Search found 168 matches

by Perkunas
Sat Jan 18, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Is There a Tax Basis on These Stocks?
Replies: 12
Views: 676

Re: Is There a Tax Basis on These Stocks?

Bump as I am interested in hearing other thoughts. If not explicitly transferred to the trust in his lifetime, his wife or estate likely became the owner and received a step-up in basis. I would look at trust docs and inquire with the ESPP to see if anything indicates where it was meant to go. If no...
by Perkunas
Sat Jan 18, 2020 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Analysis / best pension plan for short/late 2nd career?
Replies: 5
Views: 450

Re: Analysis / best pension plan for short/late 2nd career?

I definitely realize I have a bunch of research to do regarding credentialing for teaching in a public school. This partially a thought experiment as I am currently only 38 years old. The pensions I read about today mostly require 30+ years of service or attaining age 65 in order to receive your ful...
by Perkunas
Sat Jan 18, 2020 10:24 am
Forum: Personal Investments
Topic: Ally to require SSN for benefiaries, points to new FDIC rule
Replies: 37
Views: 1787

Re: Ally to require SSN for benefiaries - blames new FDIC rule

Did you read the citation they directed you to? It seems pretty clear to me: " a covered institution must maintain in its deposit account records for each account the information necessary for its information technology system to meet the requirements set forth in § 370.3. The information must inclu...
by Perkunas
Sat Jan 18, 2020 10:04 am
Forum: Personal Finance (Not Investing)
Topic: Analysis / best pension plan for short/late 2nd career?
Replies: 5
Views: 450

Analysis / best pension plan for short/late 2nd career?

Are there any pensions that are particularly valuable to someone who would only be working for a short time, late in their career? (I understand that pensions are mostly underfunded and therefore payments are not guaranteed but I would like to leave that factor out of this discussion). I have been d...
by Perkunas
Sat Jan 18, 2020 7:46 am
Forum: Personal Finance (Not Investing)
Topic: Top 5 Accounting Program vs. Full Scholarship
Replies: 20
Views: 1918

Re: Top 5 Accounting Program vs. Full Scholarship

Thanks for the replies. Aside from the Big 4, do you believe the top 5 school will provide more opportunities beyond big 4 roles? e.g., investment banks, management consulting, top corporate employers. I would say there is very little value in going to a "fancy" school if the plan is to be an accou...
by Perkunas
Sat Jan 18, 2020 7:32 am
Forum: Personal Finance (Not Investing)
Topic: S-Corp considering option to work as W2 contract
Replies: 3
Views: 263

Re: S-Corp considering option to work as W2 contract

Other than the fact there is more taxes to be paid on W2 vs C2C, what other downsides are there. I don't see any, and after 3 months once I get comfortable with the company and establish a relationship / confidence in their capabilities, then I can always re-negotiate for a C2C contract. You would ...
by Perkunas
Fri Jan 17, 2020 6:10 pm
Forum: Personal Investments
Topic: Retirement Funds Review For Gardener in MD
Replies: 5
Views: 457

Re: Retirement Funds Review For Gardener in MD

3. Benefits of moving to Delaware or Florida? I think Delaware does not tax Social Security benefits, but they do have state income tax. Florida, on the other hand, has no state income tax. 6. What to do with taxable being so large? Seek out ways to get your taxable income below ~$39k so that your ...
by Perkunas
Sun Jan 12, 2020 4:11 pm
Forum: Personal Finance (Not Investing)
Topic: Critique My 2019 Spending
Replies: 48
Views: 4212

Re: Critique My 2019 Spending

Excellent. Not sure what there is to critique; it appears you saved $80k towards "retirement" (including HSA, taxable, 529, and then your net surplus) and gave $20k to charity on < $200k gross all while living in a HCOL. Very cool to see 10% charitable giving. Based on my limited knowledge, that lev...
by Perkunas
Sun Jan 12, 2020 3:21 pm
Forum: Investing - Theory, News & General
Topic: Retirement planning with a large family
Replies: 11
Views: 839

Re: Retirement planning with a large family

A common rule of thumb is to try to save 25x your estimated annual retirement expenses. And as you indicated, a general estimate of your annual retirement spending would be to take your current spending and reduce it by the expenses that will disappear as the children move out: club soccer, grocery ...
by Perkunas
Fri Jan 10, 2020 9:25 pm
Forum: Personal Investments
Topic: Retirement plan - feedback requested
Replies: 5
Views: 840

Re: Retirement plan - feedback requested

You have pensions and SS that will cover nearly 100% of your wants+needs in retirement. You already have 23x your annual wants+needs accumulated in retirement accounts. You plan to save another 6 years * $80k/ year. You already have more than enough. Congrats.
by Perkunas
Thu Jan 09, 2020 3:27 pm
Forum: Personal Finance (Not Investing)
Topic: JPM Chase Reserve Card gets more expensive
Replies: 144
Views: 11361

Re: JPM Chase Reserve Card gets more expensive

Bummer but this is a great card.... especially considering my UR balance of 2,000,000... can't burn 'em fast enough.

I think most people are overreacting. If it was a great card for net $150 out of pocket, it is still a great card that costs $100 more.
by Perkunas
Thu Jan 09, 2020 10:06 am
Forum: Personal Finance (Not Investing)
Topic: Retiring with under $1M
Replies: 44
Views: 4938

Re: Retiring with under $1M

Pretty hard to say whether or not you can retire without having a clue what your expenses are outside of a very large monthly mortgage for what does not seem like an expensive home. I would advise you continue working. It seems like your mortgage will be paid off within 2 years so that is good news....
by Perkunas
Tue Jan 07, 2020 11:32 am
Forum: Personal Investments
Topic: re Making 2019 Roth contributions in 2020...
Replies: 4
Views: 379

Re: re Making 2019 Roth contributions in 2020...

Yes, you can open an IRA by 4/15/20 and contribute for 2019.
by Perkunas
Tue Jan 07, 2020 10:55 am
Forum: Personal Investments
Topic: What was Your 2019 Personal Advisor Results?
Replies: 21
Views: 2136

Re: What was Your 2019 Personal Advisor Results?

I have a family member (age 73) that uses an advisor who charges 1% AUM and all the money is invested in mutual funds that average ~ 0.6% expense. The 4Q report is not yet available but they were up 14.18% as of 3Q19 with approx 60/40 split. I think it will be around 19% for the full calendar year.
by Perkunas
Tue Jan 07, 2020 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Opportunity cost of helping out relatives
Replies: 54
Views: 4661

Re: Opportunity cost of helping out relatives

Have you asked the cousin whether they need, want, or are willing to accept your financial help?

Are there other things s/he may want or need that would be more beneficial than help fixing up his/her parents' house?
by Perkunas
Tue Jan 07, 2020 9:51 am
Forum: Personal Investments
Topic: Checking in After 10 Years... What Next?
Replies: 5
Views: 1571

Re: Checking in After 10 Years... What Next?

I second the thought of doing Roth for 2020 and 2021 if it makes sense if you are staring down the barrel of spouse's income jumping by $100-200k/yr. Heck, even taxable could make sense if you think you'll retire early and you can live off the taxable account at 0% LTCG depending on your spending re...
by Perkunas
Tue Jan 07, 2020 9:05 am
Forum: Personal Consumer Issues
Topic: Housekeepers
Replies: 32
Views: 2995

Re: Housekeepers

How much are the quotes you're seeing? I haven't ever used any of those sites; we use the housekeeper that has been doing my in-law's house for years. For context, she cleans our 1st floor for $65 on an as-needed basis so we typically only do it ~6-8x per year. Our 1st floor is approx 2100 sq ft wit...
by Perkunas
Sat Jan 04, 2020 11:02 am
Forum: Personal Finance (Not Investing)
Topic: Medical school at 34 - Is this financial suicide?
Replies: 116
Views: 9631

Re: Medical school at 34 - Is this financial suicide?

If your decision is purely financial, then you'd better be prepared to hustle as an MD or get into a high-paying specialty, or both. Don't forget you may have to take call, which is a huge burden. I've seen pediatricians who own their own practice as the sole-MD who hustled and earned $350-430k/yr t...
by Perkunas
Wed Jan 01, 2020 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 1412
Views: 364806

Re: Share your net worth progression

Good lord the numbers in here are all so big. Congrats everyone. Average gross income ~$170k Age 34, Jan 02, 2016: 217,869 (first year of marriage; mostly wife's NW. Just started my first real job after ~12 years as a ski bum) Age 35, Feb 02, 2017: 345,567 (wife had a job that paid more than normal ...
by Perkunas
Wed Jan 01, 2020 11:55 am
Forum: Personal Investments
Topic: Considering 529 as an investment option
Replies: 8
Views: 785

Re: Considering 529 as an investment option

I assume its a risk worth taking. What am I missing? I'm not sure you read any of our previous posts. The risk is that you invest your child's college funds in the stock market, and the market tanks. Look at the market from 2007-2009. That is why several of us have indicated that, IF you do invest ...
by Perkunas
Tue Dec 31, 2019 3:30 pm
Forum: Personal Consumer Issues
Topic: Skiing
Replies: 48
Views: 4404

Re: Skiing

Everyone including most of the Olympic racers use short skis. Olympians use skis that are specific to the event they compete in, which still exceed 200cm for Downhill, but might be as short as 155-165cm for slalom. To the OP: I agree with others who advise you to rent several times before purchasin...
by Perkunas
Tue Dec 31, 2019 3:08 pm
Forum: Personal Consumer Issues
Topic: tips for 7-day driving tour from Boston
Replies: 23
Views: 1462

Re: tips for 7-day driving tour from Boston

I agree - going to VT, Montreal, Quebec City, Maine and back - would be a ton of driving in too short of a time. I lived in Vermont for many years so I advocate that you visit, and Burlington is a ton of fun for anyone who likes the outdoors. It is along Lake Champlain, and has gorgeous sunsets over...
by Perkunas
Mon Dec 30, 2019 3:43 pm
Forum: Investing - Theory, News & General
Topic: Question about SECURE and no more stretch IRAs
Replies: 49
Views: 3394

Re: Question about SECURE and no more stretch IRAs

Technical question: is the stretch determination for this new law based the date of death of the person gifting the IRA, or the date the inherited IRA account was opened ? I ask because there was a death in the family late in 2019 (original IRA owner), but the inherited IRA accounts of the heirs wo...
by Perkunas
Mon Dec 30, 2019 3:16 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act and RMDs
Replies: 62
Views: 6430

Re: SECURE Act and RMDs

Side effect for IRA qualified charitable distributions After reaching age 70 1/2, you can make qualified charitable contributions of up to $100,000 per year directly from your IRA(s). These contributions are called qualified charitable distributions, or QCDs. Effective for QCDs made in a tax year b...
by Perkunas
Mon Dec 30, 2019 1:41 pm
Forum: Personal Investments
Topic: Considering 529 as an investment option
Replies: 8
Views: 785

Re: Considering 529 as an investment option

What state do you live in? If your state offers a deduction or credit, there may be some benefit to contributing to a 529 even with the intent of distributing it within a fairly short timeframe. I don't know the rules about how quickly you can pull money out; you may want to google it or await other...
by Perkunas
Sun Dec 29, 2019 3:40 pm
Forum: Personal Finance (Not Investing)
Topic: Trust taxation question
Replies: 15
Views: 1384

Re: Trust taxation question

I do actually use an accountant to do the taxes for the trust, but I am trying to figure out how much to distribute -- by the time the accountant gets to the taxes, the distributions will already have happened. Does anybody here actually understand this stuff and can advise? Thanks! If you pay an a...
by Perkunas
Sun Dec 29, 2019 3:25 pm
Forum: Personal Investments
Topic: Mid 20s with Six Figures Cash - What Would You Do?
Replies: 9
Views: 1115

Re: Mid 20s with Six Figures Cash - What Would You Do?

Agreed with prior comment directing you to the wiki. Also check out the "managing a windfall" section of the wiki: https://www.bogleheads.org/wiki/Managing_a_windfall. Your situation is somewhat akin to managing a windfall even though it is/was your own money. Dependent on your living expenses, you ...
by Perkunas
Sun Dec 29, 2019 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Changes to 401(k) and IRAs, SECURE Act - It's signed
Replies: 292
Views: 22480

Re: Changes to 401(k) and IRAs, SECURE Act - It's signed

Thank you, another confusing part is: Say I turn 72 on 2 FEB 2021, I wait till FEB 2022 to take first RMD, then take second Nov 2022 (all good). Is the FEB RMD based on balance 31 DEC 2020 and second on balance 31 DEC 2021? If your "Feb" RMD is a 2021 RMD, then it is based on the FMV of the account...
by Perkunas
Sun Dec 29, 2019 2:42 pm
Forum: Personal Investments
Topic: Confused on IRA Inheritance Rules
Replies: 4
Views: 576

Re: Confused on IRA Inheritance Rules

Have you already inherited an IRA? The SECURE Act that was signed by Trump ~1-2 weeks ago changes the rules for inherited IRAs. Overall, the rules are fairly straightforward. You can google "inherited IRA rules" and you should find a couple of fairly concise articles by Fidelity, Schwab and/or Vangu...
by Perkunas
Tue Nov 12, 2019 10:49 am
Forum: Personal Investments
Topic: Taxes on Long Term Capital Gains
Replies: 12
Views: 1341

Re: Taxes on Long Term Capital Gains

The math to determine taxes on LTCG and qualified dividends is not as straightforward as normal income tax brackets. There are buckets for both types of tax, but the math to determine tax on LTCG and qualified dividends is more convoluted than saying "If I exceed $X, then I'll be in the Y% bucket." ...
by Perkunas
Fri Sep 28, 2018 9:48 am
Forum: Personal Consumer Issues
Topic: What is your single most expensive mistake?
Replies: 293
Views: 27833

Re: What is your single most expensive mistake?

Most expensive mistake: not learning a good work-ethic until I was age 30+. I wasted a lot of time during high school and throughout 4 years at a fancy-pants college, while friends were studying to become engineers and physicians.
by Perkunas
Fri Sep 28, 2018 9:37 am
Forum: Investing - Theory, News & General
Topic: Why Edward Jones?
Replies: 92
Views: 20360

Re: Why Edward Jones?

I live in a small town (< 10k people) within a rural county (< 70k people). We have at least 8 EJ offices (4 of them are in my town, specifically, since we are the hub of the county). People use EJ because they are accessible. You can drive by their office, you can talk to someone face-to-face, and ...
by Perkunas
Thu Sep 27, 2018 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: RMD Mandate from Rollover/Transfer of Retirement Account
Replies: 13
Views: 1224

Re: RMD Mandate from Rollover/Transfer of Retirement Account

I don't have a link to any official guidance, but this is my take: You are subject to a RMD for 2018 (in spite of the fact that you could, in theory, wait til April 2019 to take it). To the extent that you have a RMD for 2018, any funds distributed during 2018 are considered RMD up to the point that...
by Perkunas
Thu Sep 27, 2018 2:46 pm
Forum: Personal Consumer Issues
Topic: Good flip flops
Replies: 46
Views: 3774

Re: Good flip flops

Rainbows have an excellent warranty. I've had mine for ~6yrs and they're still going strong. That is my recommendation.

I have 3 pair of Olukai shoes, which I enjoy for their comfort and style, but none of them seem terribly durable.
by Perkunas
Thu Sep 27, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: How to pay for upcoming medical / IVF expenses
Replies: 73
Views: 5460

Re: How to pay for upcoming medical / IVF expenses

My wife and I are currently amidst our first-round of IVF. We tried and failed IUI. Here are a few of my thoughts and responses to earlier posts. My wife and I (early 30s) Early 30s is somewhat young for starting IVF, assuming no other health issues. Have you considered A) trying naturally for a cou...
by Perkunas
Thu Sep 27, 2018 8:19 am
Forum: Personal Investments
Topic: Fund my traditional rollover or open a new roth? Am I on a good path to retirement?
Replies: 12
Views: 762

Re: Fund my traditional rollover or open a new roth? Am I on a good path to retirement?

Current base salary is $65k, with bonus usually around $80k It appears that you are putting no money into your plan at work. Is that correct? That is correct, 25% of pay (salary + bonus) at the end of the year. I only plan on staying with my current employer until I am fully vested (another 2 years...
by Perkunas
Wed Apr 11, 2018 6:58 am
Forum: Personal Finance (Not Investing)
Topic: irs filing rental property mistake?- less than fair market "rent" to family
Replies: 8
Views: 1516

Re: irs filing rental property mistake?- less than fair market "rent" to family

OP - see page 19 of instructions in the right column. Most likely you need to report all income & deductions but you will not be able to claim a loss: https://www.irs.gov/pub/irs-pdf/p527.pdf To others renting below FMV: if you're renting to non-related parties and willing to "cut a deal" because th...
by Perkunas
Sat Mar 31, 2018 7:30 am
Forum: US Chapters
Topic: A lot of heavy hitters this morning
Replies: 244
Views: 29771

Re: A lot of heavy hitters this morning

deleted. Wasn't adding any value to discussion.
by Perkunas
Mon Mar 26, 2018 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Downloading 1099s into H & R Block
Replies: 12
Views: 804

Re: Downloading 1099s into H & R Block

Can you type the info manually?

If not, HR block already has your SSN and all other personal info from your tax return. If you feel safe giving them that info, then you're not likely in much additional danger if you give them your Vanguard login.
by Perkunas
Mon Mar 26, 2018 7:53 pm
Forum: Personal Finance (Not Investing)
Topic: My turn to ask - am I ready for retirement - can I say I'm FI?
Replies: 41
Views: 5492

Re: My turn to ask - am I ready for retirement - can I say I'm FI?

You didn't mention how much you currently spend? I wonder how you will finance age 61-70? Are you planning to draw down your 403? If your wife has $15k of income right now, and you retire/rely on your portfolio from age 61-70, then you are looking at $70-80k/yr from your 403. THe numbers might work ...
by Perkunas
Sun Mar 25, 2018 8:59 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC for student loan payment made by non-employer. SE taxes? Where to report?
Replies: 2
Views: 431

1099-MISC for student loan payment made by non-employer. SE taxes? Where to report?

Wife is a physician now working for a small/rural private practice. She receives a W2 from her private practice as payment for all of her services, which includes working in clinic as well as taking call at the local hospital. While the hospital does not pay her any direct compensation, there is an ...
by Perkunas
Sun Mar 25, 2018 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Hire an accountant?
Replies: 14
Views: 1310

Re: Hire an accountant?

For $500 you can likely find a real CPA to do your tax return. "Accountant" at H&R Block is akin to calling someone microwaving burgers at McDonald's a chef.
by Perkunas
Sun Mar 25, 2018 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Age: 35 General Budget and Finance Questions (6 years later)
Replies: 22
Views: 3798

Re: Age: 35 General Budget and Finance Questions (6 years later)

Am I misreading something? It looks like you're a single guy making ~$250k per year yet your net worth is < 1x your annual income (not even counting your mortgage)? Seems to me you're spending more than you realize?
by Perkunas
Sun Mar 25, 2018 4:57 pm
Forum: Personal Consumer Issues
Topic: Next season's ski pass - buy now or wait? (Ski Resorts in New England)
Replies: 10
Views: 1170

Re: Next season's ski pass - buy now or wait? (Ski Resorts in New England)

If you can afford the ski passes, I would say try the NH option while the kids are younger and it is more affordable. Plus they are more likely to enjoy the sport if the conditions are better and more reliable. Notwithstanding the increasing # of noreasters due to a seemingly changing jetstream, NH ...
by Perkunas
Sun Mar 25, 2018 10:02 am
Forum: Personal Investments
Topic: Help w 71yr mother's investments
Replies: 4
Views: 524

Re: Help w 71yr mother's investments

...in more cases than not the portfolio will still grow on average. To ensure maintaining the portfolio value and spend that much money is impossible. The fact that one saves money in order to spend it later needs to be understood. A lifestyle fund balanced near 40/60-60/40 would be a good suggesti...
by Perkunas
Sun Mar 25, 2018 9:02 am
Forum: Personal Investments
Topic: Help w 71yr mother's investments
Replies: 4
Views: 524

Help w 71yr mother's investments

I'm looking for investment and financial advice for my mother. Mother : 71 turning 72 this year Health : excellent & very active until last ~4-5 months, but lately she has not been feeling good. Nothing has been diagnosed but she has visited a variety of specialists. Finance : IRA : currently ~ $535...
by Perkunas
Sat Mar 24, 2018 5:25 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting Interest on Schedule B
Replies: 14
Views: 1254

Re: Reporting Interest on Schedule B

I always report 1 line on Sch B for each 1099-INT received
by Perkunas
Sat Mar 24, 2018 9:07 am
Forum: Personal Investments
Topic: Best place to put down payment savings?
Replies: 10
Views: 1849

Re: Best place to put down payment savings?

I used Live Oak Bank savings account, but I had a shorter timeline til my home purchase. The nice thing about them is that they proactively raise the rates on the account as interest rates rise; you do not need to reapply or request the new/higher rates. It is automatic. They raised the rate from 1....