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Ur Getting Fatter posted:Hey I think Turbotax hosed something up here? If the URL doesn't end in "irs.gov" don't use it for definitive tax advice. https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2019
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Jan 9, 2019 06:52
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Motronic posted:If the URL doesn't end in "irs.gov" don't use it for definitive tax advice. Well, poo poo. So if I file as married filing single I get royally hosed over? Is there any way around this? My wife is an NRA and we were hoping to avoid having to have her file in the US. dpkg chopra fucked around with this message at 06:57 on Jan 9, 2019 |
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Jan 9, 2019 06:55
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Ur Getting Fatter posted:Well, poo poo. It seems like you just came to terms with the "stick" part of the carrot and stick routine that the tax code uses to guide you into certain situations...........
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Jan 9, 2019 07:03
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Ur Getting Fatter posted:Well, poo poo. I think a backdoor Roth contribution would work for you. Doesn't help if you're trying to file right now though, sorry.
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Jan 9, 2019 08:20
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Ur Getting Fatter posted:Hey I think Turbotax hosed something up here? Nope, that is correct it sucks.
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Jan 9, 2019 14:07
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I’ve taken the night to think about it and I’ve come to the conclusion that this poo poo sucks.
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Jan 9, 2019 17:17
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Ur Getting Fatter posted:I’ve taken the night to think about it and I’ve come to the conclusion that this poo poo sucks. They super duper don't want to deal with Married Filing Separately because it could create a lot of loopholes if it was all just the single level. Hire an accountant if your non-resident alien (which took me a long time to decipher from NRA, presuming you aren't married to a gun) spouse is going to make it hard to do your taxes. Raldikuk posted:Why is your international exposure so low? 15-20% for long term horizons would be a good diversifying move. You can also probably ditch the real estate specific stuff depending on what your equity funds invest in (which very well could include REITs). Having some bond exposure wouldn't hurt to diversify a bit; but if your plan is to go super aggressive then you don't necessarily need it. I pushed some buttons. It's all still tax advantaged only. My 401k only has S&P 500 as a "large cap" with the low fees, so I'm doing that plus my small/mid obsession.  
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Jan 9, 2019 17:36
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H110Hawk posted:They super duper don't want to deal with Married Filing Separately because it could create a lot of loopholes if it was all just the single level. Hire an accountant if your non-resident alien (which took me a long time to decipher from NRA, presuming you aren't married to a gun) spouse is going to make it hard to do your taxes. Is your Holdings Detail chart showing more than just your 401k? If your 401k lets you hold Fidelity Total Market, there's no reason to also be holding SP500, small, and mid. Even if you're aiming for a tilt toward either small, mid, or large cap, there is a 100% overlap with Total Market. The holdings detail table might be showing your IRA or something beyond your 401k in which case ignore me
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Jan 9, 2019 19:49
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GoGoGadgetChris posted:Is your Holdings Detail chart showing more than just your 401k? If your 401k lets you hold Fidelity Total Market, there's no reason to also be holding SP500, small, and mid. Even if you're aiming for a tilt toward either small, mid, or large cap, there is a 100% overlap with Total Market. This is showing 4 IRA's, a 401k, and a 529. Thanks! This sounds close enough for government work.
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Jan 9, 2019 19:54
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Just file real fast while the IRS is furloughed 
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Jan 10, 2019 00:05
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I'm debating on picking up the Basic version or Deluxe version of H&R Block to do my taxes. Using the website, it states if I have investments that I should be using the Deluxe version. Is roll-over 401k, personal ROTH and work 401k considered "investments", or do they mean taxable investments? I am currently married but do not have kids or property.
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Jan 10, 2019 20:38
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obi_ant posted:I'm debating on picking up the Basic version or Deluxe version of H&R Block to do my taxes. Using the website, it states if I have investments that I should be using the Deluxe version. Is roll-over 401k, personal ROTH and work 401k considered "investments", or do they mean taxable investments? I am currently married but do not have kids or property. I'm using TaxACT's website for my stuff and it covers everything specified.
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Jan 10, 2019 22:22
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obi_ant posted:I'm debating on picking up the Basic version or Deluxe version of H&R Block to do my taxes. Using the website, it states if I have investments that I should be using the Deluxe version. Is roll-over 401k, personal ROTH and work 401k considered "investments", or do they mean taxable investments? I am currently married but do not have kids or property. If you are married with two W-2's and are taking the standard deduction (nothing above shows otherwise, do you have student loans, 1099 income) you can just do them by hand. 1040-EZ (Now just the regular 1040 it seems) is quite simple. Depending on your income you might qualify for "Free File" - otherwise you can use PDF fillable forms. https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free. It does require you to do some math, but there is nothing inherently complicated about it. If filling in chrome make sure to print -> Save to PDF them, pressing "File->Save"/control-s/cmd-s will result in the blank PDF being saved. H110Hawk fucked around with this message at 22:30 on Jan 10, 2019 |
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Jan 10, 2019 22:28
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Ugh, I've finally eeked out my partner's pension situation and found she's on the government's NEST scheme that currently requires employees to pay in 3% (going on 5% in the new tax year at the start of April) and the employer 2% (going to 3%) - The fund itself has an AMC of 0.3% on a retirement year targeted fund which is fine but there is a "contribution charge" of 1.8% that gets skimmed off anything being put in. What the gently caress? Are there any UK BFC goons out there with knowledge of this situation and if there's any better way to get pre tax money in a scheme without losing the employer match or is it something she should start beating over the head of her company's pension manager? She's in a really small law firm and I have a feeling the owner and partners are doing the legal minimum with regards to paying the employer's side. Is this a put in the minimum to get match and use a Vanguard SIPP once they get started up job?
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Jan 10, 2019 22:59
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I skimmed the first few pages of the thread but should I calculating future inflation in my 401k? Running some numbers, that nearly doubles what I need save which is absolutely crazy.
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Jan 11, 2019 08:00
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You'll also have your IRA and social security.
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Jan 11, 2019 08:40
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Tab8715 posted:I skimmed the first few pages of the thread but should I calculating future inflation in my 401k? Running some numbers, that nearly doubles what I need save which is absolutely crazy. Isn't that retaliative to what you think you'll be spending when you get older? Also where you live is a big factor as well. From what I've read everyone spends a bit less when they're older. 401K + SS + Roth?
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Jan 11, 2019 09:09
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I always expected it to be harder to spend less and more likely to stay flat or increase. If you think about what your week looks like right now you probably are spending 8-10 hours a day around work, generally not spending. What will replace those 40-50 hours of not spending? Plus you are free to travel and do more since you are not tied to X number of PTO days. You also will not be saving money if say putting things in a savings account/Roth/taxable account. Which can impact it the other direction. Obviously it is all situational and everyone will be different but something to consider.
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Jan 11, 2019 13:03
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Tab8715 posted:I skimmed the first few pages of the thread but should I calculating future inflation in my 401k? Running some numbers, that nearly doubles what I need save which is absolutely crazy. A lot of the growth estimates (anywhere from 4-7%) already take inflation into account so you can typically treat all numbers in terms of today dollars. As for how much you spend, I imagine that you probably at first spend less when you retire. But once you get up in age, you'll probably have to spend more just in medical costs.
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Jan 11, 2019 15:00
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drainpipe posted:A lot of the growth estimates (anywhere from 4-7%) already take inflation into account so you can typically treat all numbers in terms of today dollars. Ah, so the 401k interest already includes expected inflation. Otherwise I the 2-4% on top for adjusted dollars.
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Jan 11, 2019 15:14
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Most American retirees have their butts firmly planted on a couch in front of a TV, waiting to die. They are super thrifty. A lot of them only spend their money to buy poo poo for their grandkids, if they have any. Eventually a nursing home or retirement community will leech them off of whatever they have left.
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Jan 11, 2019 15:31
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Animal posted:Most American retirees have their butts firmly planted on a couch in front of a TV, waiting to die. They are super thrifty. A lot of them only spend their money to buy poo poo for their grandkids, if they have any. Eventually a nursing home or retirement community will leech them off of whatever they have left. Gross.
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Jan 11, 2019 15:52
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In happier terms: Friend's dad retired a couple years back - spent like 2 or 3 years traveling with the wife then settled down near the fam to await grandchildren. I haven't seen his full plan but he broke retirement out into rough phases with different expense levels. So, that seemed like a good way to handle things.
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Jan 11, 2019 16:08
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Animal posted:Most American retirees have their butts firmly planted on a couch in front of a TV, waiting to die. They are super thrifty. A lot of them only spend their money to buy poo poo for their grandkids, if they have any. Eventually a nursing home or retirement community will leech them off of whatever they have left. Man, that sounds miserable. If that’s what is waiting for me at retirement, I only need enough to buy a gun and a bullet, maybe two bullets if I’m too decrepit to do it right the first time.
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Jan 11, 2019 16:13
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That's why you have a bunch of kids and hope one of them gets rich and takes care of you. Both of my grandmas did that and lived long comfortable lives.
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Jan 11, 2019 16:27
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The other thing to think about when considering retirement expenses is that most of these estimates assume you own your house in retirement. If you had been spending $100k/yr and 30k of that was on your mortgage, you may well spend less in retirement due to the reduction in that expense alone.
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Jan 11, 2019 16:38
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That’s one of the pro home-ownership arguments, that life will be far easier if you have a paid-for home by the time you retire. It’s the main reason I’m trying to save enough to buy a house somewhere I love, even if I rent it out for the next 25 years. My hope for retirement is that virtual reality will be a mature enough technology to spend all my time in cyberspace, and have enough money saved to afford a full time nurse to take care of my meat body. The environment will be a mess and overpopulation will mean that travel won’t be fun anymore. My goal today is to bum you all out.
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Jan 11, 2019 16:43
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Animal posted:That’s one of the pro home-ownership arguments, that life will be far easier if you have a paid-for home by the time you retire. In the far future retirement will be when you can finally afford a jar for your brain.
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Jan 11, 2019 16:45
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Animal posted:My hope for retirement is that virtual reality will be a mature enough technology to spend all my time in cyberspace, and have enough money saved to afford a full time nurse to take care of my meat body. The environment will be a mess and overpopulation will mean that travel won’t be fun anymore. too bad, because now i'm fuckin' stoked
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Jan 11, 2019 17:07
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In the new Ghost in the Shell movie one guy installs an artificial liver implant so that he can drink all the alcohol he wants with no ill effects. That's my dream.
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Jan 11, 2019 17:18
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Beer4TheBeerGod posted:In the far future retirement will be when you can finally afford a jar for your brain. Head and neck or nothing. Futurama style.
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Jan 11, 2019 18:21
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Mu Zeta posted:You'll also have ... social security. 
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Jan 11, 2019 18:36
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Syrinxx posted:... maybe Is that how we are paying for a wall around the entire country?
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Jan 11, 2019 18:45
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spwrozek posted:Head and neck or nothing. Futurama style. Oh look at this guy thinking he'll have enough for the deluxe model.
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Jan 11, 2019 18:49
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Beer4TheBeerGod posted:Oh look at this guy thinking he'll have enough for the deluxe model. Haha  here's to hoping!
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Jan 11, 2019 18:54
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Vanguard Recommends Investors Increase Non-U.S. Holdings to 40%
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Jan 11, 2019 21:39
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Looks like my Target 2050 is already 35.60% Vanguard Total International Stock Index Fund Investor Shares. I'm assuming that most target funds would already reflect this or is very close to it?
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Jan 11, 2019 21:43
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I'm trying to figure out how much money I'll have in retirement. Here's what I know: I'm 37 years old with these assets: $30k in a target retirement fund of 2050 for my Roth IRA $15k in Thrift Savings Plan target retirement 2050 Roth I'm also in the military and plan on doing the full 20 years. From their calculator it shows that when I get out at age 44, here's what I'll earn: code:I also looked at my social security benefits and it says at age 67 I should get $2400 per month. So, making some general assumptions regarding military retirement and social security, when I'm 67, I should be taking in $58k annually and $28,800 annually, respectively, for a total of $86,800 per year. I'm not sure if the Social Security amount is before or after taxes. I am maxing out my TSP annually from here on out for the $18.5k a year and can probably afford about $1k/year for my Roth at the moment. My wife has $80k in her 401k but just quit her job to raise our one child, so that amount will not be appreciating except for returns from the market. How the heck do I calculate how much I'll currently be making in retirement? The $86k annually sounds good to me when I'm 67-hopefully at that point my Roth IRA and TSP will have generated some extra money and retiring will be possible at that age. When I retire from the military at age 44, I do plan on getting another job where I can hopefully make $80k+/year, but that's 7 years away from now.
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Jan 11, 2019 22:19
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I can take a closer look at the numbers, but, uh, dude, you're going to be fine. Quick detail: $19,000 is the TSP limit for 2019. If you just keep maxing out your TSP/401k until you retire, you'll probably pull way north of $100k per year in today's dollars. The reason I can comfortably say this is that just looking at your military pension, you'll be withdrawing income equivalent to 4% of $1.36m. And you'll have that in perpetuity from age 44 onward. You'll already have a smooth retirement amount by your mid-40s. Calculating social security with that - assuming the $2,400 you're seeing is in today's dollars - you'll be drawing income from the equivalent of another $720k. That means you'll be looking at an effective annuity of 4% against over $2m. Literally any other money you invest is gravy on top. Dog, you're set. Hoodwinker fucked around with this message at 23:30 on Jan 11, 2019 |
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Jan 11, 2019 23:22
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Hoodwinker posted:I can take a closer look at the numbers, but, uh, dude, you're going to be fine. Quick detail: $19,000 is the TSP limit for 2019. If you just keep maxing out your TSP/401k until you retire, you'll probably pull way north of $100k per year in today's dollars. That’s good to know. I did a lovely job of only putting in 50-100 a month into my Roth IRA for the longest time and didn’t even start the TSP until 2-3 years ago, so I’ve been very concerned I might be hosed. Right now we only plan on having the one child and I’m going to transfer my GI Bill to him, so he should be set of college. My wife wants to go back to work at some point, so that will also help. The one thing I don’t have going for me is a house. Moving all over the place makes me nervous to buy a place, but if I retire at 44 and we settle down, then I’m hopeful we can buy a house and have it paid off by the time I’m 65.
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Jan 11, 2019 23:29
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