I left a previous company earlier this year and had about
I left a previous company earlier this year and had about $1200 in my 401k. I rolled that over into a Traditional IRA rollover. I have been since contributing to that rollover, and have not exceeded $5500. Am I able to continue to contribute to that rollover and still get tax benefits at the end of the year (as its a traditional IRA)? My new company offers a 401k but I have yet to contribute, not until next year as I chose a traditional as we are purchasing a home this year and do not want to contribute more than 5500 anyways. Will I get dinged because I had a 401k but rolled it over and and could contribute to my current companies 401k? So in simple I had a 401k, rolled it over to a traditional rollover IRA, contribute post-tax monies there and want to know if I will get dinged. I make $122.5k a year and live in California.
Thanks help yesterday. Another question: We're home shopping
Hi Mark,Thanks for your help yesterday.Another question:We're home shopping and are trying to get a 100% clear understanding of what total monthly loan costs would be for an $800,000 single family home purchase price in California using these terms.Terms: 360 monthsMortgage Rate: 3.875%Down payment: $75,000Here's the math from our spreadsheet:$800,000 purchase price - $75,000 down = $725,000 Loan.At 3.875% Loan:($725,000 * .03875) = $28,093.75 annually / 12 months = $2341 per month.But when we enter those same data points into this online calculator, they return $3407 per month. We're trying to understand why our monthly figure ($2341) doesn't match online calculator ($3407)http://www.bankrate.com/calculators/mortgages/mortgage-calculator-v2?homePrice=800000&loanAmount=725000&percentAmount=75000&perc=9.37&years=30&terms=360&interestRate=3.87&prods=1&loanStartDate=July+16+2016&monthlyAdditionalAmount=0&yearlyAdditionalAmount=0&yearlyPaymentMonth=+July+&oneTimeAdditionalPayment=0&oneTimeAdditionalPaymentInMY=+August+2016&ic_id=mtg_calc_v2_calculate_btn&brshowextra=noThank you.
I am a the single owner and employee of an S corp. I have an
I am a the single owner and employee of an S corp. I have an established salary, and my accountant provides the service of paying my FICA/payroll tax on a monthly basis. However, he does not do any Federal income tax withholding for my monthly salary, and says that I can just do quarterly estimated tax payments. Is this correct?
JD, MBA, CFP, CRPS
I am getting married in September. I expect to make about
I am getting married in September. I expect to make about $250,000 during our first year of marriage, and my wife should make only about $20,000. All of our income is W2 income...at least for now.How much can I expect to save in federal taxes when filing married jointly, as opposed to what I have been paying as a single guy?Are there any strategies you would recommend for maximizing our tax savings? We do not intend to buy a house for a couple years. We are currently apartment renters.
Vocational, Technical or Trade School
Which scenario would be more feasible tax wise: Pulling
Which scenario would be more feasible tax wise: Pulling $11,000 a month from an annuity to pay for nursing home cost or cashing $11,000 in EE bonds? My dad lives in NJ and my mom is a resident in a Nursing Home since March of this year.
Bachelor's Degree Equivalent
I am becoming an Uber driver. do I want to be:
I am becoming an Uber driver. For taxes do I want to be:Individual/sole proprietorC CorpS CorpPartnershipLimited liability s CorpLimited liability C CorpOr. Limited liability partnershipI don't want anyone to be able to sue meSo what should I be? Thanks. and how do I do it.
JD, MBA, CFP, CRPS