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  1. #176
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    Feb 2005
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    19,215
    Quote Originally Posted by Summer View Post
    Remember seeing a really good doco some years back about a couple of guys who cornered this market and got rich...

    Attachment 414531
    Short squeeze time?
    Is it radix panax notoginseng? - splat
    This is like hanging yourself but the rope breaks. - DTM
    Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague

  2. #177
    Join Date
    Apr 2008
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    Quote Originally Posted by Marshall Tucker View Post
    …had a Trad IRA at Fidelity, She, or possibly someone she'd given permission to, might have established a Roth IRA online in about 3 minutes, and effected a transfer from the trad to the roth. You know. if you might want to be able to do that sort of thing quickly. and entirely online.
    Not sure if I’m in the minority, but the ONLY reason I’m following this slap fight is because my attention is periodically caught by these statements that sound like: someone was able to take money from a pre-tax account and move it into a Roth. Which is everyone’s dream loophole if I’m not mistaken.
    So if that’s what you’re saying, I’m still listening. If that’s NOT what you’re saying, let’s all please agree to quickly shut down this once interesting and now annoying thread drift. Nobody cares who’s winning this pissing sword fight.


    Sent from my iPhone using TGR Forums
    However many are in a shit ton.

  3. #178
    Join Date
    Aug 2006
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    7,919
    The only loophole of sorts is getting around income stipulations. Back to your regularly scheduled programming.
    Live Free or Die

  4. #179
    Join Date
    Feb 2007
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    Snowmass
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    572
    Last day to lock ibonds at 8.37% yield today. treasurydirect.gov

  5. #180
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    Apr 2008
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    Treading Water
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    What time is the deadline? Midnight EST?


    Sent from my iPhone using TGR Forums
    However many are in a shit ton.

  6. #181
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    Aug 2016
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    Quote Originally Posted by skaredshtles View Post
    hunt, cunt what’s the difference

  7. #182
    Join Date
    Feb 2007
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    Snowmass
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    572
    From what I understand, the i bond transaction must clear by the end of the month, but it typically takes 24 hours, so most likely the deadline has past. You might get lucky though.

  8. #183
    Join Date
    Sep 2018
    Posts
    6,643
    Alright, at what point are we all buying NFLX?

  9. #184
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    Jan 2017
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    on the banks of Fish Creek
    Posts
    7,514
    When they get some programming worth watching.

  10. #185
    Join Date
    Feb 2005
    Posts
    19,215
    Is Netflix the new Blockbuster?
    Is it radix panax notoginseng? - splat
    This is like hanging yourself but the rope breaks. - DTM
    Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague

  11. #186
    Join Date
    Dec 2010
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    Last Best City in the Last Best Place
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    7,272
    At what point are people going to buy Google? Stock is down from 3k and with a 20:1 stock split happening this summer, seems like a good way to pile up some shares that will inevitably go up right? Or is 23 percent revenue growth year over year not enough to inspire confidence.

  12. #187
    Join Date
    May 2016
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    3,581
    Quote Originally Posted by jm2e View Post
    Not sure if I’m in the minority, but the ONLY reason I’m following this slap fight is because my attention is periodically caught by these statements that sound like: someone was able to take money from a pre-tax account and move it into a Roth. Which is everyone’s dream loophole if I’m not mistaken.
    So if that’s what you’re saying, I’m still listening. If that’s NOT what you’re saying, let’s all please agree to quickly shut down this once interesting and now annoying thread drift. Nobody cares who’s winning this pissing sword fight.


    Sent from my iPhone using TGR Forums
    My understanding is you can certainly convert a pretax IRA or 401K to a Roth. But I don’t know how to do that without triggering a large taxable event. All that pretax money in the IRA will be considered ordinary income when you do the conversion. So, depending on how much money you have in the IRA, and how much other income you have, if any, you could be looking at a very large payment to the IRS at possibly the max marginal tax rate for ordinary income if you are still employed earning a decent salary.

    If anyone knows how to reduce this tax hit, which could be in the hundreds of thousands, let me know.

  13. #188
    Join Date
    Feb 2005
    Posts
    19,215
    This year I got a random letter from a firm that I vaguely recognized and didn't throw in the trash as junk mail. It turned out that I had an IRA from a job I had in the mid 90's that I didn't know about and somehow they got my current address and sent me some required reporting.

    I promptly picked up the phone, cashed it out, and when I got the check bought BTC and ETH. Could care less about the tax hit. Thanks younger me.
    Is it radix panax notoginseng? - splat
    This is like hanging yourself but the rope breaks. - DTM
    Dude Listen to mtm. He's a marriage counselor at burning man. - subtle plague

  14. #189
    Join Date
    Dec 2007
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    Hell Track
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    13,845
    Just figured I'd pass along this hot tip for you guys.

  15. #190
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    Quote Originally Posted by toast2266 View Post
    Just figured I'd pass along this hot tip for you guys.
    sex&dating can be good business, buy the market not a proxy

  16. #191
    Join Date
    Mar 2005
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    SE USA
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    Quote Originally Posted by Kevo View Post
    after-tax traditional IRA contributions
    this is fucking basis in an IRA, you dipshit. The whole fucking tax code is about basis. And you're trying to lecture me? Hysterical. Have you ever actually read anything you link?

    You really are an idiot. What type of certification do you have? edit. probably everything since this is the interwebz. Why do you keep saying shit you obviously don't know anything about? I mean, good for you if you can construct some wild ass fact pattern that has no application in real life, but you've said virtually nothing of benefit in this thread, and more dangerous, you keep writing stuff that indicates you really don't know shit about how this stuff is taxed.

    But please, by all means, keep it up. it's very amusing.
    Last edited by Marshall Tucker; 05-11-2022 at 02:50 PM.
    "Can't you see..."

  17. #192
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    Mar 2005
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    SE USA
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    Kinda hit the nail on the head. my $.02 there's no hocus pocus for this, you'll just want to manage closely how much taxable income you're generating from conversions. (Kevo feel free to dazzle me here).
    Hence some of my earlier posts about how certian platforms let you totally control the amount and timing of conversions. About 1/2 of everything tax that applies to individuals gears something off AGI. And IMO, the 24% bracket to 330k taxable is pretty damn sweet (married filing joint) by historical standards. IMO, I don't think it'll ever get better, and I think it'll get a lot worse by the end of this decade. Cheers MT

    Quote Originally Posted by billyk View Post
    My understanding is you can certainly convert a pretax IRA or 401K to a Roth. But I don’t know how to do that without triggering a large taxable event. All that pretax money in the IRA will be considered ordinary income when you do the conversion. So, depending on how much money you have in the IRA, and how much other income you have, if any, you could be looking at a very large payment to the IRS at possibly the max marginal tax rate for ordinary income if you are still employed earning a decent salary.

    If anyone knows how to reduce this tax hit, which could be in the hundreds of thousands, let me know.
    "Can't you see..."

  18. #193
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    Mar 2005
    Location
    SE USA
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    Kevo, where you at man? kinda quiet these days big man....
    "Can't you see..."

  19. #194
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    Apr 2006
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    Quote Originally Posted by Marshall Tucker View Post
    Kevo, where you at man? kinda quiet these days big man....
    Been in Hawaii for a couple weeks.

    RE: BillyK's post- I agree with you that converting pre-tax traditional IRA dollars to a Roth is a taxable event. No pro rata rule would apply, because all of the pre-tax money in said traditional IRA is taxable when it gets converted or withdrawn. No disagreement there.

    We seem to be crossing wires about the concept of backdoor Roth IRA contributions, where one makes post-tax contributions to a traditional IRA and then converts it to a Roth IRA.

    I have linked to documentation that outlines the pro rata rule as it applies to backdoor Roth contributions, i.e. if you attempt to convert after-tax traditional IRA contributions to a Roth IRA, but there are existing pre-tax IRA dollars, you will be subject to taxation on a prorated basis. This pro rated taxation can be avoided by ensuring that there isn't a balance of pre-tax dollars in one's traditional IRA before contributing after-tax dollars to said traditional IRA for the purpose of making backdoor Roth conversions.

    You have never seen the pro rata rule mean anything outside of your continuing professional education, so my understanding is that you believe either that I'm uninformed about the mechanics of backdoor Roth contributions or that there isn't a pro rata rule for backdoor Roth contributions. Name calling and a freakout ensued. Documentation that was linked was never addressed, etc.

  20. #195
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    I believe, Kevo, that you are a dipshit that understands virtually nothing about retirement or virtually any other form of taxation. Hence your comment about basis; your silence on your certification; and all your stupid-ass links.

    So yah, name calling, and "freakout" as you term it, is just fine. Dipshit.
    "Can't you see..."

  21. #196
    Join Date
    Jan 2022
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    90
    skirub

  22. #197
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    Mar 2006
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    Beaverton, OR
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    Quote Originally Posted by Kevo View Post
    Been in Hawaii for a couple weeks.


    I have linked to documentation that outlines the pro rata rule as it applies to backdoor Roth contributions, i.e. if you attempt to convert after-tax traditional IRA contributions to a Roth IRA, but there are existing pre-tax IRA dollars, you will be subject to taxation on a prorated basis. This pro rated taxation can be avoided by ensuring that there isn't a balance of pre-tax dollars in one's traditional IRA before contributing after-tax dollars to said traditional IRA for the purpose of making backdoor Roth conversions.
    This is true information...

    Pretax money = Traditional IRA taken as writeoff on 1040 and 401K rollovers to self directed IRAs. All subject to pro rata rule against post tax money.

    Can avoid rollover 401K tax hit by rolling back into your current employers 401K but trad IRA with 1040 writeoff you are stuck.

  23. #198
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    Access to Granlibakken
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    11,184
    I sense a three-way SkiOff in the making
    Know of a pair of Fischer Ranger 107Ti 189s (new or used) for sale? PM me.

  24. #199
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    Quote Originally Posted by sirbumpsalot View Post
    This is true information...

    Pretax money = Traditional IRA taken as writeoff on 1040 and 401K rollovers to self directed IRAs. All subject to pro rata rule against post tax money.

    Can avoid rollover 401K tax hit by rolling back into your current employers 401K but trad IRA with 1040 writeoff you are stuck.
    Well, thanks. Glad there is someone else who understands the pro rata rule for backdoor Roth IRA conversions.

    Marshall Tucker should be by anytime to tell you that you're wrong and call you a dipshit.

    Quote Originally Posted by Marshall Tucker View Post
    I believe, Kevo, that you are a dipshit that understands virtually nothing about retirement or virtually any other form of taxation. Hence your comment about basis; your silence on your certification; and all your stupid-ass links.

    So yah, name calling, and "freakout" as you term it, is just fine. Dipshit.
    I have never claimed to have certification. I'm just a dude trying to maximize my tax advantaged retirement savings and avoid taxable events in my retirement accounts.

    I did say a couple times that I'm glad you aren't my CPA. Given your continued refusal to read or engage with the actual subject at hand or address the sources ("stupid ass links" to IRS.gov and the Bogleheads wiki) about the subject at hand, that point stands.

    You have provided nothing to back up your claims and have failed to refuted any of outside sources that I've referenced.

  25. #200
    Join Date
    Nov 2005
    Posts
    8,318


    Coin toss between here and the bitcoin thread
    A woman came up to me and said "I'd like to poison your mind
    with wrong ideas that appeal to you, though I am not unkind."

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