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SeaWolf posted:I've always contributed to a Roth IRA so I never did forms for the IRS (whoops maybe??). But in 2019 I switched to a traditional, and now it's tax time... Vanguard says forms won't be available until AFTER 4/15 because I can contribute for last year until then even though I'm definitely already way maxed... How do I do my taxes without this??
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# ? Feb 2, 2020 03:28 |
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# ? Jun 1, 2024 05:19 |
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P. sure the only purpose of the form in question is to report the amount that you contributed to your IRA this year. So if you know how much you put in this year (spoiler alert: it's $6k) then you don't need their form. You can report your non-deductible contributions without that form.
withak fucked around with this message at 03:38 on Feb 2, 2020 |
# ? Feb 2, 2020 03:36 |
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Of course, but don't I need some kind of 1099? I also did 4k Roth 2k traditional ... It was a weird year
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# ? Feb 2, 2020 03:36 |
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no edit: You have to file form 8606 to document non-deductible contributions to an IRA.
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# ? Feb 2, 2020 03:38 |
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So a word doc in helvetica 12pt saying I CONTRIBUTED TWO THOUSAND AMERICAN DOLLARS TO A TRADITIONAL IRA is enough? Oh
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# ? Feb 2, 2020 03:40 |
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the pdf version of the 8606 might let you use helvetica 12, idk
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# ? Feb 2, 2020 03:41 |
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On that note non deductible... The past 6 years I've been doing Roth IRA I haven't done anything... So I kinda hosed up?
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# ? Feb 2, 2020 03:43 |
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I think you can retroactively report it. You might have to pay a fee if you can't think of a good excuse why you hosed up tho. edit: LMGTFY https://www.google.com/search?q=late+8606 withak fucked around with this message at 03:48 on Feb 2, 2020 |
# ? Feb 2, 2020 03:44 |
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Ignorance is a good excuse, right?? RIGHT??
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# ? Feb 2, 2020 03:46 |
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SeaWolf posted:On that note non deductible... The past 6 years I've been doing Roth IRA I haven't done anything... So I kinda hosed up?
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# ? Feb 2, 2020 04:30 |
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Reporting non-deductible TIRA contributions is how you avoid paying taxes on them if/when you convert to a Roth IRA.
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# ? Feb 2, 2020 04:40 |
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timn posted:You have reframed what you posted into something completely different from what people were taking exception to. O? I initially said "restricting the access of poor people to bad consumer credit products" and later said "restricting predatory lending." This is... the same thing. Banning payday lending or capping the interest rates on unsecured consumer loans amounts to... restricting the access of poor people to bad consumer products (unless you think there are a bunch of rich people out there taking out auto title loans)
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# ? Feb 2, 2020 07:03 |
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Boof Bonser posted:O? lol loving hell, this poo poo right here. Jesus Christ, listen to yourself. No, it's not the same thing, you ignorant twat waffle. Your motive here is to punish the poor for being poor, rather than punish criminals for being criminals. THAT'S what everyone's problem is. If you want to ban payday loans, why not just loving ban them? I mean, you're not necessarily wrong about the demand drying up, but god drat you're taking the most rear end backwards approach here. edit: Of course none of this even addresses the root causes of WHY people take these loans, and what the effect of banning them would be, but that's a WAY more complicated discussion. DaveSauce fucked around with this message at 14:17 on Feb 3, 2020 |
# ? Feb 3, 2020 14:11 |
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Don't waste your time reading someone's posts when they don't understand or care about what they're saying People should have stopped responding at 'I don't think there is a moral imperative for redistributing wealth so long as people aren't dying in the streets.'
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# ? Feb 3, 2020 14:52 |
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But then you would have missed “net worth requirements for getting a credit card”.
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# ? Feb 3, 2020 16:01 |
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Would you kindly take this topic to where it belongs in CSPAM and leave this thread as the one safe space for moneyhavers in this dead gay communist forum?
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# ? Feb 3, 2020 17:49 |
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DaveSauce posted:Of course none of this even addresses the root causes of WHY people take these loans, and what the effect of banning them would be, but that's a WAY more complicated discussion. I went all the way as far as typing up the WHY but decided to leave that can of worms closed. Sometimes you just gotta let it go.
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# ? Feb 3, 2020 17:54 |
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Does anyone have any good resources for understanding the RANGE of expected returns? All the retirement calculators go "it's hard to calculate ranges so put in some assumptions; here are some overly reassuring curves that behave as if 'expected return' is a precise number, rather than the middle of a pretty wide band". Also, does anyone have any good ideas on how to project forwards for bonds, given that their recent past good performance is largely a consequence of interest rates steadily dropping towards zero, and—since we're running out of numbers—that trend seems unlikely to continue. I'm trying to give my wife and I some mental models for getting a feel for what we are getting ourselves in to.
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# ? Feb 3, 2020 18:37 |
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Some retirement tools give you a range via multiple simulations. Usually, a dollar amount for best and worst case scenario at the top 10% and bottom %10 of expected outcome. Is that what you're looking for? Personal capital does that and I think there's a browser based tool that many people like. Something with FIRE in the title.
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# ? Feb 3, 2020 18:41 |
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You need to utilize a Monte Carlo simulation to get the combinations. Some systems will then give you the odds of meeting your goals. Personal capital had a pretty good one I think.
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# ? Feb 3, 2020 18:41 |
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doingitwrong posted:Does anyone have any good resources for understanding the RANGE of expected returns? All the retirement calculators go "it's hard to calculate ranges so put in some assumptions; here are some overly reassuring curves that behave as if 'expected return' is a precise number, rather than the middle of a pretty wide band".
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# ? Feb 3, 2020 18:43 |
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doingitwrong posted:Does anyone have any good resources for understanding the RANGE of expected returns? All the retirement calculators go "it's hard to calculate ranges so put in some assumptions; here are some overly reassuring curves that behave as if 'expected return' is a precise number, rather than the middle of a pretty wide band". Fidelity's FullView offers you three different long-term market condition choices with this explanation (it's a Monte Carlo sim): quote:Significantly Below Average Market quote:Historical Performance Analysis they do this rather than giving you a drop down of x% annual return. It's nice because you can see hypothetical assets or monthly income for each confidence interval pretty easily. Their sim has me anywhere from about 7% short of my monthly income goal at retirement with lifetime assumptions etc. etc. to 88% over, to give you the idea of the ranges of the sim. e: Xguard86 posted:Some retirement tools give you a range via multiple simulations. Usually, a dollar amount for best and worst case scenario at the top 10% and bottom %10 of expected outcome. Is that what you're looking for? https://www.firecalc.com/ it's not very intuitive at all, at least it wasn't for me, but once you understand the structure it's easy to use. brugroffil fucked around with this message at 18:49 on Feb 3, 2020 |
# ? Feb 3, 2020 18:45 |
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firecalc is the only one that's remotely any good. user interface is lousy and you have to have a rudimentary understanding of mathematics but it's the only one that gives you enough output to make a decision imo
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# ? Feb 3, 2020 19:15 |
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Hoodwinker posted:One thing to keep in mind is that over a sufficiently long time frame, stuff like the S&P has a variance of like +/- 2%. For long-term planning purposes this is Good Enough. Thinking in 25 year period. The worst historical 25 year period was ~2.7% the best was ~10.8% (inflation adjusted). Given the magic of compound interest, you can see just how big a range that might be. Even at 40 years, I am seeing ~4% to ~9.5%. That's still huge range. Playing with this calculator. https://dqydj.com/sp-500-historical-return-calculator/
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# ? Feb 3, 2020 19:22 |
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brugroffil posted:
Thank you this is very helpful.
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# ? Feb 3, 2020 19:31 |
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doingitwrong posted:Thank you this is very helpful. Make sure to go through all the tabs and get your spending accounted for / everything set to appropriately conservative values. Like any other calculator, its output is only as good as the data you put into it.
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# ? Feb 3, 2020 21:04 |
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the QQQs traded back and forth in a .50 range for 5 hours straight. loving machines man
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# ? Feb 3, 2020 22:00 |
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My fiancée changed teaching jobs a couple years ago. When she changed jobs the retirement plan asked her to choose what to do with the money she had put in there so far. I recently learned that she chose to put this money (~19k) in a Rollover IRA account with Vanguard, and it has been sitting there ever since. What are some of the options she could explore with this money? Relevant (maybe) Details: • She’s a teacher currently earning less than 45k a year. • We’re getting married this year, so our filing status is changing. • Our combined gross (?) income will be around 140k.
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# ? Feb 3, 2020 22:46 |
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argeto posted:My fiancée changed teaching jobs a couple years ago. When she changed jobs the retirement plan asked her to choose what to do with the money she had put in there so far. I recently learned that she chose to put this money (~19k) in a Rollover IRA account with Vanguard, and it has been sitting there ever since. What are some of the options she could explore with this money? Are you saying it was put into there as cash and never invested? Pick the appropriate target date retirement fund and put it all in that.
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# ? Feb 3, 2020 22:55 |
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A Vanguard Roth IRA is a great place for that money to sit, like Motronic said just park it in the appropriate target date fund and forget about it for a few decades
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# ? Feb 3, 2020 23:13 |
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DaveSauce posted:lol loving hell, this poo poo right here. I get that we need to act like it's a big deal whenever someone isn't a democratic socialist but this is a preposterous overreaction to a semantic distinction. Prohibiting poor people from taking out payday loans and banning payday lending are literally the same thing. I have no problem with allowing rich people to go borrow $200 at 2,500% APR if they want to, but of course none of them would, so the net result is exactly the same. You're just freaking out because the semantic emphasis seems to imply that I am blaming poor people instead of lenders. If you people freak out like this when presented with a policy proposal that you like but want rephrased I can only imagine how you'd react if someone proposed, like, scaling back Medicaid to fund a dividend tax cut.
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# ? Feb 4, 2020 06:55 |
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It's not semantics. You're using income/wealth as the sole determining factor for financial responsibility. If you can't see what's wrong with that then I don't know what to tell you.
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# ? Feb 4, 2020 13:51 |
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People do this thing which is clearly bad in the long term in order to get by? We must stop them from doing the thing. I am very intelligent
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# ? Feb 4, 2020 14:00 |
Boof Bonser posted:lol smh @ these goony goons who think homeless people are dying in the streets. it's not possible to die in the streets, if you were in the streets you'd have phased into solid mass and be instantly crushed by it as your molecular structure is displaced by the asphalt.
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# ? Feb 4, 2020 15:03 |
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also yeah, people die in the streets with alarming regularity in this, the wealthiest country in the world i mean they're homeless, or drug addicts, or the mentally ill, or some combination so it's not like they're really people right boof?
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# ? Feb 4, 2020 15:32 |
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Or diabetic children
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# ? Feb 4, 2020 15:38 |
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Well it was nice while it lasted. Good luck to you all.
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# ? Feb 4, 2020 15:44 |
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Boof Bonser posted:Prohibiting poor people from taking out payday loans and banning payday lending are literally the same thing. I have no problem with allowing rich people to go borrow $200 at 2,500% APR if they want to, but of course none of them would, so the net result is exactly the same. I mean, we could do the simple thing, but if we do the complicated one then we get the same result and also get to shame poor people more! Why aren't you guys all on board with this? Kylaer posted:Would you kindly take this topic to where it belongs in CSPAM and leave this thread as the one safe space for moneyhavers in this dead gay communist forum? Hi. I have some money and a job that pays me enough to save significant amounts, so I guess I still get to post unless you mean generational wealth or something. If you can have significant wealth in the developed world (even just a retirement fund and a few grand in emergency savings), have personal experience with the way it can make what would be terrifying, life-altering problems for other people utterly trivial, and not hate the system that makes your life easy and others' lives incredibly hard for no real reason, then you might just be broken inside. Space Gopher fucked around with this message at 16:05 on Feb 4, 2020 |
# ? Feb 4, 2020 15:56 |
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This thread is about investing and retirement. Take whatever the gently caress you are arguing about somewhere else. To try to get on track here.... I am pretty sure I am going to be mostly responsible for my mom's well being and retirement. I have put money into a Roth IRA for her (it has about $5k in it),I have a 1 year CD @ 2.05% with about $11500 in it (matures in January 2021) and a savings account that I put $300 a month in with Ally (it has about $900). Usually I would say I should be investing the money but my mom is 63 and I am not really sure exactly when she will need the money but my guess is at 65 ish. Any thoughts on what I should/could do differently?
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# ? Feb 4, 2020 16:51 |
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# ? Jun 1, 2024 05:19 |
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spwrozek posted:This thread is about investing and retirement. Take whatever the gently caress you are arguing about somewhere else. spwrozek posted:To try to get on track here.... Why isn't your mom going to keep working? If she' isn't taking social security, she shouldn't until 67 unless she has something that is going to shorten her life. Does she literally have no savings? What are her expenses? Etc. Same basic questions as if you came to us asking wtf to do with your budget, but your mom.
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# ? Feb 4, 2020 18:36 |