Search found 2882 matches

by niceguy7376
Sun Jun 13, 2021 7:27 pm
Forum: Personal Investments
Topic: Beneficiary IRA distribution into solo Roth 401k somehow?
Replies: 6
Views: 185

Re: Beneficiary IRA distribution into solo Roth 401k somehow?

Any money into a (Solo or not ) should come from employment. Money is fungible.
So if you earn more at the company, you can put more as after tax and live off the IRA distribution
by niceguy7376
Sat Jun 12, 2021 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Is it worth Refinancing to Shoter term/lower rate or just pay additional princ/each month?
Replies: 2
Views: 412

Re: Is it worth Refinancing to Shoter term/lower rate or just pay additional princ/each month?

What are the closing costs for the 20 year loan?
You need to factor that and see what interest amount you will save when you compare the remaining interest of current loan and the total interest you will pay over the term of the new 20 year
by niceguy7376
Tue Jun 08, 2021 6:21 pm
Forum: Personal Finance (Not Investing)
Topic: Real Estate Paralysis – looking for any ideas
Replies: 12
Views: 1887

Re: Real Estate Paralysis – looking for any ideas

Depreciation 4k?
How is that possible?
by niceguy7376
Mon Jun 07, 2021 8:10 am
Forum: Personal Finance (Not Investing)
Topic: How much do you get off your taxes for each kid?
Replies: 19
Views: 1466

Re: How much do you get off your taxes for each kid?

Considering how much it costs to feed/clothe/house/educate a child I think anyone who thinks having babies for a $2k tax credit is the path to wealth is in for a rude awakening....... +100 It is easy to link kids and no income tax but the simplest route to not pay taxes is not having more kids. IT ...
by niceguy7376
Wed Jun 02, 2021 9:50 am
Forum: Personal Finance (Not Investing)
Topic: Selling a rental property, maybe?
Replies: 16
Views: 1226

Re: Selling a rental property, maybe?

Trying to understand the tax impact in a numbers perspective. 20+ years back when it was put in rental, the house value might be (assumed) = 200K. On a 27.5 year depreciation cycle, depreciation already taken would be nearly 175K. So if OP sells it for 500k now and we assume agent commission costs a...
by niceguy7376
Thu May 27, 2021 4:41 pm
Forum: Personal Finance (Not Investing)
Topic: Yet another pre vs. post tax savings question, with some unique details
Replies: 22
Views: 1316

Re: Yet another pre vs. post tax savings question, with some unique details

At that income level, what Roth Options do you currently have?
Roth IRA through Backdoor Roth ? Dont you have any Trad IRA accounts?
Roth 401k through work for either or both of you?
by niceguy7376
Wed May 26, 2021 10:17 am
Forum: Personal Investments
Topic: Single Member LLC: Can You Make SEP IRA Contributions and Roth Solo 401k Contributions In The Same Year?
Replies: 7
Views: 486

Re: Single Member LLC: Can You Make SEP IRA Contributions and Roth Solo 401k Contributions In The Same Year?

You cannot have two employer retirement plans for same business - You already have SEP IRA and thus cannot have Solo 401k (be it Roth or trad)
by niceguy7376
Tue May 25, 2021 8:18 am
Forum: Personal Finance (Not Investing)
Topic: Quickbooks Online or Desktop?
Replies: 13
Views: 897

Re: Quickbooks Online or Desktop?

southerndoc wrote: Tue May 25, 2021 8:14 am There needs to be some competition in the market. Maybe some software developer will create an app one day to compete with QBO.
https://www.sage.com/en-us/products/sage-50cloud/
by niceguy7376
Thu May 20, 2021 8:23 am
Forum: Personal Consumer Issues
Topic: BMW X5 45e vs Mitsubishi Outlander PHEV
Replies: 15
Views: 706

Re: BMW X5 45e vs Mitsubishi Outlander PHEV

How are these tax credits for every year?
Which state and what tax credits are you talking about?
by niceguy7376
Tue May 18, 2021 8:59 am
Forum: Personal Finance (Not Investing)
Topic: Gifting money - lifetime gift tax exemption question
Replies: 25
Views: 1820

Re: Gifting money - lifetime gift tax exemption question

Nowizard wrote: Tue May 18, 2021 8:44 am 2. One indicated that approximately 15K could be given by each member of a couple and for the recipient, making a total of 60K rather than 30K from a couple. Where am I wrong?
Tim
Husband1 and wife1
Husband2 and wife2
H1 to H2 - 15K
H1 to W2 - 15k

W1 to H2 - 15K
W1 to W2 - 15k

Total 60k
by niceguy7376
Sun May 16, 2021 9:26 am
Forum: Personal Finance (Not Investing)
Topic: Resolved. First time filing taxes after opening an individual 401k in 2020
Replies: 9
Views: 853

Re: First time filing taxes after opening an individual 401k in 2020 (help requested!)

So this is a Solo 401k for a S Corp or sole prop? You talk about Employer and Employee and then talk about half of self employment tax How long have you been in business? Where is this solo 401k that offers a roth employee? Is there any other jobs/income for you? Are we still talking about 2020 tax ...
by niceguy7376
Sat May 15, 2021 8:37 pm
Forum: Personal Finance (Not Investing)
Topic: 5500 solo 401k reporting question
Replies: 13
Views: 763

Re: 5500 solo 401k reporting question

What happens in the below example?
Balance as of Mar 15 th 2021 - 210K

Contributed 19K on Mar 15 2021 for 2021 year - 230k

Investment grows to 250K for one day in May 2021 (7th) but now down to 247K on 5/14/21

Should 5500 be filed for May 7th date?
by niceguy7376
Tue May 11, 2021 7:32 am
Forum: Personal Finance (Not Investing)
Topic: Charitable contribution to India
Replies: 6
Views: 795

Re: Charitable contribution to India

You need to look at charities that are registered in USA which does most of the activities in India. There are tons of them and I dont know which website (charity navigator and such) can be used to filter those. Some of the charities that I am aware of are: SEWA Akshay Patra AID India Sankara Eye In...
by niceguy7376
Wed May 05, 2021 8:46 am
Forum: Personal Consumer Issues
Topic: Local alarm system options??? Nest, SimpliSafe, Ring or Others?
Replies: 20
Views: 1745

Re: Local alarm system options??? Nest, SimpliSafe, Ring or Others?

We had Simplisafe and then moved to Ring in last year. Both are pretty much similar that you buy the products and install it on your own and register.
Ring has $100 per year plan while Simplisafe monitoring starts at $15 per month
by niceguy7376
Mon Apr 26, 2021 3:17 pm
Forum: Personal Consumer Issues
Topic: Low sodium restaurant foods
Replies: 66
Views: 4443

Re: Low sodium restaurant foods

My experience when I travelled for work in prev decade: 1. I survived on Healthy Choice meals sold 4 as package at Costco in 2011 for nearly 6 months. 4 different flavors as one package. Buy them on Monday from Airport to Office at Costco in middle and put them in office for lunches. 2. Mediterranea...
by niceguy7376
Tue Apr 13, 2021 3:08 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage application denied due to large 401k contribution?s
Replies: 27
Views: 2346

Re: Mortgage application denied due to large 401k contribution?s

How long have you been self employed?
What they care is what is your take home and they were right in not feeling confident that you dont take home much. What is the loan amount?
by niceguy7376
Mon Apr 12, 2021 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Employer covers 90% of Medical Insurance How Does It Work And Worth Getting to 100%?
Replies: 11
Views: 1031

Re: Employee covers 90% of Medical Insurance How Does It Work And Worth Getting to 100%?

After the post update, I have the follow up question. You are currently 55. When you say Part B and D, you are talking about when you turn 65. As someone already said, how iron clad is this commitment from your Employer? Is this insurance just for you or for whole family? Taking care of your health ...
by niceguy7376
Thu Apr 08, 2021 12:25 pm
Forum: Personal Finance (Not Investing)
Topic: Tax bill split between spouses
Replies: 82
Views: 4668

Re: Tax bill split between spouses

Say her income is 100K. Assume your income as 100k.
Then do the taxes and see what is the tax bill (not what is owed). Split those amounts.
Now do the true return. Whatever is now increased is all due to your income.
by niceguy7376
Wed Apr 07, 2021 7:47 am
Forum: Personal Finance (Not Investing)
Topic: Staying at a company after giving notice? (counter-offer)
Replies: 58
Views: 5959

Re: Staying at a company after giving notice? (counter-offer)

I will stay at the current one, take the pay increase and work on the certifications.
The familiarity of the env should let you concentrate on the certifications that you aim to complete
by niceguy7376
Sat Apr 03, 2021 4:28 pm
Forum: Personal Consumer Issues
Topic: exipred / obsolete propane jugs
Replies: 58
Views: 4009

Re: exipred / obsolete propane jugs

One Costco location in our area refills the cylinders and they charge by amount of lbs they filled.
by niceguy7376
Fri Apr 02, 2021 4:04 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with employer's 401k and pay statement errors.
Replies: 5
Views: 486

Re: How to deal with employer's 401k and pay statement errors.

So with a new 401k provider for 2021, I assume the interface between the payroll system and 401k system might not be getting the correct values. You as employee will enter your contribution rates on a website. These numbers should then flow through the payroll to be deducted correctly. Then the amou...
by niceguy7376
Fri Apr 02, 2021 12:05 pm
Forum: Personal Finance (Not Investing)
Topic: How to deal with employer's 401k and pay statement errors.
Replies: 5
Views: 486

Re: How to deal with employer's 401k and pay statement errors.

With a 21% and 25% contribution rates, I assume that you have a true After tax that allows you to contribute upto 58k (excluding Employer match). Is this a new job that started with first paycheck of March 15 or have you been employed there for a long time but only seeing issues now? If you can get ...
by niceguy7376
Wed Mar 31, 2021 12:03 pm
Forum: Investing - Theory, News & General
Topic: Taxes on Traditional IRA Distributions
Replies: 15
Views: 1143

Re: Taxes on Traditional IRA Distributions

It gets added to your total income and then you get the deductions and such which lowers the taxable income
by niceguy7376
Tue Mar 30, 2021 10:00 am
Forum: Personal Investments
Topic: Trade-off for less 401k company match
Replies: 29
Views: 2277

Re: Trade-off for less 401k company match

Based on limited info given (current tax bracket and 14k of Employer Match lost), I will stay with the current job. 14k of Employer Match amount is a huge amount. Not knowing of why the OP is looking at job change and what they dislike in current job and what they like in new job and what the OP fee...
by niceguy7376
Mon Mar 22, 2021 4:02 pm
Forum: Personal Consumer Issues
Topic: Solar Cost Estimate
Replies: 19
Views: 1307

Re: Solar Cost Estimate

I am hoping that someone from the state of Georgia would install solar and share the info. I see MA, DE and DC/MD area mentioned and we are a bit southern that those states.
by niceguy7376
Mon Mar 22, 2021 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Rental Duplex Property (Sell or Not Sell)
Replies: 9
Views: 825

Re: Rental Duplex Property (Sell or Not Sell)

which state or region is this?
If you want a simple life, then sell it and move on from rental property headaches.
by niceguy7376
Sat Mar 20, 2021 2:12 pm
Forum: Personal Investments
Topic: SEP IRA
Replies: 5
Views: 348

Re: SEP IRA

After two years, what percentage of salary does the Employer contribute to her SEP IRA? In a SEP-IRA, the employer should decide on a % number which is then applied to all eligible employees . The employER makes that contribution into the retirement account. Say Dentist takes a 200k salary and your ...
by niceguy7376
Mon Mar 15, 2021 10:08 am
Forum: Personal Finance (Not Investing)
Topic: 2019 tax return in processing limbo, can’t get a mortgage
Replies: 5
Views: 476

Re: 2019 tax return in processing limbo, can’t get a mortgage

If you file 2020 and it is accepted, would that be enough for the mortgage company?
by niceguy7376
Fri Mar 12, 2021 1:57 pm
Forum: Personal Finance (Not Investing)
Topic: [Third stimulus payment - mega-thread]
Replies: 372
Views: 27782

Re: Received 3rd stimulus check 3/12/21

How can that be possible? Treasury went to work after 2.15 PM yesterday and started doing EFTs?

Overnight by today is lightning fast that I did not expect
by niceguy7376
Tue Mar 09, 2021 5:07 pm
Forum: Personal Investments
Topic: Finished grad school and about to get a job offer. Should I look into tax harvesting my current holdings?
Replies: 15
Views: 1363

Re: Finished grad school and about to get a job offer. Should I look into tax harvesting my current holdings?

VASGX - Vanguard LifeStrategy Growth Fund Investor Shares VATSX - Vanguard Total Stock Market Index Fund Admiral Shares You said non-retirement account - I assume that to be brokerage aka after tax account. If so, this will have tax reporting every year. Also the wash sales rule is applicable. I don...
by niceguy7376
Mon Mar 08, 2021 7:04 pm
Forum: Personal Finance (Not Investing)
Topic: Does anyone have a coffee, macadamia nut, or avocado farm?
Replies: 26
Views: 2253

Re: Does anyone have a coffee, macadamia nut, or avocado farm?

My motivation: This project was for me to use my money and creativity to live a balanced life. It also helps to give tremendous peace, great exercise and helps a lot to .....not watch a portfolio! In the tropics there is enough water to let things go if it is not a monoculture. Is this also called ...
by niceguy7376
Mon Mar 08, 2021 11:26 am
Forum: Personal Finance (Not Investing)
Topic: Selling a new construction house and taxes
Replies: 39
Views: 2520

Re: Selling a new construction house and taxes

I am still trying to understand how it can be written off as rental property.
What is your Income for 2020 or 2021.
What is the cost basis of the property and how is that setup in this scenario
by niceguy7376
Mon Mar 08, 2021 9:00 am
Forum: Personal Finance (Not Investing)
Topic: help with math on low balance refinance
Replies: 5
Views: 483

Re: help with math on low balance refinance

option 3 with total loan amount being slightly into 5 figures - How does that change the closing costs. Remember to only factor in closing costs in first 3 sections and not the taxes and recording fees for a better comparison
by niceguy7376
Thu Mar 04, 2021 4:24 pm
Forum: Personal Investments
Topic: Selling Property, $600-750k Capital Gain, tax help?
Replies: 19
Views: 2410

Re: Selling Property, $600-750k Capital Gain, tax help?

When was it inherited?
Was it a rental property before it was inherited?
Jointly owned by you and your brother?
by niceguy7376
Thu Mar 04, 2021 11:30 am
Forum: Personal Finance (Not Investing)
Topic: Shopping Solo401k Providers - Should they provide plan documents?
Replies: 4
Views: 182

Re: Shopping Solo401k Providers - Should they provide plan documents?

So could you summarize what are your expectations of a Solo 401k?
That might be easy to decipher and see if there is a provider.
What do you consider as high expenses?
by niceguy7376
Thu Mar 04, 2021 7:52 am
Forum: Personal Finance (Not Investing)
Topic: ROTH IRA 1st Time Home Buyer, Co-Op
Replies: 2
Views: 240

Re: ROTH IRA 1st Time Home Buyer, Co-Op

I am not an expert in this situation but I would do this first as withdrawl of contributions first.
by niceguy7376
Wed Mar 03, 2021 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Big Raise: What to Do With It
Replies: 45
Views: 3500

Re: Big Raise: What to Do With It

Congrats on a big jump in Income. My first rule of thumb is to NOT do anything different for a year. ie no big changes to expenses. Let it show up in your bank account and then you can slowly think about what to do. You have not mentioned but I assume that you and your spouse are fully contributing ...
by niceguy7376
Wed Mar 03, 2021 10:50 am
Forum: Personal Finance (Not Investing)
Topic: Oxford Liberty vs. Freedom [Health insurance]
Replies: 3
Views: 332

Re: Oxford Liberty vs. Freedom

If these are choices at your work place health insurance, then you have two different ways to look at before you make a decision. 1. Local availability of Doctors and hospitals that are in network. 2. An Apples to Apples comparison between two plans based on assumed usage (fixed number of doctor vis...
by niceguy7376
Tue Mar 02, 2021 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Depreciate Solar Panels If Electric Utility Issues 1099 Misc
Replies: 45
Views: 3314

Re: Can I Depreciate Residential Solar Panels If I'm Taxed on the Income They Generate

Does IRS provide a life for these panels? Just like homes are depreciated at 27.5 years, what is it for solar panels?
by niceguy7376
Mon Mar 01, 2021 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Mortgage as a percentage of take-home pay
Replies: 12
Views: 1279

Re: Mortgage as a percentage of take-home pay

Welcome to the forum. Is the 26K income for both as "She" just completed school. It is not clear if the income mentioned is for both or just for one. In general, your Principal and Interest and Mortgage taxes and Insurance should be up to 40% of your pay (my preference, not any written rul...
by niceguy7376
Sat Feb 27, 2021 12:20 am
Forum: Personal Investments
Topic: Invest proceeds sale from home
Replies: 14
Views: 1021

Re: Invest proceeds sale from home

OP, Welcome to the forum. It would be great if you provide a bit more details. Based on the info given, if you (and your spouse) make a profit of 200K on selling the home, then you do not need to pay any taxes. Do you and spouse have a job where 401k is provided? If so, do you put the max into it? O...
by niceguy7376
Thu Feb 25, 2021 11:06 am
Forum: Personal Investments
Topic: SEP IRA: effectively ends backdoor Roth eligibility?
Replies: 3
Views: 235

Re: SEP IRA: effectively ends backdoor Roth eligibility?

SEP IRA is counted in the calculation and so is SIMPLE IRA (Another small business retirement plan with no or low costs).
Are you still at the SEP IRA employer?

If not, you can talk to your existing old 401k plans to see if they will allow this SEP IRA to be brought in
by niceguy7376
Thu Feb 25, 2021 11:02 am
Forum: Personal Consumer Issues
Topic: First Ever Real Cell Phone Plan (pilot needs)
Replies: 12
Views: 670

Re: First Ever Real Cell Phone Plan (pilot needs)

How much does a smallest duration of flight training cost?
by niceguy7376
Wed Feb 24, 2021 4:09 pm
Forum: Personal Consumer Issues
Topic: First Ever Real Cell Phone Plan (pilot needs)
Replies: 12
Views: 670

Re: First Ever Real Cell Phone Plan (pilot needs)

4nursebee wrote: Wed Feb 24, 2021 2:55 pm One of the things I have avoided doing is getting a legit cell phone plan. I have an iphone, I think an 11, only use it in wifi.
So an iphone11 is used without a cell phone plan? I dont understand "use it in wifi"
Which carrier activates and assigns a number?
by niceguy7376
Thu Feb 18, 2021 3:04 pm
Forum: Personal Consumer Issues
Topic: Any Boglehead Lessons From the Texas Winter Storm?
Replies: 226
Views: 18739

Re: Any Boglehead Lessons From the Texas Winter Storm?

If the heating of the home/water/gas stove is done by Natural gas, it will still would have failed because the Thermostat runs on power and thus would not trigger the heater to start.

What is the alternative methods to get away from this power dependency?
by niceguy7376
Thu Feb 18, 2021 1:10 pm
Forum: Personal Investments
Topic: Sole proprietorship - Solo 401K
Replies: 19
Views: 1091

Re: Sole proprietorship - Solo 401K

johnpau wrote: Thu Feb 18, 2021 12:09 pm Currently employed on W2, employer doesn't offer 401K. Contributing to Roth 401K yearly (6k limit).
You are NOT contributing to Roth 401k, you are contributing to Roth IRA.

If you have separate income stream as Sole Prop, you can open a Solo 401k and contribute according to the limits
by niceguy7376
Sun Feb 14, 2021 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Selling house using an Agent and a Tiered Commission Structure 3%, 5% and 10%. Anyone?
Replies: 22
Views: 18390

Re: Anyone tried using a tiered Real Estate Commission?

If an agent takes your offer and you cant sell it for 6 months because agent is trying for 900K while market value might be 800k, what will you do?
by niceguy7376
Fri Feb 12, 2021 1:32 pm
Forum: Personal Investments
Topic: Solo 401(k)
Replies: 11
Views: 902

Re: Solo 401(k)

A mistake already made is to contribute to non deductible trad ira. Another mistake already made is to contribute those to a Trad IRA account that has deductible trad ira amounts. Now you decide if you want to make a third mistake to open a solo 401k for a non existing business. I also do not think ...
by niceguy7376
Thu Feb 11, 2021 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: How to spend $2500 in a Health Reimbursement Account (HRA)
Replies: 18
Views: 700

Re: How to spend $2500 in a Health Reimbursement Account (HRA)

OP, are you getting confused between HSA and HRA?