Search found 72 matches

by OnLevel
Mon Nov 13, 2023 6:35 am
Forum: Personal Finance (Not Investing)
Topic: Amica Dividend Policy - Too Good To Be True?
Replies: 32
Views: 5609

Re: Amica Dividend Policy - Too Good To Be True?

Been with Amica a few years and overall I'm satisfied with them. Started out with dividend policies, but eventually they got cut down to a token %, like 5%. Service is still great, and prices are still competitive, so I'm not planning on moving.
by OnLevel
Fri Jan 27, 2023 8:30 pm
Forum: Personal Consumer Issues
Topic: For those who stopping growing vegetables, why did you stop?
Replies: 36
Views: 3353

Re: For those who stopping growing vegetables, why did you stop?

-Deer, squirrels and other pests
-Drought in our area (Southwest)

First two years were fun, 2022 was very stressful and didn't get much despite putting in more work than last two years.

Not stopping completely, but will be downsizing quite a bit or at least taking a break.
by OnLevel
Fri Jan 27, 2023 5:28 pm
Forum: Personal Finance (Not Investing)
Topic: Impossible for New hire to be HCE in first year?
Replies: 1
Views: 630

Impossible for New hire to be HCE in first year?

Please help me make sure I am thinking through this right:

- I started a new job toward the end of 2022.
-My base salary is above the HCE amount so I will be an HCE for 2023 year
-Since the income I actually received in 2022 from the company is below HCE threshold, I am not considered HCE yet and the HCE contribution limits do not apply to me in 2023, but they will apply starting in 2024.

Is this correct? If it is, I will be able to max out after-tax contributions for mega-backdoor Roth purposes this year.
by OnLevel
Wed Nov 30, 2022 1:45 pm
Forum: Personal Investments
Topic: 60-day rollover from post-tax 401k to Roth IRA: 1 per year limit?
Replies: 2
Views: 294

60-day rollover from post-tax 401k to Roth IRA: 1 per year limit?

My new employer allows in-service withdrawals from post-tax 401k, but no in-plan rollover to Roth 401k.

I believe I could take a distribution, pay tax on earnings, and deposit the post-tax basis into a Roth IRA as a 60-day rollover.

Does the Once a year limit apply in this case as well?
by OnLevel
Mon Jun 20, 2022 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Discover Bank ACH transfer out (push) takes 7 days (5 business)?
Replies: 9
Views: 1239

Re: Discover Bank ACH transfer out (push) takes 7 days (5 business)?

richard.h.gao wrote: Mon Jun 20, 2022 9:06 pm
Super Hans wrote: Thu Feb 11, 2021 11:17 am +1. I basically use my Discover account as a transfer hub.
Apparently Discover Bank instituted a 30 day $250k transfer limit. So you cannot deposit more than $250k in 30 days. And if your account has more than $250k it will take you more than 30 days to withdraw all of it. What a useless bank.
That is a pretty high limit that 99% of people would never even dream of worrying about.
by OnLevel
Tue Jun 14, 2022 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Questions for Schwab users - Schwab ACH from bank availability to trade?
Replies: 11
Views: 1060

Re: Questions for Schwab users - Schwab ACH from bank availability to trade?

This was one one my least favorite things about Schwab. Fidelity and Vanguard allow you to trade with funds right after you initiate the transfer pull from another institution. Schwab is next business day.
by OnLevel
Tue May 10, 2022 12:32 am
Forum: Personal Finance (Not Investing)
Topic: Share your Net Worth Regression
Replies: 350
Views: 59837

Re: Share your Net Worth Regression

Dropped from 540k to around 497, despite adding about 40k in new money so far.
by OnLevel
Wed Jan 12, 2022 6:21 am
Forum: Personal Investments
Topic: Can I add 12k into a Roth IRA, in one year?
Replies: 13
Views: 1967

Re: Can I add 12k into a Roth IRA, in one year?

Must be a mistake on Schwab's end. You can't make 2023 contributions yet.
by OnLevel
Fri Dec 31, 2021 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4273
Views: 1072496

Re: Share your net worth progression

OnLevel wrote: Thu Oct 21, 2021 9:37 pm This is our invested assets, which is what I really think about. I don't include our house or our debts, because those pretty much offset.

2018: 140,000
2019: 218,000
2020: 406,000
2021: 530,000 as of 10/21

Started reading this forum in 2018 and started making out 401k and iras that hear. Promotions at work and a generous employer match have helped me increase my annual new money to 60k or 70k.
2021/12/31: 545,000
by OnLevel
Mon Nov 01, 2021 9:43 am
Forum: Investing - Theory, News & General
Topic: Vanguard.com outage?
Replies: 12
Views: 1406

Re: Vanguard.com outage?

pokebowl wrote: Mon Nov 01, 2021 9:39 am
sschullo wrote: Mon Nov 01, 2021 9:34 am Yep. Not a problem for us "stay the course." I am surprised that some are "furious" because they cannot trade in this "volatile" market.
Well, they are in the wrong company!
This is silly, as a customer you would want your brokerage services to be there when you need to use them. Its the main point of having a brokerage. Acknowledging that a service is unavailable and pointing the finger at those who wish to use it, is an interesting world view to say the least.
I think it was sarcasm.
by OnLevel
Thu Oct 21, 2021 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Share your net worth progression
Replies: 4273
Views: 1072496

Re: Share your net worth progression

This is our invested assets, which is what I really think about. I don't include our house or our debts, because those pretty much offset.

2018: 140,000
2019: 218,000
2020: 406,000
2021: 530,000 as of 10/21

Started reading this forum in 2018 and started making out 401k and iras that hear. Promotions at work and a generous employer match have helped me increase my annual new money to 60k or 70k.
by OnLevel
Sun Oct 10, 2021 12:05 am
Forum: Personal Consumer Issues
Topic: Things to do in San Antonio, TX
Replies: 58
Views: 5436

Re: Things to do in San Antonio, TX

Riverwalk is overrated, imo. The Pearl, which is on the same river but north of downtown is a much more pleasant and less of a tourist trap.
by OnLevel
Sun Oct 10, 2021 12:04 am
Forum: Personal Consumer Issues
Topic: Things to do in San Antonio, TX
Replies: 58
Views: 5436

Re: Things to do in San Antonio, TX

Go hang out at the Alon Market HEB.
by OnLevel
Sat Mar 20, 2021 8:14 pm
Forum: Personal Investments
Topic: Best way to invest $1000/month
Replies: 9
Views: 2402

Re: Best way to invest $1000/month

Make sure you max out that HSA too.
by OnLevel
Mon Dec 07, 2020 4:04 pm
Forum: Investing - Theory, News & General
Topic: Is it really worthwhile to save HSA funds instead of using them now?
Replies: 104
Views: 10613

Re: Is it really worthwhile to save HSA funds instead of using them now?

I am lucky that for our family we've been able to pay all medical costs using HSA funds while managing to still put 3 - 4k away each year to invest.
by OnLevel
Wed Nov 25, 2020 4:21 pm
Forum: Personal Investments
Topic: Is after tax 401k worth it?
Replies: 27
Views: 2753

Re: Is after tax 401k worth it?

SnowBog wrote: Wed Nov 25, 2020 3:53 pm
Pigeye Brewster wrote: Wed Nov 25, 2020 9:53 am To be clear, it's not just overall employee participation in the plan that matters. It is non-HCE employee participation in after-tax contributions. After-tax contributions are tested on a standalone basis.
Thanks for the extra details! I had no idea after-tax was tested separately.

I guess I was even more lucky that I realized! While I've only been doing Mega Backdoor the past few years, I've never heard of this as an issue in my employer...

It truly is better to be lucky than good sometimes!
Same. I've been doing the mega backdoor roth for a couple years now, and didn't know that it got tested separately. When can I know the after-taxoney I put in is safe to rollover, January 1st of following year?
by OnLevel
Thu Nov 05, 2020 8:52 am
Forum: Personal Investments
Topic: TOA from HSA Bank to Fidelity taking forever
Replies: 10
Views: 716

TOA from HSA Bank to Fidelity taking forever

Has anyone done one recently? I'm just transferring cash. Request was submitted online more than a month ago, money was pulled out of HSA Bank like two weeks ago, yet it's still not in the Fidelity account.

In the past, these used to take 2-weeks from request submission to money being in the Fidelity HSA.
by OnLevel
Sun Sep 13, 2020 1:52 pm
Forum: Personal Investments
Topic: How much are your 529 Contributions
Replies: 133
Views: 11872

Re: How much are your 529 Contributions

Yes, maxing $19.5K and then putting $12K into backdoor IRA. Reasons for 529 is because if the money is contributed there, out of sight, out of mind and therefore I won't have the feeling like we have more money than we actually have since they money would be ear tagged for schooling. Also, the value of tax free growth? socialforums2019, << I won't have the feeling like we have more money than we actually have since they money would be ear tagged for schooling. >> Back to question #1. 1) How do you know that your retirement/FI is fully funded? 2) What is your annual expense? 3) What is your retirement/FI number? You cannot borrow for retirement/FI. If you are fully employed while your kids go to college, you can "cash flow" the co...
by OnLevel
Thu Sep 03, 2020 7:26 pm
Forum: Investing - Theory, News & General
Topic: Buying funds in fidelity - need to transfer money to cash account first?
Replies: 23
Views: 2254

Re: Buying funds in fidelity - need to transfer money to cash account first?

What annoys me is that Fidelity (and Vanguard and Schwab) won't let you specify a sweep account. I want my cash to be sitting in a municipal money market, not a taxable one. However, I can deal with shuffling funds so it is not a big deal. What is annoying about Fidelity is that If I want to purchase 200 shares of <whatever>, I first have to move cash from my Fidelity municipal money market to my sweep account before it will let me place the order. Then I have to move the excess funds back into the municipal money market. Vanguard allows me to place the order, and after it executes, I can move the exact amount of money that is needed to cover the order into the sweep account. I don't trade often, but when I do I am reminded why I prefer Va...
by OnLevel
Tue Jun 02, 2020 10:15 am
Forum: Personal Investments
Topic: 401k: to rollover or stay put? expense ratios of funds
Replies: 9
Views: 524

Re: 401k: to rollover or stay put? expense ratios of funds

What do you gain from going to Etrade that you wouldn't get at Fidelity?
by OnLevel
Fri Apr 03, 2020 5:49 pm
Forum: Personal Investments
Topic: Why Do So Many Recommend 70% - 100% Stocks?
Replies: 167
Views: 11656

Re: Why Do So Many Recommend 70% - 100% Stocks?

Where are you getting those numbers?
by OnLevel
Wed Mar 11, 2020 12:30 am
Forum: Personal Investments
Topic: HSA 60-day Rollover One-Year timing
Replies: 4
Views: 491

Re: HSA 60-day Rollover One-Year timing

Alan S. wrote: Tue Mar 10, 2020 3:51 pm Per Sec 223(f)(5)(B), the one year period is measured from the date of receipt of the distribution that was rolled over or is to be rolled over. This is the same measurement period as an IRA rollover, although Pub 969 fails to state how the period is measured. In other words, the date of the rollover does not matter for this rule, only the date the distribution was received.

If you received the prior distribution on 3/14/2019 which was then rolled over, then you can rollover a current distribution received on 3/15/2020 or later. You can deposit the current distribution up to 60 days from the date received. Ignore the date the 2019 distribution was actually rolled over.
Got it. Thank you!
by OnLevel
Tue Mar 10, 2020 2:09 pm
Forum: Personal Investments
Topic: HSA 60-day Rollover One-Year timing
Replies: 4
Views: 491

HSA 60-day Rollover One-Year timing

I understand that 60 day HSA rollovers can only be done once per one-yar period.

Which transactions matter for purposes of determining the 1-year period? Withdrawal from initial HSA, or deposit into the one the funds are rolled into?

For specifics, I did my first ever 60-day HSA rollover last year like this:

3/14/2019: withdrawal from HSA bank

3/21/2019: deposit into Fidelity HSA account

In 2020, when can I initiate a withdrawal from HSA bank to deposit into Fidelity, 3/15/2020, or 3/22/2020?

If the answer is 3/15/2020, can I deposit into Fidelity right away, or do I need to wait until 3/22/2020?

Thank you for your help!
by OnLevel
Wed Jul 31, 2019 7:14 am
Forum: Personal Finance (Not Investing)
Topic: Unsure if my tIRA deductible
Replies: 3
Views: 321

Re: Unsure if my tIRA deductible

Deduction phase-out starts at 64k MAGI for single, so you'd be ok.
by OnLevel
Fri Jul 26, 2019 9:04 am
Forum: Investing - Theory, News & General
Topic: Investing in Vanguard funds via Fidelity
Replies: 47
Views: 11865

Re: Investing in Vanguard funds via Fidelity

rascott wrote: Fri Jul 26, 2019 7:43 am

Why don't you want ITOT?

I find this thread funny....brand loyalty is something. They are identical products.....any discussion of difference is purely theoretical, not practical. Have no idea why someone would pay a commission for one vs the other.
Me too. I don't see the point in paying extra to hold VG funds with Fidelity, when Fidelity clearly offers equivalent alternatives that don't cost extra.
by OnLevel
Thu Jul 11, 2019 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: anyone here use BillPay?
Replies: 22
Views: 1884

Re: anyone here use BillPay?

mickeyd wrote: Thu Jul 11, 2019 1:11 pm You are over-thinking this mountaingirl. Once you have submitted the payment, your job is done. I have used BillPay thru USAA bank for about 30 years. So far so good.
BillPay existed 30 years ago? :?:
by OnLevel
Mon Jun 17, 2019 9:34 am
Forum: Personal Investments
Topic: Alternative to $3,000 minimums at Vanguard
Replies: 13
Views: 2694

Re: Alternative to $3,000 minimums at Vanguard

Fidelity offers funds similar to the Vanguard funds you're thinking about and has no minimums.
by OnLevel
Thu Jun 13, 2019 3:11 am
Forum: Personal Consumer Issues
Topic: Retired at 35 and have no friends :(
Replies: 113
Views: 15846

Re: Retired at 35 and have no friends :(

Sounds to me like OP should go back to work.
by OnLevel
Sun Jun 09, 2019 7:12 am
Forum: Personal Investments
Topic: First Post! Portfolio Review Needed
Replies: 37
Views: 5123

Re: First Post! Portfolio Review Needed

OP, you probably make too much to be eligible to do a regular roth IRA, but have you considered a backdoor roth? That's $12k (for you and spouse) that you guys can put in an account that'll grow tax-free.
by OnLevel
Tue May 21, 2019 9:02 am
Forum: Personal Investments
Topic: Moving an HSA from Optum to Vanguard
Replies: 11
Views: 1543

Re: Moving an HSA from Optum to Vanguard

I dont think Vanguard offres HSAs. Fidelity does, though.
by OnLevel
Sat Mar 30, 2019 11:34 am
Forum: Personal Finance (Not Investing)
Topic: Keeping a stash of vacation days as unemployment "insurance"
Replies: 70
Views: 6860

Re: Keeping a stash of vacation days as unemployment "insurance"

I do it. Currently have about 5 weeks worth of vacation. My goal is to get it to 8 weeks and maintain it around that. My only worry is that company switches to one of those fake "unlimited" vacation plans. I'm not sure what would happen to accrued PTO in that case. Do I lose it all?
by OnLevel
Wed Mar 27, 2019 8:56 am
Forum: Personal Investments
Topic: Fidelity Index Fund List - Duplicates?
Replies: 9
Views: 2265

Re: Fidelity Index Fund List - Duplicates?

FSKAX gives you the total US market, FTIHX gives you the total international.
by OnLevel
Wed Mar 27, 2019 8:34 am
Forum: Investing - Theory, News & General
Topic: I hate bonds
Replies: 116
Views: 17683

Re: I hate bonds

Right now I have a tough time investing in bonds even though retirement is nearby. I have a tough time believing bonds will provide any real return over the next decade or two. I know they are supposed to reduce risk but investing in something that may not even keep up with inflation seems like a bad idea. Although since I don't think we will see inflation any time soon (I don't believe the economy is that good) maybe you can eek out a small positive real return. I've been wrestling with this problem for a while and there just isn't any way I can put 40% into bonds at this point. I'd rather keep a chunk of it in CDs and at least know the principal won't go down but its still not providing any real return. Aren't CD's bonds? Do you just not...
by OnLevel
Mon Mar 18, 2019 6:09 am
Forum: Investing - Theory, News & General
Topic: Vanguard is Discontinuing their VanguardAdvantage Accounts
Replies: 645
Views: 92634

Re: Vanguard is Discontinuing their VanguardAdvantage Accounts

... Fidelity Bill Pay: Ours is a joint account at Fidelity with each of us having a unique user name and PW for the same account. If I logon and send a bill pay check it only has my name on it; my wife's name doesn't show. I called Fidelity and after they checked with the outside bill pay vendor, United Missouri Bank, confirmed only one name gets printed. They suggested that if my wife logged on and sent a bill pay check it would use her name, but weren't positive. She's testing that now. They offered that we could always put her name in the note feature. ... Update: We got the bill pay check today. Fidelity was wrong. My wife logged into our joint account using her ID and PW. She sent herself a bill pay check. It has only my name as the p...
by OnLevel
Fri Mar 15, 2019 4:47 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1252
Views: 192506

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

jeffyscott wrote: Fri Mar 15, 2019 4:23 pm
OnLevel wrote: Fri Mar 15, 2019 4:15 pmI should've just snail-mailed it :(

So much for having a local Fidelity office :(
Sorry, I could've warned you of that.

I didn't have your fiasco, but after having been told I could make the deposit for my HSA transfer at the local branch, found out that was not so upon arrival there. They offered to mail the check in for me, which they did. But then Fidelity subsequently returned the check to me, as they required additional documentation.
No worries! Lesson learned for me! Do you mind sharing what additional documentation did they required?
by OnLevel
Fri Mar 15, 2019 4:15 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1252
Views: 192506

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

I'm about to do a 60-day rollover. Does anyone have experience with bringing the check to a Fidelity branch instead of snail-mailing it? Interesting update: Called local office to ask if they can handle 60-day rollover check: guy in the phone seems baffled, puts me on hold to check and comes back to tell me I can only do it once in a lifetime. I think "ok, he probably thinks it's from an IRA, but as long as they can handle HSA deposits I'm good. I show up to the office with my check and deposit slip identifying the hsa account and that it's a 60-day rollover. A lady at the front desk takes the deposit, processed it and gives me a receipt. I have a weird feeling because the lady didn't seem as surprised as the guy I spoke to on the pho...
by OnLevel
Thu Mar 14, 2019 9:44 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1252
Views: 192506

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

I'm about to do a 60-day rollover. Does anyone have experience with bringing the check to a Fidelity branch instead of snail-mailing it?
by OnLevel
Wed Mar 13, 2019 12:45 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1252
Views: 192506

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

EDIT: Actually I can't do this BECAUSE HSA BANK SUCKS! $2500 daily withdrawal limit - what a scam It sounds like you know this from your post, but in case you or others were not aware of it. HSA accounts have a separate, but same rule as IRAs that you can only do one indirect rollover per 12 month period. Do NOT attempt more than one rollover because of this $2500 limit, because the second and subsequent withdrawals will be considered non-qualified distributions not eligible for rollover and subject income taxes and the 20% penalty. Would multiple withdrawals then deposit the total amount within 60 days count as one rollover? There is a thorough discussion/debate/review-of-relevant-IRS-pronouncements on this "what about multiple withd...
by OnLevel
Wed Mar 13, 2019 4:01 am
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1252
Views: 192506

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

Spirit Rider wrote: Tue Mar 12, 2019 3:04 pm
uberme wrote: Tue Mar 12, 2019 1:08 pm EDIT: Actually I can't do this BECAUSE HSA BANK SUCKS! $2500 daily withdrawal limit - what a scam
It sounds like you know this from your post, but in case you or others were not aware of it. HSA accounts have a separate, but same rule as IRAs that you can only do one indirect rollover per 12 month period.

Do NOT attempt more than one rollover because of this $2500 limit, because the second and subsequent withdrawals will be considered non-qualified distributions not eligible for rollover and subject income taxes and the 20% penalty.
Would multiple withdrawals then deposit the total amount within 60 days count as one rollover?
by OnLevel
Tue Feb 19, 2019 11:41 am
Forum: Personal Finance (Not Investing)
Topic: USAA Auto Premiums Up Exactly 10% in 3 Consecutive Renewals?
Replies: 46
Views: 6731

Re: USAA Auto Premiums Up Exactly 10% in 3 Consecutive Renewals?

It might be a coincidence in your state. I don't think I've ever seen a trend like that in my rates from them. On the exactly 10% increases: it might be case where they increased their overall rates by more than 10%, but limit the disruption on currentcustomer, they limit the increase to 10% with each renewal until the full rates come into effect. The OP is seeing a 10% rate increase at every renewal. If it were an overall rate increase that's being capped, then it would be increasing by 10% at every other renewal. Auto insurance companies usually change their rates once a year, but their policies renew every 6 months. Sorry didn't see this until now and felt I should respond. Frequency of rate changes has nothing to do with rate capping. ...
by OnLevel
Tue Jan 22, 2019 5:34 pm
Forum: Personal Finance (Not Investing)
Topic: USAA Auto Premiums Up Exactly 10% in 3 Consecutive Renewals?
Replies: 46
Views: 6731

Re: USAA Auto Premiums Up Exactly 10% in 3 Consecutive Renewals?

On the exactly 10% increases: it might be case where they increased their overall rates by more than 10%, but limit the disruption on currentcustomer, they limit the increase to 10% with each renewal until the full rates come into effect.

Unfortunately, insurance is a game of averages, and it's always too expensive until you have a claim. It's always good to shop around.
by OnLevel
Thu Dec 27, 2018 9:53 pm
Forum: Investing - Theory, News & General
Topic: What have you learned this year
Replies: 90
Views: 9637

Re: What have you learned this year

I thought I was financially savvy before I jointed this forum late last year, but have learned so much since I joined that I wish I found it sooner!

Things I learned or understand better thanks to this forum:
  • Mega backdoor roth
    Backdoor roth and the fact that I pretty much can't keep money in other tIRA's if I ever want to do it
    Three-fund portfolio
    Why Vanguard Index funds are the way to go for equity in taxable brokerage
    Tax loss harvesting
    How to use extended market and s&p 500 to approximate total stock market
News that wouldn't have made it to my radar if it wasn't for this forum:
  • Fidelity Zero funds
    Fidelity HSA
by OnLevel
Sun Dec 16, 2018 7:23 am
Forum: Personal Investments
Topic: Deductible trad IRA contribution and Conversion to Roth in the same year
Replies: 5
Views: 693

Re: Deductible trad IRA contribution and Conversion to Roth in the same year

kaneohe wrote: Sat Dec 15, 2018 10:04 pm Contribute 1K to TIRA. Value decreases to near 0 (extreme example)
1)Recharacterize to Roth. Now have near 0 in Roth.

2)Leave in TIRA. Then convert. Now have near 0 in Roth.
Pay 25% of conversion in taxes = near 0 x 25%
Deduct 1K contribution = worth 0.25K
The net benefit of this combo is nearly 0.25K

2) is better than 1) by nearly 0.25K. This is extreme example so benefit won't be as large.
25% marginal tax rate assumed
Thanks!
by OnLevel
Sun Dec 16, 2018 7:22 am
Forum: Personal Investments
Topic: Deductible trad IRA contribution and Conversion to Roth in the same year
Replies: 5
Views: 693

Re: Deductible trad IRA contribution and Conversion to Roth in the same year

b0B wrote: Sat Dec 15, 2018 11:08 pm
OnLevel wrote: Sat Dec 15, 2018 7:54 pm I'm not sure if it's legal, though.
Of course it is. It's completely obvious you should do #2. /thread. :happy
Thanks! Thinking about it more, it seems like this is an opportunity to "TLH" in a tax-advantaged account :D
by OnLevel
Sat Dec 15, 2018 9:44 pm
Forum: Personal Investments
Topic: Deductible trad IRA contribution and Conversion to Roth in the same year
Replies: 5
Views: 693

Re: Deductible trad IRA contribution and Conversion to Roth in the same year

krow36 wrote: Sat Dec 15, 2018 8:28 pm It seems to me that the 1k you contributed to your tIRA will just be added to the tIRA's balance. I think you can recharacterize the 1k contribution, but I don't think you can convert that particular 1k contribution to a Roth IRA. How much do you think you will save in taxes if you use option 2?
Not a lot, honestly. I'm also motivated by laziness: want to avoid the extra step of the recharacterization.