Search found 24 matches

by noobtoinvesting
Mon Jul 06, 2020 2:32 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10245
Views: 737595

Re: Refinance Mega Thread

is there a limit on lender credit? i have been told $5000 from one lender and i have other lender giving me 6500 lender credit!? who is right? same rate/same loan amt. any one?
by noobtoinvesting
Wed Jul 01, 2020 8:15 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10245
Views: 737595

Re: Refinance Mega Thread

locked with better for 2.25 with 2000 in lender credit for 15 years abc =3322 and will try to lower it by 1000 by getting my own title/closing company
by noobtoinvesting
Wed Mar 27, 2019 4:54 pm
Forum: Personal Finance (Not Investing)
Topic: Excess contribution
Replies: 6
Views: 747

Re: Excess contribution

no there is no space for any roth contributions. i was never eligible due to my income. my new cpa is advising me to add new taxable item for 3k and pay taxes on it and move on.
by noobtoinvesting
Wed Mar 27, 2019 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Excess contribution
Replies: 6
Views: 747

Excess contribution

Hey need some help I made excess contribution in my roth account from 2011 to 2014 for total of 21k and made 3k so total was 24k, I removed the excess contribution (whole 24k) in 2018 and rcvd 1099 form with code JP and taxable amt of 3k in box 2a. I did not pay any taxes for 3k last year as my CPA ...
by noobtoinvesting
Sun Jun 17, 2018 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

Final Update
money has been reversed from 401k account
origin tIRA custodian updated the 1099 form to reflect the correct amt rolled over
now to next step : convert tIRA money to roth

Thank you all who helped me
Appreciated
by noobtoinvesting
Tue May 15, 2018 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

There shouldn't be any rollback. The original IRA distribution of after tax money was not eligible for rollover to a qualified plan, so it must be reported as a distribution. It would not be taxable if it did not exceed the basis in the TIRA, but must be reported on line 15 of Form 1040. It was rol...
by noobtoinvesting
Tue May 15, 2018 2:51 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

How much pretax was in the original rollover? If it's significant, I wouldn't be eager to pay tax on conversion. I realize that you made a mistake originally and caused a problem, but why not do it correctly now? 83k (pre-tax) + $5500(post tax) they are rolling back/reversing only $5500, they will ...
by noobtoinvesting
Tue May 15, 2018 12:28 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

Would the $200 stay in the Roth 401K or would the custodian keep it? I would not want to give up $200. If they keep it for themselves, that even sounds shady to me (like they are complicit in the mistake). In reality, they should never have accepted the money, but as soon as they found out, they sh...
by noobtoinvesting
Mon May 14, 2018 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

anyhow, now 401k custodian wants to do "reversal" but my trad IRA (original IRA account) will not correct the 1099 form from 2017, and because of that 401k custodian is looking into doing direct rollover back to original trad IRA. ( not sure the details, @issuing 1099 for 2018) That's gre...
by noobtoinvesting
Mon May 14, 2018 1:11 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

Update
So 401k custodian gave me 2 options
Rolled back to original tIRA but they will not issue 1099r as they will be doing "reversal", like these money never existed
Other option is rolled to Roth IRA
In either case I will have to forfeit my gains
by noobtoinvesting
Sun May 13, 2018 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

update I called 401k custodian again and asked to speak to supervisor, initially PSR refused to transfer as there is nothing that she think her manager can do in my case to fix it but i did not take no for an answer and after 30 mins on phone with her asking to speak supervisor finally i got her sup...
by noobtoinvesting
Tue May 01, 2018 1:14 am
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

I'm not sure on this, but my understanding is that if the custodian knowingly accepts post-tax contributions, that jeopardizes the whole plan (from the IRS perspective). When the custodians find out about this, they are anxious to fix it, from past posts on the forum. (Possibly the 401K custodian t...
by noobtoinvesting
Tue May 01, 2018 12:56 am
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

ivk5 wrote: Thu Apr 26, 2018 1:59 am
noobtoinvesting wrote: Tue Apr 24, 2018 11:09 pm 1099 form from Schwab shows direct rollover for entire the entire amount. Just one 1099 form from Schwab
Is the "taxable amount not determined" box checked?
No, total distribution is checked
by noobtoinvesting
Wed Apr 25, 2018 1:26 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Re: Traditional IRA conversion/Roth back door

Employer has two plans, one for traditional 401k and also Roth 401k.
by noobtoinvesting
Tue Apr 24, 2018 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Traditional IRA conversion/Roth back door
Replies: 31
Views: 6342

Traditional IRA conversion/Roth back door

Hey guys, Last year I rolled over traditional IRA to current employer 401k, Some of the fund were post tax (non deductible contribution from previous year) And rest were pre-tax. When I roller over from Schwab, I rolled the entire amount in one transaction but on the receiving side (401k) they accep...
by noobtoinvesting
Wed Nov 15, 2017 11:45 pm
Forum: Personal Finance (Not Investing)
Topic: non deductible ira moved to 401k??
Replies: 8
Views: 1061

non deductible ira moved to 401k??

hey guys I was planning on doing backdoor roth ira this year and for that reason i moved all my trad IRA to my 401k recently but i did not realize that i moved my non deductible ira to 401k. I should have just moved those funds to roth ira. What issues or problems am i looking ahead other than payin...
by noobtoinvesting
Mon Oct 09, 2017 6:21 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

What a nice plan! What is in the Aggressive LifeStyle fund? What is its ER (expense ratio)? You could use the Equity Index (500 Index), Small Cap Index, International Equity Index, and Bond Index to make something close to the 3 fund portfolio. Look up 3 fund portfolio in the Wiki to see what I'm t...
by noobtoinvesting
Mon Oct 09, 2017 4:44 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

retiredjg wrote: Mon Oct 09, 2017 4:31 pm Not that much of an improvement, but if you know what you have and if it suits you, there's no problem. :happy
Image

here are the possible alternative for 401k #2

thanks for the input
I really appreciate help
by noobtoinvesting
Mon Oct 09, 2017 4:15 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

I also think much improvement can be made in 401k #2. care to elaborate?? There is considerable overlap in the funds you are holding. Overlap does not hurt performance, but it interferes with your ability to look at your portfolio and know what you've got. It does not appear there is any plan there...
by noobtoinvesting
Mon Oct 09, 2017 3:39 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

mega317 wrote: Mon Oct 09, 2017 1:40 pm I understand now. You mean you will lump sum the 50k AND you'll be investing 500-1k additionally. I'm on board with that plan.
yup thanks
by noobtoinvesting
Mon Oct 09, 2017 3:34 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

I think there is too much information missing to help you much. Without knowing some of these things, I don't think you can rely on the answers you are getting. Do you have an emergency fund? yup 3-6 months easily What do you plan to use for a downpayment in 2 to 3 years? I have a stable job and ca...
by noobtoinvesting
Mon Oct 09, 2017 1:21 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

Welcome to the forum. I think we still need more information. Please try to model this example: https://www.bogleheads.org/forum/viewtopic.php?t=6212 What are you going to use the money for? Retirement? Down payment for a home? Please also read about lump sum vs dollar cost averaging. What are you ...
by noobtoinvesting
Mon Oct 09, 2017 12:16 pm
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Re: Taxable Vanguard help invest $50,000

Without knowing anything else about your situation, I would choose $35k in Van Total Stock Market (VTI ETF) and $15k in Van Total International (VXUS ETF). I don't recall the tickers for the mutual funds off hand, but they would be the same functionally if you are buying and holding. Keep the bonds...
by noobtoinvesting
Mon Oct 09, 2017 11:21 am
Forum: Personal Investments
Topic: Taxable Vanguard help invest $50,000
Replies: 24
Views: 2649

Taxable Vanguard help invest $50,000

I am looking to invest approx one time investment of $50000 into my taxable vanguard account, I am planning to use this money for retirement only. age 31 married filing jointly retirement age probably not until 60 or 65 State Florida Ratio 90%/10% or 100% stocks Debt house/condo - $67000, paying $10...