Search found 351 matches

by MrMiyagi
Sun May 28, 2017 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding ROTH IRA conversion and taxes owed
Replies: 12
Views: 963

Re: Question regarding ROTH IRA conversion and taxes owed

Hey guys sorry to bring this up again but I read through the link livesoft read and it created more questions than answers. You mentioned there was already a posted solution...which was it? Is it what Oicuryy says: https://www.bogleheads.org/forum/viewtopic.php?t=219445#p3379758 This is going to be ...
by MrMiyagi
Sat May 27, 2017 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding ROTH IRA conversion and taxes owed
Replies: 12
Views: 963

Re: Question regarding ROTH IRA conversion and taxes owed

Thanks livesoft. Looking through the thread though...has anyone actually posted a solution or sample way to fill it out? Why yes they did. Which would you suggest I use? Looking through it...there's links to how to do it via TurboTax 2015 (which I assume is too late to do since this is a year ago.....
by MrMiyagi
Sat May 27, 2017 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding ROTH IRA conversion and taxes owed
Replies: 12
Views: 963

Re: Question regarding ROTH IRA conversion and taxes owed

Hi, I got a bill from the IRS for 2015 regarding a ROTH IRA conversion. Specifically what I did last year was put 5000 into the traditional IRA at Vanguard, then a few days later before any interest accrued, I converted it into a Roth IRA. The IRS must have gotten the 1099-R form from Vanguard for ...
by MrMiyagi
Sat May 27, 2017 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding ROTH IRA conversion and taxes owed
Replies: 12
Views: 963

Re: Question regarding ROTH IRA conversion and taxes owed

Form 1040 line 32 has nothing

Form 8606 lines
1 : 5500
2: 0
3: 5500
14: 5500
15: 0

It seems they also adjusted my schedule A to decrease deductible income by 165, probably because of the 5500 increased taxable ?

Thanks a ton for your help livesoft.
by MrMiyagi
Sat May 27, 2017 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding ROTH IRA conversion and taxes owed
Replies: 12
Views: 963

Re: Question regarding ROTH IRA conversion and taxes owed

Thanks livesoft. Looking through the thread though...has anyone actually posted a solution or sample way to fill it out? It sounds like it should be the same for everyone putting in 5500. Are we still allowed to convert Roth IRA this way? I suppose my wife is going to get a letter for 2015 as well, ...
by MrMiyagi
Sat May 27, 2017 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Question regarding ROTH IRA conversion and taxes owed
Replies: 12
Views: 963

Question regarding ROTH IRA conversion and taxes owed

Hi, I got a bill from the IRS for 2015 regarding a ROTH IRA conversion. Specifically what I did last year was put 5000 into the traditional IRA at Vanguard, then a few days later before any interest accrued, I converted it into a Roth IRA. The IRS must have gotten the 1099-R form from Vanguard for t...
by MrMiyagi
Sun Apr 16, 2017 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Question - California Joint Tenant question
Replies: 1
Views: 232

Tax Question - California Joint Tenant question

If I bought a house with someone and we are "joint tenants" but the mortgage is over 1.1 million...can we split the 2 million mortgage in half and claim that our share of the mortgage is 1 million each and take half of the interest deduction accordingly? This is in California if it makes a differenc...
by MrMiyagi
Sun Nov 01, 2015 9:25 pm
Forum: Investing - Theory, News & General
Topic: "I" Bonds [Interest rate?]
Replies: 12
Views: 2126

Re: "I" Bonds [Interest rate?]

So if I buy an i-bond now, it will never earn any interest for the life of the i-bond (30 years)?!? It says fixed rate 0%, inflation rate NEGATIVE 0.80%...so composite rate is -0.8% which becomes 0%? What's the point of buying an i-bond if it's going to be 0% interest rate for the next 30 years? Or ...
by MrMiyagi
Tue Jun 09, 2015 2:46 pm
Forum: Personal Finance (Not Investing)
Topic: Buying in Bay Area (redux)
Replies: 72
Views: 11446

Re: Buying in Bay Area (redux)

If you can afford it, just buy a place and don't look back. I remember looking at this forum, redfin, and Patrick.net asking the same questions in 2012-2013. I saw multiple people saying "market is crazy, just save and wait for better opportunity." Well guess what? I followed that advice, and I incr...
by MrMiyagi
Sat Apr 11, 2015 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Did a stealth roth conversion last year - Taxes and AMT
Replies: 4
Views: 570

Re: Did a stealth roth conversion last year - Taxes and AMT

I put 5500 in traditional ira, then immediately converted it into roth ira the very next day. So the net gains for the traditional was 0...actually in 1 case it was 2 cents.
by MrMiyagi
Sat Apr 11, 2015 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Did a stealth roth conversion last year - Taxes and AMT
Replies: 4
Views: 570

Did a stealth roth conversion last year - Taxes and AMT

My wife and I did a stealth roth conversion last year, but whenever I enter the 11,000 in Turbo Tax, our taxes owed jumps up quite a bit. I thought we didn't get taxed on roth contributions till after we withdrew? Is it becomes our income was over the roth limit? Is there a way to properly enter the...
by MrMiyagi
Fri Jan 02, 2015 1:54 am
Forum: Personal Finance (Not Investing)
Topic: Engaged - marriage penalty & other practical concerns
Replies: 50
Views: 6289

Re: Engaged - marriage penalty & other practical concerns

Wow great thread. Seems like the tax system still favors one breadwinner lifestyle.
by MrMiyagi
Wed Apr 30, 2014 6:51 pm
Forum: Personal Finance (Not Investing)
Topic: Car Insurance - Which company do you use?
Replies: 19
Views: 2736

Car Insurance - Which company do you use?

Specifically for California. I have used the same company for many years that provided great coverage at fair prices. However, they don't cover in California. I currently have 2 cars insured for the same price Geico would insure one in CA (~800 bucks). What car insurance company do you use? Any poin...
by MrMiyagi
Mon Apr 21, 2014 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Town home, good or bad idea?
Replies: 21
Views: 2281

Re: Town home, good or bad idea?

Unless you're willing to let your cousin live rent-free in the event he loses his job and can't cover his part of the mortgage, I'm going to err on saying "NO" to buying a townhouse together. Maybe if you want to buy it yourself and rent to your cousin, that might work. It would be hard to kick your...
by MrMiyagi
Mon Apr 21, 2014 7:46 am
Forum: Investing - Help with Personal Investments
Topic: Just started residency, need some portfolio advice
Replies: 10
Views: 1794

Re: Just started residency, need some portfolio advice

I'm a resident as well so I feel your pain with the education debt. If you aren't getting a match at your 403b, you probably wouldn't bother contributing to that at all. I would just max out my Roth IRA each year. Sorry to derail your plan, but if you have 300k in debt that is 6.8% and 7.9% interest...
by MrMiyagi
Tue Apr 01, 2014 12:00 pm
Forum: Personal Consumer Issues
Topic: Will this affect your Tipping? [Suggested Tip Amounts]
Replies: 123
Views: 11862

Re: Will this affect your Tipping?

I once hit "no tip" in front of my girlfriend in this exact situation (and then left a dollar in the tip jar because that seemed reasonable as opposed to a percentage). She told me that "in this economy" I was a jerk for not spreading the wealth around. I made the same point about this not being a ...
by MrMiyagi
Tue Apr 01, 2014 11:47 am
Forum: Personal Consumer Issues
Topic: Will this affect your Tipping? [Suggested Tip Amounts]
Replies: 123
Views: 11862

Re: Will this affect your Tipping? [Suggested Tip Amounts]

Can someone explain this table to me? http://www.dol.gov/whd/state/tipped.htm Take California for example, where the minimum is $8.00. Does this mean the employer is paying the waiter 8/hr + the waiter collects tips? In that case, the waiters in CA are making much more than their counterparts in NY!...
by MrMiyagi
Mon Mar 24, 2014 10:14 am
Forum: Personal Consumer Issues
Topic: Road trip advice?
Replies: 35
Views: 4008

Re: Road trip advice?

I don't want to thread hijack, but I am doing a similiar (but longer) drive soon. Is there anything else we should consider - such as what sort of car tune-ups should be done before such a long drive? Thanks!
by MrMiyagi
Sat Mar 22, 2014 10:34 am
Forum: Personal Consumer Issues
Topic: Frugality regret: What thing do you regret not spending on?
Replies: 176
Views: 36914

Re: Frugality regret: What thing do you regret not spending

I think one thing the YOLO crowd has right, is spending money on travel and any physically demanding activities when you are young and able to do these things. I'm only in my mid 30s, but my knees are shot. I really regret not participating in things in my youth that fall into those categories, but ...
by MrMiyagi
Sat Mar 22, 2014 9:56 am
Forum: Personal Finance (Not Investing)
Topic: You can lead a horse to water... [Giving financial advice]
Replies: 50
Views: 7023

Re: You can lead a horse to water...

How about: 3. The interest rates are near 0% now so there's really no point in saving. :beer Excellent. Exactly! And when interest rates were 14% it was "inflation is 20%, so there's really no...." I have to confess, I do fall into #3 myself. I still max my 401k and IRA, but since the rates are so ...
by MrMiyagi
Sat Mar 22, 2014 9:44 am
Forum: Personal Finance (Not Investing)
Topic: You can lead a horse to water... [Giving financial advice]
Replies: 50
Views: 7023

Re: You can lead a horse to water...

My observation is that "spenders" rationalize like this, in two parts depending on age: 1. While young, they say "hey, you only live once, I'll worry about tomorrow if I'm still alive, so now I'll do <fill in the temporary-fix-feel-good-hedonism>" 2. When older they say "it's too late to save now, ...
by MrMiyagi
Sat Mar 22, 2014 9:38 am
Forum: Personal Finance (Not Investing)
Topic: You can lead a horse to water... [Giving financial advice]
Replies: 50
Views: 7023

Re: You can lead a horse to water...

My own experience is that your SUBJECT says it all....you can't get spenders to change. They may have to suffer through the punishment of bankruptcy and whatever else the world inflicts on them. I would be a supportive friend, but I would not bang my head against the wall trying to get them to chan...
by MrMiyagi
Sat Mar 22, 2014 7:33 am
Forum: Personal Finance (Not Investing)
Topic: Girlfriend pays rent - tax filing (Schedule E or elsewhere?)
Replies: 10
Views: 4404

Re: Girlfriend pays rent - tax filing (Schedule E or elsewhe

Somewhat naive question, but isn't rental income taxed as income? Can you even claim your condo as a rental unit if it's also your primary residence?

I'm just confused at how claiming extra income (rental income) can be advantageous to you in terms of taxes!
by MrMiyagi
Fri Feb 21, 2014 9:22 am
Forum: Personal Finance (Not Investing)
Topic: What's the Appropriate Net Worth by % for a 27 year old?
Replies: 78
Views: 16489

Re: What's the Appropriate Net Worth by % for a 27 year old?

Good god, what profession are you guys in...300k by age 30? WOW. Guessing finance... I'm actually a state police officer, so I don't make that much. Wife has a decent job, makes about as much as me. But I agree with tj I bought two homes that turned into rentals in 2009 and 2010 and a third home in...
by MrMiyagi
Fri Feb 21, 2014 9:15 am
Forum: Personal Finance (Not Investing)
Topic: What's the Appropriate Net Worth by % for a 27 year old?
Replies: 78
Views: 16489

Re: What's the Appropriate Net Worth by % for a 27 year old?

Good god, what profession are you guys in...300k by age 30? WOW. Guessing finance... I'm in the US military... so nothing too incredible for pay. Out of college, I started at around $45k/yr. 6 years later, I'm at around $80k/yr. The biggest factors for me were just getting through college with no s...
by MrMiyagi
Thu Feb 20, 2014 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: What's the Appropriate Net Worth by % for a 27 year old?
Replies: 78
Views: 16489

Re: What's the Appropriate Net Worth by % for a 27 year old?

Good god, what profession are you guys in...300k by age 30? WOW. Guessing finance...
by MrMiyagi
Thu Feb 20, 2014 4:22 pm
Forum: Investing - Theory, News & General
Topic: $16 Billion for WhatsApp?!?!?!
Replies: 51
Views: 5386

Re: $16 Billion for WhatsApp?!?!?!

I have never even heard of WhatsApp, is this an international app? Then again, I was surprised that Facebook stock is as high as it is, and the company is profitable?

Maybe social media is the new wave to wealth after all.
by MrMiyagi
Thu Feb 20, 2014 3:06 pm
Forum: Personal Finance (Not Investing)
Topic: What's the Appropriate Net Worth by % for a 27 year old?
Replies: 78
Views: 16489

Re: What's the Appropriate Net Worth by % for a 27 year old?

I am 29.5, and my net worth is right around 300k (taxable + Roth IRA + 401(k) + cash). I think that's about average for someone with a college education, but on this saving / investing forum alot of people are doing much better. As far as %'s of net worth - that is totally dependent on your short t...
by MrMiyagi
Thu Feb 20, 2014 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Skip IRA for 1 year to buy engagement ring
Replies: 194
Views: 19534

Re: Skip IRA for 1 year to buy engagement ring

Is she making Roth contributions? If not, put it in her account! It would always be there for her until she needs it!!! This is actually quite a clever suggestion. It speaks to your values. And it is a sure sign of commitment. At least I would have no qualms about proposing this. She might surprise...
by MrMiyagi
Tue Feb 18, 2014 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Skip IRA for 1 year to buy engagement ring
Replies: 194
Views: 19534

Re: Skip IRA for 1 year to buy engagement ring

I'm going to go against probably everyone else's advice here and say just buy the engagement ring that she will be happy with, within reason (i.e. if you're making 45k/yr and she asks you for a 20k ring, I'd personally run for the hills). Before you do that though, make sure she is "the one." Only y...
by MrMiyagi
Thu Nov 28, 2013 3:00 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Re: Do 401k contributions reduce MAGI?

Thanks everyone!
by MrMiyagi
Mon Nov 25, 2013 9:07 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Re: Do 401k contributions reduce MAGI?

Thanks for all your help regarding the Roth IRA conversion. Why do I not withhold taxes? Also, will vanguard keep an empty traditional IRA account open for a year if I keep doing this every year? I assume it's advantageous for me to do a backdoor roth from now on, even when our combined income is ve...
by MrMiyagi
Sun Nov 24, 2013 12:00 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Re: Do 401k contributions reduce MAGI?

Will Vanguard allow me to do a tIRA -> roth IRA pretty much the next day, after it's been funded? Seems like this is the way to go to do it this year, since I don't own any other IRAs as of now. I do own pre-tax 403b contributions (as does my spouse) but it sounds like this doesn't matter. Also, do...
by MrMiyagi
Sun Nov 24, 2013 3:12 am
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Re: Do 401k contributions reduce MAGI?

What do you mean "if I am a candidate?" I thought anyone can do the backdoor Roth IRA? I would just pay taxes on the earnings between the day of the initial IRA contribution and the roth IRA conversion? I have no other retirement funds except for Roth IRA and 403b with my employer. Same with my spo...
by MrMiyagi
Thu Nov 21, 2013 9:45 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Re: Do 401k contributions reduce MAGI?

What do you mean "if I am a candidate?" I thought anyone can do the backdoor Roth IRA? I would just pay taxes on the earnings between the day of the initial IRA contribution and the roth IRA conversion? I have no other retirement funds except for Roth IRA and 403b with my employer. Same with my spou...
by MrMiyagi
Thu Nov 21, 2013 8:51 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Re: Do 401k contributions reduce MAGI?

Contributions to Traditional 401(k) reduce your AGI and MAGI for Roth IRA purposes. Contributions to Roth 401(k) do not reduce your AGI and MAGI. IRA contributions for 2013 must be made by tax filing deadline which I believe is April 15, 2014. Let's say you contribute to traditional IRA in Feb 1 20...
by MrMiyagi
Thu Nov 21, 2013 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Do 401k contributions reduce MAGI?
Replies: 14
Views: 15031

Do 401k contributions reduce MAGI?

Sorry for this basic question. I looked online and most articles seem to mention IRA contributions reducing MAGI but not mention 401k I am asking because we are right on the borderline for being able to contribute to a Roth IRA this year. If 401k contributions reduce MAGI, we can Roth. If not, I gue...
by MrMiyagi
Sun Nov 10, 2013 2:19 pm
Forum: Personal Consumer Issues
Topic: Donating a Used TV to Charity
Replies: 44
Views: 10784

Re: Donating a Used TV to Charity

The Wizard wrote:
WendyW wrote:Tube TVs are no longer worth anything. A charity probably wouldn't take it.
Correct, or CRT computer monitors for that matter...
Really? I still have a CRT computer monitor and a CRT TV. Does that mean my lifestyle is even worse than charity cases? :(
by MrMiyagi
Thu Oct 31, 2013 3:53 am
Forum: Personal Consumer Issues
Topic: Elope to Save Money?
Replies: 79
Views: 7845

Re: Elope to Save Money?

I would NOT elope if you had any inkling of wanting a traditional wedding. You only get to do this once (hopefully) and if you elope or just have a small wedding of less than 20 people, you may look back with regret. A wedding is stressful, but it will also be a fun gathering of your closest friends...
by MrMiyagi
Thu Oct 17, 2013 5:10 pm
Forum: Investing - Theory, News & General
Topic: How Often Do Gamblers Really Win?
Replies: 51
Views: 6159

Re: How Often Do Gamblers Really Win?

Nice article link, I have no idea why that site gave away its data. If I was an exec at another company I would be pretty displeased at that site. As to those who say gambling has other value like free drinks, etc. I don't agree with that at all. An awful thing to happen to me was watching the WSOP...
by MrMiyagi
Sat Aug 31, 2013 7:02 am
Forum: Personal Finance (Not Investing)
Topic: New job: Employer match didn't kick in for 3 paychecks...
Replies: 11
Views: 1441

Re: New job: Employer match didn't kick in for 3 paychecks..

No, she is qualified for the match, payroll somehow didn't apply it for 3 paychecks...
by MrMiyagi
Fri Aug 30, 2013 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: New job: Employer match didn't kick in for 3 paychecks...
Replies: 11
Views: 1441

New job: Employer match didn't kick in for 3 paychecks...

My wife started a new job and they offer a 6% match. She set her pre-tax contribution, but after 3 paychecks, none of the deductions has gone through. As a result, she has lost out on all the matches (over a $1000 so far and counting). She called them and they said "It takes 1-2 paychecks to kick in...
by MrMiyagi
Mon Aug 19, 2013 8:14 pm
Forum: Investing - Help with Personal Investments
Topic: Catching a falling knife in the bond market?
Replies: 15
Views: 2256

Re: Catching a falling knife in the bond market?

Thanks for the informative post nisprius!
by MrMiyagi
Mon Aug 19, 2013 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Poll: Retirement savings by mid 30s?
Replies: 35
Views: 7212

Re: Poll: Retirement savings by mid 30s?

50-100k age 32

Maybe you should specify that the poll is for your individual (rather than combined with spouse)?
by MrMiyagi
Mon Aug 19, 2013 8:59 am
Forum: Investing - Help with Personal Investments
Topic: Catching a falling knife in the bond market?
Replies: 15
Views: 2256

Catching a falling knife in the bond market?

I started DCA'ing about 70k cash into the total bond fund in the last 2 months and it seems like I'm catching a falling knife! I know we're supposed to ignore the market noise but the account has fallen 1-2% in value already. :oops: Anyway my AA is way off (far too heavy in cash). Should I stop now ...
by MrMiyagi
Sat Aug 03, 2013 2:38 pm
Forum: Personal Consumer Issues
Topic: Tipping
Replies: 101
Views: 9962

Re: Tipping

About 8 of my clients are restaurants (all but one moderately priced) and I see what the minimum wages for wait staff is (about $5 per hour). Tips comprise anywhere from 75% to 90+% (in the higher priced restaurant). I always tip unless the service is terrible. For high end I will tip 15-18% on foo...
by MrMiyagi
Wed Jul 31, 2013 3:35 pm
Forum: Personal Consumer Issues
Topic: Renting indefinitely vs buying a condo?
Replies: 28
Views: 4960

Re: Renting indefinitely vs buying a condo?

Having mortgage interest would allow us to itemize, and that also means itemizng those rather hefty state income taxes as well. That's a reason not to buy. You've "lost" your freebie standard deduction in lieu of spending money on a mortgage. For illustration purposes I'm going to pretend your marg...
by MrMiyagi
Fri Jul 26, 2013 6:41 am
Forum: Personal Consumer Issues
Topic: Really hard to avoid "Keeping up with the Joneses"!
Replies: 93
Views: 13457

Re: Really hard to avoid "Keeping up with the Joneses"!

My wife (not so much me) are friends with a couple that spend way beyond there means. The woman is the widow of my best friend that died 13 years ago. My friend was a serious Boglehead and I am sure never heard the term. He provided and left his wife a house that was paid off, a thriving business, ...
by MrMiyagi
Thu Jul 25, 2013 9:13 am
Forum: Personal Consumer Issues
Topic: NYC, Philly, Boston, or Chicago?
Replies: 102
Views: 11393

Re: NYC, Philly, Boston, or Chicago?

NYC by far. I would avoid Philly like the plague, it is horrible. Frankly I'd rather live in smaller cities than Philly. It's a small city disguising itself as a "real" city...but has all the horrible problems of a big city.
by MrMiyagi
Thu Jul 25, 2013 9:05 am
Forum: Personal Consumer Issues
Topic: Really hard to avoid "Keeping up with the Joneses"!
Replies: 93
Views: 13457

Re: Really hard to avoid "Keeping up with the Joneses"!

I will play devil's advocate. While it is silly to talk about the new car purchase you made, I would be careful not to deprive yourself too much. It can get to the point where people just feel socially awkward around you. What I mean is, if you are super frugal that you deprive yourself or limit soc...