Search found 800 matches

by CodeMaster
Mon May 22, 2023 1:04 pm
Forum: Personal Finance (Not Investing)
Topic: Can I gift my parents some of my retirement stocks to have them sell tax free?
Replies: 39
Views: 6987

Re: Can I gift my parents some of my retirement stocks to have them sell tax free?

Johm221122 wrote: Mon May 22, 2023 12:47 pm
CodeMaster wrote: Mon May 22, 2023 12:36 pm I have a large amount in retirement stocks,

Truly appreciate any tips! :sharebeer :beer
Are those stocks in taxable brokerage account or retirement accounts?
would only consider gifting retirement account stocks, sep ira, roth ira, etc..
by CodeMaster
Mon May 22, 2023 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Can I gift my parents some of my retirement stocks to have them sell tax free?
Replies: 39
Views: 6987

Can I gift my parents some of my retirement stocks to have them sell tax free?

I have a large amount in retirement stocks, sometimes I was thinking would be nice to use it sooner then when I retire

Was wondering am I able to gift some stock to my parents to have them sell it in their elder age tax free?

Truly appreciate any tips! :sharebeer :beer
by CodeMaster
Sun Dec 18, 2022 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Took a loss from short term stock sale, can I sell some retirement funds and only pay 10% penalty?
Replies: 8
Views: 588

Re: Took a loss from short term stock sale, can I sell some retirement funds and only pay 10% penalty?

arcticpineapplecorp. wrote: Sun Dec 18, 2022 9:12 pm
CodeMaster wrote: Sun Dec 18, 2022 9:06 pm
rkhusky wrote: Sun Dec 18, 2022 8:30 pm Take $3K off income each year and save the rest of the losses for unavoidable taxable gains in the future.
I see, so I can mainly use this years losses for future capital gains taxes? Is there a limit to ho w many years it can extend to?
no limit. use until used up. first must use to offset any cap gains in future years and if none, $3000 can be used to reduce ordinary income each year, rinse and repeat.

if you don't have future capital gains taxes, you would be using up $3000 each year to offset ordinary income until used up.
fascinating data... thank you so much for your time! :sharebeer
by CodeMaster
Sun Dec 18, 2022 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: Took a loss from short term stock sale, can I sell some retirement funds and only pay 10% penalty?
Replies: 8
Views: 588

Re: Took a loss from short term stock sale, can I sell some retirement funds and only pay 10% penalty?

rkhusky wrote: Sun Dec 18, 2022 8:30 pm Take $3K off income each year and save the rest of the losses for unavoidable taxable gains in the future.
I see, so I can mainly use this years losses for future capital gains taxes? Is there a limit to ho w many years it can extend to?
by CodeMaster
Sun Dec 18, 2022 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Took a loss from short term stock sale, can I sell some retirement funds and only pay 10% penalty?
Replies: 8
Views: 588

Took a loss from short term stock sale, can I sell some retirement funds and only pay 10% penalty?

This year,
My income is 50k
Sold short term loss of about 80k

Have a lot in retirement funds, was wondering could I sell some retirement fund, offset the income tax with my losses and only pay 10% penalty for early withdrawals?

I figured wouldnt be bad to access some retirement cash early and move it into individual funds for investing or just daily using since I have 20 more years before retiring.

Truly appreciate any tips! :beer
by CodeMaster
Wed Apr 20, 2022 12:35 am
Forum: Investing - Theory, News & General
Topic: TSLA: What Changed?
Replies: 1158
Views: 137345

Re: TSLA: What Changed?

Valuethinker wrote: Fri Apr 08, 2022 10:45 am
sjl333 wrote: Thu Apr 07, 2022 8:56 pm
CodeMaster wrote: Thu Apr 07, 2022 8:52 pm https://www.youtube.com/watch?v=fiwUE_2JhvY

Watch their CyberRodeo show to get idea of all going on with TSLA, its live now
Makes me so proud and happy to have all my money on this company. Legacy auto is in some deep doo doo. Mary led :sharebeer
Absolutely not the place to discuss this.

You need to be on reddit somewhere. You've got what, $1m in one stock?

This is all about low cost indexing. Buying the whole haystack. Diversifying away non-systematic stock risk.

Stock fans blow in here, and blow out here when things go wrong. Sometimes they return highly chastened. More often not, than than though.
Diversification is protection against ignorance - Buffett
by CodeMaster
Thu Apr 07, 2022 8:52 pm
Forum: Investing - Theory, News & General
Topic: TSLA: What Changed?
Replies: 1158
Views: 137345

Re: TSLA: What Changed?

https://www.youtube.com/watch?v=fiwUE_2JhvY

Watch their CyberRodeo show to get idea of all going on with TSLA, its live now
by CodeMaster
Wed Apr 06, 2022 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Unauthorized trading fidelity
Replies: 81
Views: 10953

Re: Unauthorized trading fidelity

Also enable 2FA to avoid unauthorized access from now on
by CodeMaster
Fri Mar 26, 2021 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: Is it true if you have less then $40k Salary then No TAX on Bitcoin long term profits?
Replies: 12
Views: 1629

Re: Is it true if you have less then $40k Salary then No TAX on Bitcoin long term profits?

Makefile wrote: Fri Mar 26, 2021 1:13 pm Nope, if you had no earned income but sold took a multimillion long term capital gain, it's true that a small portion of the capital gain would be taxed at 0%, but some would be taxed at 15% and the vast majority would be taxed at 23.8% (due to the 20% capital gain rate plus 3.8% net investment income tax).

i.e., the capital gain rates are bracketed on top of each other just like ordinary income brackets are.

Also, you might pay state income tax, and states are usually not so friendly to capital gains as federal.
very interesting... had no idea cap gains were bracketed on each other! will deep dive into this. appreciate the lead!! :beer
by CodeMaster
Fri Mar 26, 2021 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Is it true if you have less then $40k Salary then No TAX on Bitcoin long term profits?
Replies: 12
Views: 1629

Is it true if you have less then $40k Salary then No TAX on Bitcoin long term profits?

So I was researching bitcoin tax for selling
https://www.cnbc.com/2021/02/19/do-you- ... tcoin.html

It says if you hold 1 year then sell, all profits are zero if income less then $40k or else its 15% below ~$441k

So if say BTC made me millions, I could quit my job and earn zero salary that year and sell all tax free? Am I missing anything in my understanding?

Truly appreciate any tips! :beer :sharebeer
by CodeMaster
Sun Mar 07, 2021 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Does TurboTax Handle Cares Act Exceptions and etc?
Replies: 4
Views: 489

Re: Does TurboTax Handle Cares Act Exceptions and etc?

Your right... sorry for the dumb question lol
by CodeMaster
Sun Mar 07, 2021 2:56 pm
Forum: Personal Finance (Not Investing)
Topic: Does TurboTax Handle Cares Act Exceptions and etc?
Replies: 4
Views: 489

Does TurboTax Handle Cares Act Exceptions and etc?

I was wondering if Turbotax can be used to handle Cares Act things that happened in 2020 like withdrawing 100k from retirement fund and spreading the tax of it over 3 years kinda thing and PPP loan details and etc...

Truly appreciate any tips! :beer :sharebeer
by CodeMaster
Sun Feb 28, 2021 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Should we wait to get PPP forgiveness done before filing taxes?
Replies: 7
Views: 705

Should we wait to get PPP forgiveness done before filing taxes?

Im not sure whats best to do, Wells Fargo has not opened up PPP forgiveness and so Im wondering if I should extend filing corp taxes until I get it processed so I dont get taxes in anyway for that since it should be forgiven.

Truly appreciate any tips! :beer :sharebeer
by CodeMaster
Fri Jan 01, 2021 10:39 pm
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 5249
Views: 899717

Re: What are you up YTD? [Year To Date]

over 750% YTD (2020), i sold all funds and moved it all into tesla and it grew from mid six figures to multiple 7 figures diversification preserves wealth, concentration builds wealth - warren buffet Congratulations. Did you end up changing your name? Let us know your next concentrated move. its still mainly tesla... they are hardly over. they are the next AAPL or AMZN in every way possible, there stock patterns and companys growth . on monday there going to announce how many cars they could build in q4, they just released in china extra low prices for model y by 30% then everyone initailly thought they would release and it got over 100k orders is the rumor. why is the 30% drop in price so important? its the fruits of all of their labors i...
by CodeMaster
Fri Jan 01, 2021 3:21 pm
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 5249
Views: 899717

Re: What are you up YTD? [Year To Date]

^^^ A bit too risky for me. Though I do have about 24% of my wealth tied up in AAPL (which performed marvelously last year) that I bought 11 years ago. But it’s in taxable so I don’t want to sell and pay the tax. 24% in aapl is pretty descent size! i feel ya... coming from a die hard boglehead index fund only holder, this was extreme difficult for me to do but warren buffet teaches with research it allerviates the need to diversify and with enough researhc, you can remove the feeling of it being risky. all i can say is u have to do it to understand it. i believe i totally understand what warren has been sharing all along and what he does as well. im no warren, but if you figure this out (and it isnt hard), you can easily see why warren gav...
by CodeMaster
Fri Jan 01, 2021 11:53 am
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 5249
Views: 899717

Re: What are you up YTD? [Year To Date]

over 750% YTD (2020), i sold all funds and moved it all into tesla and it grew from mid six figures to multiple 7 figures diversification preserves wealth, concentration builds wealth - warren buffet When will you sell? so i didnt just do this gambling style, i did it via research and with confidence i moved in given i still research all day and night (just googling, youtube, reddit, twitter, etc any source possible) , i can clearly see tesla has a long way to go up still given all the s curve projects that are coming up in 2021 like cyber truck, semi truck, fsd software sales, building a $25k car which will continue to go down in price to $15k which will then take over the market fro those prices ranges since it wont make sense to buy a g...
by CodeMaster
Fri Jan 01, 2021 11:23 am
Forum: Investing - Theory, News & General
Topic: What are you up YTD? [Year To Date]
Replies: 5249
Views: 899717

Re: What are you up YTD? [Year To Date]

over 750% YTD (2020), i sold all funds and moved it all into tesla and it grew from mid six figures to multiple 7 figures

diversification preserves wealth, concentration builds wealth - warren buffet
by CodeMaster
Fri Dec 25, 2020 9:16 pm
Forum: Investing - Theory, News & General
Topic: Michael Saylor Discusses Bitcoin on Bloomberg's Odd Lots
Replies: 507
Views: 38720

Re: Michael Saylor Discusses Bitcoin on Bloomberg's Odd Lots

I enjoyed hearing Saylor interviewed by financial journalists not in the crypto industry. He has given plenty of interviews but I have only ever heard him talk with other bitcoin enthusiasts. For those that do not know him, he is the CEO of Microstrategy a publicly traded company. They have recently allocated over $1 billion into btc. I think he does a good job presenting the bullish case for btc. Basically there is a need for a decentralized digital sound money in the global cyber economy. Btc can provide that service and it's market cap and network dominance are to the point that he does not feel it is threatened by other crypto projects. However, I learned most of what I know about finance from this forum and the writings of Bogle and B...
by CodeMaster
Tue Dec 22, 2020 3:44 pm
Forum: Investing - Theory, News & General
Topic: Bitcoin @ 23K, why am I anti-Bitcoin?
Replies: 404
Views: 26082

Re: Bitcoin @ 23K, why am I anti-Bitcoin?

Regarding your example of walmart and Mass mutual using it for record keeping, this is an example of the blockchain technology. I still don't understand why Bitcoin needs to have any value. Surely the blockchain technology can be developed in-house for less the hundred million Mass mutual paid? If not, them isn't that a drawback is the technology? It doesn’t. The US treasury has a monopoly of currency in this country; they aren’t going to allow competing currencies. Blockchain might be the future; digital currency might be the future; but whatever the future is, it will only be something that is supported and backed by the federal government. Bitcoin is all about the greater fool theory.... the 5% of people that own 95% of the coins are lo...
by CodeMaster
Tue Dec 22, 2020 11:50 am
Forum: Investing - Theory, News & General
Topic: Why not ARK funds if one is investing in QQQ?
Replies: 58
Views: 8492

Re: Why not ARK funds if one is investing in QQQ?

ARKG is probably going to be a best performer next 5 years given the boom to biotech genomics ability to cure diseases coming in the foreseeable future!
by CodeMaster
Tue Dec 22, 2020 11:49 am
Forum: Investing - Theory, News & General
Topic: Bitcoin @ 23K, why am I anti-Bitcoin?
Replies: 404
Views: 26082

Re: Bitcoin @ 23K, why am I anti-Bitcoin?

Michael Saylor from Microstrategies describes it best in easy to understand english financial terms what bitcoin is and why it hedges against 15% inflation rate today. Essentially he points out all corp cash if held as cash is a liablity that will drop to about half its value (15% inflation rate) in abotu 2 years. He says Bitcoin is the cyberbank of global store of value that cannot be corrupted and only has finite supply and will continue to be the best performing asset of all time as it has since inception.

The video is intriguing!!! Highly recommend watching full thiing
https://youtu.be/V6J0hPCyN4Q
by CodeMaster
Sun Dec 20, 2020 11:15 am
Forum: Personal Investments
Topic: What's the process of using the CARES Act for withdrawing?
Replies: 21
Views: 2095

Re: What's the process of using the CARES Act for withdrawing?

Does anyone know if congress is considering extending this as it is set to expire at the end of 2020. I want to make sure I get my paperwork in but if it is one of the provsions they are looking at then maybe I should wait. Farmboss I just got off phone with Fidelity, its NOT official by any means, but he made a good point. I asked him if it was possible to withdrawl this year but report zero this year from this withdrawl, then report the rest next 2 following years. They said the IRS may very well allow customization like that and may continue to update the rules since this was specifically designed to help people in need and they likely may figure out this year lot people earned income already and would prefer to push it out next. So can...
by CodeMaster
Sat Dec 19, 2020 8:22 pm
Forum: Personal Investments
Topic: What's the process of using the CARES Act for withdrawing?
Replies: 21
Views: 2095

Re: What's the process of using the CARES Act for withdrawing?

Also you can follow the latest stimulus bill that may pass any day now... if there is an extention, it will be announced WITH that bill. Can study whats included in the bill so far, and its not guaranteed the bill will pass but everyones hopeful.
by CodeMaster
Sat Dec 19, 2020 8:19 pm
Forum: Personal Investments
Topic: What's the process of using the CARES Act for withdrawing?
Replies: 21
Views: 2095

Re: What's the process of using the CARES Act for withdrawing?

Farmboss wrote: Sat Dec 19, 2020 8:07 pm Does anyone know if congress is considering extending this as it is set to expire at the end of 2020. I want to make sure I get my paperwork in but if it is one of the provsions they are looking at then maybe I should wait.
There has been no hint or talk of extension... its likely deadline end of this year, Ive already sold what I want to distribute and its being settled now. Once settled Ill be moving it to my bank to make sure I officially finish this process before the 31st of this month.
by CodeMaster
Sat Dec 19, 2020 11:01 am
Forum: Personal Finance (Not Investing)
Topic: CARES Act on Charity/Donations Limits Changes 2020
Replies: 2
Views: 347

CARES Act on Charity/Donations Limits Changes 2020

Hi I am trying to understand how charity rules work if donating non cash items to Goodwill.
https://www.fidelitycharitable.org/arti ... iving.html

According to Cares act it says we can donate up to 100% of our AGI, up from 60%

AGI means how much tax we have to pay from our gross income. Say someone earned $100,000 this year. Does that mean you can donate and deduct up to $100,000 worth of value to Goodwill?

i.e. if I donated $100,000 of things to Goodwill, this year I could deduct all of it from my AGI of $100k and essentially pay no taxes?

I am of course not trying to do that, I am just trying to understand the meaning by giving this example.

Truly appreciate any tips! :beer :sharebeer
by CodeMaster
Mon Nov 30, 2020 10:58 pm
Forum: Investing - Theory, News & General
Topic: Is the S&P500 the same as S&P500 Indexes?
Replies: 26
Views: 1714

Re: Is the S&P500 the same as S&P500 Indexes?

So Im guessing the "adding Tesla to S&P in one big swoop instead of 2 traunches" is instructing the indexes that mirror the S&P500 to do it all in one shot on Dec 21st?
by CodeMaster
Mon Nov 30, 2020 10:29 pm
Forum: Investing - Theory, News & General
Topic: Is the S&P500 the same as S&P500 Indexes?
Replies: 26
Views: 1714

Re: Is the S&P500 the same as S&P500 Indexes?

Not to speak for the OP, but perhaps he was referring to this cissue, something I don't totally understand myself either: I've read multiple articles this week referring to deliberation by the S&P committee about whether or not to add Tesla to the index in tranches. I don't know what this means, because it is just adding names to a list, right? Or does this relate to how individual fund providers add Tesla to their S&P500 index? All indexes have investment committees. There are a fair number of subjective decisions to be made. The S&P committee has delayed adding Tesla to the S&P 500 because Tesla's numbers have been all over the place. Passive fund managers are judged on how closely their fund matches the index. Not the ov...
by CodeMaster
Mon Nov 30, 2020 10:23 pm
Forum: Investing - Theory, News & General
Topic: Is the S&P500 the same as S&P500 Indexes?
Replies: 26
Views: 1714

Re: Is the S&P500 the same as S&P500 Indexes?

Thanks, Im still confused because I do see tons of articles and people talking about S&P500 adding TESLA and having to buy all at once.

https://www.barrons.com/articles/global ... 1606477300

It sounds like the official S&P500 company is buying them and the following indexes are to follow?

Also this tweet
https://twitter.com/garyblack00/status/ ... 64329?s=20

If someone could help me understand meaning of article / tweet, truly appreciate!
by CodeMaster
Mon Nov 30, 2020 9:51 pm
Forum: Investing - Theory, News & General
Topic: Is the S&P500 the same as S&P500 Indexes?
Replies: 26
Views: 1714

Re: Is the S&P500 the same as S&P500 Indexes?

dru808 wrote: Mon Nov 30, 2020 9:48 pm
CodeMaster wrote: Mon Nov 30, 2020 9:46 pm
000 wrote: Mon Nov 30, 2020 9:43 pm You can't buy the S&P 500 itself from the index provider. You will have to buy an index fund that tracks it from a third party. Those third parties (like Vanguard) license the index and try to track it closely as the index provider announces changes.
I see, interesting, so what is the S&P500 for if nobody can buy from it?
It’s just a specialized measure of or to compare the us stock market.
So a company out there just like to buy ton of stocks for themselves and they called themselves S&P500? They do this for their own profits?

Then other companies copy them via the index?
by CodeMaster
Mon Nov 30, 2020 9:46 pm
Forum: Investing - Theory, News & General
Topic: Is the S&P500 the same as S&P500 Indexes?
Replies: 26
Views: 1714

Re: Is the S&P500 the same as S&P500 Indexes?

000 wrote: Mon Nov 30, 2020 9:43 pm You can't buy the S&P 500 itself from the index provider. You will have to buy an index fund that tracks it from a third party. Those third parties (like Vanguard) license the index and try to track it closely as the index provider announces changes.
I see, interesting, so what is the S&P500 for if nobody can buy from it?
by CodeMaster
Mon Nov 30, 2020 9:16 pm
Forum: Investing - Theory, News & General
Topic: Is the S&P500 the same as S&P500 Indexes?
Replies: 26
Views: 1714

Is the S&P500 the same as S&P500 Indexes?

Hi Im sorry for the noob question, Ive always heard of S&P500 indexes but in recent news it saying Tesla is about be added by S&P500, I was wondering, is there an OFFICIAL S&P500 somewhere? Then all the S&P500 indexes basically copy the S&P500, thus it will also buy Tesla due to its purpose of mirroring the official S&P500?

Can I buy S&P500 from either the official our or a cheaper index fee location? Is that bascially how it works?

Appreciate any tips! :beer :sharebeer
by CodeMaster
Sun Nov 22, 2020 12:02 am
Forum: Personal Investments
Topic: What's the process of using the CARES Act for withdrawing?
Replies: 21
Views: 2095

Re: What's the process of using the CARES Act for withdrawing?

This is interesting question, is there a way to sell $100k in 2020 and then start the technical tax receiving of it 2021 instead of 2020?
by CodeMaster
Sat Nov 21, 2020 4:54 pm
Forum: Personal Investments
Topic: What's the process of using the CARES Act for withdrawing?
Replies: 21
Views: 2095

Re: Whats process of using the CARES Act for withdrawling ?

FiveK wrote: Sat Nov 21, 2020 1:32 pm What do you mean by "traditional roth"?
Sorry meant IRA! Fixed now, thanks!
by CodeMaster
Sat Nov 21, 2020 12:24 pm
Forum: Personal Investments
Topic: What's the process of using the CARES Act for withdrawing?
Replies: 21
Views: 2095

What's the process of using the CARES Act for withdrawing?

I understand this year we can pull up to 100k by end of this year without penalty and split the taxable amount into next 3 years.

So I was wondering say I had $100k in Fidelity traditional IRA, what exactly is the best and proper process? Do I just sell 100k and transfer to bank then use Turbotax to apply under CARES checkbox and set it to split in next 3 years or something?

Im wondering if Im missing anything in the process so I dont do this wrong. Truly appreciate any and all tips! :beer :sharebeer
by CodeMaster
Tue Nov 03, 2020 11:42 am
Forum: Personal Finance (Not Investing)
Topic: Can I get tax deduction for donations to Goodwill?
Replies: 15
Views: 2049

Re: Can I get tax deduction for donations to Goodwill?

Charitable donations are one of several deduction possibilities that are entered on to Schedule A if appropriate. Schedule A is used for "itemizing your deductions". Turbotax will automatically fill this out for you IF the data you enter makes it financially better for you. Alternatively, rather than using Schedule A to itemize deductions, you can take the "Standard Deduction". The Standard Deduction for a single person in 2019 was $12,200. I think it might be going up to $12,400 in 2020, if I recall. With the Standard Deduction, you effectively don't use any of the itemization details. And Turbotax does not send in a Schedule A to the IRS. You pick one or the other approach when you complete your taxes. TurboTax will u...
by CodeMaster
Tue Nov 03, 2020 10:12 am
Forum: Personal Finance (Not Investing)
Topic: Can I get tax deduction for donations to Goodwill?
Replies: 15
Views: 2049

Can I get tax deduction for donations to Goodwill?

So I am single and I have a s-corp for business.

Every year I usually donate somethings to Goodwill, get a receipt and when I punch it in Turbotax it always deducts some taxes.

Researching online Im really confused how it works, lot sites say your taxes have to be itemized but I dont believe I itemized in turbotax (but not 100% sure).

Any tips on how things work truly appreciated! :beer :sharebeer
by CodeMaster
Sat Oct 24, 2020 11:48 am
Forum: Personal Investments
Topic: Can I transfer ROTH or Traditional funds to parents to sell and avoid penalty tax?
Replies: 7
Views: 792

Re: Can I transfer ROTH or Traditional funds to parents to sell and avoid penalty tax?

Based on all of your comments and more research of my own as best I could find the data, I would conclude it appears everything said here is correct.

I CAN actually GIFT it to parents, but it would count as a 100% normal taxable withdrawal with penalty.

However interesting useful fact I just learned, you are allowed to pull our your pricniple from ROTH IRA ANYTIME without any penalty or tax!!!

So if you put in 50k, you can pull out 50k anytime without anything !!! Its a total glorified savings account!!!

and Im going to use the CARES act to pull out 100k from retirement without penalty if I really need it.

again, thank you all for taking time to help. I hope I can give back as well, great karma to all.
by CodeMaster
Sat Oct 24, 2020 12:46 am
Forum: Personal Investments
Topic: Can I transfer ROTH or Traditional funds to parents to sell and avoid penalty tax?
Replies: 7
Views: 792

Can I transfer ROTH or Traditional funds to parents to sell and avoid penalty tax?

I was wondering if I needed the cash, could I transfer my Roth or Traditional IRA to parents (they dont work and have any income except social security distributions) to sell and access the cash without 10% penalty for early withdrawals?

Truly appreciate any tips!! :beer :sharebeer
by CodeMaster
Mon Oct 12, 2020 1:27 pm
Forum: Personal Investments
Topic: Aunt wants help with finances, insists I get a middle name for added security?
Replies: 55
Views: 5297

Re: Aunt wants help with finances, insists I get a middle name for added security?

That is a really good idea! I will also do that on top of all. Thank you ALL for your replies. I truly appreciate the help. Based on the replies it doesnt sound like it helps with anything and after tad more research it does seem like I need to update my docs EVERYWHERE, every single of them using old names from drivers license to social security to mortgage loan docs to credit cards and everything!!! She is very old and may have an old way thinking, Im going to present with her info I found and hope shell feel at ease from it for now and hold off on name changing! Truly appreciate all the kind help! Good karma to all! :beer :beer :beer In addition to showing her what you found, perhaps you could try to find out what specifically she thinks...
by CodeMaster
Mon Oct 12, 2020 12:53 pm
Forum: Personal Investments
Topic: Aunt wants help with finances, insists I get a middle name for added security?
Replies: 55
Views: 5297

Re: Aunt wants help with finances, insists I get a middle name for added security?

Thank you ALL for your replies. I truly appreciate the help. Based on the replies it doesnt sound like it helps with anything and after tad more research it does seem like I need to update my docs EVERYWHERE, every single of them using old names from drivers license to social security to mortgage loan docs to credit cards and everything!!!

She is very old and may have an old way thinking, Im going to present with her info I found and hope shell feel at ease from it for now and hold off on name changing!

Truly appreciate all the kind help! Good karma to all! :beer :beer :beer
by CodeMaster
Sun Oct 11, 2020 1:18 pm
Forum: Personal Investments
Topic: Aunt wants help with finances, insists I get a middle name for added security?
Replies: 55
Views: 5297

Aunt wants help with finances, insists I get a middle name for added security?

Hi, My Aunt is getting really old and wants me to help out managing finances. She mentioned possible power of attorney. She REALLY insists I change my name and add a middle name so refer to me with a middle initial.

I was wondering a few things...

1. Does it help with anything? I figured social and EIN and etc is plenty good enough.

2. If I did do it, do you know how long it takes to take effect?

3. Do I also have to change EVERYTHING in my life, like passport, home documents I bought my home with, all my financial accounts like Fidelity and Vanguard?

Truly appreciate any assistance! :sharebeer :beer
by CodeMaster
Wed Oct 07, 2020 4:31 pm
Forum: Investing - Theory, News & General
Topic: Is investing through money sitting in s-corp a good idea?
Replies: 2
Views: 449

Is investing through money sitting in s-corp a good idea?

I have cash in a s-corp business bank account mainly sitting in there. I was wondering would it be ok to open Fidelity / Vanguard business account and invest it the same way I do personal accounts?

I understand profits would be reported that year along with losses, Im guessing Fidleity/Vanguard will send all the proper forms to report with.

I was wondering am I missing any other risks or benefits from doing it through scorp?

I mainly feel I have some extra cash and would rather go ahead let it do some work for me instead of sitting in the business bank account.

Truly appreciate any tips! :sharebeer :beer
by CodeMaster
Fri Aug 21, 2020 8:28 pm
Forum: Personal Consumer Issues
Topic: Intermittent fasting: 2 meals to 1 meal a day?
Replies: 23
Views: 2820

Re: Intermittent fasting: 2 meals to 1 meal a day?

I've been experimenting with daily intermittent fasting for a few months and, after a few days of adjustment, find that I quite like it. My schedule has been: Black coffee in the morning Lunch around 11:30 Dinner usually done by 7 I'm pretty hungry by 11:30 and tend to eat a larger lunch, such that I'm not terribly hungry for dinner. I'd love to hear experience from anyone who has tried one meal a day fasting, only eating dinner. I don't know that I could last all day until 6pm without eating, so I might have something small midday (yogurt, nuts, piece of fruit) to hold me over. I eat after 5pm and allow myself to eat until I sleep if I get hungry. Usually its the normal large dinner and small meal b4 bed if hungry. When my wife isnt aroun...
by CodeMaster
Wed Jul 29, 2020 9:18 pm
Forum: Personal Investments
Topic: Poor service at Vanguard making me re-think my decision
Replies: 310
Views: 39232

Re: Poor service at Vanguard making me re-think my decision

Hi All, New poster here, so thank you for the consideration. I did review previous posts that were similar so sorry for the duplication if any. My issue is this: lately (last 12-24 months) Vanguard's service has really deteriorated to the point of causing me to want to leave. I've been at Vanguard for close to 30 years and have virtually all my assets there (IRAs, after tax, etc.) for me, my wife and our joint accounts. I used to have a designated representative that I could call but they discontinued that option. Regardless, the last couple of people I had were completely useless. I've called for many simple items that you can't do online (e.g., international wire transfer) and had it take days and days to get done correctly. Recently, I ...
by CodeMaster
Tue Jul 28, 2020 6:57 pm
Forum: Personal Investments
Topic: CARES act lets you take out retirement without penalty, when does it expire?
Replies: 12
Views: 1538

Re: CARES act lets you take out retirement without penalty, when does it expire?

Got it, some reason I couldnt see expiration anywhere for life of me! Thanks so much this helps a lot.
by CodeMaster
Tue Jul 28, 2020 6:20 pm
Forum: Personal Investments
Topic: CARES act lets you take out retirement without penalty, when does it expire?
Replies: 12
Views: 1538

Re: CARES act lets you take out retirement without penalty, when does it expire?

CARES act lets you take out retirement without penalty, I understand you have to pay tax like normal on it but it can be spread over 3 years... I was wondering 2 things.. 1. when does this "offer" expire? 2. do you get taxed the same as if you earned 100k that year and can simply just pay that due spread out over 3 years? Article: https://www.cnbc.com/2020/07/27/how-many-people-took-100000-from-retirement-plans-due-to-covid-19.html :beer #1: Q4. What is a coronavirus-related distribution? A4. A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs. source: ht...
by CodeMaster
Tue Jul 28, 2020 12:50 pm
Forum: Personal Investments
Topic: CARES act lets you take out retirement without penalty, when does it expire?
Replies: 12
Views: 1538

Re: CARES act lets you take out retirement without penalty, when does it expire?

CARES act lets you take out retirement without penalty, I understand you have to pay tax like normal on it but it can be spread over 3 years... I was wondering 2 things.. 1. when does this "offer" expire? 2. do you get taxed the same as if you earned 100k that year and can simply just pay that due spread out over 3 years? Article: https://www.cnbc.com/2020/07/27/how-many-people-took-100000-from-retirement-plans-due-to-covid-19.html :beer #1: Q4. What is a coronavirus-related distribution? A4. A coronavirus-related distribution is a distribution that is made from an eligible retirement plan to a qualified individual from January 1, 2020, to December 30, 2020, up to an aggregate limit of $100,000 from all plans and IRAs. source: ht...
by CodeMaster
Tue Jul 28, 2020 12:26 pm
Forum: Personal Investments
Topic: CARES act lets you take out retirement without penalty, when does it expire?
Replies: 12
Views: 1538

CARES act lets you take out retirement without penalty, when does it expire?

CARES act lets you take out retirement without penalty, I understand you have to pay tax like normal on it but it can be spread over 3 years...
I was wondering 2 things..
1. when does this "offer" expire?
2. do you get taxed the same as if you earned 100k that year and can simply just pay that due spread out over 3 years?

Article:
https://www.cnbc.com/2020/07/27/how-man ... id-19.html

:beer
by CodeMaster
Thu Jun 18, 2020 5:57 pm
Forum: Personal Finance (Not Investing)
Topic: Disappointed in Fidelity 2% Cash Back credit card
Replies: 221
Views: 23446

Re: Disappointed in Fidelity 2% Cash Back credit card

Sorry hear about your confusions.... when I applied it was clear and thats why its a "Fidelity" card.
You can open an account with Fidelity easily, its not ridiculous to me for the 2% cashback.
Closing account will affect credit score minimally if at all.