Search found 1621 matches

by nolesrule
Fri Jul 03, 2020 8:52 am
Forum: Personal Finance (Not Investing)
Topic: Anyone get a discount for paying year in advance power or phone bill?
Replies: 28
Views: 2143

Re: Anyone get a discount for paying year in advance power or phone bill?

A year of trash service or insurance is a known cost.

How can you pay something in advance when the cost is unknown and based on usage?
by nolesrule
Thu Jun 25, 2020 5:15 pm
Forum: Personal Investments
Topic: HSA in New Jersey
Replies: 26
Views: 1228

Re: HSA in New Jersey

With an HSA in New Jersey , it's not so much about the taxes, but about the lack of reporting structure(i.e. no 1099). You have to track cost basis, dividends, interest, reinvestment all yourself and correctly report it. I used a Treasury Fund in NJ, but we've since left and now it's a mix of Total ...
by nolesrule
Wed Jun 24, 2020 9:51 am
Forum: Personal Finance (Not Investing)
Topic: Question about using YNAB. Regarding credit cards, statements, dates.
Replies: 10
Views: 553

Re: Question about using YNAB. Regarding credit cards, statements, dates.

Credit cards in YNAB make sense when you think about your budget in terms of the actual money you have available. A balance on your card from before you start YNAB is not backed by a budgeted cash purchase, so you must budget for it. Budgeted purchases on a credit card still leave you with cash in t...
by nolesrule
Wed Jun 24, 2020 9:41 am
Forum: Personal Investments
Topic: Do any solo-401k providers allow website contributions?
Replies: 8
Views: 546

Re: Do any solo-401k providers allow website contributions?

I use my bank bill pay to send a check without filling out a form. They deposit the money in the Core account and then I can invest it from there. How do they know if it should be treated as an employee or employer contribution? And if submitted between Jan and April how would they know if it's a c...
by nolesrule
Tue Jun 23, 2020 6:37 pm
Forum: Personal Investments
Topic: Do any solo-401k providers allow website contributions?
Replies: 8
Views: 546

Re: Do any solo-401k providers allow website contributions?

I use my bank bill pay to send a check without filling out a form. They deposit the money in the Core account and then I can invest it from there.
by nolesrule
Tue Jun 23, 2020 6:35 pm
Forum: Personal Investments
Topic: Company 401k, ROTH IRA, or T-IRA?
Replies: 11
Views: 396

Re: Company 401k, ROTH IRA, or T-IRA?

What are the fees that are paid by the employees in the John Hancock 401k plan? While the ER of the Target Date Fund is good, there may be plan fees that would make an IRA a better choice.
by nolesrule
Tue Jun 23, 2020 6:12 pm
Forum: Personal Investments
Topic: HSA in New Jersey
Replies: 26
Views: 1228

Re: HSA in New Jersey

New Jersey does not recognize HSAs as a special account type with tax advantages, so they fall under the same rules as any other taxable account since there are no tax exceptions made for an HSA.

Interest, dividends, capital gains distributions and capital gains must be reported annually.
by nolesrule
Tue Jun 23, 2020 9:41 am
Forum: Personal Investments
Topic: Is my portfolio at max efficiency?
Replies: 12
Views: 581

Re: Is my portfolio at max efficiency?

ChrisO wrote:
Tue Jun 23, 2020 9:11 am
401k
Fidelity S&P 500 max out 19k a year
No total stock market fund available and the rest of the funds are actively managed mutual funds at 0.66% expense ratio.
You should be contributing $19.5k to max out.
by nolesrule
Sat Jun 20, 2020 9:17 am
Forum: Personal Finance (Not Investing)
Topic: Simple business checking: Azlo, Novo or Wells Fargo
Replies: 18
Views: 708

Re: Simple business checking: Azlo, Novo or Wells Fargo

Azlo will not let you transfer money unless you can log in to the target bank and give credentials. I had to promptly close that useless account. For example, I could not transfer from my business to Fidelity Brokerage since it did not treat my brokerage as a cash account. I was able to mail a chec...
by nolesrule
Sat Jun 20, 2020 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Simple business checking: Azlo, Novo or Wells Fargo
Replies: 18
Views: 708

Re: Simple business checking: Azlo, Novo or Wells Fargo

Azlo will not let you transfer money unless you can log in to the target bank and give credentials. I had to promptly close that useless account. For example, I could not transfer from my business to Fidelity Brokerage since it did not treat my brokerage as a cash account. I was able to mail a chec...
by nolesrule
Sun Jun 14, 2020 3:49 pm
Forum: Personal Finance (Not Investing)
Topic: $120,000 in credit card debt
Replies: 72
Views: 9584

Re: $120,000 in credit card debt

OP has also posted about this on another forum that I frequent and has responded to posts there.
by nolesrule
Tue Jun 09, 2020 2:51 pm
Forum: Investing - Theory, News & General
Topic: Dave Ramsey mentioned bogleheads today
Replies: 142
Views: 9927

Re: Dave Ramsey mentioned bogleheads today

A higher savings rates and financial discipline will overcome a 1% higher ER. The higher savings rate and financial discipline comes from following the personal finance advice while the 1% higher ER comes from following the investing advice. One can do one without the other, so in the proper compar...
by nolesrule
Tue Jun 09, 2020 2:17 pm
Forum: Personal Investments
Topic: Tax question: Roth contributions and rollover
Replies: 19
Views: 482

Re: Tax question: Roth contributions and rollover

There should be a 1099-R from your work account.
by nolesrule
Tue Jun 09, 2020 1:44 pm
Forum: Personal Investments
Topic: Does is makes sense for me to refinance and do it this way?
Replies: 14
Views: 1025

Re: Does is makes sense for me to refinance and do it this way?

I am back with the costs. The application was approved today but at 3.125% (3.346% APR) instead of 3.0%. (The market changed, I guess. The 3% no points option was there last week. I still have not found a better rate in my state.) REFI Refi Loan: Conf 30 Fixed Loan Amount: $193,000.00 Interest Rate...
by nolesrule
Sun Jun 07, 2020 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: W2 to LLC/S Corp
Replies: 6
Views: 223

Re: W2 to LLC/S Corp

One advantage of a SEP IRS is that the S Corp contributes to your retirement (up to 25%) and that is not subject to SS or medicare taxes. A 401k contribution is after FICA deductions. Another advantage is if your receive "reasonable salary" you may take an excess profit distribution and pay Fed/Loc...
by nolesrule
Sun Jun 07, 2020 11:44 am
Forum: Personal Finance (Not Investing)
Topic: For backdoor ROTH, is all tax due up front?
Replies: 56
Views: 2377

Re: For backdoor ROTH, is all tax due up front?

I have altered tack again and I'm now zeroing in on the Roth solo 401k as my main target If you have high income and are correct about being in a high marginal tax bracket, I don't see why you want a roth 401k and not the SEP IRA. The money you put in the SEP reduces your taxable income this year. ...
by nolesrule
Sun Jun 07, 2020 11:37 am
Forum: Personal Finance (Not Investing)
Topic: W2 to LLC/S Corp
Replies: 6
Views: 223

Re: W2 to LLC/S Corp

Do you get any PTO in your current arrangement?

Personally my bottom rate for contract work relative to $60/hr as a W-2 would be closer to $75/hr.
by nolesrule
Sun Jun 07, 2020 10:18 am
Forum: Personal Finance (Not Investing)
Topic: W2 to LLC/S Corp
Replies: 6
Views: 223

Re: W2 to LLC/S Corp

Does your current 401k have employer contributions? How much will insurance cost if you have to get it on your own?

I'm not sure an extra $5/hr is enough of a spread to switch.
by nolesrule
Sat Jun 06, 2020 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 2636
Views: 211048

Re: Refinance Mega Thread

I was offered a loan modification with my current bank (First Republic) for a $3k fee on a $1.5M 7/1 ARM at 2.75% (80 LTV). I took the deal as it matched the best refinance offer I received from US Bank and the payoff period for the $3k fee is 3 months. By making the same monthly payment I'll save ...
by nolesrule
Sat Jun 06, 2020 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Is SS factored into planning and saving for retirement?
Replies: 52
Views: 2775

Re: Is SS factored into planning and saving for retirement?

I use AnyPIA to calculate the FRA benefit based on our current income record, and update it every year. I use that benefit to calculate the retirement cashflow needs to extrapolate the needed number to retire.
by nolesrule
Sat Jun 06, 2020 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Saving/Investing for Young Child
Replies: 26
Views: 1306

Re: Saving/Investing for Young Child

The advantage of a UTMA account is the kiddie Tax standard deduction on unearned income. This can be used to tax gain harvest investments to increase their basis and not pay taxes on their bank account interest.
by nolesrule
Sat Jun 06, 2020 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Roth 401k becuase of house deduction and pension?
Replies: 8
Views: 461

Re: Roth 401k becuase of house deduction and pension?

I contribute $750 per pay, so I estimate this will cost me about $200 in federal and state taxes up front, but I should have a better chance of getting more back from the house deduction, right? No. Switching from traditional to Roth doesn't change the amount of money you can itemize versus the sta...
by nolesrule
Sat Jun 06, 2020 10:36 am
Forum: Personal Finance (Not Investing)
Topic: For backdoor ROTH, is all tax due up front?
Replies: 56
Views: 2377

Re: For backdoor ROTH, is all tax due up front?

Wouldn’t the SEP IRA make a Backdoor conversion more complicated because of the pro rata rule? That’s only if you want to convert less than the total amount in the SEP. You’ll owe ordinary income tax (federal and state) on the total amount converted. Would it be better for you to have a solo 401k i...
by nolesrule
Sat Jun 06, 2020 10:33 am
Forum: Personal Finance (Not Investing)
Topic: For backdoor ROTH, is all tax due up front?
Replies: 56
Views: 2377

Re: For backdoor ROTH, is all tax due up front?

Wouldn’t the SEP IRA make a Backdoor conversion more complicated because of the pro rata rule? That’s only if you want to convert less than the total amount in the SEP. You’ll owe ordinary income tax (federal and state) on the total amount converted. Would it be better for you to have a solo 401k i...
by nolesrule
Sat Jun 06, 2020 8:12 am
Forum: Personal Finance (Not Investing)
Topic: For backdoor ROTH, is all tax due up front?
Replies: 56
Views: 2377

Re: For backdoor ROTH, is all tax due up front?

Wouldn’t the SEP IRA make a Backdoor conversion more complicated because of the pro rata rule? That’s only if you want to convert less than the total amount in the SEP. You’ll owe ordinary income tax (federal and state) on the total amount converted. Would it be better for you to have a solo 401k i...
by nolesrule
Thu Jun 04, 2020 7:10 am
Forum: Personal Finance (Not Investing)
Topic: Selling wife's 1-year old car?
Replies: 86
Views: 6101

Re: Selling wife's 1-year old car?

There's no magic to getting out of the continuous car payment cycle. You just don't replace the car the second you are finished paying it off. You keep the car for a long time, setting aside money that was going toward those car loan payments for the next one. And if you have a reliable car that wil...
by nolesrule
Wed Jun 03, 2020 7:49 am
Forum: Personal Finance (Not Investing)
Topic: Selling wife's 1-year old car?
Replies: 86
Views: 6101

Re: Selling wife's 1-year old car?

Pay the cars off, use the increased cash flow to save more, including for your next cars. I don't think your cars are out of line in price, but it's the financing that's the problem. Keep what you have for a long time and stay away from upgrade-itis so you don't have to finance future car purchases....
by nolesrule
Sat May 30, 2020 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: When to deduct HSA from payroll, and when not to?
Replies: 45
Views: 2769

Re: When to deduct HSA from payroll, and when not to?

Or download AnyPIA from the SS website and enter in your numbers from your SS earnings history and let it run the calculations for you.
by nolesrule
Sat May 30, 2020 12:34 pm
Forum: Personal Investments
Topic: Leaving Employer; convert 401k balance to new 401k or roth IRA?
Replies: 11
Views: 742

Re: Leaving Employer; convert 401k balance to new 401k or roth IRA?

Don't forget to include Option 3 in your analysis. Leave the money where it is in the old employer 401k. You should look at the expenses in both the old 401k and the new 401k. if you are currently doing a Backdoor Roth, you are probably at a marginal tax rate where it doesn't make sense to do a Roth...
by nolesrule
Sat May 30, 2020 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: What does your budget spreadsheet look like?
Replies: 36
Views: 2459

Re: What does your budget spreadsheet look like?

By "kinds of accounts" I'm referring to checking, savings, brokerage, etc. For example, if people here wanted to buy a $15k car in cash, where does that $15k come from? A designated checking or savings (or MM or CDs) that you contribute to for a number of years with that specific purpose? Does it c...
by nolesrule
Sat May 30, 2020 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: What does your budget spreadsheet look like?
Replies: 36
Views: 2459

Re: What does your budget spreadsheet look like?

I'm a big fan of the 50/20/30 framework (Of take-home pay, 50% for necessities, 20% for savings/investments, 30% for lifestyle - although I prefer a more even balance if not an outright flip of the 20/30). This framework is actually based on after tax income, not take home pay, and includes payroll...
by nolesrule
Sat May 30, 2020 10:18 am
Forum: Personal Investments
Topic: Overpay for the home we love?
Replies: 62
Views: 4960

Re: Overpay for the home we love?

I say buy it. We overpaid on our house (IMO) by 15k. It’s a rounding error and I don’t regret it. For everyone that says Zillow et al are worthless, I disagree. I had two appraisers come to our house. Zillow said 490. Taxes said 485. Appraiser 1 said 521. Appraiser 2 said 472. The house could reali...
by nolesrule
Fri May 29, 2020 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Drop in taxes for this biweekly pay period: Social Security Tax and Voluntary Disability Tax
Replies: 15
Views: 1172

Re: Drop in taxes for this biweekly pay period: Social Security Tax and Voluntary Disability Tax

Medicare taxes will go up when you reach $200k in Medicare wages from the current 1.45% to 2.35% This made me laugh out loud. They get you coming and going. So the "sweet spot" (as far as having the last laugh) is earning between $138K and $200K (as Single). Yeah, I guess. I'd still rather make mor...
by nolesrule
Fri May 29, 2020 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Drop in taxes for this biweekly pay period: Social Security Tax and Voluntary Disability Tax
Replies: 15
Views: 1172

Re: Drop in taxes for this biweekly pay period: Social Security Tax and Voluntary Disability Tax

Most common reason for social security tax to go to zero is that you have reached the maximum social security wage base for the year. For 2020, this would be $137,700. I know of no other reason or special situation that would explain this if you are not a high earner that has already reached this i...
by nolesrule
Thu May 28, 2020 4:27 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k - elective deferral agreement question
Replies: 18
Views: 742

Re: Solo 401k - elective deferral agreement question

Also, out of curiosity if the above is correct, then what is the purpose of this form for self-employed people? I guess I'm not understanding what the form actually achieves since it sounds like we can simply fill in the amount at the end of the year and then just file it in our paperwork? It sound...
by nolesrule
Thu May 28, 2020 12:53 pm
Forum: Personal Investments
Topic: Backdoor Roth - New Spouse
Replies: 4
Views: 324

Re: Backdoor Roth - New Spouse

Does she have a workplace plan that she can roll the existing pre-tax Traditional IRA into?
by nolesrule
Thu May 28, 2020 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage rates headed lower?
Replies: 69
Views: 7616

Re: Mortgage rates headed lower?

Wow that’s amazing. I had to get all the information you have above PLUS tax returns for the last two years (we have both with the same employer for almost 2 decades and income has always been stable), copy of divorce decree from over 20 years ago, employment verification, verify and justify names ...
by nolesrule
Thu May 28, 2020 7:50 am
Forum: Personal Investments
Topic: How to find "index tracking" passive MF & determine differences between similar tracking funds?
Replies: 13
Views: 687

Re: How to find "index tracking" passive MF & determine differences between similar tracking funds?

If ETFs are better than mutual funds, and given the limitations of the 401K, should we bother maxing out our 401K? Would it better to get the match, then invest in a ROTH or a regular account in high quality index tracking ETFs? Thank you! ETFs aren't better. They have different properties. In a ta...
by nolesrule
Wed May 27, 2020 5:41 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage rates headed lower?
Replies: 69
Views: 7616

Re: Mortgage rates headed lower?

My guy was in and out in less than 15 minutes when we did that 3.5 weeks ago. We even had some kind of covid disclosure in ours. I'd spend this time as often as needed to save a $125 a month on interest. I’m jealous. Mine took 90 minutes at my kitchen table and a hand cramp by the end of it. My ful...
by nolesrule
Wed May 27, 2020 1:14 pm
Forum: Personal Investments
Topic: ... and now what? taxable account or Roth?
Replies: 9
Views: 499

Re: ... and now what? taxable account or Roth?

You may notice a theme to the replies. There's no distinction between your accounts and your wife's. You should do what's best for the both of you, not just yourself. Whether it's more to her 403b or putting it in IRAs, it's about maxing out your combined tax advantage space, because you use it or l...
by nolesrule
Tue May 26, 2020 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: Budgeting for Gifts?
Replies: 20
Views: 1235

Re: Budgeting for Gifts?

How do you handle any other expenses that are non-monthly? Just do it the same way.
by nolesrule
Mon May 25, 2020 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Little decrease in premium after removing older car
Replies: 15
Views: 1335

Re: Little decrease in premium after removing older car

If those numbers constitute the entire cost of your insurance premium then liability (which is based on people covered) was baked into those per car numbers. When you dropped the car, the number of insured drivers didn't change. On an older car, the actual vehicle coverage itself is very little. The...
by nolesrule
Sun May 24, 2020 1:31 pm
Forum: Personal Investments
Topic: Backdoor Roth simple question
Replies: 24
Views: 1298

Re: Backdoor Roth simple question

The quote is referring to conversion to Roth of existing pre-tax money in Traditional accounts. It is not about contributions Aha, that makes sense and clears up a bunch. Most of the reading I've done about backdoor has been the methodology of putting money into a tIRA and then *immediately* conver...
by nolesrule
Sun May 24, 2020 11:08 am
Forum: Personal Investments
Topic: Backdoor Roth simple question
Replies: 24
Views: 1298

Re: Backdoor Roth simple question

If you are: unemployed, on a sabbatical, recovering from a medical issue (ie, don't have a full year of wages), this could be a good year FOR YOU to convert and your tax bracket may be lower than usual. I have heard statements like this before, and have to admit, it somewhat confused me. I'm presum...
by nolesrule
Sat May 23, 2020 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: CapitalOne Venture would not forgive annual fee
Replies: 32
Views: 1957

Re: CapitalOne Venture would not forgive annual fee

Capital one has opened up rewards redemption on the Venture card at the Travel rate to post against non-travel categories on a temporary basis, so you can still receive your reward credits at the expected rate. Looking at my eligible purchases to redeem against from the last 3 months, it includes my...
by nolesrule
Sun May 17, 2020 3:31 pm
Forum: Personal Investments
Topic: Best way to invest cash while paying down a note
Replies: 5
Views: 486

Re: Best way to invest cash while paying down a note

You could do a CD ladder with 1-4 year CDs and leave the rest in a savings account. When each CD matures put it in a savings account.

The extra work might get you an extra $500 before taxes compared to just using a savings account. Your call.
by nolesrule
Sun May 17, 2020 2:18 pm
Forum: Personal Investments
Topic: What to do with after-tax contributions to employer 401k?
Replies: 46
Views: 2139

Re: What to do with after-tax contributions to employer 401k?

Would the account just go into the negative if you were clearing out the after-tax money? I don’t think they can (or if they can, I don’t think they should) touch money in pre-tax accounts. Yes they can. My plan charges $15 per quarter fee for all participants, and this fee is taken out proportiona...
by nolesrule
Sun May 17, 2020 2:12 pm
Forum: Personal Investments
Topic: Should I Transfer 401K to Roth 401K?
Replies: 34
Views: 2140

Re: Should I Transfer 401K to Roth 401K?

Nolesrule - I have a few assumptions for the higher tax bracket assumption. I also have a growing number of taxable investments, also I assume I will probably change jobs down the road over the next 30yrs. I also assume taxes will go up. That said, it seems I should keep the current split and perha...
by nolesrule
Sun May 17, 2020 8:56 am
Forum: Personal Investments
Topic: Should I Transfer 401K to Roth 401K?
Replies: 34
Views: 2140

Re: Should I Transfer 401K to Roth 401K?

Are you recommending I flip back to my Traditional 401k for my contributions or are you aligned with my current approach and keeping the company match in Traditional 401k unless their is a significant loss at which time it might be worth converting? Answers depend on your estimate of your own margi...
by nolesrule
Thu May 14, 2020 10:39 am
Forum: Personal Investments
Topic: Excess money in taxable vs 529?
Replies: 23
Views: 1502

Re: Excess money in taxable vs 529?

We use UTMA accounts for our kids. We tax gain harvest in the kiddie tax 0% bracket.