Search found 504 matches

by abyan
Sun Sep 01, 2019 10:46 pm
Forum: Personal Finance (Not Investing)
Topic: 20 year old unused travelers checks... what to do with them?
Replies: 19
Views: 2968

Re: 20 year old unused travelers checks... what to do with them?

Mine were like 40 or 50 years old (some of them). My bank accepted them. Though it was hard matching my teenage signature!
by abyan
Sun Sep 01, 2019 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Family as estate lawyer?
Replies: 7
Views: 625

Re: Family as estate lawyer?

When my parents wanted to amend their living trust, the lawyer who created it 20 years ago was gone. We simply went to a new lawyer, gave him a copy of the old will, and he updated it for us.
by abyan
Mon Aug 26, 2019 2:41 pm
Forum: Personal Finance (Not Investing)
Topic: Question about effective date of i401k after amendment
Replies: 1
Views: 147

Question about effective date of i401k after amendment

Hey everyone, a quick question. As you may recall, I transferred my i401k from Vanguard to Schwab so that I could directly rollover my IRA into my i401k. I now plan to transfer the i401k back to Vanguard (it's just easier having all my accounts at one place, among other reasons), and I have a questi...
by abyan
Wed Aug 21, 2019 2:57 pm
Forum: Personal Consumer Issues
Topic: Best undergrad majors ahead of Law school?
Replies: 75
Views: 3645

Re: Best undergrad majors ahead of Law school?

Another JD here from a top school, who had lot of different majors in college. What mattered most was my LSAT score and my grades. For Harvard and Yale, you’ll need more than that, sure, but i’m just not convinced that anybody cares about their undergrad majors. As others have mentioned, she should ...
by abyan
Tue Aug 20, 2019 12:54 pm
Forum: Personal Consumer Issues
Topic: Chicago - What to see, do & eat in two days
Replies: 71
Views: 3681

Re: Chicago - What to see, do & eat in two days

The museums are great but rather expensive imho. Like $25 for an adult. Be prepared. I think the Hancock observation deck provides a much prettier view of the city than Sears Tower (I refuse to call it Willis). The Art Institute is amazing but possibly not for young kids, they’d probably prefer the ...
by abyan
Sat Aug 17, 2019 4:20 pm
Forum: Personal Consumer Issues
Topic: Could frozen fruit be actually moldy, or am I imagining things?
Replies: 9
Views: 1072

Re: Could frozen fruit be actually moldy, or am I imagining things?

Why not? It wasn't frozen until it was frozen, it could have gone off before. I have an unfortunately keen nose and tongue for tasting when things go off. You seem to as well. Trust your senses.
by abyan
Fri Aug 16, 2019 9:05 pm
Forum: Personal Consumer Issues
Topic: [What TV Show Have You Recently Watched?]
Replies: 1477
Views: 151739

Re: [What TV Show Have You Recently Watched?]

“Dead to Me” on Netflix, and “The Boys” on Amazon Video. Both very different from each other and from a lot of the shows out there. The actors on Dead to Me are amazing, and such a bizarre premise. And The Boys is equally odd and impressive (though a touch more soap opera-ish). It’s hard to explain ...
by abyan
Fri Aug 16, 2019 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Health insurance out-of-pocket maximum
Replies: 19
Views: 972

Re: Health insurance out-of-pocket maximum

The rep told me that if it's an emergent condition then it might be "covered." This was the way my insurance worked before the ACA. What it actually meant was actual emergencies would be covered in the emergency room. But if it wasn’t an emergency, or if it was an emergency and then you get admitte...
by abyan
Wed Aug 14, 2019 9:51 am
Forum: Personal Consumer Issues
Topic: Skunks keep coming in our yard!
Replies: 44
Views: 3062

Re: Skunks keep coming in our yard!

Skunks are awful. My mom has been suffering an invasion (well, invasion force of one) for a year now. They do INCREDIBLE damage digging in just a night or two. And yes, as others said, it's likely grubs. So you need to get some grub killer pronto and spread it around. I believe you have to water it ...
by abyan
Tue Aug 13, 2019 11:12 pm
Forum: Personal Consumer Issues
Topic: Buenos Aires - How many days?
Replies: 33
Views: 2719

Re: Buenos Aires - How many days?

The Italian food is pretty to-die-for as well. As for the meat, I don’t even like steak and was pretty blown away. The meat pulled apart with a fork! And the leather goods are great. But if eating and shopping aren’t big deals for you, then BA becomes less interesting. Still a pretty city.
by abyan
Tue Aug 13, 2019 6:39 pm
Forum: Personal Investments
Topic: Is a Backdoor Roth worth it in our situation?
Replies: 26
Views: 1355

Re: Is a Backdoor Roth worth it in our situation?

Both of our employer's 401k plans allow for us to move our rollover IRA's into the 401k's, but the 401k's have about 1% expense total. Compare that to the VTSAX Admiral's expense ratio under 0.1%. Our rollover IRA accounts don't have a ton in them (mine is $75k, hers is $20k). This is a question fo...
by abyan
Tue Aug 13, 2019 2:20 pm
Forum: Personal Investments
Topic: Interest rates low: leverage up?
Replies: 63
Views: 4605

Re: Interest rates low: leverage up?

More than 100% of your assets in stocks is "too much risk" by any Boglehead definition. With 30 years to go to retirement? Presuming the person doesn’t freak out when the market plummets 40%, why would 100% equity be any risk at all if you aren’t touching your money for 30 years, even from a Bogleh...
by abyan
Tue Aug 13, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

To answer your last question first. Yes, you can max out both the 401k and Backdoor Roth if you have sufficient self-employed earned income for the one-participant 401k and remaining compensation for the Backdoor Roth. One point on the on the adoption agreement. I suggest you elect maximum employee...
by abyan
Tue Aug 13, 2019 10:05 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

HomeStretch wrote:
Tue Aug 13, 2019 10:04 am

Yes, you can contribute $7k to a tIRA in addition to $62k to your Solo 401k (assuming you have at least $69k in eligible compensation).
Still blows my mind. I get why people get so excited about the backdoor roth. :)
by abyan
Tue Aug 13, 2019 9:33 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Thanks everyone. This was all supremely helpful. I went and got the EIN for my business, as even the IRS guy said don't worry about it, it's not a big deal getting an EIN, and for IRS purposes, since I'm a single member LLC, they know the EIN is me just like my social security number is me, so I sho...
by abyan
Mon Aug 12, 2019 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Okay thanks. That’s what I hope to do too, as does the original poster I believe. I’m just trying to get an answer on whether I now get an EIN for my LLC to give Schwab, an EIN that’s different from the EIN I already have for the solo 401(k). Thanks again.
by abyan
Mon Aug 12, 2019 11:03 pm
Forum: Personal Investments
Topic: Can having wealthy parents be a justification for a more aggressive investment strategy?
Replies: 97
Views: 7243

Re: Can having wealthy parents be a justification for a more aggressive investment strategy?

I have much less of a problem with you being 100% equity, especially at your age, than I do your reasoning for it. You sound as if you might not be 100% equity if you weren’t convinced you were getting a large inheritance. That’s what concerns me. As others have stated, there is no guarantee you’re ...
by abyan
Mon Aug 12, 2019 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Your situation seems to be increasing in complexity. Before you do anything else, I highly advise you to seek counsel from retirement specialists, tax attorneys, and an accountant . I know you want to keep it simple and get answers here (trust me, I've been there), but you would be wise to get expe...
by abyan
Mon Aug 12, 2019 9:32 pm
Forum: Personal Investments
Topic: Yet another Backdoor Roth question
Replies: 21
Views: 1205

Re: Yet another Backdoor Roth question

Take this with a grain of salt, but the folks at Vanguard told me, when I asked the same question, there is no difference in the way you contribute it. It’s more a matter of your record keeping and what you file with the IRS a tax time.
by abyan
Mon Aug 12, 2019 9:15 pm
Forum: Personal Consumer Issues
Topic: Beyond Meat Burger? Do you like?
Replies: 84
Views: 5755

Re: Beyond Meat Burger? Do you like?

I recently tried the Beyond Burger just for fun. It cooked up funny, ended up looking like a burnt salmon cake. The taste was surprisingly delicious, but then my stomach flipped for several hours, which rarely happens to me, and usually means something is chock full of oil. So I gave the second patt...
by abyan
Mon Aug 12, 2019 11:13 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

How can the EIN for your plan NOT be the EIN for your business? You might be right. But as I pay taxes using my social and not an EIN, in many situations when asked if I'm an LLC or a sole proprietor, I've been told to put down Sole Proprietor. So I wasn't sure in this case. It also struck me as od...
by abyan
Mon Aug 12, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

UPDATE: So, Schwab tells me that while the new SOLO 401k plan was set up as an amendment to my existing Solo401k plan at Vanguard, and not a new plan -- which is good -- I did however make some mistakes in the documents so we decided it was easier to just terminate the account at Schwab and start ov...
by abyan
Sun Aug 11, 2019 7:12 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Dear lord, this stuff is complicated. I’m saving this thread and visiting you all again some day if and when I decide to convert any of the SOLO401K to a Roth. Thanks again all, especially Spirit Rider, for being so helpful. I’ll let you all know what Schwab tells me tomorrow.
by abyan
Sun Aug 11, 2019 4:26 pm
Forum: Investing - Theory, News & General
Topic: Do tax efficiency recommendations change for high taxable accounts?
Replies: 11
Views: 716

Re: Do tax efficiency recommendations change for high taxable accounts?

Yeah, I've never liked combined equity/bond funds for the reason you state. I'd like to be able to sell one or the other at a time.
by abyan
Sun Aug 11, 2019 4:07 pm
Forum: Investing - Theory, News & General
Topic: Do tax efficiency recommendations change for high taxable accounts?
Replies: 11
Views: 716

Re: Do tax efficiency recommendations change for high taxable accounts?

I'm in a decently high tax state, 8.5% or so, so I would definitely use munis for taxable. No state/city bond funds available. I understood the bond issues, I was more curious about whether the tax-managed funds were worth it. Sounds they like they may be. Then again, if my income drops in a few yea...
by abyan
Sun Aug 11, 2019 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Okay thanks. I just thought someone earlier had mentioned something about it being confusing if I moved the Solo401k back and forth, regarding filing that form. It looks pretty pro forma, and I've already googled discussions of it, so I don't think it will be confusing. And if it is, I'll seek advic...
by abyan
Sun Aug 11, 2019 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

There are no special rules on a SEP IRA rollover to a one-participant 401k. It is the same as any other IRA rollover to any other 401k. The point I have been trying to convey is that you only have single one-participant 401k plan . It doesn't matter where the balance is on 12/31. If you have > $250...
by abyan
Sun Aug 11, 2019 10:15 am
Forum: Investing - Theory, News & General
Topic: Do tax efficiency recommendations change for high taxable accounts?
Replies: 11
Views: 716

Re: Do tax efficiency recommendations change for high taxable accounts?

That's my concern, I just don't know if this year's high income is a fluke, or hopefully the new normal. (I work for myself.)
by abyan
Sun Aug 11, 2019 10:02 am
Forum: Investing - Theory, News & General
Topic: Do tax efficiency recommendations change for high taxable accounts?
Replies: 11
Views: 716

Re: Do tax efficiency recommendations change for high taxable accounts?

Okay, thank you both. Yeah, I read in the various threads that generally speaking everyone recommends VTSAX, Vanguard's total stock index, nowadays. There was some discussion about whether the iShares total international fund was more tax efficient than Vanguard's, but beyond that, there wasn't a lo...
by abyan
Sun Aug 11, 2019 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Hey, so, while I have you all here.... a few more questions that might prove useful for the original poster as well: 1. Are there any special rules about doing a direct rollover of a SEP IRA into my new Solo401k at Schwab? (Let's assume I first clear up the mess we discussed previously in this threa...
by abyan
Sun Aug 11, 2019 9:35 am
Forum: Investing - Theory, News & General
Topic: Do tax efficiency recommendations change for high taxable accounts?
Replies: 11
Views: 716

Do tax efficiency recommendations change for high taxable accounts?

Hey everyone, my income is much larger this year, and if it continues, I could have $500,000 or more in a taxable account over the next 18 months. Even with a dividend yield of 1.84%, that comes to $9,000 in dividends per year. I suppose, like everything, this comes down to my own personal tax calcu...
by abyan
Sat Aug 10, 2019 4:56 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

It’s fine, I thought I ticked you off :) Let me check with Schwab on Monday as to exactly what they had me set up, and then get back to you guys. But if it’s an amendment to an existing plan, you’re saying it would then be set up correctly and we can do a trustee to trustee transfer of my solo401k f...
by abyan
Sat Aug 10, 2019 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Sorry, this isn’t easy for those of us not as well steeped in all of this. I will check with Schwab on Monday as to which was selected. Does it change my options moving forward to rectify this matter? And if so, how exactly
by abyan
Sat Aug 10, 2019 12:50 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

I absolutely positively selected 001, I know because that’s what the guy went to ask his manager about. The manager said since I already had a plan at Vanguard this plans number was 001. So does that make this a new plan or simply a second account? Obviously I’ll call Schwab on Monday, but I just li...
by abyan
Sat Aug 10, 2019 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Re Scwhab, I've been on this board several years now, and folks seem to like Schwab and Fidelity generally, and more specifically I saw a number of folks talk about how Schwab has better customer service (ha!), and I've been really disappointed at the hit or miss quality of Vanguard's customer servi...
by abyan
Sat Aug 10, 2019 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

I have found that you need to get past the retail level to business retirement plan specialists to get someone who has a clue. In fact, I was speaking with the small business retirement department at Schwab, several times, to get this info. I walked them thru EVERYTHING I wanted to do, and why. No ...
by abyan
Sat Aug 10, 2019 11:27 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

That's my concern. That in a worst case scenario, they invalidate the contributions, so you not only pay taxes on them in arrears, but you also pay compounded penalties on those taxes :) And just as bad, I'm still playing catch up on my retirement funding, so I'd rather not lose half of my tax-defer...
by abyan
Sat Aug 10, 2019 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

I agree. No one has given NThomas any problems, but I suspect he hasn't been audited yet. If an audit were to occur, I'd rather not be in the position of having to defend the legitimacy of my entire Solo 401k. Better to be safe and fix it in the manner that SpiritRider has suggested.
by abyan
Fri Aug 09, 2019 11:59 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Trust me. I’ve had Multiple phone calls with Schwab, including one today after I read the first post of someone telling me I couldn’t have both solo 401(k)s. The Schwab person assured me it was fine so long as it was for the same business. I definitely didn’t misunderstand anything. I’ll call them a...
by abyan
Fri Aug 09, 2019 11:36 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Schwab definitely told me to keep the same plan number, 001, because I already had the solo 401k at vanguard. I’m very confused right now, so what should I do? And just to reiterate, all I want to do is rollover my SEP into my Solo401k, both of which are at Vanguard which doesn’t permit it. So what’...
by abyan
Fri Aug 09, 2019 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Okay, sorry to hijack this thread, but now I'm starting to panic. So what do I do? I already set up an additional Solo 401k at Schwab, and just today wrote Vanguard asking them to move my SEP IRA to Schwab (i.e., to directly roll over my SEP IRA into my Solo 401k, to avoid the pro rata rule). Can I ...
by abyan
Fri Aug 09, 2019 8:13 pm
Forum: Personal Investments
Topic: Do you pause while doing a Backdoor Roth?
Replies: 16
Views: 1323

Re: Do you pause while doing a Backdoor Roth?

I would wait briefly when rolling the SEP-IRA into a 401k to ensure the funds have been accepted and settled before doing the backdoor Roth. That is because the IRS treats all IRA money the same when you do the conversion, meaning you would be forced to pay tax on the SEP IRA now if it still existe...
by abyan
Fri Aug 09, 2019 7:24 pm
Forum: Personal Investments
Topic: Do you pause while doing a Backdoor Roth?
Replies: 16
Views: 1323

Re: Do you pause while doing a Backdoor Roth?

That’s really funny. He was also being weird about me moving my IRA into a 401(k) to avoid the pro rata rule. It was just a very strange Conversation. As I’ve said before, Vanguard is really hit or miss with their customer service.
by abyan
Fri Aug 09, 2019 4:10 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

Do you plan to keep both plans active and contribute to both? Or are you transferring from Vanguard to Schwab? I’m doing this so I can move my SEP IRA into a 401(k) and not have to worry about the pro rata rule when I do my back door Roth. My plan is to move the solo 401(k) at Schwab back to Vangua...
by abyan
Fri Aug 09, 2019 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth
Replies: 62
Views: 1861

Re: Which Brokerage for solo 401k (to roll IRA into) pre Backdoor Roth

My understanding is that a business can only have one Solo 401k plan. You just scared the heck out of me! I just set up my second Solo401k at Schwab, already having one at Vanguard. Schwab tells me, moments ago, that it's fine to have two accounts, so long as they're under the same EIN (for the sam...
by abyan
Fri Aug 09, 2019 1:26 pm
Forum: Personal Investments
Topic: Helping Mother leave Advisor but have a couple questions
Replies: 9
Views: 599

Re: Helping Mother leave Advisor but have a couple questions

You need to determine the capital gains on each of the stocks (in the taxable account) before anyone can recommend a plan for selling them and minimizing the tax burden. You can transfer the assets to a new brokerage before making any changes. Or you can sell at the current brokerage and move cash....
by abyan
Fri Aug 09, 2019 10:31 am
Forum: Personal Investments
Topic: Do you pause while doing a Backdoor Roth?
Replies: 16
Views: 1323

Re: Do you pause while doing a Backdoor Roth?

Thank you. You confirmed what I thought I'd already read, that Congress and the IRS had finally given their blessing. Now I have the language, and I'm saving it :) So many of these rules seem so silly. Why apply pro-rata to IRAs but not 401ks, for example? Why do Roth IRAs not have RMDs, but Roth 40...
by abyan
Fri Aug 09, 2019 10:20 am
Forum: Personal Investments
Topic: Do you pause while doing a Backdoor Roth?
Replies: 16
Views: 1323

Re: Do you pause while doing a Backdoor Roth?

Thanks Dottie. It was very weird conversation, he kept telling me it was like cheating. And I told him that in fact I thought the IRS had recently issued an opinion on it. But nonetheless, he got me a bit worried.