Search found 54 matches

by MechEngOSU
Wed May 12, 2021 5:05 am
Forum: Personal Finance (Not Investing)
Topic: Form 8606 incorrect by CPA - how hard to pushback?
Replies: 1
Views: 352

Form 8606 incorrect by CPA - how hard to pushback?

First time going to CPA because of business related items. I do backdoor Roth. $6000 nondeductible traditional IRA contribution, $6005 conversion of traditional IRA to Roth IRA. Zero balance left in tIRA. Done the form many times in Turbotax and Part 1 and 2 both filled out. Their form 8606 came bac...
by MechEngOSU
Sat Mar 06, 2021 9:23 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2020 - Software reporting backdoor roth as taxable
Replies: 3
Views: 637

Re: H&R Block 2020 - Software reporting backdoor roth as taxable

Hi, the software is reporting it correctly for me when i follow the steps of the Finance Buff link, so a couple questions: Does your 1099 R look exactly like the one in the link? Same codes and boxes checked? Did you follow his steps in the troubleshooting section at bottom and delete the forms and ...
by MechEngOSU
Thu Mar 04, 2021 8:24 pm
Forum: Investing - Theory, News & General
Topic: Thought I understood bonds
Replies: 15
Views: 2964

Re: Thought I understood bonds

OP here...thanks very much for the great replies. This is a great refresher on some of the math relationships and market mechanics at work. It helped clear up the confusion!
by MechEngOSU
Thu Mar 04, 2021 7:35 pm
Forum: Personal Investments
Topic: Fidelity NetBenefits In-Plan Conversion
Replies: 14
Views: 1551

Re: Fidelity NetBenefits In-Plan Conversion

My wife also has to call Fidelity to do the conversion. My understanding is that some plans can be set up to do it automatically, but it depends on the employer, so you could check, but her's doesn't have this feature. This is the script she uses based on the suggestion of one of the first reps she...
by MechEngOSU
Sun Feb 28, 2021 3:14 pm
Forum: Personal Investments
Topic: 28 & 29 Year Old Looking for Investment Advice
Replies: 26
Views: 2494

Re: 28 & 29 Year Old Looking for Investment Advice

Some good advice from megabad above. Think about if you can handle the behavioral part of 100% stocks. Larry Swedroe has some good guidelines in his books about willingness, need,ability for risk. You make good salaries, so look at increased savings rate as a key lever. With that in mind, how much i...
by MechEngOSU
Sun Feb 28, 2021 2:54 pm
Forum: Personal Investments
Topic: Which one did I screw up? Mega back door Roth IRA or Turbotax?
Replies: 6
Views: 687

Re: Which one did I screw up? Mega back door Roth IRA or Turbotax?

Hi, I recommend you check out the finance buff website article on mega backdoor Roth in TurboTax. Your 1099r seems identical to his example boxes and should produce the correct result in TT without box 9a. Worked for me too. ETA: your TT output looks right. Not sure about why it’s not letting you e-...
by MechEngOSU
Fri Feb 26, 2021 6:10 am
Forum: Investing - Theory, News & General
Topic: Thought I understood bonds
Replies: 15
Views: 2964

Thought I understood bonds

I’ve been investing in stock and bond index funds for nearly 20 years now. For all those years the mantra “when yields rise, prices fall and when yields fall, prices rise” has stuck in my head. Every book and even the bond basics wiki has a table with that relationship. But then in the last two days...
by MechEngOSU
Sun Feb 21, 2021 2:59 pm
Forum: Personal Finance (Not Investing)
Topic: A-ha moments: Finance conversations with spouse
Replies: 3
Views: 839

A-ha moments: Finance conversations with spouse

Some context: My wife is mildly interested in our finances. She enjoys knowing our net worth each year, but does not really want any deeper details than that. Overall she just wants to know if we are on track to retire when we want, with the spending level that we want. Recently she had a big change...
by MechEngOSU
Sun Feb 21, 2021 2:24 pm
Forum: Personal Investments
Topic: Planning mid term goals
Replies: 8
Views: 562

Re: Planning mid term goals

Hi, some of this is personal preference, but what I've done in the past for similar circumstances: If it's needed for purchases 1-2 years away, and I want to make sure the principal is there, then online savings account is perfect. I would not make a separate account, but instead just add it to your...
by MechEngOSU
Thu Feb 04, 2021 6:00 pm
Forum: Personal Investments
Topic: New doctors
Replies: 13
Views: 1837

Re: New doctors

Good advice above on checking out White Coat Investor. I'm a big fan of the "do some of each" approach. During the time we were repaying student loans, we were also balancing it with saving for a down payment on a house, and saving for retirement. We put some in each bucket monthly and tri...
by MechEngOSU
Tue Feb 02, 2021 7:32 pm
Forum: Personal Investments
Topic: Heads up! Fidelity 2FA Temporarily Disabled!
Replies: 38
Views: 3308

Re: Heads up! Fidelity 2FA Temporarily Disabled!

It happened to me earlier too. I cleared my browser history and opened a new window and it worked, so I chalked it up to that. Must have been right around the time they resolved it:)
by MechEngOSU
Sun Jan 17, 2021 10:25 am
Forum: Personal Investments
Topic: Should one avoid losses of After-tax money pre-mega backdoor to Roth IRA?
Replies: 17
Views: 1152

Re: Should one avoid losses of After-tax money pre-mega backdoor to Roth IRA?

Interesting discussion. I'm glad you raised this -- It is relevant because my after tax is invested in stock/bond mix and I have to call each time I want to do in plan roth conversation of after tax money, so I was going to only do it a few times a year. I always I assumed that they would track basi...
by MechEngOSU
Sun Jan 03, 2021 5:40 pm
Forum: Personal Finance (Not Investing)
Topic: How often to invest HSA money
Replies: 10
Views: 673

Re: How often to invest HSA money

Is it possible and/or are you willing to switch to another vendor (like Fidelity HSA mentioned by earflop)? That may be more beneficial in the long run. If you must stick with your current set up, I would probably do every 6 months, although there is no perfect answer and it's a risk/reward thing. W...
by MechEngOSU
Fri Dec 25, 2020 9:25 pm
Forum: US Chapters
Topic: "The Hills of Bastogne"
Replies: 93
Views: 6760

Re: "The Hills of Bastogne"

Thanks Taylor for your sacrifices for our freedom. I was telling my wife today about your story, and how I first read about “Nuts!” from your post a few Christmases ago. We are eternally grateful to you and the others who fought so courageously, including my grandfather. It can be so easy to lose pe...
by MechEngOSU
Tue Dec 22, 2020 6:34 am
Forum: Personal Investments
Topic: Do Bogleheads hire Financial Advisors? If so why?
Replies: 86
Views: 6857

Re: Do Bogleheads hire Financial Advisors? If so why?

I have done this a few times for hourly advice on tax questions, asset allocation, and portfolio second opinion and have been very happy. I can say the same for posting on Bogleheads too! Some examples of the value provided in hourly advice: - CPA guided me on tax forms related to a new K1 and 1099 ...
by MechEngOSU
Thu Dec 17, 2020 6:27 am
Forum: Investing - Theory, News & General
Topic: Can anyone reach Vanguard on the phone?
Replies: 173
Views: 15365

Re: Can anyone reach Vanguard on the phone?

I called yesterday morning at 8am and had pickup time of about 7 min. Steps: I called the brokerage services 800-992-8327 number. Taking a tip from one of these threads, I told the robot I wanted to “transfer funds to vanguard” even though my goal was to convert Vanguard mutual fund shares to their ...
by MechEngOSU
Tue Dec 08, 2020 12:31 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA rollover + backdoor Roth
Replies: 3
Views: 290

Re: Roth IRA rollover + backdoor Roth

Thanks for the reply, David Jay. Interesting. If that’s the case,then it makes it even easier if it’s just considered a custodian to custodian transfer with no tax forms.
by MechEngOSU
Tue Dec 08, 2020 5:56 am
Forum: Personal Finance (Not Investing)
Topic: Roth IRA rollover + backdoor Roth
Replies: 3
Views: 290

Roth IRA rollover + backdoor Roth

Next year I may move my Roth IRA to a different brokerage. I plan to do backdoor Roth as well. 1. Do both of these transactions make their way to 1040 line 4? I am experienced with reporting the Backdoor Roth, but not the rollover. Are there pitfalls? 2. If you’ve done similar, do you recommend I wa...
by MechEngOSU
Mon Dec 07, 2020 6:48 pm
Forum: Personal Investments
Topic: 60/40 at age 35?
Replies: 39
Views: 3565

Re: 60/40 at age 35?

We are 60/40 at about 40 yrs old. About 5 years ago we were something like 70/30 and have been making the transition down. I can tell you I constantly go back and forth with thinking we have too little/too much stocks, so it's probably about right. It's all about balancing risk, sleeping at night, a...
by MechEngOSU
Mon Dec 07, 2020 6:37 pm
Forum: Personal Investments
Topic: Consolidating all investments at Fidelity
Replies: 37
Views: 4035

Re: Consolidating all investments at Fidelity

Interesting. Thanks for posting. I'm been considering doing the same for several of the reasons you mentioned, namely long term simplicity and number of accounts already at Fidelity. Two questions for you...did you have to do something special for the transfer bonus, like a certain level of assets i...
by MechEngOSU
Fri Nov 27, 2020 9:55 am
Forum: Personal Finance (Not Investing)
Topic: H&R Block 2020 software offer
Replies: 426
Views: 35231

Re: H&R Block 2020 software offer

Walmart has reduced their prices for the H&R Block tax software products . For example, H&R Block Tax Software Deluxe + State 2020 (PC Download) is currently $22.50. Thanks for the heads up! I ended up purchasing at this deal, but for the Mac download. Had to search a bit to find Mac downlo...
by MechEngOSU
Mon Oct 26, 2020 7:53 pm
Forum: Personal Investments
Topic: Idiot Check: About to spend $6667 on I Bonds
Replies: 39
Views: 3707

Re: Idiot Check: About to spend $6667 on I Bonds

Hi, sometimes I look at these from an absolute $$$ value rather than a percent, just so I can see how big or little a deal it is either way. Using quick and dirty math, 10k gives about $95 in interest vs $75. This may be adjusted slightly since its 11 months and also taxes, but you can decide if tha...
by MechEngOSU
Wed Mar 18, 2020 4:46 pm
Forum: Investing - Theory, News & General
Topic: What Would Jack Bogle Do?
Replies: 45
Views: 3477

Re: What Would Jack Bogle Do?

Thank you Mel. I really needed to see this today. I'm actually around 55 stock/45 bond (or at least I was in January), but even that can be hard to "stay the course" in these interesting days. It's a good reminder to calm down and have perspective.
by MechEngOSU
Tue Mar 03, 2020 9:17 pm
Forum: Personal Investments
Topic: Question on Ohio Collegeadvantage 529
Replies: 1
Views: 222

Re: Question on Ohio Collegeadvantage 529

Hi, their website has some info on both topics in the FAQ section. For instance, you can super fund per below. Also, it would just be $4000 deduction per beneficiary per married couple (so $8k not $16k in your example). “Per federal 529 laws, individuals can invest up to $15,000 ($​30,000 for marrie...
by MechEngOSU
Sat Feb 15, 2020 5:18 am
Forum: Investing - Theory, News & General
Topic: Great investment books that are less well known?
Replies: 27
Views: 3067

Re: Great investment books that are less well known?

Morgenthal & Co.: The Story of an important investment bank by Barrie Wigmore is an excellent fiction book about a investment bank going through 1972-2010 financial events as the backdrop. Really enjoyed the characters. Just a warning though, there is some rated R material in there unrelated to ...
by MechEngOSU
Sat Feb 01, 2020 4:52 pm
Forum: Personal Investments
Topic: My Sis is going to Ray James, is this fee right?
Replies: 94
Views: 7717

Re: My Sis is going to Ray James, is this fee right?

I’d keep it simple: 1) Raymond James $2700 a year, Vanguard $360 a year 2) But wait, there’s more - Raymond James fund fees $1,000 - $1,500 a year (or more); Vanguard $100 - $300 a year 3) Oh, by the way Vanguard is the world’s largest mutual fund company +1...Simple message and easy to understand ...
by MechEngOSU
Sat Feb 01, 2020 4:36 pm
Forum: Personal Finance (Not Investing)
Topic: 3 RSU events...how to handle
Replies: 14
Views: 1117

Re: 3 RSU events...how to handle

Thanks all. Tomato Tomahto - your assumption was correct...they are vesting from different years, with slightly different award dates. Jack FF - I totally understand what you are saying, but there is usually a few days between when they vest and when they clean in my brokerage to sell. I was merely ...
by MechEngOSU
Sat Feb 01, 2020 2:12 pm
Forum: Personal Finance (Not Investing)
Topic: 3 RSU events...how to handle
Replies: 14
Views: 1117

3 RSU events...how to handle

RSU and wash sale question... I'll receive the following shares of company stock from RSU/RSA vesting: 50 shares on 1/31 100 shares on 2/1 100 shares on 2/6 To keep it easy, I was going to either sell everything on 2/7 in a single sale, or wait 31 says past 2/6 and sell everything at that time to av...
by MechEngOSU
Mon Dec 02, 2019 9:12 pm
Forum: Investing - Theory, News & General
Topic: [Dow] dropped 250 points today?
Replies: 105
Views: 9281

Re: S&P dropped 250 points today?

It's new to me so I'm excited, but I'm sure after a few months it will get old and I won't check my account to see if my measly $6k has went up $10 or down. Right now though it's fun and if I see $10 gain I feel ok! OP, to get a feel for the typical values of swings in the stock market, I recommend...
by MechEngOSU
Mon Dec 02, 2019 8:52 pm
Forum: Personal Finance (Not Investing)
Topic: Forecasting taxes
Replies: 14
Views: 1579

Re: Forecasting taxes

You could also look at the first ~14 rows of the Calculations tab in the personal finance toolbox spreadsheet to see examples of what causes differences among gross, FICA, and W-2 Box 1 wages. +1 on the calculator tab I built a similar spreadsheet to forecast my taxes and it was the best thing for ...
by MechEngOSU
Sat Nov 30, 2019 3:39 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax 2019 on Amazon
Replies: 347
Views: 40030

Re: Turbotax 2019 on Amazon

There is a Black Friday offer on Amazon for Turbotax Premier (Federal & State) at $69, PLUS a $10 gift card, hence a value of $59. Download version. Sounds good to me. There is a similar GC offer for Deluxe at $49. Thanks Siamond. I ended up doing this TT Deluxe deal with the $10 gift card. Not...
by MechEngOSU
Wed Nov 27, 2019 7:15 am
Forum: Personal Investments
Topic: UTMA Strategy, Benefits, and Alternatives
Replies: 29
Views: 1912

Re: UTMA Strategy, Benefits, and Alternatives

I would like to make sure I understand this correctly. I can sell all UTMA holdings held for more than one year, and pay zero tax until the proceeds of the sale are in excess of $2,600. Since there is about $1,200 in the UTMA, and I plan to contribute around $300 per year, it is very unlikely the a...
by MechEngOSU
Wed Nov 27, 2019 5:36 am
Forum: Personal Finance (Not Investing)
Topic: Another "should I pay off the mortgage" thread
Replies: 11
Views: 1092

Re: Another "should I pay off the mortgage" thread

+1 to what mortfree said.

You can always make extra principal payments with new cash flow to gradually knock down the mortgage faster, without having to sell in taxable.

With one income, it would be nice to keep that liquidity available (personal preference).
by MechEngOSU
Tue Nov 26, 2019 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: How do you folks attribute your change in Net Worth?
Replies: 9
Views: 2115

Re: How do you folks attribute your change in Net Worth?

Perhaps I'm misunderstanding your question, but it should be pretty straightforward. I have simple excel sheet where I enter my monthly contributions in one column. If I know my starting balance and ending balance that year, then it's ending balance - starting balance - contributions = investment ea...
by MechEngOSU
Tue Nov 26, 2019 5:45 am
Forum: Personal Finance (Not Investing)
Topic: Advice on homeowner insurance on first home
Replies: 18
Views: 1735

Re: Advice on homeowner insurance on first home

I would suggest getting multiple quotes on an "apples to apples" bundle, whether through an independent agent or by calling 3 companies. A couple things to think about with the quotes: -If you have security system, mention that as well for possible discount. -Decide whether to add umbrella...
by MechEngOSU
Tue Nov 26, 2019 5:33 am
Forum: Personal Finance (Not Investing)
Topic: Child tax return or not?
Replies: 11
Views: 1392

Re: Child tax return or not?

OP here -- Thanks for the replies thus far. This was very insightful, with some surprising twists regarding "IRS will assume zero basis". Since those types of headaches are precisely what I wanted to avoid, I was glad I posted on bogleheads! The thread caused me to: 1) re-read form 8814 an...
by MechEngOSU
Sun Nov 24, 2019 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Child tax return or not?
Replies: 11
Views: 1392

Re: Child tax return or not?

Thanks Seymore 92. Sounds likes it is fine not to file anything then as long as no earned income, and unearned income under $1100. But not filing anything seems weird to me. For instance, the IRS will still get a 1099B showing the mutual fund sale, etc. matched to the kids SS number. I guess I'm que...
by MechEngOSU
Sun Nov 24, 2019 5:47 pm
Forum: Personal Finance (Not Investing)
Topic: Child tax return or not?
Replies: 11
Views: 1392

Child tax return or not?

Hello This year I’ll tax gain harvest in my child’s UTMA account. Roughly $400 in capital gains and $50 in dividends from a mutual fund, and about $50 in interest in a money market fund. Looking at Pub 17 and some calculators, the guidance is no tax return required. Any reason to still file? Ideally...
by MechEngOSU
Sun Feb 03, 2019 3:33 pm
Forum: Personal Finance (Not Investing)
Topic: RSUs, 1099s, taxes... not adding up?
Replies: 22
Views: 1788

Re: RSUs, 1099s, taxes... not adding up?

My experience was similar to yours. Your W2 income number will include the RSU vesting amount, and will also include the federal and state taxes they paid in W2 boxes 2 and 17. This assumes you did something like net issuance where they withheld shares of stock to pay those taxes. My Fidelity 1099 B...
by MechEngOSU
Sun Dec 09, 2018 3:35 pm
Forum: Personal Investments
Topic: Tax Loss Harvest w/ International Fund
Replies: 2
Views: 454

Tax Loss Harvest w/ International Fund

Hello, Looking for guidance on my first tax loss harvest. The wiki and some other threads were helpful, but I still have a few questions: Situation: -Bought FTIHX (Fidelity Total International Index Fund) in June 2017. -Cost Basis $15000. Dividends and capital gains have always gone straight to cash...
by MechEngOSU
Mon Oct 01, 2018 5:26 am
Forum: Personal Investments
Topic: What fixed income for taxable account?
Replies: 19
Views: 2229

Re: What fixed income for taxable account?

Really great advice all. It has led me down a totally different line of thinking than where I thought this thread would go! That is great. If I go the livesoft route, and I wanted to keep my overall asset allocation static, I would keep adding more to stock funds in taxable and then increase my mont...
by MechEngOSU
Mon Oct 01, 2018 5:17 am
Forum: Personal Investments
Topic: How much should I keep in cash ?
Replies: 7
Views: 1422

Re: How much should I keep in cash ?

I have always liked having 3-6 months of expenses in cash on hand (meaning savings acct). It just plain feels reassuring, even though I know it could be earning more elsewhere, and that stocks or bond funds could always be sold in a moment of need, too. I think it stuck with me because it was freque...
by MechEngOSU
Sun Sep 30, 2018 3:13 pm
Forum: Personal Investments
Topic: What fixed income for taxable account?
Replies: 19
Views: 2229

What fixed income for taxable account?

My wife and I are late 30’s with kids. Looking for advice on what should we do for the bond/fixed income part of our taxable account. Quick details: Previously 33% marginal rate. For the taxable account, we envision saving the fixed income portion for things needed in the 10-20 year time from such a...
by MechEngOSU
Wed Dec 27, 2017 2:19 pm
Forum: Personal Finance (Not Investing)
Topic: Pay January Mortgage Payment Now
Replies: 4
Views: 855

Re: Pay January Mortgage Payment Now

Agree with vested1. I just did this today. Also, The Finance Buff recently wrote a good short article about this.
[https://thefinancebuff.com/make-mortgag ... ember.html]
by MechEngOSU
Wed Dec 27, 2017 1:58 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax Prices
Replies: 302
Views: 45327

Re: TurboTax Prices

Amazon just lowered price of Deluxe Fed and State (PC/MAC disc or MAC download) to $39.86. Earlier this morning it was about 10 dollars higher than that. May or may not just be for prime members. Good price.
by MechEngOSU
Fri Jan 13, 2017 5:58 am
Forum: Personal Finance (Not Investing)
Topic: Best Financial Moves You've Made
Replies: 158
Views: 25858

Re: Best Financial Moves You've Made

-Developing a healthy respect for saving early in my teen years (thanks Mom and Dad!) -Resisting the temptations to open up credit cards in college, or have the best apartment, or best car during those years. Some of the less-than-amazing apartments I lived in with friends were the best. It got me i...
by MechEngOSU
Fri Jan 13, 2017 5:49 am
Forum: Personal Investments
Topic: HSA Suggestions: where?
Replies: 20
Views: 2593

Re: HSA Suggestions: where?

Fidelity has been very good and you can use low cost index funds in the HSA there
by MechEngOSU
Fri Jan 13, 2017 5:47 am
Forum: Personal Investments
Topic: Advice on next steps - taxable account and portfolio
Replies: 11
Views: 1997

Re: Advice on next steps - taxable account and portfolio

*BUMP* OP here. Any comments on the 50/50 allocation at mid-30's, or the "keeping it simple" approach to taxable account by using online savings account as bond portion?
by MechEngOSU
Wed Jan 11, 2017 9:00 pm
Forum: Personal Investments
Topic: Advice on next steps - taxable account and portfolio
Replies: 11
Views: 1997

Re: Advice on next steps - taxable account and portfolio

Hi everyone, bumping this past thread with an updated opening post, and new questions. Thanks for your help!
by MechEngOSU
Sat Jan 23, 2016 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: 1099 R for Backdoor Roth - Box 2b "total distribution"
Replies: 3
Views: 697

Re: 1099 R for Backdoor Roth - Box 2b "total distribution"

Thanks jebmke and Alan S....very helpful responses! Always fun to learn something new :happy