Search found 639 matches

by FoolStreet
Thu Mar 21, 2019 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

This sounds like there was the issue of rolling a prior tIRA into a 401K to avoid the pro-rate rules ALL BEFORE starting the Roth IRA. Yes, this was required in my situation, and arguably took the most effort - even if it is a one-time thing. Next year and the following years will be much simpler. ...
by FoolStreet
Thu Mar 21, 2019 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Are RMDs that bad if you're not an over-saver?
Replies: 91
Views: 5898

Re: Are RMDs that bad if you're not an over-saver?

I'm interested in learning more about RMDs. Seems like they average about 4% of an account balance. That plus social security should be more than enough if I ever get to that point. So why are RMDs so bad, just that you're forced to pay a bit more in taxes? If you're not an over-saver is it that mu...
by FoolStreet
Thu Mar 21, 2019 9:11 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

If they don’t want to do a taxable event, then you can advise them to roll their traditional IRA back into their 401k. Then they can do a backdoor with no taxable event. Yes? Some financial advisors prefer IRAs because they get AUM fees on an IRA but not 401k. You're assuming that: 1. They have a 4...
by FoolStreet
Wed Mar 20, 2019 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

If they don’t want to do a taxable event, then you can advise them to roll their traditional IRA back into their 401k. Then they can do a backdoor with no taxable event. Yes? Some financial advisors prefer IRAs because they get AUM fees on an IRA but not 401k. You're assuming that: 1. They have a 4...
by FoolStreet
Wed Mar 20, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

If they don’t want to do a taxable event, then you can advise them to roll their traditional IRA back into their 401k. Then they can do a backdoor with no taxable event. Yes? This could be done, but I think it would be asking for trouble. A good number of people mess up their back door Roth contrib...
by FoolStreet
Wed Mar 20, 2019 9:32 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

@Greenman72, so in real life, you don't advise your clients to make Roth conversions? Or in reality, you don't have clients that need to have Roth conversions suggested to them? In practice, most people who come to a CPA want to keep their taxes as low as possible. Roth Conversions (whether they be...
by FoolStreet
Tue Mar 19, 2019 11:50 am
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

When calculating fuel savings, always throw the default numbers used in calculators out the window and use your own real numbers. I used the model S calculator a number of times for fun and found their savings numbers, using their defaults to be 10 times what my actual savings would be. Easy enough...
by FoolStreet
Tue Mar 19, 2019 10:47 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

It is almost to a breaking point for me because it is such a time suck. I am supposed to pay a professional so that I don’t have to do the work. But I feel like I do double the work. And still deal with audits. And because I get resolvable audits, now I’m afraid not to use the CPA in case I get aud...
by FoolStreet
Tue Mar 19, 2019 10:35 am
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

I placed an order for a red LR AWD. Ouch! Red is a $2500 option. The quoted price for a LR Y of $46700 is really $51000, because the listed price assumes $4300 in "6-year estimated gas savings." I suppose Tesla fans research the heck out of their purchase, but this seems deceptive on its face. Yeah...
by FoolStreet
Tue Mar 19, 2019 10:31 am
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

Tesla has had multiple rounds of layoffs in the past year but now is asking for volunteers to help deliver cars. A month ago they gutted that department. This is a 15 year old company... https://www.businessinsider.com/tesla-asks-employees-help-delivering-30000-cars-end-quarter-2019-3 https://www.a...
by FoolStreet
Tue Mar 19, 2019 9:51 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

In all fairness, many people have trouble entering the data in their software. I think the trick to this is when you get to the part about Roth conversions, skip it until later. After the non-deductable contribution is reported, then go back and tell the software about the Roth conversion I agree. ...
by FoolStreet
Mon Mar 18, 2019 3:47 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

fareastwarriors wrote:
Mon Mar 18, 2019 2:48 pm
I placed an order for a red LR AWD.
Congrats! You will love it!
by FoolStreet
Mon Mar 18, 2019 11:33 am
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

In all fairness, many people have trouble entering the data in their software. I think the trick to this is when you get to the part about Roth conversions, skip it until later. After the non-deductable contribution is reported, then go back and tell the software about the Roth conversion I agree. ...
by FoolStreet
Sun Mar 17, 2019 8:01 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

What I could find is cargo space Model Y is 66 cubic feet Rav4 is 35.6-38.4 cubic feet. I'm assuming this is with seats folded down. Rav4 is 70 cubic feet with seats down. Yes, I did not work hard enough, went with the first search result Ugh looks like Toyota is having their own production problem...
by FoolStreet
Sun Mar 17, 2019 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: CPA is not including form 8606 for my backdoor Roth
Replies: 83
Views: 5306

Re: CPA is not including form 8606 for my backdoor Roth

Hello, I made two non-deductible TIRA contributions last year. The first contribution was for tax year 2017 and was reported on part I of form 8606 with my 2017 tax return. The second contribution was done later in 2018. Both contributions were converted to Roth in 2018, which puts us in the backdo...
by FoolStreet
Sun Mar 17, 2019 4:11 pm
Forum: Personal Consumer Issues
Topic: Haven't bought a car in ages - how does negotiation work these days?
Replies: 47
Views: 4871

Re: Haven't bought a car in ages - how does negotiation work these days?

After 15 years with my current car (Prius) I'm finally in the market for a new car. And when I bought that Prius 15 years ago it was when they were released and there were huge waiting lists and all sales were at sticker, so there was no negotiating. And the car I had before the Prius I had owned f...
by FoolStreet
Sat Mar 16, 2019 11:29 am
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

I recently went to a Tesla event and drove a model 3. Quite honestly, it is even better from a fit/finish standpoint than my S or my X. Wow, if that is the case, I don't even want to sit in an S or X. Our experience driving our neighbor's top-of-the-line 3 was underwhelming, at best. My wife (who d...
by FoolStreet
Sat Mar 16, 2019 11:22 am
Forum: Personal Consumer Issues
Topic: Haven't bought a car in ages - how does negotiation work these days?
Replies: 47
Views: 4871

Re: Haven't bought a car in ages - how does negotiation work these days?

For similar reasons, you can make a good, well-researched purchase of a new car, only to get 'worked' on the trade-in negotiation, by the used-car manager. I like buying new cars because the price from the manufacturer is fixed relative to the dealership and so there is an actual floor I can get cl...
by FoolStreet
Sat Mar 16, 2019 12:23 am
Forum: Personal Consumer Issues
Topic: Haven't bought a car in ages - how does negotiation work these days?
Replies: 47
Views: 4871

Re: Haven't bought a car in ages - how does negotiation work these days?

Easy. Go to Tesla.com. Decide which of those vehicles you want. Hit the order button and configure your vehicle. Wait for delivery at your local center. Collect your $3750 in tax credits next year and enjoy driving the best vehicle on Earth. Yes! I was going to post the exact same thing, but if the...
by FoolStreet
Fri Mar 15, 2019 6:39 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

For all those competitor manufacturers coming up with similar range cars, could someone give examples? We are only talking full EV. Nissan Leaf is in market with 200+ mile and it costs 37K. Chevy Volt or Bolt is all Electric. What is the max range and cost of that model. Who else is currently selli...
by FoolStreet
Fri Mar 15, 2019 5:11 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

Does the VW network you mention use the same electrical interface and quick charging plan as Tesla? Or are we going to have a Beta vs VHS battle for EV cars???? So you have to drive to the exact matching EV charger for your car??? There is such a battle, but Tesla is not part of it. CHAdeMO came fi...
by FoolStreet
Fri Mar 15, 2019 3:34 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

I was interested in discussions of the car, but once again a Tesla thread will become an ad hominem attack on its CEO and shorts “talking their book.” Unfollowing. I was enjoying the good discussion too, but then quickly fell to crap. Maybe it’s safe to come back without the thread getting hijacked...
by FoolStreet
Fri Mar 15, 2019 12:07 am
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

That car (which is what it is) is just a Model 3 with a body kit. It is so lame that Muskspent 95% of the reveal talking about other things lol. By the time it gets to markets there will be no tax credits and stiff competition. It is basically what BMW calls a grand turismo. A slight variation of t...
by FoolStreet
Thu Mar 14, 2019 11:46 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

That car (which is what it is) is just a Model 3 with a body kit. It is so lame that Muskspent 95% of the reveal talking about other things lol. By the time it gets to markets there will be no tax credits and stiff competition. It is basically what BMW calls a grand turismo. A slight variation of t...
by FoolStreet
Thu Mar 14, 2019 11:41 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

What is a Subaru ice train? I live in Tahoe and drive a Subaru and it works great in snow and ice... And I guarantee you that my Subaru will run circles around that low to the ground Model 3 Tesla.. And it will not high center on the snow and ice berm in the center of the US 50 or the ice berm in m...
by FoolStreet
Thu Mar 14, 2019 11:07 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

Looks like a winner to me. 75% commonality with 3 means relatively easy startup as compared to X or 3. I really like the blacked out window trim and door handles. The 3 is amazing and the 3 AWD handles wonderfully in the snow. Passed a BMW X3 spun out, Audi wheels locking up and Subaru’s in an ice ...
by FoolStreet
Thu Mar 14, 2019 10:56 pm
Forum: Personal Consumer Issues
Topic: Tesla Model Y
Replies: 126
Views: 7448

Re: Tesla Model Y

Anyone else keeping abreast of things tonight? The new crossover is being revealed. I drove by my local service and sales centers today, all looked well. Not as many cars as end of quarter last. Of note, a freshly washed model 3 with temp tags turned off a side street I had not known of Tesla havin...
by FoolStreet
Mon Mar 11, 2019 1:14 pm
Forum: Personal Consumer Issues
Topic: Best Account for teenager
Replies: 21
Views: 842

Re: Best Account for teenager

My DS has a great Teen checking account at Alliant CU, which provides a debit/Visa card so he can pay for all his lunches, online game fees, social expenses. He never even used the ATM until recently, as kids today don't really use cash (this was hard for me to grasp). However, Alliant does reimbur...
by FoolStreet
Mon Mar 11, 2019 1:12 pm
Forum: Personal Consumer Issues
Topic: Best Account for teenager
Replies: 21
Views: 842

Re: Best Account for teenager

They hold their shares at a Roth held at WellsTrade. WellsFargo/WellsTrade is very seamless if you select the correct setup. I don't know if WellsTrade has UTMA accounts, but I suspect so. And the best part about WF is they figure out what accounts you need even before you ask for them, and open th...
by FoolStreet
Mon Mar 11, 2019 10:46 am
Forum: Personal Consumer Issues
Topic: Best Account for teenager
Replies: 21
Views: 842

Re: Best Account for teenager

They hold their shares at a Roth held at WellsTrade. WellsFargo/WellsTrade is very seamless if you select the correct setup. I don't know if WellsTrade has UTMA accounts, but I suspect so. And you pay allowances by transferring money with your phone. No cash ever. And for the privilege for all this...
by FoolStreet
Mon Mar 11, 2019 10:34 am
Forum: Personal Consumer Issues
Topic: Best Account for teenager
Replies: 21
Views: 842

Re: Best Account for teenager

When each kid turned 14 we opened a checking account (totally free, no fee) at the same institution as our checking account. Got them a Debit Card and each account came with a pad of check blanks (unused). This allows us to transfer directly and see the activity. When the oldest "launches from the ...
by FoolStreet
Mon Mar 11, 2019 10:24 am
Forum: Personal Consumer Issues
Topic: Best Account for teenager
Replies: 21
Views: 842

Best Account for teenager

I would love some ideas for opening a bank/savings account for a teenager. Ideally it would be all-in-one, allowing them to use it to get cash, deposit cash, I could transfer her allowance to it, it should allow credit card transactions and payments like google Pay and PayPal. Ideally it would be ti...
by FoolStreet
Fri Mar 08, 2019 3:48 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

German cars are reasonably reliable during their warranty periods but their high levels of mechanical complexity make expensive repairs a near certainty as they begin to age and accumulate mileage. Before I bought my Tesla I had a 2010 Porsche 911 and I frequented Rennlist. Lots of discussion over ...
by FoolStreet
Sat Mar 02, 2019 2:47 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

For reference my old 2010 Prius cost about $.06/ mile. Even doubling electric rates, if you had to charge at someone else’s house or a ChargePoint station, you still come out ahead. Did you get 6mo free supercharging? I don’t use it but it’s nice to have from time to time. I did get the 6mo free Su...
by FoolStreet
Sat Mar 02, 2019 2:40 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

Have you included depreciation (or cost of replacement) of the Tesla battery pack? No. Here's why: Firstly, the battery pack is under warranty for 8 years or 120K miles. Secondly, as anyone with a history of German car ownership knows, owning an Audi or BMW or Mercedes past the warranty expiration ...
by FoolStreet
Sat Mar 02, 2019 2:35 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

OP here again. I started a new job last month. The new gig has me in the field and I'm driving MUCH more for work than I used to - 450+ work-related miles so far. Moving forward, I expect to drive at least this much for work - likely much more. Let's do a quick cost-per-mile math exercise: As I men...
by FoolStreet
Sat Mar 02, 2019 11:50 am
Forum: Personal Consumer Issues
Topic: $34k Volt vs $54k Model 3?--help me decide??
Replies: 131
Views: 13827

Re: $34k Volt vs $54k Model 3?--help me decide??

Since you discussed numbers, I would ask this question: Why spend $20k - $54k + to save $600 a year in gas? :? I get it. Even after incentives the base Model 3 is $24k. And if you are in a budget you can buy a used 2010 Prius for 7k and use that money to pay off loans and build your financial posit...
by FoolStreet
Thu Feb 28, 2019 11:42 pm
Forum: Personal Investments
Topic: My first attempt at backdoor Roth IRA
Replies: 3
Views: 558

Re: My first attempt at backdoor Roth IRA

Hang in there. Glad you are on the right path!
by FoolStreet
Thu Feb 28, 2019 11:18 pm
Forum: Personal Consumer Issues
Topic: $34k Volt vs $54k Model 3?--help me decide??
Replies: 131
Views: 13827

Re: $34k Volt vs $54k Model 3?--help me decide??

You can now order the $35k Tesla! So cool!
by FoolStreet
Tue Feb 26, 2019 3:29 pm
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

DanMahowny wrote:
Tue Feb 26, 2019 3:19 pm
I love Elon Musk.

He is generating significant gains for my portfolio (massive TSLA short position).
I think you prove the counter point.
by FoolStreet
Tue Feb 26, 2019 11:44 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

Regardless, Tesla is making it happen. Full stop. Shipping to Europe. China. Forcing all other manufacturers to change their business models. Innovating. Ruffling feathers. Haters gonna hate. How are other manufacturers changing their business models? - Who has eliminated dealerships? - Who has sto...
by FoolStreet
Tue Feb 26, 2019 10:45 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

I agree with ValueThinker. FoolStreet, do you think it normal for a General Counsel to last 6-8 weeks?!? Come on! They have lost their CFO and General Counsel just in the last few weeks and a ton of others last year. Imagine the important cogs who left that aren't worthy of news coverage? Musk is o...
by FoolStreet
Mon Feb 25, 2019 9:10 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

To me what's alarming is the high turnover rates among its executives. Most executives have incentives that take a few years to vest and a lot of them seem to bailout before that meaning they don't see long term future for the company and that's with insider information :shock: I think there was on...
by FoolStreet
Sun Feb 24, 2019 12:18 am
Forum: Personal Consumer Issues
Topic: Talk me out of buying a Tesla Model 3
Replies: 381
Views: 27793

Re: Talk me out of buying a Tesla Model 3

^^well, sure, but to me, a price cut, is not 'haggling'. A price cut is available to all and the new price is published on the website. But that new price itself cannot be haggled downward on a brand new car. of course, if one waits long enough, the even less costly (and less optioned?) $35k model ...
by FoolStreet
Sun Feb 24, 2019 12:14 am
Forum: Personal Consumer Issues
Topic: Questions to Tesla owners
Replies: 24
Views: 3409

Re: Questions to Tesla owners

Here are my questions: 1. Anyone experience any of the stuff that CR pulled their recommendation for? 2. Renting a 3 for a week in 2 months, will we take to it easily or are there online things we could do first to make it easier? I picture a FAQ or how to video. 1. Not at all. 2. You will love it....
by FoolStreet
Mon Feb 04, 2019 9:14 am
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25281

Re: Cost of college and 529

How so? - I can’t contribute to 529 pre tax. Is that possible? - both are post tax contributions. So both are at the same tax rate. Unless there are state-specific incentives for 529 that I don’t know about since we don’t get them here in California. For someone living in California, with no state ...
by FoolStreet
Sun Feb 03, 2019 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25281

Re: Cost of college and 529

I would think you would want to contribute the max to your Roth IRA before contributing to 529, right? Only if you WANT the savings associated with maxing the Roth savings. Not every investor needs or wants to fund their retirement at the level implied by maxing out all available retirement vehicle...
by FoolStreet
Sun Feb 03, 2019 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25281

Re: Cost of college and 529

I would think you would want to contribute the max to your Roth IRA before contributing to 529, right? Only if you WANT the savings associated with maxing the Roth savings. Not every investor needs or wants to fund their retirement at the level implied by maxing out all available retirement vehicle...
by FoolStreet
Sun Feb 03, 2019 4:59 pm
Forum: Personal Finance (Not Investing)
Topic: Cost of college and 529
Replies: 642
Views: 25281

Re: Cost of college and 529

One can disagree with opinions but math is more difficult to disagree with. Yet you insist on doing so. For a parent who wants to save money for a child's education, the 529 plan is the "mathematically" superior way to do it. Period. I would think you would want to contribute the max to your Roth I...