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Topic: In other news ...

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OrangeAfroMan

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Re: In other news ...
« Reply #2338 on: February 02, 2021, 04:03:33 PM »
Quote from: Riffraft on February 02, 2021, 02:00:37 PM
May not have less take home pay, but could lose or have some deductions and credit reduce causing an increase in taxes.  Rare, but possible.
My favorite deduction is $250 for teachers, which I spend before the first day of school starts.  It's a joke.
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

847badgerfan

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Re: In other news ...
« Reply #2339 on: February 02, 2021, 04:05:10 PM »
Quote from: bayareabadger on February 02, 2021, 03:34:24 PM
So I’m clear, by tax deduction, you mean an actual tax deduction, not just not paying taxes on the principal now, correct? (I’m but a humble goon who has taken the standard deduction to this point in life)
When you contribute to a 401K or IRA, it is before taxes. The money you pull out later will be taxed at that time.
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OrangeAfroMan

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Re: In other news ...
« Reply #2340 on: February 02, 2021, 04:08:51 PM »
Quote from: FearlessF on February 02, 2021, 12:56:33 PM
the state of Arizona doesn't have a very good pension or retirement plan?

No Teacher's union?
No real union, it's a right-to-work state. 
I can retire at 57/58 and get 70% of my highest 5-year average salary. 

I did an annuity a few years back, but didn't switch it over when I moved down to Phoenix, so that's just a little just sitting around.  And I have a year in FL that's another tiny pile of money sitting around. 

I'm not parting with $500/month, though, that's insane to me.  I was thinking half that, or less.
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

OrangeAfroMan

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Re: In other news ...
« Reply #2341 on: February 02, 2021, 04:10:01 PM »
I could act like my neighbors and pool my tiny bits of money here and there and invest in some scratch-offs.  
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

OrangeAfroMan

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Re: In other news ...
« Reply #2342 on: February 02, 2021, 04:14:32 PM »
Quote from: bwarbiany on February 02, 2021, 12:45:40 PM


So you diversify your investment into growth (tech ETF), potential growth (health care ETF), and stability (dividend ETF).

Make sense?
Yeah, I'm all about having some safe and some loose&fast diversification when it comes to this.....but I've never known enough to come to this.
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“The Swamp is where Gators live.  We feel comfortable there, but we hope our opponents feel tentative. A swamp is hot and sticky and can be dangerous." - Steve Spurrier

OrangeAfroMan

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Re: In other news ...
« Reply #2343 on: February 02, 2021, 04:14:58 PM »
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MarqHusker

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Re: In other news ...
« Reply #2344 on: February 02, 2021, 04:17:10 PM »
Backdoor Roth backdoor Roth!

If you make too much for Roth ira.

Take an after tax dollar that you have.  In your pocket, savings, checking, wherever.  Open and Fund a Taxable IRA, try and do the max.  $6500 for us young pups, $7k for those who can catch up Ira rules.  Invest in cash.  Wait a few days for it to settle and then convert the account to the Roth IRA.  This is the 5498 form Badge mentioned.  You will pay tax on any gains, which will be a penny or two at most..  Now you are free to invest in whatever you want in the Roth without paying taxes on future withdrawals.

Do the same thing next year and every year.

It's when you have a bloated, longer term IRA that you convert to a Roth, that you get socked with a big tax bill on gains.  The backdoor method is a great punchbowl which I'm sure will be taken away.

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bayareabadger

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Re: In other news ...
« Reply #2345 on: February 02, 2021, 04:54:10 PM »
Quote from: 847badgerfan on February 02, 2021, 04:05:10 PM
When you contribute to a 401K or IRA, it is before taxes. The money you pull out later will be taxed at that time.
I know. But it was phrased as it is a deduction. As a person who in life has yet to take a deduction, I was trying to understand if what was described was considered as a deduction in this context, or if there were some other kind of deduction being taken.

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longhorn320

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Re: In other news ...
« Reply #2346 on: February 02, 2021, 06:13:00 PM »
Quote from: bayareabadger on February 02, 2021, 04:54:10 PM
I know. But it was phrased as it is a deduction. As a person who in life has yet to take a deduction, I was trying to understand if what was described was considered as a deduction in this context, or if there were some other kind of deduction being taken.


its simply deducted from income before tax
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betarhoalphadelta

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Re: In other news ...
« Reply #2347 on: February 02, 2021, 06:26:21 PM »
Quote from: OrangeAfroMan on February 02, 2021, 04:08:51 PM
No real union, it's a right-to-work state. 
I can retire at 57/58 and get 70% of my highest 5-year average salary. 

I did an annuity a few years back, but didn't switch it over when I moved down to Phoenix, so that's just a little just sitting around.  And I have a year in FL that's another tiny pile of money sitting around. 

I'm not parting with $500/month, though, that's insane to me.  I was thinking half that, or less.
You don't a union, but you have a defined-benefit retirement plan. Okay then. I wonder who negotiated that?

Quote from: MarqHusker on February 02, 2021, 04:17:10 PM
Backdoor Roth backdoor Roth!

If you make too much for Roth ira.

Take an after tax dollar that you have.  In your pocket, savings, checking, wherever.  Open and Fund a Taxable IRA, try and do the max.  $6500 for us young pups, $7k for those who can catch up Ira rules.  Invest in cash.  Wait a few days for it to settle and then convert the account to the Roth IRA.  This is the 5498 form Badge mentioned.  You will pay tax on any gains, which will be a penny or two at most..  Now you are free to invest in whatever you want in the Roth without paying taxes on future withdrawals.

Do the same thing next year and every year.

It's when you have a bloated, longer term IRA that you convert to a Roth, that you get socked with a big tax bill on gains.  The backdoor method is a great punchbowl which I'm sure will be taken away.
Hmm... 


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Cincydawg

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Re: In other news ...
« Reply #2348 on: February 02, 2021, 07:33:04 PM »
It's a good thing to gain some level of understanding of investments.  A really good thing, it can amount to hundreds of thousands over one's life, and I'm not talking about being able to time markets, just the basics.

Read "The Only INvestment Guide You'll Ever Need".  You need to know what an ETF is, and is not, what a fiduciary is, and why that's important, why annuities generally are as bad as time shares, why mutual funds generally don't outperform the market, etc.  I don't suggest individual stocks with anything less than $100 K.

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bayareabadger

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Re: In other news ...
« Reply #2349 on: February 02, 2021, 07:40:42 PM »
Quote from: longhorn320 on February 02, 2021, 06:13:00 PM
its simply deducted from income before tax
That's what I figured, but the wording got me tripped up. 
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bayareabadger

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Re: In other news ...
« Reply #2350 on: February 02, 2021, 07:42:45 PM »
Quote from: Cincydawg on February 02, 2021, 07:33:04 PM
It's a good thing to gain some level of understanding of investments.  A really good thing, it can amount to hundreds of thousands over one's life, and I'm not talking about being able to time markets, just the basics.

Read "The Only INvestment Guide You'll Ever Need".  You need to know what an ETF is, and is not, what a fiduciary is, and why that's important, why annuities generally are as bad as time shares, why mutual funds generally don't outperform the market, etc.  I don't suggest individual stocks with anything less than $100 K.


I've been told Common Sense on Mutual Funds: New Imperatives for the Intelligent Investor is a good one as well. (Well, at least one I need to read. I had a copy at on point, but damn if I know where it is)
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Cincydawg

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Re: In other news ...
« Reply #2351 on: February 02, 2021, 07:44:36 PM »
There are a number of good books, you want to start without something light and understandable.

Starting with Howard Marks is not a good idea, even though his insights are brilliant, I think.

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