Search found 291 matches

by Perkunas
Thu Jan 21, 2021 9:05 am
Forum: Investing - Theory, News & General
Topic: Are We in Another Housing Bubble? (Charlotte NC region)
Replies: 54
Views: 4008

Re: Are We in Another Housing Bubble? (Charlotte NC region)

Another factor: a large number of baby-boomers getting sick of living up north for a variety of reasons (weather and taxes, primarily).
by Perkunas
Thu Jan 21, 2021 8:52 am
Forum: Personal Consumer Issues
Topic: any suggestions for best 65" TV under $1000?
Replies: 40
Views: 2354

Re: any suggestions for best 65" TV under $1000?

.
TCL 6-series

It was the best-bang-for-your buck when I purchased my 65" in early 2019.
by Perkunas
Wed Jan 20, 2021 9:24 pm
Forum: Personal Finance (Not Investing)
Topic: Any freelancers in here? Advice on incorporating?
Replies: 24
Views: 916

Re: Any freelancers in here? Advice on incorporating?

Any moonlighters in here? Do any of you worry about your primary employer finding out? For sure, I have to stay away from any clients in the industry my primary employer serves - it's way too small of a world there, but even still, I worry about making sure it doesn't pop up in some background chec...
by Perkunas
Fri Jan 01, 2021 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling to Figure Out a Side Gig
Replies: 59
Views: 6068

Re: Struggling to Figure Out a Side Gig

Need a side gig to be eligible to open a solo 401k. That’s the motivator, not the $. Is there some minimum amount you need to report in order to open the solo 401k such that you actually want to earn and receive the money? Why not simply report some Schedule C income on your tax return? I've never ...
by Perkunas
Fri Jan 01, 2021 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling to Figure Out a Side Gig
Replies: 59
Views: 6068

Re: Struggling to Figure Out a Side Gig

Need a side gig to be eligible to open a solo 401k. That’s the motivator, not the $. Is there some minimum amount you need to report in order to open the solo 401k such that you actually want to earn and receive the money? Why not simply report some Schedule C income on your tax return? I've never ...
by Perkunas
Fri Jan 01, 2021 8:09 am
Forum: Personal Finance (Not Investing)
Topic: confused about the feds sending money
Replies: 2
Views: 798

Re: confused about the feds sending money

What is this register online they speak of? What is Notice 1444? Might 1200+600 be headed in my direction if I do the right stuff on the 1040? Thanks. Don’t worry, you can still get both when you file your 2020 tax return. The first $1200 will appear as a refundable credit assuming g your income is...
by Perkunas
Thu Dec 31, 2020 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: So what kind of raise did you guys get for 2021?
Replies: 167
Views: 10903

Re: So what kind of raise did you guys get for 2021?

Anyone at 0% (or worse) should be in the market for a new job. Actually blown away at the “well, been flat for 3 years...” replies. Invest the time to see what you’re worth on the open market. From some of the other replies... this K shaped recovery is creating massive winners. The amount of posts ...
by Perkunas
Thu Dec 31, 2020 4:03 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 2394
Views: 545045

Re: Share your net worth progression

Nothing like revisiting this thread once a year to make me feel inadequate! 1/2/16, Age 34 = 218k (AGI = 160k; 1st yr of marriage; mostly wife's NW. My 1st real job after ~12 yrs as a ski bum) 2/2/17, Age 35 = 346k (AGI = 158k; wife temp job that paid more) 1/1/18, Age 36 = 447k (AGI = 139k) 1/2/19,...
by Perkunas
Thu Dec 31, 2020 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling to Figure Out a Side Gig
Replies: 59
Views: 6068

Re: Struggling to Figure Out a Side Gig

Need a side gig to be eligible to open a solo 401k. That’s the motivator, not the $. Is there some minimum amount you need to report in order to open the solo 401k such that you actually want to earn and receive the money? Why not simply report some Schedule C income on your tax return? I've never ...
by Perkunas
Thu Dec 31, 2020 2:01 pm
Forum: Personal Finance (Not Investing)
Topic: So what kind of raise did you guys get for 2021?
Replies: 167
Views: 10903

Re: So what kind of raise did you guys get for 2021?

Boss said in passing that I'd get my standard yearly raise - a flat dollar amount - starting in 2021. It equates to a 4.3% raise I haven't received my Christmas bonus yet. Our small business (~28 employees) received $280k PPP loan in spite of the fact that we had our best/busiest year ever, but I do...
by Perkunas
Thu Dec 31, 2020 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Use CARES Penalty Free 401k Withdrawal to Pay Student Loans?
Replies: 59
Views: 2208

Re: Use CARES Penalty Free 401k Withdrawal to Pay Student Loans?

Now this is intriguing. I could haul ass at my practice and probably net $6k/month if I turned the volume up on it. I’m also due $7k on a foreclosure sale that is scheduled late January. Too much focus on one thing is usually bad. But your hybrid approach seems more reasonable. To your point, thoug...
by Perkunas
Thu Dec 31, 2020 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Use CARES Penalty Free 401k Withdrawal to Pay Student Loans?
Replies: 59
Views: 2208

Re: Use CARES Penalty Free 401k Withdrawal to Pay Student Loans?

I just recently discovered that the CARES act allows you to withdraw from your 401k penalty free if you are a qualified individual. Coronavirus Related Distributions needed to happen by yesterday, 12/30/20. Or am I missing something? I wish I had more time to think about this, but I just found out ...
by Perkunas
Thu Dec 31, 2020 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Use CARES Penalty Free 401k Withdrawal to Pay Student Loans?
Replies: 59
Views: 2208

Re: Use CARES Penalty Free 401k Withdrawal to Pay Student Loans?

CoastLawyer2030 wrote: Wed Dec 30, 2020 9:06 amI just recently discovered that the CARES act allows you to withdraw from your 401k penalty free if you are a qualified individual.
Coronavirus Related Distributions needed to happen by yesterday, 12/30/20.

Or am I missing something?
by Perkunas
Wed Dec 30, 2020 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: Struggling to Figure Out a Side Gig
Replies: 59
Views: 6068

Re: Struggling to Figure Out a Side Gig

I would like to have a very small, short-term side gig. I don’t need to earn much at it, maybe just a couple hundred. What are you trying to achieve, in plain terms? Can a family member or friend hire you to mow their lawn a couple of times? Or someone could simply give you the money along with a 1...
by Perkunas
Wed Dec 30, 2020 7:36 am
Forum: Personal Investments
Topic: Stimulus check to be reported in tax return?
Replies: 17
Views: 2319

Re: Stimulus check to be reported in tax return?

Thanks a lot. In regard to #2, I filed 2019 very close to the due date (July). My interpretation of your comment is that it may also be possible they would still utilize the 2018 AGI as the basis for round 2? I think it is possible (but I'd make an educated guess that it would be improbable conside...
by Perkunas
Wed Dec 30, 2020 6:20 am
Forum: Personal Investments
Topic: Roth Conversion vs Stimulus Checks
Replies: 25
Views: 2504

Re: Roth Conversion vs Stimulus Checks

Long-time lurker but infrequent poster. I am facing a conundrum and would appreciate other perspectives. My wife and I are 64 and retired. Our AGI before any Roth conversions is $125k and I had planned to do $95k of Roth conversions in the next week to bring our AGI to $220k, just shy of the Medica...
by Perkunas
Wed Dec 30, 2020 6:11 am
Forum: Personal Investments
Topic: Stimulus check to be reported in tax return?
Replies: 17
Views: 2319

Re: Stimulus check to be reported in tax return?

Some queries based upon the following: * First Economic Impact Payment (EIP) was based upon filed 2018 taxes, which had an AGI of ~$145K = received full payment for MFJ * 2019 filed AGI was ~$163K * 2020 AGI still to be determined Questions: * Assumption 1: No change in Round 1 payment based upon 2...
by Perkunas
Tue Dec 29, 2020 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford to leave my job at 39?
Replies: 41
Views: 5152

Re: Can I afford to leave my job at 39?

My wife and I were both professional athletes in our younger adult lives and were able to save a huge percent of our incomes. How in gods name do you have net worth at 40 of 4 mil making so little? There’s more to this, inheritance? Otherwise I don’t believe you Formerly professional athletes now i...
by Perkunas
Tue Dec 29, 2020 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Can I afford to leave my job at 39?
Replies: 41
Views: 5152

Re: Can I afford to leave my job at 39?

What do you think about somehow working for the sport you used to compete in/presumably still enjoy? Might there be opportunities to coach or train other athletes? Perhaps serve as some sort of consultant? Or train kids who excel at the sport and wish to pursue professional opportunities themselves...
by Perkunas
Tue Dec 29, 2020 11:58 am
Forum: Personal Investments
Topic: Inheritance Help
Replies: 29
Views: 1668

Re: Inheritance Help

I am about to receive a pretty large inheritance in my opinion in the next 6 months to a year (depending on legal side). The inheritance will be somewhere between 350k to 400k. .... Any suggestions on what to do would be greatly appreciated. What will you receive? Cash? Securities? Inherited IRA? T...
by Perkunas
Tue Dec 29, 2020 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Moving to K-1 (Partnership) in 2021 (Tax Question)
Replies: 10
Views: 585

Re: Moving to K-1 (Partnership) in 2021 (Tax Question)

Due to some professional fortune, I'm going to be paid on a K-1 in 2021 as a member of a partnership. In the past, I've always been paid on a W2 as an employee, so this will be a new tax-planning situation for me. Are there any pitfalls I should be aware of as I think this through, in particular as...
by Perkunas
Tue Dec 29, 2020 10:49 am
Forum: Personal Finance (Not Investing)
Topic: Can I take both disaster-related distribution (new stimulus) and coronavirus-related distribution from 457(b)?
Replies: 4
Views: 259

Re: Can I take both disaster-related distribution (new stimulus) and coronavirus-related distribution from 457(b)?

Can I take the disaster-related distribution given that I already took the coronavirus-related distribution? See my post above and the link. Basically, the legislation says that Covid-19 does not qualify for Qualified Disaster Distribution because a Qualified Disaster Area does not include any area...
by Perkunas
Tue Dec 29, 2020 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Can I take both disaster-related distribution (new stimulus) and coronavirus-related distribution from 457(b)?
Replies: 4
Views: 259

Re: Can I take both disaster-related distribution (new stimulus) and coronavirus-related distribution from 457(b)?

I took a $100,000 (the maximum) coronavirus-related distribution from my 457(b) this year (2020). I saw that the new stimulus signed into law yesterday (December 27, 2020) provides for a "disaster-related distribution" that similarly provides for taking up to $100,000. Can I take the disa...
by Perkunas
Tue Dec 29, 2020 9:40 am
Forum: Personal Consumer Issues
Topic: Chains needed?
Replies: 63
Views: 3665

Re: Chains needed?

@ OP - where do you live/drive? In most parts of the country, you should be fine with AWD in combination with snow tires or studded tires. In a handful of places, you should carry chains to be used only in specific circumstances. If you live in California and you want to drive over Donner Pass, then...
by Perkunas
Tue Dec 29, 2020 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Would you do Roth Conversion in this scenario (22% + 5%)
Replies: 15
Views: 966

Re: Would you do Roth Conversion in this scenario (22% + 5%)

I pressed "go" on the Fidelity website to convert the $15k, but it gave me an error. I then realized that I'm going to be right around $150k of AGI without the conversion, meaning my family is eligible for the full amount of the recent stimulus package. If I do a conversion in 2020, my AGI...
by Perkunas
Tue Dec 29, 2020 9:18 am
Forum: Personal Finance (Not Investing)
Topic: CARES Act Roth Withdrawal Question
Replies: 8
Views: 527

Re: CARES Act Roth Withdrawal Question

There is no special coding on Form 1099-R to indicate that a distribution is a Coronavirus Related Distribution. I'm not privy to Vanguard procedures, but Fidelity has a special form that you fill out when recontributing a Coronavirus Related Distribution. "Fidelity Recontribution of CARES Act...
by Perkunas
Mon Dec 28, 2020 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Would you do Roth Conversion in this scenario (22% + 5%)
Replies: 15
Views: 966

Re: Would you do Roth Conversion in this scenario (22% + 5%)

~$100k taxable income in 2019 was low due to maternity leave; 2020 taxable income will be ~$125k We're both W2, wife earns ~$120k gross (~0.7 FTE) and I earn ~70k gross ...Looking at the 2017 tax brackets, it seems like we'd run into the 25% marginal bracket in retirement based on SS + RMDs. Would ...
by Perkunas
Mon Dec 28, 2020 7:49 pm
Forum: Personal Finance (Not Investing)
Topic: Would you do Roth Conversion in this scenario (22% + 5%)
Replies: 15
Views: 966

Re: Would you do Roth Conversion in this scenario (22% + 5%)

This goes to the "asymmetric risk" of the Roth vs traditional question - there was a long thread about it. But really for $15K it's just not worth thinking too much about. Thanks - I found the asymmetric risk thread and I will look through it. The additional questions I have stem from the...
by Perkunas
Mon Dec 28, 2020 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: CARES Act Roth Withdrawal Question
Replies: 8
Views: 527

Re: CARES Act Roth Withdrawal Question

There is no special coding on Form 1099-R to indicate that a distribution is a Coronavirus Related Distribution. I'm not privy to Vanguard procedures, but Fidelity has a special form that you fill out when recontributing a Coronavirus Related Distribution. "Fidelity Recontribution of CARES Act ...
by Perkunas
Mon Dec 28, 2020 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Would you do Roth Conversion in this scenario (22% + 5%)
Replies: 15
Views: 966

Re: Would you do Roth Conversion in this scenario (22% + 5%)

Does the IRA hinder your ability to do Roth contributions now? IOW do you need to use Backdoor Roth to contribute to a Roth? No. AGI is only ~$125k . This goes to the "asymmetric risk" of the Roth vs traditional question - there was a long thread about it. But really for $15K it's just no...
by Perkunas
Mon Dec 28, 2020 5:50 pm
Forum: Personal Finance (Not Investing)
Topic: Would you do Roth Conversion in this scenario (22% + 5%)
Replies: 15
Views: 966

Re: Would you do Roth Conversion in this scenario (22% + 5%)

I would not, given plans for early retirement. With no other income, you can convert about $100K a year (at current rates) and pay around 9% average federal income tax. Even if rates revert to pre-TCJA levels, you'd pay about 12%. So I see no reason to pay 27% now, especially as you don't have a la...
by Perkunas
Mon Dec 28, 2020 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Would you do Roth Conversion in this scenario (22% + 5%)
Replies: 15
Views: 966

Would you do Roth Conversion in this scenario (22% + 5%)

I'm on the fence about doing a Roth conversion of a small IRA I have at Fidelity: it is approx $15k with zero basis. My wife also has enough in her trad-IRAs for us to completely fill-up our 22% federal marginal bracket in 2020 with Roth conversions. Our taxes/income situation: MFJ in 22% marginal f...
by Perkunas
Mon Dec 28, 2020 5:04 pm
Forum: Personal Investments
Topic: Roth IRA Conversion - Correct Tax Calculation & Good Idea?
Replies: 5
Views: 456

Re: Roth IRA Conversion - Correct Tax Calculation & Good Idea?

David Jay's comment above looks correct.

Don't forget you also need to consider your state income tax (if applicable).
by Perkunas
Fri Dec 18, 2020 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"
Replies: 9
Views: 690

Re: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"

Always a chance I could be wrong or you understanding of the plan is incorrect. No harm in contacting the plan and ask them if there is any way to take a non hardship distribution. Circling back. I talked to BB&T and they said the only option for in-service distributions for someone under age 5...
by Perkunas
Mon Dec 14, 2020 5:27 pm
Forum: Personal Investments
Topic: $8000 bill from IRS
Replies: 13
Views: 2878

Re: $8000 bill from IRS

I think you "can" file 8606 forms each year you contribute to a Roth, but you are not required. If you had, then they would have a record of contributions dating back all those years. Form 8606 is generally for reporting non-deductible contributions to a Traditional IRA. BUT you are corre...
by Perkunas
Mon Dec 14, 2020 5:12 pm
Forum: Personal Investments
Topic: $8000 bill from IRS
Replies: 13
Views: 2878

Re: $8000 bill from IRS

Did you report the $25.5k distribution on your 2018 income tax return? You should see $25,500 on Line 4a (IRA distribution) and then you should see $0 on Line 4b (taxable amount). I would probably file an amended tax return for 2018 to properly report the interest income you received, your taxable s...
by Perkunas
Sat Dec 12, 2020 12:21 pm
Forum: Personal Investments
Topic: Employer Simple IRA, Edward Jones
Replies: 11
Views: 526

Re: Employer Simple IRA, Edward Jones

With their given fees is the best option to just go with the three percent to get the company match and not a penny more ... or take advantages of the tax advantages space and the $13,000 max? I've maxed my EJ Simple for the 5 years I've been with my company. At first I stressed out about their fee...
by Perkunas
Sat Dec 12, 2020 12:02 pm
Forum: Personal Investments
Topic: Employer Simple IRA, Edward Jones
Replies: 11
Views: 526

Re: Employer Simple IRA, Edward Jones

So with a 5305-Simple, I would have the option of transferring my balance to another Simple Ira at the beginning of the calendar year. So open it up with Edward Jones, deal with the fees for one calendar year, and then transfer the balance to a Simple Ira with vanguard. Would payroll deductions the...
by Perkunas
Sat Dec 12, 2020 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"
Replies: 9
Views: 690

Re: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"

Bad news. I edited my prior response since you noted it is a safe harbor plan, and since it has not adopted CRDs, it does not appear there is anyway for you to get a distribution in the first place. You would have to get a distribution in order to treat is as a CRD. Under the SH plan, you would hav...
by Perkunas
Fri Dec 11, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: How will becoming an owner of an S-Corp affect ACA subsidies
Replies: 9
Views: 573

Re: How will becoming an owner of an S-Corp affect ACA subsidies

I might be better off declining? He has insurance fully through the VA and Medicare so wages don't affect him. Basically this: will the amount reported on K-1 decrease what I qualify for in subsidies? And if so, what should I do? Decline? If your father is going to give you ownership perhaps he can...
by Perkunas
Thu Dec 10, 2020 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"
Replies: 9
Views: 690

Re: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"

You must first qualify for a CRD per Notice 2020-50 in order to treat a distribution from a non adopting plan as a CRD. Since you have apparently not separated from service, and if you are not yet 59.5, Let’s assume I meet the eligibility for a CRD. And no, I have not separated from service nor am ...
by Perkunas
Thu Dec 10, 2020 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: Coronavirus Related Distribution from BB&T 401k that did not "opt-in"
Replies: 9
Views: 690

Coronavirus Related Distribution from BB&T 401k that did not "opt-in"

My goal is to get $100k out of the lousy current 401k with BB&T and move it to Fidelity. IRS Notice 2020-50 pretty much says anyone can deem a CRD to be a CRD by reporting it as such on their 1040 - regardless of how the plan treats it on the 1099-R. The employer did not "opt in" to al...
by Perkunas
Tue Dec 08, 2020 3:58 pm
Forum: Personal Consumer Issues
Topic: Does a cheap road bike really exist?
Replies: 129
Views: 6957

Re: Does a cheap road bike really exist?

It has been a few years since I worked in a bike shop but if you're looking for a road bike, you ought to at least take a look at the following models. As many people have mentioned, for $500-1000 you may be better off looking for a used bike rather than a brand-new bike. Cannondale Synapse Cannonda...
by Perkunas
Fri Dec 04, 2020 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Is gift of loan principal taxable income to holder of loan?
Replies: 14
Views: 785

Re: Is gift of loan principal taxable income to holder of loan?

If child is making standard monthly payments then you can simply reduce the principal $15k on 1/1 of each year with minimal tax consequence.
by Perkunas
Fri Dec 04, 2020 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Is gift of loan principal taxable income to holder of loan?
Replies: 14
Views: 785

Re: Is gift of loan principal taxable income to holder of loan?

If you want the child to receive the real estate without paying for it, you could consider buying it back and gifting it to him/her outright, or buying it back and leaving it for him/her in your will.
by Perkunas
Fri Dec 04, 2020 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Establishing "Reasonable Compensation" for S-Corp
Replies: 28
Views: 1646

Re: Establishing "Reasonable Compensation" for S-Corp

Another way to turn your thinking around: how much would she owe the IRS if: A) Your wife paid herself a salary that was too low, and B) The IRS caught the mistake, and C) The IRS arrived at a conclusion that your wife owes taxes + penalties + interest for the associated payroll taxes that she avoid...
by Perkunas
Fri Dec 04, 2020 4:20 pm
Forum: Personal Finance (Not Investing)
Topic: Is gift of loan principal taxable income to holder of loan?
Replies: 14
Views: 785

Re: Is gift of loan principal taxable income to holder of loan?

You can gift anyone $15k during the calendar year 2020 without any tax implications: no reporting requirements for you and no tax or implications on the recipient, either. If you have a son who is married, you could gift your son $15k and his spouse $15k during 2020. If you gift more than $15k to a ...
by Perkunas
Thu Dec 03, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Creating Will online
Replies: 26
Views: 1408

Re: Creating Will online

vrr106 wrote: Thu Dec 03, 2020 3:21 pm My wife and I are in our early 40s with 2 children.
How old are your kids?
How much life insurance and other assets do you have?
What state do you reside in?
Is the cost-savings offered by LegalZoom enough to justify saving a few hundred dollars or a couple grand?
by Perkunas
Thu Dec 03, 2020 5:17 pm
Forum: Personal Consumer Issues
Topic: Who's keeping Netflix now? (price increased to $13.99)
Replies: 200
Views: 14043

Re: Who's keeping Netflix now? (price increased to $13.99)

I'm keeping it.

I don't see how this is a question. If the $1 is enough to make a difference, I should probably not spend the $12 to begin with.

I don't see ever getting rid of it. 1 night at the movies for 2 people costs a lot more than $13.