k - bad info from Fidelity?
Replies: 9
Views: 1066

Re: Solo 401k - bad info from Fidelity?

25% of business income is typically the shorthand reference to the max employER solo 401k contribution amount.

Since you have no 401k at work, you can make an employEE contribution that should permit you to contribute most (but not all) of your earnings into a solo 401k.

Oblivious Investor calculator is correct here.
by mcraepat9
Wed Jun 07, 2023 12:17 am
Forum: Personal Finance (Not Investing)
Topic: Moving to NYC after August - state income tax implications?
Replies: 8
Views: 900

Re: Moving to NYC after August - state income tax implications?

Macro wrote: Tue Jun 06, 2023 3:38 pm Thanks for the responses. For some reason I thought you only only owed taxes to that state if you lived there for more than 183 days.
That’s only if you meet the conditions for being a NY non-resident. You will be a part-year resident.
by mcraepat9
Wed May 31, 2023 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Construction Loan - Questions for Lenders?
Replies: 12
Views: 1270

Re: Construction Loan - Questions for Lenders?

#4 I've vetted probably a dozen or so construction lenders, and my understanding is that the lender holds your down payment and it is actually used for the first few construction draws. I'm looking at putting 50-60% down. With money market rates 5%+, I don't want to give the bank my huge down payment and have them slowly disperse that to the builder. There's a significant opportunity loss with them holding the funds for months, especially if the build moves slowly. ideally, i would pay the builder directly until I exhaust my cash, then the bank starts paying. this way, I earn interest on my money and i don't start paying the bank interest until I start using their money. If you are willing to put 50-60% down, then another way to do this is...
by mcraepat9
Wed May 31, 2023 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Construction Loan - Questions for Lenders?
Replies: 12
Views: 1270

Re: Construction Loan - Questions for Lenders?

#4 I've vetted probably a dozen or so construction lenders, and my understanding is that the lender holds your down payment and it is actually used for the first few construction draws. I'm looking at putting 50-60% down. With money market rates 5%+, I don't want to give the bank my huge down payment and have them slowly disperse that to the builder. There's a significant opportunity loss with them holding the funds for months, especially if the build moves slowly. ideally, i would pay the builder directly until I exhaust my cash, then the bank starts paying. this way, I earn interest on my money and i don't start paying the bank interest until I start using their money. If you are willing to put 50-60% down, then another way to do this is...
by mcraepat9
Tue May 30, 2023 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Construction Loan - Questions for Lenders?
Replies: 12
Views: 1270

Re: Construction Loan - Questions for Lenders?

For those with experience obtaining a construction loan, any advice on questions to ask potential lenders? Some questions I came up with include: 1. Do you accept land as collateral? 2. How many closings will I have? 3. Is there any fees to extend construction timeline? 4. Who holds on to my down payment? #1 is really more about land as "equity" - as in counting toward your down payment. The land of course will be collateral in any event. #2 yes, but usually the question is does the construction loan flip to a permanent mortgage after construction or do I need to get re-underwritten for another mortgage at that time. I would also ask about a float down option. Many construction loan lenders will offer you a 1 time float down of r...
by mcraepat9
Mon May 22, 2023 1:03 am
Forum: Personal Investments
Topic: Personal Finance / Portfolio Review - mid 40s high earner in high tax state (CA)
Replies: 18
Views: 3124

Re: Personal Finance / Portfolio Review - mid 40s high earner in high tax state (CA)

Hi Bogleheads – Was fortunate to get introduced to BogleHeads (read the book in Jan 2023) and have since been reading up as much on the forum! Have taken some baby steps in optimizing my finances and now reaching out to ask for active suggestions from my more experienced friends on this forum. I appreciate your suggestion/recommendation for my situation described below - thanks in advance! Background I am in IT Sales with 100% W2 income and my wife is a Special-Ed teaching aid with a local primary school district. My comp jumped dramatically, primarily due to bonuses/commissions, in the last couple of years while my wife has a steady W2. We are fortunate to have a high income for now and recognize our opportunity for early retirement is wi...
by mcraepat9
Sat May 20, 2023 10:22 am
Forum: Personal Finance (Not Investing)
Topic: Secure 2.0 Drafting Error Threatens Catch-Up Contributions
Replies: 8
Views: 1398

Re: Secure 2.0 Drafting Error Threatens Catch-Up Contributions

Seems like this entire thread is about possible changes in law and should be locked ASAP. Whether it is a drafting error or not, we should not be speculating on what Congress may or may not do to make a change in the law. Catch-up contributions are now prohibited. Plan accordingly. If and when Congress changes the law or IRS issues guidance that modifies everyone's understanding, then it should be permitted to be discussed here.
by mcraepat9
Sat May 20, 2023 10:06 am
Forum: Personal Finance (Not Investing)
Topic: So we made the mistake of trying to build a home...
Replies: 170
Views: 29548

Re: So we made the mistake of trying to build a home...

As someone who is in the process of building our vacation home, I feel for you and your situation. I am not a builder or in the trades, so this is coming purely from a lay person. YMMV Some thoughts generally: 1. Ignore sunk costs when making decisions . The $400k you have spent is gone. Whatever decision you make, do your best not to worry about funds already expended. Trying to recoup or "use" the $400k will cause you to make bad decisions. 2. The one glaring omission I see here is failing to look at already built homes . If you have outgrown your apartment, you really need to be looking at homes or larger apartments that are already built in your price range. Custom builds are expensive, time consuming and involve construction ...
by mcraepat9
Thu May 18, 2023 1:23 pm
Forum: Personal Investments
Topic: HSA Question
Replies: 7
Views: 864

Re: HSA Question

peterwantstosave wrote: Thu May 18, 2023 10:23 am thank you

so if I understand

I can contribute this year's full year amount on July 1 2023 as long as I remain eligible through December 31 2024?

Otherwise, it counts as income and subject to a 10% over contribution penalty.

P
This is correct.
by mcraepat9
Thu May 18, 2023 1:19 pm
Forum: Personal Investments
Topic: HSA Question
Replies: 7
Views: 864

Re: HSA Question

peterwantstosave wrote: Thu May 18, 2023 9:25 am In July, I'll begin an HDHP.

I opened a Fidelity HSA.
Hi, are you a W-2 employee? Is there a reason you are not contributing to your employer's HSA bank via your employer's payroll? Contributing to your new Fidelity HSA outside of your payroll deduction means you pay SS and Medicare taxes on this amount, so generally considered unwise.
by mcraepat9
Mon May 15, 2023 10:35 pm
Forum: Personal Finance (Not Investing)
Topic: Tax questions for wife's sole proprietorship (writer and editor)
Replies: 17
Views: 1842

Re: Tax questions for wife's sole proprietorship (writer and editor)

Thanks mcraepat9 for taking the time to put together such a detailed response. I was not as precise as I could have been in explaining the situation, so I apologize for any confusion I caused. My wife never had a sole proprietor EIN so when I said "she has an EIN from the IRS" I should have added "for her business." In 2019 she went from filing Schedule C as a sole proprietor with her SSN to using her single-member LLC and its EIN (edit: on Sch C lines C and D in our MFJ return). I believe this is still considered the same (disregarded) entity but it sounds like I should not have used the EIN anywhere on the return. correct However, did we (I) also mess this up and it's technically a cessation of her sole proprietorship...
by mcraepat9
Mon May 15, 2023 10:02 am
Forum: Personal Investments
Topic: investing in miami
Replies: 25
Views: 2494

Re: investing in miami

You may want to consider posting this on Bigger Pockets (a real estate investing site). Bogleheads is more focused on index investing.
by mcraepat9
Sun May 14, 2023 11:20 pm
Forum: Personal Finance (Not Investing)
Topic: Tax questions for wife's sole proprietorship (writer and editor)
Replies: 17
Views: 1842

Re: Tax questions for wife's sole proprietorship (writer and editor)

My wife is starting two new business ventures this year: professional editor and independent writer. She has a single-member LLC registered in our home state and files Schedule C on our MFJ return (using NAICS code 711510). She intends to use the same (existing) LLC for the new work. She has an EIN from the IRS. No employees. Up until now, as an author she has received 1099-MISC income from her publishers through her literary agent. I've been handling her taxes, but the changes have us asking some questions about how to proceed with her as an independent content creator. 1) Will her publishers (let's say Amazon and Apple for simplicity) want a W-9 from her, and if so, does she use her legal name or the name of her LLC, and then her EIN or ...
by mcraepat9
Sat May 13, 2023 4:39 pm
Forum: Personal Consumer Issues
Topic: Can you advise on a solar-powered watch? (UPDATE)
Replies: 43
Views: 2634

Re: Can you advise on a solar-powered watch?

I wear a Seiko Kinetic watch. Powered by movement, not solar though.

https://www.seikowatches.com/us-en/cust ... -knowledge
by mcraepat9
Fri May 05, 2023 9:19 am
Forum: Personal Finance (Not Investing)
Topic: Adult Child Car Rental Insurance
Replies: 21
Views: 1694

Re: Adult Child Car Rental Insurance

My memory may be a bit rusty, but in NYS, when someone borrows a car, the driver is covered by the car owner's car insurance.

I live in NYC without owning a car, and when I rent cars I purchase liability insurance only (usually the max they will give me) and rely on my Amex Platinum or Chase Sapphire Reserve for collision.
by mcraepat9
Tue May 02, 2023 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Treating children financially equal
Replies: 259
Views: 21253

Re: Treating children financially equal

My wife is pregnant with our first child. We are still deciding what role my parents will have in our child's life. :shock: Because you feel they didn't treat you "fairly" as they did not approve of your college major and therefore didn't pay for it? Everybody is entitled to their own feelings, but.... HA no, just because we rarely see them. This isn't designed to be retaliatory. We are concerned about creating some sort of grandparent relationship that doesn't match reality. Edit: sorry for the confusion everyone - my entire life isn't aimed at antagonizing my parents. I just don't have much of a relationship with them so they tend to be far down my list of priorities. Understandable that you rarely see them (for whatever reason...
by mcraepat9
Tue May 02, 2023 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Treating children financially equal
Replies: 259
Views: 21253

Re: Treating children financially equal

stoptothink wrote: Tue May 02, 2023 3:30 pm
mcraepat9 wrote: Tue May 02, 2023 2:32 pm
My wife is pregnant with our first child. We are still deciding what role my parents will have in our child's life.
:shock: Because you feel they didn't treat you "fairly" as they did not approve of your college major and therefore didn't pay for it?

Everybody is entitled to their own feelings, but....
HA no, just because we rarely see them.

This isn't designed to be retaliatory. We are concerned about creating some sort of grandparent relationship that doesn't match reality.

Edit: sorry for the confusion everyone - my entire life isn't aimed at antagonizing my parents. I just don't have much of a relationship with them so they tend to be far down my list of priorities.
by mcraepat9
Tue May 02, 2023 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Treating children financially equal
Replies: 259
Views: 21253

Re: Treating children financially equal

...This was my parents' approach growing up. They believed that "fair" was not the same thing as "equal". I tend to agree, though there are some emotional elements to this that affected me personally. Here is my story (probably too emotional for Bogleheads): My parents paid for my siblings' bachelors-level education because they were on a clear path to a job (finance, engineering and teaching, respectively). I was on my own because I wanted to study philosophy and political science. I didn't view it as unfair really because they worked the hours to earn the money and they get to spend it on whatever they want with whatever conditions they wanted to attach to them. I love them very much. That said, it definitely had an i...
by mcraepat9
Tue May 02, 2023 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Treating children financially equal
Replies: 259
Views: 21253

Re: Treating children financially equal

6bquick wrote: Tue May 02, 2023 3:14 pm Wow. Thanks for sharing. I often wonder 2 things in these types of situations. 1. I'm sure the parents know/feel the relationship has changed over the recent years/decades, but do they know the root cause? and 2. would they make the same decision(s) again? In polite society, where upstanding folks don't complain openly about disparate treatment among siblings, I imagine the answer to both questions is no.
1. My parents definitely know why. They trained me not to expect anything from them. Whatever my faults are, I can only say that I am well trained.
2. Hard to say.
by mcraepat9
Tue May 02, 2023 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Treating children financially equal
Replies: 259
Views: 21253

Re: Treating children financially equal

Being "Fair" seems to be a huge source of angst here on Bogleheads. I guess I'm the alternative ideas guy in this but I could care less about "fair". My 2 sons were told early on that we would support education up to Bachelors level in a major that led to a clear job. So no gender studies or general studies or others where a clear job can't be pointed to. No limit on cost of college or training. The result (so far). Older son went to an expensive, very good engineering school and is a structural engineer, put into the more difficult mathematical area of the company because of his skills. Makes good money and is happy doing that. I spent only about $300k. Younger son does not have the ability to do subjects he's not comp...
by mcraepat9
Fri Apr 28, 2023 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Just formed an LLC. I have a few questions on how to proceed.
Replies: 28
Views: 2635

Re: Just formed an LLC. I have a few questions on how to proceed.

hachiko wrote: Fri Apr 28, 2023 7:10 pm
Nver2Late wrote: Fri Apr 28, 2023 6:33 pm I suggest reading the instructions for IRS Form W9 carefully for a single member LLC disregarded entity.

https://www.irs.gov/pub/irs-pdf/fw9.pdf
This is the correct answer regarding the W9 question.
Indeed. Particularly as it relates to what EIN to put on your LLC’s W-9. Hint: it’s not the one you get for your LLC.
by mcraepat9
Tue Apr 18, 2023 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing extension - questions
Replies: 15
Views: 911

Re: Tax filing extension - questions

If you have an account with NYSDTF, you can file IT-370 electronically and make an extension payment at the same time in under 5 minutes.
by mcraepat9
Mon Apr 17, 2023 4:46 pm
Forum: Personal Investments
Topic: How to keep i401k below $250k
Replies: 17
Views: 1699

Re: How to keep i401k below $250k

ebeb wrote: Mon Apr 17, 2023 4:43 pm I just submitted the year 2022 5500-EZ for my i401k on EFAST2 website for the first time. Good that Vanguard sent all needed data by mail so just needed to enter online. Is there anything else that needs to be done so as not be stuck with a huge fine from IRS. :annoyed
Nothing else, but be sure you retain evidence of filing and save it in a secure place. If anything happens, you want to demonstrate you used reasonable efforts to file and any errors/issues was beyond your control.