Search found 25 matches

by gophermobile
Mon Nov 04, 2019 2:12 pm
Forum: Personal Consumer Issues
Topic: Paying a contractor in cash
Replies: 48
Views: 1598

Re: Paying a contractor in cash

... Checks in any amount provide a clear record of who's paying whom when and for what. Cash is untraceable which is why you and they are risking bank issues with these amounts. No one on this thread thinks it's a good idea. Google what we are talking about. If I talk to them and ask them to just m...
by gophermobile
Mon Nov 04, 2019 1:55 pm
Forum: Personal Consumer Issues
Topic: Paying a contractor in cash
Replies: 48
Views: 1598

Re: Paying a contractor in cash

Sorry, I should not have generalized. It's 7 payments of $9800 and three smaller payments to make up the remainder. It sounds like the contractor may be trying to avoid the 10,000 threshold on the deposit side. +1 very weird and I would decline the discount and pay by check. So here's the specific ...
by gophermobile
Mon Nov 04, 2019 1:45 pm
Forum: Personal Consumer Issues
Topic: Paying a contractor in cash
Replies: 48
Views: 1598

Re: Paying a contractor in cash

... When you mention 10,000, if that is just a metaphor for installments, fine, but if you're referring to staying under the currency transaction report threshold, definitely look up "structuring" as there are some disproportionate penalties for any series of transactions that "looks" like you are ...
by gophermobile
Mon Nov 04, 2019 1:29 pm
Forum: Personal Consumer Issues
Topic: Paying a contractor in cash
Replies: 48
Views: 1598

Paying a contractor in cash

My wife and I just purchased our first home, and we are looking to get about $80-90K worth of improvements done on it prior to moving in. We have selected a contractor that was very detailed and well reviewed, and we like our interactions so far. They have offered us a 5% discount for paying in cash...
by gophermobile
Tue Mar 12, 2019 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Can or should we afford this house
Replies: 62
Views: 4640

Re: Can or should we afford this house

So based on all the responses I think what we're going to do is just lowball an offer ($1.2 maybe). ... Um, most responses say don’t buy. Read them again. To add more, I still don't think we'll buy and much more likely to wait longer. But I feel like as a first time buyer I want to at least throw a...
by gophermobile
Tue Mar 12, 2019 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Can or should we afford this house
Replies: 62
Views: 4640

Re: Can or should we afford this house

So based on all the responses I think what we're going to do is just lowball an offer ($1.2 maybe). That price is highly unlikely something they'd sell for, but doesn't seem like there would be any harm in trying. If it somehow did work, it would be much a more manageable mortgage situation. If it d...
by gophermobile
Tue Mar 12, 2019 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Can or should we afford this house
Replies: 62
Views: 4640

Re: Can or should we afford this house

Thanks again for all the input. A couple of responses / thoughts: I see a few mentions of an ARM mortgage being a better choice. I thought conventional wisdom is that fixed rate is always better? Regarding daycare / school district stuff. This is in a good school district. This house does have a det...
by gophermobile
Tue Mar 12, 2019 12:48 am
Forum: Personal Finance (Not Investing)
Topic: Can or should we afford this house
Replies: 62
Views: 4640

Can or should we afford this house

Can or should we afford this house in high cost of living Southern California. Total Income: ~375k Husband (36) Income: 125k Moderately stable job at least for the next few years (would like to FIRE eventually) Wife (30) Income: 250k More stable job with with a minimal chance of decreased wages No k...
by gophermobile
Mon Feb 11, 2019 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct problems? Anyone have success with a return which includes "backdoor" Roth reporting?
Replies: 62
Views: 4649

Re: TaxAct problems? Anyone have success with a return which includes "backdoor" Roth reporting?

DarkHelmetII wrote:
Mon Feb 11, 2019 5:23 am
gophermobile wrote:
Sun Feb 10, 2019 11:37 pm
Not to sound like an advertisement, but I also checked out FreeTaxUSA after hearing a few other mention.
Does FreeTaxUSA support rental property?
It says it does, though I didn't use that feature in my return.
by gophermobile
Sun Feb 10, 2019 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct problems? Anyone have success with a return which includes "backdoor" Roth reporting?
Replies: 62
Views: 4649

Re: TaxAct problems? Anyone have success with a return which includes "backdoor" Roth reporting?

Not to sound like an advertisement, but I also checked out FreeTaxUSA after hearing a few other mention. It has an option to import a PDF of last year's return from TaxAct so I did that. Took about 40 minutes to do the rest of it afterwards. TheFinanceBuff also listed how to do the backdoor Roth as ...
by gophermobile
Sat Feb 09, 2019 2:23 am
Forum: Personal Finance (Not Investing)
Topic: TaxAct problems? Anyone have success with a return which includes "backdoor" Roth reporting?
Replies: 62
Views: 4649

Re: TaxAct problems? Anyone have success with a return which includes "backdoor" Roth reporting?

Hah...I should have known to check here when I started filling out my return on TaxAct. Had the same problem and was driving me crazy too. I narrowed it down specifically to the "IRA / SEP / SIMPLE" box on the 1099R - and only on my return, not my wife's. I called up TaxAct (around 2/4/19) and walke...
by gophermobile
Tue Apr 24, 2018 11:56 pm
Forum: Personal Finance (Not Investing)
Topic: How old are you and how much do you save for retirement a year
Replies: 244
Views: 36916

Re: How old are you and how much do you save for retirement a year

34 years old, wife 28. Income ~350k, with wife's being about 2/3rds of that. We live in a high cost of living area. For this year we're looking at saving around 163k, with about 114k of that being aftertax. I'm lucky with my wife having a job that has nearly tripled in salary in the last several yea...
by gophermobile
Thu Oct 06, 2016 3:19 pm
Forum: Personal Investments
Topic: Two backdoor Roth IRA questions
Replies: 37
Views: 4125

Re: Two backdoor Roth IRA questions

The catch is this depends on your thinking being compatible with IRS thinking on what your Traditional IRA includes. IRS includes Sep or Simple IRAs at work as well as rollover IRAs, as all part of your "Traditional IRA". Are you and IRS in agreement? ... JW Only other thing I have is a 401k at wor...
by gophermobile
Thu Oct 06, 2016 11:57 am
Forum: Personal Investments
Topic: Two backdoor Roth IRA questions
Replies: 37
Views: 4125

Re: Two backdoor Roth IRA questions

It sounds like your contribution might or might not be in a tIRA yet? Is it just sitting in a taxable cash account waiting for you to pick what fund you want? Ask your broker what it is? To repeat..... if you are under 50 the annual maximum you can contribute to a tIRA is $5500 (or your "compensati...
by gophermobile
Thu Oct 06, 2016 10:20 am
Forum: Personal Investments
Topic: Two backdoor Roth IRA questions
Replies: 37
Views: 4125

Re: Two backdoor Roth IRA questions

Just to clarify on my contribution limit question - this is a newly created Traditional IRA solely for performing the backdoor Roth, there is nothing else in it. So I guess my real question is if the max I can contribute to the T-IRA is $5500? As for avoiding the small gain, I'm just wondering if it...
by gophermobile
Thu Oct 06, 2016 8:08 am
Forum: Personal Investments
Topic: Two backdoor Roth IRA questions
Replies: 37
Views: 4125

Two backdoor Roth IRA questions

Finally getting around to doing a backdoor Roth IRA contribution, but had two questions that I couldn't figure out from the wiki explanation: 1) I've created a traditional IRA and put $5500 into it. Do I actually need to invest this $5500 in something? Or can I just convert it as cash? Seems like it...
by gophermobile
Fri Aug 26, 2016 12:58 am
Forum: Personal Consumer Issues
Topic: Another socal housing post, can we afford this, what should we do?
Replies: 11
Views: 1751

Re: Another socal housing post, can we afford this, what should we do?

It depresses me that someone with OP's income is struggling with housing in Socal as well! My wife and I make about 270k total income and are similar ages, and we are in the same boat as far as wondering what to do. We're looking at houses slightly cheaper, 600k-900k. We still need to wait another y...
by gophermobile
Fri Feb 26, 2016 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Error on cost basis of 1099 form - what to do?
Replies: 7
Views: 1652

Re: Error on cost basis of 1099 form - what to do?

Ah...interesting. The pre-2011 shares' cost-basis are not reported to the IRS. The shares sold after are. I would not have noticed that as it's not very clear. This is my first time really selling shares, I've mostly just bought so it's all new to me. I have records for the EEM shares and so can cor...
by gophermobile
Fri Feb 26, 2016 4:14 pm
Forum: Personal Finance (Not Investing)
Topic: Error on cost basis of 1099 form - what to do?
Replies: 7
Views: 1652

Re: Error on cost basis of 1099 form - what to do?

Thanks for the link to form 8949. Just to clarify, the reason the basis is wrong is due to a stock split. It looks like there are more instructions on the 8949 regarding that so I will follow those. Are these covered shares (as indicated on the 1099B) meaning the broker reported the basis? I'm not s...
by gophermobile
Fri Feb 26, 2016 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Error on cost basis of 1099 form - what to do?
Replies: 7
Views: 1652

Error on cost basis of 1099 form - what to do?

The 1099 I received from my brokerage (TradeKing) includes some errors for stock sold last year that was purchased when the stocks were held at a brokerage that merged with TradeKing (Zecco). They show gains instead of a loss. I contacted TradeKing and they basically said that they know there are er...
by gophermobile
Wed Jan 27, 2016 1:12 pm
Forum: Personal Finance (Not Investing)
Topic: Who came closest to a $0 [taxes due]?
Replies: 62
Views: 5790

Re: Who came closest to a $0 [taxes due]?

I don't have all my documentation for filing yet, but it looks like I'm going to owe at least $4,000. However, I did get married last year and we are both somewhat high earners with an AGI of $176k so I blame that for the surprise. From looking around, it looks like it's possible to at least partly ...
by gophermobile
Mon Nov 16, 2015 6:25 pm
Forum: Personal Finance (Not Investing)
Topic: This HDHP w/HSA is a no-brainer, right?
Replies: 39
Views: 6256

Re: This HDHP w/HSA is a no-brainer, right?

Hello – I’ve been meaning to reply to this thread as it seems very well laid out on the HDHP vs standard PPO. Things I’m curious about: 1) Before you reach the deductible on a HDHP, do you basically pay full price for everything? Doctor visits, specialist, prescriptions etc? As in paying $200 for an...
by gophermobile
Mon Aug 24, 2015 8:14 pm
Forum: Personal Investments
Topic: Portfolio cleanup advice
Replies: 1
Views: 571

Portfolio cleanup advice

Hello – I’m looking to get some feedback on my investment portfolio. I started investing in earnest around 2006, and have kept most selections similar over time, but would like to look at more closely matching the three-fund strategy and taking advantage of some funds with lower expense ratios. Theo...
by gophermobile
Wed May 06, 2015 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Paying off student loans by selling house
Replies: 43
Views: 6106

Re: Paying off student loans by selling house

I was in a fairly similar situation last year, and I chose to help pay off my fiance's loans. The numbers were a bit different - she had about 120k in loans at 7.5% interest, and a large portion were under her mother's name. Fiance knew about them and understood their magnitude, but wasn't ready to ...
by gophermobile
Tue Jan 27, 2015 7:31 pm
Forum: Personal Finance (Not Investing)
Topic: Donating property & taxes - do I need form 8283?
Replies: 5
Views: 650

Donating property & taxes - do I need form 8283?

My fiance and I donated a bunch of stuff over 2014 when we moved in together. Most of it was clothes, jewelry, small electronics, kitchen stuff, and similar. The total valuation I have for it is around $1500 using some valuation guides. I'm a bit confused on when I need to fill out form 8283, and if...