Search found 438 matches

by Arby
Sun Dec 24, 2023 12:22 am
Forum: Personal Finance (Not Investing)
Topic: Prospective Tax Calculators
Replies: 18
Views: 1976

Re: Prospective Tax Calculators

tax estimate 2023 wages,salary,etc............0 taxable interest...........20 ordinary dividends.....5000 qualified dividends.....4800 ira distributions.......50000 capital gain/(loss)....(3000) total income...........47220 adj. to income(hsa)..(4850) AGI......................42370 std deduction........(13850) taxable income........28520 I'm also just listing inputs and limits on the back of an envelope. My biggest wrinkle is trying to reverse engineer the EITC phase-in and phase-out points around the max credit. The IRS announces the max credit, and last $ before phaseout, I have to back out the credit curve myself, until they publish the draft 1040 booklet with the EITC table. Everything else is straightforward. I want to replicate the D...
by Arby
Sat Dec 23, 2023 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Prospective Tax Calculators
Replies: 18
Views: 1976

Prospective Tax Calculators

I need to decide how much to convert from my TIRA to Roth before the end of the year. I've been using the Dinkytown tax calculator; think I found out about it here on Bogleheads. I like the way it's laid out and assume it's accurate.

https://www.dinkytown.net/java/1040-tax-calculator.html

Which prospective tax calculator do you prefer? I want to try at least one more and see if it matches the Dinkytown result.

There was also a giant Excel spreadsheet I found here a few years ago but can't seem to find it again. Anyone know it?
by Arby
Fri Jul 14, 2023 7:29 am
Forum: Personal Finance (Not Investing)
Topic: 1% Fidelity Debit Card Foreign Transaction Fee
Replies: 27
Views: 3104

Re: 1% Fidelity Debit Card Foreign Transaction Fee

Why are you using a debit card rather than a credit card? First off, thanks for all the responses. The reason that I am using the Fidelity Debit card linked to a Fidelity Cash Management Account is that there are no fees for using foreign ATMs and any fee imposed by bank that operates the foreign ATM are rebated. Never a problem although sometimes the amount charged changes ever so slightly after the charge due to exchange rate movements when posted. I keep only small amounts in the cash management account to limit fraud exposure and move money there from my brokerage account if I'm going to use the card. Other than my yearly health insurance premium my charges are insignificant so the ATM rebates are more important to me than any cash bac...
by Arby
Fri Jul 14, 2023 7:21 am
Forum: Personal Finance (Not Investing)
Topic: 1% Fidelity Debit Card Foreign Transaction Fee
Replies: 27
Views: 3104

Re: 1% Fidelity Debit Card Foreign Transaction Fee

Why are you using a debit card rather than a credit card? First off, thanks for all the responses. The reason that I am using the Fidelity Debit card linked to a Fidelity Cash Management Account is that there are no fees for using foreign ATMs and any fee imposed by bank that operates the foreign ATM are rebated. Never a problem although sometimes the amount charged changes ever so slightly after the charge due to exchange rate movements when posted. I keep only small amounts in the cash management account to limit fraud exposure and move money there from my brokerage account if I'm going to use the card. Other than my yearly health insurance premium my charges are insignificant so the ATM rebates are more important to me than any cash bac...
by Arby
Fri Jul 14, 2023 12:45 am
Forum: Personal Finance (Not Investing)
Topic: 1% Fidelity Debit Card Foreign Transaction Fee
Replies: 27
Views: 3104

Re: 1% Fidelity Debit Card Foreign Transaction Fee

Fidelity's debit card disclosures say there is a 1% foreign transaction fee. Personally I never experienced that when drawing cash from a foreign ATM, but I'm not surprised if you saw it when doing a debit transaction. Thanks. Googling around I see the 1% foreign transaction fee. I think it is a Visa charge. It is disappointing that the Fidelity rep told me that the charge was imposed by my insurance company and was not incurred on the Fidelity/Visa end. I've found that the phone reps in the Debit Card department are not nearly as sharp as the other fidelity reps. My primary reason for starting this thread is to see if my inquiry/complaints should be directed at Fidelity or the insurance company. I do find the other comments quite interest...
by Arby
Fri Jul 14, 2023 12:02 am
Forum: Personal Finance (Not Investing)
Topic: 1% Fidelity Debit Card Foreign Transaction Fee
Replies: 27
Views: 3104

Re: 1% Fidelity Debit Card Foreign Transaction Fee

Why are you using a debit card rather than a credit card? First off, thanks for all the responses. The reason that I am using the Fidelity Debit card linked to a Fidelity Cash Management Account is that there are no fees for using foreign ATMs and any fee imposed by bank that operates the foreign ATM are rebated. Never a problem although sometimes the amount charged changes ever so slightly after the charge due to exchange rate movements when posted. I keep only small amounts in the cash management account to limit fraud exposure and move money there from my brokerage account if I'm going to use the card. Other than my yearly health insurance premium my charges are insignificant so the ATM rebates are more important to me than any cash bac...
by Arby
Thu Jul 13, 2023 2:29 pm
Forum: Personal Finance (Not Investing)
Topic: 1% Fidelity Debit Card Foreign Transaction Fee
Replies: 27
Views: 3104

1% Fidelity Debit Card Foreign Transaction Fee

I live overseas and recently used my Fidelity debit card linked to a Fidelity Cash Management Account to pay my health insurance premium. Even though my health insurer is a French company,the quoted premium is in US Dollars.

I paid the premium and it instantly showed up correctly in my account activity. Now a few days later the charge is higher, 1% higher. I called Fidelity to ask about it. Fidelity insists that it is a charge from my insurance company and not a Fidelity charge.

What I don't understand is if I authorized a $4000 payment why Fidelity would pay out $4,040? Guess I'm missing something. Anyone have something similar happen or have a theory to as to what happened?
by Arby
Mon Jul 03, 2023 9:55 am
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

I just remembered - there are changes in the Secure 2.0 Act for the Savers credit. It's becoming a Savers Match :D , but not until 2027. :annoyed https://www.kiplinger.com/taxes/savers-credit-converted-to-savers-match The SECURE 2.0 Act makes a number of important revisions to the Saver's Credit starting in 2027. First and foremost, it changes the way you get the credit. Instead of having the credit applied against your tax liability when you file your tax return, the federal government will deposit a "matching contribution" directly into your retirement account. You'll get to pick which eligible retirement account it goes into, but it can't go into a Roth account. In addition, if you so elect or your matching contribution is les...
by Arby
Sun Jul 02, 2023 8:24 am
Forum: Personal Finance (Not Investing)
Topic: A Math/Finance Question
Replies: 11
Views: 1547

Re: A Math/Finance Question

RickBoglehead wrote: Sun Jul 02, 2023 7:01 am 62 x $10,000 / 56 days = $11,071.43.
I didn't check your math and have no reason to believe that it's not correct. But I wouldn't want to cut it too close and lose out on $400 if the average balance turned out to be $9999.
by Arby
Sun Jul 02, 2023 3:36 am
Forum: Personal Finance (Not Investing)
Topic: Is this move to NYC worth it?
Replies: 109
Views: 9238

Re: Is this move to NYC worth it?

Can't think of a better place to live if young and single. Get rid of your car. Depending on the location of your office, try to find an apartment within walking distance of work, Or as others suggest just a one subway commute.
by Arby
Sun Jul 02, 2023 1:40 am
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

The Saver's Match doesn't incentivize savings as much as it incentivizes low income retirees to pursue part time seasonal work up to $2000 in wages. Interesting if you qualify for the match and had a part time self employment gig that grossed exactly $2000 then you would not want to claim any business expenses that would bring your income below $2000 which would affect the match. I'm glad that I am investigating the Savers Credit and Savers Match now so as to implement an actionable plan. I realize I need to be as liquid as possible since taking money out of my Roth as I had planned interferes with the Credit and Match. So this year and next year I won't make Roth IRA contributions as I took out more than $7500 from my Roth in 2022. In 2025...
by Arby
Sat Jul 01, 2023 7:12 am
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

MrJedi wrote: Sat Jul 01, 2023 6:58 am
Smaller multiplier but larger tax to credit against. Keep going higher. It is not a linearly progressive credit.
I guess I'm missing something as it appears to me that no matter what the multiplier is that the largest amount that can be multiplied by the multiplier is $2000 and as the AGI goes up the multiplier goes down.

https://www.irs.gov/pub/irs-pdf/f8880.pdf
by Arby
Sat Jul 01, 2023 6:34 am
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

MrJedi wrote: Sat Jul 01, 2023 6:24 am

Try higher levels of income.
But doesn't the multiplier revert to 0.2 for single filers above $20.500 thereby making the biggest credit $400?
by Arby
Sat Jul 01, 2023 4:03 am
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

I'm trying to completely understand the process so I'm looking for a scenario where any single filer would be able to use the entire $1000 credit.

For 2023 the senior standard deduction is $15,700. In order to use the 0.5 multiplier one's AGI would have to be $20,500 or less (using the 2022 number here since I don't think 2023 has been released).

So a senior with an AGI of exactly $20,500 would be in the 10% bracket and pay $480 in tax (10% of 20,500-15,700). With the $1000 credit the $480 tax due would be wiped out.

Maybe I'm missing something but how can any single filer use up the entire $1000 credit?
by Arby
Fri Jun 30, 2023 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

Please clarify the distributions you have already taken and when. Is 2002 a typo? And if you need to change any regular contribution to a different type of IRA contribution, you can recharacterize it. But you can no longer recharacterize a conversion. Therefore, you have plenty of flexibility to manage your AGI and taxable income. As for RMDs, your first RMD is for the year you reach 73. And if you are using the savers credit in that year, you could even defer the first RMD entirely or partially to the following year by 4/1. Of course, all this flexibility makes proper tax planning challenging. Ooops typo, it should read 2022. In 2022, I took over 10K out of a Roth so unless I'm missing something there won't be any saver credit for me unti...
by Arby
Fri Jun 30, 2023 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Re: Savers Credit IRS Form 8880

2) Yes, but only if you meet the timing requirements for the "testing period". If you take the 2000 distribution before the testing period ends, that distribution reduces the contribution amount used to determine the credit. The testing period for a 2023 savers credit begins 1/1/2021 and ends 4/15/2024. You could make your 2023 contribution anytime from now to 4/15/2024, and take the distribution after 4/15/2024, and your Form 8880 will not have to show the distribution on line 4 and your 1000 credit will hold. If married filing jointly, any activity your spouse makes in the testing period will be attributed to you and must go on your 8880. 3) Note that if you do the above planning, your distribution will be included for the next...
by Arby
Fri Jun 30, 2023 9:31 am
Forum: Personal Finance (Not Investing)
Topic: Savers Credit IRS Form 8880
Replies: 23
Views: 2003

Savers Credit IRS Form 8880

EDIT: made some small edits for clarity

This year I will have self employment income more than $2000. I'm retired and collecting Social Security and try to arrange Roth conversions to stay in the 0% tax bracket.

I stumbled across the Savers Credit which could provide me with a $1000 credit. I have a couple questions.

1) Can the $1000 credit be used to offset the 15.3% FICA tax that I'll owe on my self employment earnings?

2) Could I contribute $2000 to an IRA to claim the $1000 credit while also withdrawing $2000 from my IRA thereby keeping my IRA value constant but getting the $1000 non-refundable credit to offset my self employment income?
by Arby
Fri May 12, 2023 10:34 am
Forum: Personal Finance (Not Investing)
Topic: Leaving employer without notice
Replies: 209
Views: 17497

Re: Leaving employer without notice

NBCUniversal announced Friday morning that its longtime advertising chief, Linda Yaccarino, was leaving effective immediately, fueling speculation that she was on her way to lead Twitter.

Mr. Musk had said on Thursday that he had selected a chief executive for Twitter but did not identify the executive. In a tweet, he said “she will be starting in ~6 weeks!”
by Arby
Thu May 11, 2023 11:28 am
Forum: Personal Investments
Topic: Diversify out of an ESOP?
Replies: 32
Views: 1869

Re: Diversify out of an ESOP?

I had an ESOP from my MegaCorp that was stopped early in my career after the company went through an acquisition. The cost basis of my ESOP was about $18/share. When I retired after 40 years, the stock was worth about $140/share. The handling of the NUA was as follows (I'm doing this from memory, so someone correct me if I'm wrong): 1. You cannot have "touched" the stock, or the cost basis will change. 2. You need to have a before-tax IRA and after-tax individual account set up with a brokerage (in my case it was Fidelity). 3. Tell the Fidelity agent that you want an NUA treatment on the ESOP. They will move the money from the ESOP in your 401(k) to the after-tax account. You will be responsible for the income tax on the cost bas...
by Arby
Thu May 11, 2023 11:14 am
Forum: Personal Investments
Topic: Diversify out of an ESOP?
Replies: 32
Views: 1869

Re: Diversify out of an ESOP?

This is really interesting. In had thought if you transfer to a 401K you would only be subject to ordinary income tax when you withdraw down the road. Were the LTCGs taxed right at the time of transfer to a 401K? So if your basis is $20K, gains over a year are $5K, instead of getting $25K transferred in kind to a 401K, you only get $24,250? I would make sure to transfer in kind, vs cash out, so it’s not a taxable event (or maybe it still is?!?). As far as I understand, “cashing out” isn’t even an option. You can only choose to transfer directly to a 401K. So tax deferred to tax deferred move … which is why I’m confused about the LTCGs mentioned in a couple posts. In my particular plan, I was able to cash out the ESOP portion. The basis tax...
by Arby
Thu May 11, 2023 8:51 am
Forum: Personal Finance (Not Investing)
Topic: Seeking guidance
Replies: 7
Views: 627

Re: Seeking guidance

exodusNH wrote: Thu May 11, 2023 8:44 am

You'd earn more money over the next 2-3 years by putting it into a CD. When it matures, evaluate your finances and the current interest rate environment, and decide the next step.
That's what I would do.
by Arby
Thu May 11, 2023 5:59 am
Forum: Personal Investments
Topic: Diversify out of an ESOP?
Replies: 32
Views: 1869

Re: Diversify out of an ESOP?

Where I worked so many people did not invest the time to understand this and would just sell the shares and take the cash so the entire distribution was treated as ordinary income when if they just would have transferred the shares they would only have had to pay ordinary income tax on the basis and LTCG on the appreciation which in my old company's situation was VERY significant. Each ESOP/401K is somewhat different. In my case, much like yours, the appreciated stock was taxed at LTCG rates and the basis taxed as ordinary income was quite small. The ESOP proceeds enabled me to live without working for many years. The remainder of the 401K was rolled into a traditional IRA and was mostly slowly converted to a Roth over the years. I still h...
by Arby
Thu May 11, 2023 4:13 am
Forum: Personal Investments
Topic: Diversify out of an ESOP?
Replies: 32
Views: 1869

Re: Diversify out of an ESOP?

meadowrue wrote: Wed May 10, 2023 6:08 am

I will be fully vested in the ESOP in July 2025, at which time I have the choice to divest all or a portion of my ESOP funds into my 401K. This option will come up annually. Is there any reason not to do this?
You have a certain amount of somewhat inside info about your company. This info could be one factor in your decision.
by Arby
Tue May 09, 2023 5:06 am
Forum: Personal Investments
Topic: 69 yo thinking of Roth conversion: Does it make sense?
Replies: 25
Views: 2884

Re: 69 yo thinking of Roth conversion: Does it make sense?

robindbee wrote: Mon May 08, 2023 8:47 pm

According to my SS benefit verification letter of 1/28/2023, Gross $26753 minus med premium $164, making it $24756 net yearly.


RMDs
For taxability of Social Security you would be using the Gross; actually 50% of the Gross I guess.

Seems that your TIRA will be growing by approx the same amount as you are withdrawing so at some point you won't be in the 0% bracket any longer as the RMDs get larger.

Here's the calculator I've been playing around with recently:

https://www.dinkytown.net/java/1040-tax-calculator.html

I had a rent stabilized apartment in Manhattan for many years. Live overseas now. Enjoy! :D
by Arby
Tue May 09, 2023 4:46 am
Forum: Personal Investments
Topic: Huge annoyance at Fidelity, alternative investment desk
Replies: 31
Views: 3753

Re: Huge annoyance at Fidelity, alternative investment desk

If you live near a Fidelity Investor Center you can give it a try there. The reps there would be dealing with the same folks as you were on the phone but it is worth a shot.
by Arby
Sun May 07, 2023 9:49 am
Forum: Personal Investments
Topic: I think it may be time to "retire".
Replies: 35
Views: 8442

Re: I think it may be time to "retire".

Booma wrote: Sun May 07, 2023 8:30 am

The other option is to do large Roth conversions between 60-63 using my brokerage account for the taxes. I'm a little concerned about impacting ACA subsidies and IRMAA.
You might have to do Roth conversions to the top of the 24% bracket to avoid IRMAA problems.

Enjoy your retirement! :happy
by Arby
Sat May 06, 2023 12:42 am
Forum: Personal Investments
Topic: Fidelity Business Brokerage Account and Money Market limitation?
Replies: 5
Views: 821

Re: Fidelity Business Brokerage Account and Money Market limitation?

I think SPAXX is also allowed for business accounts. It might yield ever so so slightly more than FZFXX.
by Arby
Fri May 05, 2023 8:57 am
Forum: Personal Investments
Topic: 1 year CD vs 3 year CD
Replies: 32
Views: 4600

Re: 1 year CD vs 3 year CD

chassis wrote: Fri May 05, 2023 7:04 am
Don’t buy CDs because they are illiquid, antiquated instruments. Buy Treasuries on the secondary market at your brokerage.
[/quote]

In general I agree. But short durations, I compare Treasuries to CDs to Money Market.
by Arby
Fri May 05, 2023 5:36 am
Forum: Personal Investments
Topic: 1 year CD vs 3 year CD
Replies: 32
Views: 4600

Re: 1 year CD vs 3 year CD

I don't think we've seen the full impact of the Fed's recent rate hike on brokered CDs. One year CDs have only increased from 5.1% to 5.15%.

I also don't think we've fully seen the effect of the most recent regional bank worries on CD rates. About 5 weeks ago I was able to by a call protected 18 month CD at Fidelity yielding 5.5%. So I think rates will be going up in the next few days.
by Arby
Fri May 05, 2023 5:14 am
Forum: Personal Finance (Not Investing)
Topic: In Hindsight, did you retire at the right time?
Replies: 109
Views: 12909

Re: In Hindsight, did you retire at the right time?

I retired at 54. If I had waited two more years I'd have lots more money now due to my company going public. But that's with hindsight. I wasn't enjoying my job anymore and am OK living a frugal lifestyle. What's the bigger risk, running out of money or running out of life?

I think if someone hates their job they should quit. Maybe you suck it up for a year or two if near a significant pension breakpoint.
by Arby
Thu May 04, 2023 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo CD through Vanguard
Replies: 6
Views: 903

Re: Wells Fargo CD through Vanguard

Arby wrote: Thu May 04, 2023 4:04 am

I don't think this morning is a good time to buy CDs. Because of yesterday's Fed rate hike, I suspect that in a few days you will find 1 year call protected CDs yielding more than 5.1%. Today many banks will decide what rate they should offer on new CDs. The bank doesn't matter as long as you are within the FDIC insured limit.
Even before noontime, Schwab is offering a call protected 1 year CD at Fidelity at 5.15%. I expect regional banks that really need deposits will exceed that rate this week.
by Arby
Thu May 04, 2023 8:08 am
Forum: Personal Investments
Topic: Managing balances of checking, savings, and emergency fund
Replies: 21
Views: 1999

Re: Managing balances of checking, savings, and emergency fund

simpleisbest wrote: Thu May 04, 2023 5:46 am

I feel like I'm doing something too complicated here, or is this a reasonable management plan? I wonder if I can get away with less than $5,000 in HY savings and put more into the MMF.
I think it is a reasonable management plan. IMO no big deal if the HY savings falls below 5K since you can transfer from Vanguard if needed.
by Arby
Thu May 04, 2023 4:12 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 5973
Views: 1008294

Re: Fidelity as a one stop shop

Just to clarify, will Fidelity automatically liquidate any of the 31 Fidelity money market funds listed on https://fundresearch.fidelity.com/fund-screener/results/table/overview/averageAnnualReturnsYear3/desc/1?assetClass=MM&category=TF%2CTM%2CXT&order=assetClass%2Ccategory to pay debits from the account? I am curious as to the order of liquidation. Obviously one's Core account comes first but then how is it determined which money market fund to pull from? I know this is not a big deal but I do want to know how things work. Zion's Bancorp was late with their interest payment but on time with their principal redemption. I suspect that Zion's was using my money interest free during the period that they were late. Again not a big deal...
by Arby
Thu May 04, 2023 4:04 am
Forum: Personal Finance (Not Investing)
Topic: Wells Fargo CD through Vanguard
Replies: 6
Views: 903

Re: Wells Fargo CD through Vanguard

One thing to watch out for is if the CD is call protected or not. On the Fidelity platform, a Wells Fargo 5.1% 1 year CD is call protected. A Goldman Sachs 1 year CD yielding 5.15% is not call protected. I'd much rather have the call protected CD. I don't think this morning is a good time to buy CDs. Because of yesterday's Fed rate hike, I suspect that in a few days you will find 1 year call protected CDs yielding more than 5.1%. Today many banks will decide what rate they should offer on new CDs. The bank doesn't matter as long as you are within the FDIC insured limit. Not sure if it works this way with Vanguard, but with Fidelity after you place your buy order you still have time to cancel. It could be days. Numerous times, I have put in ...
by Arby
Wed May 03, 2023 3:23 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 5973
Views: 1008294

Re: Fidelity as a one stop shop

midwest_bound wrote: Tue May 02, 2023 5:30 pm I am using a CMA with Fidelity and will need to withdraw several thousand dollars in cash once a month. Is there any hope that Fidelity will allow me to increase my daily ATM withdrawal limit significantly higher?
I've tried a few times but have not been able to raise it above $500. It might be $510 or $520 so that a $500 withdrawal stays below the limit before ATM fees are rebated.

My motivation for seeking the increase was to save Fidelity money on ATM rebates. I suspect there may be a secret undisclosed limit on ATM rebates though it is probably quite high.
by Arby
Tue May 02, 2023 6:47 am
Forum: Personal Finance (Not Investing)
Topic: Should I purchase a Medicare supplement?
Replies: 202
Views: 16347

Re: Should I purchase a Medicare supplement?

Some friends in New York City are considering Medigap G High Deductible Plans.

One turned 70 a couple months ago and his spouse turned 65 a couple months ago.

It is clear to me that the 65 year old is within the initial enrollment period.

But from Googling around it appears that the 70 year old could enroll at any time since he is a New York resident.

There are 4 companies offering Medigap G High Deductible in New York. I get the impression that benefits are standardized. Does that mean just go with the lowest premium? What would be a reason to go with a company other than the one offering the lowest premium?

Are age and sex factors considering the premium for either the 65 year old or 70 year old?
by Arby
Mon May 01, 2023 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Stay or go [Can I retire?]
Replies: 53
Views: 6152

Re: Stay or go [Can I retire?]

I'd go for the Reduced Workload Program mentioned above if available at your school.

If not, the math favors staying 3 more years. But it's not all about the math. If you really dread 3 more years of a tennis ball atmosphere then walk away.
by Arby
Sat Apr 29, 2023 5:42 am
Forum: Personal Finance (Not Investing)
Topic: Fidelity as a one stop shop
Replies: 5973
Views: 1008294

Re: Fidelity as a one stop shop

vaylie wrote: Fri Apr 28, 2023 5:24 pm

So what stands out here to me the most is that unless I really need the ATM reimbursement features of CMA, I'm almost always better off just using one of the government MMFs in a default core position in a brokerage account vs a CMA.
The ATM reimbursement is important to me so my workaround is that I keep my money in SPRXX which is not technically my Core account but operates like a core account within my CMA as I can make ATM withdrawals with no money in my Core. I assume I could also use bill pay or make transfers with no money in my Core.
by Arby
Sat Apr 29, 2023 4:57 am
Forum: Personal Investments
Topic: Zions Bankcorp CD Fidelity Platform
Replies: 2
Views: 689

Zions Bankcorp CD Fidelity Platform

A Zions Bancorporation CD bought on the Fidelity platform matured on 4/28. I received the principal but not the interest.

But for a Flushing Bank CD that matures on 5/1, I see both the principal and interest.

I called Fidelity and the rep said they couldn't help me over the weekend and I need to call the Fixed Income team on Monday morning.

Hope it is just a Fidelity glitch and not a troubled regional bank that can't pay interest. Anyone else happen to have a Zions CD that matured on 4/28?
by Arby
Fri Apr 28, 2023 7:29 am
Forum: Personal Finance (Not Investing)
Topic: International Travel - ATM / Credit Card Strategy
Replies: 16
Views: 1951

Re: International Travel - ATM / Credit Card Strategy

Note that some merchants (and ATM terminals) may offer currency conversions for you and allow you seemingly pay in USD; ALWAYS decline this option as their exchange rates will not be favorable and you will be losing much more than if you pay in the local currency. Obviously the best option for cash is to find a bank that offers an ATM card with no foreign transaciton fee AND one that provides ATM fee reimbursement. Fidelity CMA accounts offer this (I know there is some dispute on this but I have verified this personally many times while abroad). I also have Fidelity debit cards linked to two Fidelity Cash Management Accounts. The exchange rate is good and the ATM fees have always been reimbursed. I live in Southeast Asia and opened the 2nd...
by Arby
Sun Apr 23, 2023 1:39 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Calculator That Includes Schedule R Senior Tax Credit
Replies: 2
Views: 451

Tax Calculator That Includes Schedule R Senior Tax Credit

Can anyone recommend a free tax calculator that automatically includes the Schedule R (Senior Tax Credit) calculation in the results? Although I am looking for tax year 2023, tax year 2022 will do so I can get the hang of it. Thanks! :happy
by Arby
Tue Mar 28, 2023 10:57 am
Forum: Investing - Theory, News & General
Topic: Is a CD a CD anymore?
Replies: 76
Views: 8914

Re: Is a CD a CD anymore?

I would worry about buying a 5-year CD at 5% because rates could increase to 15% the year after I bought it. This would make me very unhappy and I would probably cry. 5-year CD at 5%? I'd bite; sure I'd worry, but the payout is $12,500 per year on a $250K CD. ($1042/Month) Today the 5 year treasury rate is 3.59%. (Treasurys do have their advantages; sell it any day.) I'd also consider $125K in a 5 year/5% CD $125K in a 5 year TIPS or just roll short treasurys indefinitely. There's no right answer. The bottom line for me: When I have money to invest, I want the best deal that day. (Unless interest rates are zilch. Then I'll buy TIPS.) I will do my best to have my money invested by the close of business...no waiting for future rainbows. On t...
by Arby
Fri Mar 24, 2023 8:03 am
Forum: Investing - Theory, News & General
Topic: Trading Treasuries (nominal and TIPS)
Replies: 4107
Views: 455497

Re: Trading Treasuries (nominal and TIPS)

There was an earlier discussion of the mechanics of rolling tbills at Vanguard, including whether the proceeds from maturing bills could be used to settle the next auction, but I'm not seeing the conclusion. https://www.bogleheads.org/forum/viewtopic.php?p=6721037#p6721037 Apologies since I'm probably missing something. There's a 13 week tbill auction every Monday (other than holidays) which settles on Thursday. Does that mean if I participate in the Monday Feb 13 auction by ordering through a Vanguard brokerage account I'd need available funds on Thursday the 16th and would receive funds at maturity on Thursday May 18 that could be used to settle the 13 week tbill auction on Monday May 15 that settles on Thursday May 18? If so, does this ...
by Arby
Fri Mar 24, 2023 7:37 am
Forum: Investing - Theory, News & General
Topic: All money market funds by 7-day yield
Replies: 152
Views: 34162

Re: All money market funds by 7-day yield

Nice job! I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX. Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this. Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher. FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself. FDLXX appears to be closed to new investors. Would FDRXX be the closest equivalent Fido money market fund? How about 1 month CDs? Zions Bancorp is paying 4.95% interest. Their stock got hammered today but if they went belly up I would only lose the interest. How long would it take to retrieve my money in that scenario? Ally and Link...
by Arby
Fri Mar 24, 2023 5:08 am
Forum: Investing - Theory, News & General
Topic: All money market funds by 7-day yield
Replies: 152
Views: 34162

Re: All money market funds by 7-day yield

Nice job! I currently have most of my cash in FZDXX in my CMA acct. MY 2 Roth IRA's I set the sweep to FDRXX. Been wondering if I should change these to Treasury only MM's. Not sure which Fidelity options I would have to do this. Your sheet doesn't seem to clarify which are treasury only... or I don't know enough to decipher. FDLXX is the treasury only option at Fidelity. I just moved from FZDXX-->FDLXX myself. FDLXX appears to be closed to new investors. Would FDRXX be the closest equivalent Fido money market fund? How about 1 month CDs? Zions Bancorp is paying 4.95% interest. Their stock got hammered today but if they went belly up I would only lose the interest. How long would it take to retrieve my money in that scenario? Ally and Link...
by Arby
Thu Oct 13, 2022 2:16 pm
Forum: Investing - Theory, News & General
Topic: SS 2023 benefit increase will be 8.7%
Replies: 129
Views: 14934

Re: SS 2023 benefit increase will be 8.7%

1.087474636 is so close to 8.8%; just missed.
by Arby
Sun Sep 25, 2022 3:13 am
Forum: Personal Finance (Not Investing)
Topic: OLT Foreign Interest
Replies: 1
Views: 270

Re: OLT Foreign Interest

I know longer need OLT help. It seems easier to use the Free Fillable Forms option.
by Arby
Sun Sep 25, 2022 1:26 am
Forum: Personal Finance (Not Investing)
Topic: OLT Foreign Interest
Replies: 1
Views: 270

OLT Foreign Interest

It is unclear to me where to enter interest earned in a foreign bank on the OLT website.

In the Foreign Accounts section there are some questions about whether I am required to file FinCEN Form 114 but no place to enter my foreign interest income. It is possible that further along in the process I could be prompted to enter this income.

There is also a 1099-INT area but I did not receive a 1099. I could possible fill it in there but do have a concern about double counting.

Any OLT users out there. How did you fill in your interest if you did not receive a 1099? How did you report foreign interest?
by Arby
Sat Sep 03, 2022 6:03 am
Forum: Investing - Theory, News & General
Topic: Trading Treasuries (nominal and TIPS)
Replies: 4107
Views: 455497

Re: Trading Treasuries (nominal and TIPS)

Looking at the Fidelity platform for the past week, the Ask Yield to Maturity is consistently higher for Zero's that expire on 10/25/22 than for Zero's that expire on 10/27/22. What would be possible reasons for this? One possible explanation is that there are a greater supply of 10/25/22 bills than 10/27/22 bills but have no idea if that is the real reason or if there is something that I'm not aware of.
by Arby
Mon Aug 29, 2022 9:01 am
Forum: Investing - Theory, News & General
Topic: Trading Treasuries (nominal and TIPS)
Replies: 4107
Views: 455497

Re: Trading Treasuries (nominal and TIPS)

Decided to get my feet wet by buying a zero coupon Tbill in the secondary market today that matures on 11/25. I paid $993.37 and am trying to figure out my yield. Googling around I came up with the following formula: The bond equivalent yield formula is calculated by dividing the difference between the face value of the bond and the purchase price of the bond, by the price of the bond. That answer is then multiplied by 365 divided by "d," which represents the number of days left until the bond's maturity. Straightforward enough but have some questions about "d". Would the starting date be today 8/29 or when the trade settles tomorrow on 8/30 (I think)? Would the end date be the maturity date, 11/25 which is Black Friday?...