Search found 104 matches

by Ddd7651
Tue Mar 31, 2020 9:36 am
Forum: Personal Investments
Topic: Strategy to being allowed penalty and tax free withdrawals from retirement account?
Replies: 3
Views: 314

Re: Strategy to being allowed penalty and tax free withdrawals from retirement account?

So I understand, you're talking, let's use $19500, about taking out $58500 (3x) now to buy more shares, then paying that money back over the next 3 years, and not making regular contributions because you're paying the loan back? In a sense, yes. Correct. The weird section in my mind: Utilize Megaba...
by Ddd7651
Tue Mar 31, 2020 9:09 am
Forum: Personal Investments
Topic: Strategy to being allowed penalty and tax free withdrawals from retirement account?
Replies: 3
Views: 314

Strategy to being allowed penalty and tax free withdrawals from retirement account?

To be upfront, I don't know the answer. I'm just trying to make sense in my mind if there might be a benefit as a mind flex. If you have been affected by the virus or layoffs, you are allowed up to 100k withdrawals penalty free from retirement accounts. Normally I say never withdraw unless you are f...
by Ddd7651
Tue Mar 10, 2020 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance: Whole, Term, None?
Replies: 27
Views: 1167

Re: Life Insurance: Whole, Term, None?

Term only. Invest the rest and earn a lot more. Life insurance should only be to care for those who depend on you in case something were to happen. It should not be used as an investment tool. They know what they are doing and you can't beat the system by trying to die early. They have it all calcul...
by Ddd7651
Thu Feb 20, 2020 2:58 pm
Forum: Personal Investments
Topic: Aftertax 401k vs Regular Brokerage
Replies: 10
Views: 625

Re: Aftertax 401k vs Regular Brokerage

If it is inside your 401k, you are bound by 401k rules and withdrawal regulations. No easy access to it without penalty. Gains are not taxed until you withdraw. If you want it tax deferred, I suppose you can go that route. With an investment account, you have access to the entire stock market, you p...
by Ddd7651
Thu Feb 20, 2020 8:29 am
Forum: Investing - Theory, News & General
Topic: Morgan Stanley buying E*TRADE
Replies: 37
Views: 2938

Re: Morgan Stanley buying E*TRADE

I strangely got two calls and voicemails from Etrade yesterday from "insert generic name here" saying we haven't spoken in a while and it looked like my accounts were doing well and wanted to touch base. I wish I could have picked up the call and responded "I'm sorry I don't remember you and thank y...
by Ddd7651
Wed Feb 19, 2020 9:48 am
Forum: Personal Investments
Topic: Dividend paid on t-IRA converted to Roth IRA
Replies: 2
Views: 150

Re: Dividend paid on t-IRA converted to Roth IRA

Agree with Alan S. The amount you convert doesn't matter and is a separate issue as long as you pay taxes on any increase above your original contribution amount.
by Ddd7651
Wed Feb 19, 2020 9:43 am
Forum: Personal Investments
Topic: High income earner - backdoor roth and employer 401k
Replies: 6
Views: 499

Re: High income earner - backdoor roth and employer 401k

Please fire your CPA if they left it at that and didn't ask any more questions to clarify and made that blanket statement. There could be other considerations as to why they said that but I didn't see that in the post. Any CPA that says you can't do Backdoor Roth because of a 401k is out of touch. I...
by Ddd7651
Mon Feb 17, 2020 9:45 am
Forum: Personal Finance (Not Investing)
Topic: 529 30K in 2019 - Split gift & File 709
Replies: 5
Views: 416

Re: 529 30K in 2019 - Split gift & File 709

My general understanding is no. Since you are married, you can gift 30k together. No paperwork unless you go over together. I believe you are asking more about technicalities of the accounts it comes from, whose name is on them if not a joint account, etc. My general understanding is since you are m...
by Ddd7651
Thu Feb 13, 2020 11:58 am
Forum: Personal Finance (Not Investing)
Topic: Turbotax ESPP and negative cost basis entry
Replies: 2
Views: 194

Re: Turbotax ESPP and negative cost basis entry

I think I saw that at one point and I was half mistaken on there not being an Adjust Cost Basis Entry. I might have to go that route depending on responses. I guess there is one, but only if you do detailed line by line or import into TurboxTax. I was working on a summary view for the large final nu...
by Ddd7651
Thu Feb 13, 2020 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Turbotax ESPP and negative cost basis entry
Replies: 2
Views: 194

Turbotax ESPP and negative cost basis entry

I receive a 10% discount on my ESPP from work, and it appears to be proper on my W2 and reported. I don't want to pay taxes twice, so I confirmed with Fidelity I have to input my adjusted cost basis, not what is reported since I sell it all within the year. It seems turbotax has you input it a diffe...
by Ddd7651
Wed Jan 15, 2020 8:41 am
Forum: Personal Investments
Topic: Backdoor Roth for '19 and '20 Question
Replies: 10
Views: 451

Re: Backdoor Roth for '19 and '20 Question

That all looks correct to me.

Razasharpz: For me, I have a nice button on Etrade that says "convert traditional ira to roth ira" and I click it. I make sure I pick the right from and to accounts and hit submit. They will prepare the right tax paperwork for you and notify you.
by Ddd7651
Mon Jan 13, 2020 4:44 pm
Forum: Personal Investments
Topic: Help! accidently contributed my IRA in traditional instead of Roth at Vanguard...how to transfer without any tax impact
Replies: 23
Views: 1633

Re: Help! accidently contributed my IRA in traditional instead of Roth at Vanguard...how to transfer without any tax imp

If I contributed post-tax $$s, why would I need to do a conversion and pay taxes on any gains? Sorry, not versed on this topic...I know people convert traditional to roth, but aren't they converting pre-tax contributions? If it is pre-tax, they are paying taxes on contributions + earnings since the...
by Ddd7651
Mon Jan 13, 2020 4:42 pm
Forum: Personal Investments
Topic: Help! accidently contributed my IRA in traditional instead of Roth at Vanguard...how to transfer without any tax impact
Replies: 23
Views: 1633

Re: Help! accidently contributed my IRA in traditional instead of Roth at Vanguard...how to transfer without any tax imp

Only in a Roth do you not pay tax on gains. That is the benefit of a Roth IRA. You must now pay taxes on earnings since it is not in a Roth. After that, then you can enjoy that benefit. It doesn't matter if the contribution was non-deductible or not.
by Ddd7651
Mon Jan 13, 2020 4:09 pm
Forum: Personal Investments
Topic: Help! accidently contributed my IRA in traditional instead of Roth at Vanguard...how to transfer without any tax impact
Replies: 23
Views: 1633

Re: Help! accidently contributed my IRA in traditional instead of Roth at Vanguard...how to transfer without any tax imp

If it is a "post-tax" contribution, you can just move it over whenever. You will pay tax on any earnings you made from the contribution. You are doing a backdoor roth just lengthened since you made a non-deductible contribution if you did your taxes proper. This sounds just like a backdoor Roth.
by Ddd7651
Fri Dec 27, 2019 9:25 am
Forum: Personal Investments
Topic: Any good reason to have separate Roth IRAs for backdoor & mega backdoor?
Replies: 5
Views: 413

Re: Any good reason to have separate Roth IRAs for backdoor & mega backdoor?

bugleheadd wrote:
Thu Dec 26, 2019 12:31 pm
Correct me I'm wrong , but doesn't the five year rule start once you open your first Roth account. So you don't need to keep track of 5 years forany Roth's you open later?
For regular Roth, you are correct. Backdoor and Mega, no, each contribution has a 5 year rule on the amount.
by Ddd7651
Fri Dec 27, 2019 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Dealership shenanigans
Replies: 25
Views: 3154

Re: Dealership shenanigans

I would ask them to mail it to you with some big arrows on the right place to sign. I guess it happens but it wouldn't be at my own expense.
by Ddd7651
Mon Dec 23, 2019 11:31 am
Forum: Personal Investments
Topic: Backdoor Roth Dividend
Replies: 5
Views: 361

Re: Backdoor Roth Dividend

Livesoft, I get the joke but it is an honest question and I understand why karpems is interested in this. You hear people say 0 out the TIRA. Karpems, It doesn't matter. The point of going to 0 is all tax issues. There is no penalty or big issues since the amount is so little. I would just leave it ...
by Ddd7651
Wed Dec 18, 2019 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: 529 withdrawal
Replies: 3
Views: 205

Re: 529 withdrawal

My understanding is it is tax year. If you are running short on time in December, I think you can go ahead and take the withdrawal a month ahead and come tax time you satisfy all requirements. You can even take out an entire years worth of rent Jan 1 as long as you use it during the same year backed...
by Ddd7651
Thu Dec 12, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Long Term Disability through Employer
Replies: 10
Views: 702

Re: Long Term Disability through Employer

My understanding is that yes, you are capped and that if you for instance, lose an arm and were making 140k by making widgets, that if you can still make around the same amount of money supervising people making widgets or anything that requires the knowledge and skills from doing widgets in the fir...
by Ddd7651
Mon Dec 09, 2019 8:39 am
Forum: Personal Investments
Topic: end of year taxes and teen going to college
Replies: 18
Views: 1326

Re: end of year taxes and teen going to college

1. Check out filtering money through 529 IF your state allows a tax benefit, up to limits for gifts and deductions. Transfer there then to college for whatever savings, if applicable. 2. There is no gift tax limitations if you transfer money directly to the school for your child. If Tuition is 50k p...
by Ddd7651
Wed Nov 20, 2019 9:01 am
Forum: Personal Finance (Not Investing)
Topic: Forced to take PTO with short term disability?
Replies: 6
Views: 619

Re: Forced to take PTO with short term disability?

Thanks everyone. This is the first year our company offers short term disability so I am still reviewing everything. Given the comments, I believe my coworker mis-spoke. I know our company requires us to use leave if we have it (we can't just take time off without pay unless pools are exhausted) so ...
by Ddd7651
Wed Nov 20, 2019 8:52 am
Forum: Investing - Theory, News & General
Topic: Benefits of UGMA/UTMA over general account
Replies: 4
Views: 302

Re: Benefits of UGMA/UTMA over general account

It's not a lot of money, so just put it in the 529 plan. Then you can spend your personal money on your child. Example: Child gets $5,000 from friends and family, so it goes in the 529 plan. You decide not to contribute $5000 of your own to the 529 plan, but in your mind, you think, "We'll give Bun...
by Ddd7651
Wed Nov 20, 2019 8:36 am
Forum: Investing - Theory, News & General
Topic: Benefits of UGMA/UTMA over general account
Replies: 4
Views: 302

Re: Benefits of UGMA/UTMA over general account

Tax shielding. The UGMA/UTMA is taxed at your child's rate (there is a new calculation this year as to what that is), but essentially the first 2k in earnings are tax free/tax reduced so your child is not paying taxes on that money. If it were in a savings account, it would be taxed depending on who...
by Ddd7651
Wed Nov 20, 2019 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Forced to take PTO with short term disability?
Replies: 6
Views: 619

Forced to take PTO with short term disability?

A co-worker just said that by law, if you have a short term disability plan, you are forced to exhaust your PTO hours before short term disability kicks in. Is this true? It is our company's open enrollment time so we were discussing it. I have 700 hours between a vacation hour pool, sick hour pool,...
by Ddd7651
Tue Nov 19, 2019 8:24 am
Forum: Personal Finance (Not Investing)
Topic: Why are most insurance products to protect against catastrophe but vision & dental insurance are for ordinary use?
Replies: 42
Views: 3805

Re: Why are most insurance products to protect against catastrophe but vision & dental insurance are for ordinary use?

Many health plans pick up the major issues due to accident is my understanding. I mean that in case of major accidents to dental or vision such as a fall, crash. "Insurance" on those plans for routine items, such as pain or slowly emerging issues aren't as "sudden" as other things insurance provides...
by Ddd7651
Fri Nov 15, 2019 8:23 am
Forum: Forum Issues and Administration
Topic: Error in the Wiki?
Replies: 8
Views: 1016

Re: Error in the Wiki?

I see what you are saying. But it is a true statement. Giving more than 14k does trigger a gift tax. Your statement "Giving more than 14k does trigger a gift tax" is not a true statement, and it is also not what I quoted. I quoted that 14k does not trigger the gift tax. It seems to me you illustrat...
by Ddd7651
Thu Nov 14, 2019 11:43 am
Forum: Forum Issues and Administration
Topic: Error in the Wiki?
Replies: 8
Views: 1016

Re: Error in the Wiki?

I see what you are saying. But it is a true statement. Giving more than 14k does trigger a gift tax. Now, as a separate issue, while filing proper paperwork, if you give more than that you can deduct your lifetime exemption. That is another topic. Since "everyone" doesn't do that, many people pay th...
by Ddd7651
Wed Nov 13, 2019 11:46 am
Forum: Personal Consumer Issues
Topic: Undergrad major psychology
Replies: 9
Views: 747

Re: Undergrad major psychology

Agree with some other posters. It is good on way to professional degrees in the same area or combined with something. Standalone has issues. I know 3 friends who do other jobs that have nothing to do with psychology. It is a major a couple said "it sounded cool to learn about the human mind." But it...
by Ddd7651
Wed Nov 13, 2019 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Online MBA - Worth It?
Replies: 30
Views: 2383

Re: Online MBA - Worth It?

I have seen many specialized MBA programs as mentioned. If you get an MBA with a concentration in "Information Systems or Related Field", that would help distinguish you perhaps. I am not sure what all specializations are out there but check concentrations in your area of study and see if something ...
by Ddd7651
Wed Nov 13, 2019 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Re: Will I be audited?

We got audited for the first time ever, because we put 5 yrs of charitable contributions into a donor advised fund in 2017. We're not rich (but nobody ever thinks they are, do they?) and the IRS guy said is was solely because of the large charitable contribution. Anticipating the audit was a bit st...
by Ddd7651
Wed Nov 13, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Re: Will I be audited?

NotWhoYouThink wrote:
Tue Nov 12, 2019 11:28 am
I don't care if I get audited. I know what I did and why and have the receipts to document everything. Why should you care if you are in the same situation?
Since you don't care if you get audited then why should another person with lack of knowledge on audit processes/procedures care too?
by Ddd7651
Mon Nov 11, 2019 7:07 pm
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Re: Will I be audited?

We got audited for the first time ever, because we put 5 yrs of charitable contributions into a donor advised fund in 2017. We're not rich (but nobody ever thinks they are, do they?) and the IRS guy said is was solely because of the large charitable contribution. Anticipating the audit was a bit st...
by Ddd7651
Mon Nov 11, 2019 5:13 pm
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Re: Will I be audited?

Why don't you make it easy on yourself and just put the $70,000 into the DAF. You can make grants from the DAF immediately once it's funded. Gill I’ve already given some this year before I studied up on DAFs. My original plan was to give it straight to specific charities a few years in advance. I g...
by Ddd7651
Mon Nov 11, 2019 12:48 pm
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Re: Will I be audited?

We established a DAF (at Vanguard) and give around that amount each year to offset taxes. The IRS gets reports from a Vanguard, sees the money through transfers, knows that once that money leaves your account and goes into the DAF it can't come out again and it is an immediate charitable contributi...
by Ddd7651
Mon Nov 11, 2019 12:41 pm
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Re: Will I be audited?

What are my chances of being audited this year or should I worry? Joint Income $240k+ I plan to combine 5 years of charitable giving due to the new tax laws. Specifically, I plan to put 56k into a Donor Advised Fund and give out 14k this year, for a total of 70k of cash giving this year. The goal i...
by Ddd7651
Mon Nov 11, 2019 12:34 pm
Forum: Personal Consumer Issues
Topic: Kohl's credit card refuse to refund undelivered order
Replies: 27
Views: 1330

Re: Kohl's credit card refuse to refund undelivered order

I think you have a valid complaint. You didn't receive it, now your statement has posted, and now have to pay for it though you still don't have it and it has been 3 weeks. I would be just as mad. Just chiming in to say that I fully believe you will get your money and shouldn't worry. Maybe it will ...
by Ddd7651
Mon Nov 11, 2019 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Will I be audited?
Replies: 51
Views: 4579

Will I be audited?

What are my chances of being audited this year or should I worry? Joint Income $240k+ I plan to combine 5 years of charitable giving due to the new tax laws. Specifically, I plan to put 56k into a Donor Advised Fund and give out 14k this year, for a total of 70k of cash giving this year. The goal is...
by Ddd7651
Sat Nov 09, 2019 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: Employer HRA, Health Reimbursement Account question
Replies: 0
Views: 215

Employer HRA, Health Reimbursement Account question

My employer offers a HRA benefit. They will pay 100% of expenses once I meet the "TASC HRA Deductible" limit of $3675. Once I hit $3675, they pay for the next $3675 of expenses fully no money from my pocket at all. This HRA will pay all copays, deductibles, and coinsurance after the Tasc HRA Deducti...
by Ddd7651
Fri Oct 18, 2019 8:45 am
Forum: Personal Investments
Topic: Trad IRA & Mega Back Door Roth?
Replies: 17
Views: 1288

Re: Trad IRA & Mega Back Door Roth?

I concur. It doesn't complicate mega-backdoor roth. The only possible issue is some people tell you to transfer earnings to tira and contributions to roth ira as you might get two checks with the distribution. I myself get one check and go straight to Roth bypassing the tira completely. You will pay...
by Ddd7651
Fri Oct 11, 2019 6:57 am
Forum: Personal Finance (Not Investing)
Topic: GE Pension Buyout
Replies: 85
Views: 13337

Re: GE Pension Buyout

Take the money and run. It is a rip off. I'll pick an age for fun. I think you will live to 85. You are 55 now. 75000 earning 7% interest for 30 years is around $571000,earning 6% is $431000, 5% is $324000, 4% is $232000 If you take $737 per month for 25 years, if you start in 5 years, you get $221...
by Ddd7651
Thu Oct 10, 2019 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: GE Pension Buyout
Replies: 85
Views: 13337

Re: GE Pension Buyout

*deleted for bad math*
by Ddd7651
Thu Oct 10, 2019 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Married with Separate bank accounts
Replies: 44
Views: 4028

Re: Married with Separate bank accounts

We share everything and have everything combined. We have a "no discussion needed" policy for anything under a couple hundred dollars which is most everything we buy discretional. Anything above is discussed to make sure the accounts are balanced and to give a sanity check. Either one of us can stil...
by Ddd7651
Fri Oct 04, 2019 3:17 pm
Forum: Personal Investments
Topic: Limits on Roth conversion?
Replies: 11
Views: 772

Re: Limits on Roth conversion?

A rollover IRA can either be traditional or Roth is my understanding. There is no such thing as a rollover IRA in that it is an account type as a standalone option but I may not have been in your situation. Perhaps someone else can enlighten me. I think the term "Rollover IRA" is used for accounts ...
by Ddd7651
Fri Oct 04, 2019 1:22 pm
Forum: Personal Investments
Topic: Limits on Roth conversion?
Replies: 11
Views: 772

Re: Limits on Roth conversion?

A rollover IRA can either be traditional or Roth is my understanding. There is no such thing as a rollover IRA in that it is an account type as a standalone option but I may not have been in your situation. Perhaps someone else can enlighten me. Even if you have 18kin a traditional IRA, you can conv...
by Ddd7651
Fri Oct 04, 2019 8:45 am
Forum: Personal Investments
Topic: Question about IRA, Roth IRA, Backdoor Roth
Replies: 20
Views: 946

Re: Question about IRA, Roth IRA, Backdoor Roth

Since you have $1200 left to contribute, stop that, convert it all. Net result for the year is taxes owed - 1200 you saved. Not too bad and you have a plump Roth IRA. Not sure what advantage is there in stopping the additional $1200 before Roth conversion. He would have a plumper Roth IRA with $120...
by Ddd7651
Fri Oct 04, 2019 7:57 am
Forum: Personal Investments
Topic: Question about IRA, Roth IRA, Backdoor Roth
Replies: 20
Views: 946

Re: Question about IRA, Roth IRA, Backdoor Roth

Edit: He would have more money in there from converting the 5500 + 4800. Not sure why it seems complicated honestly. It is just a preference of keeping money in a 401k vs Roth IRA. If OP stops contributions, he has cash in hand to pay the taxes from the 5500 conversion. He indicated, by moving the 5...
by Ddd7651
Thu Oct 03, 2019 9:51 pm
Forum: Personal Investments
Topic: Question about IRA, Roth IRA, Backdoor Roth
Replies: 20
Views: 946

Re: Question about IRA, Roth IRA, Backdoor Roth

eranrund wrote:
Thu Oct 03, 2019 2:56 pm
So far I've contributed $4800 in 2019...
Since you have $1200 left to contribute, stop that, convert it all. Net result for the year is taxes owed - 1200 you saved. Not too bad and you have a plump Roth IRA.
by Ddd7651
Thu Oct 03, 2019 2:47 pm
Forum: Personal Investments
Topic: Question about IRA, Roth IRA, Backdoor Roth
Replies: 20
Views: 946

Re: Question about IRA, Roth IRA, Backdoor Roth

Are you still contributing for 2019? Why not just stop doing that and convert your 5500 over to a Roth IRA? The end result will trend toward the same outcome depending on how much you have left to contribute. You are putting after-tax money in a Roth IRA. The taxes you pay will be offset (to an exte...
by Ddd7651
Wed Oct 02, 2019 7:13 am
Forum: Personal Investments
Topic: Back door roth IRA
Replies: 3
Views: 439

Re: Back door roth IRA

If you are maxing it out, I make the jump that you might be ok with converting the $1400 to Roth also. Just put the $6k into the TIRA, then convert $7400 if you don't mind the extra tax hit on $1400. It comes down to "do I want to go ahead and pay taxes on the $1400 now or not?" You technically alre...
by Ddd7651
Tue Oct 01, 2019 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA instead of 529 plan
Replies: 54
Views: 2940

Re: Roth IRA instead of 529 plan

We have $175,000 in 529s for our children. Approximately $100,000 is tax-free growth and $75,000 is contributions. Our kids have about 10 - 15 years to go before college so they should continue to appreciate well. I don't see how we would have done better with respect to college savings by putting ...