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  Topic: Large check, but can't get an account... what to do?
clydewolf

Replies: 10
Views: 28141

Post image iconForum: Personal Finance   Posted: Sat Sep 19, 2015 12:29 am   Subject: Large check, but can't get an account... what to do?
Christicorp,
Your bank will cash your check only if you have the cash in your account.
  Topic: Roth IRA - What to buy?
clydewolf

Replies: 9
Views: 24649

Post image iconForum: Retirement Planning   Posted: Sun Aug 30, 2015 12:13 am   Subject: Roth IRA - What to buy?
How about moving some of your $30,000 into the Roth to utilize your $5500 exemption each year?

Is the Roth account also with Fidelity?
I believe what Oldguy is saying is to reduce your 401k contr ...
  Topic: Seeking tax and legal advice regarding property sale
clydewolf

Replies: 2
Views: 17315

Post image iconForum: Real Estate   Posted: Sat Aug 22, 2015 9:57 pm   Subject: Seeking tax and legal advice regarding property sale
A bit late, but.....

As for your gain on the sale, read IRS Pub 523 Selling Your Home. The pub has a discussion on this scenario starting on page 7: http://www.irs.gov/pub/irs-pdf/p523.pdf

You ...
  Topic: Vacational Rental Purchase
clydewolf

Replies: 9
Views: 26726

Post image iconForum: Real Estate   Posted: Sat Aug 22, 2015 8:52 pm   Subject: Vacational Rental Purchase
On a rental the mortgage interest is a deductible expense. Thus reducing any profits from the renatal.

The mortgage interest on your primary residence would not be deductible as a rental expense.
  Topic: Obamacare Tax Credits and Capital Gains
clydewolf

Replies: 3
Views: 17662

Post image iconForum: Taxes   Posted: Sat Aug 22, 2015 8:43 pm   Subject: Obamacare Tax Credits and Capital Gains
You own taxable mutual funds, yet you get an Obamacare tax credit?

There's something very, very wrong in this system.

Yes I also used to pay $1350 a month to cigna for insurance and they were ...
  Topic: Figuring out taxes on UTMA account (inherited/TOD)
clydewolf

Replies: 2
Views: 15519

Post image iconForum: Taxes   Posted: Sat Aug 22, 2015 8:32 pm   Subject: Figuring out taxes on UTMA account (inherited/TOD)
Never mind. They are long term investments and will be taxed at 15%.
The capital gains could be taxed at 0%.

If your highest tax rate is 10 or 15% the long term capital tax rate is zero.
  Topic: diverging accounts, which way to maximize long term gains
clydewolf

Replies: 4
Views: 23835

Post image iconForum: Retirement Planning   Posted: Tue Jan 14, 2014 12:44 am   Subject: Re: diverging accounts, which way to maximize long term gain
Just got told last week that i make too much money and there is a new rule somewhere in the govt which says i can no longer contribute maximum amts to my 401k, and can only add 4%. that stinks. my c ...
  Topic: Need Health Insurance Advice
clydewolf

Replies: 4
Views: 12471

Post image iconForum: Personal Finance   Posted: Sun Jan 12, 2014 9:09 pm   Subject: Re: Need Health Insurance Advice
Hey folks, got some questions. My Health Insurance plan was phased out and now I've got one with a $600 deductible but it's not a hi deductible plan so I can't set up an HSA and am not wanting to set ...
  Topic: budgeting for an apartment
clydewolf

Replies: 6
Views: 12787

Post image iconForum: Personal Finance   Posted: Tue Jan 07, 2014 9:48 pm   Subject: budgeting for an apartment
The rule of thumb is 30% of your gross pay as the affordable level. That having been said, your level of income dictates that you have more disposable income than someone making significantly less - s ...
  Topic: Alternatives to Quicken?
clydewolf

Replies: 4
Views: 10928

Post image iconForum: Personal Finance   Posted: Sun Jan 05, 2014 1:13 am   Subject: Re: Alternatives to Quicken?
I intern at a small wealth management firm. I am pretty new to the world of finance and financial software, but my boss has asked me to search for alternatives to Quicken that have all of the function ...
  Topic: 1099-MISC
clydewolf

Replies: 7
Views: 25737

Post image iconForum: Taxes   Posted: Mon Dec 23, 2013 3:42 pm   Subject: Re: 1099-MISC
Thanks. But can she take deductions for both IRA as well as SEP IRA?

Yes, if she otherwise qualifies and makes the contribution to her IRA. The SEP IRA is a plan from the employer. The IRA is a ...
  Topic: 1099-MISC
clydewolf

Replies: 7
Views: 25737

Post image iconForum: Taxes   Posted: Mon Dec 23, 2013 3:30 pm   Subject: Re: 1099-MISC
Thanks. How do we know that Line 56 (self employment taxes) covers social security and medicaid?
Thanks
Your 1040 line 56 is for Social Security and Medicare (not medicaid).
Line 56 reads, "Self ...
  Topic: 1099-MISC
clydewolf

Replies: 7
Views: 25737

Post image iconForum: Taxes   Posted: Thu Dec 19, 2013 9:38 pm   Subject: Re: 1099-MISC
My wife gets a 1099-MISC from her employer. It is reported as Other income. Can she open a SEP IRA (IRS web site says 25% of income is allowable)?

Thanks
On the amount of profit from her job, she ...
  Topic: Question: Future Bonds Allocation
clydewolf

Replies: 17
Views: 58230

Post image iconForum: Retirement Planning   Posted: Sat Nov 23, 2013 5:09 pm   Subject: Re: Question: Future Bonds Allocation
My wife and I will each be 50 yrs. old next month and we currently have 100% of our retirement savings ($850,000) invested in stock mutual funds within our 401Ks and IRAs. While I realize my equity po ...
  Topic: Refinance home to pay off student loans? Good idea?
clydewolf

Replies: 3
Views: 5872

Post image iconForum: Personal Finance   Posted: Sat Nov 23, 2013 2:24 pm   Subject: Re: Refinance home to pay off student loans? Good idea?
I have $31K in student loans with 6.8%
My mortgage is $279,900 with 3.5%
My home value has increased over the past few years and the bank is saying that it is $410K.

If we refinance, I can take c ...
 
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