Search found 317 matches

by schrute
Wed Dec 04, 2019 10:08 pm
Forum: Personal Investments
Topic: Reasons to not invest in long Term Treasuries/Tax Exempt?
Replies: 2
Views: 452

Reasons to not invest in long Term Treasuries/Tax Exempt?

Planning on saving in a taxable account up to $1M over the next 8-10 years. Automatically invest in Total US Stock Market and deciding between treasuries, tax exempt or might just split both (50/50) mutual funds or ETFs. Is there a reason to go short term instead of long term treasuries? Obviously l...
by schrute
Mon Dec 02, 2019 8:58 pm
Forum: Personal Investments
Topic: Bonds in taxable accounts?
Replies: 25
Views: 2410

Re: Bonds in taxable accounts?

I'm not close to early retirement. Maybe 10 years away to contemplate early retirement? Does it make sense to start putting bonds in now or allocate for them closer to "retiring"? I don't have any bonds nor cash in my taxable account and I am retired. I have 100% equities in my taxable account. I h...
by schrute
Mon Dec 02, 2019 8:53 pm
Forum: Personal Finance (Not Investing)
Topic: Keep old student loan billing statements?
Replies: 2
Views: 313

Keep old student loan billing statements?

I paid off a student loan in 2017-ish. It was a small amount, only a few thousand. The servicer sold my loan to a new servicer and I ended up paying it off with them. I had an issue with the old servicer that they report incorrectly on my credit report many years ago, I ended up getting it resolved....
by schrute
Mon Dec 02, 2019 8:50 pm
Forum: Personal Investments
Topic: Bonds in taxable accounts?
Replies: 25
Views: 2410

Re: Bonds in taxable accounts?

Does it make sense to have treasury or muni bond index funds in taxable account? If someone is retiring early (or intends to use the taxable for a major purchase) having bonds in taxable can make a lot of sense. I'm not close to early retirement. Maybe 10 years away to contemplate early retirement?...
by schrute
Mon Dec 02, 2019 8:49 pm
Forum: Personal Investments
Topic: Bonds in taxable accounts?
Replies: 25
Views: 2410

Re: Bonds in taxable accounts?

Readers should keep in mind that many people should not even be using a taxable account at all (for retirement money). In almost all cases, it is best to fill up a work plan(s) and an IRA(s) (often Roth IRA) before putting any retirement money into a taxable account. In other words, since most peop...
by schrute
Sat Nov 30, 2019 4:42 pm
Forum: Personal Investments
Topic: Bonds in taxable accounts?
Replies: 25
Views: 2410

Re: Bonds in taxable accounts?

Hard to know if you are asking whether to use one vs the other? Or if you are asking if either is OK to use. In CA, if you hold bonds in taxable, the CA muni is a good choice. Seems like treasuries would be a good choice as well. Should edit the question, wondering if it made sense to go with bonds...
by schrute
Sat Nov 30, 2019 4:12 pm
Forum: Personal Investments
Topic: I’m done with index funds
Replies: 229
Views: 28138

Re: I’m done with index funds

Who are you going with? I’m 90% sure to go with Morgan Stanley, but I’m still considering other firms like Schwab and Bessemer Trust which both offer the same strategy. Surprisingly enough, Schwab is actually more expensive than Morgan Stanley, so I’ll probably pass on them. Bessemer offers interes...
by schrute
Sat Nov 30, 2019 2:09 pm
Forum: Personal Investments
Topic: Bonds in taxable accounts?
Replies: 25
Views: 2410

Bonds in taxable accounts?

Does it make sense to have treasury or muni bond index funds in taxable account?

State: Calif
by schrute
Sun Oct 27, 2019 9:20 pm
Forum: Personal Investments
Topic: VFIAX vs FXAIX vs SWPPX?
Replies: 11
Views: 801

Re: VFIAX vs FXAIX vs SWPPX?

retention vs total return of S&P 500 over 10 years with distributions of dividends, without sale of fund shares. 95.7% FXAIX 12.67/13.24 96.0% VFIAX 12.73/13.24 This works out to $300 in dividend taxes difference for every $100,000 invested in taxable account (give or take a Starbucks coffee) over ...
by schrute
Sun Oct 27, 2019 3:49 pm
Forum: Personal Investments
Topic: VFIAX vs FXAIX vs SWPPX?
Replies: 11
Views: 801

Re: VFIAX vs FXAIX vs SWPPX?

Yes, the Vanguard fund might be a little more tax efficient than the others because Vanguard's fund has an ETF share class. The others do not (and can not until the Vanguard patent expires). I can't explain the details, but someone else probably can. What's a little bit more? Never seen the compari...
by schrute
Sun Oct 27, 2019 3:17 pm
Forum: Personal Investments
Topic: VFIAX vs FXAIX vs SWPPX?
Replies: 11
Views: 801

VFIAX vs FXAIX vs SWPPX?

SP500 index funds: VFIAX (Vanguard) vs FXAIX (Fidelity) vs SWPPX (Schwab) are nearly identical in returns, but slightly different costs. I read somewhere on here that Vanguard might be more tax efficient compared to Fidelity with regards to distribution of capital gains?
by schrute
Sun Oct 27, 2019 3:16 pm
Forum: Personal Investments
Topic: I’m done with index funds
Replies: 229
Views: 28138

Re: I’m done with index funds

After doing quite a lot of research, I’ve decided to stop using low-cost index funds and switch to a separately managed account. This goes against the Bogleheads investment philosophy and it took me a long time to admit it was the right thing to do for me as I was genuinely convinced and passionate...
by schrute
Sat Oct 26, 2019 11:54 pm
Forum: Personal Finance (Not Investing)
Topic: Do prices on umbrella policies adjust annually or remain fixed?
Replies: 14
Views: 1225

Do prices on umbrella policies adjust annually or remain fixed?

Can you lock into a price for an Umbrella Policy or does it change like auto insurance? For example, if you have an accident or get a ticket, your insurance goes up. Is that the same for an umbrella policy?
by schrute
Sat Oct 19, 2019 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: Term life with State Farm and doctor?
Replies: 7
Views: 655

Re: Term life with State Farm and doctor?

Anyone have term life with SF and have a doctor exam? How do they? For example, I have somewhat high blood pressure, but everywhere else is good. Any idea how much that would affect rates? Most policies require an exam, and blood test and possibly urine test. High blood pressure will likely put you...
by schrute
Sat Oct 19, 2019 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Term life with State Farm and doctor?
Replies: 7
Views: 655

Term life with State Farm and doctor?

Anyone have term life with SF and have a doctor exam? How do they? For example, I have somewhat high blood pressure, but everywhere else is good. Any idea how much that would affect rates?
by schrute
Sat Oct 19, 2019 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

FiveK wrote:
Tue Oct 15, 2019 11:45 am
schrute wrote:
Tue Oct 15, 2019 10:23 am
Got it, yes need to get 2016 too, but need to get the file for it.
The IRS makes that fairly easy: Form 8606 Prior Year Products
Thanks this was helpful. Used it to download previous forms!
by schrute
Sat Oct 19, 2019 3:38 pm
Forum: Personal Consumer Issues
Topic: Umbrella Policy Impact of Ticket on Price?
Replies: 1
Views: 451

Umbrella Policy Impact of Ticket on Price?

Looking at getting an umbrella policy of $1 million. My significant other got a ticket for gridlock violation (no points) recently and wondering how that would impact getting a policy and rates from State Farm.
by schrute
Tue Oct 15, 2019 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

So the forms through TT, looks like below. It's a bit different than what you have: lines 1 - 5500 2 - 5500 3 - 11000 4 - 5500 5 - 5500 13 - 5500 14 - 5500 15a - 0 16 - 5500 17 - 5500 18 - 0 It is different but I think it is all right. Line 4 shows the 2017 contribution was actually made in 2018 (w...
by schrute
Tue Oct 15, 2019 12:00 am
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

So the forms through TT, looks like below. It's a bit different than what you have: lines 1 - 5500 2 - 5500 3 - 1100 4 - 5500 5 - 5500 13 - 5500 14 - 5500 15a - 0 16 - 5500 17 - 5500 18 - 0 Is this your amended 2017 Form 8606 or your 2018 Form 8606 to be filed? Is Line 3 really 1,100 or did you mea...
by schrute
Mon Oct 14, 2019 11:24 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

So the forms through TT, looks like below. It's a bit different than what you have:

lines

1 - 5500
2 - 5500
3 - 11000
4 - 5500
5 - 5500
13 - 5500
14 - 5500
15a - 0
16 - 5500
17 - 5500
18 - 0
by schrute
Sun Oct 13, 2019 5:23 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Agree with katietsu and retiredjg. What I still find interesting though is how did TT rollover your correct cumulative 2017 basis of $5,500 to 2018 Form 8606 Line 2 yet the TT-produced 2017 Form 8606 had an incorrect basis on Line 14 of $0. I would have expected TT to carryover the incorrect basis ...
by schrute
Sun Oct 13, 2019 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

It looks like I would need to update 2017 and possibly 2016. If so, do I file a 1040X and amend those sheets with it? I think the 2017 is right. It shows a contribution for 2017 and a conversion done in 2017, both of which you told us you did. What do you think is wrong with it? I think maybe 2016 ...
by schrute
Sun Oct 13, 2019 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

It looks like I would need to update 2017 and possibly 2016. If so, do I file a 1040X and amend those sheets with it? No need to file a 1040X unless something needs to change on a form other than 8606. If it is only 8606 that needs to change, remember to sign it before you mail it to the IRS. Would...
by schrute
Sun Oct 13, 2019 3:52 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

It looks like I would need to update 2017 and possibly 2016. If so, do I file a 1040X and amend those sheets with it?
by schrute
Sun Oct 13, 2019 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Ok went back through the history, here's the chronology of events: IRA/Roth Account 1: On 1/5/2017 I did a contribution to the prior year (2016) and on 1/20/2017 I rolled/converted it to Roth (still account 1). In IRA/Roth Account 2: On 4/17/2018 I did a contribution for prior year (2017) and on 8/...
by schrute
Sun Oct 13, 2019 3:21 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

retiredjg wrote:
Sun Oct 13, 2019 2:41 pm
For that matter, tell us about your 2015 contribution and conversion as well. And what does the 2015 8606 look like.
2015/2016 look exactly like 2017 which I shared. 1, 3, 5, 13, 16, 17 are filled in.
by schrute
Sun Oct 13, 2019 3:19 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Ok went back through the history, here's the chronology of events: IRA/Roth Account 1: On 1/5/2017 I did a contribution to the prior year (2016) and on 1/20/2017 I rolled/converted it to Roth (still account 1). In IRA/Roth Account 2: On 4/17/2018 I did a contribution for prior year (2017) and on 8/...
by schrute
Sun Oct 13, 2019 2:25 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

FiveK wrote:
Sun Oct 13, 2019 2:17 pm
schrute wrote:
Sun Oct 13, 2019 2:14 pm
Hmm, let me go look. So I have 2 IRA and 2 Roth IRA accounts.
Uh-oh....

Did you see the instructions for line 6 of form 8606, in particular the bolded word all?
I didn't realize I did this conversion :/
by schrute
Sun Oct 13, 2019 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Ok went back through the history, here's the chronology of events: IRA/Roth Account 1: On 1/5/2017 I did a contribution to the prior year (2016) and on 1/20/2017 I rolled/converted it to Roth (still account 1). In IRA/Roth Account 2: On 4/17/2018 I did a contribution for prior year (2017) and on 8/2...
by schrute
Sun Oct 13, 2019 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Hmm, let me go look. So I have 2 IRA and 2 Roth IRA accounts. One was a rollover from a previous employer (I contributed once to it in 2016) and decided to get a second IRA account. Maybe I converted that from in early 2017, but I don't recall (thought it was 2016). This second account, I didn't do ...
by schrute
Sun Oct 13, 2019 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

If you had no distribution or Roth conversion in 2017, you should not have anything on Line 5. You should have entered the amount from Line 3 into Line 14 and quit, as the box under Line 3 says. Correct except....this poster said the form was generated by Turbo Tax. So schrute didn't "enter" anythi...
by schrute
Sun Oct 13, 2019 1:40 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

My 2018 should be right, correct? No need to fill in other boxes? It's getting Turbo to enter line 14 in for 2017. I'm not sure why or how it can do that. There's some fields I can enter to enter line 14, but it still shows for lines 1, 3, 4, 16 and 18. Does TT let you say “No” for the checkbox aft...
by schrute
Sun Oct 13, 2019 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

If you had no distribution or Roth conversion in 2017, you should not have anything on Line 5. You should have entered the amount from Line 3 into Line 14 and quit, as the box under Line 3 says. Correct except....this poster said the form was generated by Turbo Tax. So schrute didn't "enter" anythi...
by schrute
Sun Oct 13, 2019 1:28 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

My 2018 should be right, correct? No need to fill in other boxes?

It's getting Turbo to enter line 14 in for 2017. I'm not sure why or how it can do that. There's some fields I can enter to enter line 14, but it still shows for lines 1, 3, 4, 16 and 18.
by schrute
Sun Oct 13, 2019 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

If you had no distribution or Roth conversion in 2017, you should not have anything on Line 5. You should have entered the amount from Line 3 into Line 14 and quit, as the box under Line 3 says. Agree, I carried over what I did for 2016. Since I contributed/converted in 2018, I thought that "counte...
by schrute
Sun Oct 13, 2019 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

No forced numbers, it was generated from Turbo Tax. 2016 was my first non-deductible, but I converted it right away. In 2015 it was deductible for me. What happened to the money in the IRA that had come from deductible contributions? Nevermind, I just looked, it was a non-deductible contribution. I...
by schrute
Sun Oct 13, 2019 12:59 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

retiredjg wrote:
Sun Oct 13, 2019 12:57 pm
in the IRA that had come from deductible contributions
retiredjg wrote:
Sun Oct 13, 2019 12:52 pm
Another possibility....

in 2017, did you take any distribution from traditional IRA, SEP IRA, or SIMPLE IRA or do a Roth conversion?
No distributions and no Roth conversions in 2017. I did one in 2016 and then 2018.
by schrute
Sun Oct 13, 2019 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

retiredjg wrote:
Sun Oct 13, 2019 12:50 pm
Was this form generated by turbo tax or did you force any numbers on any of the lines?

Was 2017 your very first non-deductble contribution?
No forced numbers, it was generated from Turbo Tax. 2016 was my first non-deductible, but I converted it right away. In 2015 it was deductible for me.
by schrute
Sun Oct 13, 2019 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

retiredjg wrote:
Sun Oct 13, 2019 11:57 am
schrute wrote:
Sun Oct 13, 2019 11:40 am
I don't know either, I thought I pulled everything in. Although, it seems strange when I try to correct 2017, it puts the $5,500 as taxable.
What do all the lines on the 2017 form say?
Here's 2017

Image
by schrute
Sun Oct 13, 2019 11:40 am
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

If I go into TurboTax and make adjustment (through the wizard) and show the contribution was made between Jan 1 - April 15. show I made, I noticed that it has line 18 as $5,500 aka taxable. How can I make 14 just fill in? Basically did Step 4 here for 2017: https://www.whitecoatinvestor.com/backdoo...
by schrute
Sun Oct 13, 2019 12:23 am
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Do I need to enter my base every year? For line 14, it says for traditional IRAs, which are all 0. Line 14 should be zero on the 2018 form because at the end of 2018 there was no basis left in the traditional IRA. You “used up” your basis with your total Roth conversion. However, line 14 should be ...
by schrute
Sat Oct 12, 2019 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Do I need to enter my base every year? For line 14, it says for traditional IRAs, which are all 0.
by schrute
Sat Oct 12, 2019 6:45 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

It's different. Line 2 in 2018 is 5500 and in 2017 Line 14 is 0.
by schrute
Sat Oct 12, 2019 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

retiredjg wrote:
Sat Oct 12, 2019 5:23 pm
What were the dates of each contribution and each conversion?

I think you are putting both years on 1 year's form.
I did a 2017 and 2018 contribution in 2018 (my 2017 was right before April 17). I rolled over to Roth some time late, but the 2018 contribution in December before 12/31.
by schrute
Sat Oct 12, 2019 6:18 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Re: Filed extension, finishing up taxes, question about non-deductible IRA

Are the following correct: 1. You made a non-deductible tIRA contribution of $5,500 for tax year 2017 2. You made a non-deductible tIRA contribution of $5,500 for tax year 2018 3. You did a Roth conversion of $11,004 during tax year 2018 ($4 was earnings you owe tax on) 4. Your 12/31/18 tIRA balanc...
by schrute
Sat Oct 12, 2019 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life Policy - Use paid up amount to pay off loan?
Replies: 15
Views: 845

Re: Whole Life Policy - Use paid up amount to pay off loan?

[ Why did you take out a loan in the first place? $17K I think, need to check and agree about the SP500 or CD, but this is not meant to be a bank account or investment, but like an "emergency fund" for my dependents, right? I didn't take the loan out, my parents did when I was born. So now that I'm...
by schrute
Sat Oct 12, 2019 4:23 pm
Forum: Personal Finance (Not Investing)
Topic: Filed extension, finishing up taxes, question about non-deductible IRA
Replies: 82
Views: 2441

Filed extension, finishing up taxes, question about non-deductible IRA

I filed an extension so now getting ready to file my return. I did an IRA deposit for backdoor Roth. Did the same thing last year, but didn't switch it from traditional to Roth until the year later. I think that's what shows here. Does this look right?

Image
by schrute
Fri Sep 27, 2019 5:55 pm
Forum: Personal Finance (Not Investing)
Topic: Whole Life Policy - Use paid up amount to pay off loan?
Replies: 15
Views: 845

Re: Whole Life Policy - Use paid up amount to pay off loan?

I don't have kids so some policy is better than none. I haven't looked around for a term policy yet so I would hold this for a few years. I'm fine to pay $200, I'm not fine to pay >$600. I don't know if there's any consequence to that. Regardless, I'd have to pay off this loan, somehow, right? No, ...