Search found 6 matches

by turfman
Wed Dec 09, 2020 11:12 pm
Forum: Personal Investments
Topic: Tax penalty if 529 isn't spent on education - how does it work?
Replies: 16
Views: 1630

Tax penalty if 529 isn't spent on education - how does it work?

Starting a 529 account for my child, age 3. We are already maxing out retirement accounts and HSA does not apply. I'm getting a little stuck on this detail, though: Distributions in excess of educational expenses incur a 10% tax on the earnings (unless certain conditions are met, e.g., scholarship a...
by turfman
Mon Jul 06, 2020 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 10242
Views: 737029

Re: Refinance Mega Thread

I just completed a refinance with Strong Home Mortgage, through Costco. Got a 30y fixed at 3.125% at slightly over 60% LTV, with $350 lender credit, for a rate locked in in mid-May that closed the first week of July. Could have gotten a slightly better deal if we’d done it a few weeks earlier or a f...
by turfman
Thu May 21, 2020 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: cash-out refi vs selling equities, for home improvements
Replies: 5
Views: 470

Re: cash-out refi vs selling equities, for home improvements

These responses are very useful -- thanks, all. We'll pass on the cash-out option, and indeed, the plan is to pay down the new 30y mortgage as fast as we can. It looks like the rate will be either 3.0 or 3.125, so when the stock market looks like a better deal again, we might shunt extra cash that d...
by turfman
Thu May 21, 2020 12:00 am
Forum: Personal Finance (Not Investing)
Topic: cash-out refi vs selling equities, for home improvements
Replies: 5
Views: 470

cash-out refi vs selling equities, for home improvements

We are 6 years into a 7/1 ARM (currently at 3.375%), so we are refinancing soon (in fact, a couple days ago, we locked in a 30y fixed at 3.125%, though we have not yet finalized that loan). We had been planning the refi to simply replace the existing loan, move to a fixed rate, and take advantage of...
by turfman
Thu May 14, 2020 11:25 am
Forum: Personal Finance (Not Investing)
Topic: [Government stimulus payments]
Replies: 361
Views: 30347

Re: [Government stimulus payments]

Well - let me be the first to welcome you to Bogleheads with your first post since joining in 2013! Everyone gets asked the same set of questions. It is just to verify your identity. Whether or not you received a refund has zero bearing on your stimulus benefit. I is based on income. No need to fil...
by turfman
Wed May 13, 2020 9:57 pm
Forum: Personal Finance (Not Investing)
Topic: [Government stimulus payments]
Replies: 361
Views: 30347

Re: [Government stimulus payments]

Quick question for the crowd. I thought the stimulus payment was just based on 2018 or 2019 income (2018 in my case since I haven't filed the 2019 return yet). But when I logged into the IRS "where's my check" system, it is asking me for not just the 2018 income (Form 1040 line 7) but also...