Search found 147 matches

by dskillz1
Mon Oct 29, 2018 3:59 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA withdrawals
Replies: 8
Views: 781

Re: Roth IRA withdrawals

OK so this is what I now understand - I can take a distribution from my Roth IRA "contributions" at any time for any reason regardless of whether I had the account open for 5 years. I just need to make sure my accountant files an 8606 form (Part III) for the year I take the distribution. So to calcu...
by dskillz1
Mon Oct 29, 2018 3:24 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA withdrawals
Replies: 8
Views: 781

Re: Roth IRA withdrawals

Thats exactly what I thought, why on earth would the vanguard guy tell me otherwise, especially that I need to be 59 1/2, and he was adamant about it.
by dskillz1
Mon Oct 29, 2018 1:47 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA withdrawals
Replies: 8
Views: 781

Roth IRA withdrawals

I have had my Roth IRA open since 2014. It was my understanding that I could withdraw all of my contributions at any time for any reason tax & penalty free. I just got off the phone with Vanguard support and they told me that for me to be able to do that my roth account must be at least 5 years old ...
by dskillz1
Thu Oct 25, 2018 4:29 pm
Forum: Investing - Help with Personal Investments
Topic: Withdrawing Roth IRA contributions
Replies: 6
Views: 529

Re: Withdrawing Roth IRA contributions

So just add up my contributions from all my 5498's and that's the amount I can withdraw tax free? Its that simple?
by dskillz1
Thu Oct 25, 2018 4:06 pm
Forum: Investing - Help with Personal Investments
Topic: Withdrawing Roth IRA contributions
Replies: 6
Views: 529

Withdrawing Roth IRA contributions

I am trying to figure out how to determine how much money I can withdraw from my Roth IRA tax free. Its my understanding you can withdraw your contributions tax free at anytime, its just the earnings that will be taxed and penalized before 59 1/2. Is there a quick way to figure this out? I had on re...
by dskillz1
Thu Sep 13, 2018 12:50 pm
Forum: Investing - Help with Personal Investments
Topic: 401K vs Taxable Brokerage Account
Replies: 17
Views: 1366

Re: 401K vs Taxable Brokerage Account

Well lets say it was the exact same investment but in the 401K the expense ratio was .89 and in the taxable account it was .15?
Would the math still work out better for the 401K assuming the same amount was dollar cost averaged over the years?
by dskillz1
Tue Sep 11, 2018 4:27 pm
Forum: Investing - Help with Personal Investments
Topic: 401K vs Taxable Brokerage Account
Replies: 17
Views: 1366

Re: 401K vs Taxable Brokerage Account

Lets look at it from this hypothetical perspective- If I invested $18500 in the same mutual fund in both a taxable account and a 401K for 30 years would one be higher than the other assuming no 401k match?
by dskillz1
Tue Sep 11, 2018 4:18 pm
Forum: Investing - Help with Personal Investments
Topic: 401K vs Taxable Brokerage Account
Replies: 17
Views: 1366

401K vs Taxable Brokerage Account

Been reading a lot about the downside of the 401K most notably paying the normal tax rate when you later on withdraw funds and also having your money locked up for decades. I'm curious if anyone out there has bypassed 401K investing and instead went with a taxable brokerage account with the investme...
by dskillz1
Mon Jul 23, 2018 2:17 pm
Forum: Investing - Help with Personal Investments
Topic: Money Market Fund Choice
Replies: 14
Views: 1452

Re: Money Market Fund Choice

Hahahaha I thought it was 5K! Sounds good, thanks for the advise.
by dskillz1
Mon Jul 23, 2018 2:00 pm
Forum: Investing - Help with Personal Investments
Topic: Money Market Fund Choice
Replies: 14
Views: 1452

Money Market Fund Choice

Currently have about 13K in a money market account with Capital One at 1.75 used as an emergency fund. Was looking to transfer over to Vanguard Prime Money Market Fund Admiral Shares (VMRXX). With the slightly higher interest rate and making it harder to withdraw money, are there any downsides to go...
by dskillz1
Thu May 10, 2018 6:30 am
Forum: Investing - Help with Personal Investments
Topic: Ny529
Replies: 1
Views: 244

Ny529

Regarding ny529.. i read that the growth on investments is tax deferred but then read withdrawals are tax free when used for qualified educational expenses. How can it be deferred if withdrawals are tax free? My 401k is tax deferred because i pay no tax on the growth now but will later when i withdr...
by dskillz1
Fri Oct 06, 2017 3:16 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA
Replies: 7
Views: 729

Re: Rollover IRA

I have all the options an IRA provide, I can basically invest in anything. Im just trying to figure out if leaving over 100K in a rollover IRA invested in the VFORX fund without ever touching it for 20 years is advisable? Are there any tax issues to consider?
by dskillz1
Fri Oct 06, 2017 1:27 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA
Replies: 7
Views: 729

Re: Rollover IRA

Retirement being about 20 years from now..
by dskillz1
Fri Oct 06, 2017 1:16 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA
Replies: 7
Views: 729

Rollover IRA

Is it advisable to keep investments in a Rollover IRA? I would only be able to do non-deductible contributions as my income is past the limit. I currently have over 100K invested (with Vanguards VFORX target date fund 2040) in said Rollover IRA and planned to just keep it there until retirement with...
by dskillz1
Fri Sep 15, 2017 3:46 pm
Forum: Investing - Help with Personal Investments
Topic: NY 529 Plan
Replies: 8
Views: 966

Re: NY 529 Plan

Great so if your education expenses are fully qualified this plan basically is completely tax free considering its funded with after tax monies to begin with correct?
by dskillz1
Fri Sep 15, 2017 3:28 pm
Forum: Investing - Help with Personal Investments
Topic: NY 529 Plan
Replies: 8
Views: 966

NY 529 Plan

With the Direct Plan, you benefit from tax-deferred earnings as well as tax-free withdrawals for qualified higher-education expenses.* And since you're paying less in taxes, you can save more, which lowers the total cost of college. If you're a New York State taxpayer, you can also deduct contribut...
by dskillz1
Fri Sep 15, 2017 2:15 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRA / Non Deductable IRA

Understood. Ill just file the 8606 when I withdraw funds which wont be for another 20 years anyway so I got time. Thanks again everyone!
by dskillz1
Fri Sep 15, 2017 7:32 am
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRA / Non Deductable IRA

So bottom line is that i did the recharachterization of the over contributed roth ira funds into my rollover tIRA correctly to avoid any penalties from the IRS correct? My only issue now is that if i leave things the way they are i will need to file an 8606 every year i withdraw money from my tIRA i...
by dskillz1
Thu Sep 14, 2017 2:05 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRA / Non Deductable IRA

So your saying I would be able to take the recharacterization funds in my tIRA now and move them to my 401K eliminating the 8606 for the end of time?
by dskillz1
Thu Sep 14, 2017 12:38 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Money Market vs Capital One 360 Money Market
Replies: 4
Views: 915

Re: Vanguard Money Market vs Capital One 360 Money Market

Good input guys. Anyone know if you can setup automatic transfers from checking account to Money Market account with Cap 1 360?
by dskillz1
Thu Sep 14, 2017 12:22 pm
Forum: Investing - Help with Personal Investments
Topic: Vanguard Money Market vs Capital One 360 Money Market
Replies: 4
Views: 915

Vanguard Money Market vs Capital One 360 Money Market

Did some research and capital one 360, my current online bank is offering 1.20% interest on their Money Market fund. My current savings account that I have my emergency fund in with cap 1 360 is offering 0.75% so I think its a no brainer to open up a MM with them and transfer my Emergency fund into ...
by dskillz1
Thu Sep 14, 2017 12:15 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRA / Non Deductable IRA

Ok good deal. I only need to file once more in 20+ years when I take money out. So in 20+ years when its time to take money out of my tIRA I simply file that form again and the recharacterization I put into it in 2017 will not get taxed, that simple?
by dskillz1
Thu Sep 14, 2017 11:12 am
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRA / Non Deductable IRA

OK so assuming I simply keep things the way they are with the recharacterization into my tIRA, what needs to be done in the future regarding the 8606 form? Assuming I never ever contribute anything to this tIRA do I need to fill out the 8606 form every year for the little amount that I contributed t...
by dskillz1
Wed Sep 13, 2017 4:35 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRA / Non Deductable IRA

In 2016, you contributed $____ how many dollars to Roth IRA? Not Sure exact Amount but under $5500 Then at tax time, you found out you were not eligible to contribute the full amount you contributed because you were in the "phase out" where you could contribute some but not the full $5,500 ($6,500 ...
by dskillz1
Wed Sep 13, 2017 2:08 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRS / Non Deductable IRA

Sorry guys yes we are talking about 2016. I was confused because the actual recharacterization occurred in 2017.
by dskillz1
Wed Sep 13, 2017 2:06 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRS / Non Deductable IRA

There are two possible problems that we might be discussing here and we can't tell which one you have. If your income was too high that it didn't allow the contributions to a Roth, your income is also too high to make a tax-deductible contribution to a traditional IRA. In this case, moving the cont...
by dskillz1
Wed Sep 13, 2017 1:52 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRS / Non Deductable IRA

No, that is incorrect. You are only allowed to contribute a certain amount to IRA. It can go into traditional IRA or Roth IRA or a combination of the two. If you contributed too much to Roth IRA (but were otherwise eligible), then you can't put the "extra" in tIRA. It has to come all the way out of...
by dskillz1
Wed Sep 13, 2017 1:14 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRS / Non Deductable IRA

The IRA I have in Vanguard is called "Rollover IRA Brokerage"
by dskillz1
Wed Sep 13, 2017 1:11 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Re: Rollover IRS / Non Deductable IRA

What is "this year"? Do you mean you made a direct contribution to Roth IRA in 2017? - Correct Or do you mean you are eligible to contribute to Roth IRA but you put too much in there? - Correct When you say "they handled everything", what did they do? Did they "re-characterize" your Roth IRA contri...
by dskillz1
Wed Sep 13, 2017 12:24 pm
Forum: Investing - Help with Personal Investments
Topic: Rollover IRA / Non Deductable IRA
Replies: 31
Views: 1597

Rollover IRA / Non Deductable IRA

About 2 years ago I rolled over some 401K funds I had to my Traditional IRA with Vanguard. I did this to simply avoid the bad investments that the 401K was offering. When I did this my income was too high to contribute to this new IRA so does that automatically classify this IRA as a non deductible ...
by dskillz1
Fri Apr 28, 2017 11:03 pm
Forum: Investing - Help with Personal Investments
Topic: Target Date Fund - Forced to change by Transamerica
Replies: 5
Views: 931

Re: Target Date Fund - Forced to change by Transamerica

Ok so not much difference. Thanks for the info guys
by dskillz1
Thu Apr 27, 2017 11:49 am
Forum: Investing - Help with Personal Investments
Topic: Target Date Fund - Forced to change by Transamerica
Replies: 5
Views: 931

Target Date Fund - Forced to change by Transamerica

I have been invested in my 401K's Vanguard Target Date Fund 2040 (VFORX .93 ER) for a while now. Just got out of a 401K meeting to find that all the Vanguard Target Date Funds they had are now being replaced by BlackRock LifePath Index Target Date Funds. If I let it be they will simply move me into ...
by dskillz1
Fri Mar 31, 2017 4:01 pm
Forum: Investing - Help with Personal Investments
Topic: Form 8606
Replies: 3
Views: 544

Form 8606

I am aware of needing to file an 8606 form when contributing after tax dollars to a traditional IRA but im curious how the form helps in the future (say retirement in 20 years) when im withdrawing money and don't want to get double taxed. How do I ensure that I do not get double taxed on those monie...
by dskillz1
Sat Mar 04, 2017 1:13 pm
Forum: Investing - Help with Personal Investments
Topic: In-service roll over
Replies: 10
Views: 1106

Re: In-service roll over

We are talking about in-service rollovers here while im still with the company correct?
by dskillz1
Sat Mar 04, 2017 1:09 pm
Forum: Investing - Help with Personal Investments
Topic: In-service roll over
Replies: 10
Views: 1106

Re: In-service roll over

Thats a relief!
Thanks guys

Heres the link
thefinancebuff.com/in-service-withdrawal-the-law-and-the-plan-rules.html

About half way down
by dskillz1
Sat Mar 04, 2017 12:55 pm
Forum: Investing - Help with Personal Investments
Topic: In-service roll over
Replies: 10
Views: 1106

In-service roll over

Almost 2 years ago i did an in-service rollover from my companies 401k to a rollover IRA with vanguard to escape some horrible options and expense ratios. My companys HR departmemt said i could do this with no tax penelties at all since it was going from one tax deferred retirement account to anothe...
by dskillz1
Tue Jan 31, 2017 1:05 pm
Forum: Personal Consumer Issues
Topic: NYC Notice Of Property Value
Replies: 11
Views: 1076

Re: NYC Notice Of Property Value

Wow I never knew you could just pick a house and public records will reveal what that house is worth. Amazing, thanks so much for the heads up on these sites and everyone else for the advise! This now truly baffles me. I just looked up the new value of the house directly next to me which had work do...
by dskillz1
Tue Jan 31, 2017 11:25 am
Forum: Personal Consumer Issues
Topic: NYC Notice Of Property Value
Replies: 11
Views: 1076

Re: NYC Notice Of Property Value

SO if its accurate then its not really a bad thing, a home going up in that much value? Does this mean that I now have to raise my home insurance premium to cover the additional value?
by dskillz1
Tue Jan 31, 2017 10:54 am
Forum: Personal Consumer Issues
Topic: NYC Notice Of Property Value
Replies: 11
Views: 1076

NYC Notice Of Property Value

So I just received from the NYC Department Of Finance my statement telling me that my house just went up in value $184,000! A friend of mines house in the same neighborhood just went down $30,000. I had no work done to the house since I moved in 2 years ago so I'm baffled as to why such a huge incre...
by dskillz1
Mon Nov 21, 2016 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate in Another Country
Replies: 2
Views: 565

Real Estate in Another Country

My wife was left some properties (Her mom passed away) in the Dominican Republic a little over 2 years ago. For the last 2 years we have been dealing with an incompetent lawyer who is supposed to get the properties in my wife's name so we can sell them and be done with it. We have gotten basically n...
by dskillz1
Fri Nov 18, 2016 3:05 pm
Forum: Investing - Help with Personal Investments
Topic: Real estate investments overseas
Replies: 0
Views: 1017

Real estate investments overseas

My wife was left some properties (Her mom passed away) in the Dominican Republic a little over 2 years ago. For the last 2 years we have been dealing with an incompetent lawyer who is supposed to get the properties in my wife's name so we can sell them and be done with it. We have gotten basically n...
by dskillz1
Sat Oct 08, 2016 8:26 am
Forum: Investing - Help with Personal Investments
Topic: Annual 401K meeting at the job
Replies: 33
Views: 2855

Re: Annual 401K meeting at the job

I have spoken to HR and the plan administrator and have recommemded some low cost vanguard index funds and pleaded my case regarding the high expense ratios of all their funds .81 - 1.8. this was last year and it went on deaf ears. I was told by HR that i was the first one in the entire company to e...
by dskillz1
Fri Oct 07, 2016 9:12 am
Forum: Investing - Help with Personal Investments
Topic: Annual 401K meeting at the job
Replies: 33
Views: 2855

Re: Annual 401K meeting at the job

Thanks guys for all your input. Its all about money in this business I suppose.
by dskillz1
Thu Oct 06, 2016 9:15 pm
Forum: Investing - Help with Personal Investments
Topic: Annual 401K meeting at the job
Replies: 33
Views: 2855

Annual 401K meeting at the job

So Transamerica just came in to my place of employment to teach us the benefits of the 401K. I let them speak and when they asked if there were any questions of course I said yes. I asked "You have available a Vanguard Target date fund that has an expense ratio of .91 but if I go to Vanguard directl...
by dskillz1
Mon Aug 08, 2016 12:52 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Contributions
Replies: 3
Views: 488

Re: 529 Contributions

Awesome, just what I needed to hear! Thanks guys.
by dskillz1
Mon Aug 08, 2016 12:31 pm
Forum: Investing - Help with Personal Investments
Topic: 529 Contributions
Replies: 3
Views: 488

529 Contributions

I currently file my tax return joint with my wife every year, we live in NY. We have 2 children who we contribute 529 money to every paycheck. The rules state that we can contribute 28000 a year each for both children. My question is does it matter where the money comes from (my accounts or hers) to...
by dskillz1
Thu Aug 04, 2016 12:57 pm
Forum: Investing - Help with Personal Investments
Topic: Compound Interest Question
Replies: 4
Views: 765

Re: Compound Interest Question

Thanks for the info. I do understand how compound interest works I'm just trying to understand where it gets the interest rate from in order to compute the compound interest. Where can I find the current interest rate that it uses ? Is it specific to the mutual fund and if so where is it listed? Tha...
by dskillz1
Thu Aug 04, 2016 12:32 pm
Forum: Investing - Help with Personal Investments
Topic: Compound Interest Question
Replies: 4
Views: 765

Compound Interest Question

How exactly does compound interest work on a Mutual Fund? Where do I find how much interest I made on a certain mutual fund after say a year?

Thanks
by dskillz1
Sun Jul 24, 2016 12:57 pm
Forum: Personal Finance (Not Investing)
Topic: Allstate Umbrella Insurance
Replies: 33
Views: 4688

Re: Allstate Umbrella Insurance

Does anyone know any companies that will allow me to buy an umbrella on my current auto and home policie that is with another insurance company?
by dskillz1
Sun Jul 24, 2016 12:38 pm
Forum: Personal Finance (Not Investing)
Topic: Allstate Umbrella Insurance
Replies: 33
Views: 4688

Re: Allstate Umbrella Insurance

Yes sorry I meant above 800. I a! Actually getting much better auto and home with Allstate than Geico which caused me to switch last year