Search found 202 matches

by gurusw
Mon Nov 30, 2020 10:07 pm
Forum: Personal Finance (Not Investing)
Topic: Re-opening rollover IRA (after backdoor ROTH)
Replies: 13
Views: 834

Re: Re-opening rollover IRA (after backdoor ROTH)

Marco, those were some eye-opening calculations for me. Thanks a lot for doing it.
by gurusw
Sat Nov 28, 2020 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Re-opening rollover IRA (after backdoor ROTH)
Replies: 13
Views: 834

Re: Re-opening rollover IRA (after backdoor ROTH)

Thanks Mike, marcopolo and homestretch. My RSU income has put me in 35% tax bracket this year. I am happy with all the money I am making, but the tax concerns are looming large in my mind. Since I never had this kinda income (aways in 22-24% bracket or its equivalent in previous years), I had not do...
by gurusw
Fri Nov 27, 2020 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: Housing once you have considerable assets
Replies: 49
Views: 4472

Re: Housing once you have considerable assets

Damn... I saw this post... Warren Buffett still lives in the house he paid about 40k for. followed by... Howdy Post is a bit confusing. As I read it you are planning to buy a house maybe in 10 years and you are trying to spec how much you can pay then based on hypothetical investment returns, or som...
by gurusw
Fri Nov 27, 2020 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Re-opening rollover IRA (after backdoor ROTH)
Replies: 13
Views: 834

Re-opening rollover IRA (after backdoor ROTH)

In the tax year 2018, I had done "Backdoor ROTH IRA" contributions. To do this procedure, I had followed advice from this wiki... https://www.bogleheads.org/wiki/Backdoor_Roth If you can transfer your pre-tax IRA funds to a solo 401(k), employer-sponsored 401k, or 403(b), then they will no...
by gurusw
Thu Oct 01, 2020 7:55 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

Re: 529 investment for California resident

But the tax was never due to us because of the kiddie tax rules (the income was less than $1050). Also I do not need to file returns for my kid, correct? https://www.irs.gov/publications/p929 I don't know for sure. I've been confused by the requirement. If the child files taxes, it's ok, but if the...
by gurusw
Wed Sep 30, 2020 10:21 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

Re: 529 investment for California resident

inbox, thanks again. I will call again to see if I get a better rep. The UTMA account is at VG. I won't be able to do in-kind transfer because the same fund is not available in 529 account. The initial investment in UTMA was $6,000, and now it stands at $7,500. Although I had changed the mutual fun...
by gurusw
Tue Sep 29, 2020 10:57 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

Re: 529 investment for California resident

inbox, thanks again. I will call again to see if I get a better rep. The UTMA account is at VG. I won't be able to do in-kind transfer because the same fund is not available in 529 account. The initial investment in UTMA was $6,000, and now it stands at $7,500. Although I had changed the mutual fund...
by gurusw
Mon Sep 28, 2020 11:37 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

Re: 529 investment for California resident

Thank you inbox788. So this is what I found out so far.... it seems I can transfer UTMA to 529 plan. There are two flavours of 529 plans: Regular 529 and UTMA-529. Tax treatment for the two flavors are the same. I will have to transfer UTMA to UTMA-529. VG has a form to open either 529 plan. But the...
by gurusw
Mon Sep 28, 2020 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

It's required under the model rules which are adopted by most states. I think she's confused as to what you asked for. I'm basically a corporate lawyer, so I work in a very different business model, but I would be hard pressed to take on a representation without an engagement letter. It's for the l...
by gurusw
Fri Sep 25, 2020 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

Hi, After some procrastination and after some research, I thought I finally found a good lawyer. He is someone my colleague has used, and the lawyer answered all questions in the initial call. When I emailed them asking the next steps, the secretary replied "the next step is to pay our fees. y...
by gurusw
Thu Sep 24, 2020 11:32 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

Thanks Freetime for your input.
marcwd wrote: Thu Sep 24, 2020 4:38 pm I think the word is “re-instantiation.”
Thanks for correcting me.
by gurusw
Thu Sep 24, 2020 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

The only wrinkle I have is old trust/will from another state from 10 years back. Can the online software take care of Reinstation?
by gurusw
Thu Sep 24, 2020 1:23 am
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

As to the OP's question...my response is: The 90/10 rule applies here. 90% are going to be boiler plate, fill in the names of the decedants, heirs, properties, assets and who gets what and the estate is disposed of by whom. Real world, that is all your lawyer's legal secretary is going to do, then ...
by gurusw
Wed Sep 23, 2020 10:30 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

I've yet to read one good reason why we should spend $2k on an attorney. If you are holding the property title in joint ownership, then after the death of spouse, the house will be yours, but the cost basis for the property tax purposes will be as of the day of death of the spouse. If the property ...
by gurusw
Wed Sep 23, 2020 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

$1500 for Living Will, Health-care proxy, Guardianship of kid, Power of Attorney, Estate plan for me & spouse. In California this process is fine for most people who expect to have under $5M at time of death or do not have complications like owning a business. Yes, mostly we will have less than...
by gurusw
Wed Sep 23, 2020 11:16 am
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Just posting my experience for the benefit of others. I had jumbo mortgage at 4.125%, and no one was giving me refinance rates. I decided to pay 100k+ to get super conforming loan. My quotes on Aug 7 were ... - Quicken Loan 2.75 (LTV 75, 6 month clawback) - Owning 2.99 (LTV 70) - Zillow 3.125 - Loa...
by gurusw
Wed Sep 23, 2020 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

Thanks a lot, Evelyn, Stan and everybody :)

I forgot to mention that I have estate plan docs from another state from 10 years back, and the attorney said heis going to do "reinstation". Not sure if this adds to complexity, but thought I should mention it.
by gurusw
Wed Sep 23, 2020 1:24 am
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

Hi, After some procrastination and after some research, I thought I finally found a good lawyer. He is someone my colleague has used, and the lawyer answered all questions in the initial call. When I emailed them asking the next steps, the secretary replied "the next step is to pay our fees. y...
by gurusw
Tue Sep 22, 2020 10:50 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Just posting my experience for the benefit of others. I had jumbo mortgage at 4.125%, and no one was giving me refinance rates. I decided to pay 100k+ to get super conforming loan. My quotes on Aug 7 were ... - Quicken Loan 2.75 (LTV 75, 6 month clawback) - Owning 2.99 (LTV 70) - Zillow 3.125 - Loan...
by gurusw
Tue Sep 22, 2020 10:41 pm
Forum: Personal Finance (Not Investing)
Topic: Should I go for online Will making software?
Replies: 81
Views: 5594

Re: Should I go for online Will making software?

Hi, After some procrastination and after some research, I thought I finally found a good lawyer. He is someone my colleague has used, and the lawyer answered all questions in the initial call. When I emailed them asking the next steps, the secretary replied "the next step is to pay our fees. yo...
by gurusw
Thu Sep 17, 2020 10:10 pm
Forum: Personal Investments
Topic: 529 Advice for California Resident
Replies: 18
Views: 1660

Re: 529 Advice for California Resident

This is what scholarshare529 says (https://www.scholarshare529.com/plan/details.shtml#details-10): While contributions are not deductible for California income tax purposes, earnings accrue free of state income tax. Any withdrawals used for qualified higher education expenses and outgoing rollovers...
by gurusw
Wed Sep 16, 2020 10:39 pm
Forum: Personal Investments
Topic: 529 Advice for California Resident
Replies: 18
Views: 1660

Re: 529 Advice for California Resident

This is what scholarshare529 says (https://www.scholarshare529.com/plan/details.shtml#details-10): While contributions are not deductible for California income tax purposes, earnings accrue free of state income tax. Any withdrawals used for qualified higher education expenses and outgoing rollovers ...
by gurusw
Mon Sep 07, 2020 10:04 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

Re: 529 investment for California resident

The correct web-site is www.scholarshare529.com. I would leave UTMA as it is and contribute separately 30k. I don't think it has to be a direct transfer from grandpa's account. Think of someone giving money for birthday for the kid and then you depositing it into the 529. Why leave UTMA as it is? I...
by gurusw
Mon Sep 07, 2020 7:21 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

Re: 529 investment for California resident

If your child is already 13, I would advise to skip adding any new money to 529. Since there is only maybe 5 years before you need to withdraw, you will need to invest in very conservative investments and those typically won't produce any large gains in 5 years. Fair point. My son has almost 6 year...
by gurusw
Sun Sep 06, 2020 8:52 pm
Forum: Personal Investments
Topic: 529 investment for California resident
Replies: 17
Views: 1838

529 investment for California resident

Hi, "529 for CA" has been discussed multiple times on this forum. But I had some specific Qs for my situation. Hence this post. I don't have 529 plan yet. But looking to open one this year. My son is 13, and entered 7th grade this year. I already have taxable & retirement accounts with...
by gurusw
Mon Aug 10, 2020 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

When I had tried to refinance my jumbo loan 5 months back, the local agent did not provide me LE (I had provided all the 6 items above). She had only confirmed the rate for 30-year on phone, and asked my credit card to schedule appraisal. When the appraisal came in, she said no banks are giving out...
by gurusw
Sun Aug 09, 2020 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Hi, What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them? Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders befor...
by gurusw
Sun Aug 09, 2020 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Hi, Quick question. Once I lock the rate, what paperwork should I expect from the agent/lender? Do they send the LE again with "Rate Lock" expiry date, or is there a seperate Rate Lock agreement? Last year when I refinanced with WF, they had sent me LE with Rate Lock date, along with a sep...
by gurusw
Fri Aug 07, 2020 7:42 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Wait for the local agent's LE then compare the two and the higher one to match. sounds like you have not locked rate with Owning. Even after you locked, you can still back out assumed u did not sign anything that make u not able to back out - usually dont. Don't need to upload another to either of ...
by gurusw
Fri Aug 07, 2020 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Be cautious in starting a loan process with one company and jumping to another one to save a $100. I just spoke with a processor who provided a great rate but his company has now stopped taking leads that come through from bogleheads because of people jumping ship. As the phrase goes "Pigs get...
by gurusw
Thu Aug 06, 2020 3:28 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Hi, What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them? Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders befor...
by gurusw
Thu Aug 06, 2020 2:54 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Hi, What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them? Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders befor...
by gurusw
Thu Aug 06, 2020 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 8080
Views: 563961

Re: Refinance Mega Thread

Hi, What is the best way to comparison shop for mortgage rates? Do I need to get quotes over email/phone from various sources, and then submit application to only one of them? Please let me know. I have seen people sharing their LE on this forum. Do you actually obtain LE from various lenders before...
by gurusw
Thu Aug 06, 2020 12:03 am
Forum: Personal Finance (Not Investing)
Topic: My LenderFi refinance is going well
Replies: 1482
Views: 136987

Re: My LenderFi refinance is going well

Hi, Looks like LenderFi is not accepting new applicants. What are my next best options? I am in CA, and I'm looking for $765K loan which is within conforming loan limits for my county (I think it's called super-conforming, but not jumbo). Currently I have jumbo mortgage with Wells fargo, but I will ...
by gurusw
Fri Jul 31, 2020 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

I was able to see my calculations too.
by gurusw
Thu Jul 30, 2020 11:34 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

This "non recourse" issue is a red herring. Its an internet chat board, so occasionally you're going to get some nonsense opinions. Seriously, you're going to leverage your house to put all your money into bitcoin and emerging markets basket weaving companies on the theory that if does no...
by gurusw
Thu Jul 30, 2020 11:33 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

exarkun wrote: Thu Jul 30, 2020 4:21 pm Can anyone get the 3f calculator to work? I get

Code: Select all

500 - Internal server error.
There is a problem with the resource you are looking for, and it cannot be displayed.
Works for me.
by gurusw
Wed Jul 29, 2020 11:57 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

Thanks for responding, everyone!

If I go for conventional loan, do I need to pay down my current mortgage to $765K before refinancing; or can I pay $145K during refinancing to get conventional loan?
by gurusw
Wed Jul 29, 2020 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

When you think you have all sorted out, life throws a curve ball at you! Today my employer announced that they are going to let people work from anywhere, and you will be required to come to office only once a month. People are already WFH in the pandemic, but some were asking HR about long-term WFH...
by gurusw
Wed Jul 29, 2020 10:28 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

The negative bond is the view I took. I set my asset allocation to 100% net stock when I bought a home in 2013; my bond allocation was equal to my mortgage balance. As retirement approached, I decreased the net stock allocation (and the gross stock allocation decreased more slowly since the mortgag...
by gurusw
Wed Jul 29, 2020 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

Outer Marker wrote: Wed Jul 29, 2020 5:53 am Recommend you get a quote from AmeriSave. I've done close to 20 loans with them and always found them to be the most competitive.
Is that through Costco?
by gurusw
Tue Jul 28, 2020 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

The sane option is to reduce your bond holdings and pay down the mortgage to $726,000 so you can get a conventional fixed mortgage (not jumbo). You should be able to find no cost options at around 2.9% on a 30 or 2.6% on a 15. It does not take 8 years to break even. You are ahead on day 1. Personal...
by gurusw
Tue Jul 28, 2020 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

Assuming the OP lives in a HCOLA, as it appears from the post, it does not make sense to pay the nearly 1 point premium on a jumbo loan for $750,000, when a mere $24,000 gets you the much better conforming rate. That is very expensive money. I don't understand the need to "scramble" once ...
by gurusw
Tue Jul 28, 2020 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

Wow, thanks for all the replies. Yesterday I thought majority is telling me to take advantage of non-recourse loan. Now the tide has turned. You can calculate the return on your 145k by using mortgage professor calculator 3f. Btw which is "mortgage professor calculator 3f"? I do not see it...
by gurusw
Tue Jul 28, 2020 12:49 am
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

If I really pay $145K to have conforming loan, my stock/bond ratio will become approx 70/30 (from 55/45). Do I adjust it back to 55/45 or not?
What are the arguments for adjusting and against doing so? This is where part of the confusion is :)
by gurusw
Tue Jul 28, 2020 12:45 am
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

I'm not sure what the "break even" you're referring to is, here. In some cases, you can do something like pay points at the front end in exchange for a lower rate. This leads to a break-even calculation which is how long you have to hold the loan before the lower rates make up for the poi...
by gurusw
Tue Jul 28, 2020 12:39 am
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

In your situation and such a high mortgage interest rate, you have too much in bonds. 40% of 1.2M is 480k. I am not including your 100k of emergency. How about sell the bonds and pay towards the mortgage to less than 20% and refi for 3.x rate. This action will get you 4.125% after-tax return guaran...
by gurusw
Mon Jul 27, 2020 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Re: Extra mortgage payments OR not

CA is a non-recourse state.

There are some threads on bogleheads mentioning that the loan obtained by refinance is not non-recourse.
But during refinancing I confirmed with the bank that even the refinanced loan is non-recourse.
by gurusw
Mon Jul 27, 2020 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: Extra mortgage payments OR not
Replies: 52
Views: 4907

Extra mortgage payments OR not

Hi, I am kind of confused regarding my mortgage situation, and investing. And need some advice. I'm currently 45. I have a portfolio of 1.3M, and subtracting 100K for emergency expenses, that is 1.2M of investments. It is 55% stocks & the rest is bonds+cash. I bought a house in bay area 2 years ...
by gurusw
Mon Jun 22, 2020 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: I.R.S. form 5498 - IRA Contribution Information
Replies: 11
Views: 1176

Re: I.R.S. form 5498 - IRA Contribution Information

Thanks a lot for the advice, Alan.