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THE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. COVID RETIREMENT ACCOUNT WITHDRAWAL IN TURBOTAX AND H&R BLOCK March 29, 2021 by Harry Sit in Taxes Keywords: CARES Act, H&R Block, tax prep, TurboTax 15 Comments. When the COVID pandemic hit and unemployment soared in 2020, Congress passed the CARES Act, which gave special tax treatment for eligible withdrawals from retirement accounts. The usual 10% penalty on early withdrawals before age 59-1/2is waived.
2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. THE DIFFERENCE BETWEEN ASSET AND INVESTMENT Something that doesn’t beat inflation is still an investment. A poor investment by definition is an investment. Having to pay a cost while holding something doesn’t make it not an investment. Mutual funds have expenses. You pay the expenses whether your funds make money or not. They are still an investment. Your home is an asset. UNVESTED RSUS AS GOLDEN HANDCUFFS: WHAT TO DO? My unvested RSUs became a point of discussion. I come to realize how strongly these to-be-vested RSUs act as golden handcuffs. RSUs are Restricted Stock Units. They are basically a deferred bonus calculated and paid in shares of the employer’s stock. Unlike a cash bonus, you don’t get it right away. They become yours ("vest", "lapse" or FT VS WSJ: WHICH IS BETTER? FT had one full ad page and two pages of market data; WSJ had six full ad pages and four pages of market data and legal notice. FT is more concentrated, with less fluff. 22 pages are plenty to go through already. Tighter business focus. FT is tightly centered around business news, whereas WSJ also goes more into general news. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
DOWNLOAD PRICE QUOTES TO MICROSOFT MONEY AFTER MICROSOFT Double click on the shortcut. Follow the prompts with a few more clicks and you are done. Because it simulates importing a statement from a broker, Microsoft Money will only update the prices once per day. It’s best to run the script after the market closes. If you run the script more than once when the market is open, only the firstprice
RSU SELL TO COVER DECONSTRUCTED Ever since I wrote Restricted Stock Units (RSU) Sales and Tax Reporting, I received many questions.They all relate to sell-to-cover, which is the default, and often the only option people have for their restricted stock units (RSU).THE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. COVID RETIREMENT ACCOUNT WITHDRAWAL IN TURBOTAX AND H&R BLOCK March 29, 2021 by Harry Sit in Taxes Keywords: CARES Act, H&R Block, tax prep, TurboTax 15 Comments. When the COVID pandemic hit and unemployment soared in 2020, Congress passed the CARES Act, which gave special tax treatment for eligible withdrawals from retirement accounts. The usual 10% penalty on early withdrawals before age 59-1/2is waived.
2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. THE DIFFERENCE BETWEEN ASSET AND INVESTMENT Something that doesn’t beat inflation is still an investment. A poor investment by definition is an investment. Having to pay a cost while holding something doesn’t make it not an investment. Mutual funds have expenses. You pay the expenses whether your funds make money or not. They are still an investment. Your home is an asset. UNVESTED RSUS AS GOLDEN HANDCUFFS: WHAT TO DO? My unvested RSUs became a point of discussion. I come to realize how strongly these to-be-vested RSUs act as golden handcuffs. RSUs are Restricted Stock Units. They are basically a deferred bonus calculated and paid in shares of the employer’s stock. Unlike a cash bonus, you don’t get it right away. They become yours ("vest", "lapse" or FT VS WSJ: WHICH IS BETTER? FT had one full ad page and two pages of market data; WSJ had six full ad pages and four pages of market data and legal notice. FT is more concentrated, with less fluff. 22 pages are plenty to go through already. Tighter business focus. FT is tightly centered around business news, whereas WSJ also goes more into general news. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
DOWNLOAD PRICE QUOTES TO MICROSOFT MONEY AFTER MICROSOFT Double click on the shortcut. Follow the prompts with a few more clicks and you are done. Because it simulates importing a statement from a broker, Microsoft Money will only update the prices once per day. It’s best to run the script after the market closes. If you run the script more than once when the market is open, only the firstprice
RSU SELL TO COVER DECONSTRUCTED Ever since I wrote Restricted Stock Units (RSU) Sales and Tax Reporting, I received many questions.They all relate to sell-to-cover, which is the default, and often the only option people have for their restricted stock units (RSU). 2020 2021 2022 ACA HEALTH INSURANCE PREMIUM TAX CREDIT The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.60% – $40,000 * 3.28% = $1,488. This represents 15% of the $10,000 increase in their income. For a married couple, the effect of paying 15% of the additional income toward ACA health BUY MORE I BONDS AT TREASURYDIRECT IN A REVOCABLE LIVING TRUST One limitation of buying I Bonds is the annual purchase limit. Each person can buy a maximum of $10,000 per calendar year as the primaryowner.
PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
CHANGE YOUR COST BASIS METHOD FROM AVERAGE COST TO Under Accounts & Trade, click on Update Accounts / Features. 2. Then find and click on Cost Basis Information Tracking in the navigation pane on the left hand side. 3. Click on Convert under Mutual Funds. 4. Read the information on the next page. Follow the prompts. Switching from Average Cost to Actual Cost means you can pick which lot (s) the 401(A) PLAN CONTRIBUTION LIMIT A quirk gives the 403 (b) a separate $57,000 limit. If all stars are aligned, you can have $57,000 to the 403 (b), $57,000 to the 401 (a), and $19,500 to the 457, for a total contribution of $133,500, before any catch-up contributions! Of course most people worry about earning $133,500 before they worry about contributing $133,500 to their WHY OTHERS SEEM TO HAVE MORE MONEY THAN YOU DO It was about four or five brides selecting their wedding dresses at a store. When asked about a budget, the brides threw out numbers like $3,000, $7,000, or $10,000 for the dress. When we heard the number, we looked at each other. Wow, they must have more money than we do. When we flew in, I saw people whipping out their iPads on the plane.LATEST BLOG POSTS
The new Diehards in the Vanguard forum I wrote about two weeks ago was renamed to Bogleheads forum. It moved to the diehards.org domain, which has been the more popular entry point for the old Morningstarforum.
COLLECTIVE TRUST VS MUTUAL FUND: WHAT'S THE DIFFERENCE? A collective trust is like a mutual fund but it only sells to institutional investors like 401k plans. Because a collective trust doesn’t take on retail investors, it’s exempt from some regulatory requirements. Not having to deal with retail investors also makes the costs lower. Before collective trusts came along, some large 401k and403b
SWITCHING BROKERAGE ACCOUNT INTO A TRUST: FIDELITY Switching Brokerage Account Into A Trust: Fidelity, Vanguard, Merrill Edge. This is part 2 of our experience in setting up our basic estate planning, which included a revocable living trust. Please read part 1 Will and Trust Through Employer Legal Plan for the background. After we signed the trust documents at the lawyer’s office, we had a HOW TO ENTER MEGA BACKDOOR ROTH IN H&R BLOCK TAX SOFTWARE Now the entries into H&R Block software. Go to Federal -> Income -> IRA and Pension Income (Form 1099-R). Our 1099-R is a normal 1099-R. Enter the numbers from your 1099-R as-is. Ours looks like this: The gross amount transferred to the RothTHE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. COVID RETIREMENT ACCOUNT WITHDRAWAL IN TURBOTAX AND H&R BLOCK March 29, 2021 by Harry Sit in Taxes Keywords: CARES Act, H&R Block, tax prep, TurboTax 15 Comments. When the COVID pandemic hit and unemployment soared in 2020, Congress passed the CARES Act, which gave special tax treatment for eligible withdrawals from retirement accounts. The usual 10% penalty on early withdrawals before age 59-1/2is waived.
2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. THE DIFFERENCE BETWEEN ASSET AND INVESTMENT Something that doesn’t beat inflation is still an investment. A poor investment by definition is an investment. Having to pay a cost while holding something doesn’t make it not an investment. Mutual funds have expenses. You pay the expenses whether your funds make money or not. They are still an investment. Your home is an asset. UNVESTED RSUS AS GOLDEN HANDCUFFS: WHAT TO DO? My unvested RSUs became a point of discussion. I come to realize how strongly these to-be-vested RSUs act as golden handcuffs. RSUs are Restricted Stock Units. They are basically a deferred bonus calculated and paid in shares of the employer’s stock. Unlike a cash bonus, you don’t get it right away. They become yours ("vest", "lapse" or FT VS WSJ: WHICH IS BETTER? FT had one full ad page and two pages of market data; WSJ had six full ad pages and four pages of market data and legal notice. FT is more concentrated, with less fluff. 22 pages are plenty to go through already. Tighter business focus. FT is tightly centered around business news, whereas WSJ also goes more into general news. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
DOWNLOAD PRICE QUOTES TO MICROSOFT MONEY AFTER MICROSOFT Double click on the shortcut. Follow the prompts with a few more clicks and you are done. Because it simulates importing a statement from a broker, Microsoft Money will only update the prices once per day. It’s best to run the script after the market closes. If you run the script more than once when the market is open, only the firstprice
RSU SELL TO COVER DECONSTRUCTED Ever since I wrote Restricted Stock Units (RSU) Sales and Tax Reporting, I received many questions.They all relate to sell-to-cover, which is the default, and often the only option people have for their restricted stock units (RSU).THE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. COVID RETIREMENT ACCOUNT WITHDRAWAL IN TURBOTAX AND H&R BLOCK March 29, 2021 by Harry Sit in Taxes Keywords: CARES Act, H&R Block, tax prep, TurboTax 15 Comments. When the COVID pandemic hit and unemployment soared in 2020, Congress passed the CARES Act, which gave special tax treatment for eligible withdrawals from retirement accounts. The usual 10% penalty on early withdrawals before age 59-1/2is waived.
2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. THE DIFFERENCE BETWEEN ASSET AND INVESTMENT Something that doesn’t beat inflation is still an investment. A poor investment by definition is an investment. Having to pay a cost while holding something doesn’t make it not an investment. Mutual funds have expenses. You pay the expenses whether your funds make money or not. They are still an investment. Your home is an asset. UNVESTED RSUS AS GOLDEN HANDCUFFS: WHAT TO DO? My unvested RSUs became a point of discussion. I come to realize how strongly these to-be-vested RSUs act as golden handcuffs. RSUs are Restricted Stock Units. They are basically a deferred bonus calculated and paid in shares of the employer’s stock. Unlike a cash bonus, you don’t get it right away. They become yours ("vest", "lapse" or FT VS WSJ: WHICH IS BETTER? FT had one full ad page and two pages of market data; WSJ had six full ad pages and four pages of market data and legal notice. FT is more concentrated, with less fluff. 22 pages are plenty to go through already. Tighter business focus. FT is tightly centered around business news, whereas WSJ also goes more into general news. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
DOWNLOAD PRICE QUOTES TO MICROSOFT MONEY AFTER MICROSOFT Double click on the shortcut. Follow the prompts with a few more clicks and you are done. Because it simulates importing a statement from a broker, Microsoft Money will only update the prices once per day. It’s best to run the script after the market closes. If you run the script more than once when the market is open, only the firstprice
RSU SELL TO COVER DECONSTRUCTED Ever since I wrote Restricted Stock Units (RSU) Sales and Tax Reporting, I received many questions.They all relate to sell-to-cover, which is the default, and often the only option people have for their restricted stock units (RSU). 2020 2021 2022 ACA HEALTH INSURANCE PREMIUM TAX CREDIT The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.60% – $40,000 * 3.28% = $1,488. This represents 15% of the $10,000 increase in their income. For a married couple, the effect of paying 15% of the additional income toward ACA health BUY MORE I BONDS AT TREASURYDIRECT IN A REVOCABLE LIVING TRUST One limitation of buying I Bonds is the annual purchase limit. Each person can buy a maximum of $10,000 per calendar year as the primaryowner.
PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
CHANGE YOUR COST BASIS METHOD FROM AVERAGE COST TO Under Accounts & Trade, click on Update Accounts / Features. 2. Then find and click on Cost Basis Information Tracking in the navigation pane on the left hand side. 3. Click on Convert under Mutual Funds. 4. Read the information on the next page. Follow the prompts. Switching from Average Cost to Actual Cost means you can pick which lot (s) the 401(A) PLAN CONTRIBUTION LIMIT A quirk gives the 403 (b) a separate $57,000 limit. If all stars are aligned, you can have $57,000 to the 403 (b), $57,000 to the 401 (a), and $19,500 to the 457, for a total contribution of $133,500, before any catch-up contributions! Of course most people worry about earning $133,500 before they worry about contributing $133,500 to their WHY OTHERS SEEM TO HAVE MORE MONEY THAN YOU DO It was about four or five brides selecting their wedding dresses at a store. When asked about a budget, the brides threw out numbers like $3,000, $7,000, or $10,000 for the dress. When we heard the number, we looked at each other. Wow, they must have more money than we do. When we flew in, I saw people whipping out their iPads on the plane.LATEST BLOG POSTS
The new Diehards in the Vanguard forum I wrote about two weeks ago was renamed to Bogleheads forum. It moved to the diehards.org domain, which has been the more popular entry point for the old Morningstarforum.
COLLECTIVE TRUST VS MUTUAL FUND: WHAT'S THE DIFFERENCE? A collective trust is like a mutual fund but it only sells to institutional investors like 401k plans. Because a collective trust doesn’t take on retail investors, it’s exempt from some regulatory requirements. Not having to deal with retail investors also makes the costs lower. Before collective trusts came along, some large 401k and403b
SWITCHING BROKERAGE ACCOUNT INTO A TRUST: FIDELITY Switching Brokerage Account Into A Trust: Fidelity, Vanguard, Merrill Edge. This is part 2 of our experience in setting up our basic estate planning, which included a revocable living trust. Please read part 1 Will and Trust Through Employer Legal Plan for the background. After we signed the trust documents at the lawyer’s office, we had a HOW TO ENTER MEGA BACKDOOR ROTH IN H&R BLOCK TAX SOFTWARE Now the entries into H&R Block software. Go to Federal -> Income -> IRA and Pension Income (Form 1099-R). Our 1099-R is a normal 1099-R. Enter the numbers from your 1099-R as-is. Ours looks like this: The gross amount transferred to the RothTHE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. 2020 2021 2022 ACA HEALTH INSURANCE PREMIUM TAX CREDIT The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.60% – $40,000 * 3.28% = $1,488. This represents 15% of the $10,000 increase in their income. For a married couple, the effect of paying 15% of the additional income toward ACA health 2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. EXTRA MORTGAGE PAYMENT: DO DATES MATTER? Extra Mortgage Payment: Do Dates Matter? Regular mortgage payments are set up such that you pay the same amount each month but the breakdown between principal and interest changes every month. You first pay the interest calculated from the previous balance. The remainder then goes toward the principal. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
MORTGAGE REFINANCE: TRADEOFF BETWEEN RATE AND CLOSING COST 7 years 11 months. 4.125%. $4,241. $770. 8 years 6 months. Paying a higher closing cost will give me some savings over 10 years, although the amount saved is really small. The breakeven period, i.e. the time I have to keep the loan in order to benefit from the refinance isreally long.
401K MATCH POLICIES: EVERY PAYROLL AND TRUE-UP Every Payroll. Suppose your employer matches dollar for dollar on the first 4% of pay and your pay is $120,000 per year. With 24 pay periods in a year, your gross pay is $5,000 per pay period. If you contribute $200 per pay, which is 4% of $5,000, your employer matches another $200. Over the course of a year, your employer will match $4,800. FIDELITY RETIREMENT CALCULATOR REVIEWSEE MORE ON THEFINANCEBUFF.COM IMPORT QUICKEN DOWNLOADS TO MICROSOFT MONEY ON WINDOWS 10 Now download a transaction file in Quicken Web Connect format and save it somewhere. Right click on it and select Open With. Navigate to Program Files (x86)\Money Plus\MnyCoreFiles (hidden folder, just type it in) and choose mnyimprt.exe. Check theTHE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. 2020 2021 2022 ACA HEALTH INSURANCE PREMIUM TAX CREDIT The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.60% – $40,000 * 3.28% = $1,488. This represents 15% of the $10,000 increase in their income. For a married couple, the effect of paying 15% of the additional income toward ACA health 2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. EXTRA MORTGAGE PAYMENT: DO DATES MATTER? Extra Mortgage Payment: Do Dates Matter? Regular mortgage payments are set up such that you pay the same amount each month but the breakdown between principal and interest changes every month. You first pay the interest calculated from the previous balance. The remainder then goes toward the principal. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
MORTGAGE REFINANCE: TRADEOFF BETWEEN RATE AND CLOSING COST 7 years 11 months. 4.125%. $4,241. $770. 8 years 6 months. Paying a higher closing cost will give me some savings over 10 years, although the amount saved is really small. The breakeven period, i.e. the time I have to keep the loan in order to benefit from the refinance isreally long.
401K MATCH POLICIES: EVERY PAYROLL AND TRUE-UP Every Payroll. Suppose your employer matches dollar for dollar on the first 4% of pay and your pay is $120,000 per year. With 24 pay periods in a year, your gross pay is $5,000 per pay period. If you contribute $200 per pay, which is 4% of $5,000, your employer matches another $200. Over the course of a year, your employer will match $4,800. FIDELITY RETIREMENT CALCULATOR REVIEWSEE MORE ON THEFINANCEBUFF.COM IMPORT QUICKEN DOWNLOADS TO MICROSOFT MONEY ON WINDOWS 10 Now download a transaction file in Quicken Web Connect format and save it somewhere. Right click on it and select Open With. Navigate to Program Files (x86)\Money Plus\MnyCoreFiles (hidden folder, just type it in) and choose mnyimprt.exe. Check the ABOUT - THE FINANCE BUFF About. There are no shortcuts to knowledge, especially knowledge gained from personal experience. Following conventional wisdom and relying on shortcuts can be worse than knowing nothing at all. Ben Horowitz. My name is Harry Sit. My wife and I are both first-generation immigrants to the U.S. We came in our 20’s for graduate school, with only SAVINGS RATE AND MORTGAGE LOAN PAYMENTS Whether you calculate your savings rate against your gross income or against your net income, first you have to know how much you are saving. At a first glance, your savings are simply what you don’t spend. Savings = Gross Income – Taxes – Expenses. However, confusion starts as soon as you have mortgage or other loan payments. THE BEST WAY TO REFINANCE A SMALL MORTGAGE A reader asked me about refinancing a mortgage. I gave him my usual spiel about getting a no cost refinance, stepping down the ladder, etc.I also gave him the short list of lenders I shop from: First IB, NMA, and AmeriSave.. He came back to me saying he couldn’t get a no cost refi from any of them because the balance on his current mortgageis too small.
BUY MORE I BONDS AT TREASURYDIRECT IN A REVOCABLE LIVING TRUST One limitation of buying I Bonds is the annual purchase limit. Each person can buy a maximum of $10,000 per calendar year as the primaryowner.
PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
UNVESTED RSUS AS GOLDEN HANDCUFFS: WHAT TO DO? My unvested RSUs became a point of discussion. I come to realize how strongly these to-be-vested RSUs act as golden handcuffs. RSUs are Restricted Stock Units. They are basically a deferred bonus calculated and paid in shares of the employer’s stock. Unlike a cash bonus, you don’t get it right away. They become yours ("vest", "lapse" orLATEST BLOG POSTS
The new Diehards in the Vanguard forum I wrote about two weeks ago was renamed to Bogleheads forum. It moved to the diehards.org domain, which has been the more popular entry point for the old Morningstarforum.
LATEST BLOG POSTS
I bought some EE savings bonds in May 2002. Today is the first day I get to redeem them without penalty. Each $100 saved back then is nowworth $118.40.
LATEST BLOG POSTS
The stock market had a good year this year. Despite the 2% drop yesterday, the S&P 500 index is up 7.5% since January. When I looked at all the Vanguard index funds, everything isLATEST BLOG POSTS
Commutative Law of Multiplication is a fancy way of saying when you multiply two numbers, it doesn’t matter which number you put down first and which number you put down second. a * b = b * a This basic law of arithmetic is taught in the second grade in elementary school.THE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. 2020 2021 2022 ACA HEALTH INSURANCE PREMIUM TAX CREDIT The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.60% – $40,000 * 3.28% = $1,488. This represents 15% of the $10,000 increase in their income. For a married couple, the effect of paying 15% of the additional income toward ACA health 2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. EXTRA MORTGAGE PAYMENT: DO DATES MATTER? Extra Mortgage Payment: Do Dates Matter? Regular mortgage payments are set up such that you pay the same amount each month but the breakdown between principal and interest changes every month. You first pay the interest calculated from the previous balance. The remainder then goes toward the principal. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
MORTGAGE REFINANCE: TRADEOFF BETWEEN RATE AND CLOSING COST 7 years 11 months. 4.125%. $4,241. $770. 8 years 6 months. Paying a higher closing cost will give me some savings over 10 years, although the amount saved is really small. The breakeven period, i.e. the time I have to keep the loan in order to benefit from the refinance isreally long.
401K MATCH POLICIES: EVERY PAYROLL AND TRUE-UP Every Payroll. Suppose your employer matches dollar for dollar on the first 4% of pay and your pay is $120,000 per year. With 24 pay periods in a year, your gross pay is $5,000 per pay period. If you contribute $200 per pay, which is 4% of $5,000, your employer matches another $200. Over the course of a year, your employer will match $4,800. FIDELITY RETIREMENT CALCULATOR REVIEWSEE MORE ON THEFINANCEBUFF.COM IMPORT QUICKEN DOWNLOADS TO MICROSOFT MONEY ON WINDOWS 10 Now download a transaction file in Quicken Web Connect format and save it somewhere. Right click on it and select Open With. Navigate to Program Files (x86)\Money Plus\MnyCoreFiles (hidden folder, just type it in) and choose mnyimprt.exe. Check theTHE FINANCE BUFF
The Finance Buff - Like a Friend Telling You About Money. Hi, I’m Harry. I’ll show you the nuts and bolts of managing your money. 2020 2021 2022 ACA HEALTH INSURANCE PREMIUM TAX CREDIT The increase of their expected contribution toward ACA health insurance, and the corresponding decrease in their premium tax credit will be: $50,000 * 5.60% – $40,000 * 3.28% = $1,488. This represents 15% of the $10,000 increase in their income. For a married couple, the effect of paying 15% of the additional income toward ACA health 2021 2022 MEDICARE PART B PART D IRMAA PREMIUM BRACKETS . Seniors age 65 or older can sign up for Medicare. The government calls people who receive Medicare beneficiaries.Medicare beneficiaries must pay a premium for Medicare Part B that covers doctors’ services and Medicare Part D that coversprescription drugs.
AUTHORIZE A FAMILY MEMBER TO ACCESS YOUR ACCOUNTS Vanguard has a process for authorizing another person to act on your behalf over your accounts. They call it agent authorization. On Vanguard.com, click on Forms, and then look for Account Access. You can give another person Information-Only access or you can make another person a Limited Agent or a Full Agent. EXTRA MORTGAGE PAYMENT: DO DATES MATTER? Extra Mortgage Payment: Do Dates Matter? Regular mortgage payments are set up such that you pay the same amount each month but the breakdown between principal and interest changes every month. You first pay the interest calculated from the previous balance. The remainder then goes toward the principal. PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
MORTGAGE REFINANCE: TRADEOFF BETWEEN RATE AND CLOSING COST 7 years 11 months. 4.125%. $4,241. $770. 8 years 6 months. Paying a higher closing cost will give me some savings over 10 years, although the amount saved is really small. The breakeven period, i.e. the time I have to keep the loan in order to benefit from the refinance isreally long.
401K MATCH POLICIES: EVERY PAYROLL AND TRUE-UP Every Payroll. Suppose your employer matches dollar for dollar on the first 4% of pay and your pay is $120,000 per year. With 24 pay periods in a year, your gross pay is $5,000 per pay period. If you contribute $200 per pay, which is 4% of $5,000, your employer matches another $200. Over the course of a year, your employer will match $4,800. FIDELITY RETIREMENT CALCULATOR REVIEWSEE MORE ON THEFINANCEBUFF.COM IMPORT QUICKEN DOWNLOADS TO MICROSOFT MONEY ON WINDOWS 10 Now download a transaction file in Quicken Web Connect format and save it somewhere. Right click on it and select Open With. Navigate to Program Files (x86)\Money Plus\MnyCoreFiles (hidden folder, just type it in) and choose mnyimprt.exe. Check the ABOUT - THE FINANCE BUFF About. There are no shortcuts to knowledge, especially knowledge gained from personal experience. Following conventional wisdom and relying on shortcuts can be worse than knowing nothing at all. Ben Horowitz. My name is Harry Sit. My wife and I are both first-generation immigrants to the U.S. We came in our 20’s for graduate school, with only SAVINGS RATE AND MORTGAGE LOAN PAYMENTS Whether you calculate your savings rate against your gross income or against your net income, first you have to know how much you are saving. At a first glance, your savings are simply what you don’t spend. Savings = Gross Income – Taxes – Expenses. However, confusion starts as soon as you have mortgage or other loan payments. THE BEST WAY TO REFINANCE A SMALL MORTGAGE A reader asked me about refinancing a mortgage. I gave him my usual spiel about getting a no cost refinance, stepping down the ladder, etc.I also gave him the short list of lenders I shop from: First IB, NMA, and AmeriSave.. He came back to me saying he couldn’t get a no cost refi from any of them because the balance on his current mortgageis too small.
BUY MORE I BONDS AT TREASURYDIRECT IN A REVOCABLE LIVING TRUST One limitation of buying I Bonds is the annual purchase limit. Each person can buy a maximum of $10,000 per calendar year as the primaryowner.
PERSONAL RATE OF RETURN: DOLLAR WEIGHTED OR TIME WEIGHTED If we change the additional contribution on April 1 from $20,000 to $1,000 and have the end of year value at $13,000 instead of $32,000, the two returns would be much closer. The Dollar Weighted Rate of Return would be 18.6%, and the Time Weighted Rate of Return wouldstill be 20%.
UNVESTED RSUS AS GOLDEN HANDCUFFS: WHAT TO DO? My unvested RSUs became a point of discussion. I come to realize how strongly these to-be-vested RSUs act as golden handcuffs. RSUs are Restricted Stock Units. They are basically a deferred bonus calculated and paid in shares of the employer’s stock. Unlike a cash bonus, you don’t get it right away. They become yours ("vest", "lapse" orLATEST BLOG POSTS
The new Diehards in the Vanguard forum I wrote about two weeks ago was renamed to Bogleheads forum. It moved to the diehards.org domain, which has been the more popular entry point for the old Morningstarforum.
LATEST BLOG POSTS
I bought some EE savings bonds in May 2002. Today is the first day I get to redeem them without penalty. Each $100 saved back then is nowworth $118.40.
LATEST BLOG POSTS
The stock market had a good year this year. Despite the 2% drop yesterday, the S&P 500 index is up 7.5% since January. When I looked at all the Vanguard index funds, everything isLATEST BLOG POSTS
Commutative Law of Multiplication is a fancy way of saying when you multiply two numbers, it doesn’t matter which number you put down first and which number you put down second. a * b = b * a This basic law of arithmetic is taught in the second grade in elementary school.* Skip to content
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HI, I’M HARRY. I’LL SHOW YOU HOW TO MANAGE YOUR MONEY BETTER. 401k, IRA, investing, insurance, taxes, ... I lived, breathed, and wrote about these for so many years. No fluff, just concrete first-hand learning and sharing. Read Latest Blog PostsMAIN CONTENT
THE BEST OF COLLECTION Start here from the best and the most popular posts over the years. They stood the test of time! Read More from The Best Of Collection HOW TO REPORT BACKDOOR ROTH IN TURBOTAX Many users are confused when they try to report their Backdoor Roth in TurboTax. This article gives detailed step-by-step instructions withmany screenshots.
BEST HSA PROVIDER FOR INVESTING HSA MONEY One HSA provider stands out well above others for people who investthe HSA money.
STAY OFF THE OBAMACARE ACA PREMIUM SUBSIDY CLIFF Now that I left my job, I’m buying health insurance on the exchange under the Affordable Care Act (ACA). Before ACA, getting health care coverage is one of the biggest challenges for becoming self-employed. Forget about the cost; just getting a policy is a challenge by itself. ACA changed all that. Now self-employed people can buy health HOW TO BUY TREASURY BILLS WITH NO FEE AT FIDELITY, VANGUARD, OR SCHWAB Treasury bills have become more competitive and more convenient than CDs. Here’s how to buy them with no fee whatsoever at Fidelity, Vanguard, or Schwab. HOW TO ROLLOVER AN HSA ON YOUR OWN AND AVOID TRUSTEE TRANSFER FEE If you don’t like the HSA your employer chose for you, you can rollover the money to a provider you like for better investmentoptions.
HSA CONTRIBUTION LIMIT FOR TWO PLANS OR MID-YEAR CHANGES HSA contribution limit gets more complicated when a married couple are on different health plans or when they change insurance plans duringthe year.
CONCERNED ABOUT INFLATION? See how these inflation-indexed bonds protect you from unexpectedinflation.
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Learn how to manage your money from more first hand experience. Read More Blog Posts BORROW 30-YEAR AND INVEST THE DIFFERENCE A 30-year loan has lower monthly payments than a 15-year loan. See why investing the difference in monthly payments doesn’t pay off for along time.
STOP TAX RETURN FRAUD: SIGN UP FOR IRS IP PIN PROGRAM Residents in 9 states and Washington DC can sign up for the IRS IP PIN program to stop someone from filing a fraudulent tax return in theirname.
ADD-ON CD AS A HEDGE FOR LOWER INTEREST RATES Taking out an add-on CD with a minimum deposit hedges the possibility that interest rates will go down. 2019 2020 ACA HEALTH INSURANCE PREMIUM TAX CREDIT PERCENTAGES If you get health insurance from ACA, the government sets the percentages of income you are expected to contribute toward abenchmark policy.
2019 2020 401K 403B IRA CONTRIBUTION LIMITS The 401k/403b/457 contribution limits will increase in 2020. The IRA contribution limits will stay the same. MY CREDIT SCORE DROPPED THIS MUCH AFTER I PAID OFF MY MORTGAGE Paying off your mortgage can make your credit score drop, but maybethat’s OK.
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