Bogleheads.org

VINNY

I suggest you roll through the software and see where your taxes - especially the income - ends up at. If the distribution is getting double counted, go back and change the entered data. Else you are good to go! I can't get past the error page to see if it's being double counted. Unless I remove th...

VINNY

It's Free Tax USA.

I wonder if this might have something to do with the pro-rata rule, which doesn't even apply to me since I have no other TIRA's.

VINNY

In 2020, I converted a Traditional IRA, which was originally in a 401(k), to my existing Roth IRA. The amount I converted was $8,841.20 and I understand it's a taxable event. I'm taking money which was never taxed, and paying taxes on this amount in order to convert it to a Roth. So, I received a 10...

VINNY

It just corrected. That was weird.

VINNY

I just logged onto Vanguard and it's showing a zero balance. Anyone else having the same issue?

VINNY

Lord! You are making this needlessly complicated. Yes, you contributed to your IRA in 2020 or tax year 2020 if you want to be pedantic. The date/year of actual contribution is irrelevant here. "Pedantic is an insulting word used to describe someone who annoys others by correcting small errors,...

VINNY

I'm beginning to prepare my 2020 taxes and I am using FreeTax USA. In the IRA contributions section, it asks "Did you make any traditional or Roth IRA contributions during 2020?" Yes or No. I made my 2020 contributions in the first week of January 2021, and I plan on making my 2021 contrib...

VINNY

ElJefeDelQueso wrote: ↑Mon Jan 11, 2021 1:47 am After reading this whole thread, the only question I have is what the implied vulgarity is.

I'm guessing starts with a B and ends with "turd" lol

VINNY

Recently diagnosed Type II diabetes with long term prediabetes and insulin resistance here. Trying 16:8 fasting (Intermittent Fasting, IF) and only eat between 12 pm and 8pm. I try do this at least 6 days of the week. I am finding i feel a lot better physically, more satisfied when I do eventually ...

VINNY

All I have said above is how someone can limit calories while still maintaining "fullness". They don't care what we eat. Eat meat, go vegan etc. Just watch the cal in vs cal out equation. Facts: 1. 1 gram of fat contains 9 cal while protein and carbs contain 4 cal. 2. Matter cannot be des...

VINNY

I'm not doing anything differently and see no need to.

VINNY

Thanks FiveK for the reassurance. I hate nasty surprises lol.

VINNY

"For both 2019 and 2020, the standard deduction for dependents is the larger of $1,100 or the sum of the dependent’s earned income plus $350. In the latter case, the deduction cannot exceed the normal standard deduction." Under the above rules, my 18 year old son, that my wife and I claim...

VINNY

Others already said that, so just to emphasize this important point which I think is the source of OP's confusion. Losses do not offset qualified dividends. If you received $12,500 qualified dividends, they will get taxed at LTCG rate, e.g. $12,500 * .15 = $1,875. Then if you have net losses, these...

VINNY

I view it as income that we don't have to pull out of our portfolio. And I don't count it in our asset allocation, even though it could be considered as a bond component. Instead I view it kind of like social security. We are in the fortunate position of receiving pensions when we retire. I'll recei...

VINNY

For clarification, my VTSAX in my taxable account generates about 12k to 13k in qualified dividends. I figured I'd owe about $1,875 in taxes on that amount. I'm trying to determine if this tax will be wiped out by my $3,900 loss and if that remaining loss of $2,025 will get applied to further reduce...

VINNY

I expect to owe about $1,875 in capital gains tax from the dividends in VTSAX which I hold in my taxable account, for 2020. I sold a fund in 2020 which resulted in a $3,900 loss. Question. Do I subtract the capital gains tax I owe of $1,875 from my $3,900 loss, and then take that balance of $2,025 a...

VINNY

Sam wrote this for pure hits and it worked. This amounts to nothing more than financial porn, and he has stooped to a new low in my opinion. He is obsessed with making more money due to living in a HCOL area, with plans to relocate to Hawaii. He's resorting to sensational articles for ad revenue to ...

VINNY

.5% SWR might make sense if your entire portfolio in retirement is invested in fixed income like CD’s paying today’s paltry rates. But if a retiree has exposure to equities via a 50/50 or 60/40 allocation, won’t that exposure be sufficient to allow at least a 3% SWR. I don’t believe he took into acc...

VINNY

Thanks to all for the help!

Vinny

VINNY

I sold my Fidelity total market index fund in April of this year to tax loss harvest a loss of $3,900. I immediately bought the Fidelity S&P 500 Index fund. That fund now has a gain of about $6,000. If I were to sell that S&P 500 fund, would my capital gain be offset by that $3,900 loss, $3,...

VINNY

Livesoft,

You sent me a link for VTIAX.

Could you please send me one for VTSAX. When I try entering VTSAX in the quote box, it’s stating page is unavailable. Not sure why this is happening.

Thank you!

Vinny

VINNY

Thank you very much !

VINNY

Hi.

I’m trying to calculate how much a $580,000 investment in VTSAX would’ve amounted to from July 31, 2017 to July 22, 2020. With dividends reinvested.

Does anyone know of a calculator that could determine this. I’m not having any luck with a google search.

Thank you!

Vinny

VINNY

Nothing. 100% VTSAX forever. We have pensions.

VINNY

If you do not need the money, invest it for your heirs. Why not let that money work as hard for you and your heirs as you did to earn it through hard work, sacrafice and discipline. Assuming, you didn't inherit the money. This is what I am doing. 100% VTSAX and NEVER changing it. Enjoy your life and...

VINNY

lump sum

VINNY

On May 2nd. New date due to rebooting my crystal ball.

VINNY

The market will bottom on April 23rd, 2020.

If you are buying ETF's, then the bottom will be at 1:19 PM eastern standard time that day.

VINNY

Now. Now is always the right time!

If you are risk averse or can't hold equities in stocks, you belong in CD's. Do yourself a favor and stay there until you build the temperament after understanding why you must stay the course.

Otherwise, it will be an expensive lesson.

VINNY

Do incidental purchases include reinvested dividends?

VINNY

Do incidental purchases include reinvested dividends?

VINNY

David Jay wrote: ↑Sat Mar 21, 2020 7:49 pm You are correct.

Thank you, will be buying their S&P 500 immediately after I sell.

VINNY

here are the two total market funds at Fidelity which internally they said ok to TLH. FSKAX(Fidelity total market)>>>>>FZROX(Fidelity ZERO total market) Vipertom: Not sure exactly what you meant by........."which internally they said ok to TLH." You could pretty much TLH with any of their...

VINNY

FOLLOW THE SIMPLE PATH TO WEALTH. Don’t deviate. Remember this time is not different! IT’S NOT! The markets are SUPPOSE to go up and down. VTSAX is an incredible wealth building machine over the LONG TERM IF YOU ALLOW IT TO AND STAY OUT OF IT’S WAY. Your job is one. And it’s simple. Just keep adding...

VINNY

I'd like to confirm my understanding about the wash sale rule when tax loss harvesting. I have a $4,000 loss in the Fidelity Total Market Index fund, in a taxable account. The last time I purchased shares in this fund was in 2019. If my understanding is correct I can choose from the following two op...

VINNY

In 2019 my 17 year old son earned $3,000 from his part-time job. My understanding is he owes no federal taxes since his income falls below the standard deduction of $12,200 for singles, and does not have to file a 1040. My wife and I will claim him as a dependant on our joint 2019 return. Your depe...

VINNY

Your son is required to file a tax return in Illinois since his Illinois base income is greater than $2,225 or he wants a refund of Illinois tax withheld. According to Illinois Instructions for Form IL1040, there are certain stipulations that will require you to file an Illinois tax return. You mus...

VINNY

Thanks, looking into the Illinois return.

VINNY

In 2019 my 17 year old son earned $3,000 from his part-time job. My understanding is he owes no federal taxes since his income falls below the standard deduction of $12,200 for singles, and does not have to file a 1040. My wife and I will claim him as a dependant on our joint 2019 return. Here are ...

VINNY

In 2019 my 17 year old son earned $3,000 from his part-time job. My understanding is he owes no federal taxes since his income falls below the standard deduction of $12,200 for singles, and does not have to file a 1040. My wife and I will claim him as a dependant on our joint 2019 return. Here are m...

VINNY

The tax break is hard to pass up. I could understand your reluctance to stop contributing to these accounts. The differnce in tax that I will now be paying could almost fund one of these accounts. I should have been Rothing these accounts in the early years. I loved the tax break that I received all...

VINNY

Cant you fill up your Roth accounts with liquidated taxable funds if you need to in order to not crunch current spending too far? (By spending some money or of taxable of needed while maxing out roth plans) Yes, and I actually do this for my mother. I transfer money from her taxable account to her ...

VINNY

At least the $4k in child tax credit over the next two years will help ease the tax burden, until that disappears. And if my wife does retire at 51, it'll give us 4 years to do conversions. Lots to think about!

VINNY

Yes. Roth at 24%, but do some modeling to see if you might have opportunities to do Roth conversions at lower rates. Also remember that qualified charitable distributions can satisfy RMD. So it depends on your use of the tax deferred funds. You are likely to incur the Medicare IRMAA penalty if dual...

VINNY

The $200k income is on that cusp of crossover from 22% tax bracket to 24% tax bracket, and also affects the ability to do a direct Roth contributions. I suggest you contribute about $8k to $10k to tax-deferred (457 preferred over 403b) to ensure you remain in the 22% tax bracket, and the rest goes ...

VINNY

We have a dilemma and would like opinions on what others might be inclined to do. Here is our situation.We have approximately $1 million in tax deferred accounts. (2- 457's and 1-403b) and $1.125 million between Roth Ira's and a taxable account. All Index Funds all low cost. I am 50 and will retire ...

VINNY

I was so glad to confirm that my plan works! Thanks to all that responded and brightened my day :D One response indicated that if I needed to only pay estimated taxes in say the last quarter of the year, that’s okay. And I just wanted to clarify that this is permissible with the IRS and I don’t have...

VINNY

I am not self-employed and work for a municipality. I have a W4 with them and they withhold my taxes accordingly. However, because of significant overtime, my pay fluctuates and I have had to submit new W4's to have additional money withheld from time to time and my HR contact is extremely unpleasan...

VINNY

Gotcha, thank again!

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