Recent content by jazztbone

I think that anyone who cares enough about their assets and retirement savings to read this forum will likely have enough of a nest egg at retirement to make a ROTH worthwhile.

Another reason why tax planning is so difficult! You never know what curve they'll throw at us next.

I was wrong about having to repay stimulus that was already received. However, if you did not receive a check this year because your 2019 income was too high, you can get it based on your 2020 income. In that case, if a ROTH conversion puts you over the income limit, you'd effectively pay more...

Thanks, cathy63, I stand corrected. You will not have to repay if you've already received a check. However, income over the threshold will prevent you from being able to claim it on your 2020 return, if you did not receive it based on 2019 income. So, it that case, it will be an effective tax...

Has anyone considered how ROTH conversions this year will affect COVID stimulus payments? To qualify for the full payment ($1200 single, $2400 joint,) you must make less than $75,000 per year ($150,000 for a married couple filing jointly) or less than $112,500 if you're the head of household...

Annualized estimated tax payments You can use the annualized estimated tax method to pay your taxes as income is accrued, rather than in equal quarterly payments. Of course, the IRS doesn't make it simple. You have to do some math, via the worksheets in Publication 505. See the section...

-1

Al, look at the bright side - you have gigs!! :dance:

No, I think this is just plain RIGHT. If someone works for 40-50 years, pays state, federal and FICA taxes and manages to save up enough to enjoy the fruits of their labor, I see no problem in giving them a small perk like this.

Nice that they made it easy, but are you sure that's the best deal you could get? Might have been a good idea to call a couple of other lenders to see what they'd offer. Even 1/8th of a point adds up to alot over the years.

Well, you ain't gonna get to FIREd by blowing 30k on a new car. You've gotta put your priorities in order, son. Frugality is the number one key to getting there for the average middle-class millionaire. Be conservative with your spending now, and by the time you're 45-50 you'll be able to buy...

Are you FIREd? If not, I would fix up the car and drive it until repairs become no longer cost-effective. $1,000 (even a year!) is a drop in the bucket compared to buying a new car. If you are FIREd and it fits in your annual spending budget, go for it! That's the mantra of this board...

A traditional defined benefit plan is a pension plan. As a small business owner, you can set up a personal defined benefit plan that let's you contribute for more than personal 401k plans or SEPs, but there are more complexities that you need to understand. Schwab will now setup and administer...

pablum to console the masses Well said, FD. This article is nothing but pablum to console the masses who fail to live within their means. ER is of course one goal, but FI is the primary goal - the ability to fund all of your necessities without relying on a job. One you achieve FI, you can...

ya, this is fair... So, if I pay no income tax, I get $300. If I pay $50k income tax, I get squat?! Why don't they just call it what it is, a handout, not a rebate!