Search found 61 matches

by FordMustang12
Thu Jun 10, 2021 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: Seeking Guidance: Should I take the new opportunity?
Replies: 23
Views: 1640

Re: Seeking Guidance: Should I take the new opportunity?

Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand. After that, making the move to a tech hub is a no brainer, not necessarily the first job, but all the ones to come. Move to hybrid notwithstanding, I think career wise, you still want to be where the action is. A Agree. This is also a big consideration. My application might go in by the end of the year but my priority date is 2016. Currently USCIS is processing for 2011 for my country but due to rapid movement, I might end up getting green card by end of next year. If I move then it will add 2 or more years. I am not a software engineer. I am a systems engineer working in automoti...
by FordMustang12
Thu Jun 10, 2021 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Seeking Guidance: Should I take the new opportunity?
Replies: 23
Views: 1640

Re: Seeking Guidance: Should I take the new opportunity?

Seems to me getting your green card is the single most important thing you need to secure, so I personally would not make a move until you have the bird in hand... +100 The green card is your "ticket" to easy career advancement without the complications of visa restrictions. Since that seems to be on the way I would wait for that. When you get an offer for new job opportunities in the tech world that are outside your local area you should ask if there is any relocation bonus available in your negotiations. A one-time relocation bonus could be up to 10% - 50% of first year salary, it's a polite way of asking for a signing bonus. Yes they give 1 month salary for miscellaneous expenses, They bear the expenses for auto shipment and h...
by FordMustang12
Thu Jun 10, 2021 11:24 am
Forum: Personal Finance (Not Investing)
Topic: Seeking Guidance: Should I take the new opportunity?
Replies: 23
Views: 1640

Re: Seeking Guidance: Should I take the new opportunity?

California's cost of living is very, very, very high. Years ago I had a recruiter call me and say "Rick, I'm calling you about a job that you shouldn't take, but if I didn't call you you'd be annoyed with me." We lived in a 3,800 sq foot home on a big lot. Recruiter knew my comp. This job was a 30% pay hike. That's a joke for California. Everything in California is much, much higher than Michigan (we live here also). The cost of living calculators are a joke. You can't touch a house like you have in Michigan for under close to $2 million. More hours, longer wait for adjustment in status, much higher costs... Sounds like an easy NO. Thank you for your valuable insight Rick. I agree I read a lot about longer commute. Even if I have...
by FordMustang12
Thu Jun 10, 2021 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Seeking Guidance: Should I take the new opportunity?
Replies: 23
Views: 1640

Seeking Guidance: Should I take the new opportunity?

I am seeking some guidance. We are currently in Michigan and own a single-family home that we bought 3 years ago for $364k and the balance is $317k. I interviewed for a company in Palo Alto, CA and soon will be getting an offer. My wife works for the same company in Michigan but for engineering they expect me to move to California. The move is not a problem for my wife as some of her team members are already there. I am wondering if it is worth moving to California in my situation. Here are some details about my situation. My current income before taxes – $104k/year Wife current income before taxes - $117k/year. She has also vested certain number of options with the current company. Total household income in Michigan – $221k/yr. Retirement ...
by FordMustang12
Tue Jan 19, 2021 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Are 1.99 for 15 year, 2.375 for 20 year and 2.56 for 30 year with no closing costs for 323k mortgage refinance good rates? Has anyone gotten better rates? I just got these rates from my broker. I am currently on 30 year but now considering 20 year.
by FordMustang12
Fri Jan 01, 2021 3:58 pm
Forum: Personal Investments
Topic: I might have made a mistake. Please help
Replies: 12
Views: 1520

Re: I might have made a mistake. Please help

Just recontribute the full $100k prior to the deadline for filing your 2020 federal tax return. From the example on Page 14 of https://www.irs.gov/pub/irs-drop/n-20-50.pdf: Taxpayer B receives a $45,000 distribution from a § 403(b) plan on November 1, 2020. Taxpayer B is a qualified individual and treats the distribution as a coronavirus-related distribution. Taxpayer B receives no other coronavirus-related distribution from any eligible retirement plan. Taxpayer B recontributes $45,000 to an IRA on March 31, 2021. Taxpayer B reports the recontribution on Form 8915-E and files the 2020 federal income tax return on April 10, 2021. For Taxpayer B, no portion of the coronavirus-related distribution is includible as income for the 2020 tax yea...
by FordMustang12
Fri Jan 01, 2021 3:23 pm
Forum: Personal Investments
Topic: I might have made a mistake. Please help
Replies: 12
Views: 1520

Re: I might have made a mistake. Please help

I read about the cares act 100k 2 days before the deadline. I qualified for withdrawal and withdrew 100k after talking with fidelity. I don’t need the money but since I am here on a visa I have no clue about my future and so I thought this would be a good idea to take a 100k and move it taxable vanguard index funds but now that I think of it I feel like even if I paid the 10% penalty then I would come out ahead in the future. Should i replace the money? If yes, which retirement accounts are eligible for return? Fidelity told me I can return the money back to my 401k as well. Will it be better to open an IRA account and move the money there, then I can roll over to Roth IRA in the future? If I return money now then will I be paying tax on t...
by FordMustang12
Fri Jan 01, 2021 3:20 pm
Forum: Personal Investments
Topic: I might have made a mistake. Please help
Replies: 12
Views: 1520

Re: I might have made a mistake. Please help

Can you articulate better what exactly you did, what you thought you qualified for, and what you’re trying to do now? 1. I qualified for taking the distribution under cares act per fidelity rep. 2. I took 100k distribution on December 30 2020 and check is now on the way. 3. I took the distribution thinking this is a good chance to get the money out without the 10k penalty since I am on visa here and don’t know what my future will be like in the US. 4. Now that I think more I feel like if I let the amount be in the 401k then it would have compounded more and if I had to leave the country for any reason I could take the 10% penalty hit and would come out ahead compared to putting the money in taxable. 5. Should I put the money back in the re...
by FordMustang12
Fri Jan 01, 2021 3:15 pm
Forum: Personal Investments
Topic: I might have made a mistake. Please help
Replies: 12
Views: 1520

Re: I might have made a mistake. Please help

What the hell? How did you qualify for coronavirus-impacted distribution then later say you don't need the money? It's not adding up. The distribution from your retirement accounts doesn’t require a financial need. You just have to have been impacted. So OP could have had hours reduced etc. had an emergency fund like many of us and does not NEED the money but is still entitled to take a distribution under the law. Whether taking one is a good idea is a different matter. Exactly. My wife is on H4 EAD and her EAD was expiring in August. Because of COVID the USCIS was closed and so they could not process the EAD in time. Due to this she had to go on a leave of absence for 3 months. This means no pay. This made me qualify for taking the distri...
by FordMustang12
Fri Jan 01, 2021 2:22 pm
Forum: Personal Investments
Topic: I might have made a mistake. Please help
Replies: 12
Views: 1520

I might have made a mistake. Please help

I read about the cares act 100k 2 days before the deadline. I qualified for withdrawal and withdrew 100k after talking with fidelity. I don’t need the money but since I am here on a visa I have no clue about my future and so I thought this would be a good idea to take a 100k and move it taxable vanguard index funds but now that I think of it I feel like even if I paid the 10% penalty then I would come out ahead in the future. Should i replace the money? If yes, which retirement accounts are eligible for return? Fidelity told me I can return the money back to my 401k as well. Will it be better to open an IRA account and move the money there, then I can roll over to Roth IRA in the future? If I return money now then will I be paying tax on th...
by FordMustang12
Mon Jul 27, 2020 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Can someone please explain when do you get a hefty lender credit and how you get money into your pocket? Would you get a hefty lender credit only if you escrow in so that it covers your prepaids or would you get the credit even without escrowing in?
by FordMustang12
Thu Jul 23, 2020 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Loan Depot offered a 2.625% 30Y FRM with lender credit covering all the closing costs and fees. I have to pay only prepaid interests and payoff amount due to my present lender. No escrow account needed. No appraisal required. Michigan property. These are all negotiated by e-mails before submitting the application. Tomorrow I am going to apply with Better if they can match and offer amex deal. Question: If Better does not match, do I have any reason to shop any more? If so, please help me understand. Thanks for any insight. Try Loan Cabin also The question is: What better deal I could possibly get? I am in Michigan too. Locked a few days ago. Got 29 year at 2.77. I’m not at or below 80% ltv so I would have a pmi but since my appraisal was w...
by FordMustang12
Thu Jul 23, 2020 4:06 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Has anyone been asked for ssn copy for mortgage refinance? I have been asked to send a copy of ssn.
by FordMustang12
Fri Jul 10, 2020 1:22 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Quick Update: Better.com Matched my 2.625 no cost 30 year fixed. I am also getting AMEX 2500 credit and appraisal was waived! Should be done refinancing until next month when 30 year rates are sub-2%? Did better agree to match it today ? They are not beating nor matching for mine. Yes this afternoon. Wow nice. I wonder why they won’t do it for me. I sent them a loan estimate of 2.875 no escrow, no pmi, waived appraisal and no cost. I don’t know how this works. Same here. Better wouldn't match/beat my 2.99% no cost refi. Results are very inconsistent indeed. Yup finally locked in with my broker. 2.770 for 29 year, no pmi, no appraisal, no escrow and no cost to close. He will also give me ~$500 that i would have paid for appraisal. So i thin...
by FordMustang12
Thu Jul 09, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

I just locked in a Zero Cost 2.625% for a 30 year fixed tonight. Loan amount was ~$410k on $675k house. I have used Costco in the past, but I used LenderFi for this. Rates seem to be about 0.25% better on the phone than when you punch in your info on the website. FYI, I refinanced about 3 months ago to 2.99%. This afternoon I locked a zero cost 2.875% 30 yr with LenderFi ($250k loan on a $330k house) so I'm curious what you did to get the lower rate. Did you have a competing offer or did they offer you that rate outright? Quick Update: Better.com Matched my 2.625 no cost 30 year fixed. I am also getting AMEX 2500 credit and appraisal was waived! Should be done refinancing until next month when 30 year rates are sub-2%? Did better agree to ...
by FordMustang12
Thu Jul 09, 2020 7:19 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

I just locked in a Zero Cost 2.625% for a 30 year fixed tonight. Loan amount was ~$410k on $675k house. I have used Costco in the past, but I used LenderFi for this. Rates seem to be about 0.25% better on the phone than when you punch in your info on the website. FYI, I refinanced about 3 months ago to 2.99%. This afternoon I locked a zero cost 2.875% 30 yr with LenderFi ($250k loan on a $330k house) so I'm curious what you did to get the lower rate. Did you have a competing offer or did they offer you that rate outright? Quick Update: Better.com Matched my 2.625 no cost 30 year fixed. I am also getting AMEX 2500 credit and appraisal was waived! Should be done refinancing until next month when 30 year rates are sub-2%? Did better agree to ...
by FordMustang12
Wed Jul 08, 2020 5:04 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Finally asked my broker to proceed. Better wont match the deal and lenderfi seemed slow to respond. Loan depot was not even able to match. Im getting 2.82 for 29 year loan. No appraisal, no escrow, and no PMI even though i am at 86% ltv. Since the appraisal was waived he will give me the appraisal fee at the closing (~500$)
by FordMustang12
Mon Jul 06, 2020 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

I got a few quotes and better did not agree to counter or even match them saying these are way too good and we cannot counter or match them. I asked if I will get 1000$ and the agent asked me to send the final disclosure from the other company I went with. Once the closing is done they will send 1000$. This other offer I got was from lenderfi and they told me I will have no pmi, and no appraisal with rate of 2.875 for 30 year with closing costs 1300$ And no escrow. They ran my house value way more than it is worth. I told this offer to my broker and he said they cannot do that since I am over 80% ltv. My question iscan lenderfi not ask for pmi by raising the home value ? My broker is willing to do 2.770 for 29 year but I will have pmi with ...
by FordMustang12
Mon Jun 29, 2020 4:29 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

Update: Better.com was wiling to match the best offer that I received from LenderFI, and then taking the $2500 AMEX promo into acct I am going forward with better. Terms as follows: Loan amount: $419k Rate: 2.75% Term: 30 year fixed Loan costs (A+B+C) = $1079 Lender Credits of $1079 to offset loan costs, so my only $$ required to close is for my prepaids (interest, insurance, and property taxes) Thanks to all who posted the great info on this thread - So helpful So you got an estimate from Lender fi and then gave it to better? Better is matching the rate and covering the closing costs? So you get 2500 in your pocket? Yes that's exactly what I did. I started out with Better with around $2300 in fees and a rate of 2.875% which seemed good, a...
by FordMustang12
Mon Jun 29, 2020 4:09 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

GRAZ wrote: Mon Jun 29, 2020 3:53 pm Update:


Better.com was wiling to match the best offer that I received from LenderFI, and then taking the $2500 AMEX promo into acct I am going forward with better.

Terms as follows:
Loan amount: $419k
Rate: 2.75%
Term: 30 year fixed
Loan costs (A+B+C) = $1079
Lender Credits of $1079 to offset loan costs, so my only $$ required to close is for my prepaids (interest, insurance, and property taxes)

Thanks to all who posted the great info on this thread - So helpful
So you got an estimate from Lender fi and then gave it to better? Better is matching the rate and covering the closing costs? So you get 2500 in your pocket?
by FordMustang12
Mon Jun 29, 2020 4:07 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer? This is a great deal! Run and take it without hesitation. Just make sure it is actually "no closing costs" and not "no lender fees" or "closing costs rolled into loan". I have always refinanced with him.. he shows closing costs on the loan estimate and final closure forms but then he pays everything in the end.. He also pays the appraisal fee. He told me if appraisal is not needed then he will pay for the closing costs and give me 450$ appraisal fee that was never used. I am also getting 2.3...
by FordMustang12
Mon Jun 29, 2020 3:46 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer? This is a great deal! Run and take it without hesitation. Just make sure it is actually "no closing costs" and not "no lender fees" or "closing costs rolled into loan". I have always refinanced with him.. he shows closing costs on the loan estimate and final closure forms but then he pays everything in the end.. He also pays the appraisal fee. He told me if appraisal is not needed then he will pay for the closing costs and give me 450$ appraisal fee that was never used. I am also getting 2.3...
by FordMustang12
Mon Jun 29, 2020 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 12862
Views: 1277243

Re: Refinance Mega Thread

My broker is giving me 2.770% for 29 year loan with no closing costs.My Ltv is 86% so I have like 40$ with PMI. Is this a good rate? Currently I am at 3.375 for 30 year. Has anyone gotten this rate + better.com Amex offer?
by FordMustang12
Sun Mar 22, 2020 7:34 pm
Forum: Personal Investments
Topic: Tax Loss Harvest help - first timer
Replies: 5
Views: 316

Re: Tax Loss Harvest help - first timer

The loss will first offset any capital gains, including capital gain distributions. Any remaining loss will offset ordinary income, up to $3000/yr. Any loss remaining after that get carried over to the next tax year, in which the process repeats. Exchanging is the simplest: the sale and purchase occur at the same time. Selling and buying may occur on separate days - usually not a big issue but when the market is swinging +/- 5%/day.... Cost basis is irrelevant inside a 401k. Ok so I would just exchange the funds. When you say capital distribution, you mean dividend distribution for that year correct ? Also I have automatic investment of dividends. I probably should turn this off now after reading on bogleheads. Will this automatic investme...
by FordMustang12
Sun Mar 22, 2020 7:30 pm
Forum: Personal Investments
Topic: Tax Loss Harvest help - first timer
Replies: 5
Views: 316

Re: Tax Loss Harvest help - first timer

This is my first time dealing with or thinking about tax loss harvesting and I need help in understanding this more. I have a total loss of $6626.41 and no gains. Should I tax loss harvest? Sure. So will this be towards 2019 taxes or 2020 taxes ? The sale will occur in 2020 and be reported on your 2020 taxes next year. For VTSAX I am thinking s&p 500 fund. VFIAX or VOO? Not sure about VTIAX yet. If at Vanguard VFWAX/VEU or IXUS. Also, how do I go about this? Should I exchange the funds or sell and buy ? If buying Vanguard at Vanguard you can exchange. If buying non-Vanguard at Vanguard you must sell/buy. Second question is I had about 117k with 95/5 stocks/bonds ratio in my 401k which is now at about 83k. Should I sell and rebuy to low...
by FordMustang12
Sun Mar 22, 2020 6:17 pm
Forum: Personal Investments
Topic: Tax Loss Harvest help - first timer
Replies: 5
Views: 316

Tax Loss Harvest help - first timer

Hello Bogleheads, This is my first time dealing with or thinking about tax loss harvesting and I need help in understanding this more. I have a total loss of $6626.41 and no gains. Should I tax loss harvest? Seems like it will be beneficial for me just by lowering my cost basis and I will come out ahead even after taking a loss? Once I tax loss harvest I can offset $3000 towards the my taxes and then carry forward another $3000 for next year. So will this be towards 2019 taxes or 2020 taxes ? For VTSAX I am thinking s&p 500 fund. Not sure about VTIAX yet. Also, how do I go about this? Should I exchange the funds or sell and buy ? Quantity Cost per share Total cost Market value as of 03/20/2020 4:00 PM Capital gain/loss Total gain/loss S...
by FordMustang12
Fri Jan 10, 2020 12:53 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Help
Replies: 6
Views: 592

Re: Mortgage Refinance Help

I have been doing calculations but i I am extremely confused now and need help from fellow Bogleheads. Current Mortgage (refinanced in 2019) Balance loan amount 330,830 PMI 68.35 Interest rate - 3.875/30 year LTV - 0.89 Payment 1675/mo My broker quoted me 0 closing cost (rolled into interest) for 30 year at 3.375 and 15 year at 2.875. My monthly payment at this rate would change to 30 year - $1,463 + PMI (about $60) 15 year - $2,265 + PMI (about $60) Annual household (wife and mine) income is 203k/yr pre-taxed. Wife is on H4 EAD visa and Trump administration has been threatening the EAD so i have been leaning more towards 30 year loan to leave a cushion if anything goes wrong and we drop to single income. I have 30k lying in Vanguard broke...
by FordMustang12
Fri Jan 10, 2020 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Help
Replies: 6
Views: 592

Re: Mortgage Refinance Help

psychoslowmatic wrote: Fri Jan 10, 2020 11:29 am It varies by lender but I thought PMI was cheaper sometimes if you have a 15 year mortgage?

I’d stick with the 30 year for cash flow insurance but pay down to avoid PMI I don’t know. It’s a nice secondary emergency fund, your PMI is pretty cheap but it’s always annoying to pay more. I’d lean towards not but also remember you can decide after the appraisal comes back.
Right i feel PMI is pretty cheap in my case. I got an estimate now and it is about $47 and not even $60. I am not sure if PMI varies with term. Ill ask my broker though. Thanks
by FordMustang12
Fri Jan 10, 2020 11:51 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Help
Replies: 6
Views: 592

Re: Mortgage Refinance Help

ShowMeTheER wrote: Fri Jan 10, 2020 11:13 am One way to think about it is would you pay the $30K in order to shave ~0.25% off your rate? That is effectively what you’d be doing, and the answer would be no for me.

I’d suggest go for the 15-yr but hang on to PMI until you are closer or until your e-fund(s) get larger.
Thank you i am leaning towards this as well. Still to make up my mind about 30 or 15 year
by FordMustang12
Fri Jan 10, 2020 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Mortgage Refinance Help
Replies: 6
Views: 592

Mortgage Refinance Help

I have been doing calculations but i I am extremely confused now and need help from fellow Bogleheads. Current Mortgage (refinanced in 2019) Balance loan amount 330,830 PMI 68.35 Interest rate - 3.875/30 year LTV - 0.89 Payment 1675/mo My broker quoted me 0 closing cost (rolled into interest) for 30 year at 3.375 and 15 year at 2.875. My monthly payment at this rate would change to 30 year - $1,463 + PMI (about $60) 15 year - $2,265 + PMI (about $60) Annual household (wife and mine) income is 203k/yr pre-taxed. Wife is on H4 EAD visa and Trump administration has been threatening the EAD so i have been leaning more towards 30 year loan to leave a cushion if anything goes wrong and we drop to single income. I have 30k lying in Vanguard broker...
by FordMustang12
Thu Feb 28, 2019 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mortgage Questions
Replies: 10
Views: 612

Re: Refinance Mortgage Questions

Between the 3 options you posted, I would go with option 2. $80 PMI per month is about the same as 0.28% in interest rate so option 1 is bad compared to option 2, even ignoring that you say you will remove PMI soon. I wouldn't pay any closing costs since you might refinance again after your potential lender pool is widened when you have more equity. You also might want to get a 15 year loan as long as you're paying it like one. Or get a 15 year loan in 3 years. Stay flexible and don't pay fixed costs up front. I meant to go with option 2 but I said option 3 by mistake on my last post. Option2 because of refinancing option down the road. Although I can pay it like 15 now I wanted to stay flexible and so I chose 30 year loan. I can have 15 y...
by FordMustang12
Thu Feb 28, 2019 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mortgage Questions
Replies: 10
Views: 612

Re: Refinance Mortgage Questions

You need to calculate the break even time between options 2 and 3, while accounting for option 2 having 2500 less in principle. If my calculation is right then the break even time should be about 52 months. Hmm, thats probably a toss up and just depends on how you value lower payments vs lower principle assuming you would put that 2500 towards principle. I thought closing costs goes towards fees , etcs and not the principle. Am i wrong? Well what would you do with the $2500 you don't have to spend on option 2? I'm just saying you have to factor the time value of that money into your equation somehow, whether its keep it invested or put it towards principle. Oh i am with you now. I also thought of opting for option 3 because if in future sa...
by FordMustang12
Thu Feb 28, 2019 2:57 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mortgage Questions
Replies: 10
Views: 612

Re: Refinance Mortgage Questions

barnaclebob wrote: Thu Feb 28, 2019 2:45 pm
FordMustang12 wrote: Thu Feb 28, 2019 2:17 pm
barnaclebob wrote: Thu Feb 28, 2019 2:14 pm You need to calculate the break even time between options 2 and 3, while accounting for option 2 having 2500 less in principle.
If my calculation is right then the break even time should be about 52 months.
Hmm, thats probably a toss up and just depends on how you value lower payments vs lower principle assuming you would put that 2500 towards principle.
I thought closing costs goes towards fees , etcs and not the principle. Am i wrong?
by FordMustang12
Thu Feb 28, 2019 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mortgage Questions
Replies: 10
Views: 612

Re: Refinance Mortgage Questions

barnaclebob wrote: Thu Feb 28, 2019 2:14 pm You need to calculate the break even time between options 2 and 3, while accounting for option 2 having 2500 less in principle.
If my calculation is right then the break even time should be about 52 months.
by FordMustang12
Thu Feb 28, 2019 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mortgage Questions
Replies: 10
Views: 612

Refinance Mortgage Questions

Hi everyone, My house value is 368k as per zillow. I bought the house last year for 364k and owe ~342k. My mortgage rate is 4.56% with PMI of 80$. I pay this loan like 15 year loan. Since the mortgage rates are dropping i asked my broker and he offered me the following options:-

1. 4.56% and waive PMI, 0 closing costs - least desired in my opinion since i will get rid of PMI soon.
2. 4.125% with PMI, 0 closing costs
3. 3.875% with PMI, $2500 closing costs

I am confused between options 2 & 3. Which option do you see as the best one?
by FordMustang12
Mon Apr 09, 2018 9:49 pm
Forum: Personal Investments
Topic: Vanguard 1099-R issue. Please help
Replies: 10
Views: 790

Re: Vanguard 1099-R issue. Please help

There were $6000 in distributions. Did you tell TurboTax that the $6000 in distributions was not taxable? What are the interview questions for your Roth IRA in TurboTax? How did you answer the interview questions? Vanguard and the 1099-R has no idea if you have other Roth IRAs, made other contributions at another vendor, withdrew more from other Roth IRAs, etc. It is up to you to understand the tax laws and answer the TurboTax questions. It asks me to enter the vanguard user info. When i do that it pulls the taxable brokerage account as well as Roth IRA 1099 R. Once thats done it asks me if i want to import. There is not other option before or after import to tell it that it is not a taxable distribution. Also this is the description menti...
by FordMustang12
Mon Apr 09, 2018 9:43 pm
Forum: Personal Investments
Topic: Vanguard 1099-R issue. Please help
Replies: 10
Views: 790

Re: Vanguard 1099-R issue. Please help

IndexRookie wrote: Mon Apr 09, 2018 9:25 pm A 1099 is expected. What’s the code in box 7? Make sure it’s correct there and on your return.
Box 7 has a "J" on it
by FordMustang12
Mon Apr 09, 2018 9:20 pm
Forum: Personal Investments
Topic: Vanguard 1099-R issue. Please help
Replies: 10
Views: 790

Re: Vanguard 1099-R issue. Please help

livesoft wrote: Mon Apr 09, 2018 9:16 pm Import does not save you from user input error.
But the 1099r form in vanguard say 6000$ was distributions 😭
by FordMustang12
Mon Apr 09, 2018 9:15 pm
Forum: Personal Investments
Topic: Vanguard 1099-R issue. Please help
Replies: 10
Views: 790

Re: Vanguard 1099-R issue. Please help

livesoft wrote: Mon Apr 09, 2018 9:11 pm Sounds like a user input error to TurboTax. Maybe read IRS Publication 590B about Roth IRA withdrawals and also the instructions to Form 1040?
Nope I did an automatic import from vanguard via turbo tax. This is when I realised and opened my 1099r in vanguard and saw all the data
by FordMustang12
Mon Apr 09, 2018 8:57 pm
Forum: Personal Investments
Topic: Vanguard 1099-R issue. Please help
Replies: 10
Views: 790

Vanguard 1099-R issue. Please help

I am 31 and In feb 2017 i made a decision to contribute to a Roth IRA and so i opened a Roth IRA Brokerage account with vanguard and contributed $5500 for 2016 and $500 for the year 2017. However, in a couple of days i changed my mind and contacted Vanguard asking them if i could withdraw the funds and close the IRA account. They asked me to write a letter explaining things and said there would be no tax implications. They withdrew $6000 and sent me a check which i see as distributions in my transaction history. I filed my taxes for 2016 and saw no issues because there were no distributions mentioned on the 1099 - R. Now while filing taxes using turbo tax i noticed that the 2017 1099-R has that $6000 listed as distributions. How can this be...
by FordMustang12
Tue Jan 10, 2017 1:22 pm
Forum: Personal Investments
Topic: Please [Review] my Portfolio
Replies: 7
Views: 1039

Re: Please with my Portfolio

You shouldn't be putting any money into taxable accounts until you have opened and maxed IRAs (probably Roth) for both you and your spouse for 2016 and 2017. If needed, you should see assets from taxable to fund those. This. And no need to worry about how to rebalance when you do it in tax-advantaged accounts (401k and IRA) as the events are not taxable. I exchange funds (sell and buy) and check that my future allocations are still appropriate when I rebalance. I did not start a ROTH IRA yet because i'm not US Citizen and my I140 is in process. It will be approved in a couple of my months and thats when i was going to start maxing my Roth IRA. My wife cannot work till the time i get my I140 approved and so she has no SSN yet. I cant open a...
by FordMustang12
Tue Jan 10, 2017 1:19 pm
Forum: Personal Investments
Topic: Please [Review] my Portfolio
Replies: 7
Views: 1039

Re: Please with my Portfolio

1) To mimic a total stock market index fund use a 4 to 1 ratio of Fidelity 500 Index Fund Premium (FUSVX) and Fidelity Extended Market Index Fund Premium (FSEVX). 2) At age 30 I suggest a higher bond allocation. I suggest about 20% in bonds. In my opinion 20% of stocks in international stocks is within the range of what is reasonable. For a bond fund I suggest Fidelity U.S. Aggregate Bond Index Fund Premium (FSITX) if available to you. 3) I rebalance by exchanging between funds inside a tax-protected account. I try to arrange new contributions in a way that maintains my desired asset allocation. . . . . . I assume that you are using Fidelity's BrokerageLink in your 401k. Is that correct? About how much (in dollars) do you expect that you m...
by FordMustang12
Tue Jan 10, 2017 12:20 pm
Forum: Personal Investments
Topic: Please [Review] my Portfolio
Replies: 7
Views: 1039

Please [Review] my Portfolio

Hello everyone. I did not know anything about investments about a year ago but after reading bogleheads and other material i decided to start investing myself. I have a few questions and just want to know if I am doing well and if there is anything i should change. Here is my Portfolio. Note: My wife does not work and has no retirement accounts. I'm the only earning member as of now and hence i included all of my details. Salary - 80965/year Emergency funds: 15000$ Debt: None. Tax Filing Status: Married Filing Jointly Tax Rate: 15% Federal, 6% State State of Residence: Michigan Age: 30 Desired Asset allocation: 95% stocks / 5% bonds Desired International allocation: 15 - 20% of stocks Current retirement assets Taxable 8,700$ 80% VANGUARD TO...
by FordMustang12
Mon Apr 04, 2016 6:16 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

Great so I can contribute 5500 for FY2015 and then Contribute another 5500 for FY2016.

Thank you everyone for your help.
by FordMustang12
Mon Apr 04, 2016 5:41 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

What is your 2015 adjusted gross income & taxable income? This may eliminate a lot of confusion for everyone. bill AGI-67990 taxable income - 67990 I think you're missing at least a standard deduction and personal exemption? Your taxable income is likely lower than your AGI. Regardless, I believe you're over the AGI threshold for being able to claim a retirement savers credit. So, as others have stated, I wouldn't see a reason to amend your return. Oh my taxable income should be line number 7 correct? That is 67858. Here is a link to turbo tax they mention to ammend the return as well. I just don't understand what to ammend if I have to ammend anything at all that is. https://ttlc.intuit.com/questions/2294235-if-i-contribute-to-roth-ir...
by FordMustang12
Mon Apr 04, 2016 5:25 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

billfromct wrote:What is your 2015 adjusted gross income & taxable income?

This may eliminate a lot of confusion for everyone.

bill
AGI-67990 taxable income - 67990
by FordMustang12
Mon Apr 04, 2016 4:44 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

I received some similar information, but in the context of a Roth conversion, not just a standard RothIRA contribution. If I understood correctly (and I'm sure didn't, at least not completely), when Fidelity converts from a tIRA to a rIRA, they have to send the IRS information about the gains, and then I have to pay taxes on those gains, or report a zero gain, on a form 6806. Were you talking about just a regular contribution, or a "backdoor" conversion? Just a regular contribution. I do not have Roth Ira account nor TIRA account as of now . I only have 401k account with fidelity and a taxable account with Vanguard. I wanted to open a new Roth Ira account for myself and contribute 5500$ for the year 2015. I thought I could do it ...
by FordMustang12
Mon Apr 04, 2016 3:36 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

I am 29 years old so i can contribute 5500$ i believe. I did not use any tax software. I used efile to do my taxes. I was just not sure if i can open an account and fund it with 5500$ for 2015 AFTER filing my taxes already and then fund it with another 5500$ for the year 2016. Yes, you can do all that. Provided you don't make too much (or too little) money. Your taxes aren't generally involved with Roth contributions, since you don't get a deduction. You just need to make it clear when doing the contribution which tax year it is for (there should be a check box or some such to say it is for FY2015 or FY2016). Will I have to ammend my 2015 tax return though? I spoke with Vanguard advisor and he said I can contribute but I need to ammend my ...
by FordMustang12
Mon Apr 04, 2016 3:21 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

I am 29 years old so i can contribute 5500$ i believe. I did not use any tax software. I used efile to do my taxes. I was just not sure if i can open an account and fund it with 5500$ for 2015 AFTER filing my taxes already and then fund it with another 5500$ for the year 2016. Yes, you can do all that. Provided you don't make too much (or too little) money. Your taxes aren't generally involved with Roth contributions, since you don't get a deduction. You just need to make it clear when doing the contribution which tax year it is for (there should be a check box or some such to say it is for FY2015 or FY2016). Will I have to ammend my 2015 tax return though? I spoke with Vanguard advisor and he said I can contribute but I need to ammend my ...
by FordMustang12
Mon Apr 04, 2016 2:16 pm
Forum: Personal Investments
Topic: Roth IRA Question
Replies: 15
Views: 1222

Re: Roth IRA Question

I am 29 years old so i can contribute 5500$ i believe. I did not use any tax software. I used efile to do my taxes. I was just not sure if i can open an account and fund it with 5500$ for 2015 AFTER filing my taxes already and then fund it with another 5500$ for the year 2016.