Search found 137 matches

by Biglaw Investor
Tue Jan 28, 2020 4:08 pm
Forum: Personal Finance (Not Investing)
Topic: New to NYC, ideas where to live just outside the city
Replies: 10
Views: 1353

Re: New to NYC, ideas where to live just outside the city

6th Avenue? You're in a good position to take the PATH which goes up to 6th Avenue and 33rd Street. Like all public transportation, it has its ups and downs but generally people consider PATH to be in better shape than the subway. Here's a 2 bedroom 1 bath 800 square feet near me for $510,000: https://www.realtor.com/realestateandhomes-detail/263-10th-St-Apt-1D_Jersey-City_NJ_07302_M94574-40720?view=qv Your commute would be a walk to Newport PATH and then a few stops to 33rd street. The other option would be around the Grove Street PATH train. Here's a 2 bedroom 1.5 bathroom for $585,000: https://www.realtor.com/realestateandhomes-detail/227-Christopher-Columbus-Dr-Apt-407B_Jersey-City_NJ_07302_M93358-52862?view=qv With your budget, you may...
by Biglaw Investor
Tue Jan 28, 2020 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: New to NYC, ideas where to live just outside the city
Replies: 10
Views: 1353

Re: New to NYC, ideas where to live just outside the city

We live in Hamilton Park now (Jersey City nearish to the water). Feels very family friendly and urban. What are you looking to get for $500K (sqft, bedrooms, etc.)? And do you work on the west or east side of midtown Manhattan? The commute from where I live in Jersey City to midtown west is lovely. I take the ferry each day from Harborside to West 39th street and then walk to 8th Avenue. There are buses for days when you don't want to walk. I'd feel differently if I was working on the east side of Manhattan.
by Biglaw Investor
Thu May 31, 2018 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: work one more year or attend law school
Replies: 67
Views: 7025

Re: work one more year or attend law school

6 dollar ribs wrote: Sat May 26, 2018 2:55 pm Unless the top 5 school is Yale, you would be a fool to turn down a full ride to a top 10 school. There is almost no difference between Columbia and Duke or Virginia in terms of job prospects, and that small difference is not worth $250k. I regret turning down a slightly lower ranked school for a top 5 law school, even though I got a job at a top firm after graduating.
I agree. OP, if you can get a full ride to a top 10 school then you should almost certainly take it over financing a top 5 school that isn't Yale. Feel free to PM me if you want to discuss more.
by Biglaw Investor
Thu Apr 12, 2018 3:07 pm
Forum: Personal Consumer Issues
Topic: Uber vs Lyft
Replies: 15
Views: 3240

Re: Uber vs Lyft

protagonist wrote: Thu Dec 24, 2015 9:11 pm I need to take some form of transport from Manhattan to JFK airport at 4:30 AM Sunday.
I never used either of these services.
Lyft offers coupons for $50 off first ride....Uber offers only $20 off.

Which is better and why?

Thanks
I'd use Juno. They recruited all the Uber drives with 4.8+ ratings onto their platform by offering to pay them a higher percentage of the fare. But like someone else mentioned in the thread, most drivers in NYC use multiple Uber/Lyft/Juno apps when looking for riders.

Edited to Add: It goes without saying though that using the $50 off coupon from Lyft is the best deal!
by Biglaw Investor
Thu Apr 12, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: DINK High Income Earners - how to lessen the tax impact?
Replies: 25
Views: 3863

Re: DINK High Income Earners - how to lessen the tax impact?

You could make less money, but I'm guessing you don't want to do that. You could also move to a no-income tax state - but then you've got that covered too!

How about two Backdoor Roth IRA contributions for $11K? I didn't see that in your list. Won't save you taxes today but will save you taxes in the long run.
by Biglaw Investor
Fri Apr 06, 2018 4:44 pm
Forum: Personal Consumer Issues
Topic: How often do you replace your office shoes?
Replies: 58
Views: 8242

Re: How often do you replace your office shoes?

Just curious here. How often do you wear out your daily office/work shoes? Mine are three years old today, and I keep thinking about replacing them. This past winter has seemed to accelerate the wear. I alternate pairs so I tend to wear brown on Monday, black on Tuesday and so on. The brown ones are my goto, so they wear out a bit faster. I know there are people who buy Allen Edmonds and have them remanufactured, but I don't find those shoes comfortable or practical for my indoor/outdoor all weather urban job. My usual brand is found in most mall department stores. I replace my shoes about every 3 years as well. I just did this a couple of months ago and after doing it realized I probably should have replaced them sooner! They get a lot of...
by Biglaw Investor
Wed Apr 04, 2018 11:42 am
Forum: Personal Finance (Not Investing)
Topic: SoFi refinancing
Replies: 7
Views: 1157

Re: SoFi refinancing

I haven't read through your other thread but did you rate shop? SoFi is not the only game in town. I'd try a few of the other companies.

Keep in mind that there's nothing stopping you from refinancing again in the future, so you could refinance today and then refinance again a year later (if the rates are better / your credit score has improved giving you access to lower rates).
by Biglaw Investor
Sun Mar 25, 2018 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Non-Owner Car Insurance
Replies: 11
Views: 2130

Re: Non-Owner Car Insurance

dm200 wrote: Sun Mar 25, 2018 11:29 am Question: If you were to drive a borrowed (and insured) car from a friend or acquaintence - and were involved in a potential liability accident, which insurance would cover this first - your (non-owner) or the owner's?
That's a great question. I'm not sure but I think the answer is that the non-owner's insurance is secondary. So, if my friend carried the state minimum liability insurance of $50,000 and I caused an accident resulting in $200,000 worth of liability, my friend's insurance would cover the first $50,000 and then my non-owner policy would step in to cover the remaining $150,000.
by Biglaw Investor
Sun Mar 25, 2018 10:44 am
Forum: Personal Finance (Not Investing)
Topic: Non-Owner Car Insurance
Replies: 11
Views: 2130

Re: Non-Owner Car Insurance

I live in a city and don't own a car. About 30 days a year I rent a car. I rely on my Chase Reserve for collision insurance and purchase liability insurance from the car rental company for $13 / day. Instead of paying for the liability insurance each time, would it make more sense to take out a non-owner car insurance policy? (https://www.thesimpledollar.com/best-non-owner-car-insurance/). How much does it cost? I'm in my 40s, with good credit, and a clean driving record. Thanks. I'm in the same situation, although you rent a car more than I do. After reading several threads on Bogleheads, I ended up purchasing a non-owners car insurance policy from USAA. I'm paying 238.16 every six months ($476.32 annually) for a policy that covers $300,0...
by Biglaw Investor
Wed Mar 14, 2018 3:55 pm
Forum: Personal Finance (Not Investing)
Topic: Selling business (website) considerations
Replies: 27
Views: 3454

Re: Selling business (website) considerations

I don't think you get capital gains rates. Depends how the business was set up. Tell me how to set it up so you get capital gains rates. I'm definitely no tax expert (we have a whole department for that), but if you and your wife each own 50 shares of WhiteCoatInvestor Empire, Inc., a Delaware corporation, and you sell all of the outstanding shares to Buyer, I would think that's pretty clearly a capital gain taxable event for you. Partnerships are different though because the character of any income earned at the partnership level is allocated among the partners using the same treatment. This gets complicated quickly, particularly with respect to hot assets , but I don't think that applies to WCI. Have you engaged a professional? I'd wager...
by Biglaw Investor
Thu Mar 01, 2018 4:55 pm
Forum: Personal Consumer Issues
Topic: PC Guy. Inherited a Mid-2012 MacBook Pro ($500 value). Talk me into/out of keeping it.
Replies: 37
Views: 3872

Re: PC Guy. Inherited a Mid-2012 MacBook Pro ($500 value). Talk me into/out of keeping it.

Wow. You can get $500 for a computer that is six years old? I just traded my mid-2012 Macbook Air in for $211. It doesn't sound like you need the computer. I'd convert that into VTSAX pronto.
by Biglaw Investor
Thu Mar 01, 2018 3:52 pm
Forum: Personal Investments
Topic: Planning for Backdoor Roth
Replies: 6
Views: 682

Re: Planning for Backdoor Roth

FreddyC wrote: Thu Mar 01, 2018 1:56 pm And it sounds like the consensus is that the additional expense drag caused by the rollover of my spouse’s IRA is worth getting the opportunity to also do a backdoor for her.
Yes, I think it's worth it too.

One other idea to consider. Does your spouse have any self-employment income? Even as little as a couple hundred dollars is probably enough to open up a Solo 401(k), which you could then use to do a reverse rollover of the IRA --> Solo 401(k). This would allow you to invest the money as you please in the Solo 401(k).

If it were me, I'd probably keep it simple and move it into the 457(b).
by Biglaw Investor
Wed Feb 28, 2018 4:25 pm
Forum: Personal Investments
Topic: NY 529 and K-12
Replies: 19
Views: 2957

Re: NY 529 and K-12

uberdoc wrote: Wed Feb 28, 2018 3:53 pm If you are a resident of NJ but work in NY, do not deduct your NY 529 contribution on NY state tax. Reason is this- any amount you deduct from NY tax will increase NJ tax by the same amount, so no benefit. Additionally, if you move your NY 529 plan to any other state, NY will recapture those deductions but NJ is not going to pay it back and you will end up with double taxation.
Thanks for clarifying and explaining. What a bad deal.
by Biglaw Investor
Wed Feb 28, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Couple Medical Students - Refinance vs IDR plan
Replies: 1
Views: 298

Re: Couple Medical Students - Refinance vs IDR plan

If we were to refinance her loans. The plan would be to try to get a rate lower than the effective repaye rate of 3.77%, and pay that over a 5-10 year term. Some questions I have with this is how probable is it to get a rate of < 3.77 (Effective REPAYE rate), in the setting of a good credit score and no loans other then student loans. Also is there benefit to doing REPAYE during residency then refinancing with a private lender in 5 years, are we leaving money on the table? Student loans sure are complicated. I'm not entirely sure which option is the right one for you but I think you're going down the right path by trying to figure it all out. Isn't the general advice over at WCI to get into REPAYE during residency, take advantage of the in...
by Biglaw Investor
Wed Feb 28, 2018 10:36 am
Forum: Personal Finance (Not Investing)
Topic: What next? A personal finance story starting in 2012, updated in 2016 and 2018, and now in 2022
Replies: 76
Views: 11165

Re: What next? A personal finance story starting in 2012, updated in 2016, and again in 2018

I am now 37, married, and I have two young girls (5 and 3). My wife and I are both still lawyers. However, I practice FT and she practices PT (3 days a week). She is considering stopping work to be there more for oru children as my oldest will start Kindergarten next year. I make approximately $450K in base salary a year and she makes around $60k (depends on her number of hours). We clear about $21k a month after maxing each of our 401Ks. If my wife stops work and I ramp down my number of hours , our salary may drop to approximately $385k (clearing about $18.6k a month after maxing out my 401k). For the foreseeable future (~5 years, our salary should clear between $19k and $21k a month). Debts: * 397K Mortgage #1 (3.75% interest) * 13.5K A...
by Biglaw Investor
Wed Feb 28, 2018 10:10 am
Forum: Personal Investments
Topic: NY 529 and K-12
Replies: 19
Views: 2957

Re: NY 529 and K-12

https://www.nysaves.org/home/fe.html Here it is. Here's the preliminary report itself. https://www.tax.ny.gov/pdf/stats/stat_pit/pit/preliminary-report-tcja-2017.pdf The relevant portion is pasted below. N. 529 Plans Previous Federal Law: Federal 529 plans incentivize saving for college and other post-secondary training by allowing investment earnings on contributions to accrue tax-free. New York statutes implementing federal 529 plans allow taxpayers to also deduct up to $5,000 per year (or $10,000 for married couples filing jointly) of contributions to “family tuition accounts,” as defined in Article 14-A of the Education Law, allowing for tax-free buildup of both contributions and associated earnings for state income tax purposes. Distr...
by Biglaw Investor
Wed Feb 28, 2018 9:57 am
Forum: Personal Investments
Topic: NY 529 and K-12
Replies: 19
Views: 2957

Re: NY 529 and K-12

uberdoc wrote: Tue Feb 27, 2018 7:33 pmIf I read your post correct, there should not be any taxes on earnings used for K-12 distributions. Is this right?
I agree with Spirit Rider's read. The recapture would only apply to the NYS tax benefits you received upon contribution, which for you is none (and so nothing to recapture). The other thing to point out is that you're quoting a reference to a preliminary report, so I think we need to monitor the situation to see how it plays out.
uberdoc wrote: Tue Feb 27, 2018 7:33 pm We live in NJ but work in NY. We pay NY state tax on NY income. We do not deduct NY 529 contribution on NY state taxes.
If you pay NY sate tax on NY income, I'm curious why are you not deducting NY 529 contributions on NY state taxes?
by Biglaw Investor
Tue Feb 27, 2018 4:59 pm
Forum: Personal Investments
Topic: NY 529 and K-12
Replies: 19
Views: 2957

Re: NY 529 and K-12

Can you link or post the information about the 529 plan not allowing withdrawals for K-12 education?
by Biglaw Investor
Tue Feb 27, 2018 4:27 pm
Forum: Personal Consumer Issues
Topic: Best way to find short term/vacation renters for NYC apartment
Replies: 9
Views: 922

Re: Best way to find short term/vacation renters for NYC apartment

I can't think of anyone who wants apartments in the building they live in used as hotel rooms with the unvetted strangers coming and going at all times of the day and night without any respect for the rightful residents, inappropriate behavior, noise, bed bugs, etc. I'd love it if we could have AirBnb guests in my building. All those quiet out-of-town guests that spend most of the day sight-seeing/interviewing at colleges/attending meetings and the evenings fast asleep from an exhausting day. Yes, please! OP, unfortunately you can't do it though. Keep in mind that the law doesn't apply if you list a spare room on AirBnb. So long as you are physically present while the guest is renting, you're ok. Here's a good article from the NY Times on ...
by Biglaw Investor
Mon Feb 26, 2018 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: Student loan information source
Replies: 18
Views: 1912

Re: Student loan information source

I'd look at refinancing with PenFed. I paid off most of my law school loans and refinanced the small remaining balance to get a better rate and PenFed offered much better rates than SoFi and the other often touted lenders . . . I think many of them reserve the best rates for physicians as opposed to those of us with other graduate or professional degrees. Thanks for the data point. Lawyers usually can get a rate as good as a physician, although it does depend on your income. For example - PenFed is advertising rates as low as 3.15% but you should be able to get a lower rate with CommonBond. As mentioned earlier in the thread, First Republic has the best rates around at 1.95% fixed (you either meet their stringent qualifications and qualify...
by Biglaw Investor
Mon Jan 22, 2018 10:19 am
Forum: Investing - Theory, News & General
Topic: jlcollinsnh - Stock Series
Replies: 26
Views: 6572

Re: jlcollinsnh - Stock Series

JDot wrote: Mon Jan 22, 2018 10:02 amJL Collins is referenced a lot in the early retirement community. I find his stuff to be largely consistent with what I learned here at bogleheads.org. I'm interested to hear what others say.
JL Collins is the real deal. My experience is that his writing meshes very well with Boglehead philosophy.
by Biglaw Investor
Thu Jan 18, 2018 7:00 am
Forum: Personal Consumer Issues
Topic: Travel to Rome Italy - Recommendations
Replies: 23
Views: 3088

Re: Travel to Rome Italy - Recommendations

Definitely check out the Basilica di San Clemente al Laterano (as a previous poster mentioned). I lived in Rome for 5 months and it was one of my favorite places to visit repeatedly. It's essentially a church on top of a church on top of a home and each flight of stairs down reveals a new structure as you go back in time!
by Biglaw Investor
Thu Jan 18, 2018 6:56 am
Forum: Personal Finance (Not Investing)
Topic: Student loans or IRA withdrawal
Replies: 2
Views: 383

Re: Student loans or IRA withdrawal

Wilso205 wrote: Wed Jan 17, 2018 8:18 pmSo what would you do? Go into student loan debt, or start at 0 with your retirement portfolio? On principle I'd really like to stay away from any loans.
What would I do? I would leave the money in my IRA and harness the feelings of being uncomfortable with student loan debt to make sure I borrowed the minimum amount possible.

I made a similar decision in law school where I contributed earned money to a Roth IRA rather than paying it toward tuition (thus effectively borrowing money in the form of an increased student loan balance to make those Roth IRA contributions). I paid off the loans quickly after law school and don't regret the extra money I was able to get into my Roth IRA account.
by Biglaw Investor
Fri Jan 12, 2018 6:05 am
Forum: Personal Finance (Not Investing)
Topic: Variable rate student loans, why not highest % all the time?
Replies: 3
Views: 672

Re: Variable rate student loans, why not highest % all the time?

I don't have much to add that TropikThunder didn't already say but in addition to the Sallie Mae promissory note, this is usually spelled out in any student loan promissory note you'd sign. The rate will be tied to an index and will likely have rails that allow for how fast the rate can go up and the maximum amount it can be. Of course, check with your student loan provider to confirm.
by Biglaw Investor
Wed Jan 03, 2018 5:10 am
Forum: Personal Finance (Not Investing)
Topic: Taxes [Do it yourself or use tax software?]
Replies: 39
Views: 4262

Re: Taxes

Esq123 wrote: Tue Jan 02, 2018 2:03 pm Do you do your own taxes or use tax software? If you do your own taxes then what company do you use? If you use tax software then what do you use?
I do my taxes by hand and use tax software (TurboTax). It makes me sharper and I learn a little each year. So far haven't had the need to use a CPA. Most of the people looking to save money on taxes would be better spent investing in tax planning throughout the year rather than spending the money on a CPA.
by Biglaw Investor
Tue Jan 02, 2018 6:54 am
Forum: Personal Investments
Topic: Beginning Investor, knowledgeable enough to switch from EJ to Vanguard?
Replies: 6
Views: 825

Re: Beginning Investor, knowledgeable enough to switch from EJ to Vanguard?

Mattwillgold1 wrote: Mon Jan 01, 2018 10:35 pm-Should I wait to switch until I have a better understanding of different mutual funds, ETFs, etc.
By asking the question, sounds like you have a good enough understanding to know that EJ isn't serving you, so I'd say you already have a good enough understanding to switch. It's not going to be scary once you land at Vanguard! Mega317 have some good advice - just buy a target date retirement fund while you continue to learn.

If I were you, I'd fill out the paperwork today.
by Biglaw Investor
Sun Dec 31, 2017 5:39 am
Forum: Personal Investments
Topic: Vanguard - repeated back door roth logistic question
Replies: 5
Views: 1088

Re: Vanguard - repeated back door roth logistic question

cadk wrote: Sat Dec 30, 2017 12:53 am I did my first backdoor roth last week with my vanguard account. It went smoothly, but I see that the original IRA account is still around. For folks that do these yearly, do you open a new IRA account each year or just contribute the limit to the old account and do the conversion again?
No, I contribute to the old account each year and then convert to a Roth IRA. Very glad I don't have to go through the trouble of opening a new account each year!
by Biglaw Investor
Sun Dec 31, 2017 5:32 am
Forum: Personal Investments
Topic: Two-comma club just in time for the New Year, and thank you
Replies: 47
Views: 6436

Re: Two-comma club just in time for the New Year, and thank you

luminous wrote: Sat Dec 30, 2017 10:34 pmWe are renters, so this is pure invested assets, no home value or other capital assets.
Congratulations! Thanks for sharing. I always enjoy seeing someone announce this when it's pure liquid investments and not just value tied up in home equity.
by Biglaw Investor
Mon Dec 25, 2017 6:43 am
Forum: Personal Finance (Not Investing)
Topic: Student loan forgiveness
Replies: 12
Views: 2978

Re: Student loan forgiveness

The loans are income based and the filing of income and taxes as single or married is a big piece that we haven’t quite tackled. We are considering working with an accountant to figure out our best course of action. That piece, along with the uncertainty around the likelihood of the policy remaining in 8 yrs, are the most critical and ambiguous assumptions for us right now. Yeah, the uncertainty is chilling for sure. I'm generally of the belief that people currently in the program will be grandfathered in (especially since it's baked into the Master Promissory Note) but who knows - it certainly isn't guaranteed. Plus, they can make it difficult to obtain forgiveness. It feels like we're constantly at war with FedLoan Servicing ourselves tr...
by Biglaw Investor
Mon Dec 25, 2017 6:37 am
Forum: Personal Finance (Not Investing)
Topic: Do you see a meaningful change in your income with new Tax Bill?
Replies: 266
Views: 30480

Re: Do you see a meaningful change in your income with new Tax Bill?

Meaningful? No. The calculators show a savings of about $500 next year and a corresponding increase of about ~$500 in 2027. Live in NYC but was subject to AMT. The real change will be in how I restructure income going forward. Tax laws are public policy planning tools, so we will adjust accordingly and I suspect be saving more money as we figure out how to follow the law.
by Biglaw Investor
Mon Dec 25, 2017 6:23 am
Forum: Personal Finance (Not Investing)
Topic: Will you donate less to Charity?
Replies: 109
Views: 11026

Re: Will you donate less to Charity?

Yes, we will donate less to charity. I live in NYC with no car and often have to pay people to haul charitable donations to charities. I can justify this since the tax break is well worth it. Now, I suspect we'll end up throwing more old things away or simply putting them outside for someone to pick up for free. I guess this is still a form of charitable giving but it won't be going to the formal institutions or organizations.
by Biglaw Investor
Mon Dec 25, 2017 6:17 am
Forum: Personal Finance (Not Investing)
Topic: Securing Law School Scholarships
Replies: 37
Views: 5052

Re: Securing Law School Scholarships

Nearly A Moose wrote: Sun Dec 24, 2017 7:17 pmHere's a trick most people don't realize - you can negotiate scholarships! If UVA offers you money for example, go calling any peer schools you get into and see if they can match it.
I'd pay attention to this OP. Nearly A Moose is dead on. Most people don't realize that you can negotiate scholarships. For a small application fee and a little extra work, you can apply to other schools that you don't necessarily want to go to and use any scholarship offers they give you as leverage with your target schools.
by Biglaw Investor
Sat Dec 23, 2017 7:04 am
Forum: Personal Finance (Not Investing)
Topic: Student loan forgiveness
Replies: 12
Views: 2978

Re: Student loan forgiveness

I haven’t been able to do a detailed analysis, accounting for tax impacts, etc. That's going to be your first step. What repayment plan is she in (IBR or REPAYE or ... )? Now that you're married your payments are going to be based on your combined income unless you file your taxes MFS, which usually doesn't result in huge savings as you'll exchange lower student loan payments for higher tax payments. Have you filed the PSLF certification form and moved her loans to FedLoan Servicing? And, if so, have they confirmed that you've made qualifying payments while working for a qualifying employer such that you know how many months she needs to make payments? Once you know what repayment plan she is using and how many more payment she needs to ma...
by Biglaw Investor
Sat Dec 16, 2017 6:44 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 34434

Re: Prepayment of SALT Taxes? [State and Local]

chicagoan23 wrote: Sat Dec 16, 2017 5:48 am By my reading the NY Times has it wrong with respect to property tax payments
I agree with your reading.
by Biglaw Investor
Sat Dec 16, 2017 6:35 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 34434

Re: be careful, no longer allowed to prepay local and state taxes for a deduction

I just read this too and was coming to the forum to post the same thing.

"Taxpayers may deduct only up to $10,000 total, which may include any combination of state and local taxes, including property taxes (also sales taxes). But don’t try to prepay your income taxes before year-end to circumvent the new limit. The tax proposal is one step ahead of you and your accountant and won’t allow it."

https://www.nytimes.com/2017/12/16/your ... anges.html
by Biglaw Investor
Fri Dec 15, 2017 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Two commas, I'm calling it
Replies: 20
Views: 5694

Re: Two commas, I'm calling it

Awesome. Congratulations!
by Biglaw Investor
Sun Dec 10, 2017 6:12 am
Forum: Personal Finance (Not Investing)
Topic: USAA 2.5% Cash Back Credit Card [Update]
Replies: 442
Views: 94097

Re: USAA 2.5% Cash Back Credit Card

I tried to figure this out as well and eventually gave up. I opened up this card in June and best I can tell I actually have slightly more cashback than I expect based on my records of spending, so I'm just going to be happy with that and keep going. Until I read this thread I didn't realize the program was being scaled back. It's been a good card for us and we thoroughly enjoyed putting most of our wedding expenses on it (which were later reimbursed by generous parents).
by Biglaw Investor
Sun Dec 10, 2017 5:49 am
Forum: Personal Finance (Not Investing)
Topic: Prepayment of SALT Taxes? [State and Local]
Replies: 270
Views: 34434

Re: Prepayment of SALT Taxes? [State and Local]

mcraepat9 wrote: Sat Dec 09, 2017 5:57 pm I've been playing with Turbotax. The very short answer that seems to be the case for me, is that if you are subject to AMT solely because of SALT deductions, I'm not sure that prepaying 2018 taxes (assuming it can be done) helps much. FWIW, I am I have an AGI of ~$400,000 and deductible SALT taxes of around $38,000. Has anyone with similar stats come to the same conclusion (or determined that I've gone awry)?
I'm in the same boat. Subject to AMT because of the SALT deductions such that prepaying 2018 taxes doesn't help.
by Biglaw Investor
Sun Dec 10, 2017 5:42 am
Forum: Personal Finance (Not Investing)
Topic: How can someone who earns 500k/yr in w2 be in 25% tax bracket?
Replies: 17
Views: 3689

Re: How can someone who earns 500k/yr in w2 be in 25% tax bracket?

boglechu wrote: Sun Dec 10, 2017 12:17 am Can you clarify how effective tax rate works in the sample?
If you haven't spent a lot of time at the White Coat Investor's site, he posts a tax report each year. His income is in the $1+ million and his effective federal tax rate was 21.7% last year (I actually think the second link would be more helpful for you as it has a better breakdown, although it's the 2016 report for 2015 taxes).

https://www.whitecoatinvestor.com/lesso ... 016-taxes/
https://www.whitecoatinvestor.com/2016-tax-report/
by Biglaw Investor
Sat Nov 25, 2017 7:55 am
Forum: Personal Consumer Issues
Topic: Should I keep the new iPad I bought or return it?
Replies: 51
Views: 5956

Re: Should I keep the new iPad I bought or return it?

harrington wrote: Sat Nov 25, 2017 7:37 am So to all the tablet owners out there do you use yours or is it sitting in a drawer someplace?
What's more important is whether you'll use it!

I have an iPad Pro 12 inch and an iPad Air 2. I love and use BOTH all the time but they're not for everyone. I'd try it out for awhile and return it if you don't like it.
by Biglaw Investor
Sat Nov 25, 2017 7:52 am
Forum: Personal Consumer Issues
Topic: Apple people: Office 365 or Apple's stuff?
Replies: 14
Views: 1840

Re: Apple people: Office 365 or Apple's stuff?

I'm all Apple as well but still use Microsoft Office products (Word and Excel), mainly for work. The great thing about the Apple platform is the talented developers that write great programs. If you're looking for a writing app, there are some great ones (Scrivener for writing books, Ulysses for short form writing, Byword for distraction free writing, etc.).
by Biglaw Investor
Fri Nov 03, 2017 6:18 am
Forum: Personal Finance (Not Investing)
Topic: Alway contribute to HSA if incurring medical expenses?
Replies: 10
Views: 1448

Re: Alway contribute to HSA if incurring medical expenses?

If I have a $3000 qualified medical expense that I have paid out of pocket, can I just contribute $3000 to my HSA and then request a distribution right after to avoid paying the income tax on that money at the end of the year? My understanding is that as long as the HSA account was opened before the date you incurred the qualified medical expense, then yes you can do exactly as you indicate. Are you aware that contributions to an HSA that aren't used for qualified medical expenses can be withdrawn in retirement in a manner similar to a Traditional IRA (i.e. you only pay income taxes on the amount withdrawn)? For that reason, many use the HSA as a "Stealth IRA". Here's the wiki link: https://www.bogleheads.org/wiki/Health_savings_...
by Biglaw Investor
Fri Nov 03, 2017 6:09 am
Forum: Personal Investments
Topic: New 2 comma member
Replies: 28
Views: 4092

Re: New 2 comma member

Congratulations! Your secret is safe with us. :sharebeer
by Biglaw Investor
Fri Oct 20, 2017 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: just hit the two comma club today...some thoughts
Replies: 37
Views: 7383

Re: just hit the two comma club today...some thoughts

Congratulations! Thanks for posting and sharing the news.
by Biglaw Investor
Thu Oct 19, 2017 6:09 am
Forum: Personal Investments
Topic: Question about Personal Capital
Replies: 18
Views: 3404

Re: Question about Personal Capital

They've called me 3-4 times. I've never answered and never spoken to anyone there. I don't find the calls/voicemails annoying.
by Biglaw Investor
Wed Oct 11, 2017 5:21 am
Forum: US Chapters
Topic: Brooklyn, NY Meetup
Replies: 13
Views: 3613

Re: Brooklyn, NY Meetup

I'd be up for a meeting. I live in Cobble Hill.
by Biglaw Investor
Tue Oct 10, 2017 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: My student loan refi experience (SoFi, Earnest, CommonBond)
Replies: 20
Views: 13452

Re: My student loan refi experience (SoFi, Earnest, CommonBond)

nanoanalyzer wrote: Mon Oct 09, 2017 10:06 pmThe main problem now is that they were sold to Navient, the Bear Stearns of student loan companies.
Thanks for the update. Back when I refinanced and paid off my loans I went with Earnest. I had a great experience and enthusiastically recommended the company to friends. I'm surprised that they ended up getting absorbed by Navient (but not surprised since they were on the chopping block for nearly a year). I hope they can continue to keep their culture separate.
by Biglaw Investor
Thu Jun 29, 2017 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Net worth - thanks to this site
Replies: 15
Views: 4553

Re: Net worth - thanks to this site

Nice work! Thanks for sharing.
by Biglaw Investor
Sun Mar 12, 2017 4:33 pm
Forum: Personal Finance (Not Investing)
Topic: IBR Student Loans or Retirement Investing
Replies: 14
Views: 2179

Re: IBR Student Loans or Retirement Investing

The math seems to favor taking the forgiveness The interest doesn't actually compound. It only compounds if it capitalizes, which should only occurr if OP loses financial hardship status or other events happen. So it would just be 64000+64000*.067*17, which is about 137K. At a 15% federal (not unlikely if he actually has full forgiveness at end), that's about a $20500 tax bill. Good point re: IBR interest not compounding. Tax bill should be significantly higher though unless you're projecting an increase in the tax brackets (which would probably be wise OP - run inflation numbers to see where brackets would be in 17 years)? $137K of income itself is already into 28% bracket. Plus OP should consider possible state tax on forgiven amount.
by Biglaw Investor
Fri Mar 10, 2017 2:32 pm
Forum: Personal Investments
Topic: Payoff Student Loans Early? Requesting help.
Replies: 14
Views: 1689

Re: Payoff Student Loans Early? Requesting help.

Another vote for option 4. I'd use the money in my efund and press the delete button on those student loans!