Search found 433 matches

by EddyB
Thu Apr 19, 2018 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 40?
Replies: 130
Views: 11279

Re: Can I retire at age 40?

So he can take about $80,000/year from the 401(k) in a 72(t) distribution without penalty. I am trying not to tap into the 401k fund at very early age. Remember, you are not invincible forever, you will need more money in your retirement age than in 40s or 50s for healthcare. Healthcare part is get...
by EddyB
Thu Apr 19, 2018 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 40?
Replies: 130
Views: 11279

Re: Can I retire at age 40?

If your premise were untrue (it is), would that change your advice? This is a genuine question. Yes, I would change. But what is untrue? The Op has $500k in taxable account, and expected expense is $120k a year. It is just math. So he can take about $80,000/year from the 401(k) in a 72(t) distribut...
by EddyB
Thu Apr 19, 2018 9:17 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire at age 40?
Replies: 130
Views: 11279

Re: Can I retire at age 40?

Op, I would not retire if I were you considering you will have to cash out your retirement money and pay penalty for early withdrawal. However, you can build up more your taxable account. With your income, it shouldn't take long to build an taxable amount that can take you to retirement age. Or you...
by EddyB
Sat Apr 14, 2018 9:57 am
Forum: Personal Finance (Not Investing)
Topic: AMT can negate effect of state income & real estate deduction
Replies: 9
Views: 771

Re: State income taxes paid makes no difference for FY2017 Fed Liability

Last year I had also seen how with judicious choice of income, somebody could have close to 6 figures of spending money with shockingly low federal taxes by entering all other information in the tax software program before entering W2 data. Any difference in outcome that results from the order of d...
by EddyB
Fri Apr 13, 2018 2:00 pm
Forum: Personal Finance (Not Investing)
Topic: NJ passes law in response to SALT limits
Replies: 9
Views: 1965

Re: NJ passes law in response to SALT limits

Much of the prior discussion of NY's law is relevant here.

viewtopic.php?t=246117
by EddyB
Thu Apr 12, 2018 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Help me choose a top law school!
Replies: 65
Views: 5624

Re: Help me choose a top law school!

If you want to end up in DC, you basically have to start in NY or DC (or maybe Chicago). To get the best job prospects in any of those cities, I think you go with Chicago or Penn. I agree with the broader advice, but I think these pieces are a little too tight. I don’t think practicing at BigLaw in...
by EddyB
Wed Apr 11, 2018 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Help me choose a top law school!
Replies: 65
Views: 5624

Re: Help me choose a top law school!

If I have any bias among those schools, it is against UVA, but I'd still say UVA (excluding Penn until you know cost), although with the right reasons I could see Georgetown.
by EddyB
Tue Apr 10, 2018 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Ivy school education. Is it worth it?
Replies: 238
Views: 12395

Re: Ivy school education. Is it worth it?

In any event, connecting this to the original poster's question, the high median grades at some of these institutions should not lead anyone to pass over the benefits of an elite institution. If anything, they should have exactly the opposite effect. :happy Yes- it's worth noting that grade inflati...
by EddyB
Mon Apr 09, 2018 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Ivy school education. Is it worth it?
Replies: 238
Views: 12395

Re: Ivy school education. Is it worth it?

TomatoTomahto wrote:
Mon Apr 09, 2018 9:30 am
Heck, people have argued, although I won't, that some of the Ivies don't really belong in the Ivy League.
I've only ever heard that said of one, and never by hockey fans.
by EddyB
Sat Apr 07, 2018 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: Parents have zero savings. What can I do?
Replies: 168
Views: 13860

Re: Parents have zero savings. What can I do?

cfs wrote:
Sat Apr 07, 2018 6:53 pm
NYFP !!!
Must be Spanish ....
by EddyB
Fri Apr 06, 2018 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Any advice for 1st time landlord
Replies: 42
Views: 3237

Re: Any advice for 1st time landlord

Shallowpockets wrote:
Fri Apr 06, 2018 9:51 am
Looks like your rental is already a headache with your post on here for assistance.
In that case, should we conclude that stock and bond investing is a huge headache, based on the thousands and thousands of posts on this board asking for assistance with that?
by EddyB
Thu Apr 05, 2018 11:55 am
Forum: Personal Finance (Not Investing)
Topic: Asking for a raise/promotion with another offer in hand
Replies: 103
Views: 6580

Re: Asking for a raise/promotion with another offer in hand

An intention to leave the company erases every bit of goodwill you have earned to date. You have now been put on a short-timer list. When the new leadership comes in and staff needs to be cut, you will be at the top of the list. This is why counter-offers almost never work out in the long-term. Whi...
by EddyB
Wed Apr 04, 2018 11:15 pm
Forum: Investing - Theory, News & General
Topic: What can we learn from secret millionaires.
Replies: 93
Views: 16475

Re: What can we learn from secret millionaires.

I can also tell you that one attribute of a secret millionaire is that they understand very well that a million dollars isn't a lot of money. Good point. (At a 4% SWR, $40k doesn't go but so far.) The corollary to that observation is that you can't tell that to anyone else because they'll look at y...
by EddyB
Wed Apr 04, 2018 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 5633

Re: NY passes law to get around SALT limit

To keep this thread actionable and within the limits of allowable discussion: This NY trick is not confirmed by the IRS and will extremely unlikely be allowed by the IRS. So the (higher) courts will eventually decide on this. Quoting some law profs supporting or refuting this does not change the fa...
by EddyB
Wed Apr 04, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 5633

Re: NY passes law to get around SALT limit

It is fair to say that there is 100% probability that IRS disagrees with this trick. In fact, it has made it clear already. Naturally, after years of court battles, NY taxpayer using this trick could prevail. But that is a long-shot, so good luck for anybody trying this. That the Office of Chief Co...
by EddyB
Wed Apr 04, 2018 11:30 am
Forum: Personal Finance (Not Investing)
Topic: NY passes law to get around SALT limit
Replies: 47
Views: 5633

Re: NY passes law to get around SALT limit

An analysis can be found here, prospects dubious: https://taxfoundation.org/new-yorks-new-tax-avoidance-scheme-actually-raise-taxes/ I don't see how this can be discussed in bogleheads given rules on politics and future rules/regulations. NY residents should clearly use some caution until the IRS i...
by EddyB
Tue Mar 20, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Discovered mistake on 2014 return—owe money
Replies: 23
Views: 3134

Re: Discovered mistake on 2014 return—owe money

The 1099 reported employee contribution of say $22,000 and reported distribution of say $24,000. I entered this all into TurboTax correctly (have the worksheets backing this up), yet the 1040 form reports no taxable amounts on the distribution. What is in box 2a? 2a taxable income says 0 Distributi...
by EddyB
Sat Mar 17, 2018 1:38 pm
Forum: Personal Consumer Issues
Topic: Bicycle Commuting in LA - Thoughts?
Replies: 100
Views: 4839

Re: Bicycle Commuting in LA - Thoughts?

As many has stated, your response is confusing and outright wrong. I will not blame other cyclists if a car tries to stop short or drive recklessly with the intention of scaring me. The fault solely falls on the driver. Of course I said nothing of the sort and I totally reject your attempts to make...
by EddyB
Fri Mar 16, 2018 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: How to keep track of Roth cost basis?
Replies: 13
Views: 1896

Re: How to keep track of Roth cost basis?

I have four different ways that I contribute or have contributed to Roth accounts: Normal straight contributions to a Roth IRA ($5,500 every year) Mega-backdoor Roth contributions (i.e., make after-tax contributions to my 401k and then immediately roll them over into a Roth IRA at the same brokerag...
by EddyB
Thu Mar 15, 2018 6:09 pm
Forum: Personal Consumer Issues
Topic: Bicycle Commuting in LA - Thoughts?
Replies: 100
Views: 4839

Re: Bicycle Commuting in LA - Thoughts?

You can create straw men if you want to, but don't expect a response. Bottom line: If you behave badly, don't be surprised if others react to your bad behavior negatively. You can keep claiming that others are inventing straw men, or you can reconsider what you wrote. Your "bottom line" here is muc...
by EddyB
Wed Mar 14, 2018 10:27 am
Forum: Personal Finance (Not Investing)
Topic: Should a recent college grad look for a job in the Bay Area or Texas?
Replies: 39
Views: 2668

Re: Should a recent college grad look for a job in the Bay Area or Texas?

Short answer: The salary will be higher in the Bay Area, but that may not translate to a better standard of living. The cost of living is insane in the Bay Area. Although the material standard of living isn’t the only factor in quality of life, and there are major differences, geographic and cultur...
by EddyB
Tue Mar 13, 2018 4:35 pm
Forum: Personal Consumer Issues
Topic: Bicycle Commuting in LA - Thoughts?
Replies: 100
Views: 4839

Re: Bicycle Commuting in LA - Thoughts?

Hostility is never justified imo (see my comment above). I'm surprised to see you advocating for this. I hope I am misunderstanding your views. From your comment above, you seem to be trying to equate hostility with acts "punishing" bicyclists, which I have not so much as mentioned, much less advoc...
by EddyB
Tue Mar 13, 2018 11:44 am
Forum: Personal Consumer Issues
Topic: Bicycle Commuting in LA - Thoughts?
Replies: 100
Views: 4839

Re: Bicycle Commuting in LA - Thoughts?

Talk to some other people where you work about their experience and to get tips. Buying a bike at a shop is a good idea, but consider buying a used bike with a warranty provided by the shop. A new bike becomes a used bike very quickly, anyway. unwarranted hostility towards cyclists I'm sure that yo...
by EddyB
Mon Mar 12, 2018 9:12 pm
Forum: Personal Consumer Issues
Topic: Bicycle Commuting in LA - Thoughts?
Replies: 100
Views: 4839

Re: Bicycle Commuting in LA - Thoughts?

We use road bicyclists as examples to our children of how not to take risks in life. I tell them that I fully support them risking their life in search of an adrenaline fix and to challenge themselves. If they want to take up rock climbing, SCUBA diving or any other risky endeavor I will happily pa...
by EddyB
Sat Mar 10, 2018 11:13 am
Forum: Investing - Help with Personal Investments
Topic: Paying off mortgage vs. additional tax-advantaged retirement savings
Replies: 93
Views: 5529

Re: Paying off mortgage vs. additional tax-advantaged retirement savings

. EddyB, Your and her assumption is typical 6 figures high-income people are fully-employed continuously from 30+ to 50+ over 20+ years. I dispute that. Hence, the word "likely" should not be used in this context. Among my own first-hand observation of my peers in the 40s and 50s, only a minor few ...
by EddyB
Sat Mar 10, 2018 9:45 am
Forum: Investing - Help with Personal Investments
Topic: Paying off mortgage vs. additional tax-advantaged retirement savings
Replies: 93
Views: 5529

Re: Paying off mortgage vs. additional tax-advantaged retirement savings

I want to go back to this point. OP, 1) How does it make any sense to pay 28+% tax in order to save 3.5% interest? I have a hard time arguing with this logic, even though I hate debt. Maybe the OP could take the tax savings from maxxing out tax deferred and apply that savings to the mortgage. Split...
by EddyB
Fri Mar 09, 2018 3:01 pm
Forum: Personal Finance (Not Investing)
Topic: Young Lawyer in Big Law -- NYC or SF?
Replies: 13
Views: 1600

Re: Young Lawyer in Big Law -- NYC or SF?

To give you a sense of my perspective, I have lived in both places, having spent about 20 years in big law as a transactional attorney working primarily in Silicon Valley for NY-headquartered law firms. I wouldn't offer him unsolicited advice in your shoes, but I assume he or your child has asked. E...
by EddyB
Tue Mar 06, 2018 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Donations to your enrolled public school
Replies: 106
Views: 5827

Re: Donations to your enrolled public school

3) I'm reasonably confident that public schools, wealthy and poor, have, on average, far more resources (even absent parental donations) than they did one or two generations ago (i.e. "back in MY day..."). Look at long term graphs of inflation adjusted expenditures per student... And even back in t...
by EddyB
Mon Mar 05, 2018 9:31 pm
Forum: Personal Finance (Not Investing)
Topic: After tax 401(k) to Roth IRA?
Replies: 17
Views: 897

Re: After tax 401(k) to Roth IRA?

Fair enough. My plan doesn't allow roll-in of IRAs, so I forget about that option sometimes. Would you do that for $10 of earnings, though? I may find out in a couple of weeks! Either way, I imagine that some day, someone will use the search function, and I don’t want him or her to miss that nuance.
by EddyB
Mon Mar 05, 2018 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Donations to your enrolled public school
Replies: 106
Views: 5827

Re: Donations to your enrolled public school

Zero also, as a matter of fact, I have never heard of anyone who donates anything to the public school system. I could think of a hundred other places that would be more deserving than that!!! OMG. You should find a better school system for your kids then! ?? The better school systems don't need ex...
by EddyB
Mon Mar 05, 2018 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: After tax 401(k) to Roth IRA?
Replies: 17
Views: 897

Re: After tax 401(k) to Roth IRA?

Everything I read says I should have gotten two checks and contributed the ten dollars to my IRA and the $8,000 to the Roth IRA. I did not get two checks and, more importantly, I have already maxed out my $6,500 contribution to my IRA (and back-doored this into my Roth IRA). Any suggestions? Hef If...
by EddyB
Sat Mar 03, 2018 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Has the home we wanted just become 20% more expensive due to tax reforms?
Replies: 62
Views: 6731

Re: Has the home we wanted just become 20% more expensive due to tax reforms?

If you are depending on tax deductions of interest and taxes to determine if you can afford a house you are buying too much house. I disagree with this... it seems reasonable to take into account the total cost of ownership and factor tax deductions into that number, keeping in mind that tax laws c...
by EddyB
Thu Mar 01, 2018 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Defining "House Poor"
Replies: 299
Views: 16514

Re: Defining "House Poor"

If you are going to go that route (aka Porsche on 50K income), could not I do the same and try to psychoanalysis KF's rationale for why he feels the way he does? But I know that is one of the quickest way to get smacked by the powers to be of this forum so I will not go there. Would it be fair if I...
by EddyB
Wed Feb 28, 2018 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: Defining "House Poor"
Replies: 299
Views: 16514

Re: Defining "House Poor"

Ive always used the term house poor to be that you get into a home, and dont have enough savings to maintain it as desired (replacing worn out furniture, peeling paint, rotting deck). Either that, or you can afford to maintain your house, but nothing else. No vacations, can't eat out, can't afford ...
by EddyB
Sun Feb 25, 2018 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Just had our offer accepted on a $1.4 Million House
Replies: 90
Views: 9275

Re: Just had our offer accepted on a $1.4 Million House

Real estate in California is very specific. Some places in California has not recover from 2005. I personally thought $1.4M is cheap. I’ve been looking for a starter home for one of my kids, can’t find anything decent for a starter home less than $800k, she’s in LA, but the beach area. OP has incom...
by EddyB
Sat Feb 24, 2018 11:49 am
Forum: Personal Finance (Not Investing)
Topic: Draw Down Plan - Stanford Longevity Report
Replies: 11
Views: 831

Re: Stanford papers on retirement withdrawal strategies

I saw this article in Marketwatch, describing a Stanford study on optimal retirement withdrawals. The short answer is to use savings to delay SS until age 70, and then use RMDs for discretionary spending. That's a perfectly plausible strategy. However, like many withdrawal strategies, it 'back load...
by EddyB
Sat Feb 24, 2018 10:25 am
Forum: Personal Finance (Not Investing)
Topic: Defining "House Poor"
Replies: 299
Views: 16514

Re: Defining "House Poor"

Here’s hoping Amazon HQ2 is built nearby. Then my home will definitely be an appreciating asset. :-) Gray, Why is that a good thing? If your house price went up, you will pay more in property tax. The only time when the house price help is when you buy (low) and sell (high). In between those time, ...
by EddyB
Fri Feb 23, 2018 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Defining "House Poor"
Replies: 299
Views: 16514

Re: Defining "House Poor"

OP, If the house price is more than 40% of your net worth excluding your house, you are "House Poor". KlangFool Couldn’t be happier to fit Klangfool’s definition of “Housepoor”. I’m blessed beyond belief, but Klangfool’s description of housepoor is the only way I could ever imagine myself “poor” in...
by EddyB
Tue Feb 20, 2018 8:27 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off $372000 mortgage in 12 months
Replies: 46
Views: 7361

Re: Paying off $372000 mortgage in 12 months

Nope, over $150k income/AGI there's no deductions allowed. Although, they are deferred or delayed. But, can't be used each year. No, it's still a deduction "against a rental," although above the income cap, landlords who aren't real estate professionals can't deduct the losses against other income .
by EddyB
Thu Feb 15, 2018 8:33 pm
Forum: Investing - Help with Personal Investments
Topic: High earners need help with IRAs
Replies: 9
Views: 1253

Re: High earners need help with IRAs

Newbie here :sharebeer . If a couple was firmly seated in the 33% tax bracket with a AGI of 340K would you still suggest putting money in a IRA or just keep putting savings in brokerage account? Or something else? They are early to mid 40s, one income, and all but 60K was earned through a S-corp. T...
by EddyB
Thu Feb 15, 2018 4:25 pm
Forum: Investing - Theory, News & General
Topic: Can someone help me explain to my wife...?
Replies: 81
Views: 9936

Re: Can someone help me explain to my wife...?

Show this and ask her to promise you won't miss the best days: [If you want to see the image again, click:] http://static1.businessinsider.com/image/5500d5eeeab8ea8556b843e1-1200-900/cotd-missed-days.png If true---even if only for a cherry-picked decade---the message that six of the 10 best days oc...
by EddyB
Tue Feb 06, 2018 3:53 pm
Forum: Investing - Theory, News & General
Topic: Huge afternoon stock drop on 2.5.2018 and stock raise on 2.6.2018 is caused by mutual fund holders
Replies: 46
Views: 6916

Re: Huge afternoon stock drop on 2.5.2018 and stock raise on 2.6.2018 is caused by indexers

I could see knowledge of mitual fund orders being abused, but that could be non-index investments, and indexers could use ETFs.
by EddyB
Fri Feb 02, 2018 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Is taxcaster 2018 accurate for AMT?
Replies: 12
Views: 1114

Re: Is taxcaster 2018 accurate for AMT?

Have any of the BH tax junkies verified that Taxcaster 2018 is giving accurate figures? I have this vague recollection that several years ago Taxcaster wasn't doing AMT well (I could be wrong), and i haven't really used it for years. I'm trying to calibrate my withholdings for 2018, and running Tax...
by EddyB
Wed Jan 31, 2018 6:28 pm
Forum: Investing - Help with Personal Investments
Topic: When are taxes due on money moved from traditional IRA to Roth?
Replies: 6
Views: 750

Re: When are taxes due on money moved from traditional IRA to Roth?

House Blend wrote:
Wed Jan 31, 2018 6:07 pm
even if you are in an unsafe harbor
Leaving a safe harbor is one thing, but going into an unsafe harbor is quite another.
by EddyB
Fri Jan 26, 2018 11:21 am
Forum: Personal Consumer Issues
Topic: Pizza delivery asked for security code on my credit card with order
Replies: 50
Views: 5336

Re: Pizza delivery asked for security code on my credit card with order

OP here. Thanks everyone for the quick replies. When I saw Livesoft's reply, I cancelled the card, which took about 10 minutes. After reading the other replies, I probably cancelled the card out of an abundance of caution, but I'd rather get ahead of this than wake up in the morning and find that s...
by EddyB
Thu Jan 25, 2018 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance company wants money back
Replies: 45
Views: 4595

Re: Life insurance company wants money back

Again, without seeing the insurance contract, knowing the state whose law applies in this instance, and actually talking to the beneficiary himself, I'm not in a position to opine on the legal issues involved in this matter; moreover, as a general rule, I don't think it's prudent to offer legal adv...
by EddyB
Thu Jan 25, 2018 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance company wants money back
Replies: 45
Views: 4595

Re: Life insurance company wants money back

This is incorrect. While generally the incontestability period kicks-in after one-two years of the policy being in force, there are exceptions, most commonly for situations where the insured's ages is misstated/misrepresented on the application. It wouldn't necessarily involve voiding the policy, b...
by EddyB
Thu Jan 25, 2018 2:45 pm
Forum: Investing - Help with Personal Investments
Topic: Strategy to take a step off from work at age 35
Replies: 13
Views: 1767

Re: Strategy to take a step off from work at age 35

I couple of quick notes. The 4% rule of thumb is based on a 30 year retirement. So 65 to 95. 2% is more appropriate for your 60 year time frame. I'm pretty familiar with the development and evolution of expressions of the 4% rule, but I'm not aware of anything as firm, whether by reference to histo...
by EddyB
Wed Jan 24, 2018 10:16 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance company wants money back
Replies: 45
Views: 4595

Re: Life insurance company wants money back

While there’s interesting commentary here, the only advice I’d share with someone in his situation is to talk to a lawyer about it, and not to talk to anyone else about it.
by EddyB
Wed Jan 24, 2018 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Life insurance company wants money back
Replies: 45
Views: 4595

Re: Life insurance company wants money back

Whoa...a lot of posts since I wrote mine. It is amazing how many people are in favor of commiting insurance fraud. And no this guy isn't some innocent victim. He knowingly submitted a form with false info (i.e. was aware of the birthday mistake and didn't correct it) and was hoping to benefit from ...