Search found 260 matches

by humblecoder
Thu Dec 10, 2020 1:01 pm
Forum: Personal Investments
Topic: What’s “your number” for each kid’s 529?
Replies: 439
Views: 27540

Re: What’s “your number” for each kid’s 529?

Do you have a goal amount for kids 529 that you’re proactively working towards? My kids are 3 and 1.5 years old and trying to work out my philosophy here. $0.00 I paid for all my university, and so can they. Heck, they might not even go to a traditional university. Grandparents and scholarships may...
by humblecoder
Wed Dec 09, 2020 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: "So much of retirement planning is wishful thinking"
Replies: 22
Views: 3015

Re: "So much of retirement planning is wishful thinking"

https://www.marketwatch.com/story/so-much-of-retirement-planning-is-wishful-thinking-what-ive-learned-after-3-years-of-actually-being-retired-11607448083?siteid=yhoof2 ... priorities won’t magically change when you retire ... We use work as an excuse for everything that we choose not to make a prio...
by humblecoder
Wed Dec 09, 2020 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Case for NOT having paid off mortgage by retirement?
Replies: 27
Views: 2077

Re: Case for NOT having paid off mortgage by retirement?

As to whether you can afford to carry a mortgage in retirement, the answer is simple. If your projected retirement income is enough to cover your monthly mortgage payment in retirement, then you are good. If not, then you need to keep working until your mortgage is paid off. Simple, see? :happy The ...
by humblecoder
Tue Dec 08, 2020 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Filed Schedule C - State looking for taxes?
Replies: 17
Views: 937

Re: Filed Schedule C - State looking for taxes?

-------------------- I did have some confusion as to income vs sales tax. Appreciate the clarification. The interesting follow-up question for me now, is that I rarely sell items locally or to addresses in my state. Since Ebay's so bad with reporting, I pulled a 2019 Paypal history and found like 2...
by humblecoder
Mon Dec 07, 2020 6:52 pm
Forum: Personal Investments
Topic: Please help: pre-tax or post tax contribution in employer plan?
Replies: 11
Views: 516

Re: Please help: pre-tax or post tax contribution in employer plan?

I have never contributed to a Roth IRA (fearing the penalties for withdraw)... Contributions, whether made directly or through the Backdoor Roth process, may be withdrawn tax and penalty-free at any time. I'm sorry to be disagreeable FiveK, but backdoor Roth contributions may not always be withdraw...
by humblecoder
Mon Dec 07, 2020 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Filed Schedule C - State looking for taxes?
Replies: 17
Views: 937

Re: Filed Schedule C - State looking for taxes?

I am not a lawyer or tax accountant or work for the IRS According to this , you would not file a Schedule C for hobby income. You would report it on Line 21 of your 1040. Also, you would not be able to deduct any expenses associated with hobby to offset your hobby income. I believe that was a recent...
by humblecoder
Mon Dec 07, 2020 12:37 pm
Forum: Personal Investments
Topic: Roth conversion strategy with insufficient taxable funds
Replies: 21
Views: 1798

Re: Roth conversion strategy with insufficient taxable funds

I just saw that you said that you are in the top federal bracket. All the more reason to think twice about whether you want to contribute to your Roth 401k!
by humblecoder
Mon Dec 07, 2020 12:34 pm
Forum: Personal Investments
Topic: Roth conversion strategy with insufficient taxable funds
Replies: 21
Views: 1798

Re: Roth conversion strategy with insufficient taxable funds

I didn't invent this phrase, but watch out about letting the tax tail wag the investment dog. My philosophy is to max out my tax-advantaged contributions before putting money in a taxable account. That way you get the full benefit of tax-deferred/tax-free growth. Putting money into taxable without m...
by humblecoder
Mon Dec 07, 2020 11:53 am
Forum: Personal Finance (Not Investing)
Topic: Unemployment and/or Disability?
Replies: 13
Views: 942

Re: Unemployment and/or Disability?

Should I file for unemployment and/or disability? 5 years ago I suffered a severe stoke that left me partially paralyzed, that along with other common stroke issues (fatigue,balance etc) my job as an electrician was finished. My employer was great and provided me a new office type role that basical...
by humblecoder
Mon Dec 07, 2020 11:14 am
Forum: Personal Finance (Not Investing)
Topic: I feel like my friend is about to make a massive financial mistake
Replies: 128
Views: 14769

Re: I feel like my friend is about to make a massive financial mistake

This is a bad idea on so many levels, even beyond what you've already identified. 1. He is doing this with his GF, not wife, GF. Not sure what their level of commitment to each other is, but I would at least want to be married first. If they break up, they are still business partners, which is awkwa...
by humblecoder
Mon Dec 07, 2020 10:52 am
Forum: Personal Consumer Issues
Topic: New Apple Mac Mini with M1 processor
Replies: 21
Views: 1923

Re: New Apple Mac Mini with M1 processor

While I generally like the Apple mouse, I am NOT a big fan of the Apple keyboard. While it does seem very sturdy, I have two objections to it: 1. The distance between the keys is smaller than what is comfortable for me. This is because I have larger fingers, so your mileage may vary. 2. I prefer a k...
by humblecoder
Sun Dec 06, 2020 4:43 pm
Forum: Personal Finance (Not Investing)
Topic: Should we get Business Income or Ordinary Income ?
Replies: 20
Views: 820

Re: Should we get Business Income or Ordinary Income ?

--- It is not about sole prop vs llc...we are looking for right structure for income to save more for retirement than what we can do it due to it being ordinary income. If it is ordinary income then it will be added to our MFJ income and we will pay 35% tax on it. There will not be any self-employm...
by humblecoder
Sun Dec 06, 2020 4:07 pm
Forum: Personal Investments
Topic: Recommendations for talking with recent college graduates
Replies: 22
Views: 1729

Re: Recommendations for talking with recent college graduates

I would be interested in getting some recommendations of how to discuss investing with recent college graduates that have their first jobs and making a decent amount ($60k-$80k in a technical field). Basically, what advice would you give them? I have the opportunity from time to time to work them t...
by humblecoder
Sun Dec 06, 2020 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Should we get Business Income or Ordinary Income ?
Replies: 20
Views: 820

Re: Should we get Business Income or Ordinary Income ?

Hello, My spouse has an opportunity to get up to 100K in income. Spouse doesn't have any other job or income right now. Do not have any 401K or opportunity to invest in 401K. Cannot do Roth IRA due to joint high income and cannot do backdoor Roth due to existing Traditional IRA and Pro-Rata rule. I...
by humblecoder
Sat Dec 05, 2020 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: Domicile and income
Replies: 39
Views: 3120

Re: Domicile and income

Just to give you an example of how complex this is, here is California's definition of residency for tax purposes : A resident is any individual who meets any of the following: • Present in California for other than a temporary or transitory purpose. • Domiciled in California, but outside California...
by humblecoder
Sat Dec 05, 2020 4:39 pm
Forum: Personal Finance (Not Investing)
Topic: Domicile and income
Replies: 39
Views: 3120

Re: Domicile and income

My understanding is that you would owe taxes in the state where you earned the money, regardless of domicile or residency. I hear you, but in that case if I visit my Aunt who lives in CA and work remote from her place and my paycheck direct deposits when I am physically present in CA does it mean I...
by humblecoder
Sat Dec 05, 2020 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: Domicile and income
Replies: 39
Views: 3120

Re: Domicile and income

So one can also have no domicile at all and then owe no liabilities to any particular state. Again, not a lawyer or a tax accountant. My understanding is that you would owe taxes in the state where you earned the money, regardless of domicile or residency. Even if you are mobile, you are still earn...
by humblecoder
Sat Dec 05, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Domicile and income
Replies: 39
Views: 3120

Re: Domicile and income

In your example above, you aren't going to maintain ANY permanent living arrangement in TX. Your only residence is a mailbox at a UPS store. Unless the UPS store has mailboxes that you could fit a bed into, I don't see how any reasonable person could consider that as your principal home that you re...
by humblecoder
Sat Dec 05, 2020 12:07 am
Forum: Personal Finance (Not Investing)
Topic: Domicile and income
Replies: 39
Views: 3120

Re: Domicile and income

So, I work for a company that has a big presence in Seattle, Dallas and Atlanta. I am currently in Dallas and i've become a TX resident (formerly a CA resident). My question is this... say a year from now I decide I want to live in Atlanta but I want to be domiciled in TX (meaning I want to remain ...
by humblecoder
Fri Dec 04, 2020 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Parents Mortgaging Their Home to Help Son Complete Dream Home Build
Replies: 103
Views: 7613

Re: Parents Mortgaging Their Home to Help Son Complete Dream Home Build

barnaclebob, A) If the retired parent has to go into debt (700K mortgage) in order to give this 900K, this tells me that the parents' are not rich enough. B) If the brother can barely support the house even with this 900K gift, it tells me that he cannot afford the house. From the original post: <<...
by humblecoder
Fri Dec 04, 2020 9:04 am
Forum: Personal Finance (Not Investing)
Topic: Commuting after COVID
Replies: 133
Views: 8118

Re: Commuting after COVID

Prior to the pandemic, my megacorp had been slow to offer telecommuting. It was available in a limited fashion and only to certain people. However, the pandemic forced us to close our administrative offices and have staff work from home. There was a lot of hand wringing at first, but now that the po...
by humblecoder
Thu Dec 03, 2020 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Parents Mortgaging Their Home to Help Son Complete Dream Home Build
Replies: 103
Views: 7613

Re: Parents Mortgaging Their Home to Help Son Complete Dream Home Build

*IF* there is this amount of money. What happens if there isn't? We are talking about nearly a million, more with interest accumulating. Also, not knowing the parents' age, it is likely the parents will (hopefully) live many more years. One brother got to built a million dollar home while the other...
by humblecoder
Thu Dec 03, 2020 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Parents Mortgaging Their Home to Help Son Complete Dream Home Build
Replies: 103
Views: 7613

Re: Parents Mortgaging Their Home to Help Son Complete Dream Home Build

Can brother service the loan for the parents? Thereby making the calculation simpler. Here's a thought... - Draw up some sort of loan agreement at a whatever interest rate your parents are getting on the loan that they are taking out. This would be for the full $900K, not just the $700K that your p...
by humblecoder
Thu Dec 03, 2020 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Parents Mortgaging Their Home to Help Son Complete Dream Home Build
Replies: 103
Views: 7613

Re: Parents Mortgaging Their Home to Help Son Complete Dream Home Build

Can brother service the loan for the parents? Thereby making the calculation simpler. Here's a thought... - Draw up some sort of loan agreement at a whatever interest rate your parents are getting on the loan that they are taking out. This would be for the full $900K, not just the $700K that your p...
by humblecoder
Thu Dec 03, 2020 8:14 pm
Forum: Personal Finance (Not Investing)
Topic: 529 account - is there a better way?
Replies: 175
Views: 8442

Re: 529 account - is there a better way?

OK. Here is a basic question that I just need to ask: Let's say you have a household income of 150K with both parents making about the same. Could they not lower their income by 78K/year by maxing their 403B(x2) and 457(x2). That is 19,500 per each account. Would that help with FAFA and their kids'...
by humblecoder
Thu Dec 03, 2020 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: 529 account - is there a better way?
Replies: 175
Views: 8442

Re: 529 account - is there a better way?

OK. Here is a basic question that I just need to ask: Let's say you have a household income of 150K with both parents making about the same. Could they not lower their income by 78K/year by maxing their 403B(x2) and 457(x2). That is 19,500 per each account. Would that help with FAFA and their kids'...
by humblecoder
Thu Dec 03, 2020 7:47 pm
Forum: Personal Finance (Not Investing)
Topic: Parents Mortgaging Their Home to Help Son Complete Dream Home Build
Replies: 103
Views: 7613

Re: Parents Mortgaging Their Home to Help Son Complete Dream Home Build

Here's a thought... - Draw up some sort of loan agreement at a whatever interest rate your parents are getting on the loan that they are taking out. This would be for the full $900K, not just the $700K that your parents are borrowing. - Brother makes payments on the loan to pay down principal and in...
by humblecoder
Thu Dec 03, 2020 4:31 pm
Forum: Personal Investments
Topic: Getting in the market now? Really? Fear and greed
Replies: 50
Views: 4065

Re: Getting in the market now? Really? Fear and greed

Obviously, I am not an old timer, but it seems like threads like this come up a few times a week. Perhaps the admins should start a standing thread called "Market Timers' Support Thread" so that the same discussion points don't have to be continually rehashed!
by humblecoder
Thu Dec 03, 2020 4:00 pm
Forum: Personal Finance (Not Investing)
Topic: 529 account - is there a better way?
Replies: 175
Views: 8442

Re: 529 account - is there a better way?

That said, let's say the worst case happens and you have money left over in the 529 that you can't use or transfer to another beneficiary. Is paying the 10% penalty the end of the world? You did get tax deferred growth on your earnings, so this might be offset by the 10% penalty. And yes, you would...
by humblecoder
Thu Dec 03, 2020 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: 529 account - is there a better way?
Replies: 175
Views: 8442

Re: 529 account - is there a better way?

The way I look at it is that, if you are saving for college/education, then the 529 is the right tool for the job. That's the whole purpose of the 529 after all. The one counter-argument is that there is a risk that if you have money left over, you MAY have to pay taxes on the earnings + a 10% penal...
by humblecoder
Thu Dec 03, 2020 1:17 pm
Forum: Personal Finance (Not Investing)
Topic: Personal Capital Issue - Cash Flow?
Replies: 9
Views: 759

Re: Personal Capital Issue - Cash Flow?

Just curious if anyone else has started noticing that Personal Capital has started to ignore all income marked as "Salary / Paycheck" from the "Cash Flow" feature? This appears to be happening for me on both the web and mobile apps and it gave me a mild heart attack and until I ...
by humblecoder
Wed Dec 02, 2020 7:16 pm
Forum: Personal Investments
Topic: College savings for my New Grand Niece
Replies: 23
Views: 1374

Re: College savings for my New Grand Niece

Anyone doing something similar? Any problems with this basic approach? Any better suggestions for a couple of Grand-Uncles (my Sister is the Grand-Mother) to help out? Thanks WoodSpinner You may want to take financial aid into account when you consider your gifting strategy since it sounds like you...
by humblecoder
Tue Dec 01, 2020 5:58 pm
Forum: Personal Finance (Not Investing)
Topic: Repair or buy car decision
Replies: 30
Views: 1790

Re: Repair or buy car decision

I know that I am late to the party, but I would have considered fixing the Versa and replacing the Civic (which is older and has more miles on it). While it sounds like the Civic is in good shape, it seems better to replace the older vehicle. Now if something happens to the Civic (it is 17 years old...
by humblecoder
Tue Dec 01, 2020 9:36 am
Forum: Personal Finance (Not Investing)
Topic: Non-529 "College fund" for friends/family to contribute to
Replies: 5
Views: 554

Re: Non-529 "College fund" for friends/family to contribute to

Another option is to have the relative set up the 529 account for your child. Your relative would be the account owner and your child would be the beneficiary. That way, you can avoid being the 529 account owner. That said, you asked what the benefit of a 529 account is. The benefit is that the mone...
by humblecoder
Mon Nov 30, 2020 4:45 pm
Forum: Personal Investments
Topic: No Emergency Fund/Coronavirus distribution
Replies: 11
Views: 1115

Re: No Emergency Fund/Coronavirus distribution

Another option is to open a Home Equity Line of Credit (HELOC). That way, you have access to your home equity in case of an emergency while you are rebuilding your emergency fund without having to touch your 401k.
by humblecoder
Mon Nov 30, 2020 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone used a Career Coach for new college graduate?
Replies: 105
Views: 4613

Re: Has anyone used a Career Coach for new college graduate?

I think when people think of "film production", they associate that with somebody working on "major motion picture films". There are so many other opportunities in this area beyond Hollywood, so calling it a "useless major" is a bit harsh. As an example, I work for a me...
by humblecoder
Sun Nov 29, 2020 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Timeshare surrender denied, no idea why, please help
Replies: 163
Views: 10797

Re: Timeshare surrender denied, no idea why, please help

I think the only valid advice is to consult an estate/probate attorney about the disposition of your parent's estate. Any other advice that anyone else gives you (including myself) should NOT, I repeat, NOT be followed. I see two pages of people who are providing which I am sure is well-meaning advi...
by humblecoder
Sat Nov 28, 2020 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Just who do I owe taxes to?
Replies: 14
Views: 1816

Re: Just who do I owe taxes to?

I am not an accountant, attorney, or other tax professional. Nor do I play one on TV. However, here is what I found with respect to New York telecommuting tax state income taxation. https://www.tax.ny.gov/pit/file/nonresident-faqs.htm My primary office is inside New York State, but I am telecommutin...
by humblecoder
Fri Nov 27, 2020 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Evaluating possible jobs
Replies: 57
Views: 3923

Re: Evaluating possible jobs

Consider that the head hunter might have a vested interest in steering you away from the government job. I am not in your field, but I have never heard of any such stigma against government employees. I live in the Baltimore/DC area where the government is a big employer, so if it was the case that...
by humblecoder
Fri Nov 27, 2020 9:37 am
Forum: Personal Investments
Topic: Is this acceptable "market timing"?
Replies: 56
Views: 3358

Re: Is this acceptable "market timing"?

I am about 60/40 stock/bond. The big indexes. It would seem to me that with the good virus news, over the next 2-3 years this economy is going to come back big so I am thinking about going 80/20. I have about 1.5 in with 2.5 years to my first RMD. I would love to get that to 2m before that happens ...
by humblecoder
Wed Nov 25, 2020 5:54 pm
Forum: Personal Finance (Not Investing)
Topic: Evaluating possible jobs
Replies: 57
Views: 3923

Re: Evaluating possible jobs

Gov't job, and grow the side business as your stepping stone back into private sector, if the gov't position really is an issue. You never mentioned your long-term career goals. Will you be satisfied if you stay in this position the rest of your career? I discovered that as my family grew, less of ...
by humblecoder
Wed Nov 25, 2020 8:11 am
Forum: Personal Finance (Not Investing)
Topic: Evaluating possible jobs
Replies: 57
Views: 3923

Re: Evaluating possible jobs

Gov't job, and grow the side business as your stepping stone back into private sector, if the gov't position really is an issue. You never mentioned your long-term career goals. Will you be satisfied if you stay in this position the rest of your career? I discovered that as my family grew, less of ...
by humblecoder
Tue Nov 24, 2020 10:11 am
Forum: Personal Investments
Topic: The Anti-ESG portfolio
Replies: 40
Views: 2362

Re: The Anti-ESG portfolio

Is it possible to construct a global portfolio of stocks that are non-ESG using solely ETFs? For example, I only want to invest in companies that pollute our oceans, sell drugs, weapons, tobacco and alcohol, mistreat or underpay their employees, try to cheat their employees out of health care, are ...
by humblecoder
Tue Nov 24, 2020 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Evaluating possible jobs
Replies: 57
Views: 3923

Re: Evaluating possible jobs

Job 1 State job - pay $100K-$110K. government job, state benefits, state pension, literally zero overtime 8:30-4:30, govt holidays, 15 sick days which you can roll over, 13 PTO days 2 floating holidays, and 2 other days off, forget what they called them. Seems like the obvious choice, but my headhu...
by humblecoder
Tue Nov 24, 2020 8:49 am
Forum: Personal Finance (Not Investing)
Topic: Buying a house in NJ, how much to spend?
Replies: 75
Views: 5114

Re: Buying a house in NJ, how much to spend?

You can go north west NJ which will be a long commute to most jobs but going towards PA you can get cheap houses and taxes. Houses are cheaper, but the tax rates are higher. You pay more per assessed $ of home in Hunterdon County than anywhere in the USA. NJ's entire problem is taxes. High income t...
by humblecoder
Mon Nov 23, 2020 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a house in NJ, how much to spend?
Replies: 75
Views: 5114

Re: Buying a house in NJ, how much to spend?

I am making the assumption that you are looking at buying in North/Central NJ since you mention NYC. I lived in that part of the country for many years until I eventually got fed up and moved to a lower cost of living area (more on that later :happy). Anyway, housing prices vary from town to town, b...
by humblecoder
Mon Nov 23, 2020 4:27 pm
Forum: Personal Investments
Topic: Need advice for building a 100% fossil-fuel stock free portfolio
Replies: 95
Views: 3660

Re: Need advice for building a 100% fossil-fuel stock free portfolio

OP the reason you are getting a bit of push back or flack is that trying to be a "responsible investor" in this manner is akin to a vegan still wearing fur coats. Examine whether you want to feel like you are making a difference or if you actually want to make a difference. Also buy buyin...
by humblecoder
Mon Nov 23, 2020 2:45 pm
Forum: Personal Investments
Topic: When to retire - early, mid, end of year
Replies: 40
Views: 3624

Re: When to retire - early, mid, end of year

Hello, I am considering retiring June 2021; i am 64 yrs old; wife will be 58 but she will continue to work 2 days a week; i might consult a bit, which i can do, if i find something interesting. We have no debt...and we are fortunate to be in good health and we have 'enough'. I have heard differing ...
by humblecoder
Mon Nov 23, 2020 2:28 pm
Forum: Personal Investments
Topic: Need advice for building a 100% fossil-fuel stock free portfolio
Replies: 95
Views: 3660

Re: Need advice for building a 100% fossil-fuel stock free portfolio

WIth all due respect to many of the people who have replied, the OP did not ask for opinions about whether not investing in fossil fuel stocks is a good idea. He/she asked HOW to do it. :oops: OP: IShares has a number of ETF's which excludes certain companies (https://www.ishares.com/us/strategies/...
by humblecoder
Mon Nov 23, 2020 12:51 pm
Forum: Investing - Theory, News & General
Topic: Tax Withholding on Roth conversions
Replies: 32
Views: 2208

Re: Tax Withholding on Roth conversions

As a tangential question, when you have taxes withheld for a Roth conversion, is that money considered to be converted or un-converted? As an example, let's say I want to convert $50K and but I want to withhold 20% of that ($10K) for taxes. There are two possible ways to structure this 1. Convert $5...