Search found 112 matches

by Amy2017
Tue Mar 05, 2019 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

What I mean is that my husband earned more than $7000 this year, enough to qualify for IRA contribution. I don't want to withdraw money from IRA soon. So inherited IRA may not be a good option. If I could create a IRA account, then rollover my husband's 401K to the IRA account, then rollover the mon...
by Amy2017
Tue Mar 05, 2019 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

Our company provides 401K through Fidelity. I have asked our HR whether we could rollover money in our personal IRA account to our 401K. Based on HR's response, it seems I could rollover my late husband's Solo 401K to my IRA, then rollover the money from my IRA to our company's 401K. Does it sound r...
by Amy2017
Tue Mar 05, 2019 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

I have a full time job totally separated from rental business, which is around $100,000 per year.
by Amy2017
Tue Mar 05, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

There are a little over $100,000 in my husband's 401K. Maybe it is better to rollover to my IRA and then convert it to Roth IRA in 2019. Not sure how much tax I need to pay?
by Amy2017
Tue Mar 05, 2019 9:46 am
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

The CFP just told me he thinks delaying to next year makes sense, but he is not sure. So I have now asked my estate attorney whether this is OK.
by Amy2017
Tue Mar 05, 2019 9:00 am
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

I like the idea of delaying the transfer of Solo 401K until January of next year. Not sure whether there is time limit on when we must transfer the assets. TD Ameritrade did email me the forms and documents required for the transfer of Roth IRA and Solo 401K accounts, but I guess if I don't file any...
by Amy2017
Tue Mar 05, 2019 8:39 am
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

Thank you so much for the comfort words. My husband is the love of my life. When I thought how good a life we used to have, I could not help but have tears running down my face. Nothing I could do that will bring back my husband. I got lots of support from family members, friends, etc, but it is sti...
by Amy2017
Tue Mar 05, 2019 8:25 am
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

Re: IRA after a spouse's death

Because I think for backdoor IRA to work, we need to have no money in a IRA account. I do have a financial advisor. I will try to ask him the question now. Thanks.
by Amy2017
Tue Mar 05, 2019 7:52 am
Forum: Personal Finance (Not Investing)
Topic: IRA after a spouse's death
Replies: 31
Views: 1961

IRA after a spouse's death

Hi, My husband just passed away lately. Needless to say, I am devastating and heartbroken. As hard as it could be, I still need to deal with lots of financial issues because the death happened so sudden and unexpectedly. We did talk to an estate planning attorney last year, but never finalized the p...
by Amy2017
Thu Dec 13, 2018 2:20 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 126
Views: 15193

Re: ROTH Ira for kids

If the company is a sole proprietorship owned by you or a partnership of just you and your spouse, your children < 18 are not subject to FICA and < 21 are not subject to FICA. Combined with wages < $600 no W-2 reporting required. However could not find a link where the wage limit (<600); requiring ...
by Amy2017
Thu Dec 13, 2018 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA for kids
Replies: 126
Views: 15193

Re: ROTH Ira for kids

However, you are reading wayyyyy too much into the rest of it. I said nothing about keeping control or holding anything hostage. I'm just suggesting that if you set the kid up with an IRA you tell them from the time it's established that it is for retirement and they can't touch it until they are 5...
by Amy2017
Thu Dec 13, 2018 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Setting Up Accounts For Minors
Replies: 20
Views: 1233

Re: Setting Up Accounts For Minors

We have also set up minor IRA accounts for our kids in TDA. Since last year, they don't allow transferring money from a checking accounting to a minor IRA account directly any more. We need go to a branch office to make the deposit manually. The rule also applies for our Solo 401k. Fortunately, one ...
by Amy2017
Tue Nov 27, 2018 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Roth contribution rendered ineligible by unexpected income - what next?
Replies: 8
Views: 991

Re: Roth contribution rendered ineligible by unexpected income - what next?

I have done IRA recharacterization twice under similar circumstance. If you could do back door Roth IRA, make sure you do the rechacterization and IRA conversion in the same tax year. It will make your life much simpler during the tax filing time.
by Amy2017
Fri Nov 09, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: How much money are you leaving your kids after you die?
Replies: 234
Views: 16862

Re: How much money are you leaving your kids after you die?

We live in a nice neighborhood, but other than travel expense, my husband and I are pretty frugal. My kids are still in grade school. One day they asked us whether we are considered rich. This seems a awkward question to answer. I thought about it for a second, then said, 'That will depend on whom w...
by Amy2017
Mon Oct 15, 2018 10:14 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Thank you so much for your confirmation of my idea. My Roth IRA has almost 20 years worth of contribution. So IRS may not be able to tell from the uploaded file whether it includes 2017 contribution at the end of year with so many years' growth. At least that is what I hope so. The tax software did ...
by Amy2017
Sun Oct 14, 2018 12:29 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Celia, thank you so much for your help! I tried to follow your instruction, however, as you had expected, the tax software could not handle my situation and generate some strange numbers out of nowhere. So to make both my life and IRS easier, I have decided to pretend the $5500 tax year 2017 contrib...
by Amy2017
Sat Oct 13, 2018 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Thank you so much for the clarification. I kind of get it now. I think if I made the tax year 2016 contribution in early 2017 and made the tax year 2017 contribution in early 2018, my data entries will look correct. Basically contribution and conversion in the same year. However, due to the recharac...
by Amy2017
Sat Oct 13, 2018 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Thank you so much for the reply. However, I am confused bout line 6. 1) On my tax year 2017 return, at the end of 12/31/2017, I did not have any money in a non-deductible IRA account. I recharacterized my 2017 Roth IRA contribution only in 2018. So should line 6 be $0, not $6888? I don't know the re...
by Amy2017
Sat Oct 13, 2018 12:39 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Because of the stock market gain, the original $5500 Roth contribution increased to $6823 during recharacterization to non-deductible IRA. The value of non-deductible IRA increased to $6930 from $6823 when converting it back to Roth IRA. Now I think my form is correct if someone could confirm it.
by Amy2017
Sat Oct 13, 2018 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Sorry for the confusion. Here is the detail. I did tax year 2016 Roth contribution in 1/2016. In 9/2017, I did tax year 2016 Roth IRA recharacterization first, and then in 10/2017, converted back to Roth IRA. The conversion amount is $6930 as showing on 2017 1099-R form. So I thought I owe tax of $1...
by Amy2017
Fri Oct 12, 2018 11:39 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Re: Please help complete Form 8606 - Nondeductbile IRAs!!!

Yes. I did 2016 recharacterization on my 2016 tax return. I showed 8606 form from 2016 tax return here so it is easier to see the history of transaction.
by Amy2017
Fri Oct 12, 2018 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Please help complete Form 8606 - Nondeductbile IRAs!!!
Replies: 22
Views: 1482

Please help complete Form 8606 - Nondeductbile IRAs!!!

Hi, We are almost ready to submit our 2017 Tax Return until I notice the information on my Form 8606 generated by the tax software (taxact.com) does not look right. However, I don't know what I entered wrong. With deadline approaching, I am a little panic now. Here is my situation. 1) I made Roth IR...
by Amy2017
Sun Sep 23, 2018 2:02 pm
Forum: Personal Finance (Not Investing)
Topic: How to pay for upcoming medical / IVF expenses
Replies: 73
Views: 5513

Re: How to pay for upcoming medical / IVF expenses

Have you considered a HELOC? No I haven't thought about that at all. Very good thought. Thanks ! Quite a few banks charge $0 for opening a HELOC, including paying for your house appraisal, with very good promotional rates. Those are your best choices. If you could combine this with the credit card ...
by Amy2017
Mon Sep 17, 2018 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Revocable Living Trust vs. Will with Kids Trust
Replies: 5
Views: 739

Re: Revocable Living Trust vs. Will with Kids Trust

I have, as have about 90% of my clients. Except we only name beneficiaries for life insurance and retirement benefits. Revocable trusts make sense in some cases and in some states. Is there some particular reason one would make sense in your case? The only reason is I've seen many people recommendi...
by Amy2017
Mon Sep 17, 2018 11:32 am
Forum: Personal Finance (Not Investing)
Topic: Considering Quitting Job - Seeking Advice. Would you do it?
Replies: 157
Views: 14723

Re: Considering Quitting Job - Seeking Advice. Would you do it?

I think it is not always easy to leave a high paying job whether you are FI or not. However, I think your situation is a little different from most people. Although the current estate tax exemption is around 11 million per person, it will expire and could revert back to around 5 million after 2025. ...
by Amy2017
Wed Sep 12, 2018 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

Thanks a lot for all the ideas here. I really appreciate.
by Amy2017
Tue Sep 11, 2018 11:10 am
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

Sounds good. Will give it try. I have extensive experience with database administration and system migration/integration. Business intelligence is the career path I envision myself. But my boss has tried to convert me to a .net programmer since day one, which has been the main source of my stress. I...
by Amy2017
Tue Sep 11, 2018 9:56 am
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

Unfortunately I am not good with cleaning either. We even hire people to do our house cleaning once every two weeks. I think clerk jobs are the best fit for me because of my IT background.
by Amy2017
Mon Sep 10, 2018 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

We own more than one LLC, but only have husband and wife as employees. So ACA treats you just like an individual customer. No difference whatsoever. I don't enjoy driving at all. Any job involves driving is a high stress job to me. I think I would rather be a store manager of a fast food restaurant ...
by Amy2017
Sun Sep 09, 2018 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

Sounds great. I will check it out. Actually with all the possible back-up plans mentioned above, I may feel less stressful about my job in the end.
by Amy2017
Sun Sep 09, 2018 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

I have been unhappy about my current job for a long time. I used to enjoy it until I had my current boss. Based on the retirement calculator, we should be able to retire now. However, like many people mentioned here, health insurance is a fear factor and we still have many years to go before we are...
by Amy2017
Sun Sep 09, 2018 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

Yes. I misspelled the word 'Clerk' earlier. :D The county job mentioned in the previous post sounds another dream job to me. Only working every other week with benefit provided. :o I don't necessarily need to take the whole summer off. A couple of weeks off or work part-time during the summer will b...
by Amy2017
Sun Sep 09, 2018 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Re: Low pay and low stress jobs with health benefit

Thank you so much for the replies. My husband and I are in our early 50s and late 40s, so this job will be a long-term job, not just a short-term bridge job. Our net income from our rentals are at least 100K a year. So even without my husband and I working, our income will not qualify us for ACA sub...
by Amy2017
Sat Sep 08, 2018 10:13 pm
Forum: Personal Finance (Not Investing)
Topic: Low pay and low stress jobs with health benefit
Replies: 41
Views: 6188

Low pay and low stress jobs with health benefit

I have been unhappy about my current job for a long time. I used to enjoy it until I had my current boss. Based on the retirement calculator, we should be able to retire now. However, like many people mentioned here, health insurance is a fear factor and we still have many years to go before we are ...
by Amy2017
Sat Sep 01, 2018 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: 1st time dad, OK to use willmaker software?
Replies: 37
Views: 3682

Re: 1st time dad, OK to use willmaker software?

We debated the same issue not long time ago under similar situation. However, since we have some real properties, things may be somewhat more complicated than yours. In the end, we decided to pay good money for a top notch estate planning attorney. We don't have much prior experience with attorneys ...
by Amy2017
Mon Aug 27, 2018 8:57 am
Forum: Personal Finance (Not Investing)
Topic: LLC for one rental property?
Replies: 28
Views: 2676

Re: LLC for one rental property?

We decided against a LLC. I wanted to keep the step up in basis option. I doubled my umbrella policy instead. It cause very little in our state to have a LLC. I don't think having a LLC will take away the step up in basis option. We have several rental properties under LLC and several under our own...
by Amy2017
Sun Aug 26, 2018 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: LLC for one rental property?
Replies: 28
Views: 2676

Re: LLC for one rental property?

We decided against a LLC. I wanted to keep the step up in basis option. I doubled my umbrella policy instead. It cause very little in our state to have a LLC. I don't think having a LLC will take away the step up in basis option. We have several rental properties under LLC and several under our own...
by Amy2017
Sat Aug 25, 2018 1:41 pm
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 23
Views: 3211

Re: Executor - Vanguard

Vanguard will not serve as trustee for your home. They do not do real estate. If you want to keep the family home Vanguard cannot help. If you have the local bank serve as trustee long term to hold the house, then you also have to keep enough assets there so that they can charge their fees. That me...
by Amy2017
Sat Aug 25, 2018 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 66
Views: 12984

Re: Vanguard as trustee

We recently updated our estate plan and changed from Vanguard to a local trust company. As our estate got more complex we discovered some of Vanguard's inflexibility in this department. Our local trust company charges 1% up to $3 million and 0.6% thereafter. This is an all inclusive fee including t...
by Amy2017
Fri Aug 24, 2018 9:12 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard as trustee
Replies: 66
Views: 12984

Re: Vanguard as trustee

You should know that there is an option called "directed trustee" under which a bank or trust company will do the administrative work while someone else manages the investments. Some banks with trust departments will do thia, others will not. If you have beneficiaries who can handle the investment ...
by Amy2017
Fri Aug 24, 2018 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 23
Views: 3211

Re: Executor - Vanguard

In one of bsteiner's posts, he mentioned that "If there are assets other than securities and mutual funds, a conventional corporate trustee will be able to deal with them, but Vanguard (or a similar institution) can't. That could be an issue if your children (or their guardian if they're minors) wan...
by Amy2017
Fri Aug 24, 2018 8:56 am
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 23
Views: 3211

Re: Executor - Vanguard

I have considered using Vanguard Trust as the trustee as well. After I told my estate planning attorney my intention, here is his response. To tell you the truth, I don't quite understand what he is saying. "As for the choice of Trustee, based on your comments, I would go with xxx who only handles t...
by Amy2017
Thu Aug 23, 2018 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Executor - Vanguard
Replies: 23
Views: 3211

Re: Executor - Vanguard

We are in the process of choosing a corporate executor and trustee. Is it better to have one company act as both an executor and trustee? Or it does not matter?
by Amy2017
Thu Aug 23, 2018 4:18 pm
Forum: Personal Finance (Not Investing)
Topic: Draft a will with legalzoom or other online legal help
Replies: 104
Views: 12022

Re: Draft a will with legalzoom or other online legal help

I totally forgot to ask him about accumulation trust during the meeting. However, after I learn more about these two trusts, I still prefer conduit trust over accumulation trust. There are several reasons. Our kids are minors. If they happen to receive the inherited IRA while still minors, the RMD s...
by Amy2017
Wed Aug 22, 2018 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Draft a will with legalzoom or other online legal help
Replies: 104
Views: 12022

Re: Draft a will with legalzoom or other online legal help

Went to the estate attorney’s office yesterday signing the engagement letter. The letter did specify that we authorize them to create a conduit trust for children regarding those Roth IRA/401K retirement accounts, etc. So this may answer some of your questions earlier. Although we need change the be...
by Amy2017
Sat Aug 18, 2018 2:18 pm
Forum: Personal Investments
Topic: Automatic Investment in a Taxable Account
Replies: 21
Views: 2910

Re: Automatic Investment in a Taxable Account

I have not paid close attention to my 401K and Roth IRA statements in the past. After I examine my year end Roth IRA statement from TD Ameritrade closely, I notice a line called 'income(Expense)' that has more than 3K in it. I am thinking maybe this is what is called 'Dividends' in my 401K. The comm...
by Amy2017
Sat Aug 18, 2018 7:04 am
Forum: Personal Investments
Topic: Automatic Investment in a Taxable Account
Replies: 21
Views: 2910

Re: Automatic Investment in a Taxable Account

Yes. I am talking about index ETL and mutual fund here. So you are correct. What is an ETL? Sorry, I mean ETF. Now I realize I did use to see dividend on my Roth IRA account. But since I chose ETF automatic investment, it does not show on my statement any more. Sorry for my confusion earlier. So he...
by Amy2017
Fri Aug 17, 2018 10:27 pm
Forum: Personal Investments
Topic: Automatic Investment in a Taxable Account
Replies: 21
Views: 2910

Re: Automatic Investment in a Taxable Account

Yes. I am talking about index ETF and mutual fund here. So you are correct.
by Amy2017
Fri Aug 17, 2018 10:09 pm
Forum: Personal Investments
Topic: Today I retired [should I invest in rental properties?]
Replies: 25
Views: 3246

Re: Today I retired [should I invest in rental properties?]

We self manage quite a few rentals. So I am definitely not against investing in rental properties. My question is why now? The real estate price have been skyrocketed in almost everywhere. If you really want to investing in rental properties, you could wait until the market calms down a little. I do...
by Amy2017
Fri Aug 17, 2018 7:51 pm
Forum: Personal Investments
Topic: Automatic Investment in a Taxable Account
Replies: 21
Views: 2910

Re: Automatic Investment in a Taxable Account

MotoTrojan wrote:
Fri Aug 17, 2018 6:39 pm
I’m not aware of any accumulating (no dividend) investment methods in the US.
I am confused by this statement. Suppose if you buy a stock, but never sell it, I assume the stock will have unrealized gain and loss, but incur minimal dividend or interest. Is my understanding correct?