Search found 15 matches

by agill99
Thu Jul 09, 2020 7:35 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 Backdoor Roth & TurboTax
Replies: 4
Views: 505

Re: 2019 Backdoor Roth & TurboTax

As Emily Litella says, "...nevermind..."

I did screw it up. I didn't complete the process and provide the correct info in the deductions & credits section.
by agill99
Thu Jul 09, 2020 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: 2019 Backdoor Roth & TurboTax
Replies: 4
Views: 505

2019 Backdoor Roth & TurboTax

I've been making backdoor Roth contributions for about 8 years and this year I'm having an issue with Turbotax properly categorizing my contribution. (Please no comments about Turbotax, we'll save those for another day) In 2019, I followed the "rules" for contributing to a Traditional IRA and then converted to a Roth for me and my wife. Both our brokerages properly list the contributions and conversions on a 1099-R, which Turbotax electronically accessed and downloaded. Turbotax then tells me "Based on your entry for Box 7..., you don't need to pay any extra taxes on the money taken out of this account." Good - that's the way it should be. However, 2 questions later it asks whether this a rollover or conversion. When I p...
by agill99
Mon Jun 08, 2020 11:31 am
Forum: Personal Finance (Not Investing)
Topic: Refi Mortgage or Pay it off
Replies: 5
Views: 480

Refi Mortgage or Pay it off

In less than a year, I expect to receive a substantial inheritance ($1M + ) when a deceased relative's estate/trust if fully-administered and closed. So that leaves me on the horns of dilemma. Before I knew of my inheritance (and before COVID) we discussed refinancing our current mortgage to a 15 year fixed rate – current balance of $175k at 4.00%. When the Fed slashed rates, refinancing was a no-brainer. However, with this windfall, we will be able to pay off the mortgage entirely, but I cannot decide which makes more sense. As of today, the refinance rates with my credit union (Alliant) are 2.75% (with 0 points) and 2.5% (paying .785 points). Unless I am looking at this wrong, as long as the invested inheritance makes more than 2.75% per ...
by agill99
Tue Jan 19, 2016 5:06 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth and IRS issue
Replies: 4
Views: 1018

Re: Backdoor Roth and IRS issue

JW-Retired wrote: Did you in fact file the 2013 8606 "Non-Deductible Contributions" IRS form with your 2013 taxes? You didn't mention that you did.
JW
I had to look because I had started using TuboTax...yes, we filed the Form 8606 (filled out correctly). And since it was the first year I couldn't contribute directly to my Roth, I had a 0 for line 2. My 8606 looked actaly like this... http://thefinancebuff.com/the-backdoor- ... ow-to.html
by agill99
Tue Jan 19, 2016 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth and IRS issue
Replies: 4
Views: 1018

Backdoor Roth and IRS issue

I hope that any tax attorneys (the usual disclaimers apply, etc.) or anyone who has had this issue in the past can help. I apologize in advance for the long post. In October 2015, my wife and I received a letter from the IRS informing us that the IRS believes that in our 2013 federal taxes (1) we failed to report a $5,500 distribution from an IRA and (2) we reported more federal tax paid than was actually paid. In our Response, I detailed what happened and provided all bank and brokerage statements. As to the IRA Distribution, in July 2013, I made a backdoor Roth contribution. I deposited $5500 from my checking account into my Charles Schwab tIRA account. Then about three weeks later, I converted everything in the tIRA into my Charles Schwa...
by agill99
Thu Feb 14, 2013 1:37 pm
Forum: US Chapters
Topic: Chicago chapter meeting
Replies: 60
Views: 9476

Re: Chicago chapter meeting

BHawks87 wrote:
Chicago Lion wrote:Thinking about it, we might be able to find a restaurant that has a room you can reserve. As long as we all order dinner there is often no charge. I don't know if they offer those rooms on a Friday or not. Maggiano's has these rooms for sure as I have been to dinners in the Chicago and Naperville in their private rooms. There is a Giordanos in Oak Park. I don't know if they have a private room or not.

Magianos :shock: I thought we were bogleheads!

How about McDonald's :mrgreen:
There's a Denny's on Harlem in Oak Park. :mrgreen:
by agill99
Thu Feb 14, 2013 12:34 pm
Forum: US Chapters
Topic: Chicago chapter meeting
Replies: 60
Views: 9476

Re: Chicago chapter meeting

I am interested also. The date and tentative place(s) (Chicago or Oak Park) work for me.

Thanks for organizing this!
by agill99
Fri Dec 28, 2012 10:39 am
Forum: Personal Investments
Topic: For those who hold individual stocks…
Replies: 34
Views: 5866

For those who hold individual stocks…

How do you “pick” your stocks?

I know that a lot of members of the forum have individual stocks in their portfolios and I am wondering how you select these. Is there a philosophy or rationale you use, e.g. high-yield dividend stocks?

Just for clarity, I’m not talking about trading stocks but selecting individual stocks as a long-term (5 year minimum) investment. I ask because I am happy with my asset allocation and am looking to add some individual stocks, if I find one I think is a good long-term investment.

Thanks in advance.
by agill99
Tue Aug 28, 2012 5:42 pm
Forum: Personal Investments
Topic: Help with Illinois 529 and State tax deduction
Replies: 3
Views: 713

Re: Help with Illinois 529 and State tax deduction

Duh! :oops: Like I said, it's probably incredibly obvious.

I hope this isn't the dumbest post (but I'm sure it ranks up there).
by agill99
Tue Aug 28, 2012 4:22 pm
Forum: Personal Investments
Topic: Fidelity Contrafund vs Vanguard Total Stock Index Fund
Replies: 18
Views: 13646

Re: Fidelity Contrafund vs Vanguard Total Stock Index Fund

Here's my .02. I'm relatively new to the Bogle way, and I have tried to convince my wife that it is better than MY old approach. She has a big holding of Contrafund in her 403(b). I never have a good argument to convince her to switch to an index fund because Contrafund's returns have been better than its class, even if it has a higher ER. So I had to do some research and comapre Contrafund to others growth funds. If you look more closely, Contrafund has the same performance as other large-cap growth index funds (VIGRX) over the last 5 years. Now I know that that is a short time to compare, but if you look at the last 20 years Contrafund only outperformed the benchmark or an index fund in about 5 years (in 2002 to 2005 and again in 2007 to ...
by agill99
Tue Aug 28, 2012 3:57 pm
Forum: Personal Investments
Topic: Help with Illinois 529 and State tax deduction
Replies: 3
Views: 713

Help with Illinois 529 and State tax deduction

I know that there have been some good discussions about the Illinois 529 plan and its state income tax benefits ( http://www.bogleheads.org/forum/search.php?keywords=illinois+529 ), and I agree that the Illinois 529 program has a great selection of Vanguard funds and is a great savings plan. But my problem/question is how do you take the deductions on the state income tax forms? Everything I’ve read (including the Wiki-page and http://www.brightstartsavings.com ) provide information about the $10k deduction (or $20k if filing jointly), but there is no place on the IL 1040 to actually take the deduction . The instructions only have 2 references to 529 plans (one for earning distributions and the other to apply your refund to your plan). Also...
by agill99
Sat Aug 18, 2012 1:06 pm
Forum: Personal Investments
Topic: Backdoor Roth and converting a roll-over
Replies: 5
Views: 539

Re: Backdoor Roth and converting a roll-over

Bob's not my name wrote:Looked at your prior posts. You appear to be overweight in Roth already. IL strongly favors TIRA because contributions and withdrawals are both exempt from state tax. Are you sure you're over the direct Roth limit? Here's an illustrative stack of numbers -- plug in your actuals.
I'm glad I asked. After reading your post, I looked at the numbers and I miscalculated my modified AGI. Thank you for taking the time to set me straight.
by agill99
Sat Aug 18, 2012 12:12 pm
Forum: Personal Investments
Topic: Backdoor Roth and converting a roll-over
Replies: 5
Views: 539

Backdoor Roth and converting a roll-over

Hello all, I have read the Wiki-pages, other questions and I think I know the answer, but I want to confirm my understanding of doing a backdoor Roth because this will be my first time. I understand the mechanics of funding the non-deductible Traditional IRA, converting it to a Roth, and paying taxes on the conversion. And I know that I have to convert all of the non-Roth IRAs into Roth IRAs at the same time. (I think I'm right, but if I'm not please correct me) Here's the question: I have two small roll-over IRAs from prior jobs' 401(k) plans that were not really that efficient. My contributions were really minor and the investments took a beating. Do I pay taxes on (1) the entire amount of the roll-overs (my pre-tax contributions and any ...
by agill99
Thu Aug 02, 2012 1:41 pm
Forum: Personal Investments
Topic: Help with mediocre 401(k) options
Replies: 10
Views: 1130

Re: Help with mediocre 401(k) options

Thank you all for your help.

While I didn't want to get into a discussion about my total portfolio, I feel like I erred the other way and left out too much information.

Currently my 401(k) is about 40% of my total savings/investing assets, with the other 60% in a Roth IRA and taxable account. However, I am maxing out the 401(k) contribution and need to plan for the day that it will be the majority of my assets. Right now I have approximately $80k in all accounts. Unfortunately, until a few years ago I was like the "average" American and had a 0 (or negative) saving rate.

Thanks again.
by agill99
Wed Aug 01, 2012 5:35 pm
Forum: Personal Investments
Topic: Help with mediocre 401(k) options
Replies: 10
Views: 1130

Help with mediocre 401(k) options

Hello all, Although I’ve been lurking for about 6 months, this is my first post, so please be gentle. :D Right now, I’m just looking for advice on selecting the “best” funds offered in my 401(k). To me the options generally look pretty mediocre. Vital Statistics (about me): Emergency funds: Currently 2.5 months of expenses and building to 6 months Debt: $125,000 mortgage at 5.125% (currently refinancing); $75,000 in graduate school loans Tax Filing Status: Married filing Jointly Tax Rate: 28% Federal; 5% Illinois Age: 42 (both me and wife) Desired Asset allocation: 80%/20% Intl allocation: 25% of stocks Here are my 401(k) options: Large Cap Stocks HWLIX – Hotchkis and Wiley Large Cap Value (1.07%) JGROX – Janus I (.73% ) Schwab Inst LC Valu...