Search found 10779 matches

by DSInvestor
Thu Feb 15, 2018 9:52 pm
Forum: Personal Consumer Issues
Topic: Cell phone service
Replies: 38
Views: 3076

Re: Cell phone service

My wife and I have cricket and we are pleased with it. Are you not getting signal in your area? Is 8Mbps data not fast enough for you? We particularly like our plan which allows us to use the phone without fear of roaming charges when we are in Canada. We have taken our cricket phones on cross count...
by DSInvestor
Thu Feb 15, 2018 9:06 pm
Forum: Personal Finance (Not Investing)
Topic: I think I filed my back door roth incorrectly in Turbo tax
Replies: 8
Views: 755

Re: I think I filed my back door roth incorrectly in Turbo tax

The 1099-R only handles the conversion step of the backdoor into Roth IRA. The TIRA contribution step must be entered into Turbotax as well. Turbotax will then determine whether the IRA contribution was deductible or non-deductible. If non-deductible, form 8606 will be added to track the IRA basis a...
by DSInvestor
Thu Feb 15, 2018 12:05 pm
Forum: Investing - Help with Personal Investments
Topic: Break down of self employed investing options
Replies: 4
Views: 341

Re: Break down of self employed investing options

Let’s say that metaphorically we are able to max out our solo 401k, where would we go next? Roth IRA 5.5K for each spouse. Note that you still have time to contribute to Roth IRA for tax year 2017 (deadline is APRIL 17, 2018 tax day) HSA if you have HSA eligible health insurance plan. Taxable Inves...
by DSInvestor
Tue Feb 13, 2018 1:31 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA and contribution deadline question
Replies: 12
Views: 961

Re: Roth IRA and contribution deadline question

While Roth IRA contributions are not visible on your tax return, tax software may track your contributions to track Roth IRA contribution and/or conversion basis. I vaguely remember Turbotax doing this. The IRA contribution whether Roth or Traditional may allow the taxpayer to claim retirement saver...
by DSInvestor
Fri Feb 09, 2018 11:27 pm
Forum: Personal Consumer Issues
Topic: Suggest coffee maker please
Replies: 113
Views: 7434

Re: Suggest coffee maker please

Another vote for Aeropress.
by DSInvestor
Fri Feb 09, 2018 12:06 pm
Forum: Personal Consumer Issues
Topic: Best TV options for multiple residences?
Replies: 9
Views: 611

Re: Best TV options for multiple residences?

If you have a cable subscription with HBO at one home, you can use HBO Go on tablets, Apple TV, Roku at the other homes. CNN also has an app for Apple TV and Roku where you can authenticate using your cable subscription at your main home. Amazon Prime Video, Netflix, Hulu should work great at all ho...
by DSInvestor
Wed Feb 07, 2018 1:07 am
Forum: Personal Finance (Not Investing)
Topic: Accidental Rollover of after tax contributions to a traditional IRA
Replies: 29
Views: 1891

Re: Accidental Rollover of after tax contributions to a traditional IRA

I am retired and am no longer working. All I have is some IRAs and some 401ks from some old employees. So it looks like my only choice is to keep the TIRA and file form 8606 and when I begin to take distributions from my TIRAs, to prorate the portion relating to the $59k to recoup that portion tax ...
by DSInvestor
Tue Feb 06, 2018 7:52 pm
Forum: Personal Consumer Issues
Topic: Best BBQ in Austin
Replies: 33
Views: 2959

Re: Best BBQ in Austin

Franklin Barbecue. Perhaps some locals can provide some suggestions for places without lines.
by DSInvestor
Tue Feb 06, 2018 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: Accidental Rollover of after tax contributions to a traditional IRA
Replies: 29
Views: 1891

Re: Accidental Rollover of after tax contributions to a traditional IRA

Could I get the same result with creating a new TIRA at Vanguard and rollover all the cash but $59k from the current TIRA and then convert the old TIRA to a Roth? My assets in the TIRA have been in a money market account in the TIRA since the distribution. No this won't work because form 8606 asks ...
by DSInvestor
Mon Feb 05, 2018 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Accidental Rollover of after tax contributions to a traditional IRA
Replies: 29
Views: 1891

Re: Accidental Rollover of after tax contributions to a traditional IRA

Here's some text from my 1099-R for box 5: Box 5. Generally, this shows the employee's investment in the contract (after-tax contributions), if any, recovered tax free this year; the portion that is your basis in a designated Roth account; the part of premiums paid on commercial annuities or insuran...
by DSInvestor
Mon Feb 05, 2018 5:14 pm
Forum: Investing - Help with Personal Investments
Topic: More questions about funding individual 401k
Replies: 4
Views: 258

Re: More questions about funding individual 401k

S corp with no other employees. Unfortunately, income is not totally predictable. Subcontract work with hourly pay. Varies from month to month. Hard to figure out the allowable contribution from the employer side. The employer contribution can be made at any time so you can hold off on employer con...
by DSInvestor
Mon Feb 05, 2018 5:02 pm
Forum: Investing - Help with Personal Investments
Topic: More questions about funding individual 401k
Replies: 4
Views: 258

Re: More questions about funding individual 401k

How is your business organized? If incorporated paying you a W-2 salary, the employee salary deferral contributions must be withheld from paychecks. Once withheld, the corporation makes the contribution on your behalf. The employer profit share can be 0-25% of your W-2 salary, funded by the corporat...
by DSInvestor
Mon Feb 05, 2018 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Accidental Rollover of after tax contributions to a traditional IRA
Replies: 29
Views: 1891

Re: Accidental Rollover of after tax contributions to a traditional IRA

If you made after-tax non-Roth 401k contributions into the 401k and that money was transferred into a Traditional Rollover IRA, you now have IRA basis that needs to be tracked in form 8606. In this case, you may be able to isolate this IRA basis and convert it to Roth IRA tax free. Say you have IRA ...
by DSInvestor
Mon Feb 05, 2018 4:26 pm
Forum: Investing - Help with Personal Investments
Topic: IRA contribution question. Can my dad contribute?
Replies: 6
Views: 484

Re: IRA contribution question. Can my dad contribute?

Roth IRA contributions are allowed after age 70.5. If they file as married filing jointly, he can contribute to his Roth IRA based on his wife’s compensation. Yes, but if MAGI too high, then backdoor Roth contribution is not allowed if 70.5 or older... Yes, that is correct. The backdoor into Roth I...
by DSInvestor
Mon Feb 05, 2018 1:59 pm
Forum: Investing - Help with Personal Investments
Topic: 31 y.o. - Here's What I'm Doing; What Can I be Doing Better?
Replies: 15
Views: 2438

Re: Here's What I'm Doing - What Can I be Doing Bettere

You can make employer contributions to the i401k of around 20% of net business income to give you some extra tax advantaged space. If your tax situation is such that you’re in a very low or 0% tax bracket, reduce traditional employee i401k and increase Roth i401k contributions. Employer profit share...
by DSInvestor
Mon Feb 05, 2018 1:51 pm
Forum: Investing - Help with Personal Investments
Topic: First investments outside 401k, cash on hand..
Replies: 3
Views: 376

Re: First investments outside 401k, cash on hand..

Increase 401k contributions to max out for 18.5K each. If cannot afford to max out both 401k plans, prioritize his 401k as that seems to have very low expenses. The Transmerica plan may be costly, but let’s see. Consider Traditional 401k contributions and Roth IRA contributions. This will maximize y...
by DSInvestor
Mon Feb 05, 2018 1:28 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA Maxed, Have More To Invest
Replies: 5
Views: 742

Re: Roth IRA Maxed, Have More To Invest

Are you married or single? If married, your spouse can make Roth IRA contributions as well.
by DSInvestor
Mon Feb 05, 2018 1:16 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401K contribution for W-2
Replies: 1
Views: 170

Re: Solo 401K contribution for W-2

If your wife’s W2 income is from a business that she does not own, she is not eligible for solo 401k. If she owns the business and it has no employees, she can use solo 401k. When I was an S-Corp paying myself a w2 salary, I contributed to solo401k. If she participates in your business, you could pa...
by DSInvestor
Mon Feb 05, 2018 1:06 pm
Forum: Investing - Help with Personal Investments
Topic: IRA contribution question. Can my dad contribute?
Replies: 6
Views: 484

Re: IRA contribution question. Can my dad contribute?

Roth IRA contributions are allowed after age 70.5. If they file as married filing jointly, he can contribute to his Roth IRA based on his wife’s compensation.
by DSInvestor
Mon Feb 05, 2018 1:03 am
Forum: Personal Finance (Not Investing)
Topic: Possible to recharacterize Roth *contribution*?
Replies: 3
Views: 314

Re: Possible to recharacterize Roth *contribution*?

Yes, you can recharacterize a 2017 Roth IRA contribution to a 2017 Traditional IRA contribution even if the contribution was made in calendar 2018. Make sure you're eligible for deductible Traditional IRA contributions. It would not be good to recharacterize only to find out that you cannot take the...
by DSInvestor
Mon Feb 05, 2018 12:53 am
Forum: Personal Finance (Not Investing)
Topic: Legitimate ways to reduce SE tax to 0?
Replies: 10
Views: 1210

Re: Legitimate ways to reduce SE tax to 0?

Don't forget about Medicare eligibility. I believe you need to have at least 40 credits to be eligible for medicare, disability, retirement benefits, survivor benefits for your family.
Social Security benefits: https://www.ssa.gov/planners/credits.html
by DSInvestor
Sun Feb 04, 2018 4:39 pm
Forum: Forum Issues and Administration
Topic: Fewer acronyms please
Replies: 119
Views: 9371

Re: Fewer acronyms please

Acronyms are bad enough but what about redundant acronyms?!! Please no more: IRA account I believe IRA stands for Individual Retirement Arrangement. See IRS Pub 590a: https://www.irs.gov/pub/irs-pdf/p590a.pdf ERISA* uses the terms "individual retirement account" and "individual retirement annuity" ...
by DSInvestor
Sun Feb 04, 2018 4:21 pm
Forum: Forum Issues and Administration
Topic: Fewer acronyms please
Replies: 119
Views: 9371

Re: Fewer acronyms please

dual wrote:
Sun Feb 04, 2018 2:44 am
Acronyms are bad enough but what about redundant acronyms?!! Please no more:

IRA account
While IRA can stand for Individual Retirement Account, I believe that at IRS, IRA stands for Individual Retirement Arrangement. See IRS Pub 590a: https://www.irs.gov/pub/irs-pdf/p590a.pdf
by DSInvestor
Sun Feb 04, 2018 3:24 pm
Forum: Personal Consumer Issues
Topic: T-Mobile Coverage in Rural Areas
Replies: 31
Views: 1417

Re: T-Mobile Coverage in Rural Areas

We did several cross country road trips through the US and Western Canada (BC and Yukon). Our trips were 3-6 months long I had a T-Mobile phone, T-Mobile iPad and my wife had Cricket (AT&T network) phone. T-Mobile worked well in cities. T-Mobile worked even better in Canada where I connected to many...
by DSInvestor
Sun Feb 04, 2018 2:15 pm
Forum: Personal Consumer Issues
Topic: What is the best place to buy pet food online?
Replies: 28
Views: 2745

Re: What is the best place to buy pet food online?

I also like chewy. You have the autoship option with chewy which gives you an extra discount. Autoship does not lock you in. You can change items, delay orders, ship now or cancel. It's really flexible.
by DSInvestor
Sun Feb 04, 2018 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Criteria used to make Roth Conversion decision
Replies: 48
Views: 4230

Re: Criteria used to make Roth Conversion decision

If you tax situation allows for ACA premium tax credit, be aware that the higher AGI with Roth conversion may reduce or make you ineligible for the credit. Run your numbers carefully.
by DSInvestor
Fri Feb 02, 2018 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Credit Karma Tax and Form 8606 - Guidance does not match IRS?
Replies: 6
Views: 1138

Re: Credit Karma Tax and Form 8606 - Guidance does not match IRS?

Form 8606 is required. 1. Make sure you have entered your 2017 Traditional IRA contribution. The tax software should examine your tax situation and determine whether your TIRA contributions are deductible or non-deductible. If you were covered by employer plan for 2017 and have high income, the TIRA...
by DSInvestor
Fri Feb 02, 2018 2:54 pm
Forum: Investing - Theory, News & General
Topic: Leaning Toward Paying Extra Principal to 30 Year Mortgage
Replies: 15
Views: 1352

Re: Leaning Toward Paying Extra Principal to 30 Year Mortgage

You can do a little of both (invest in taxable and make extra principal payments).
by DSInvestor
Fri Feb 02, 2018 2:48 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth for 2017 still possible?
Replies: 4
Views: 352

Re: Backdoor Roth for 2017 still possible?

Make sure you tell your 2017 tax software or tax preparer that you made a Traditional IRA contribution for 2017 tax year. This will allow the tax software to determine whether that contribution is deductible or non-deductible. If you were not covered by an employer plan for 2017, the contribution ma...
by DSInvestor
Thu Feb 01, 2018 3:12 pm
Forum: Investing - Help with Personal Investments
Topic: To Sell VGHAX or Not to Sell VGHAX? [Vanguard Health Care Fund Admiral]
Replies: 7
Views: 816

Re: To Sell VGHAX or Not to Sell VGHAX? [Vanguard Health Care Fund Admiral]

Vanguard Healthcare fund is not tax efficient and tends to make large distributions every year. If you have been reinvesting dividends all this time, your unrealized capital gain in this fund may be much lower than you think even though your fund position has doubled in value. Remember that dividend...
by DSInvestor
Thu Feb 01, 2018 1:28 pm
Forum: Personal Consumer Issues
Topic: [What TV Show Have You Recently Watched?]
Replies: 694
Views: 75235

Re: Netflix, Your Current Favorite Show

I really enjoyed "Cooked" by Michael Pollan, author of The Omnivore's Dilemma.
by DSInvestor
Wed Jan 31, 2018 11:40 am
Forum: Investing - Help with Personal Investments
Topic: How to Minimize capital gains when selling at Vanguard
Replies: 4
Views: 601

Re: How to Minimize capital gains when selling at Vanguard

You want to look for shares that are long term and have the highest cost basis. Remember that capital gain = gross proceeds - cost basis.

Long term capital gains have preferential tax treatment. Short term capital gains (shares held for 1 yr or less) are taxed as ordinary income.
by DSInvestor
Wed Jan 31, 2018 11:37 am
Forum: Investing - Help with Personal Investments
Topic: Trouble call: Forgot to convert nondeductible IRA to roth for 2017
Replies: 7
Views: 782

Re: Trouble call: Forgot to convert nondeductible IRA to roth for 2017

The $5500 basis from 2017's 8606 line 14 will carry forward to line 2 on your 2018 8606 form. Your 2018 8606 shows $5500 in line 1 (2018 ND contribution) and $5500 from prior years on line 2, giving you total basis of 11K. Convert the entire TIRA (approx 11K + earnings) and it will consume the 11K o...
by DSInvestor
Tue Jan 30, 2018 3:17 pm
Forum: Personal Consumer Issues
Topic: Overpaying Car Insurance?
Replies: 15
Views: 1283

Re: Overpaying Car Insurance?

From a recent post OP indicated that he has a mazdaspeed3 and a Porsche 911 turbo. I wonder if these high performance cars are causing costs to be higher than for other folks. I'd shop around.
by DSInvestor
Mon Jan 29, 2018 11:39 pm
Forum: Personal Consumer Issues
Topic: Warning: 2017 HR Block program miscalculates federal tax (windows)
Replies: 16
Views: 1933

Re: Warning: 2017 HR Block program miscalculates federal tax (windows)

Did you manually enter data separately into each version of the program? If so, is there any chance that there is a difference in what you entered into each program? For example, I once made an error in TaxAct's 1099-R quick entry screen where I forgot to check a box for Roth conversion. This result...
by DSInvestor
Mon Jan 29, 2018 9:57 pm
Forum: Investing - Theory, News & General
Topic: continuing to contribute to ira/roth in retirement?
Replies: 6
Views: 1028

Re: continuing to contribute to ira/roth in retirement?

If you're retired but have some compensation to support retirement plan contributions and your AGI is under certain levels, you may qualify for retirement savings contributions savers credit. This credit is available if AGI < 62K for MFJ, 46.5K HoH, 31K Single. https://www.irs.gov/retirement-plans/p...
by DSInvestor
Mon Jan 29, 2018 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 income changed and wife no longer qualifies for ACA subsidy
Replies: 21
Views: 1723

Re: 2017 income changed and wife no longer qualifies for ACA subsidy

Did you do any Roth conversions in 2017? If yes, you may be able to recharacterize those to undo them and reduce AGI.
by DSInvestor
Mon Jan 29, 2018 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 income changed and wife no longer qualifies for ACA subsidy
Replies: 21
Views: 1723

Re: 2017 income changed and wife no longer qualifies for ACA subsidy

I'm in the same boat, but for a different reason. Inherited money which had a large amount of capital gains, so my income for this one year went over the ACA limit. Couldn't find anyway to reduce income (retired, so no IRA contributions possible and no HSA to contribute to). So I'm going to pay bac...
by DSInvestor
Mon Jan 29, 2018 7:39 pm
Forum: Investing - Help with Personal Investments
Topic: Form 8606 Total Basis
Replies: 11
Views: 1149

Re: Form 8606 Total Basis

Since you contributed $2000 for tax year 2016 in calendar 2017, your 2016 8606 should show $2000 basis. That $2000 basis from 2016's 8606 form line 14 should appear in line 2 of the 2017 8606. The $3000 non-deductible contribution for tax year 2017 should be added well. The amount of basis that was...
by DSInvestor
Mon Jan 29, 2018 7:33 pm
Forum: Investing - Help with Personal Investments
Topic: Form 8606 Total Basis
Replies: 11
Views: 1149

Re: Form 8606 Total Basis

Since you contributed $2000 for tax year 2016 in calendar 2017, your 2016 8606 should show $2000 basis. That $2000 basis from 2016's 8606 form line 14 should appear in line 2 of the 2017 8606. The $3000 non-deductible contribution for tax year 2017 should be added well. The amount of basis that was ...
by DSInvestor
Mon Jan 29, 2018 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 income changed and wife no longer qualifies for ACA subsidy
Replies: 21
Views: 1723

Re: 2017 income changed and wife no longer qualifies for ACA subsidy

RetiredInTN2017 wrote:
Mon Jan 29, 2018 6:35 pm
I do not think i qualify to contribute to IRA because I have no earned income.
What about your wife? If your wife has some compensation, then both you and her are eligible for IRA contributions.

Does her medical insurance plan allow for HSA contributions?
by DSInvestor
Mon Jan 29, 2018 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 income changed and wife no longer qualifies for ACA subsidy
Replies: 21
Views: 1723

Re: 2017 income changed and wife no longer qualifies for ACA subsidy

I have been searching for ACA options. I believe the ACA requires you to use MAGI as opposed to AGI. MAGI can often times be higher since it does not count some adjustments such as IRA contributions. Yes ACA requires use of MAGI. MAGI for this purpose is AGI + untaxed foreign income + non-taxable s...
by DSInvestor
Mon Jan 29, 2018 6:19 pm
Forum: Investing - Help with Personal Investments
Topic: Self employed retirement
Replies: 2
Views: 434

Re: Self employed retirement

If you don't have employees, Solo 401k is your best bet. Will allow for larger contributions than SEP-IRA at lower levels of income. SEP-IRA is not a good option if you need to use backdoor into Roth IRA because SEP-IRA assets are counted by form 8606. Solo 401k is not an IRA and assets in solo 401k...
by DSInvestor
Mon Jan 29, 2018 5:02 pm
Forum: Personal Finance (Not Investing)
Topic: 2017 income changed and wife no longer qualifies for ACA subsidy
Replies: 21
Views: 1723

Re: 2017 income changed and wife no longer qualifies for ACA subsidy

While 2017 income has already happened, there are some actions that can reduce AGI and help with Premium Tax Credit/ACA subsidy. If your situation allows for HSA and/or Traditional IRA contributions, those will reduce AGI. Deadline for 2017 HSA and Traditional IRA contributions is APRIL 17, 2018 (ta...
by DSInvestor
Mon Jan 29, 2018 4:14 pm
Forum: Investing - Help with Personal Investments
Topic: Does non-deductible IRA make sense under new tax law?
Replies: 5
Views: 544

Re: Does non-deductible IRA make sense under new tax law?

Yes, I am familiar with backdoor Roth IRA. My wife has been doing backdoor Roth for several years, but I don't want to do it since I have significant amount of deductible IRAs which will trigger conversion tax due to pro rata rule. If you have an employer plan that a) has low expenses and b) will a...
by DSInvestor
Mon Jan 29, 2018 4:02 pm
Forum: Investing - Help with Personal Investments
Topic: Does non-deductible IRA make sense under new tax law?
Replies: 5
Views: 544

Re: Does non-deductible IRA make sense under new tax law?

If your tax situation is such that you cannot deduct Traditional IRA contributions, check to see if you're eligible for Roth IRA contributions. If not eligible for Roth IRA contributions due to high income, consider using the backdoor into Roth IRA (i.e. contribute to Traditional IRA then convert to...
by DSInvestor
Sun Jan 28, 2018 1:42 pm
Forum: Investing - Help with Personal Investments
Topic: sale of mutual funds tax
Replies: 11
Views: 634

Re: sale of mutual funds tax

don't know what aca ( afford health care act?) we pay for our own health care and medicare, so i believe that the only thing that gets effected is SS benefits and if the Tax Inc line #43 stays under $79,500 there is no problem(no additional tax) correct? I'd encourage you to play with tax software ...
by DSInvestor
Sun Jan 28, 2018 1:26 pm
Forum: Investing - Help with Personal Investments
Topic: sale of mutual funds tax
Replies: 11
Views: 634

Re: sale of mutual funds tax

Thanks! so i could sell enough until i bump into that $75,500 # for line 43, correct? Yes, but remember that while QDI and LTCG are taxed at 0% up to the top of the 15% tax bracket, the higher AGI with the LTCG may trigger problems like loss of ACA premium tax credit, more social security benefits ...
by DSInvestor
Sun Jan 28, 2018 1:21 pm
Forum: Investing - Help with Personal Investments
Topic: Please help with 401k investment selection
Replies: 7
Views: 381

Re: Please help with 401k investment selection

Thanks for the response. I should have been more clear, We are married filing jointly and my wife is not covered by a plan at work, so if I understand correctly we are well under the income limit of 189000 to be able to take the full deduction. That 189,000 number is for 2018 tax year and applies o...
by DSInvestor
Sun Jan 28, 2018 1:09 pm
Forum: Investing - Help with Personal Investments
Topic: What percentage to allocate stocks/bonds between retirement and non retirement account
Replies: 5
Views: 567

Re: What percentage to allocate stocks/bonds between retirement and non retirement account

I'm about 5 years away from retiring. My 401k is administered by Vanguard so I have excellent investment options. I have saved heavily using my 401k so 75% of my savings are in my 401k. State taxes are mid range. Hopes this helps DS Investor. Thank you for reviewing. Assuming 75% tax advantaged 25%...