Search found 44 matches

by orangejelloh
Mon Nov 02, 2020 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8057
Views: 561931

Re: Refinance Mega Thread

Going through my first refinance now and trying to understand how my last payment to my current lender will work. We normally autopay our mortgage on the 7th (so our payment due 11/1 this month will get withdrawn 11/7.. more likely 11/9 this month). It looks like our refinance may close in the next ...
by orangejelloh
Sun Oct 04, 2020 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8057
Views: 561931

Re: Refinance Mega Thread

Interested in some feedback about a possible refinance. I just purchased my home a bit over a month ago in CT. LTV just slightly under 80%, principal around 500k. Current loan is 15 year at 2.5% with a local-ish bank. I just locked a 15 year fixed at 2.125% with Loan Depot. A+B+C+E-Lender credits = ...
by orangejelloh
Mon Aug 03, 2020 6:46 pm
Forum: Personal Finance (Not Investing)
Topic: Home purchase: extended coverage title insurance versus Municipal Records Search
Replies: 11
Views: 633

Re: Home purchase: extended coverage title insurance versus Municipal Records Search

Would considering the house make a difference in which "insurance" to take? Are you buying a recently "remodeled" to update to modern tastes and to be move in ready house? How much of the house (that you cannot see) was updated? Plumbing? electrical? city drains? septic? well? L...
by orangejelloh
Sun Aug 02, 2020 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Home purchase: extended coverage title insurance versus Municipal Records Search
Replies: 11
Views: 633

Re: Home purchase: extended coverage title insurance versus Municipal Records Search

Wouldn't the extended coverage title insurer do their own municipal records search? Maybe someone else on the forum knows about this. Sounds like the insurance gives you some protection, while the municipal search would just alert you to a problem (or give you the false sense of security if no prob...
by orangejelloh
Sun Aug 02, 2020 1:52 pm
Forum: Personal Finance (Not Investing)
Topic: Home purchase: extended coverage title insurance versus Municipal Records Search
Replies: 11
Views: 633

Re: Home purchase: extended coverage title insurance versus Municipal Records Search

What is the difference between regular homeowners title insurance and extended coverage title insurance? I'm not 100% sure. From the conversation I had with our lawyer, my understanding is that the extended title insurance would cover us for liabilities from prior work done on the property that we ...
by orangejelloh
Sun Aug 02, 2020 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Home purchase: extended coverage title insurance versus Municipal Records Search
Replies: 11
Views: 633

Home purchase: extended coverage title insurance versus Municipal Records Search

DW and I are closing on the purchase of an older home in a few weeks. Our lawyer has indicated to us that we need to make a decision-- to purchase extended coverage on title insurance ($235) OR do a municipal records search ($175) OR neither. In our state, title insurance must be purchased by attorn...
by orangejelloh
Mon May 18, 2020 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: First time homebuyers – mortgage type, where to apply, points?
Replies: 4
Views: 608

Re: First time homebuyers – mortgage type, where to apply, points?

you may be overthinking this. .... If the 15 year loan is at a significantly lower rate then I would use that It's definitely possible I'm overthinking! If both a 15 and 30 year mortgage is affordable, any sense of what would constitute a "significantly lower rate" with a 15 year such tha...
by orangejelloh
Sun May 17, 2020 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: First time homebuyers – mortgage type, where to apply, points?
Replies: 4
Views: 608

First time homebuyers – mortgage type, where to apply, points?

DW and I are currently in the market for a mortgage for our first home. We have benefited in so many ways from this community and would feel neglectful if we did not seek advice here on the biggest financial transaction we have ever made. We’ve tried to educate ourselves as much as possible from rea...
by orangejelloh
Sun Apr 05, 2020 7:50 pm
Forum: Personal Finance (Not Investing)
Topic: COVID19 - Student Loan Forbearance
Replies: 12
Views: 1131

Re: COVID19 - Student Loan Forbearance

https://studentaid.gov/announcements-events/coronavirus#borrower-questions Wanted to post this since both govt websites and my loan processor now have language posted about receiving a refund for payments made during the forbearance period and that credit will still be received for PSLF as if paymen...
by orangejelloh
Sat Mar 14, 2020 9:39 am
Forum: Personal Finance (Not Investing)
Topic: 401k overcontribution: how to report on tax forms?
Replies: 5
Views: 487

Re: 401k overcontribution: how to report on tax forms?

Thanks for all of your help last year. On my 2018 taxes, I reported the overcontribution made in 2018. I received a 1099R from my 401k with P in the distribution codes for the amount of overcontribution (~$900), which I don't need to do anything about now. However, the distribution check I received ...
by orangejelloh
Mon Jan 06, 2020 8:59 pm
Forum: Personal Finance (Not Investing)
Topic: Why can't a Vietnam Veteran who's income eligible now for VA health benefits qualify because of last year's income?
Replies: 20
Views: 1730

Re: Why can't a Vietnam Veteran who's income eligible now for VA health benefits qualify because of last year's income?

Was he told that his income was too high to be eligible for health benefits?
I'm not an expert, but this website would suggest that veterans that served in Vietnam are eligible for care regardless of income: https://www.va.gov/health-care/eligibility.
by orangejelloh
Sun Nov 10, 2019 4:38 pm
Forum: Personal Investments
Topic: Should I use my 457(b)? Worried about disbursement options...
Replies: 32
Views: 1534

Re: Should I use my 457(b)? Worried about disbursement options...

You would not lose any tax deferred space compared to what you have right now. You'd still be investing the same $19k x 2 in tax deferral each year. The trade is taxable to Roth - you would be increasing your Roth space $19k each year at the expense of taxable space. Roth is better than taxable. :h...
by orangejelloh
Sun Nov 10, 2019 9:04 am
Forum: Personal Investments
Topic: Should I use my 457(b)? Worried about disbursement options...
Replies: 32
Views: 1534

Re: Should I use my 457(b)? Worried about disbursement options...

lakpr, I see what you are saying. I think the difference is that you are assuming the money will go into a taxable account. I'm assuming it could go into a Roth 403b account...meaning they might go ahead and use the 457 for tax-deferral but change one of the 403b's to Roth. That's an interesting th...
by orangejelloh
Sun Nov 10, 2019 8:57 am
Forum: Personal Investments
Topic: Should I use my 457(b)? Worried about disbursement options...
Replies: 32
Views: 1534

Re: Should I use my 457(b)? Worried about disbursement options...

This is where you are thinking incorrectly. There is no benefit. It works out exactly the same. Example. Imagine that you have $10k to invest. If you invest $10k and it doubles to $20k over the intervening years and is then taxed at 25%, you end up with $15k in your account. If you pay 25% tax on y...
by orangejelloh
Sat Nov 09, 2019 5:37 pm
Forum: Personal Investments
Topic: Should I use my 457(b)? Worried about disbursement options...
Replies: 32
Views: 1534

Re: Should I use my 457(b)? Worried about disbursement options...

I have come to doubt the benefits of investing in a non-governmental 457b in many situations. It's not about the 457b although I have some concerns about that too. It's about having an overly large tax-deferred account when reaching RMD age. Some have found the RMDs just push them back into high br...
by orangejelloh
Sat Nov 09, 2019 2:24 pm
Forum: Personal Investments
Topic: Should I use my 457(b)? Worried about disbursement options...
Replies: 32
Views: 1534

Re: Should I use my 457(b)? Worried about disbursement options...

Most 457b plans will tell you exactly what your 457b distributions options are. For example, if there are fixed payments, you should find out if it's over 5, 10, or some other period. The 457b plan I just left had the following options: 1) lump sum now 2) lump sum at any future date no later than a...
by orangejelloh
Sat Nov 09, 2019 1:31 pm
Forum: Personal Investments
Topic: Should I use my 457(b)? Worried about disbursement options...
Replies: 32
Views: 1534

Should I use my 457(b)? Worried about disbursement options...

I recently switched to a new employer and now have access to a 457(b) with good investment options. From what I gather, the major risks with a 457(b) are 1) losing your contributions if your employer goes out of business and 2) dealing with tax consequences upon leaving your employer/retirement. Reg...
by orangejelloh
Wed Nov 06, 2019 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance - HSA during birth year?
Replies: 27
Views: 1288

Re: Health Insurance - HSA during birth year?

I think you really need to crunch the numbers and look at the specifics of each plan. Numerous similar posts have been made in the past. As a federal employee, OP should check out the GEHA HDHP plan. The copay for maternity care is $0 after you hit the deductible, so I don't believe that you would c...
by orangejelloh
Tue May 28, 2019 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Student Loans no longer PSLF eligible
Replies: 5
Views: 1126

Re: Student Loans no longer PSLF eligible

Is there a good chance that you would work for a nonprofit as an attending? If so, it will be helpful for you to crunch the numbers to decide what makes the most sense. You can use this calculator to figure out approximately how much you would pay after 4 years as a fellow and ~7 years as an attendi...
by orangejelloh
Sun Mar 10, 2019 11:29 am
Forum: Personal Finance (Not Investing)
Topic: 401k overcontribution: how to report on tax forms?
Replies: 5
Views: 487

Re: 401k overcontribution: how to report on tax forms?

I found this thread which was helpful: https://www.bogleheads.org/forum/viewtopic.php?t=52213. FreeTaxUSA allows you to do a similar thing as Taxact-- you can enter a "fake" 1099-R that will apply the excess deferral to line 1/wages. I think this is the best option to take, from what I've ...
by orangejelloh
Sat Mar 09, 2019 2:10 pm
Forum: Personal Finance (Not Investing)
Topic: 401k overcontribution: how to report on tax forms?
Replies: 5
Views: 487

Re: 401k overcontribution: how to report on tax forms?

Update: FreeTaxUSA customer support wrote to me that the W2 data I enter in their software will be reported to the IRS which may cause issues when they compare it to the W2 received from my employer. Seems like self-adjusting my W2 is not the way to go. I am leaning toward reporting the excess defer...
by orangejelloh
Sat Mar 09, 2019 10:42 am
Forum: Personal Finance (Not Investing)
Topic: 401k overcontribution: how to report on tax forms?
Replies: 5
Views: 487

401k overcontribution: how to report on tax forms?

I over-contributed (made an "excess deferral") to my 401k last year due to changing jobs mid-year and miscalculating the amount I wanted withdrawn per paycheck. I have read a lot online about the right way to handle this, but am still confused about the right way to report this on my tax r...
by orangejelloh
Sat Mar 02, 2019 9:54 am
Forum: Personal Finance (Not Investing)
Topic: How to Get W-2 Corrected for State Taxes?
Replies: 10
Views: 2927

Re: How to Get W-2 Corrected for State Taxes?

Reviving this thread as I'm in a similar situation this year and would appreciate some input. I moved from State A to State B mid-year and changed employers. My new employer's HR department was slow to update my address, and so the first paycheck had wages reported to State A and not State B, even t...
by orangejelloh
Mon Feb 18, 2019 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Qualified Business Income Deduction (Difference between Freetaxusa and TT)
Replies: 6
Views: 767

Re: Qualified Business Income Deduction (Difference between Freetaxusa and TT)

There's an option now to reduce your QBI by the SE tax deduction (and other deductions) in FreeTaxUSA in the Schedule C section.
by orangejelloh
Sat Jan 26, 2019 1:56 pm
Forum: Investing - Theory, News & General
Topic: Considering future tax when analyzing portfolio?
Replies: 8
Views: 787

Re: Considering future tax when analyzing portfolio?

Thanks all-- labeling this concept "tax-adjusted asset allocation" has helped me find more to read on the topic. So far, I've found the wiki and this thread to be most helpful: https://www.bogleheads.org/forum/viewtopic.php?t=248114 After playing around with this, I don't think it would ma...
by orangejelloh
Fri Jan 25, 2019 8:33 pm
Forum: Investing - Theory, News & General
Topic: Considering future tax when analyzing portfolio?
Replies: 8
Views: 787

Considering future tax when analyzing portfolio?

Up until this point, when assessing if my portfolio matches my desired asset allocation, I've just summed the dollar amounts in each fund across various accounts. However, the funds in my 401k will be reduced by future tax, while the funds in my Roth won't be. Does anyone reduce the dollar amount in...
by orangejelloh
Fri Jan 11, 2019 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Stay in private practice medical or take VA job offer?
Replies: 45
Views: 4177

Re: Stay in private practice medical or take VA job offer?

A couple thoughts: 1) Working at different VAs can be very different. The kind of environment one finds in a large VA hospital affiliated with a major academic university is different from a rural community clinic. The workload/burden varies based on the region: certain regions are trying to manage ...
by orangejelloh
Sat Nov 03, 2018 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Family contribution limit to HSAs: what to do if switching coverage between spouses?
Replies: 1
Views: 287

Family contribution limit to HSAs: what to do if switching coverage between spouses?

My spouse and I are thinking about switching from one employer's HDHP to another's mid year. Her job has a more attractive HDHP because it has $0 premiums. The catch is that her employment will end on July 1. We are able to switch to my employer's HDHP at that time. My basic question is: are family ...
by orangejelloh
Thu Oct 18, 2018 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Reporting taxes on joint accounts when Married Filing Separately (not in a Community Property State)
Replies: 1
Views: 637

Reporting taxes on joint accounts when Married Filing Separately (not in a Community Property State)

My spouse and I file MFS because of the benefit of reducing our student loan payments. We have a couple of joint accounts that have tax consequences: a joint savings account and a joint brokerage account. The 1099s are reported to the primary account owner. From what I can tell, the method of proper...
by orangejelloh
Sat May 19, 2018 7:22 pm
Forum: Personal Investments
Topic: Young Doctor Couple - Starting Work, Starting to Invest
Replies: 31
Views: 3655

Re: Young Doctor Couple - Starting Work, Starting to Invest

Please first decide how you will approach your student loan debt. The two general approaches I know of are: 1) Plan for public service loan forgiveness. Make sure that you qualify for the program, then ensure you are employed for 10 years by an employer who will qualify you for public service, while...
by orangejelloh
Sun May 06, 2018 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Yet another CP2000 for Roth IRA conversion thread
Replies: 51
Views: 8008

Re: Yet another CP2000 for Roth IRA conversion thread

I received a similar CP2000 as the OP this past week for my 2016 tax return, saying that I owe tax on the Roth conversion I did as part of a backdoor Roth. I filed electronically, so I am not sure what the reason for receiving CP2000 was. Turbotax filled out Form 8606 correctly as far as I can tell,...
by orangejelloh
Sat Mar 17, 2018 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Job Search Expenses
Replies: 3
Views: 407

Re: Deducting Job Search Expenses

I've reviewed the instructions for form 2106 and also publications 463 and 529. I haven't found anything in those documents that describe how exactly I'm supposed to report job search expenses on form 2106. I based my decision to split up job search expenses as I described above mostly based on this...
by orangejelloh
Sat Mar 17, 2018 5:53 pm
Forum: Personal Finance (Not Investing)
Topic: Deducting Job Search Expenses
Replies: 3
Views: 407

Deducting Job Search Expenses

I'm trying to deduct job search expenses using Form 2106 and would appreciate input on whether I'm doing it correctly. My expenses include personal car travel to interviews and some other overnight travel expenses (plane, train, hotel, car rental). My current plan is to fill out form 2106 as follows...
by orangejelloh
Mon Feb 26, 2018 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions Tax Question (premium pass through)
Replies: 15
Views: 2144

Re: HSA Contributions Tax Question (premium pass through)

FiveK: Do you happen to know what TurboTax does with that third line from the "Did your employer tell you about any other contributions?" question. Seems like this boils down to whether the insurance premium pass through that I know about counts as an employer contribution. To answer TT's...
by orangejelloh
Sun Feb 25, 2018 6:07 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions Tax Question (premium pass through)
Replies: 15
Views: 2144

Re: HSA Contributions Tax Question (premium pass through)

You should do absolutely nothing about this as it does not affect your tax return. Your 5498 will reflect the actual contributions reported to the IRS. You are correct that it would be improper to enter on line 2 to get a deduction you are not entitled to. To clarify: do you suggest I include the $...
by orangejelloh
Sun Feb 25, 2018 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Where should I report this income in my taxes (one-time job, no 1099)?
Replies: 4
Views: 498

Where should I report this income in my taxes (one-time job, no 1099)?

I was paid a small amount of money (less than $400) for writing a chapter in a book. I won't receive a 1099 for this. I don't do this on a regular basis, but may end up doing it about yearly for the next few years. Does this income get reported in schedule C (business income, or income made in a pro...
by orangejelloh
Sun Feb 25, 2018 2:13 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions Tax Question (premium pass through)
Replies: 15
Views: 2144

Re: HSA Contributions Tax Question

Thanks for the response!

I don't want to mistakenly deduct the $1500 twice from my income. Since it was included in box 12 code DD, it was already deducted from my income in my W2 and so I didn't pay taxes on it. If I list it under box 2 in form 8889, I believe I'll deduct it from my income again.
by orangejelloh
Sun Feb 25, 2018 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contributions Tax Question (premium pass through)
Replies: 15
Views: 2144

HSA Contributions Tax Question (premium pass through)

This is the first year I'm filling out form 8889 and have a question about employer contributions. My W2 has $5031 entered in box 12, code W. This is the amount I withheld from my paycheck to be deposited into my HSA. $1500 was also contributed to my HSA as a "premium pass through." My ins...
by orangejelloh
Wed Oct 11, 2017 6:05 pm
Forum: Personal Investments
Topic: Approximating total international fund (Difference between VSS and SCHC?)
Replies: 4
Views: 843

Re: Approximating total international fund (Difference between VSS and SCHC?)

My understanding is that none of these funds at Vanguard or Schwab for small-cap and EM include Canada and Korea. Seems like the only option is to add a Canada and Korea ETF if you want to truly mimic a total international fund. In regards to small-cap international and EM funds, would it be reasona...
by orangejelloh
Tue Oct 10, 2017 9:30 am
Forum: Personal Investments
Topic: Approximating total international fund (Difference between VSS and SCHC?)
Replies: 4
Views: 843

Approximating total international fund (Difference between VSS and SCHC?)

Most of my international holdings are in the I fund in the TSP. I am trying to figure out the best way to approximate the total international market, as well outlined in the Wiki (https://www.bogleheads.org/wiki/Approximating_total_international_stock_market). I would like to buy small cap and emerg...
by orangejelloh
Wed Aug 09, 2017 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Recently Married - should we file jointly or separately?
Replies: 18
Views: 2243

Re: Recently Married - should we file jointly or separately?

If the calculus works out for you to file married filing separately instead of jointly, you can still do a backdoor Roth. So the concern about whether or not you will be able to contribute to a Roth IRA should not be part of your decision.
by orangejelloh
Sat Nov 12, 2016 1:19 pm
Forum: Personal Finance (Not Investing)
Topic: Add secondary insurance for my spouse in order to open an HSA?
Replies: 6
Views: 1640

Re: Add secondary insurance for my spouse in order to open an HSA?

Thank you for the input! IRS publication 969 is helpful, though I can't find anything that clearly outlines what is allowed if one spouse has self plus one-HDHP coverage and another spouse has self non-HDHP coverage. This becomes even more confusing to me since I am not sure if "self plus one&q...
by orangejelloh
Fri Nov 11, 2016 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Add secondary insurance for my spouse in order to open an HSA?
Replies: 6
Views: 1640

Add secondary insurance for my spouse in order to open an HSA?

My wife has a standard health insurance plan through her job. She is lucky to have $0 premiums. She does not have the option to enroll in a HDHP through her work. I plan to enroll in a HDHP through my employer next year. I am thinking of adding her to my insurance for financial/investing reasons, bu...