Search found 457 matches

by VINNY
Wed Jan 27, 2021 2:03 am
Forum: Personal Investments
Topic: Tax question on Traditional IRA conversion to Roth and 1099-R
Replies: 5
Views: 234

Re: Tax question on Traditional IRA conversion to Roth and 1099-R

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...
by VINNY
Wed Jan 27, 2021 2:02 am
Forum: Personal Investments
Topic: Tax question on Traditional IRA conversion to Roth and 1099-R
Replies: 5
Views: 234

Re: Tax question on Traditional IRA conversion to Roth and 1099-R

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.
by VINNY
Wed Jan 27, 2021 1:22 am
Forum: Personal Investments
Topic: Tax question on Traditional IRA conversion to Roth and 1099-R
Replies: 5
Views: 234

Tax question on Traditional IRA conversion to Roth and 1099-R

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...
by VINNY
Mon Jan 25, 2021 11:41 pm
Forum: Investing - Theory, News & General
Topic: Vanguard showing $0.00
Replies: 1
Views: 331

Re: Vanguard showing $0.00

It just corrected. That was weird.
by VINNY
Mon Jan 25, 2021 11:39 pm
Forum: Investing - Theory, News & General
Topic: Vanguard showing $0.00
Replies: 1
Views: 331

Vanguard showing $0.00

I just logged onto Vanguard and it's showing a zero balance. Anyone else having the same issue?
by VINNY
Wed Jan 13, 2021 12:29 am
Forum: Personal Investments
Topic: FreeTax Usa software / IRA question
Replies: 5
Views: 441

Re: FreeTax Usa software / IRA question

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,...
by VINNY
Tue Jan 12, 2021 11:47 pm
Forum: Personal Investments
Topic: FreeTax Usa software / IRA question
Replies: 5
Views: 441

FreeTax Usa software / IRA question

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...
by VINNY
Mon Jan 11, 2021 9:51 pm
Forum: Personal Consumer Issues
Topic: Any multimillionaire's (more than 2mm) out there still mow their own lawn?
Replies: 341
Views: 25378

Re: Any multimillionaire's (more than 2mm) out there still mow their own lawn?

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
by VINNY
Tue Jan 05, 2021 11:14 pm
Forum: Personal Consumer Issues
Topic: Tips to stick to a weight loss diet?
Replies: 256
Views: 16409

Re: Tips to stick to a weight loss diet?

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 ...
by VINNY
Tue Jan 05, 2021 10:07 pm
Forum: Personal Consumer Issues
Topic: Tips to stick to a weight loss diet?
Replies: 256
Views: 16409

Re: Tips to stick to a weight loss diet?

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...
by VINNY
Fri Dec 04, 2020 8:03 pm
Forum: Personal Consumer Issues
Topic: Coronavirus (Consumer Issues) How you are preparing?
Replies: 1775
Views: 150362

Re: Coronavirus (Consumer Issues) How you are preparing?

I'm not doing anything differently and see no need to.
by VINNY
Sat Oct 24, 2020 11:13 pm
Forum: Personal Investments
Topic: Standard deduction for a single but claimed as a dependant.
Replies: 3
Views: 393

Re: Standard deduction for a single but claimed as a dependant.

Thanks FiveK for the reassurance. I hate nasty surprises lol.
by VINNY
Sat Oct 24, 2020 11:04 pm
Forum: Personal Investments
Topic: Standard deduction for a single but claimed as a dependant.
Replies: 3
Views: 393

Standard deduction for a single but claimed as a dependant.

"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...
by VINNY
Sun Oct 04, 2020 8:07 pm
Forum: Personal Investments
Topic: Tax question
Replies: 13
Views: 1257

Re: Tax question

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...
by VINNY
Sun Oct 04, 2020 8:01 pm
Forum: Personal Finance (Not Investing)
Topic: If you have a pension, how do you view it?
Replies: 203
Views: 14723

Re: If you have a pension, how do you view it?

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...
by VINNY
Sat Oct 03, 2020 9:40 am
Forum: Personal Investments
Topic: Tax question
Replies: 13
Views: 1257

Re: Tax question

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...
by VINNY
Sat Oct 03, 2020 8:38 am
Forum: Personal Investments
Topic: Tax question
Replies: 13
Views: 1257

Tax question

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...
by VINNY
Tue Aug 18, 2020 12:29 pm
Forum: Investing - Theory, News & General
Topic: The 0.5% Rule (SWR) [Safe Withdrawal Rate]
Replies: 419
Views: 24948

Re: The 0.5% Rule (SWR)

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 ...
by VINNY
Sun Aug 16, 2020 5:34 pm
Forum: Investing - Theory, News & General
Topic: The 0.5% Rule (SWR) [Safe Withdrawal Rate]
Replies: 419
Views: 24948

Re: The 0.5% Rule (SWR)

.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...
by VINNY
Sat Aug 15, 2020 4:02 pm
Forum: Investing - Theory, News & General
Topic: Capital gains question
Replies: 7
Views: 569

Re: Capital gains question

Thanks to all for the help!

Vinny
by VINNY
Sat Aug 15, 2020 3:52 pm
Forum: Investing - Theory, News & General
Topic: Capital gains question
Replies: 7
Views: 569

Capital gains question

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,...
by VINNY
Wed Aug 05, 2020 11:45 am
Forum: Personal Investments
Topic: Specific date range return on VTSAX
Replies: 8
Views: 718

Re: Specific date range return on VTSAX

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
by VINNY
Wed Aug 05, 2020 11:27 am
Forum: Personal Investments
Topic: Specific date range return on VTSAX
Replies: 8
Views: 718

Re: Specific date range return on VTSAX

Thank you very much !
by VINNY
Tue Aug 04, 2020 11:18 am
Forum: Personal Investments
Topic: Specific date range return on VTSAX
Replies: 8
Views: 718

Specific date range return on VTSAX

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
by VINNY
Fri Apr 24, 2020 9:24 am
Forum: Personal Investments
Topic: I'm out [of the market]
Replies: 109
Views: 12216

Re: I'm out [of the market]

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...
by VINNY
Thu Apr 16, 2020 4:18 pm
Forum: Personal Investments
Topic: The zillion dollar question: when will the market bottom out?
Replies: 104
Views: 8273

Re: The zillion dollar question: when will the market bottom out?

On May 2nd. New date due to rebooting my crystal ball.
by VINNY
Wed Apr 15, 2020 5:27 pm
Forum: Personal Investments
Topic: The zillion dollar question: when will the market bottom out?
Replies: 104
Views: 8273

Re: The zillion dollar question: when will the market bottom out?

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.
by VINNY
Wed Mar 25, 2020 7:31 pm
Forum: Personal Investments
Topic: When to jump back in?
Replies: 48
Views: 5087

Re: When to jump back in?

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.
by VINNY
Sat Mar 21, 2020 8:11 pm
Forum: Personal Investments
Topic: Taxable Acct VTSAX to VFIAX - Wash Sale ?
Replies: 19
Views: 907

Re: Taxable Acct VTSAX to VFIAX - Wash Sale ?

Do incidental purchases include reinvested dividends?
by VINNY
Sat Mar 21, 2020 8:11 pm
Forum: Personal Investments
Topic: Taxable Acct VTSAX to VFIAX - Wash Sale ?
Replies: 19
Views: 907

Re: Taxable Acct VTSAX to VFIAX - Wash Sale ?

Do incidental purchases include reinvested dividends?
by VINNY
Sat Mar 21, 2020 8:05 pm
Forum: Personal Investments
Topic: Wash sale rule
Replies: 5
Views: 242

Re: Wash sale rule

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.
by VINNY
Sat Mar 21, 2020 8:04 pm
Forum: Personal Investments
Topic: Wash sale rule
Replies: 5
Views: 242

Re: Wash sale rule

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...
by VINNY
Sat Mar 21, 2020 7:57 pm
Forum: Personal Investments
Topic: Guys I Rebalanced (Moved Monies Out Of S&P 500)
Replies: 301
Views: 18726

Re: Guys I Rebalanced (Moved Monies Out Of S&P 500)

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...
by VINNY
Sat Mar 21, 2020 7:47 pm
Forum: Personal Investments
Topic: Wash sale rule
Replies: 5
Views: 242

Wash sale rule

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...
by VINNY
Fri Feb 07, 2020 11:22 am
Forum: Personal Investments
Topic: Tax question regarding my minor son
Replies: 36
Views: 1674

Re: Tax question regarding my minor son

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...
by VINNY
Fri Feb 07, 2020 11:13 am
Forum: Personal Investments
Topic: Tax question regarding my minor son
Replies: 36
Views: 1674

Re: Tax question regarding my minor son

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...
by VINNY
Fri Feb 07, 2020 9:31 am
Forum: Personal Investments
Topic: Tax question regarding my minor son
Replies: 36
Views: 1674

Re: Tax question regarding my minor son

Thanks, looking into the Illinois return.
by VINNY
Fri Feb 07, 2020 8:54 am
Forum: Personal Investments
Topic: Tax question regarding my minor son
Replies: 36
Views: 1674

Re: Tax questions regarding my minor son

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 ...
by VINNY
Fri Feb 07, 2020 8:54 am
Forum: Personal Investments
Topic: Tax question regarding my minor son
Replies: 36
Views: 1674

Tax question regarding my minor son

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...
by VINNY
Tue Jan 07, 2020 12:57 pm
Forum: Personal Investments
Topic: To Roth or not to Roth?
Replies: 13
Views: 1676

Re: To Roth or not to Roth?

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...
by VINNY
Mon Jan 06, 2020 9:22 pm
Forum: Personal Investments
Topic: To Roth or not to Roth?
Replies: 13
Views: 1676

Re: To Roth or not to Roth?

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 ...
by VINNY
Mon Jan 06, 2020 8:54 pm
Forum: Personal Investments
Topic: To Roth or not to Roth?
Replies: 13
Views: 1676

Re: To Roth or not to Roth?

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!
by VINNY
Mon Jan 06, 2020 8:42 pm
Forum: Personal Investments
Topic: To Roth or not to Roth?
Replies: 13
Views: 1676

Re: To Roth or not to Roth?

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...
by VINNY
Mon Jan 06, 2020 8:35 pm
Forum: Personal Investments
Topic: To Roth or not to Roth?
Replies: 13
Views: 1676

Re: To Roth or not to Roth?

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 ...
by VINNY
Mon Jan 06, 2020 5:42 pm
Forum: Personal Investments
Topic: To Roth or not to Roth?
Replies: 13
Views: 1676

To Roth or not to Roth?

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 ...
by VINNY
Thu Jan 02, 2020 10:07 am
Forum: Personal Investments
Topic: 1040 ES Estimated Tax Payments
Replies: 13
Views: 13109

Re: 1040 ES Estimated Tax Payments

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...
by VINNY
Thu Jan 02, 2020 12:36 am
Forum: Personal Investments
Topic: 1040 ES Estimated Tax Payments
Replies: 13
Views: 13109

1040 ES Estimated Tax Payments

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...
by VINNY
Tue Dec 24, 2019 3:10 pm
Forum: Personal Finance (Not Investing)
Topic: Roth Ira question
Replies: 6
Views: 473

Re: Roth Ira question

Gotcha, thank again!