Search found 561 matches

by Thrifty Femme
Tue Nov 01, 2022 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Why did my megacorp stop my 401k after-tax contributions?
Replies: 14
Views: 2077

Re: Why did my megacorp stop my 401k after-tax contributions?

knightrider wrote: Tue Nov 01, 2022 11:33 am I logged into Fidelity and here's what I see for year-to-date:

Employee Contributions (2022)$49,619.93
Employer Contributions (2022)$14,084.52

Seems like I have already exceeded my annual $61k limit? Do I need to do anything about that? To make matters more complicated , every year I also contribute $2-3k to my SEP-IRA from my side-gig. So I guess that was also pushing me over the limit slightly? Ignore the problem since nobody seems to have noticed?
Be proactive and contact your payroll/benefits departments and Fidelity. When talking to payroll and benefits, state the 401k plan is out of compliance and subject to penalties if they do not take action. That will get someone's attention :sharebeer
by Thrifty Femme
Sat Sep 24, 2022 6:59 pm
Forum: Personal Consumer Issues
Topic: Cancelling a non-refundable hotel room?
Replies: 49
Views: 5560

Re: Cancelling a non-refundable hotel room?

Call the hotel and see if you can change the travel dates. That way it's not a total loss.
by Thrifty Femme
Wed Jul 13, 2022 1:39 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7737
Views: 1337390

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

indexfundfan wrote: Wed Jul 13, 2022 1:38 pm
Thrifty Femme wrote: Wed Jul 13, 2022 1:33 pm Has anyone heard of Merrill Edge having a minimum account balance? I tried to transfer out via ACATS to another institution and it got declined because I wanted to leave $0.45 in the account :annoyed The receiving institution said the ACATS was declined to the account being below the min balance.
Are you doing a partial transfer? I vaguely recall that Merrill Edge has a minimum remaining balance requirement if you are doing a partial transfer.

You can do a full transfer but then you would have to pay for the Merrill Edge ACAT transfer fee (no fee for partial transfers).
Yes, it was a partial transfer.
by Thrifty Femme
Wed Jul 13, 2022 1:33 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7737
Views: 1337390

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

Has anyone heard of Merrill Edge having a minimum account balance? I tried to transfer out via ACATS to another institution and it got declined because I wanted to leave $0.45 in the account :annoyed The receiving institution said the ACATS was declined to the account being below the min balance.
by Thrifty Femme
Wed Jul 06, 2022 6:01 pm
Forum: Investing - Theory, News & General
Topic: ACATS Transfer thefts from Fidelity
Replies: 546
Views: 60478

Re: ACATS Transfer thefts from Fidelity

Merrill Edge does not alert for ACATS. I just tested it this week.
by Thrifty Femme
Thu May 26, 2022 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Rent to Own
Replies: 8
Views: 1043

Re: Rent to Own

Rent to own is not for family members you like. Everyone else is fair game.
by Thrifty Femme
Tue May 24, 2022 7:24 pm
Forum: Personal Investments
Topic: J.P. Morgan Self-Directed Investing Through Chase - Buying Vanguard Mutual Funds
Replies: 11
Views: 2487

Re: J.P. Morgan Self-Directed Investing Through Chase - Buying Vanguard Mutual Funds

CaliforniaInvestor wrote: Tue May 24, 2022 7:14 pm Does anyone who uses Chase's J.P. Morgan Self-Directed Investing buy Vanguard mutual funds?

If so, are they free to buy? Can you also place orders out of market hours?
Yes, https://www.chase.com/personal/investme ... ng/pricing
by Thrifty Femme
Sat May 21, 2022 10:44 pm
Forum: Personal Investments
Topic: TLH RSUs Question
Replies: 7
Views: 925

Re: TLH RSUs Question

vp89 wrote: Sat May 21, 2022 10:35 pm Im in a similar situation. Im down about 60%. I want to be rid of it but I also can't bring myself to lock in such a huge loss. Selling a 2x beta stock and buying TSM after eating ALL the downside just seems as dumb as not having sold it in the first place. :confused :oops:
Sell it! Think of it as offsetting future gains on your tax return at best or a $3k deduction on your tax return at worst.
by Thrifty Femme
Sat May 21, 2022 6:28 pm
Forum: Personal Investments
Topic: TLH RSUs Question
Replies: 7
Views: 925

Re: TLH RSUs Question

+1 on sell on vest. Best advice I ever got on here. But to answer your original question: IMO, this isn’t really textbook TLH’ing, as TLH’ing typically involves selling the equity and turning around a buying a similar equity or group of equities (i.e. sector) immediately. By doing this, you capture the loss, but don’t miss any of the upside should things turn around. For indexing, this might mean selling VTI and turning around any buying SCHB 1-2 *minutes* later (as quick as you can put in the order). You can’t (shouldn’t?) really do this with individual stocks. You’d have to wait the wash sale period, and between now and then you could get your clock cleaned if the stock moves higher, locking in your losses (making it worse than had you n...
by Thrifty Femme
Sat May 21, 2022 6:21 pm
Forum: Personal Investments
Topic: TLH RSUs Question
Replies: 7
Views: 925

Re: TLH RSUs Question

mhc wrote: Sat May 21, 2022 11:13 am Good reason to not hold individual stocks.

Once the RSUs vest, they are just stocks. They are no longer RSUs. Nothing special about the stocks. They are just stocks.

I would recommend selling all shares on vest.
Agreed, but it's not my account, and this individual stock accounts for less than 1% of our combined portfolios.
by Thrifty Femme
Sat May 21, 2022 8:35 am
Forum: Personal Investments
Topic: TLH RSUs Question
Replies: 7
Views: 925

TLH RSUs Question

My husband receives RSUs that vest monthly and are set to sell to cover. The stock is down 78%, so I'm thinking we should TLH to capture the almost 5 figure loss. If he TLHs, I'm aware there will be small wash sales for the 61 day period before and after the sale. Are there any fairly common limitations we should be aware of with RSUs? Thanks.
by Thrifty Femme
Thu May 19, 2022 6:21 pm
Forum: Personal Consumer Issues
Topic: Houseplants
Replies: 42
Views: 4697

Re: Houseplants

+1 for Aerogardens. I'm growing Dianthus, Gazanias, orange hat and cherry tomatoes, collard greens, kale, and bell peppers.
by Thrifty Femme
Wed May 04, 2022 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: 0% 72 month car loan
Replies: 24
Views: 2717

Re: 0% 72 month car loan

burritoLover wrote: Wed May 04, 2022 9:02 am
anon_investor wrote: Wed May 04, 2022 8:54 am Is there a prepayment penalty?
Good question - I was assuming no - is that common with auto loans?
I had a car loan in 2006 that had a prepayment fee that was a percentage, like 1 - 2%, of the remaining balance. IIRC the minimum fee was $75. Read your paperwork.
by Thrifty Femme
Wed May 04, 2022 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Any long-term disability independent agent recommendations?
Replies: 5
Views: 629

Re: Any long-term disability independent agent recommendations?

Stephanie Pearson of Pearson Ravitz. I chose her because she has experienced claiming LTD herself. She filed for LTD as a physician only to find out her policy was Swiss cheese, she sued, won, and then began selling effective LTD policies. She mostly works with physicians but will work with anyone.
by Thrifty Femme
Tue May 03, 2022 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Credit cards with no foreign transaction fees
Replies: 39
Views: 4202

Re: Credit cards with no foreign transaction fees

The PenFed credit card that advertises 5% back on gas. I don't remember the exact name, but it's also a chip and pin card.
by Thrifty Femme
Sun Apr 24, 2022 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Interviewing while pregnant
Replies: 99
Views: 7997

Re: Interviewing while pregnant

We are in California. She is due 1st week of September. how many weeks were you pregnant when you negotiated 12 weeks maternity leave ? was it for a new job you just got ? I was maybe 8 weeks pregnant when I received the offer for a new job. ETA: Until I was around 20 weeks, the only people that knew I was pregnant were the HR person I negotiated the offer with and my manager who was part of the interview process. ETA 2: The reason to negotiate leave is guarantee you still have a job, since new hires aren't eligible for FMLA until https://www.dol.gov/general/topic/benefits-leave/fmla Employees are eligible for leave if they have worked for their employer at least 12 months, at least 1,250 hours over the past 12 months, and work at a locati...
by Thrifty Femme
Sat Apr 23, 2022 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Interviewing while pregnant
Replies: 99
Views: 7997

Re: Interviewing while pregnant

The time to disclose the pregnancy is after she receives a job offer and can negotiate the salary and maternity leave she wants. She will not be eligible for FMLA due to lack of one year tenure.

I did this about ten years ago and negotiated 12 weeks maternity leave using a combination of short term disability, vacation, and unpaid time off guaranteeing a job when I returned. Get it all in writing.
by Thrifty Femme
Tue Apr 19, 2022 8:40 pm
Forum: Personal Investments
Topic: Fidelity no longer understands 401k in service distributions?
Replies: 15
Views: 1610

Re: Fidelity no longer understands 401k in service distributions?

TJat wrote: Tue Apr 19, 2022 5:29 pm What’s the point of rolling Roth 401k funds into a Roth IRA?
No RMD and access to Roth funds after 5 year waiting period potentially before 59.5 years of age.
by Thrifty Femme
Sat Apr 16, 2022 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Paying for a new roof
Replies: 22
Views: 3379

Re: Paying for a new roof

See if you can qualify for one or more credit cards with 0% intro rates for 12 - 18 months.
by Thrifty Femme
Thu Apr 14, 2022 4:42 pm
Forum: Personal Finance (Not Investing)
Topic: W4 form has gotten incredibly complicated. Do my selections seem ok?
Replies: 12
Views: 2101

Re: W4 form has gotten incredibly complicated. Do my selections seem ok?

adestefan wrote: Wed Apr 13, 2022 5:19 am The new W4 is awful.

Use the IRS withholding calculator at https://www.irs.gov/individuals/tax-wit ... -estimator
That IRS withholding calculator sucks. I followed it last year and somehow owe $4.7k on Monday :annoyed

This year I
1. determined our tax liability,
2. used a paycheck calculator to estimate the withholding for the various combinations of MFJ and MFS,
3. multiplied the withholding by the number of paychecks remaining to compare to the my tax liability
4. divided the difference to find out how much extra to withhold
by Thrifty Femme
Tue Mar 29, 2022 7:18 pm
Forum: Personal Investments
Topic: Does Box 2 of W2 have RSUs sold to cover taxes?
Replies: 6
Views: 899

Re: Does Box 2 of W2 have RSUs sold to cover taxes?

life in slices wrote: Tue Mar 29, 2022 7:22 am On your W2, there should be a value in box 14 labelled 'OTHR' or 'RSU' which would be the amount of taxes paid by the RSUs 'sold to cover taxes'. Also there may be a value in Box 12, code V which will show the total of stock options that are in your compensation totals
Is there another way for this to be handled? There is nothing in box 14 or box 12 with code V.
by Thrifty Femme
Tue Mar 22, 2022 6:17 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone experience inaccuracies in the IRS withholding calculator?
Replies: 10
Views: 1233

Re: Anyone experience inaccuracies in the IRS withholding calculator?

JDCarpenter wrote: Tue Mar 22, 2022 8:36 am For a variety of reasons, the withholding calculator (electronic or old school form) never worked for us. As others suggested, best to project your taxes for 2022 and withhold the proper dollar amount from each paycheck. (When working, I would redo this several times throughout the year, as my spouse was the primary wage earner and had income that sometimes varied a lot up and down.)
+1 The IRS and TurboTax w4 calculator were both wrong last year, and now we owe $4.5k :annoyed This year I'm estimating my tax liability and playing with the paycheck calculator to see what additional amount to withhold.
by Thrifty Femme
Fri Mar 18, 2022 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: Key Bank $500 Bonus
Replies: 30
Views: 4026

Re: Key Bank $500 Bonus

Don't do it. I'm still fighting with them to give me back the $550 they stole after closing my account for no valid reason. CPFB was no help either :annoyed
by Thrifty Femme
Sat Mar 12, 2022 7:30 pm
Forum: Personal Finance (Not Investing)
Topic: Pay raises for 2022
Replies: 421
Views: 63184

Re: Pay raises for 2022

Got 2.7% merit increase with a 11% bonus and left for a new job with a 10% higher base salary.

ETA: I was the top performer, so I got the top bonus but a lower merit increase because someone else's salary was apparently really low. I quit because I was bored and a reorg indicated limited growth opportunities.
by Thrifty Femme
Sun Oct 25, 2020 9:59 pm
Forum: Personal Investments
Topic: mega back door roth - in-service distribution requirement
Replies: 27
Views: 2231

Re: mega back door roth - in-service distribution requirement

Spirit Rider wrote: Sun Oct 25, 2020 8:45 pm
Thrifty Femme wrote: Sun Oct 25, 2020 4:43 pm In fact when rolling over after separation, they generally require you take all your money and not leave any behind.
That is hardly true. While that is true of some plans, many plans and more all the time allow partial rollovers.

The federal TSP, a most conservative and largest of plans, started allowing partial rollovers last year.
I'm zero for 20 with 401k plans allowing for partial rollovers after separation. I must be unlucky.
by Thrifty Femme
Sun Oct 25, 2020 4:43 pm
Forum: Personal Investments
Topic: mega back door roth - in-service distribution requirement
Replies: 27
Views: 2231

Re: mega back door roth - in-service distribution requirement

You're talking about upon separation right (when you quit/fired/retire)? So when you separated from your employer you couldn't move your Roth In-plan conversions to Roth IRA? Since you are allowed by law to transfer your Roth 401k to Roth IRA upon separation, I assumed that it would be the same for Roth in-plan conversion, but maybe I'm wrong. It just seems like a strange distinction. So, when you were separated from your employer, you asked to transfer your 401k to your IRA and they just said no? Or they said you can transfer the Traditional 401k and Roth 401k money but not the Roth In-plan conversions? No, I'm talking about removing after-tax contributions while employed. You can rollover all your money upon separation from your employer...
by Thrifty Femme
Sun Oct 25, 2020 1:51 pm
Forum: Personal Investments
Topic: mega back door roth - in-service distribution requirement
Replies: 27
Views: 2231

Re: mega back door roth - in-service distribution requirement

One thing that worried me about this is that this Fidelity 401k has a separate classification for ROTH and another classification for ROTH IN-PLAN CONVERSION. My concern is that if the automatic conversion was truly a roth, why didn't they just convert it into the ROTH category in my account? I am think it is so that if you leave your employer, you can move the ripc funds into a regular Roth, whereas the Roth 401k funds have to stay within a 401k classification (not sure). I think that the withdrawal rules for Roth In Plan Conversion are the same as Roth 401k. Upon separation, you can transfer to an IRA or keep in the 401k (if allowed by employer). This applies to both "regular" Roth 401k and in plan conversion. You're always all...
by Thrifty Femme
Sat Oct 24, 2020 2:45 pm
Forum: Personal Consumer Issues
Topic: Google Play Music sunsetting to YouTube Music
Replies: 66
Views: 5812

Re: RIP Google Play

madbrain wrote: Sat Oct 24, 2020 2:42 am
Thrifty Femme wrote: Thu Oct 22, 2020 8:18 pm I like Shuttle + Player. It has gapless playback.
Does gapless playback work on Chromecast audio ?
I don't know. Shuttle+ Music Player appears to be free now. https://play.google.com/store/apps/deta ... ty.amp_pro. I think it was a $0.99 when I bought it five or so years ago.
by Thrifty Femme
Fri Oct 23, 2020 11:53 am
Forum: Personal Consumer Issues
Topic: Google Play Music sunsetting to YouTube Music
Replies: 66
Views: 5812

Re: RIP Google Play

Helixlovesmoney wrote: Thu Oct 22, 2020 9:09 pm I really don't like Google keeping killing their products (RIP Google Reader).

I use Plex for local music files and Spotify for streaming. Both are good.
The Old Reader is a great replacement for Google Reader.

https://theoldreader.com
by Thrifty Femme
Thu Oct 22, 2020 8:18 pm
Forum: Personal Consumer Issues
Topic: Google Play Music sunsetting to YouTube Music
Replies: 66
Views: 5812

Re: RIP Google Play

I like Shuttle + Player. It has gapless playback.
by Thrifty Femme
Thu Oct 22, 2020 12:59 pm
Forum: Investing - Theory, News & General
Topic: The Final, Definitive Thread on Brokerage Transfer Bonuses
Replies: 7737
Views: 1337390

Re: The Final, Definitive Thread on Brokerage Transfer Bonuses

I'm considering this bonus https://account.chase.com/consumer/banking/chaseprivateclient I read MikeG62's comments upthread (thanks !). It seems from this link that JPM retirement accounts don't count for the bonus. 1) Does this mean that I can't transfer IRA assets there ? I'd much rather transfer an IRA because I don't have to worry about cost basis or annual 1099s. 2) Did anyone have any cost basis issues on transfer to JPM ? If someone has been there through one tax cycle, are their 1099s downloadable into Turbo Tax ? 3) The Private Client banker is from your local bank, right ? I know the people in my bank well, and I'd feel slightly awkward in signing up and then blowing them off. [They try and get me to sign up for CPC even now, but...
by Thrifty Femme
Thu Oct 22, 2020 12:07 pm
Forum: Personal Investments
Topic: Account fees with full service Chase Private Client account?
Replies: 22
Views: 2609

Re: Account fees with full service Chase Private Client account?

Let's review. I think you want to become a Chase Private Client. That requires 250k in assets (cash, CDs, investments). Your current YouInvest balance counts towards the 250k for becoming a Chase Private Client. If you bring in additional investments, those additional investments don't have to go into your YouInvest. They can go into another bucket that's not YouInvest and not AUM, so no fees. Are you in mutual funds or ETFs? If you're in ETFs, you can transfer in kind. Mutual funds might be trickier for transferring in kind. What holdings are you looking to transfer? Now there is a 2k bonus for bringing in 250k is assets, for which bringing into YouInvest doesn't qualify. I'm not sure if there's a bonus for smaller amounts. I would say I ...
by Thrifty Femme
Wed Oct 21, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Bank with no debit/ATM card?
Replies: 47
Views: 2868

Re: Bank with no debit/ATM card?

Wells Fargo allows this with their lowest tier checking account.
by Thrifty Femme
Wed Oct 21, 2020 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Personal capital: Retirement plan review and $100
Replies: 8
Views: 1408

Re: Personal capital: Retirement plan review and $100

I saw this prompt once. How many times have you seen it?
by Thrifty Femme
Wed Oct 21, 2020 12:30 pm
Forum: Personal Investments
Topic: Account fees with full service Chase Private Client account?
Replies: 22
Views: 2609

Re: Account fees with full service Chase Private Client account?

It's not a requirement. Tell them you are DIY and not interested in AUM. That is the goal--however, I am bringing over equities and do not want to sell them prior to bringing them over due that creating a taxable event. As a result, I have to have one of their investments accounts. A YouInvest will not qualify. Let's review. I think you want to become a Chase Private Client. That requires 250k in assets (cash, CDs, investments). Your current YouInvest balance counts towards the 250k for becoming a Chase Private Client. If you bring in additional investments, those additional investments don't have to go into your YouInvest. They can go into another bucket that's not YouInvest and not AUM, so no fees. Are you in mutual funds or ETFs? If you...
by Thrifty Femme
Tue Oct 20, 2020 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k) eligibility for consultant receiving W2 for hourly rate?
Replies: 18
Views: 1574

Re: Solo 401(k) eligibility for consultant receiving W2 for hourly rate?

Would setting up a LLC and having the company pay the new LLC work for OP?
by Thrifty Femme
Tue Oct 20, 2020 11:33 am
Forum: Personal Investments
Topic: Account fees with full service Chase Private Client account?
Replies: 22
Views: 2609

Re: Account fees with full service Chase Private Client account?

It's not a requirement. Tell them you are DIY and not interested in AUM.
by Thrifty Femme
Sun Oct 18, 2020 6:11 pm
Forum: Personal Investments
Topic: Suggestion for updating "Asking Portfolio Questions" thread
Replies: 287
Views: 38155

Re: Suggestion for updating "Asking Portfolio Questions" thread

How about <insert your username>'s 401k and <insert your username>'s spouse/partner/etc.'s 401k?
by Thrifty Femme
Sun Oct 18, 2020 5:40 pm
Forum: Personal Investments
Topic: Should I invest in taxable account OR in after-tax 401k leveraging Roth IRA Conversion Ladder?
Replies: 6
Views: 608

Re: Should I invest in taxable account OR in after-tax 401k leveraging Roth IRA Conversion Ladder?

You need to read the summary plan description, which is probably available online if you log into your 401k provider. You need to see 1. if your plan allows a) non-hardship in-service withdrawals of after-tax contributions or b) in-plan Roth rollover for after-tax contributions 2. If yes to a), you need to call your 401k provider to find out if there is a fee for taking in-service withdrawals. This can be anywhere from $0 - $25 or so. If yes to b) you need to decide if you are comfortable with your after-tax money being potentially inaccessible until you quit or reach 59.5 years old. If you are completely out of luck check out tfb's Mega Backdoor Roth Without In-Service Distribution https://thefinancebuff.com/after-tax-401k-to-roth-no-in-se...
by Thrifty Femme
Sun Oct 11, 2020 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: Should I Cash Out and Invest My Whole Life Insurance?
Replies: 59
Views: 5908

Re: Should I Cash Out and Invest My Whole Life Insurance?

Does anyone know what kind of 1099 OP would receive for this? Mr. Thrifty Femme cashed out his WL policy earlier this year, and I want to estimate taxes due next year.
by Thrifty Femme
Sat Oct 10, 2020 10:42 am
Forum: Personal Investments
Topic: Chase Private Client -- Worth it to hold Vanguard Funds?
Replies: 45
Views: 27373

Re: Chase Private Client -- Worth it to hold Vanguard Funds?

DR AJ wrote: Fri Oct 09, 2020 11:15 pm Is it worth to hold Vanguard funds at Chase as Chase private client?

Any excess fees or diminished returns by holding at chase instead of Vanguard?

Thank you
Mutual funds or ETFs? ETFs are free to trade online. AUM is not required, and there's a 2k sign up bonus for transferring in 250k of assets.
by Thrifty Femme
Wed Oct 07, 2020 9:09 pm
Forum: Personal Investments
Topic: After-Tax 401k Contributions
Replies: 12
Views: 1498

Re: After-Tax 401k Contributions

I have Roth Deferral in my plan and what is saying "Roth contributions are contributions you make to the Plan on an after-tax basis; as a result, Roth contributions do not reduce your taxable income, and federal and state income taxes will be withheld on amounts you designate as Roth contributions. However, Roth contributions, and any associated earnings on those amounts, will not be taxable to you if the money is paid out of the Plan to you after you have attained age 59½ and at least five years have expired since you first made Roth contributions to the Plan. If Roth contributions are paid to you before you have attained age 59½ or if at least five years have not expired since you first made Roth contributions to the Plan, the contr...
by Thrifty Femme
Wed Oct 07, 2020 9:04 pm
Forum: Personal Investments
Topic: Mixed 401(k) Rollover
Replies: 6
Views: 530

Re: Mixed 401(k) Rollover

Hello, Bogleheads. I have a friend who left a job where she had a 401(k) to which she contributed both traditional (pretax) and Roth (posttax) money. She now would like to roll over the entirety of the old 401(k) into the one at her new job. Is it at all advisable for her to peel off the Roth contributions from the old 401(k) and place them in a Roth IRA, and to roll over just the pretax contributions to the new 401(k)? She needs to 1) call the new 401k provider to determine if the plan allows incoming Roth 401k money or 2) find the rollover form, which should specify what type of accounts one can roll into the plan. If her new 401k plan doesn't allow Roth 401ks to be rolled in, then her old Roth 401k must go to a Roth IRA. Personally I wo...
by Thrifty Femme
Mon Oct 05, 2020 9:54 pm
Forum: Personal Finance (Not Investing)
Topic: 410k after-tax $23k option?
Replies: 7
Views: 969

Re: 410k after-tax $23k option?

hmm...I thought the mega backdoor roth thing was about rolling over old accounts into your current roth. I'll need to re-read and refresh on articles like at whitecoatinvestor. There will be zero chance of going over the $57k, as the company maxes out at $23250 extra, calculated from a max salary match at $285k... So to review, we should try to push as much as we can afford into this 401k ROTH benefit and supplement the reduced cashflow from our pile of after-tax savings? Converting to Roth 401k in plan automatically is nearly as good as rolling out to your Roth IRA. I say nearly because not all 401k plans allow you to roll out after-tax contributions that have been converted to a Roth 401k in the plan. Regarding over contributing, let's j...
by Thrifty Femme
Mon Oct 05, 2020 7:22 pm
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 467
Views: 37567

Re: Should We Ever Save for Children's College?

Its a matter of discussion how to save/pay for college education. Obviously only you can decide how you want to this. I will share what we do. 1) Max all traditional 401k and Roth ira/Backdoor Roth Ira for two people 2) Max out family HSA 3) Question comes down to Megabackdoor/Taxable/529 for our case. I put like 20k this year for my Megabackdoor and around 5-6k total for 2 kids. At this point i could put all my money to Megabackdoor and not a penny to 529 but we decided to do some. Wife did not do megabackdoor as not much money left in her case. 4) Our plan is to fund 30k in 529 for our two kids and stop contributions. The rest will come from our salary if we work then or from taxable if we can afford to help more later. 5) One can choose...
by Thrifty Femme
Sun Oct 04, 2020 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: 401k/IRA Why is everything so complicated?
Replies: 17
Views: 2143

Re: 401k/IRA Why is everything so complicated?

Tracker968 wrote: Sun Oct 04, 2020 1:56 pm I believe I can contribute up to 100% of my pay. And I believe the max I can contribute is $26,000 ($19500 + 6500 catch up)? As long as my income is below $285,000, right? So an option is to reverse the IRA contributions already made and contribute 100% of my pay for Nov and Dec. Assuming my tax bracket will be lower in a year or two that could result in lower taxes.
I doubt you can contribute 100%. You still need to pay taxes. The most I've seen is 80%.
by Thrifty Femme
Thu Oct 01, 2020 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Best way to set up Ohio 529 plan?
Replies: 2
Views: 316

Re: Best way to set up Ohio 529 plan?

There is an option to give others a code associated with the account, so that they can make deposits into the account. I think it's called Ugift.