SALT cap increasing

[endo4jc]

Bumping this thread with a tax loss harvest question.

My spouse and I have two brokerage accounts titled/owned by our revocable living trust,...

[endo4jc]

Interesting article that I read today about the second most expensive item in the Build Back Better plan will increase the SALT cap. I live in an income...

[endo4jc]

You are recommending I Bonds because they are indexed to inflation?

I hadn’t planned to buy bonds anytime soon as we are early to mid ...

[endo4jc]

We had intentions of staying in the current home 5-10 years. Just realized a few things about the location that we don’t like. We could easily stay...

[endo4jc]

In Dec 2020, my spouse and I closed on our first home using a 5% down 30 year fixed rate mortgage at 3.275% (we itemize our taxes so I think the after...

[endo4jc]

No substance to this post. It is my opinion that you have an ethical obligation to protect your family, which is why you obtain insurance and use legal...

[endo4jc]

I had a similar experience when refinancing my student loans. In January 2020, I applied to refinance with SoFi but was denied due to not having two years...

[endo4jc]

I did not have two year of tax returns as a 1099. My most recent return was 2020, which only included 4 months of 1099 work. My first full year as a 1099...

[endo4jc]

I’m 1099 and began practicing September 2019. In June 2020, we tried to get a mortgage with Fairway Independent Mortgage Corporation, but were declined...

[endo4jc]

1099. Salaried to cover 10 days/month. Rarely go in overnight. The additional days over 10 are only paid 1/4 the amount of the base 10, so I try to avoid...

[endo4jc]

I have refinanced with Earnest, and my loan agreement specifically states that “The Lender will discharge (forgive) my Loan if the Borrower dies and...

[endo4jc]

Yes, I shred receipts after scanning them. Figure that the receipts may not be legible after several years, and it certainly takes up space to keep the...

[endo4jc]

I scan receipts into a PDF using TurboScan app. Send to my gmail. Download a copy to a folder on my computer. Have backups on external hard drives. It’s...

[endo4jc]

For personal accounts, we use Ally checking (0.1%) and Ally savings (0.5%).

For business checking, I use BlueVine (1.0% on up to $100,00...

[endo4jc]

Someone mentioned it already, but from my understanding of the proposed changes, the high income individual/couples will be hit the hardest. The ultra-high...

[endo4jc]

Excellent usage of the word “usury”....

[endo4jc]

You are not wrong. I was going to post what spiritrider did. I am Florida resident also. I have UTMAs for my two year old and my 7 week old. I contribute...

[endo4jc]

Which services did you use to shop around? I’m familiar with Better.com....

[endo4jc]

My spouse and I closed on our first home in December 2020. 30 year physicians loan at 3.275% with 5% down. I’m finishing my second year in practice...

[endo4jc]

National reciprocity for a medical license would lead to lost revenue from license applications for each state so I’d imagine that would be a sticking...

[endo4jc]

Show off ...

[endo4jc]

Where in this country do you find $3/pound grass fed beef? (I’m assuming Texas based on your comment) In my state, it’s $5.99/pound…...

[endo4jc]

I’m less than two years out of training in a independent contractor position as an S-Corp. I make refinanced as resident several years ago down to 4.85%....

[endo4jc]

Salaried ortho trauma here. The vast majority of my patients get an X-ray for every visit to monitor fracture healing. Any patient with a new complaint...

[endo4jc]

I just completed the process last month. I think that I live in a MCOL.

I paid about $3,200 for a revocable living trust, testamentary (kiddie)...

[endo4jc]

$600 per month for ALL of your insurance?

Do you have an appropriate amount of disability insurance for yourself and your spouse?
...

[endo4jc]

Luck with refinance timing. I refinanced as a resident from 6.8% to 4.85% several years ago. I am an independent contractor less than two years out, and...

[endo4jc]

I understand that. I am relatively new since I’ve been in practice less than two years, but I have read several of the recommended personal finance...

[endo4jc]

Why municipal bonds?...

[endo4jc]

Fair enough. I suppose my real question is a mental exercise in what the most efficient thing to do with the money is.

To explain why we...

[endo4jc]

I am able to max both the employee and employer portions of the 401k....

[endo4jc]

I've recently had a 2% CD mature and am not interested in plunking the money back into a CD. I feel cash heavy at this time. My spouse prefers cash....

[endo4jc]

Bumping an old thread with new information regarding how to open a Joint Tenants By Entirety brokerage account at Fidelity.

1. Go to htt...

[endo4jc]

The concept 2 rower is on my list for a future addition to my garage gym. I built a pull-up bar and modular deadlift platform. Got a treadmill for about...

[endo4jc]

Money is fungible. Some spend it on houses, cars, collectibles, workout equipment, etc. We have a Peloton. I live in Florida. I dislike running immensely,...

[endo4jc]

Term limits for senators and representatives.

Illogical why this is not in place....

[endo4jc]

I was actually just looking into articles on the internet about net worth of senators of representatives. Quite a very would be hit hard by this. They...

[endo4jc]

It’s my first job out of training so don’t have anything to compare to except the academic jobs from my residency and fellowship. The trauma lifestyle...

[endo4jc]

Ortho trauma here. My two partners and I split the month of call however we want. So usually 10-11 days in whatever block configuration I choose (I make...

[endo4jc]

E*Trade has been otherwise simple. I just buy VTSAX and VTIAX. It's just become a monthly hassle to deal with this issue that they have seemingly no plan...

[endo4jc]

I used the Roth 401k for my transition year from fellowship to attending. I don't plan on using it again unless I have a low income year. What exactly...

[endo4jc]

Do you have any personal experience with any of these other companies individual 401(k)?

I'd like to avoid a similar experience where I cannot...

[endo4jc]

I've had my E*Trade Roth and Traditional solo 401(k) for approximately a year and a half. I am able to max the employee and employer contributions yearly....

[endo4jc]

I went to in state undergrad and medical school. Graduated medical school in 2013. Five year residency finished in 2018. One year fellowship finished...

[endo4jc]

Your opinion is that is not sketchy because it significantly benefits you. This is only like the back door Roth because it is considered legal. Otherwise...

[endo4jc]

Within the last week I opened a brokerage account at Fidelity. The only options listed online were “Joint With Rights Of Survivorship” and “Joint...

[endo4jc]

This is obviously very distressing to you. My wife and I have moved 6 times in nearly 8 years ago marriage. Moving is a very stressful experience. We...

[endo4jc]

I doubt you will get near that rate with a physician loan. I closed in December 2020, 5% down, physician loan with Trust and got 3.275%.

[endo4jc]

Not everyone’s goal is to accumulate the maximum amount of money possible in their lifetime. This doc has “won the game” being mid 30s with a paid...

[endo4jc]

I was wondering if anyone would were to pick up that little nugget of information. My guess is this individual is still in their medical/surgical residency...

[endo4jc]

I’m 1.5 years out from my ortho fellowship, and I am happily overinsured.

Spouse stays at home, 17 month old toddler and another bun in...

[endo4jc]

[endo4jc]

I believe that whether you are religiously inclined or not that giving money away helps keep us from relying on money as our security. On this forum and...

[endo4jc]

If your wife thinks a million bucks is “doing okay”, what is her retirement number?! ...

[endo4jc]

How much has been savings for retirement versus investment returns versus debt pay down?

That is incredible....

[endo4jc]

https://www.bmj.com/content/363/bmj.k5094...

[endo4jc]

I have an S Corp for my full time independent contractor gig. With advice from my CPA, I split my total business income into 50% salary, and 50% distribution....

[endo4jc]

Good point above the new child being a new individual. Even though they have their own individual deductible, the amount paid for each individual deductible...

[endo4jc]

Hello. My wife is expecting our second child with a due date in June 2021. We are currently on a HDHP. I am an independent contractor and fortunately...

[endo4jc]

Why are you doing the work to figure this out instead of your husband?...

[endo4jc]

Why was paying off your mortgage a mistake?

Why did you have to go get another mortgage?

2.5 million mortgage?!?!?...

[endo4jc]

It is only the wrong move if your end goal is to have as much money as possible.

If your goal is to be debt free while still meeting your...

[endo4jc]

Open heart surgery and minimally invasive surgery are not the same to this simple bone doc

[endo4jc]

Take the time to learn personal finance now. Sounds like you have a big shovel (income). Use it wisely.

I too am an independent contractor....

[endo4jc]

I refinanced with Earnest in February 2020 to a variable 5 year. At the time with the autopay discount, my interest rate was 1.85%. Then COVID hit and...

[endo4jc]

What do you do with the extra money that you are not putting towards principal? Spending it? Investing?...

[endo4jc]

His current debt to income ratio is actually more like 2.5:1 but maybe 1:4 in the future....

[endo4jc]

One thing that also matters is if you are able to make additional money off your collections or RVUs. My job is ten 24 hour calls per month. I am salaried....

[endo4jc]

When can we go for a joyride?

[endo4jc]

What will you do with all that cash?

[endo4jc]

Maybe I am not following. Does your online checking account not have a scanned copy of the check that you can look at?

[endo4jc]

Weird post.

Your spouse made a decision to take out these loans. She has an obligation to repay them. When you married her, you married her...

[endo4jc]

I don’t think having immediate, transparent access is helpful for patients at all. Maybe having access to the plan of care? Otherwise just seeing the...

[endo4jc]

I agree with MPMD. You should consider counseling to discuss boundaries.

I deeply believe in giving money away to support NEEDS. Your sibling...

[endo4jc]

You make very valid points. I finished fellowship last year with about $240k in student loans. I refinanced to a 5 year variable with Earnest in Feb 2020...

[endo4jc]

Most educational post so far in this thread. Thanks!...

[endo4jc]

Regarding tax implications, I do not see there being any issue, but I'll find out next year after my returns are done. I contributed the full $57k to...

[endo4jc]

I had a similar issue. I opened my solo 401k with ETrade so that I could do my 2019 EmployEE contribution to a Roth 401k since it was my transitional...

[endo4jc]

I’m in a similar setup, however I am an S Corp. I am using a CPA which helps immensely with paperwork, making sure monthly EFTPS (taxes) are paid, etc....

[endo4jc]

I take 10 days of level 2 trauma call per month. I’m salaried and make my the call schedule every month with my two partners who also take 10 days ...

[endo4jc]

Surgeon is captain of the ship in the OR so listen to what you enjoy. You don’t get to take a break from the case or surf your phone (here’s looking...

[endo4jc]

The OR is basically my office, so I listen to music all the time. Christian rock or hip hop, classical, rock, soundtracks, Disney hits, country, etc....

[endo4jc]

I’ve had my Roth IRA at Fidelity for about a year. I hold some FSRNX, and it got rocked by COVID. I haven’t compared it to Vanguard’s REITs to see...

[endo4jc]

Regarding 529 or taxable. My family lives in a no income tax state, so we don’t plan to start a 529 for our 1 year old until my student loans are paid...

[endo4jc]

If people are allowed to protest in crowded situations, with or without masks, why not allow people to go to other crowded events?

It’s...

[endo4jc]

In my opinion, high income earners should be excluded from PSLF. We all made the bed that we lie in and should be responsible for paying it back. PSLF...

[endo4jc]

You have mentioned in other posts that your daughter is an orthopod. Did she recently sit for the 2020 part II boards? Or is she collecting for July ...

[endo4jc]

I refinanced into a variable rate in February to 1.89% for a 5 year term. Had planned to pay them off in two years. However when the rate dropped to 0.41%...

[endo4jc]

I agree it is probably a wash if the choices are pay off student loans at 0.41% or after tax in interest for a high yield savings account. Investing in...

[endo4jc]

I am finishing up my first year as an attending, and my original plan was to crush my student loans within 2 years. However, I got fortunate and refinanced...

[endo4jc]

Based on Harlan Coben’s book of the same title. It’s a mystery/thriller based in England. Has anyone else watched? It’s fairly trippy.

[endo4jc]

Do you believe the outcome was worth the risks?...

[endo4jc]

I already have the citi 2% cash back card. Just trying to play the game and maximize gains, just like in the gym....

[endo4jc]

My spouse and I have $35K at Vanguard in VTSAX in a taxable account. Our goal is to get to $100K then transfer to Merrill Edge for the Preferred Rewards...

[endo4jc]

I do tire of glasses as I don't feel that they fit my head well, slide off, etc. I've tried rubber attachments to prevent that. I don't enjoy wearing...

[endo4jc]

33. Healthy. Stable prescription for several years (one eye may have changed 0.25).

My surgical field is not necessarily one of finesse....

[endo4jc]

Thanks all! My vision is between -4.25 and -5.00. I’ve grown tired of glasses and contacts. It feels like I’m walking around with a serious case of...

[endo4jc]

First year in practice as a surgical subspecialist. I’ve been wearing corrective lenses since age 12 or so. I’d like input from ophthalmologists here...

[endo4jc]

I understand your situation. My wife and I were preapproved for a mortgage that would have been 0.7 mortgage to income ratio (has 20% down payment ready)....

[endo4jc]

Why is your physician spouse not working?...