|
pseudanonymous posted:What if you don’t have an iPhone? You're probably posting in the other thread. Residency Evil fucked around with this message at 05:15 on Feb 12, 2024 |
#
?
Feb 12, 2024 05:12
|
|
|
|
| # ? May 18, 2024 09:05 |
|
|
I switched to fidelity cause getting a human on the phone with vanguard was impossible on a simple Ira to 401k transaction. And vanguard required you to call. Hours on hold. Hours. It was easier to transfer my IRA to fidelity then finally to the 401k
|
|
#
?
Feb 12, 2024 11:07
|
|
|
an iksar marauder posted:Everyone knows you use a Mac for whimsical creative things and a PC for boring business things, geez. Business things on your phone? Are you mental? It always tickled me when I transferred huge (to me) sums of money on my mobile apps on the phone. "Oh look, there went $50,000. I hope it was $50,000 and not $500,000, or more. Let me double check my fat fingers."  I prefer a desktop for *serious things* but it's hard to dedicate time to spreadsheet things with kids. Chiming in as medical employee for big corp 0% 401k match but good pension (and historically viable to boot). Mega backdoor is possible but I haven't used it yet. Democratic Pirate posted:I appreciate set it and forget it 401k deposits because, since I’m calibrated to maxing out my personal contributions and budget off what’s hitting my bank account, it’s a nice “surprise” to check the 2023 summary and see something like $30k of contributions instead of $22.5k. Wait a minute, is the increased limit to $30k because of age (50+) or is there something I'm missing about max 401k contributions? adnam fucked around with this message at 22:28 on Feb 12, 2024 |
|
#
?
Feb 12, 2024 22:24
|
|
|
adnam posted:Wait a minute, is the increased limit to $30k because of age (50+) or is there something I'm missing about max 401k contributions? $22.5k individual contributions come out of my paycheck but the 401k site shows $30k because of company matches.
|
|
#
?
Feb 12, 2024 22:35
|
|
|
Democratic Pirate posted:$22.5k individual contributions come out of my paycheck but the 401k site shows $30k because of company matches. I clearly can't read. That makes sense
|
|
#
?
Feb 12, 2024 23:48
|
|
|
adnam posted:It always tickled me when I transferred huge (to me) sums of money on my mobile apps on the phone. "Oh look, there went $50,000. I hope it was $50,000 and not $500,000, or more. Let me double check my fat fingers." I always enjoy the transfer screen in Ally’s app where there are just buttons for +$100, +$500, +$1000, +$5000.
|
|
#
?
Feb 13, 2024 00:25
|
|
|
I have some RSUs vesting soon for the first time. I think I understand everything, but wanted to double-check. The amount at time of vesting is considered income. Oftentimes, only 22% is withheld, so I'll need to make sure to hold back an amount to make up for real tax percentage (and then make estimated payments to the IRS if it's significant). I plan to sell immediately on vesting, so I don't need to worry about capital gains taxes. I will need to document the fair market value at time of vesting for tax submission time to show I don't owe capital gains tax. This is sometimes provided by the servicer and other times not, so I'll document myself as well. Does that about cover it? It isn't a lot of money (~$15k), so I won't have huge tax implications if I gently caress something up.
|
|
#
?
Feb 13, 2024 00:25
|
|
|
Good-Natured Filth posted:I have some RSUs vesting soon for the first time. I think I understand everything, but wanted to double-check. The amount at time of vesting is considered income. Oftentimes, only 22% is withheld, so I'll need to make sure to hold back an amount to make up for real tax percentage (and then make estimated payments to the IRS if it's significant). That should be most of it, yeah. The 22% is only federal, they should automatically take out state and other stuff as well. Schwab in particular will handle all the tax form stuff and cost basis tracking and poo poo. If there's a setting to auto-sell, that's super helpful so you don't have to  a few days after the vest.(Again, Schwab experience), there will be a weird day where a nonsense number shows up in your account as like cash or something. Many people will be confused by this. It will resolve itself in a day or two.
|
|
#
?
Feb 13, 2024 00:43
|
|
|
Yeah, that’s a good thing to point out. The shares will vest on a particular day but just be in limbo for a couple of days after before you can sell? It’s very old school brokerage. Delayed stock quotes and commissions and everything.
|
|
#
?
Feb 13, 2024 01:04
|
|
|
Antillie posted:These could be VTI. From a few pages back. I'm with Empower and my choices for 401K investing do not include these options. What should I do instead? Or is this the best I can get?
|
|
#
?
Feb 14, 2024 07:08
|
|
|
huhu posted:(For full context jump back to the quote which quotes my original post) List the options you do have. Ticker symbols and expense ratios.
|
|
#
?
Feb 14, 2024 08:16
|
|
|
My wife has Empower at a small employer and the only acceptable fund is a Black Rock S&P 500 index. Everything else is close to 1% fees.
|
|
#
?
Feb 14, 2024 14:06
|
|
|
smackfu posted:My wife has Empower at a small employer and the only acceptable fund is a Black Rock S&P 500 index. Everything else is close to 1% fees. Fund choices are decided by the plan itself rather than by Empower, who is generally just an administrator for whatever the plan chooses. The website itself may also not necessarily have tickers. But there should be pdfs or whatever that says each plan expense ratio. esquilax fucked around with this message at 18:51 on Feb 14, 2024 |
|
#
?
Feb 14, 2024 18:48
|
|
|
The fund documentation should also say what the fund invests in in more specific terms or what the fund manager's general strategy/goal is. For example my 401k includes an opaquely named "Equity Index Fund" option. Only by digging deep into the PDF do you finally find that its just an S&P500 index fund with no ticker.smackfu posted:My wife has Empower at a small employer and the only acceptable fund is a Black Rock S&P 500 index. Everything else is close to 1% fees. Depending on what you have in tIRA and/or rIRA assets (and your 401k) this might be a use case for bonds in a taxable brokerage account. Which in turn, depending on your tax situation, might be a use case for a muni fund like VTEB or CMF. Antillie fucked around with this message at 19:27 on Feb 14, 2024 |
|
#
?
Feb 14, 2024 19:20
|
|
|
esquilax posted:Fund choices are decided by the plan itself rather than by Empower, who is generally just an administrator for whatever the plan chooses. This is true but a lot of custodians sell prebuilt plans to companies with clueless HR people that don't know any better, many of the default options are full of expensive active managed funds and shift admin fees from employer to participant to make them cheap for the company. Your company has to know and want to offer better options and ask for them regardless of custodian.
|
|
#
?
Feb 14, 2024 19:37
|
|
|
huhu posted:(For full context jump back to the quote which quotes my original post) The post you quoted was referencing all the random funds advisors use to intentionally complicate portfolios. It doesn't apply to a 401k, where there are plan-limited fund options. Your 401k allocation is already fine, with some great, cheap funds. As I mentioned last time, your only expensive fund there is the international one. You could either keep it, post your options so we can look for something better, or keep the international part of your portfolio entirely in other accounts and remove it from your 401k.
|
|
#
?
Feb 14, 2024 21:13
|
|
|
Tax question about SGOV: My 1099 doesn't appear to mention that the dividend income is almost entirely from the U.S. government. Is this a Schwab thing, or is this just generally not done for ETFs? I guess I'm supposed to manually use the percentage posted by iShares (96.45%)?
|
|
#
?
Feb 14, 2024 21:23
|
|
|
runawayturtles posted:Tax question about SGOV: My 1099 doesn't appear to mention that the dividend income is almost entirely from the U.S. government. Is this a Schwab thing, or is this just generally not done for ETFs? I guess I'm supposed to manually use the percentage posted by iShares (96.45%)? I have the same question. I'm just assuming that gor ETFS you need to get that info from the broker that owns the ETF instead of the one you're trading through?
|
|
#
?
Feb 14, 2024 22:30
|
|
|
runawayturtles posted:Tax question about SGOV: My 1099 doesn't appear to mention that the dividend income is almost entirely from the U.S. government. Is this a Schwab thing, or is this just generally not done for ETFs? I guess I'm supposed to manually use the percentage posted by iShares (96.45%)?
|
|
#
?
Feb 15, 2024 01:32
|
|
|
runawayturtles posted:As I mentioned last time, your only expensive fund there is the international one. You could either keep it, post your options so we can look for something better, or keep the international part of your portfolio entirely in other accounts and remove it from your 401k. This bit here confuses me a little bit. Aren't we all playing the min/max game? When you say it's an expensive fund but also that it's fine to keep it, I'm confused.
|
|
#
?
Feb 15, 2024 01:41
|
|
|
huhu posted:This bit here confuses me a little bit. Aren't we all playing the min/max game? When you say it's an expensive fund but also that it's fine to keep it, I'm confused. There may not be a good way to reallocate across (other) accounts (without non-trivial transaction costs). So if having some international stuff is part of your overall target asset allocation (debatable) AND this is the only way you can reasonably get it, then it might not be the worst thing in the world. But without knowing fund options and expense ratios and your target asset allocation and the other account types you have available, it's hard to say anything for sure.
|
|
#
?
Feb 15, 2024 01:45
|
|
|
runawayturtles posted:Tax question about SGOV: My 1099 doesn't appear to mention that the dividend income is almost entirely from the U.S. government. Is this a Schwab thing, or is this just generally not done for ETFs? I guess I'm supposed to manually use the percentage posted by iShares (96.45%)? This catches a lot of people. You should absolutely not expect your brokerage to tell you what percent of a fund is state tax exempt, nor should you assume it is 100% because it has a name like treasury fund or whatever. 96.45% looks correct for 2023 SGOV per the ishares document here: https://www.ishares.com/us/literature/tax-information/2023-ishares-us-government-source-income-information-stamped.pdf
|
|
#
?
Feb 15, 2024 07:04
|
|
|
Here's whats not fun for California residents: (VMFXX, Vanguards default settlement fund) Less than 70 bp from qualifying for state tax exemption. Instead: zero percent exempt
|
|
#
?
Feb 15, 2024 07:08
|
|
|
drk posted:This catches a lot of people. You should absolutely not expect your brokerage to tell you what percent of a fund is state tax exempt, nor should you assume it is 100% because it has a name like treasury fund or whatever. I’m surprised they don’t make the brokerages calculate more of this stuff. If they don’t report values to the IRS or state revenue service, mistakes will never get caught outside of a full audit.
|
|
#
?
Feb 15, 2024 14:22
|
|
|
smackfu posted:I’m surprised they don’t make the brokerages calculate more of this stuff. If they don’t report values to the IRS or state revenue service, mistakes will never get caught outside of a full audit. Why would the brokerage calculate it? The brokerage just helps you buy stuff. The values are the responsibility of the fund manager who created the thing you are buying.
|
|
#
?
Feb 15, 2024 15:17
|
|
|
I have a question about consolidation of retirement accounts ($500k total) from two former employers. Account 1: Fidelity 401k with 85% of my retirement money Account 2: Principal 403b with 15% of my retirement money. Accounts I also have, for context: Fidelity HSA Vanguard Roth IRA Vanguard Traditional IRA (empty, just kept around for annual back door purposes) Vanguard Brokerage account The options in Principal suck and I want to consolidate, but Fidelity won’t let me roll anything more in since I’m no longer employed. Would rolling the 401k and 403b into a (existing or new) Traditional IRA mess with my ability to do backdoor Roths in the future? I can’t remember how rollover IRAs factor in.
|
|
#
?
Feb 15, 2024 15:29
|
|
|
dexter6 posted:Would rolling the 401k and 403b into a (existing or new) Traditional IRA mess with my ability to do backdoor Roths in the future? I can’t remember how rollover IRAs factor in. Yes, assuming the contributions are traditional contributions and not Roth contributions. If you have Roth 401(k) or 403(b) contributions you can roll them in to a Roth IRA. It sounds like you don't have a current 401(k) or 403(b) that you can roll in to - are you not covered by an employer defined contribution plan presently? Usually you can roll money in to your current employer's retirement plan without issue.
|
|
#
?
Feb 15, 2024 15:33
|
|
|
I'm coming to terms with the fact I'm inheriting my mom's annuity after her short battle with pancreatic cancer. I talked with her financial advisors and trusted them as much as I trust a Verizon salesman, but they gave me some options I didn't know I had. Option 1) cash the annuity out, pay taxes on about half the total due to its growth over time, reinvest myself (almost certainly in a s&p tracker) Option 2) "stretch" the annuity to cover my lifetime. They stated they will provide documentation on required draws by age but they're minimal due to my age right now. The advantage seems to be no tax hit, the disadvantage seems to be their fees/management. Is this choice as simple as calculating the tax burden and then planning for 25-30 years of growth using the difference in historical returns, and seeing which is larger?
|
|
#
?
Feb 15, 2024 15:38
|
|
|
KYOON GRIFFEY JR posted:It sounds like you don't have a current 401(k) or 403(b) that you can roll in to - are you not covered by an employer defined contribution plan presently? Usually you can roll money in to your current employer's retirement plan without issue.
|
|
#
?
Feb 15, 2024 15:41
|
|
|
dexter6 posted:Correct, I am unemployed and not sure what job may be next or when it’ll be and if it’ll have a plan or not. Unfortunately, I think that your best bet is to wait until you find your next job before you try to consolidate your legacy plans. Being able to do an in-service rollover is basically the only way to preserve your backdoor Roth IRA options without paying a hefty tax bill. As an intermediate step, could you consolidate your 403(b) in the least-bad fund options? You don't have to have a balanced allocation within your 403(b), you just want it to be balanced across all retirement accounts. So if you for instance have a OK S&P 500 option in the 403(b) and nothing else, just shove it all in that fund and do your balancing by over-weighting international, fixed income, etc in your Fidelity 401(k). Since it's all in retirement accounts, you won't generate any taxable evens by rebalancing.
|
|
#
?
Feb 15, 2024 15:49
|
|
|
Yeah I’m already balanced across all my accounts, and in the last worst option at Principal, just don’t like having a poor option, that’s all.
|
|
#
?
Feb 15, 2024 15:58
|
|
|
trevorreznik posted:I'm coming to terms with the fact I'm inheriting my mom's annuity after her short battle with pancreatic cancer. I talked with her financial advisors and trusted them as much as I trust a Verizon salesman, but they gave me some options I didn't know I had. I'm very sorry for your loss -- I'm sure thinking about money is the last thing you want to do right now. I'm a bit curious about the terms of the annuity, and how it's structured. It might be better to expect flat amounts of cash flowing in, even if your return elsewhere might be better. If you do keep the annuity, consider that you can invest those dollars as they come in as well. Sometimes annuities make a lot of sense-- not often, but sometimes. I'm not certain how cashing the annuity out would be a taxable event, considering you inherited it.
|
|
#
?
Feb 15, 2024 16:05
|
|
|
trevorreznik posted:I'm coming to terms with the fact I'm inheriting my mom's annuity after her short battle with pancreatic cancer. I talked with her financial advisors and trusted them as much as I trust a Verizon salesman, but they gave me some options I didn't know I had. It sounds like you are young. This means that those fees will really add up over time. You would need to calculate what the taxes would be and do some comparisons. If I were in your position I would be inclined to cash it out, pay the taxes, and invest the rest of the money in index funds. Mostly because I really like simplicity and annuities are anything but simple most of the time. Generally annuities only make sense in very specific situations. Its possible, if somewhat unlikely, that you might fall into one of those situations. The only way to really find out is to speak to a financial advisor who isn't trying to sell you an annuity, preferably a fiduciary one. Antillie fucked around with this message at 16:32 on Feb 15, 2024 |
|
#
?
Feb 15, 2024 16:30
|
|
|
dexter6 posted:Yeah I’m already balanced across all my accounts, and in the last worst option at Principal, just don’t like having a poor option, that’s all. It sucks, but I suspect that the cost to do something about it at present will be more than it's worth. I guess if you have no income due to no job right now you could potentially look at the tax implications of paying tax to get the money in to your Roth IRA. It might not be so bad. But most employer plans will let you roll an old plan as long as you work there, so I think holding out til your next job is probably the right idea, assuming you intend to have another job in the future.
|
|
#
?
Feb 15, 2024 16:30
|
|
|
trevorreznik posted:I'm coming to terms with the fact I'm inheriting my mom's annuity after her short battle with pancreatic cancer. I talked with her financial advisors and trusted them as much as I trust a Verizon salesman, but they gave me some options I didn't know I had. I’m so sorry about your Mom. Why didn’t you trust the advisors? How much is the fee? What is your overall financial picture?
|
|
#
?
Feb 15, 2024 16:59
|
|
|
Since we're on the topic of taxes: I haven't looked into this at all but do most institutions include some way to withhold taxes on things like interest income, dividends, etc? Now that I'm getting a real interest rate it would be nice to have most of my tax burden set aside proactively instead of paying it out each year. I'm assuming this is possible because all of the tax forms I've gotten include a line item for 'taxes withheld' which in every case is a big fat zero
|
|
#
?
Feb 15, 2024 17:01
|
|
|
They almost never withhold taxes for you, and instead give you a year-end 1099. Money is fungible, though, and the taxes owed will likely be very, very minor.
|
|
#
?
Feb 15, 2024 17:03
|
|
|
trevorreznik posted:I'm coming to terms with the fact I'm inheriting my mom's annuity after her short battle with pancreatic cancer. I talked with her financial advisors and trusted them as much as I trust a Verizon salesman, but they gave me some options I didn't know I had. really sorry for your loss. my dad died not too long ago and we had to deal with a similar issue, although the annuity was passing to my mom. what i learned is that what you can do in this situation is often hyper specific to the specific annuity terms that were agreed to originally; it's not like an IRA where there are general rules that apply across the board (or at least, the general rules are a lot looser). in her case, "stretching" the annuity boiled down to buying a completely new annuity, which i assume would have also involved a kickback for the dude managing it/selling the new one. you didn't mention your age, but along with the other posters here i suspect that cashing out and taking the tax hit is going to be the better option in the long term -- a good way to think about this (imo) is to suppose you are receiving a cash windfall in the amount of the annuity minus the taxes -- would you choose to buy a new annuity with it?
|
|
#
?
Feb 15, 2024 17:20
|
|
|
PIZZA.BAT posted:Since we're on the topic of taxes: I haven't looked into this at all but do most institutions include some way to withhold taxes on things like interest income, dividends, etc? Now that I'm getting a real interest rate it would be nice to have most of my tax burden set aside proactively instead of paying it out each year. I'm assuming this is possible because all of the tax forms I've gotten include a line item for 'taxes withheld' which in every case is a big fat zero jokes posted:They almost never withhold taxes for you, and instead give you a year-end 1099. Money is fungible, though, and the taxes owed will likely be very, very minor. jokes is right. If you are concerned about it, you can pay estimated taxes in advance. The IRS will always take your money if you really want!
|
|
#
?
Feb 15, 2024 17:23
|
|
|
|
| # ? May 18, 2024 09:05 |
|
|
KYOON GRIFFEY JR posted:jokes is right. If you are concerned about it, you can pay estimated taxes in advance. The IRS will always take your money if you really want! On the advice of my CPA I made a large estimated tax payment this year, and was surprised to receive an interest payment from the IRS.
|
|
#
?
Feb 15, 2024 17:24
|
|