Search found 19 matches

by happygilmore
Sun Oct 11, 2020 10:07 am
Forum: Personal Investments
Topic: 401k Rollover and Backdoor Roth Question
Replies: 4
Views: 319

Re: 401k Rollover and Backdoor Roth Question

Thanks everyone. This confirms what I was thinking - I want to avoid a tIRA as I won’t be able to do BDRs in the future unless I pay pro rata taxes which is not ideal at the moment. Going to keep my 401k with prior employer - Fidelity, so good basic options and low fees.
by happygilmore
Sat Oct 10, 2020 1:46 pm
Forum: Personal Investments
Topic: 401k Rollover and Backdoor Roth Question
Replies: 4
Views: 319

401k Rollover and Backdoor Roth Question

Hey BHs, I recently left my job and considering what to do with my former employer 401k which includes both traditional and Roth contributions over the years (Roth in early years and trad more recently). I currently have no traditional ira and a roth that was built up w backdoor contributions. Given...
by happygilmore
Wed Sep 23, 2020 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Physicians: Should I leave my job?
Replies: 207
Views: 16241

Re: Physicians: Should I leave my job?

I will only note that you need to ensure you receive what is stated in your contract. Have an attorney review if there is any doubt and ensure you are only working the 4 days agreed to.
by happygilmore
Sat Sep 12, 2020 7:55 am
Forum: Personal Finance (Not Investing)
Topic: Should we buy a $3M+ house with parental help?
Replies: 167
Views: 12190

Re: Should we buy a $3M+ house with parental help?

Wow, seems to be a lot of jealous haters in this thread. Yes take the incredibly generous gift. Yes you can afford a 1.5M mortgage and upkeep on 800k salary. Think of your kids and what will be best for them, schools house etc. Don’t listen to others assuming strings attached - only you know your si...
by happygilmore
Fri May 22, 2020 7:10 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9458
Views: 661305

Re: Refinance Mega Thread

How does this actually works when you say nothing out of pocket to close? Who will bear the refinancing cost? But that is very good deal. Is it in California? Just today: 2.75%, 30 year fixed, 0.675 points (really 1.05 after all the doc/title fees, etc); but nothing out of pocket to close. Was work...
by happygilmore
Sun May 17, 2020 7:29 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9458
Views: 661305

Re: Refinance Mega Thread

Wondering if anyone in NY has competed a refi over last month or two? I am 10 weeks in to a process with citi and no end in sight. The cema modification is taking forever and servicer. (Shellpoint) is still waiting on initial collateral information from the lender (wells). Curious if others going th...
by happygilmore
Fri May 15, 2020 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: $2 million dollar house pre requisites
Replies: 109
Views: 10345

Re: $2 million dollar house pre requisites

This entire thread is bonkers. It’s the same as a 200K house just multiply downpayment and income requirements by 10. If taking a mortgage I’d limit to 2.5x income and if earnings are very volatile potentially closer to 2x and ensure adequate emergency fund. Also factor in repairs and maintenance. E...
by happygilmore
Mon Apr 20, 2020 9:57 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 9458
Views: 661305

Re: Refinance Mega Thread

I am curious if anyone here is in NY and going through refi with CEMA to avoid new mortgage tax? I have been going thru a refi w/Citi that is excruciatingly slow. I was pre-approved and locked a 10/1 ARM on Feb 25th, appraisal 2nd week of March and been in underwiting for 6(!) weeks. But the questio...
by happygilmore
Fri Jul 06, 2018 11:14 am
Forum: Personal Investments
Topic: Fund IRA w/ESOP Distribution?
Replies: 5
Views: 309

Re: Fund IRA w/ESOP Distribution?

Hi everyone, Quick question for you. Wife is a SAHM with no earned income. She recently received an ESOP distribution from former employer from which fed and state taxes were deducted. Does this count as "earned income" which can be used to fund a backdoor IRA? Thanks. This is not earned ...
by happygilmore
Fri Jul 06, 2018 11:14 am
Forum: Personal Investments
Topic: Fund IRA w/ESOP Distribution?
Replies: 5
Views: 309

Re: Fund IRA w/ESOP Distribution?

Any particular reason why she took a distribution rather than a rollover to an IRA? All my ESOP distributions have been rolled over into an IRA. She only has a Roth IRA at this point. My thinking, perhaps misguided, was that she would only be able to roll into a traditional IRA which would complica...
by happygilmore
Thu Jul 05, 2018 12:32 pm
Forum: Personal Investments
Topic: Fund IRA w/ESOP Distribution?
Replies: 5
Views: 309

Fund IRA w/ESOP Distribution?

Hi everyone,

Quick question for you. Wife is a SAHM with no earned income. She recently received an ESOP distribution from former employer from which fed and state taxes were deducted. Does this count as "earned income" which can be used to fund a backdoor IRA? Thanks.
by happygilmore
Wed Sep 11, 2013 9:45 pm
Forum: Personal Investments
Topic: Turning 30 in 3 weeks..... My first portfolio + IRAs Etc
Replies: 5
Views: 1428

Re: Turning 30 in 3 weeks..... My first portfolio + IRAs Etc

If I were you I would pay off that 50k 6% loan before doing anything.
by happygilmore
Wed Aug 28, 2013 10:20 am
Forum: Personal Investments
Topic: Portfolio Help: High Income / Early Retirement Planning
Replies: 14
Views: 2529

Re: Portfolio Help: High Income / Early Retirement Planning

If you want to avoid bond funds for now, you might consider using a stable value fund if one is available in your wife's 403b or your 401k. If the yield is over 2% that would not be a bad place to hold some of your non equities. You might also consider I-bonds. I'll look into I-Bonds again. I thoug...
by happygilmore
Wed Aug 14, 2013 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off student loans in our situation?
Replies: 26
Views: 2001

Re: Pay off student loans in our situation?

pay off those 8% loans ASAP, and its not even close. i would alos strongly recommend you pay off anything above 3-4%. let me pose a question to you and subject B. if you had ZERO debt today would you take out a loan at 6-8% to invest in the market? if not, then pay off those 6-8% loans. if so, well,...
by happygilmore
Wed Aug 14, 2013 11:37 am
Forum: Personal Finance (Not Investing)
Topic: Tips on splitting marital finances
Replies: 71
Views: 7169

Re: Tips on splitting marital finances

just set aside an agreed amount of "fun" or "personal" money every month to both of your respective side accounts and stick to that amount. the most concerning point raised is that your wife will turn to the JOINT debit account when this runs out. this is not OK. she needs to lea...
by happygilmore
Fri Jun 07, 2013 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Finances for newlyweds - yet another debt vs. investing ?
Replies: 32
Views: 3461

Re: Finances for newlyweds - yet another debt vs. investing

pay off that debt at 6.8%!!!!! its all in one big bucket now.
by happygilmore
Thu Jun 06, 2013 2:16 pm
Forum: Personal Investments
Topic: Newly Married Port Review/Advice - High Tax situation (NYC)
Replies: 7
Views: 1266

Re: Newly Married Port Review/Advice - High Tax situation (N

Thanks so much for your helpful replies. A few updates: -We both opened up separate IRAs at vanguard with plans to convert to Roth. I was not aware of the backdoor conversion and can't believe its possible - but nobody ever said tax code was intuitive! -the suggestion to get international exposure v...
by happygilmore
Thu May 30, 2013 5:01 pm
Forum: Personal Investments
Topic: Newly Married Port Review/Advice - High Tax situation (NYC)
Replies: 7
Views: 1266

Re: Newly Married Port Review/Advice - High Tax situation (N

Tax Rate: 39.6% Federal, 8.97% State, 3.65% City Since the top NYS tax rate (it' was reduced from 8.97% to 8.82% in 2012) only applies to taxable income over $2 million (joint), http://www.tax.ny.gov/pit/file/rates.htm , we should be asking you for advice. Whoops - thank you that's definitely not t...
by happygilmore
Thu May 30, 2013 3:59 pm
Forum: Personal Investments
Topic: Newly Married Port Review/Advice - High Tax situation (NYC)
Replies: 7
Views: 1266

Newly Married Port Review/Advice - High Tax situation (NYC)

Hi folks, I recently got married and need to construct a portfolio involving retirement accounts and taxable accounts for my wife and me that is optimal with respect to 1)taxes, 2)diversification, 3)duration (in light of potential home purchase in ~5 years). While we are off to a good start regardin...