Feeling defeated

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I feel like it is impossible to get ahead in today's economy.

• Since Jan 2021, I have lost 60k in the stock market.
• Inflation is at an all time high

...

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Thanks everyone for your help!

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Thank you so much for your help. One last thing. When I fill out the 8606 form out for 2022 (come 2023), will I hit a penalty or a per-rata rule for rolling...

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So on December 31, 2021, my TIRA had 6k in it (with post tax $, as a transfer from my bank account). I have no other pre-tax IRA.

So if I...

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So I find myself in a unique situation and I don't know if it is fixable.

I opened a Traditional IRA on Dec 2021. I made my 2021 contributions...

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Thanks folks for the details. Kinda sucks, but what can I do .

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Good evening everyone,

So I have a W2 full time job and a 1099 part time position. My 1099 is paid to a LLC. I recently heard about the qualified...

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Most brokerage companies have an over contribution forum. I had the same issue with my HSA. I had no tax issues once I filled out the form and withdrew...

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I was being facetious. I get what people are saying... Paying more taxes means they made more $ or that taxes is for the public good... That said, the...

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Many on here like paying taxes and are happy to see a large tax bill....

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At the end of every tax filing, they ask a series of questions like, would you like to donate to X fund... Just be sure to donate to all the funds. Put...

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I believe that people who like to pay more taxes, should just send more $ to the IRS as a surplus contribution. Nothing is stopping these people from...

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I know... Dumb me lol.

I actually didn't realize that my parent's address was on the tax forms. But now that I see it is, I was just cur...

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So I have a taxable investment account that has my mailing address set to my parents house (in a state that has no income tax). I am currently doing residency...

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Unfortunately our taxes are mismanaged on a daily basis. I wouldn't mind if the government did a better job managing the $....

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Any serious advice? Lol. I appreciate the good nature posts, but I would really like to learn some tax tips that others wish they knew long ago.

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As a soon to be new attending, my future tax burden saddens me.


I know about the backdoor IRA (but that does not confer...

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Good afternoon everyone,

I always hear that we should get disability insurance while in residency to "lock in the resident rate"....

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Thanks everyone for the reply.

So I guess I am stuck keeping the 401k and then transferring the 401k to a different one once I get a new...

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If I understood the IRS link, moving my $ from a 401k to a traditional IRA is not considered a rollover?

Would I have to rollover the 401k...

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Care to elaborate?...

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Good afternoon,

I currently have 2 retirement accounts.

1. A 401k with a decent amount of $ (decent considering that I am still...

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So are you saying that if I paid at least 90% of what I owed last year, then I should have no problems? Please pardon my ignorance....

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Because I maxed out my roth IRA, put a lot into my 401k, have no loans, don't have a SO or kids.

Therefore, I have a paycheck and don't know...

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I did look into that.

If I am not mistaken, I don't qualify for this.

1. I have not paid 90% of my total tax burden (paid taxes...

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Hi everyone,

So I was looking at my investment account and realized that I have about $20,000 of short term capital gains throughout the...

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Thank you for letting me know. This whole overcontribution paperwork is a drag. But good to know now than on tax day....

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I have the following... May you please elaborate on the following:

• Paying 1st dollar coverage via a co-pay, co-insurance or full payment without regard

...

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My insurance has high deductibles, qualifies for HSA, and I never enrolled into the Health Flexible Account...

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Health Flexible Account...

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They say no fees on their website, an I missing something? Is there a hidden fee somewhere? Do they charge commission to buy/sell?...

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Unfortunately only a HFA....

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Hi everyone,

I have everything with TD Ameritrade, but I don't see anywhere to open a HSA account with them.

Do you guys have...

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Thanks for finding this.... Darn, after making resident salary for so long, I don't feel like paying these darn taxes....

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jfoxcpacfp

I am single and next yr's income will be $152,500 ($10k+27.5k+115k) before any rollover. I'll will still be in a low tax bracket,...

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Thanks you two! Very helpful information.

Unfortunately, my new employer has a good 401k, but I can't join it until my 2nd yr. Also my current...

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Next year, I'll start as an attending. I have about 20k, in my 401k, that I saved during residency.

On July, 2021, I plan to rollover my...

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Good morning everyone,

I will be starting an IM attending position in 9 months and I am concerned about asset protection. As a resident,...

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I currently live of 15k a yr. 30k would be a major life style bump.

Thanks everyone for your advice....

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Hi everyone, I don't know where to post this, so hopefully posting here is ok...

Assume I commit the next 3 yrs to working 80 hours a week.......

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Thank you for the reply.

So next year I will be starting a job as an Attending come July. So I'll be making resident salary from Jan-June...

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I actually want to roll the money from a 401k to a Roth IRA. If I become an Attending, I'll have 1/2 a yr of resident salary and 1/2 a yr of attending...

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Hi everyone,

I am currently a PGY2 and I just started really focusing on my 401k. I am on track to have 19.5k by December of this yr. I anticipate...

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Correct, no student loans. 0 credit card debt. Only monthly payments are rent (740), electricity (20-100), phone (30) and water (30). I pay car insurance...

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So I currently make 2900 monthly. Have about $1200 worth of monthly expenses (overestimated). The only way to reach 19.5k is to put 50% away into my 401k....

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Unfortunately they don't offer a Roth 401k. I would have absolutely loved that option. I called on multiple occasions to ask this exact question....

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That would be sweet. I rather put 19.5 k this year which would allow me to decrease my tax bracket by 12% and then roll over into a Roth IRA when I leave...

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I have another stupid question. So let's say this year I put 19k into my 401k and I leave this hospital system in 2021, I can then rollover all that into...

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I am currently a PGY-2 about to start PGY-3 in June. I have already funded my 2020 Roth IRA and was wondering about next year's Roth IRA contribution....

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@Peds, I didn't want to bump an old thread and wanted some fresh insight to see if others had another idea. Anyhow, my bad. It won't happen again.

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Thanks ZZZ. Not bad advice. Much appreciated....

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My question now is, can I open my own Roth 401 k at a bank and then roll over what I contributed? Definitely trying to turn that $ into post tax. ...

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My employer 401k has no Roth deferral option and my employer doesn't offer Roth 401k .

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I am currently a resident with an employer 401k. I also fully maxed my Roth for the yr. However, 401k is pre-tax and I am in the lowest tax bracket of...

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Are reimbursements and pay the same as it was in 2004?

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I am trying to learn all aspects of personal financing, some of which includes investing. For personal finances, I think I am in a decent place at the...

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Thanks GasFire and CordMcNally.

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To be fair ZZZ, I don't want to wait till I am an attending to learn the stock market. I rather learn it now with a small pot than make a huge mistake...

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@beans1970, I just have a small account. Started residency in July .

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@Peds: What do you recommend for Roth accounts? Granted I can buy commission free ETFs but those maintenance fees and historical trends don't appeal to...

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If you call TD Ameritrade, you can negotiate your commission fee for the life of your account. So rather than paying $7 per trade, you can pay less. I...

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I just noticed I can make my full 2019 contribution between 2 pay checks (since they have a 50% cap). I know time in the market outweighs time out of...

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@Spiritrider Assume I decided to do fellowship elsewhere and never return to the company, will I ever be able to roll it over at some point?

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For the record, I maxed out Roth IRA for 2018 and 2019 already.

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I asked my HR people, they only offer pre-tax 401k. For reference: Facility Contribution Years of Vesting Service 401(k) Plan Match 0-4 100% of 3% of ...

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I am currently a PGY-1 and currently contributing to a 401k with a 3% match. If I don't continue with that company, I need to return 60% of the match...

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I don't know who your employer is, but my company matches on December 31st provided I work there for more than 7+ months AND I am an employee on December...

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My Roth is also with TDA. I will definitely look into SPTM. "why, its so under-diversified….?" I am completely ignorant and therefore have most of my ...

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I chose TDA cause my brother told me to open it with them. My 401k does not allow Roth contributions . SPDW 0.04, SPTM 0.03, SPAB 0.04. ...

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Also, thanks peds for your constant help!

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Those commission free ETFs have high maintenance fees. The comparison of 0.004 to .22 is huge. Like I said, I am contributing 3% of my pay, to my 401k,...

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I am new to investing. I already maxed out on my 2018 and 2019 Roth IRA and I am matching my 401k contributions. With no debt, I am now looking to invest....

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You can get up-to a $200 tax credit if you made less than 30k this yr (aka if you are a PGY-1) and contributed to a retirement account. It is 10% up to...

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To be clear, if I maintain a $2,500 minimum daily balance, I incur no fees. Also I was wrong, the fee is $25 if I don't maintain that balance. Perks: -...

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A 7K CD is serving as my eFund for now.

Yes, the account have great perks and hence why I keep it.

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@ENTdoc, I'd be paying a monthly maintenance fee of like $50 till restore my daily minimum balance.

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So by this Friday (when I get paid), I should have enough $ to make my 2019 contribution (already made 2018) to my Roth. This will however leave $3,50...

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I am currently a PGY-1. I am single with no kids (decreased liability) and currently rent. My car policy is: Bodily Injury Liability $1MIL/$1MIL Prope...

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Yes, I did make my 2018 contributions (like 2 weeks ago, hence why I am broke now lol). I don't have an eFund cause I stupidly put 7K into a CD that f...

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I have a question that I would like some advice on. So right now I practically have little in liquid savings. I hope that by the end of Feb, I will have...

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@MPMD, noted and thanks for the advice

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@Panscan the scale is messed up. I did not invent it. Usually those who have above a 6.0 (in FL) have more than 30 college credits while in highschool....

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When I was in HS, my mom made a contract with me. For high school courses: An A on the report card was worth $2 B was worth $0 C was worth -$2 D was wort...

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Lol looks like quite tags don't work too well here...

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Will do! Thanks for the resources! I already redid my rent's auto payments and won't send another payment till late Feb. Currently my only expenses are ga...

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@ peds
Years of Vesting Service Percent Vested
0-1 0%
2 20%
3 40%
4 60%
5 80%
6 100%...

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You are right. I have the ability to open a FSA ability, not HSA. If I leave in 3 yrs (no fellowship or attending position), they will take back 60% of...

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I never saw it that way but you raise a great point!

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@Peds, I am not married. After reading around and the links above, it seems like the backdoor IRA is a way to roll over traditional IRA to Roth for people...

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Oh and to add to my initial post, since I don't see an edit button, my employer offers a 401K with 3% match (they didn't match this year because of logistical...

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Thanks guys/gals for the advice thus far. I didn't know Ally bank had those type of interest rate, thanks Kager. Thanks vagabond and treesrock for the...

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Hi everyone, sorry for the novice post. I came to this site upon the recommendations of a friend. I find its content a tad overwhelming, but I will binge...