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life in slices

A similar thread here as well:
viewtopic.php?p=5852660#p5852660

life in slices

Why couldn’t you just contribute to a Roth Solo 401k & not have to worry about tracking your Solo 401k tax deductible contributions for future Massachusetts state tax payment? bill We are in a pretty high tax bracket MFJ - usually 32 or 35% - so in the end am happy doing tax deferment federally...

life in slices

The more I read through additional material it looks like Mass does not allow for Gross Income deductions for contributions to a solo 401k - rather pay taxes now, keep track of basis so you aren't taxed twice upon distribution Exactly right - the pertinent info directive 08-3 is clear that there is...

life in slices

I know this is a bit in the weeds, but bumping for end of the day ET feedback if anyone has any direct experience The more I read through additional material it looks like Mass does not allow for Gross Income deductions for contributions to a solo 401k - rather pay taxes now, keep track of basis so ...

life in slices

Hi Everyone, Have a question specifically about tax treatment of solo 401(k)s by the state of Massachusetts in which we both live, as I look to file 2020 tax return As a sole-proprietor, my wife makes about $15K per year on 1099 income (no other income besides this) and puts all allowable amounts (a...

life in slices

To the OP - as mentioned further above - check to see if your state allows for a declaration of homestead to be filed on your property. That declaration (depending on the laws of your state) usually excludes your home from any private lawsuit judgements

life in slices

So i did this by calling Fidelity last week (at the number mentioned below) and waited maybe 5 minutes at most (maybe I was lucky) In talking to the rep about how to bypass the longer hold and get directly to his department, he mentioned doing the following: 1. Call 800-544-5373 (I believe that this...

life in slices

TFB has a good article that has a step by step
I use it as a reference when I do my taxes
https://thefinancebuff.com/how-to-repor ... botax.html

life in slices

52 70/30 Equities: 70% Total Stock US/30% Total International Bonds; Mostly Total bond US I have the same asset allocation and slightly younger than you. How long are you looking to stay at that allocation and when do you think that you’ll get more conservative (if ever)? I’m thinking of staying at...

life in slices

iamblessed wrote: ↑Fri Jan 29, 2021 1:39 pm Your other friends that lost money in the market will stay quiet.

+1 Survivor bias distorts the reality of what is going in actuality - People will not tell you when they lose money

life in slices

marti038 wrote: ↑Thu Jan 21, 2021 1:47 pm Yesterday we hit $1M in retirement savings AND our net worth passed $1.5M. Exactly one year earlier (1/20/20) our net worth first reached $1M.

2020 was a rough year, but it did not disappoint in terms of investing.

Congrats! Nice milestones to meet.

life in slices

I usually transfer cash from my Health Equity account (I keep it in cash as there is a $2000 minimum before investing at HE) to Fidelity a few times a year, doing the transfer paperwork from the Fidelity side. Unfortunately it is a long process Looking at my notes on some recent ones - I did the TOA...

life in slices

I have a taxable account at Vanguard and all my/our retirement accounts at Fidelity. I have given some thought on consolidating all our accounts at Fidelity, mostly for simplification and perhaps make it easier on my wife to manage in the future if I was disabled/injured/died. My only concern would ...

life in slices

The book that started me on my journey was Allan Roth’s “How a second grader beats Wall Street”

My most recent favorite read was Morgan Housel’s “The psychology of money”

The books that kept me going - Thomas Stanley’s Millionaire next door and stop acting rich

life in slices

Congrats!! That is an awesome accomplishment

We just made last payment for second Kid - third child off to college in the fall so almost there ourselves

life in slices

Never...It has been working really well for me

life in slices

I have used Paytrust for about a Decade - bills are sent to a PO Box, scanned in and a notification sent. Payments are done by rules, either automatic or manual depending on what you feels works best. I went this way due to travel with my job and bills getting lost in the piles of mail at home from ...

life in slices

IMO just cash it out and close the account if you want - its only $4 - even if you have to pay fees and taxes, it is only $4
Everything else takes more time and your time is probably more valuable than the $4

life in slices

Jason Fung's book the Obesity Code is an excellent read and does a good job discussing the relationship between diet and weight - It is definitely worth the read

life in slices

TFB has a good article about how to report a backdoor Roth in TurboTax
https://thefinancebuff.com/how-to-repor ... botax.html

life in slices

How long were you with your company?
Any chance that the missing $ was part of the company match that wasn't yet vested?

life in slices

I do exactly the same calculation in an Excel spreadsheet for my wife's 1099 income
Assuming you are using Profit=Gross 1099 pay minus expenses, you have the calculations correct.

Best wishes for 2021

life in slices

My totally random and optimistic guess

4027

life in slices

Awesome! I am a Zwift fan and spend much of the winter on the trainer Built a rockerplate last season to give side to side & back and forth motion which makes the ride much more enjoyable https://photos.app.goo.gl/SqtoRWsbV1qRtdyV6 There is an active group on facebook ("rocker plate") ...

life in slices

Like above, +1 for Fidelity

I opened an HSA account there earlier this year and moved $ there a few times from my employer's HSA (and will do so in upcoming years). No issues at all.

life in slices

My progression is below. This forum is awesome. I thank everyone here for the great insights. I only wish I had found this forum earlier. My net worth does not include home equity of about 300k, 100k in 529s, 600k in RSUs. The salary does not include bonuses. Really didn't have a good idea on net w...

life in slices

Kind of a financial milestone . . achieved only because I found this site less than 2 months ago: Moved all my Edward Jones money to Fidelity (me) and Vanguard (wife) Got both my and my Wife's tIRA balances to zero (as of today!) and rolled into employer plans Successfully completed backdoor Roth's...

life in slices

OP - this thread has some good info in it
viewtopic.php?f=10&t=324381

life in slices

Cash withdrawal makes me think your ATM card was cloned or stolen. Deactivate it until you know more. That wouldn’t explain the transaction selling the investments though so that implies a bigger breach. I believe most HSAs will auto sell investments to cover withdrawal requests As another poster m...

life in slices

Moved to the US 1999 Had a fulfilling IT career DW works part time, 1 child. L(Way)BYM Saved and invested aggressively Buy and hold, think long term, don't time the market, watch the fees, index... index... index... Driving same 2001 Honda Annual combined income in 2017 was $190k Married 25 years, ...

life in slices

EmployER contribution is limited to 20% of your net self-employment income, and as mentioned above needs to be pre-tax.
But it looks like you have plenty of space to do so.

life in slices

Hi, I have some extra money this year. Husband and I already contributed max to 401K and both tIRAs. I have about extra $10K I could put somewhere. Would it be worth opening Solo 401K? Or is this such small amount that it's not worth it and maybe I should just keep it in savings account at 3% APY? ...

life in slices

I've said it before; major in chemistry/biochemistry. Even with over 10 years experience and a MSc most companies want to pay me $40-50k and contract no benefits. I have a good job currently and may be able to ride it to retirement but I am seriously looking for a plan B that will get me away from ...

life in slices

+1 for HSA accounts at Fidelity - no cost to open and no ongoing fees MishkaWorries - I am able to fill out the TOA form on the Fidelity website and submit it electronically (no need to mail it) - are you sure you can't do the same To the OP, why not transfer all of the HSA to something like Fidelit...

life in slices

The only people who ever say its cheaper to move are those who live in high cost of living areas, and high tax areas. California, new york, new jersey. Thats about it. Moving from PA to FL does practically nothing for us. Doesnt make financial sense. REnting a place for a couple months in FL during...

life in slices

For a cheaper solution - on youtube TV I think it is $10/mo additional as part of a larger sports package - you can watch NFL redzone, which cycles through all of the current games (mostly when they are in the redzone hence the name -but they also will show most top plays and ongoing game summaries)...

life in slices

We did the free trial plus another month - the service is very good but too expensive. We might try Philo next, it's only $20 but doesn't include sports. I signed up for a free 2 week trial but just couldn't deal w/ all the commercials; $65/month AND I have to watch commercials?!? No thanks... Whoa...

life in slices

I am at a crossroads with TV service Have had YouTube TV for a couple of years and it's been okay. Price has gone up and they have been cancelling channels over the past 6 months. The hardest has been the removal of our local (Boston) sports channel NESN - if that isn't brought back early next year ...

life in slices

WCI has a couple of good articles worth reading through:

https://www.whitecoatinvestor.com/backd ... -tutorial/
https://www.whitecoatinvestor.com/17-wa ... -roth-ira/
https://www.whitecoatinvestor.com/fix-b ... screw-ups/

life in slices

Just do the full conversion this year - much cleaner in filling out form 8606 If the overage is less than 0.50 it will round down to zero and not have any tax implications. Over 0.50 you will pay taxes on the excess, but that is so minimal it should not impact doing a full conversion For example, in...

life in slices

Long time reader, first time poster, sharing the first couple of years of my progression journey so far. Jan, 2017: 3k (finished college) Jan, 2019: 12k (finished grad school, started job in tech) Jan, 2020: 60k Dec 11, 2021: 180k (just got promoted, so hoping for an even better 2021) Congratulatio...

life in slices

This is probably an "of-course" post, but wanted to say it anyway Regardless of the bike, do spend some decent money on a solid, well-rated helmet I had a spectacular high speed crash about 2.5 weeks ago onto the pavement, taking most of the impact on my left side including my head. Althou...

life in slices

Whitecoat investor has a good review as well (2018)

https://www.whitecoatinvestor.com/17-wa ... -roth-ira/

life in slices

After reading it last week, I think that Ben Carlson's new book would be a decent intro for younger adults starting out
https://www.amazon.com/Everything-Need- ... B08NWJPLDD

Good summaries with small chapter sizes that are easy to get through

life in slices

I have VTSAX and VTIAX in my taxable account at 70/30 and it makes the most sense to me By having those two you can set an allocation that you feel is the best for you; 80/20 IMO is a good choice I use the funds vs. ETFs as I can setup automatic regular deposits and investments (set it and forget it)

life in slices

And this gets back to my original point: the understanding of crypto here is generally quite poor. And this is typically combined with the conviction of an expert on the topic. It’s exactly why I went all in on crypto earlier this year, there is a revolution happening and the vast majority of inves...

life in slices

EFs for me is multilayered - HY savings account - iBonds - HSA (pulling out amounts already spend on healthcare) - Roth As I have entered my 50s, I do feel the pull to have more of my annual expenses in some sort of accessible EFs Have seen a few of my friends and colleagues go through extended unem...

life in slices

If you had a few buck to put into crypto, which one is best? Ripple Stellar Both seem to be promising and low cost to buy at this point. From a long term perspective it could be a good buy. Strongly, strongly disagree. I’m a huge crypto bull, and have about half my net worth in crypto. But I also t...

life in slices

I agree that its not much "work" but for someone who is scared of technology the thought of storing their Bitcoin in an wallet might be scary. I think its pretty easy but I would not encourage anyone to keep their Bitcoin on an exchange like coinbase for long periods of time. But that is ...

life in slices

Hello all, this is my first post on here! I turned 20 not too long ago, and want to begin this journey at this stage of my life. I'm from the UK so I'm trying to remind myself that everyone is richer in the US LOL :D So I'm currently in my 2nd year of University (College), and my part time job has ...

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