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FelixTheCat

Paper filed on 2/16 (I qualified for a Sole Proprietorship Covid adjustment).
Waiting...

FelixTheCat

I'm a Sole Proprietor. Open a Solo 401K for the business. I max out my Roth IRA. I max out my Roth 401K as an employee. I contribute profit sharing money as an employer. I have two 401Ks at Vanguard https://investor.vanguard.com/small-business-retirement-plans/individual-solo-401k I use this link to...

FelixTheCat

Also, the specificity of withdrawal strategies was lacking, even evasive. I had a meeting with PAS specifically for the tax savvy withdrawal strategy. I was told PAS has a cost basis category called "Tax Efficient" in addition to what we have Spec ID, LIFO, FIFO and AVG Cost. I was told T...

FelixTheCat

I use Buffett's philosophy. Invest the money and get back to work.

FelixTheCat

White Coat Investor wrote: ↑Fri Mar 05, 2021 6:04 pm You know this isn't a new position for Buffett, right? He's never been a fan of bonds, even when yields were higher.

+1

FelixTheCat

Good afternoon all! I am in my early twenties and have been doing all of my investing through my TSP (aka 401k) in low cost index funds. I invest about 15% of each paycheck into my Roth TSP/401k. I also have $400k of term life insurance through my employer. Why do you have term life insurance? Are ...

FelixTheCat

My State Farm agent told me "The amount of assets you have."

FelixTheCat

Most of us on this board learn how to invest. If your daughter has no interest in reading the Boglehead board, then I suggest Vanguard's Personal Advisor Service https://investor.vanguard.com/advice/fi ... r-services

FelixTheCat

Have you locked down your credit? https://www.bogleheads.org/wiki/Credit_freeze I froze my credit a few weeks ago.. after the first case of fraud appeared with Minnesota. But that really helps for things for like... people applying for loans or opening up credit card accounts. I'm not sure what hel...

FelixTheCat

Emergency fund needs capital preservation. Money Markets, CDs, T Bills.

FelixTheCat

Have you locked down your credit? https://www.bogleheads.org/wiki/Credit_freeze

FelixTheCat

I talked to PAS. It was the PAS software that rearranged my account. The PAS advisor agreed with BH philosophy.

FelixTheCat

You guys invest like I do. I'll post their response when I have my meeting later today.

FelixTheCat

My Plan I've always have been told to put Total Stock Market Index in my Roth IRA so it will grow tax free. I don't have enough money in my tax deferred accounts to put all of my bond money so I have California Municipals in my taxable space. PAS Plan I went for my free PAS evaluation. Their recomm...

FelixTheCat

Custodial accounts age of majority is 18. In some states it is 25. How would you feel if your darling son is not the mature 18 year old you hoped? He could spend the money on what ever he desired. Personally, I would open another brokerage account in your name and fund it with VTSAX. You pay the ta...

FelixTheCat

Custodial accounts age of majority is 18. In some states it is 25. How would you feel if your darling son is not the mature 18 year old you hoped? He could spend the money on what ever he desired. Personally, I would open another brokerage account in your name and fund it with VTSAX. You pay the tax...

FelixTheCat

I think the best way is to have zero cash and have one's taxable portfolio 100% invested in equities. Why zero cash? Some threads on this board have two-to-three years in cash. Their philosophies are 1) There's no taxable events in spending cash. 2) If the market tanks, then you don't have to sell ...

FelixTheCat

I think the best way is to have zero cash and have one's taxable portfolio 100% invested in equities. Why zero cash? Some threads on this board have two-to-three years in cash. Their philosophies are 1) There's no taxable events in spending cash. 2) If the market tanks, then you don't have to sell ...

FelixTheCat

I calculate my state portion of the mutual fund for my state. In TurboTax I put X dollars for My State and the rest in Multiple States. For example, you have a $688 in dividends. You live in Illinois. Illinois has 7.44% of total dividends for Intermediate Term Tax Exempt. $688 * 7.44% is $51 for Ill...

FelixTheCat

Investing in low cost equity index funds such as Total Stock Market and S&P 500 index fund.

FelixTheCat

I live in San Diego. San Diego is a tourist destination with warm weather, good people and a lot of things to do here. My only downsides are California is pricey and has a lot of rush hour traffic. My suggestion before you move is take a vacation to the destinations you desire. Drive around the city...

FelixTheCat

Anyone else here been in similar situation, am hoping this situation will die down with more time. I told my closest friend I paid off my house. He thought it was his job for two years to tell me how to spend my money on things he wanted like a beach house or a boat. He even got upset when I kept t...

FelixTheCat

This appears to be up to a $10K tax credit for self-employed individuals who took time away from work due to care for sick family members and/or care for kids due to schools/childcare centers being closed. The IRS tax form says Number of days you were unable to perform services as a self-employed i...

FelixTheCat

Use TurboTax.

FelixTheCat

I fantasize about Buffet, Gates and others that pledge to give away their wealth. Join them. Donate more to the existing charities you cherish. Have you thought about Legacy Giving Plan through a Donor Advised Fund? You can 1) Donate your assets to charities upon your passing. OR 2) Continue to wri...

FelixTheCat

I'm considering retiring but I haven't figured out one thing. How do you withdraw from your account in a tax savvy manner? Do you withdraw from the taxable account first method? Do you withdraw from all accounts proportionally? How do you calculate this information?

FelixTheCat

I never understood this group of Bogleheads. Is it really worth it to move your money from institution to institution to get a $900 bonus?

In my humble opinion, a firm must be desperate to get somebody's money if they have to offer you a financial carrot.

FelixTheCat

The other thing that sticks clearly in my mind, is Warren Buffett doing the math for people and saying that if you factored in the projected growth rates, these companies would own the whole market in a few years and that there was no way to justify the current multiples. Consensus was that he was ...

FelixTheCat

ncbill wrote: ↑Fri Feb 12, 2021 2:25 pm I also have no 2020 tax info yet on the old Vanguard accounts I rolled over to another brokerage...seems weird.

I've have my old mutual fund accounts tax documents for a week+. I've also imported the data into TurboTax.

I also have the new brokerage account tax documents.

FelixTheCat

Is your checking or savings attached to your daughter's account? I fund my Roth from my checking account.

FelixTheCat

The child's SSN is on UTMA accounts.

FelixTheCat

Similar thoughts as you... I enjoy this stuff too so it's not a hassle for me to keep on top of personal finance. I wonder if having an advisor for the SPEND DOWN period of life will be more necessary than having one during the accumulation phase of life.... because of old age, complex tax laws, et...

FelixTheCat

Right now I'm trying to figure out what to do with my liquid savings. It's all in CDs/savings accounts varying from 1-2%, but I know it's probably better to put it into the market, I just have no idea how much. I guess this has to do with how much risk I'm willing to take, but I'm considering just ...

FelixTheCat

I would like to know their advice on one of the endless Boglehead debates. Should I invest in international?

FelixTheCat

Why don't you get a Donor Advised Fund? Donate the appreciated equity and get the write off. Then you can schedule grants for any charity in the time you desire.

Here's Fidelity's version https://www.fidelitycharitable.org/

FelixTheCat

Isn't the final step sending money to the Feds for the conversion? Let's say you are in the 22% tax bracket. 6,000 * .22 = $1,320.

Are you supposed to send the Feds $1,320 via EFTPS immediately after the conversion?

FelixTheCat

Dr. Dad wrote: ↑Tue Feb 02, 2021 3:13 pm The thing that has helped me: Taking my time to create an Investment Policy Statement that accurately reflects my wants, needs, judgement and style. And then rereading it as often as needed to stay the course.

Good luck,
DD

+1 on investment policy.

FelixTheCat

lakpr wrote: ↑Mon Feb 01, 2021 2:27 pm Based on the recent feedback from posters who do have VPAS or did have VPAS, I am not sure that they are worth it.

VPAS is great for people that do not want to do their own research. Not everyone wants to read Boglehead wikis or read countless posts in the forums.

FelixTheCat

Here's a list of Vanguard funds and their Fidelity equivalent https://www.bogleheads.org/wiki/Fidelity

Here's a wiki article on tax efficiency and fund placement https://www.bogleheads.org/wiki/Tax-eff ... _placement

FelixTheCat

I hope the laws have changed since this happened to me. I went into Home Depot. I came out and saw my left rear quarter panel was severely dented. No note. I called Allstate and they told me it falls under the moving violation part of my auto policy. I argued "My car was parked". I got a d...

FelixTheCat

Initiate the roll over from the Fidelity website. Fidelity will handle the transfer. It is that easy.

FelixTheCat

If you are using TurboTax, you can import your forms.

FelixTheCat

The parents have 100% of their money in safe fixed income investments. They probably will want something that is safe and will at least grow with inflation. I bonds? Tips? I suggest Vanguard's Personal Advisor Service. PAS should provide a complete financial picture of their financial situation prio...

FelixTheCat

I have all my forms except Fidelity.

The format of 1099-int, 1099-div and 1099-B haven't changed since last year. They shouldn't be late.

FelixTheCat

KlangFool wrote: ↑Wed Jan 27, 2021 7:36 pm
CASH is king.

KlangFool

Thanks for all of the advice.

FelixTheCat

Not sure what you mean. Let's say my 3.5% withdrawal rate is 50,000 a year. I only need 40,000 to live on. Is that it? What do you mean by CASH? Money market fund. I thought Bogleheads considered short term bond funds cash. It sounds like you might be confusing your spending needs with your income....

FelixTheCat

My portfolio is 50/50. I have money in Traditional IRA, Roth and Taxable. I was only worrying about my taxable account for now. I guess I need to do some more investigating. I am 58. Thinking about SS at 67. Is there a Boglehead book, wiki, or link that will give me a decent plan until I get a more ...

FelixTheCat

OP, The first thing that you should do is turn off all automatic dividend/interest/distribution reinvestment in your taxable account. You should read this thread too. https://www.bogleheads.org/forum/viewtopic.php?t=87471 <<How to pay ZERO taxes in retirement with 6-figure expenses>> KlangFool Than...

FelixTheCat

OP, 1) Do you care about tax management? Yes 2) Do you care whether you would be getting an ACA insurance subsidy? Yes If yes, you should accumulate more CASH into a buffer and separate your withdrawal from your actual expense need. Not sure what you mean. Let's say my 3.5% withdrawal rate is 50,00...

FelixTheCat

I am a consultant that may be out of work soon. I have read through the wiki and a lot of posts. I simply want to confirm my withdrawal strategy. In my taxable account I have Total Stock Index and two years worth of expenses in Short Term Bond Index fund. I plan to 1) Take 1/12 of my expenses from S...

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