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Archive for January, 2016

Having to back out contribution from RothIRA

January 31st, 2016 at 09:37 am

Hi all

Got my w2s and talked to my accountant and really even if he works his magic it will be hard for me to get my income down to contribute to the ROTH IRA last year and likely this year. I am withdrawing my contribution/backing out my contribution from last yearr as well as the $500 I put in this year f and will put it into my taxable investment accounts

I talked to vanguard and they recommended AGAINST contributing to the regular IRA with after tax dollars as I do not get a deduction and it will be taxed again at withdrawal.

So until my income goes down I am limited to the 401k.. $18k and the HSA account

Homes still going smoother.. the guy who we were evicting moved out a few days ago so folks are busy cleaning up, throwing out, doing some quick minor fixes and getting it ready to rent. I am setting a budget of $1500 and am looking to get it listed by the end of htis upcoming week.

I talked to the neighbors (I own that house too) and they are very happy. no issues.. so felt good to hear that.

Trying to run these homes tighter.

Property manager will tell me his rent estimate tomorrow.

I am also putting together a list of 'larger improvement items'across the homes so I can knock those off as I go along but no pending large repairs needed

Question-can I contribute to a ROTH and normal IRA

January 29th, 2016 at 07:23 am

Hi there
I am asking my accountant this too but if I can not contribute the max in my ROTH due to income can I put the rest of the yearly limit into a regular IRA

Example If I put only $4500 into a ROTH. Can I then put $1000 in a regular IRA?

Thanks

Rachael

rental updates and musing

January 20th, 2016 at 09:01 am

Hi all

I got renewed but for only 5 months!Crazy. I have a new boss though and they said that is all they thought they could do. I did check and the position is budgetted for the the year. My old boss is trying to get me a 1 year extension which they had told me they would do in the first place. Fingers crossed.

Anyway.. have not done tax info yet but i AM looking at this year NET rental income I get and big change w the new property management company. less costs.. less hassle etc.. and I have one unit not paying (eviction date 2/2 if not out by then). Hoping the upward and stabilizing trend continues

Anyway I am thinking though and the biggest (not worked on yet) barrier to financial freedom for me is my house. I owe $300k . can not get a lower loan (though my rate is ok) but I can not get ANY loan reallly or any good loan for apparently 6 more years (unless rules change which they may) which means if I sell/move I would have to go FHA or something else.

I am NOT thinking of selling but need to get that balance down! I pay $450 over a month but still not really making any huge leaps in paying it down.

House is still nice. still in a good area.. still hoping neighbors move though (on my one side) and I may extend my fence.. I am kicking myself for NOT doing it last year .. instead I used part of their 'rear garage' as wall sortof so I did not have to fence that length..

Stil trying to get to almost $500k savings (only at $200k now) by 6/2018. it will be a stretch unless the market bounces back up and I continue my super high savings rate.

where do you guys suggest I investigage long term care insurance?

Raised my savings goal and other musings

January 5th, 2016 at 08:23 am

Hi all

Raised my 6/2018 savings goal to $475k from $400k

A lot depends on my job, health, emergencies and really a lot of things.

Funded my HSA for the year today. Trying to fund Roth in next 2 pay checks then rest goes towards investments and other savings. I did raise my 401k to 25% which basically for 7-8 months lowers my income (unless I work more than 90 hours) to the amount I would get if I worked full time at the company I am at. I want to get used to that salary so I can be prepared to go full time if money runs out and they cancel my contract

My contract IS being renewed but no word on how long. Hoping it is 1 year. Do not like constant uncertainty that having 6 months contracts provides

Onward.

Quick question-HSA accounts

January 4th, 2016 at 08:59 am

Hi guys

I currently have my HSA with healthsavings.com

they charge $45 a year and .625 basis points per quarter

Does anyone know of a better deal? I hate to pay that high of fees

they also allow investments in Vanguard funds for free which is why I use them.

Thanks

Rachael