Results 251 to 275 of 625
Thread: Where to Invest Money Right Now?
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05-20-2022, 01:46 PM #251
Are there any situations in which you'd recommend a client make backdoor Roth IRA contributions?
The control one gains from rolling 401k to IRA is valuable in that you get to control your costs from an expense ratio and fund selection standpoint, no?
That same advantage of control over fund selection and expense ratios can be gained by rolling the employer 401k into a self directed individual 401k, with the additional advantage that you can make backdoor Roth IRA contributions through a zero balance tradional IRA.
Why would you willingly give up the additional $6k per year in tax advantaged contributions if you don't have to?
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05-20-2022, 01:52 PM #252
I wasn't talking to you kevo and this has nothing to do with you. "many" is such a bullshit response. I talked over with our managing partner and with 991 individual clients this filing season we have exactly 2 that even meet the fact pattern. A fact pattern that you cannot describe or give an example. But you can link. Roll eyes.
I happen to believe the people that come to this thread are looking for real world answers to real problems and not pie-in-the-sky theoretical shit. I almost always give examples from my own personal experience. How about you?
So lets say you do what you propose.
"exactly how much money are you gonna get into a Roth with your wonderful little planning tool? 6k a year? for how many years? how much? if an individual has the kinda money it takes to do what you've wasted umpteen pages trying to defend, (which you can't describe without links), well. you're squibbing over nickels and generally being an asshole about it. And even further, if you've paid attention at all, your wonderful little strategy has some major legislation coming it's way.
"Can't you see..."
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05-20-2022, 02:31 PM #253
Anyone who makes more than $144k MAGI as an individual filer or $204k as a household after maxing out their employer's 401k meets the fact pattern for benefiting from the tax advantages of backdoor Roth IRA contribution.
That is 9% of the United States. That isn't a pie in sky theoretical shit.
$6k in additional tax advantaged investments per year during one's prime earning years up to retirement is significant. Definitely not squibbing over pennies.
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05-20-2022, 02:32 PM #254man of ice
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You both seem like good guys but relating to each other doesn't seem to work, maybe just stop doing that? I dunno, it's a thought.
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05-20-2022, 02:34 PM #255
Or tax it to the IRA thread. Carbombs for everyone.
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
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05-20-2022, 02:40 PM #256
Agreed. While I haven't followed their disagreement from its inception, and don't understand the substance at all, I will say that all of the name calling and vitriol I see is coming from MT, while at the same time he's claiming that Kevo is being an asshole. Seems like a wee bit of projection.
Not responding to each other seems the best solution."fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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05-20-2022, 03:55 PM #257Registered User
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Is there a way to ban both of them from this thread? Seriously MT and Kevo, multiple people at multiple times have told you to cut the crap in this thread. Both of you have taken serious Ls and it's time to move on and put each other on Ignore. You're both being worse the Bunny and that's saying something.
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05-20-2022, 04:14 PM #258Registered User
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If MT is right he should be calling out kevo's googling bullshit - that's the TGR way. Can we get a ruling here, any other accountants present to make a call and end this?
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05-20-2022, 04:22 PM #259
Agree that he should call Kevo out if he thinks Kevo is wrong. That said: Kevo has posted enough financial stuff over the years for me to say he didn't just google. He's not a pro but he's not some guy just spouting the first google hit he got. Also, I get that MT thinks Kevo is talking out his ass and is wrong. But he seems really angry about it, and has been spouting off angrily. Which I guess is also the TGR way. But he flat out said Kevo is being an asshole about it, and as near as I can see, he has reached that conclusion solely because Kevo isn't taking what he's said as gospel. Because Kevo has not been an asshole, he has simply stuck to his guns. If anyone has been an asshole about it in here....
But I'm just a dentist so I cannot give a ruling on the substance of their argument, just my ruling on the way they have argued."fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
"She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
"everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy
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05-20-2022, 04:22 PM #260
I said it earlier but MT does this professionally and Kevo is a tech bro who read bogleheads.org for a couple minutes.
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05-20-2022, 04:48 PM #261
Candid of MT on the way home.
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05-20-2022, 05:40 PM #262
I didn't invent some novel, dangerous tax avoidance strategy. I merely mentioned a well known, well documented strategy so that other people who could benefit from it could learn about it.
We have a CPA in this thread who at first claimed there was no benefit to said strategy (it's fucked up and stupid, don't listen to Kevo) and started name calling when I dared to contradict him. I've provided documentation from multiple sources to every claim that I've made. I stopped replying to this thread for weeks, then when called out "where are you, big man" I responded respectfully. More name calling ensued.
Now it's not that there isn't a benefit, it's just that it is so esoteric that it is pie in the sky theoretical shit....Except that it is something that roughly 10% of households could benefit from.
MT hasn't engaged even once with the content of the source that I've linked to. Just character attacks and name calling.
I make backdoor Roth IRA contributions. I learned about backdoor Roth IRA contributions from a friend who is a CFA/CFP who retired early from managing an 11 figure pension fund. My friend who is a tax lawyer makes backdoor Roth IRA contributions. I have several doctor friends who make backdoor Roth IRA contributions, as directed by their CPAs. There are other people in this thread who make backdoor Roth IRA contributions as directed by their CPAs. This isn't a controversial topic with any CPAs that I've personally engaged with.
Either everyone listed above and I have been led astray by a roving band of misfit CPAs who have written countless articles and books that explain the reasons for doing what we're doing (I'd love to know, by all means I'll stop doing what I'm doing if the information I'm following is proven wrong) or someone else wasn't familiar with this particular strategy and refuses to admit so.
@Adironrider- you don't know me dude. I wouldn't purport to know anything about what you know or don't know. Just stop.
If MT is right he should be using his personal expertise to disprove the content of sources I've linked or referencing any outside source other than personal experience that agrees with his take. He's repeatedly failed to do so.
That's my piece. I'm done talking backdoor Roth IRAs in this thread.
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05-20-2022, 05:43 PM #263
For fucks sake you two. I made you your own thread.
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05-20-2022, 06:18 PM #264Rope->Dope
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This backdoor, mega and I-bond chatter is lame.
I want to hear about the next Aerotyne International!
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05-20-2022, 06:38 PM #265
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05-20-2022, 09:01 PM #266
+2 on MT advice right now. After balanced funds got pummeled I think they have good value. Maybe even a global fund like GBLAX
https://www.morningstar.com/funds/xnas/gblax/portfolio
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05-21-2022, 07:44 AM #267
Is that right? If I bought an I-bond in 2010, I’d be earning between 9.62 and 10.14%? That’s about 15k in interest.
I was under the impression that if you bought at the current (9.62) rate , then inflation gets under control to normal levels of let’s say 2.5-3.5%, then your rate becomes that “normal” inflation rate.
Seriously apologize for the dipshittery over here. Financial shit confounds me and I’ve read all the FAQ on that .gov site but it’s not fully clear to me how it’s calculated.
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05-21-2022, 08:10 AM #268
Your 2010 bond would be earning 9.62 currently for the six months may through oct 2022, then it gets adjusted to the new inflation rate post October.
It hasn’t been earning 9.62 since 2010. This current six month window is the highest rate it has been since these things launched.
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05-21-2022, 08:22 AM #269
Thanks, that’s what I thought but I’m not really making sense of the chart posted above from the treasury direct site.
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05-21-2022, 08:42 AM #270man of ice
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That chart would be clearer if it had another column, the Base Rate, to the left of the Composite rate column. If you think of the "Composite Rate" column as the "Effective Rate" that might help. The Effective Rate (or Composite Rate as they have it) is the base rate plus the inflation rate.
As I understand it at least.
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05-21-2022, 08:45 AM #271
Click link. Open file. Expand so you can read it.
First column is the 6 month period in which you purchased.
Second column is the fixed rate (rate at which it will not go below).
Each subsequent row is the composite rate for each 6 months since purchase.
i.e. You purchased an I-Bond in June 2018. Your fixed rate would be .3%.
The composite rate for each 6 month period is shown since inception, right to left.
Your initial composite rate was 2.52%. It's gone up, gone down and has now gone up to 9.93% currently.
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05-21-2022, 09:19 AM #272
Perfect. Didn’t see that earlier. Thx
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05-21-2022, 10:21 AM #273Rod9301
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Yeah, epd is solid. It will go down, but not by much and they will not cut the dividend.
And with the us idiocy of suplying lng to Europe, the pipelines need to transport the natural gas, so this may offset the drop in domestic consumption due to a recession
Also hess midstream.
Sent from my moto g 5G using Tapatalk
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05-21-2022, 10:42 AM #274Registered User
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I had EPD and a few other midstreams and had to sell because my world changed and I needed the $$. I think it's time to get back into it a few shares at a time as I can afford it. Thanks for the kick
Anyone have any ideas for robotics? It just seems to me that warehouses and the general supply chain need them more than ever and IMO if manufacturing does make a serious effort at coming back to the States it's not going to be about human hands making things. What about companies that maintain that stuff? They're going to needed too.
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05-21-2022, 11:01 AM #275Rod9301
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