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BFC goony goons
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Jun 30, 2019 01:35
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Residency Evil posted:I don't think anyone talking about tlh here is selling/buying the same fund/stock, but I could be wrong. Same fund/stock is not possible in the first place because the broker both reports it to the IRS as well as disallows it in the year end tax forms. The compliance burden is for near identical with different CUSIP
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Jun 30, 2019 01:39
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Anybody know anything about Primerica? I guess they get your debt in order. My sister met with them and they told her to get an "insurance license" for $50 that she pays once and never again. She then recommends them to her friends in which Primerica meets with them to get their debt in order and my sister gets $300. Is this a MLM/scam? My knee-jerk reactions says yes, but I was curious if anybody here knows anything about them?
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Jun 30, 2019 02:04
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Loucks posted:I too self-report my crimes on public forums. This site has an entire forum dedicated purely to self-reporting crimes  In my case I traded VTSAX>VFIAX and VTMGX>VTIAX, but even if I'd done something like VTSAX>ITOT, I'd still feel perfectly comfortable with that action being scrutinized by the IRS.
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Jun 30, 2019 02:23
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Kylaer posted:This site has an entire forum dedicated purely to self-reporting crimes You’re not wrong, but it’s not like most places give a drat about weed specifically. Federal descheduling is a matter of when, not if. 🤷♂️ But from memory those trades seem safe. Good job not committing tax fraud!
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Jun 30, 2019 02:49
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punk rebel ecks posted:Anybody know anything about Primerica? I guess they get your debt in order. My sister met with them and they told her to get an "insurance license" for $50 that she pays once and never again. She then recommends them to her friends in which Primerica meets with them to get their debt in order and my sister gets $300. Is this a MLM/scam? My knee-jerk reactions says yes, but I was curious if anybody here knows anything about them?
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Jun 30, 2019 04:05
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Lowtax needs a visit from the t-men to balance out the visit from the g-men.
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Jun 30, 2019 04:26
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I've got a few thousand in a trading account sitting idle, I sold Tesla a while ago. I was stupidly waiting for a crash, I know, don't time the markets, but yeah I was doing that. Not sure if I should put it all into an index fund now or put like 500/month or something like that, in so as to potentially offset some kind of loss. Also what index fund? And what trading account company? Is Etrade ok or is there a problem with it? edit: Also I have money from a few different companies at this point, in 401k's in a few different places. Should I try to roll them all into my current 401k? One of them only gives the option of rolling over into a .... roth IRA or something. I don't know what is going on. redreader fucked around with this message at 22:40 on Jul 2, 2019 |
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Jul 2, 2019 22:37
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redreader posted:I've got a few thousand in a trading account sitting idle, I sold Tesla a while ago. I was stupidly waiting for a crash, I know, don't time the markets, but yeah I was doing that. Not sure if I should put it all into an index fund now or put like 500/month or something like that, in so as to potentially offset some kind of loss. Also what index fund? And what trading account company? Is Etrade ok or is there a problem with it?
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Jul 2, 2019 22:39
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Hoodwinker posted:How soon do you need the money? This is money I don't need short term. So in maybe 20-30 years.
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Jul 2, 2019 22:40
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redreader posted:This is money I don't need short term. So in maybe 20-30 years. As for company, either Vanguard or Fidelity or Schwab are generally regarded as all pretty reliable. They each have their own low-cost indexes for the total market. Most people recommend Vanguard because of the corporate structure. If that was the case, you'd buy VTSAX or VTWAX and call it a day.
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Jul 2, 2019 22:44
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Hoodwinker posted:Do you already max out your IRA? If you don't, it might make sense to put it into a better vehicle first. I don't really know anything about that. So no!
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Jul 2, 2019 22:50
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redreader posted:I don't really know anything about that. So no!
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Jul 3, 2019 00:23
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I had an advisor recommend that I stick to vanguard ETFs instead of mutual funds for tax efficiency, if you're working with a taxable account, given the fewer distributions. How do people feel about that?
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Jul 3, 2019 06:21
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DreadCthulhu posted:I had an advisor recommend that I stick to vanguard ETFs instead of mutual funds for tax efficiency, if you're working with a taxable account, given the fewer distributions. How do people feel about that? It's not a huge difference, but your advisor is correct.
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Jul 3, 2019 06:33
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Doesn't Vanguard have a system to negate that?
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Jul 3, 2019 08:01
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Hoodwinker posted:Do you already max out your IRA? If you don't, it might make sense to put it into a better vehicle first.
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Jul 3, 2019 18:17
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Small White Dragon posted:Is there any disadvantage to buying a vanguard ETF vs one of those funds?
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Jul 3, 2019 18:25
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H110Hawk posted:It's not. You're beholden to $19k on elective contributions, $56k total regardless of how many plans you have. The loophole here is that your self employment sets up a rule for its employee that the 401(k) isn't optional, and that X% (100?) of your earnings are deposited into it. Now you are contributing against the space between $19k and $56k as it's "non-elective." So you could do, for example, $19k at your current employer, they match in $2k, and this leaves you with available space for your self employement of up to $35k. This is a mandatory contribution from your pay, not one out of the employer's pocket, right? I found references from a few solo 401(k) providers about mandatory contributions from the employer, and those seem to be limited to like, 25% of compensation.
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Jul 3, 2019 23:26
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More annuities in 401(k)'s generally doesn't seem like a great idea. https://www.cnbc.com/2019/07/03/if-annuities-come-to-your-401k-savings-plan-heres-what-to-know.html E: Robinhood too good to be true... https://amp.insider.com/robinhood-millennial-trading-app-ignored-rules-checking-and-savings-2019-7 Full article is behind a pay wall spwrozek fucked around with this message at 00:18 on Jul 4, 2019 |
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Jul 4, 2019 00:14
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Small White Dragon posted:I'm curious if someone can elaborate on this. I tried googling for "solo 401k mandatory contribution" but it didn't turn up a whole lot that seemed relevant. Seems you're correct - 25% is the cap. There is an example in this document: https://www.fidelity.com/learning-center/personal-finance/retirement/self-employed-401k quote:The highlight of the Self-Employed 401(k) is the ability to contribute to the plan in two ways. For 2018, as an employee, you can make salary deferral contributions equal to the lesser of $18,500, or 100% of your compensation. For 2019, it goes up to $19,000. If you're at least 50 years old, your savings options are even higher because you can add an extra $6,000 in catch-up contributions each year.
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Jul 4, 2019 00:34
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Hoodwinker posted:You can't buy fractional shares and some other minor details but not really. I think you also can't automate ETF purchases the way you can with mutual funds but I might be misremembering. This depends on the broker. I use M1 for my taxable and Roth IRA. You can automate deposits and buy fractional shares of any ETF or stock.
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Jul 4, 2019 00:53
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I would like to open a backdoor Roth IRA. I am single and my income this year precludes opening the regular Roth. I have two pre-existing 401k accounts that have not been rolled into IRAs (only mentioning here in case this is relevant.) I am following along with a fairly detailed guide at https://www.physicianonfire.com/backdoor/. 1. Being that I don't already have a traditional IRA, does the general process consist of open a traditional IRA, make an initial contribution with non-deductible funds, and then immediately convert to Roth? 2. Assuming my salary remains the same, is there a known method to contributing to this Roth IRA? From what I understand, there are no income limits on IRA->Roth conversion, but it seems that I am barred from making any contributions directly to a Roth IRA regardless. 3. If the answer to the above is "no", can I create another IRA next year and perform the conversion? Can I combine the 2020 Roth account with the 2019 Roth account? ya dangus fucked around with this message at 03:30 on Jul 4, 2019 |
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Jul 4, 2019 02:02
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Open TIRA, put in $6000, push button on vanguard to roll it over to Roth, do this once a year. It is pretty easy.
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Jul 4, 2019 02:07
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ya dangus posted:I would like to open a backdoor Roth IRA. I am single and my income this year precludes opening the regular Roth. I only have a two 401k IRAs. I am following along with a fairly detailed guide at https://www.physicianonfire.com/backdoor/. What do you mean by “401k IRA”? If you mean 401k rolled over to an IRA then you can’t just do a backdoor Roth. If you do, you’ll be subjected to the pro rata rule and things will get messy.
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Jul 4, 2019 02:58
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Adhemar posted:What do you mean by “401k IRA”? If you mean 401k rolled over to an IRA then you can’t just do a backdoor Roth. If you do, you’ll be subjected to the pro rata rule and things will get messy. Good point. I was also confused by that. If you rolled the old 401k into a rollover IRA then you should check your current 401k (if you have one) to see if you can roll it in before doing the back door Roth.
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Jul 4, 2019 03:25
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Adhemar posted:What do you mean by “401k IRA”? If you mean 401k rolled over to an IRA then you can’t just do a backdoor Roth. If you do, you’ll be subjected to the pro rata rule and things will get messy. Sorry that was stupid mistake on my part - fixed original post. I think I just had "IRA" on the brain. I meant to say that the only retirement investment accounts I have are two 401ks. I did not roll either into an IRA.
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Jul 4, 2019 03:28
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ya dangus posted:Sorry that was stupid mistake on my part - fixed original post. I think I just had "IRA" on the brain. I meant to say that the only retirement investment accounts I have are two 401ks. I did not roll either into an IRA. Ah ok. Then you’re all set and can just do what spwrozek said.
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Jul 4, 2019 03:39
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H110Hawk posted:Seems you're correct - 25% is the cap. There is an example in this document: https://www.fidelity.com/learning-center/personal-finance/retirement/self-employed-401k - Employer contributions (this requires you to pay yourself a massive salary, however). - Nondeductible after-tax contributions (has to be specifically elected in the plan agreement; generally not the default). If I'm missing anything, I'd love to hear.
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Jul 4, 2019 04:41
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Small White Dragon posted:I've actually been looking into this recently and it seems like the only way around the elective deferral limit for a solo 401(k) is:
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Jul 4, 2019 05:04
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moana posted:If you're self employed, it's all pass through income, there's no "salary" required. You can contribute 25% of your self employment profit with some roundabout calculation that actually takes you down to 20% of profit. Or am I misunderstanding what you're asking?
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Jul 4, 2019 06:34
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Small White Dragon posted:Sorry, I was thinking in the context of an owner-only company. In order to hit the max, you will need to be making around 200k profit.
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Jul 4, 2019 23:28
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literally this big posted:Doesn't Vanguard have a system to negate that? That's crazy. Is that true of all of their funds pretty much, so I shouldn't even bother with ETFs?
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Jul 5, 2019 00:05
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Only if you don't wanna be an elite pro mid day dip trading xxxsniperxxx investor. But yeah, just do whatever is more convenient for you.
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Jul 5, 2019 00:13
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Depending on the amount you have available to invest, you may not be able to afford the initial purchase of Admiral shares, in which case the equivalent ETF would get you a slightly lower expense ratio than the normal shares.
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Jul 5, 2019 01:44
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moana posted:Yeah, that's the same as being self employed / sole proprietorship. Any income will have to be distributed and taxed, whether as salary or otherwise, and so you can use it all as earned income to qualify for your solo401k limit.
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Jul 5, 2019 02:02
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Kylaer posted:Depending on the amount you have available to invest, you may not be able to afford the initial purchase of Admiral shares, in which case the equivalent ETF would get you a slightly lower expense ratio than the normal shares.
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Jul 5, 2019 02:14
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I guess those ETFs are for people that don't have $3,000 saved up.
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Jul 5, 2019 02:44
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Some of the ETFs have smaller ER than the admiral funds. VTI is 0.03% whereas VTSAX is 0.04%. But a difference of 1bp is really not worth switching your portfolio.
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Jul 5, 2019 02:50
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Small White Dragon posted:In this case, though, you can have separate compensation and profit streams. (Both are taxed, although differently.)
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Jul 5, 2019 05:03
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