Search found 10865 matches

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: 2529

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: 426

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: 788

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: 191

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: 522

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: 345

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: 1256

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: 11294

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: 11294

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: 1775

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: 4147

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: 51
Views: 5102

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: 1212

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: 1527

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: 390

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: 8
Views: 1311

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: 869
Views: 94578

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: 650

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: 832

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: 1526

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: 2091

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: 1112

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: 1880

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: 1880

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: 1300

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: 1300

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: 1880

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: 1880

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: 493

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: 1880

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: 653

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: 653

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: 676

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: 676

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: 416

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: 650

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%...
by DSInvestor
Sun Jan 28, 2018 12:39 pm
Forum: Investing - Help with Personal Investments
Topic: What percentage to allocate stocks/bonds between retirement and non retirement account
Replies: 5
Views: 650

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

I'd like to have a 60% stock and 40% bond allocation. What are the relative sizes of your retirement and non-retirement accounts? You will get very different suggestions if your portfolio was 1) 90% retirement and 10% non-retirement vs 2) 10% retirement and 90% non-retirement. What tax bracket are ...
by DSInvestor
Sun Jan 28, 2018 12:27 pm
Forum: Investing - Help with Personal Investments
Topic: Please help with 401k investment selection
Replies: 7
Views: 416

Re: Please help with 401k investment selection

Welcome to the forum. You have some pretty good options. I'd suggest the following to reduce costs: Bonds: Vanguard Total Bond Market Index er=0.04%. US Stocks: Vanguard 500 Index er=0.04%. International stocks: Vanguard Developed Markets Index er=0.06%. You mentioned that you max out a Traditional ...
by DSInvestor
Sun Jan 28, 2018 12:10 pm
Forum: Investing - Help with Personal Investments
Topic: sale of mutual funds tax
Replies: 11
Views: 676

Re: sale of mutual funds tax

Were the mutual fund shares that were sold long term (i.e. held for more than 1 year)? Long term capital gains is taxed at 0% Fed tax rate up to the top of the 15% tax bracket. For Married Filing Jointly, top of 15% tax bracket is Taxable Income of $75,900. Remember that Taxable Income is 1040 line ...
by DSInvestor
Sat Jan 27, 2018 11:29 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401k vs company 401k
Replies: 5
Views: 540

Re: Solo 401k vs company 401k

Assets in her 401k may be better protected from creditors than assets in your solo 401k.
by DSInvestor
Sat Jan 27, 2018 11:25 pm
Forum: Investing - Help with Personal Investments
Topic: Solo 401k vs company 401k
Replies: 5
Views: 540

Re: Solo 401k vs company 401k

If you can afford it, consider maxing out both 401k plans as well as IRA for both of you. If your wife's plan is high cost and you cannot afford to max out both 401ks, focus on contributions into the Solo 401k where costs will likely be lower. If your wife's company offers an employer match that req...
by DSInvestor
Sat Jan 27, 2018 10:38 pm
Forum: Investing - Theory, News & General
Topic: IRA contribution - sub-teacher & possible W2
Replies: 9
Views: 857

Re: IRA contribution - sub-teacher & possible W2

Received her W-2 today - for 2017 - it was for $9,200 - Gross pay - So.... I could max out her T-IRA at $6,500, and contrib to my T-IRA with the remaining $2,700. Will look at the Roth issues at another time... as the future of RMDs may well push us into the next tax bracket If your overall tax sit...
by DSInvestor
Sat Jan 27, 2018 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-R and 5498 - 2016 tIRA conversion to ROTH 2016
Replies: 5
Views: 418

Re: 1099-R and 5498 - 2016 tIRA conversion to ROTH 2016

I agree with livesoft. Conversions done in calendar 2018 will be reported to you and to IRS with a 2018 1099-R. These will be available in JAN 2019 in time for you to prepare your 2018 tax return.
by DSInvestor
Sat Jan 27, 2018 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: What hourly consulting rate outside my day job?
Replies: 28
Views: 1904

Re: What hourly consulting rate outside my day job?

Don't forget that you have to pay self employment tax on the moonlighting income. On the plus side, you can open a SEP or SIMPLE IRA SIMPLE-IRA may not be a good choice if OP already has and maxes out 401k/403b at work. SEP-IRA can be used to defer some self employed income but may complicate backd...
by DSInvestor
Sat Jan 27, 2018 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: One time big mortgage payment...
Replies: 4
Views: 882

Re: One time big mortgage payment...

No difference in your monthly payment amount but a huge difference in the time it will take to pay off the mortgage and the interest that you pay each year. Check with your mortgage company's website to see if they have an amortization calculator feature. When I logged on to my mortgage account, I c...
by DSInvestor
Sat Jan 27, 2018 2:50 pm
Forum: Personal Finance (Not Investing)
Topic: What hourly consulting rate outside my day job?
Replies: 28
Views: 1904

Re: What hourly consulting rate outside my day job?

Make sure your main company is OK with you taking a side gig. Are you sure it is wise to tell my main company about this? I can only see a lot of potential negative consequence. What positive consequence would come out of it? You want to make sure your employer doesn't have a policy that prohibits ...
by DSInvestor
Sat Jan 27, 2018 2:48 pm
Forum: Personal Consumer Issues
Topic: IRA Eligibility Question for 2017
Replies: 4
Views: 462

Re: IRA Eligibility Question for 2017

If your GF has a rollover IRA, she may want to consider making Traditional IRA contributions to a separate Traditional IRA account. A TIRA contribution into a rollover IRA account will change the rollover (conduit) account into a contributory account. Some company 401k plans only allow inbound roll...
by DSInvestor
Sat Jan 27, 2018 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: What hourly consulting rate outside my day job?
Replies: 28
Views: 1904

Re: What hourly consulting rate outside my day job?

Negotiate an amount that would make it worth your while. Do not forget that your compensation from your main company far exceeds your salary. Employer side of social security and benefits (medical insurance, life insurance, time off, profit sharing, employer match, bonuses, company car etc). If you ...
by DSInvestor
Sat Jan 27, 2018 1:42 pm
Forum: Personal Consumer Issues
Topic: Universal Studios FL - Express Pass?
Replies: 15
Views: 888

Re: Universal Studios FL - Express Pass?

The last time our family of 3 was in Orlando, we found out that we could get through the lines a lot faster by going into the single riders line. My teenage daughter was reluctant at first but when we whizzed through in minutes, she loved it. We did spider man several times this way.
by DSInvestor
Sat Jan 27, 2018 1:10 pm
Forum: Personal Consumer Issues
Topic: IRA Eligibility Question for 2017
Replies: 4
Views: 462

Re: IRA Eligibility Question for 2017

She should check her W-2 to see if the retirement plan box is checked. If not checked, she was not covered and she would be able to deduct full Traditional IRA contribution no matter how high her income. If the retirement plan was checked, she was covered for 2017 and income limits for TIRA deductio...