Search found 487 matches

by KATNYC
Sun Aug 16, 2020 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately need advice regarding my business lease.
Replies: 33
Views: 2083

Re: Desperately need advice regarding my business lease.

Have your lawyer check your lease. A lot of insurance companies tightened up their language after SARS so business interruption is probably not an option. Check your force majeure clause. The only events I've seen taking place have been at venues with outdoor spaces. I just saw photos from an outdoo...
by KATNYC
Sat Aug 15, 2020 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7600
Views: 522669

Re: Refinance Mega Thread

Just got an email from the broker that we were not locked in at 2.375% with 1 point for 30 year fixed, $3,500 closing costs Now the rate is 2.375% - 1.8pts fee which includes the 0.5pt hit from Fannie Mae that I told the broker about - https://guide.freddiemac.com/app/guide/bulletin/2020-32 Fannie M...
by KATNYC
Tue Aug 11, 2020 7:44 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7600
Views: 522669

Re: Refinance Mega Thread

This has been an interesting process. I contacted multiple brokers and it's been like pulling teeth to get some of them to share the lowest rates. I was clear about the refinance for $169K, value $600K, and credit score >800, 30 year fixed in NYC. One came back with 2.875% and when I reminded him ab...
by KATNYC
Mon Aug 10, 2020 8:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7600
Views: 522669

Re: Refinance Mega Thread

I suspect rates will start to go up soon. It is true that the rates will eventually go up. But how quickly? Several weeks ago, Feds chair said that "We’re not thinking about raising rates, we’re not even thinking about thinking about raising rates." Even a mortgage company like Better sent out this...
by KATNYC
Fri Aug 07, 2020 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7600
Views: 522669

Re: Refinance Mega Thread

I suspect rates will start to go up soon. It is true that the rates will eventually go up. But how quickly? Several weeks ago, Feds chair said that "We’re not thinking about raising rates, we’re not even thinking about thinking about raising rates." Even a mortgage company like Better sent out this...
by KATNYC
Fri Aug 07, 2020 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance...any reason NOT to?
Replies: 17
Views: 1428

Re: Refinance...any reason NOT to?

Is LenderFi taking new applications? The website says they are not. We are going through this right now. Rates came in for 30 year fixed at 2.875% with no points and 2.375% with a rate buydown. We have a 10/1 ARM with 7 years left at 3.375% so there is no rush. We owe $169K and the last appraisal a...
by KATNYC
Fri Aug 07, 2020 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 7600
Views: 522669

Re: Refinance Mega Thread

anon_investor wrote: Wed Jul 29, 2020 8:32 pm
NoGambleNoFuture wrote: Wed Jul 29, 2020 8:28 pm Can someone please repost the backdoor lenderfi link?
https://app.lenderfi.com/
This was helpful to learn they don't do loans in NY.
Log Cabin also doesn't do loan in NY.
by KATNYC
Fri Aug 07, 2020 10:56 am
Forum: Personal Finance (Not Investing)
Topic: Refinance...any reason NOT to?
Replies: 17
Views: 1428

Re: Refinance...any reason NOT to?

Is LenderFi taking new applications? The website says they are not. We are going through this right now. Rates came in for 30 year fixed at 2.875% with no points and 2.375% with a rate buydown. We have a 10/1 ARM with 7 years left at 3.375% so there is no rush. We owe $169K and the last appraisal a ...
by KATNYC
Fri Aug 07, 2020 10:49 am
Forum: Personal Finance (Not Investing)
Topic: To refi my 3.865 mortgage or not
Replies: 8
Views: 884

Re: To refi my 3.865 mortgage or not

We are going through this right now. Rates came in for 30 year fixed at 2.875% with no points and 2.375% with a rate buydown.
We have a 10/1 ARM with 7 years left at 3.375% so there is no rush.
by KATNYC
Sat Jul 04, 2020 3:49 pm
Forum: Personal Consumer Issues
Topic: What happens to all my digitized photos when I die?
Replies: 68
Views: 5515

Re: What happens to all my digitized photos when I die?

We just went through this when my brother passed a few weeks ago. Luckily, my sister was able to get control of his Facebook account so I've saved all of those digital photos to an external hard drive with no password. I also shared them with his children via Dropbox. It prompted me to sort through ...
by KATNYC
Wed Jan 22, 2020 10:31 am
Forum: Personal Investments
Topic: Downside to ETFs?
Replies: 19
Views: 2064

Re: Downside to ETFs?

We have ETFs in the HSA account (VOO) but only because TD Ameritrade charges a fee for Vanguard funds. I'd prefer automated investing but Lively only offers TD for the HSA account. TD Ameritrade no longer charges a fee for ETFs. You must have missed all the excitement last year when every one and t...
by KATNYC
Mon Jan 20, 2020 9:49 pm
Forum: Personal Investments
Topic: Downside to ETFs?
Replies: 19
Views: 2064

Re: Downside to ETFs?

We have ETFs in the HSA account (VOO) but only because TD Ameritrade charges a fee for Vanguard funds. I'd prefer automated investing but Lively only offers TD for the HSA account. TD Ameritrade no longer charges a fee for ETFs. You must have missed all the excitement last year when every one and t...
by KATNYC
Mon Jan 20, 2020 9:29 pm
Forum: Personal Investments
Topic: Downside to ETFs?
Replies: 19
Views: 2064

Re: Downside to ETFs?

We have ETFs in the HSA account (VOO) but only because TD Ameritrade charges a fee for Vanguard funds.
I'd prefer automated investing but Lively only offers TD for the HSA account.
by KATNYC
Mon Jan 20, 2020 5:25 pm
Forum: Personal Consumer Issues
Topic: Purchase & Sale of House/Condo Timing
Replies: 7
Views: 536

Re: Purchase & Sale of House/Condo Timing

Sell first. Friends recently went through this and ended up paying two mortgages in two states (with a period of rent/mortgage). Their old house was an albatross. They had to reduce the price several times and it took at least a year to sell using multiple different brokers. At one point they consid...
by KATNYC
Mon Jan 20, 2020 4:10 pm
Forum: Personal Investments
Topic: invest in the traditional TSP or the ROTH TSP?
Replies: 8
Views: 708

Re: invest in the traditional TSP or the ROTH TSP?

Glad to know that we are on the right track with the traditional TSP. We learned about the $20K/year exemption from NY state taxes only this week when talking to my dad about social security and paying taxes on that income (he is 70 but not drawing SS). That $20k state exemption is for each of you....
by KATNYC
Mon Jan 20, 2020 4:08 pm
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 12974

Re: Scared Stiff to retire

My dad is 70 and has not retired or taken his social security. He said taking SS will put him in another tax bracket and he doesn't need to take it. :confused Uhm, are you sure? There is no case where it ever makes sense not to start collecting at 70. That is the age where the benefits can no longe...
by KATNYC
Mon Jan 20, 2020 8:28 am
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 12974

Re: Scared Stiff to retire

My dad is 70 and has not retired or taken his social security. He said taking SS will put him in another tax bracket and he doesn't need to take it. :confused Uhm, are you sure? There is no case where it ever makes sense not to start collecting at 70. That is the age where the benefits can no longe...
by KATNYC
Mon Jan 20, 2020 8:25 am
Forum: Personal Investments
Topic: invest in the traditional TSP or the ROTH TSP?
Replies: 8
Views: 708

Re: invest in the traditional TSP or the ROTH TSP?

Glad to know that we are on the right track with the traditional TSP.
We learned about the $20K/year exemption from NY state taxes only this week when talking to my dad about social security and paying taxes on that income (he is 70 but not drawing SS).
by KATNYC
Sun Jan 19, 2020 3:34 pm
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 12974

Re: Scared Stiff to retire

The law has changed - RMD's are extended to age 72 from 70 1/2. The SECURE Act changed that requirement but only applies to folks who turn 70.5 years of age after 2019. Good to know. My dad is 70 and has not retired or taken his social security. He said taking SS will put him in another tax bracket...
by KATNYC
Sun Jan 19, 2020 2:16 pm
Forum: Personal Investments
Topic: Scared Stiff to retire
Replies: 91
Views: 12974

Re: Scared Stiff to retire

If you accumulated that without a planner, you do not need one now. A colleague was supposed to retire in September 2019 but didn't, took a promotion instead. The spouse did retire though and they moved to their small vacation home while building a new house a few miles away. I have no idea what the...
by KATNYC
Sun Jan 19, 2020 1:56 pm
Forum: Personal Investments
Topic: invest in the traditional TSP or the ROTH TSP?
Replies: 8
Views: 708

invest in the traditional TSP or the ROTH TSP?

Saving and investing is much easier than figuring out the logistics of retirement buckets of money to pull from at age 67 or sooner. We now have access to TSP (new job) which also includes a pension. We are leaning toward the traditional TSP instead of the ROTH TSP and started contributing 5% to the...
by KATNYC
Sat Jan 18, 2020 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Why retire?
Replies: 267
Views: 17392

Re: Why retire?

Hi everyone, This forum is primarily focused on a comfortable secure retirement and many members look forward to early retirement. At my age of 38, I do not see why should I aim for a retirement at 50, 55 or 60. I feel good at my work and life seems comfortable. My question is- what changes happen ...
by KATNYC
Fri Jan 17, 2020 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: What is a reasonable estimate for annual expenses in early retirement in a HCOL area for one person?
Replies: 50
Views: 3592

Re: What is a reasonable estimate for annual expenses in early retirement in a HCOL area for one person?

Family of 2 in NYC and expenses average $5,300 per month which includes at least 1 international vacation per year. This does not include mortgage which would be paid off prior to retirement.
by KATNYC
Fri Jan 17, 2020 4:55 pm
Forum: Non-US Investing
Topic: Favorite country to live in after FIRE?
Replies: 191
Views: 19389

Re: Favorite country to live in after FIRE?

We had always discussed retiring to Costa Rica (we visited Arenal, Monteverde and Manuel Antonio) but they have no military so that is a concern, being invaded. Invaded by whom? Panama is in the South, they have no army either. Nicaragua? no way. My main issue with Costa Rica is that, from my limit...
by KATNYC
Fri Jan 17, 2020 4:31 pm
Forum: Non-US Investing
Topic: Favorite country to live in after FIRE?
Replies: 191
Views: 19389

Re: Favorite country to live in after FIRE?

We had always discussed retiring to Costa Rica (we visited Arenal, Monteverde and Manuel Antonio) but they have no military so that is a concern, being invaded. I just started following a family of 4 online who retired early (39/41) to Portgual from California (after living abroad previously). Portu...
by KATNYC
Fri Jan 17, 2020 1:13 am
Forum: Personal Investments
Topic: Best Thrift Savings Plan (TSP) book or resource?
Replies: 14
Views: 1161

Re: Best Thrift Savings Plan (TSP) book or resource?

It's hard to beat the written word, for me anyway, and you've received some great references already. But I think one of the best ways to understand the TSP is through this YouTube channel: https://www.youtube.com/channel/UC8bWrSS2BdaQGtc1mq45Z6g That channel belongs to Fed Retirement Planning and ...
by KATNYC
Sat Jan 04, 2020 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Keep Money In Employer HSA or Open Separate HSA?
Replies: 12
Views: 964

Re: Keep Money In Employer HSA or Open Separate HSA?

If there is no employer incentive, I'd just open my own. I use Lively for our family HSA. There are zero fees. My employer for 2020 finally has an HSA and they contribute $500. It's connected to Bank of America which requires a $1,000 minimum to invest. I have no intention of using the BoA investmen...
by KATNYC
Sat Jan 04, 2020 11:30 pm
Forum: Personal Finance (Not Investing)
Topic: What do fellow savers and frugalateers think
Replies: 19
Views: 2579

Re: What do fellow savers and frugalateers think

Do you sometimes think you could “let go” a bit? Spend more in the certain places? It’s a mindset, a headspace I’m trying to confront. The situation is this: I currently spend 3/4 of my monthly resources on housing (rent, etc) for a gorgeous place, with conveniences, location etc. that I wholly app...
by KATNYC
Sat Jan 04, 2020 11:11 pm
Forum: Personal Investments
Topic: Buying Real Estate for More Immediate Income Stream
Replies: 12
Views: 1381

Re: Buying Real Estate for More Immediate Income Stream

Being a landlord is a huge risk. I'd research it further before making a decision, and definitely not with your parents' money. We were landlords, during the housing crisis, and it was fine initially until tenants started being laid off from their once stable jobs. We had properties in established m...
by KATNYC
Fri Aug 30, 2019 9:01 pm
Forum: Personal Finance (Not Investing)
Topic: Social security now or latet
Replies: 19
Views: 1798

Re: Social security now or latet

It depends. My dad is eligible but waiting since he is still working. He mentioned caps on earned income so that is his reason to wait.
by KATNYC
Fri Aug 30, 2019 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

Just an update. The taxes were finally filed and all the penalties for filing late were abated by the CPA.
by KATNYC
Fri Jul 12, 2019 8:43 pm
Forum: Investing - Theory, News & General
Topic: TSP Lifecycle funds getting less conservative
Replies: 17
Views: 3089

Re: TSP Lifecycle funds getting less conservative

Thanks to all who contributed to this thread. My spouse now has access to TSP and this was a quick primer on the recent changes.
by KATNYC
Fri Jul 12, 2019 12:22 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

The CPA finally gets it. I wrote all out all the backstory from 2016 until now. We have a call scheduled to go over everything this coming week. OK, but from my reading of what you have told us, it still seems this is not worked out. Let's try this again. We converted from tIRA to ROTH January 16, ...
by KATNYC
Sun Jul 07, 2019 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

It turns out the 2017 CPA completed the 8606 incorrectly as taking a distribution from a ROTH, but we never had a ROTH in 2017.
He completed part III for the 2017 form 8606. It's all being fixed now.
by KATNYC
Sat Jul 06, 2019 5:00 pm
Forum: Personal Finance (Not Investing)
Topic: Need Perspectives on Potential Home Buying Decision
Replies: 20
Views: 1460

Re: Need Perspectives on Potential Home Buying Decision

Being in the DC area is expensive and if a home checks all your boxes and you can afford a $200K downpayment, I'd buy it. The only caveat is will your significant other also love the house and be okay with renovating over the next few years. Renovating is messy and expensive. We did a gut renovation...
by KATNYC
Sat Jul 06, 2019 4:46 pm
Forum: Personal Finance (Not Investing)
Topic: Lengthy notices from all our credit cards?
Replies: 16
Views: 2085

Re: Lengthy notices from all our credit cards?

Chase sent us several notices and when I finally made time to read them, it was about arbitration.
by KATNYC
Sat Jul 06, 2019 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Union paid out on a stopped check from 2017
Replies: 32
Views: 2267

Re: Credit Union paid out on a stopped check from 2017

That is pretty shocking. I knew a stop payment was good for 6 months but never considered an old check being cashed, especially after 2 years
by KATNYC
Sat Jul 06, 2019 4:16 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

Here is what I think you are telling us. 2016 Person 1 - $5,500 deductible contribution to tIRA Person 2 - $5,500 deductible contribution to tIRA 2017 Person 1 - $3,870 deductible contribution to tIRA and $1,630 non-deductible contribution to tIRA (form 8606 done correctly) Person 2 - $5,500 deduct...
by KATNYC
Tue Jul 02, 2019 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

The 2017 form 8606 reads: Line 1 = 0 Line 2 = 1630 Line 3 = 1630 Line 14 = 1630 Found an email: Since you are covered by a retirement plan from your job, your maximum deductible contribution would be $3,870 and you can put the remainder into an IRA for your spouse of $1,630. You can still contribut...
by KATNYC
Tue Jul 02, 2019 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

The 2017 form 8606 reads: Line 1 = 0 Line 2 = 1630 Line 3 = 1630 Line 14 = 1630 Found an email: Since you are covered by a retirement plan from your job, your maximum deductible contribution would be $3,870 and you can put the remainder into an IRA for your spouse of $1,630. You can still contribut...
by KATNYC
Tue Jul 02, 2019 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

I pulled the 2017 taxes and although we contributed to two IRA's in 2017 there is just one 8606. I recall discussing it with the CPA at the time but am not sure if both are on one form. What are the numbers on line 1, 2, 3, and 14? Yes, we also made non-deductible 2018 contributions. You will need ...
by KATNYC
Tue Jul 02, 2019 12:24 pm
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

I pulled the 2017 taxes and although we contributed to two IRA's in 2017 there is just one 8606. I recall discussing it with the CPA at the time but am not sure if both are on one form. What are the numbers on line 1, 2, 3, and 14? Yes, we also made non-deductible 2018 contributions. You will need ...
by KATNYC
Tue Jul 02, 2019 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: ShouldI/When to refinance mortgage
Replies: 4
Views: 433

Re: ShouldI/When to refinance mortgage

We refinanced at 3.375% in 2017. We had an adjustable rate HELOC for renovations that kept increasing so it was worth it to us. We have a 10/ARM that will be paid off in 9.5 years.
by KATNYC
Tue Jul 02, 2019 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

I pulled the 2017 taxes and although we contributed to two IRA's in 2017 there is just one 8606. I recall discussing it with the CPA at the time but am not sure if both are on one form. What are the numbers on line 1, 2, 3, and 14? Yes, we also made non-deductible 2018 contributions. You will need ...
by KATNYC
Tue Jul 02, 2019 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

Do you have the two separate Forms 8606 from 2017 that document your (non-deductible?) contributions to two separate tIRAs? There is just 1 form 8606 filed in 2017. Well, that's wrong if you contributed to two different IRAs in 2017. Did you put both on 1 form? You can download the forms for 2017 a...
by KATNYC
Tue Jul 02, 2019 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

Do you have the two separate Forms 8606 from 2017 that document your (non-deductible?) contributions to two separate tIRAs? There is 1 form 8606 filed in 2017. The CPA who flaked did send draft 2018 taxes (never billed since he didn't finish) and he also added 1 form 8606 showing the basis for the ...
by KATNYC
Tue Jul 02, 2019 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

retiredjg wrote: Tue Jul 02, 2019 9:11 am
KATNYC wrote: Tue Jul 02, 2019 8:20 am
We did a conversion in 2018 for 2017 traditional IRA contributions to a 2018 ROTH.
Ok. See this change now.

I think what you are trying to say is that you converted two separate traditional IRAs to Roth IRAs. Is that correct?
Yes, yes, that is correct.
by KATNYC
Tue Jul 02, 2019 10:03 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

retiredjg wrote: Tue Jul 02, 2019 9:08 am KatNYC, what did you convert?
We converted 2 separate traditional IRA's opened in 2017 to 2 separate ROTH IRA's in 2018
by KATNYC
Tue Jul 02, 2019 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

From About Form 8606 | Internal Revenue Service Use Form 8606 to report: Nondeductible contributions you made to traditional IRAs. Distributions from traditional, SEP, or SIMPLE IRAs, if you have ever made nondeductible contributions to traditional IRAs. Conversions from traditional , SEP, or SIMPL...
by KATNYC
Tue Jul 02, 2019 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Finally filing 2018 taxes and Form 8606 is confusing
Replies: 39
Views: 2688

Re: Finally filing 2018 taxes and Form 8606 is confusing

retiredjg wrote: Tue Jul 02, 2019 8:50 am
Hun? If you made 2017 IRA contributions to a Roth IRA, why did you need to do a Roth conversion? Perhaps you mis-spoke?

Why do you think "The form 5498 reads that we do need to file 8606"?
In the text of form 5498 it reads to use form 8606 to calculate the tax.