Search found 40 matches

by baseball2horse
Tue Oct 01, 2019 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: UTMA accounts
Replies: 101
Views: 7643

Re: UTMA accounts

I'll just share my perspective as a kid who received a fairly large (200k ) UTMA account post college. First, I had no idea that this account existed until pretty much right when we signed the papers transfering it over. my parents paid for all of college (for me and my brother) and how they accompl...
by baseball2horse
Fri Sep 27, 2019 3:19 pm
Forum: Personal Investments
Topic: 24 Year Old With Options
Replies: 16
Views: 2292

Re: 24 Year Old With Options

Also, you need to carefully coordinate with the custodian so that when you withdraw, only contributions made 5 years older or earlier are tapped. If you decide to simply withdraw from your IRA custodian on your own, the custodian might send you a 1099-R with $6000 contributed for 2019 and $5000 dis...
by baseball2horse
Fri Sep 27, 2019 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Experience with Better Mortgage
Replies: 25
Views: 2832

Re: Experience with Better Mortgage

I am currently in the middle of a refiance with Better Mortgage and have found it a little bait and switchy but overall okay. I was able to use a loan estimate from current bank to lock in a low rate and then they did their price matching to beat the closing costs with 1000. The initial loan estimat...
by baseball2horse
Mon Jul 15, 2019 2:53 pm
Forum: Personal Investments
Topic: 24 Year Old With Options
Replies: 16
Views: 2292

Re: 24 Year Old With Options

@Lazareth, There are two different 5 year rules. One for being able to withdraw earnings on contributions without penalty, and one for Roth conversions The second 5 year rule is specifically enacted by Congress from preventing people to use the Roth account as a workaround. If someone were to withd...
by baseball2horse
Wed May 29, 2019 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Costco Finance and it’s lenders (Consumer Direct)
Replies: 24
Views: 3862

Re: Costco Finance and it’s lenders (Consumer Direct)

I used a Costco partner to fiance my mortage and it was a great experience. Even accounting for the fact that I had to purchase my costco membership, the closing costs were ~1500 all in with a 4.5% rate which was the best anyone had offered me without points. Their "broker fees" were actually negat...
by baseball2horse
Tue May 14, 2019 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Costco Finance and it’s lenders (Consumer Direct)
Replies: 24
Views: 3862

Re: Costco Finance and it’s lenders (Consumer Direct)

I used a Costco partner to fiance my mortage and it was a great experience. Even accounting for the fact that I had to purchase my costco membership, the closing costs were ~1500 all in with a 4.5% rate which was the best anyone had offered me without points. Their "broker fees" were actually negati...
by baseball2horse
Wed Apr 24, 2019 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Savings rate
Replies: 104
Views: 10055

Re: Savings rate

I am curious if when people include matching in their savings rate if they also include it in their gross pay?
by baseball2horse
Tue Mar 19, 2019 11:04 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of house to assign rental
Replies: 18
Views: 1730

Re: What percentage of house to assign rental

The method you use has to be consistent through time, well documented, and above all able to convince the IRS auditor. The latter is the most important property; in fact it absolutely trumps the other two. Yes - I agree 100% The IRS publication states that "The two most common methods for dividing ...
by baseball2horse
Thu Mar 14, 2019 4:47 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of house to assign rental
Replies: 18
Views: 1730

Re: What percentage of house to assign rental

As stated, the key is to be consistent and be able to show your calculation. Let's say you have a 3 bedroom house with 2 bathrooms and a shared living room and kitchen. 1 owner, 1 occupant/renter. 1/3 of the bedrooms, 1/2 of the bathrooms, 1/2 of the living room and kitchen. If you have 1 garage st...
by baseball2horse
Thu Mar 14, 2019 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of house to assign rental
Replies: 18
Views: 1730

Re: What percentage of house to assign rental

You will pay the deduction back NO MATTER WHAT sounless your income is really high now and you are likely to be a lot lower some other time and given that taxes are likely to go up and that there is a capital gains exclusion for as much as you can get under that. I personally would use the method t...
by baseball2horse
Thu Mar 14, 2019 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: First time home buyer. Should we sell stocks for down payment on regular loan or get an FHA loan?
Replies: 8
Views: 861

Re: First time home buyer. Should we sell stocks for down payment on regular loan or get an FHA loan?

For what its worth I paid for my down payment using stocks that I sold and I currently get to pay the long-term capital gains on with my upcoming tax bill. And my logic is that while it is a relatively painful taxbill, I was always going to pay those taxes eventually. And now that money gets to grow...
by baseball2horse
Thu Mar 14, 2019 4:12 pm
Forum: Personal Finance (Not Investing)
Topic: What percentage of house to assign rental
Replies: 18
Views: 1730

Re: What percentage of house to assign rental

No expert, but years ago - I shared a house with the owner (friend of mine) along with several others. I think it better to term the relationship as "sharing the house" vs renting a room. I have certainly thought about just calling it sharing the house and not dealing with it all, but my roommate i...
by baseball2horse
Thu Mar 14, 2019 10:34 am
Forum: Personal Finance (Not Investing)
Topic: What percentage of house to assign rental
Replies: 18
Views: 1730

What percentage of house to assign rental

Hello, I am currently renting a out a room in my house and I am trying to figure out the "best" way to determine what percentage of my house is being used as a rental. The IRA states that "any reasonable method" can be used to determine this. But "reasonable methods can result in wildly differing am...
by baseball2horse
Thu Mar 14, 2019 10:22 am
Forum: Personal Investments
Topic: 2019 Portfolio Check Up and Direction
Replies: 3
Views: 625

Re: 2019 Portfolio Check Up and Direction

Thank you both for the advice! I have added diversification to my 401k by adding the MSCI EAFE® Indexed Equity Fund. I think I will eventually move the bond funds out of taxable, but as I am currently using the dividends from my taxable account to partially fund the Roth IRA I think I will leave it ...
by baseball2horse
Mon Feb 18, 2019 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Why efile if you owe?
Replies: 47
Views: 4729

Re: Why efile if you owe?

If you pay your Federal taxes with a credit card, "the payment processor" will charge you a "processing fee" of 1.87%-1.99%. Google "Pay Taxes by Credit or Debit Card" & go to the IRS.gov link for the details. bill Your reward earnings floor should be 2% if you pay by credit card (or you can perhap...
by baseball2horse
Tue Jan 22, 2019 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: How much money did you receive from family? (Gifts/inheritance)
Replies: 127
Views: 15276

Re: How much money did you receive from family? (Gifts/inheritance)

I have been incredibly fortunate. My parents paid for the entirety of undergrad and grad school and then at then end of it I received a new car as a graduation present and a 200k UTMA (fully invested in Vanguard total US stock) that was the reminder of my college fund. I just let this money sit ther...
by baseball2horse
Thu Jan 10, 2019 3:01 pm
Forum: Personal Investments
Topic: 2019 Portfolio Check Up and Direction
Replies: 3
Views: 625

2019 Portfolio Check Up and Direction

Hello, I'm a single 25 year old and I'm trying to make sure my fiances are in order. I bought a house last year and now with the new year want to make sure I'm making the best decisions with my portfolio both in what accounts and what investments i'm using going forward Mortgage: 1.6k (~270k at 4.5%...
by baseball2horse
Wed Dec 05, 2018 10:47 am
Forum: Personal Investments
Topic: Should we abandon the Roth IRA (for now)?
Replies: 19
Views: 2155

Re: Should we abandon the Roth IRA (for now)?

If you anticipate being in a higher tax bracket later in your career, and it sounds like do, it would make sense to continue to fund the Roth now, while you are being the least amount of tax on that money.
by baseball2horse
Mon Dec 03, 2018 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Home Purchase Price vs. Gross Income
Replies: 59
Views: 4720

Re: Home Purchase Price vs. Gross Income

I recently bought a house and the purchase price was just over 6 times my gross income with a mortgage of about 3.2x. I live in a HCOL area that's been appreciating and I'm able rent out of the rooms, and could rent out another if needed. And (counting my companys 401k contributions) I save more tha...
by baseball2horse
Tue Nov 13, 2018 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: rule of thumb for using HSA funds?
Replies: 35
Views: 3681

Re: rule of thumb for using HSA funds?

Additionally using your HSA funds now eliminates the need to either save all your medical receipts and EOBs or bank on having "enough" medical expenses when you are older. Which depending on how good your record keeping and health is may or may not be a good bet
by baseball2horse
Mon Nov 12, 2018 3:06 pm
Forum: Personal Investments
Topic: Are We In A Real Estate Bubble?
Replies: 114
Views: 15566

Re: Are We In A Real Estate Bubble?

I really fail to see why everyone is obsessing over the fact that are obsese and broke. How fat or not somehow is really has no bearing on whether or not we are in bubble, so you just look mean.
by baseball2horse
Thu Nov 08, 2018 10:05 am
Forum: Personal Finance (Not Investing)
Topic: How much money did you receive from family? (Gifts/inheritance)
Replies: 127
Views: 15276

Re: How much money did you receive from family? (Gifts/inheritance)

My parents are very frugal people and big savers. They were able to purchase both their first condo and then later a single family home in cash. Thus they were able to save enough to fully fund my undergraduate and graduate education with about 200k left over that I received as a UTMA account. My br...
by baseball2horse
Mon Oct 29, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: new HDHP consumer - check my math, please
Replies: 9
Views: 858

Re: new HDHP consumer - check my math, please

Typically direct deposit is the only way to get the full tax deduction. You still have to pay FICA/disability taxes on money you put in an HSA on your own. Depending on tax bracket that will mostly likely more than eliminate any difference in fees and expenses ratios. It should be possible to transf...
by baseball2horse
Thu Oct 18, 2018 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Federal Blue Cross Basic or Standard for Knee Surgery
Replies: 8
Views: 1909

Re: Federal Blue Cross Basic or Standard for Knee Surgery

I would also look and see what each plans limits are for PT appointments. YOu're going to want multiple physical therapy appoints a week for several weeks at least and then many many more after that. And since physical therapy can have the biggest impact on well you recover I would not want to be li...
by baseball2horse
Thu Oct 11, 2018 9:47 am
Forum: Personal Finance (Not Investing)
Topic: What is your annual cost for health insurance?
Replies: 155
Views: 14543

Re: What is your annual cost for health insurance?

Individual age 25, working at a big megacorp For 2018: My premium: 1303.64/yr (employer 5520.88) Deductible: 1600 Max: 3200 Employer also puts 500 in HSA if I do all the "wellness activities" Dental 113 (employer 113 also) Vision 30 (employer 30) Our proportion of the premium is proportionate to sal...
by baseball2horse
Mon Sep 17, 2018 11:05 am
Forum: Personal Investments
Topic: Ineligible Roth Contributions
Replies: 10
Views: 1014

Re: Ineligible Roth Contributions

I have a 401k through work so I am not eligible for a pre-tax IRA. My understanding is that if I went the excess contribution route I would owe 10% on the earnings? Is that also true of a recharacterization? If you have no pre-tax IRAs (not merely "not eligible this year") then the backdoor Roth IR...
by baseball2horse
Fri Sep 14, 2018 4:12 pm
Forum: Personal Investments
Topic: Ineligible Roth Contributions
Replies: 10
Views: 1014

Re: Ineligible Roth Contributions

Yes, recharacterize to traditional then put it back into the Roth. I believe you need to wait 30 days after the recharacterization to put it back in the Roth. Most would recommend going ahead with the recharacterization and back door roth approach. Non deductable Ira are not worth the tax reporting...
by baseball2horse
Fri Sep 14, 2018 11:10 am
Forum: Personal Investments
Topic: Using 401k loans to max tax advantaged accounts early in career
Replies: 29
Views: 2194

Re: Using 401k loans to max tax advantaged accounts early in career

So two big issues that I see. 1). I believe most 401k loans charge interest, so you would have to weigh the potential tax savings verse the interest rate. 2). The much larger concern would be you losing your job before any income increases. Most 401k loans have to be paid back within a very short ti...
by baseball2horse
Fri Sep 14, 2018 10:18 am
Forum: Personal Investments
Topic: Ineligible Roth Contributions
Replies: 10
Views: 1014

Ineligible Roth Contributions

Hello, So I somehow thought that the limits for Roth contributions were based on earned income and not gross income. My regular salary is well under the limit so I assumed I was good to contribute to Roth. However I have a lot of capital gains this year due to selling stock for a house down payment ...
by baseball2horse
Thu Sep 13, 2018 9:20 am
Forum: Investing - Theory, News & General
Topic: Vanguard Switch to Brokerage Accounts
Replies: 60
Views: 11663

Re: Vanguard Switch to Brokerage Accounts

Something I really want is the abilities to have direct deposit directly into a Vanguard mutual fund. My pay is not constant, so my plan is divert 10% into the house fund. My employer will allow this. Vanguard told me I could do this with a brokerage account. Not true. You can only direct deposit i...
by baseball2horse
Thu Aug 16, 2018 3:54 pm
Forum: Investing - Theory, News & General
Topic: Vanguard Switch to Brokerage Accounts
Replies: 60
Views: 11663

Re: Vanguard Switch to Brokerage Accounts

Something I really want is the abilities to have direct deposit directly into a Vanguard mutual fund. My pay is not constant, so my plan is divert 10% into the house fund. My employer will allow this. Vanguard told me I could do this with a brokerage account. Not true. You can only direct deposit i...
by baseball2horse
Wed Jul 25, 2018 1:47 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Implications of Renting a Room in my house when selling
Replies: 0
Views: 459

Tax Implications of Renting a Room in my house when selling

Hello, I am considering renting out one or two rooms in my house, but want to make sure I understand the tax implications before I do so. In particular I am concerned about depreciation recapture and the capital gains exclusion when I eventually sell it. From what I've read and understood, the depre...
by baseball2horse
Mon Jul 23, 2018 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Guilt at buying nice things for myself
Replies: 28
Views: 4038

Re: Guilt at buying nice things for myself

One thing I do is balance frivolous spending with charitable givem/ ie if I want to spend on some nice thing just for me that I don't need I donate the same amount to a charitable cause. This way I get something nice and the world gets something nice too. I feel that helps combat some of the guilt t...
by baseball2horse
Wed Jul 11, 2018 9:26 am
Forum: Personal Consumer Issues
Topic: Amazon won't sell this book to me.
Replies: 68
Views: 9343

Re: Amazon won't sell this book to me.

New data from the Consumer Intelligence Research shows that customers who spend $99 for an annual Prime membership go on to spend an average of $1,300 per year with the retailer, nearly double the amount spent by non-member customers. https://amp.businessinsider.com/images/595ff647f5018457018b4da6-...
by baseball2horse
Wed Jun 20, 2018 10:16 am
Forum: Personal Investments
Topic: HSA Monthly Investment Fee??
Replies: 6
Views: 1382

Re: HSA Monthly Investment Fee??

IS there a good way to calculate how much one would need to invest and what rate of return one would need to make investing there worth it? because if one only invests 1000 and earns like 2-3% return rate they would actually be losing money every month
by baseball2horse
Mon Jun 04, 2018 1:53 pm
Forum: Personal Investments
Topic: Too Much Money in Taxable Acct/House Payoff/401k
Replies: 9
Views: 1744

Re: Too Much Money in Taxable Acct/House Payoff/401k

doing so would leave me with about $18k remaining in my taxable account that I like to have as an emergency fund. YOu'd actually have 18k minus whatever taxes you owe on selling off 102k of your taxable account, which depending on your basis could end up being several thousand of dollars. (And of c...
by baseball2horse
Fri May 25, 2018 4:19 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage for new home
Replies: 28
Views: 2563

Re: Mortgage for new home

Yeah you should definitely shop around. And there are some banks who can close that quickly especially if your credit report is clean

I closed just last week (in 21 days) on a 30 year 4.5 with negative 68 origination fee.
by baseball2horse
Fri May 11, 2018 8:17 am
Forum: Personal Investments
Topic: Estimated Tax on Large Capital Gain
Replies: 44
Views: 5419

Re: Estimated Tax on Large Capital Gain

....................................................................... I anticipate that my withholding amount will be similar to last year and in 2017 I received a refund of 1.5k. My normal income is about 85k a year. ..................................................................................
by baseball2horse
Thu May 10, 2018 5:56 pm
Forum: Personal Investments
Topic: Estimated Tax on Large Capital Gain
Replies: 44
Views: 5419

Re: Estimated Tax on Large Capital Gain

Thanks for all the advice! I actually crunched the numbers between what I owed last year and what is being withheld this year and unless I increase my with holding I am going to not actually reach that number. Would it be better to increase my with holding amount to reach that safe harbor limit or s...
by baseball2horse
Wed May 09, 2018 4:55 pm
Forum: Personal Investments
Topic: Estimated Tax on Large Capital Gain
Replies: 44
Views: 5419

Estimated Tax on Large Capital Gain

I just withdrew a significant portion of my mutual fund for a down payment of house and now I have about 200k in capital gains. I am trying to figure out when/how/if I need to pay estimated taxes on this capital gain. I anticipate that my withholding amount will be similar to last year and in 2017 I...