Search found 163 matches

by uslee2004
Wed Feb 10, 2021 5:26 am
Forum: Personal Investments
Topic: Backdoor Roth IRA and mega backdoor roth
Replies: 13
Views: 819

Re: Backdoor Roth IRA and mega backdoor roth

I think most people would just pay taxes on the gains and roll everything over to the Roth IRA when doing the Mega Backdoor Roth. It simplifies everything and allows you to keep doing the Backdoor Roth. As noted - this is what I do! And if you are worried about "taxes" - and you can contr...
by uslee2004
Sat Feb 06, 2021 12:38 pm
Forum: Personal Investments
Topic: Traditional IRA with non-deductible contributions to Roth
Replies: 5
Views: 363

Re: Traditional IRA with non-deductible contributions to Roth

I don't believe there is a restriction on time of conversion from non-Roth to Roth IRA. You can convert whenever you want. The only consideration is the possible tax such conversion may incur. And that is totally a personal/case by case. There is also no timing restriction on when to contribute to n...
by uslee2004
Wed Jan 27, 2021 10:34 pm
Forum: Personal Finance (Not Investing)
Topic: H&R Block 1401K Error or did I over contribute
Replies: 6
Views: 419

Re: H&R Block 1401K Error or did I over contribute

Encounter the same error with 2020 version of the software. Current software states 'retirement plan contributions limit' being $19500 but for 50+ person it is $25500. Hope similarly it will get fixed in a future update. Noticed another error, claiming based on field 12 of W2 I have more than $50K d...
by uslee2004
Sun Nov 08, 2020 10:34 am
Forum: Personal Investments
Topic: Is this 50+ age discrimination for company match practice?
Replies: 7
Views: 1080

Re: Is this 50+ age discrimination for company match practice?

Flyer24 wrote: Sun Nov 08, 2020 9:59 am Topic moved to Personal Investments.
Thanks Flyer24. Didn't know that it was not :shock:
by uslee2004
Sun Nov 08, 2020 9:00 am
Forum: Personal Investments
Topic: Is this 50+ age discrimination for company match practice?
Replies: 7
Views: 1080

Re: Is this 50+ age discrimination for company match practice?

For context, I'm older that 50. But I would ask is the 50+ catch-up discrimination against younger people? After all, it's not their fault some older folks didn't fund their retirements properly. Good call! Thanks for all the response. Should have put myself in the other side on this. Thanks for he...
by uslee2004
Sun Nov 08, 2020 8:48 am
Forum: Investing - Theory, News & General
Topic: What happens to treasuries if the US government goes bankrupt?
Replies: 55
Views: 5283

Re: What happens to treasuries if the US government goes bankrupt?

1) how often has this occurred in the US Govt's history? Most recently? 2) We are at the highest levels of debt in (recent?) US history Debt to GDP ratio is around 140% right now. What does this mean, and is this the same sort of high debt to gdp ratio nations like Japan or is it 'worse' or 'better...
by uslee2004
Sun Nov 08, 2020 8:41 am
Forum: Personal Finance (Not Investing)
Topic: for people expecting to be paid on Friday 1/1/2021 - slightly odd note from employer HR
Replies: 100
Views: 11173

Re: for people expecting to be paid on Friday 1/1/2021 - slightly odd note from employer HR

Was asking DW yesterday on this exact topic. My employer provided a pay schedule for the year showing the exact pay day through the year, thus there is no ambiguity. One flag to me is that the 401k contribution always shows up at 401k custodian a week later than the pay day. Would such practice have...
by uslee2004
Sun Nov 08, 2020 8:32 am
Forum: Personal Investments
Topic: Is this 50+ age discrimination for company match practice?
Replies: 7
Views: 1080

Is this 50+ age discrimination for company match practice?

Background: 1) I am 50+; 2) My employer provides a company match. 3) There is a true-up for the 401k plan. The match always goes with my paycheck--I had planned out on spreading my 401k contribution throughout the year so as to capture the company match. 4) I max out the 401k contribution per IRS li...
by uslee2004
Sun Nov 08, 2020 7:54 am
Forum: Personal Finance (Not Investing)
Topic: What is the best 2% cash back credit card which is NOT the Citi Double Cash?
Replies: 49
Views: 4714

Re: What is the best 2% cash back credit card which is NOT the Citi Double Cash?

Vulcan wrote: Sun Nov 08, 2020 6:30 am +1 on Fidelity Visa Signature

As an added bonus, unlike Citi Double Cash, it still offers extended warranty, rental car insurance, and lost luggage reimbursement
+1 Fidelity Visa Signature.

We also use Priceline Visa which also gives 2%--more if redeems for travel expense.
by uslee2004
Sat Oct 10, 2020 9:38 am
Forum: Personal Investments
Topic: Should I switch from 401k to Roth 401k
Replies: 41
Views: 3511

Re: Should I switch from 401k to Roth 401k

Some 401k plans allow participants to make after tax lump sum contributions to the plan. These after tax contributions must fit within the $57,000 limit that is comprised of the regular $19,500 contributions + employer match + after tax lump sum. If these additional contributions are allowed you ca...
by uslee2004
Sat Oct 10, 2020 9:31 am
Forum: Personal Investments
Topic: Roth Conversion Withdrawl Rules
Replies: 39
Views: 2521

Re: Roth Conversion Withdrawl Rules

Just to add that all discussion thus far are for federal tax only. Some states does not follow federal tax treatment for Roth IRA on withdrawal.
by uslee2004
Thu Oct 08, 2020 4:31 am
Forum: Personal Finance (Not Investing)
Topic: Best 529 Plan in 2020 - NY/NV/OH/UT?
Replies: 16
Views: 1508

Re: Best 529 Plan in 2020 - NY/NV/OH/UT?

Fellow NJ resident here. Do not forget about NJ Best scholarships. As long as you deposit $3600 and leave it in the plan for 12 years, you will get a $1500 scholarship towards in state tuition at the time your kid attends college. No point in giving up free money. https://www.hesaa.org/Pages/NJBEST...
by uslee2004
Thu Oct 08, 2020 3:58 am
Forum: Personal Investments
Topic: ROTH IRA contribution and unexpected income growth
Replies: 8
Views: 861

Re: ROTH IRA contribution and unexpected income growth

Correct, I had meant re-characterize into tIRA contribution. Thanks again! Thanks for the question and answer. I am facing similar situation as well. We contributed to our Roth IRA early January and converted pretax, rollover IRA to Roth in March near market low. Then DW went back to full time resu...
by uslee2004
Fri Jul 03, 2020 7:57 pm
Forum: Personal Consumer Issues
Topic: Least Expensive Way to Have a Cellphone for emergency use only?
Replies: 54
Views: 3732

Re: Least Expensive Way to Have a Cellphone for emergency use only?

For various reasons not worth going into, we're considering getting a cellphone for emergency purposes. We already have a cellphone on a plan, so not sure whether it would be cheaper to add a line or go the pre-paid route? (looking into this) Also, can you suggest an inexpensive, but reliable - ver...
by uslee2004
Sat Jun 13, 2020 7:12 am
Forum: Personal Investments
Topic: $1.6M in traditional, $700K in Roth: How much to convert to Roth?
Replies: 84
Views: 7708

Re: $1.6M in traditional, $700K in Roth: How much to convert to Roth?

Just want to point out and seeking confirm. Shouldn’t the comparison be between marginal bracket before with effective after retirement? A lot of people say this, but that is not quite right either. In reality, it is the effective rate of the money in question while saving vs the effective rate of ...
by uslee2004
Sat Jun 13, 2020 5:59 am
Forum: Personal Investments
Topic: $1.6M in traditional, $700K in Roth: How much to convert to Roth?
Replies: 84
Views: 7708

Re: $1.6M in traditional, $700K in Roth: How much to convert to Roth?

Just want to point out and seeking confirm. Shouldn’t the comparison be between marginal bracket before with effective after retirement? Facing similar situation for pretax account, smaller Roth, but a few more years out. Feel like better keeping contributing to pretax 401k while converting pretax I...
by uslee2004
Fri Apr 24, 2020 4:50 pm
Forum: Personal Investments
Topic: Any reason to keep Vanguard Federal Money Market Fund?
Replies: 16
Views: 3114

Re: Any reason to keep Vanguard Federal Money Market Fund?

Added benefit is that through ACH from bank gives you fund transactions date of when you put in order, assuming before 4pm instead of the next day. Thought it would be the other way around that MMF is already at vanguard, but surprisingly found out it takes more time compared to with bank ACH. Just...
by uslee2004
Sun Apr 19, 2020 11:26 am
Forum: Personal Investments
Topic: Any reason to keep Vanguard Federal Money Market Fund?
Replies: 16
Views: 3114

Re: Any reason to keep Vanguard Federal Money Market Fund?

Added benefit is that through ACH from bank gives you fund transactions date of when you put in order, assuming before 4pm instead of the next day.

Thought it would be the other way around that MMF is already at vanguard, but surprisingly found out it takes more time compared to with bank ACH.
by uslee2004
Sat Apr 11, 2020 10:23 am
Forum: Personal Finance (Not Investing)
Topic: [Government stimulus payments]
Replies: 361
Views: 30314

Re: just got my $1200 stimulus payment

Just checked and not get mine yet. Actually just got my 2019 tax refund last week. Made a Roth conversion in 2019 resulting in house income exceeding limit, a $800 reduction in supposedly full amount. Should have waited to file later 2019 tax.

Well, still am grateful for having the income.
by uslee2004
Sat Oct 05, 2019 7:59 am
Forum: Personal Investments
Topic: IRA to Roth conversion
Replies: 9
Views: 1391

Re: IRA to Roth conversion

I took a year off work this year to pursue some personal goals. Thus no income for 2019. I believe this is an ideal time to convert funds from an IRA to Roth, correct? Obviously the goals is to minimize taxes so I'll figure out the tax brackets and convert as much as I can. My main question - Can I...
by uslee2004
Sat Aug 10, 2019 4:14 am
Forum: Personal Consumer Issues
Topic: Is it time to let this phone go?
Replies: 12
Views: 2072

Re: Is it time to let this phone go?

How about having a power bank to plug into? Will that work?
by uslee2004
Tue May 21, 2019 9:02 pm
Forum: Personal Investments
Topic: Taxable account even though cant max out 401k yet?
Replies: 18
Views: 1791

Re: Taxable account even though cant max out 401k yet?

Default advice seems to be: - emergency fund - carry no running credit card debt - 401k/IRA etc - house paid off - taxable accounts Done all these except for the last. Are there any particular reasons to have a taxable account *before* I get to the point of being able to max out my 401k? Being able...
by uslee2004
Fri May 17, 2019 10:59 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity Credit Card - 0% APR for 18 Months
Replies: 17
Views: 2110

Re: Fidelity Credit Card - 0% APR for 18 Months

Yes, I do have the entire funds today. thanks for your reply I will go ahead with this plan , thanks again . Do you have all the money in hand to pay for expense today? It sounds like you do, but I wanted to ask to be sure. If yes, I would go ahead with the plan -- maybe you can distribute the expe...
by uslee2004
Tue May 14, 2019 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Cashing (Redeeming)Savings Bonds?
Replies: 12
Views: 1260

Re: Cashing (Redeeming)Savings Bonds?

If they are in your (or i believe a spouse but i'm not an expert on that) name I would try and redeem them in a year you have qualifying educational expenses to help with the taxes. I cashed some last year at chase bank fwiw. As mentioned above, if conditions met, maybe also consider put proceeds i...
by uslee2004
Tue May 14, 2019 8:12 pm
Forum: Personal Consumer Issues
Topic: Traveling to Europe on Green Card
Replies: 12
Views: 1143

Re: Traveling to Europe on Green Card

Did that last November for a business trip. Got an itinerary for a reservation without paying from booking agency. Appears to be standard practice. Not sure for personal trip though.
by uslee2004
Thu Jan 31, 2019 10:57 pm
Forum: Personal Investments
Topic: Help Converting t401k to Roth IRA
Replies: 15
Views: 1414

Re: Help Converting t401k to Roth IRA

- Is it best to covert the traditional portion to Roth and then transfer to Fidelity? My limited understanding is not aware of means to convert within 401k from pre-tax to after-tax. Prepare to have your understanding broadened: https://www.irs.gov/retirement-plans/designated-roth-accounts-in-plan-...
by uslee2004
Sun Jan 20, 2019 9:36 am
Forum: Personal Investments
Topic: Help Converting t401k to Roth IRA
Replies: 15
Views: 1414

Re: Help Converting t401k to Roth IRA

- Is it best to covert the traditional portion to Roth and then transfer to Fidelity? My limited understanding is not aware of means to convert within 401k from pre-tax to after-tax. - Or would it be better to rollover to a Fidelity Traditional IRA and Roth IRA then do the conversion later? As above...
by uslee2004
Mon Dec 24, 2018 10:54 pm
Forum: Personal Investments
Topic: I-bonds
Replies: 13
Views: 1729

Re: I-bonds

Believe you can redeem i-Bonds and keep cash in TD account (Zero-Percent C of I). It can then be used for acquiring new i-Bonds. It takes 2-days to send money to outside bank account. For Zero-Percent C of I, it should be less maybe 1-day? I have never done it. But believe you should still have time...
by uslee2004
Sat Dec 22, 2018 10:55 am
Forum: Personal Investments
Topic: Roth Conversion in a down market?
Replies: 9
Views: 1401

Re: Roth Conversion in a down market?

I have kicked myself many times seeing my tIRA account more than doubled since I recharacterized my Roth conversion of the exact same account in 2009. :oops:
by uslee2004
Sat Dec 01, 2018 11:21 am
Forum: Personal Investments
Topic: When to cash in EE Savings Bonds
Replies: 16
Views: 2077

Re: When to cash in EE Savings Bonds

How about keep the EE bonds but do IRA to Roth conversion instead to lower RMD later on. Or maybe you are doing that already.
by uslee2004
Thu Aug 09, 2018 9:45 pm
Forum: Personal Investments
Topic: Roth 401k vs. Traditional 401k
Replies: 36
Views: 2281

Re: Roth 401k vs. Traditional 401k

At that level of income, regular (tax deductable) 401k plus back-door Roth IRA likely is the best option. This is unless you are sure that you will stay at 30+% income tax rate for ever.
by uslee2004
Tue Jul 03, 2018 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Question for those who used 529 plans
Replies: 49
Views: 4974

Re: Question for those who used 529 plans

Total 50% growth in CHET 529 plan for 11 years using managed allocation option (comparing aggressive vs moderate, there is no meaningful difference). Funded once when my son was one. Not impressed by the performance. The initial funding was in 2007, right before the big collapse of the market, thoug...
by uslee2004
Fri May 25, 2018 1:43 pm
Forum: Personal Consumer Issues
Topic: Magic Jack Go vs Obihai obi200- which one as landline replacement?
Replies: 37
Views: 7415

Re: Magic Jack Go vs Obihai obi200- which one as landline replacement?

Used VOIP for years. Transferred to obi202 in February. Very happen with the service thus far. I did use Magic Jack once, but that was 10+ years ago when it still needs to be connected with a computer, not even directly to network cable. Gave that one to a friend since I did not really use it much t...
by uslee2004
Wed May 02, 2018 8:52 pm
Forum: Personal Investments
Topic: Mango prepaid maybe hacked?
Replies: 5
Views: 1181

Re: Mango prepaid maybe hacked?

The past statements, however, are all the same with the current balance :?
by uslee2004
Sat Feb 03, 2018 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Multiple bank accounts - am I crazy?
Replies: 46
Views: 6126

Re: Multiple bank accounts - am I crazy?

Have way more than 5. 3 checking accounts in same bank non-local to us, which was our original online banking. We keep most of our transactions there still. Decent (0.4%) for these checking accounts. A checking and saving at the credit union where DW works. TD bank checking stayed open mostly becaus...
by uslee2004
Wed Jan 13, 2016 9:25 pm
Forum: Personal Investments
Topic: Best strategy for HSA: withdraw or accumulate?
Replies: 11
Views: 1759

Re: Best strategy for HSA: withdraw or accumulate?

I am in a similar situation as to HSA account (older, but not at your income level though). I am keeping HSA as stealth IRA based on the presumption that there will sure be enough medical bill to deplete the money in such account when I am getting older, thus not need to pay for tax when that happens.
by uslee2004
Fri Aug 21, 2015 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 380310

Re: Mango prepaid card - 4.8% (effective) APY

My DD appears to get into mango account without issue, without me changing/updating the routing number. So appears at least now, it is blocked for ACH out/pull, as many have confirmed. Other means of getting funding out needed :?
by uslee2004
Thu Aug 13, 2015 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 380310

Re: Mango prepaid card - 4.8% (effective) APY

Are you using the same routing and account number as the mastercard? I think this will change though I have gotten mixed messages about that. My docs with my visa card have a new routing/account combo but online it shows the old ones. Yes. I used the same routing number and account number, the ones...
by uslee2004
Thu Aug 13, 2015 5:59 am
Forum: Personal Finance (Not Investing)
Topic: Mango prepaid card - 4.8% (effective) APY
Replies: 557
Views: 380310

Re: Mango prepaid card - 4.8% (effective) APY

I got my new visa card and activated. The online account shows master card all zero out, while funding are all at Visa card, along with the savings account. Just run into an issue however. I am NOT able to pull money out of Mango via ACH to Ally. This is the first time I pull money out of Mango card...
by uslee2004
Sun Aug 02, 2015 8:04 am
Forum: Personal Investments
Topic: MangoMoney closed to new members
Replies: 2
Views: 1191

Re: MangoMoney closed to new members

sign-up button appears back on the homepage. seems mentioned in prior thread: https://www.bogleheads.org/forum/viewtopic.php?f=2&t=94135&start=200 Appears the prepaid card will be switched to Visa, and asked for confirming accepting new agreement. Don't see any change in fee structure so far...
by uslee2004
Sun Mar 29, 2015 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: not able to purchase savings bond with tax refund by efile
Replies: 2
Views: 765

not able to purchase savings bond with tax refund by efile

Just realized that there is no option to use tax refund to purchase paper i-savings bond using H&R block efiling (TaxCut). I used Deluxe version. I can open form 8888 and enter amount of savings bond I intend to purchase. However, the field for amount of refund to my bank account is grey-out, th...
by uslee2004
Sat Feb 21, 2015 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: Spousal IRA rules
Replies: 3
Views: 606

Re: Spousal IRA rules

Something is off/missing. Don't think there should be issue for direct contributing to Roth with total ~$93k income, even if all are taxable. http://www.irs.gov/publications/p590/ch ... 1000230988
by uslee2004
Thu Oct 02, 2014 3:05 am
Forum: Personal Investments
Topic: Treasury Direct Security Certificate
Replies: 11
Views: 1457

Re: Treasury Direct Security Certificate

Never seen it, and did not see it just now when I tried.
by uslee2004
Mon May 12, 2014 11:15 pm
Forum: Personal Investments
Topic: 26 now, Roth vs. retirement before 59.5
Replies: 26
Views: 2858

Re: 26 now, Roth vs. retirement before 59.5

Correct me if I am wrong. But I am under the impression that OP is not eligible to traditional (deductable) IRA with contributing to 401(k). Thus the only option for IRA is Roth.
by uslee2004
Sun May 11, 2014 7:22 am
Forum: Personal Finance (Not Investing)
Topic: Cash Advance on a credit card
Replies: 21
Views: 2216

Re: Cash Advance on a credit card

That is why we always have a local B M bank even though we don't keep high balance-ACH transfer usually takes 2-3 days. Discover card has a low daily CA limit when purchasing, like $60.
by uslee2004
Fri Feb 14, 2014 7:54 am
Forum: Investing - Theory, News & General
Topic: Two Behaviors That Hurt Stock Investors
Replies: 15
Views: 2934

Re: Two Behaviors That Hurt Stock Investors

Good article; however, a minor problem Take a look at the Vanguard Total Stock Market Index Fund (ticker: VTSMX) as an example. The fund holds over 36,000 securities and as of August 12, 2013 had an expense ratio of only 0.17%. I think the number is closer to 3,600. Oops! :oops: It's being fixed. R...
by uslee2004
Sat Feb 01, 2014 9:32 am
Forum: Personal Finance (Not Investing)
Topic: His HSA, her FSA?
Replies: 6
Views: 784

Re: His HSA, her FSA?

How about only HSA contribute for your own (single, but not family amount, $3025?), while cover wife's expense with her FSA? I have covered, and contribute HSA just for myself, while DW covers herself and our son with FSA for a few years now. But we don't cross HSA and FSA spending coverage. Should...
by uslee2004
Sat Feb 01, 2014 8:15 am
Forum: Personal Finance (Not Investing)
Topic: His HSA, her FSA?
Replies: 6
Views: 784

Re: His HSA, her FSA?

How about only HSA contribute for your own (single, but not family amount, $3025?), while cover wife's expense with her FSA?

I have covered, and contribute HSA just for myself, while DW covers herself and our son with FSA for a few years now. But we don't cross HSA and FSA spending coverage.
by uslee2004
Thu May 24, 2012 5:35 am
Forum: Personal Finance (Not Investing)
Topic: House is paid off!!!
Replies: 48
Views: 5146

Re: House is paid off!!!

Congrats.

We passed that point last year with our townhouse. It sure helps a lot in cash flow.
by uslee2004
Wed May 23, 2012 12:25 pm
Forum: Personal Consumer Issues
Topic: I'll Never Figure out these Dang Computers
Replies: 17
Views: 1874

Re: I'll Never Figure out these Dang Computers

At least I noticed on some notebook computer keyboard, there is a key for turning off the mouse/pointer. I guess that just prevent the unintentional movement of the cursor. Not sure about the full keyboard though.