jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,698
|
Post by jerseygirl on Feb 25, 2020 18:55:34 GMT -5
If you are thinking about moving some of your money from your IRA to your Roth IRA, this is a good time to do it. Mine are invested exactly the same so there is no loss involved, but $1000 moves more over than it would have a week ago. I'll move $1000 tonight and then wait a month or so to see if the drop continues. I do have to pay taxes on it so $6000 is my max to move this year. My kids better thank me after I'm dead. Good idea to move now, the tax is painful but hoping I’ll live long enough that moving to Roth will decrease my RMD. Yep, kids will benefit
|
|
jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,698
|
Post by jerseygirl on Feb 25, 2020 18:57:35 GMT -5
Another painful day. -879.44 Ugh! Is this an example of MAGA? Example of why US companies need to not have so much manufacturing in China!
|
|
buystoys
Junior Associate
Joined: Mar 30, 2012 4:58:12 GMT -5
Posts: 5,650
|
Post by buystoys on Feb 25, 2020 19:00:01 GMT -5
I'm still planning to take our annual IRA payment at the end of March. I'd rather watch the market go up than go down, but however much stock I sell 3/31 will still be at a higher price than I paid for it. So it's not a loss even if the number is lower than it was today. I'm looking at money we invested in 2013 right now. When we start in on my IRA, we'll be looking at funds bought in the 90's. I like a big total, but I also remind myself that I have quite a ways to go to wipe out my profit so far.
|
|
Deleted
Joined: Mar 28, 2024 3:28:11 GMT -5
Posts: 0
|
Post by Deleted on Feb 25, 2020 19:16:19 GMT -5
If you are thinking about moving some of your money from your IRA to your Roth IRA, this is a good time to do it. Mine are invested exactly the same so there is no loss involved, but $1000 moves more over than it would have a week ago. I'll move $1000 tonight and then wait a month or so to see if the drop continues. I do have to pay taxes on it so $6000 is my max to move this year. My kids better thank me after I'm dead. Good idea to move now, the tax is painful but hoping I’ll live long enough that moving to Roth will decrease my RMD. Yep, kids will benefit The CSA at Vanguard was helpful. He wasn't "advising" me, but he said the conversion is based on yesterday's price. Then he asked me if I knew how the market did today. Lol. I'll make it tomorrow.
|
|
saveinla
Junior Associate
Joined: Dec 19, 2010 2:00:29 GMT -5
Posts: 5,212
|
Post by saveinla on Feb 25, 2020 21:11:53 GMT -5
I am hoping Miss Tequila gives an update. I would like to know if she was still not in the market and is thinking of investing now.
|
|
Deleted
Joined: Mar 28, 2024 3:28:11 GMT -5
Posts: 0
|
Post by Deleted on Feb 26, 2020 8:41:40 GMT -5
I am hoping Miss Tequila gives an update. I would like to know if she was still not in the market and is thinking of investing now. Well, if she thought it was overpriced in December, nothing much has changed.
Personally, I'm bouncing around the idea of funding my Roth today. I'll see how the market looks later.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Feb 26, 2020 12:55:02 GMT -5
I am hoping Miss Tequila gives an update. I would like to know if she was still not in the market and is thinking of investing now. Hi there! I haven't checked in to the board in a while but thought I would stop by to see everyone's take on the stock market. To be honest, it is still not as low as it was when I went to cash. I liquidated my 401k and converted to an IRA in the middle of August. The stock market was on fire after that, which did have me kicking myself. It's come down some (obviously) but still not to where it was when I went to cash. I am not a market timer and I have no idea where the bottom is. But I truly believe that this is just the beginning of the downfall. Once the full impact of the coronavirus hits, I believe we are going to be facing a global recession. For now, I'm sitting in cash. I might regret my decision but the closer I get to retirement, the less willing I am to take major risks. I remember some of the partners losing half of the value in their retirement accounts in the 2008-2009, which pushed off their retirement by several years. I did quite well when the crash hit because I was sitting on a lot of cash to buy houses that went in foreclosure. I never yanked my money out during or after, but held steady with my contributions. I figured dollar-cost averaging was the way to go. But that that time, I had 15-18 years to my magic retirement age of 55 so I had the time to make it up. Now I'm staring at 5 to 6 years so I have to be more cautious. It could bounce back by Friday and I will have missed a buy-in...but for me, I would rather miss on the upswing than lose 50%. I am maxing out my Roth 401k and that is not sitting in cash, so I'm not completely out of the market. But the bulk of my non-real estate invests are in cash right now until I figure out what to do.
|
|
MN-Investor
Well-Known Member
Joined: Dec 20, 2010 22:22:44 GMT -5
Posts: 1,935
|
Post by MN-Investor on Feb 26, 2020 15:01:13 GMT -5
It could bounce back by Friday and I will have missed a buy-in...but for me, I would rather miss on the upswing than lose 50%. I am maxing out my Roth 401k and that is not sitting in cash, so I'm not completely out of the market. But the bulk of my non-real estate invests are in cash right now until I figure out what to do. As they say... whatever allows you to sleep at night. The advantage of cash is that you know exactly what you have.
|
|
Deleted
Joined: Mar 28, 2024 3:28:11 GMT -5
Posts: 0
|
Post by Deleted on Feb 26, 2020 15:32:22 GMT -5
Against my better judgement I raided the EF to fund my 2020 Roth today. Seeing as I have been notoriously awful at timing the market in the past, I think it's safe to assume things will be bad for quite a while. Either, I'm sorry...or you're welcome for the heads up.
|
|
|
Post by The Walk of the Penguin Mich on Feb 26, 2020 16:18:11 GMT -5
Against my better judgement I raided the EF to fund my 2020 Roth today. Seeing as I have been notoriously awful at timing the market in the past, I think it's safe to assume things will be bad for quite a while. Either, I'm sorry...or you're welcome for the heads up. I just funded my 2019 Roth. Won't be able to fund a 2020 Roth though.
|
|
countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
Posts: 16,709
|
Post by countrygirl2 on Feb 26, 2020 17:59:35 GMT -5
I'm just hoping our taxes aren't to bad this year.
Son was trying to do his and he had been buying and selling stock last year. I asked him if he knew what he was doing, he said no he was trying turbo tax. I told him don't think you can use it, he decided to take it to an acct after it showed he owes $20k. He may, he had extra pay being deployed last year but he had extra taken out and he also rolled over to a Roth. But sounds like it may be NY state tax. But then he made a lot of money last year. I told him at least he has that going for him. He said yeah, I told the guys I work with, I pay tax so the billionaires don't have too, LOL!
|
|
haapai
Junior Associate
Character
Joined: Dec 20, 2010 20:40:06 GMT -5
Posts: 5,869
|
Post by haapai on Feb 26, 2020 18:15:50 GMT -5
Despite today's relative stability, I would not be surprised to see another 3%ih drop tomorrow or later this week. I don't think that the market has really priced in this news yet.
|
|
Blonde Granny
Junior Associate
Joined: Jan 15, 2013 8:27:13 GMT -5
Posts: 6,919
Today's Mood: Alone in the world
Location: Wandering Aimlessly
Mini-Profile Name Color: 28e619
Mini-Profile Text Color: 3a9900
|
Post by Blonde Granny on Feb 26, 2020 18:16:38 GMT -5
I'm still way ahead of where I was last fall, so I'm not paying much attention.
I'm more concerned with the Coronavirus problem due to working in a VA medical center. I work as a concierge, so I'm front and center at the info desk and talk to and welcome everyone who comes in. At times I also take their letter(s) from their hands to find out where they are supposed to go. Maybe it's time to start using those gloves that are in the drawers and the masks that are in the display area.
|
|
mcsangel2
Junior Member
Joined: Jun 6, 2011 10:53:06 GMT -5
Posts: 224
|
Post by mcsangel2 on Feb 26, 2020 18:23:00 GMT -5
I'm just hoping our taxes aren't to bad this year. Son was trying to do his and he had been buying and selling stock last year. I asked him if he knew what he was doing, he said no he was trying turbo tax. I told him don't think you can use it, he decided to take it to an acct after it showed he owes $20k. He may, he had extra pay being deployed last year but he had extra taken out and he also rolled over to a Roth. But sounds like it may be NY state tax. But then he made a lot of money last year. I told him at least he has that going for him. He said yeah, I told the guys I work with, I pay tax so the billionaires don't have too, LOL! I've seen this exact situation on the Reddit finance board this week. TurboTax can't handle this situation. It's something to do with it only recognizes the money he made selling the stocks, but he needs transaction details for all the purchases.
|
|
CCL
Junior Associate
Joined: Jan 4, 2011 19:34:47 GMT -5
Posts: 7,571
|
Post by CCL on Feb 26, 2020 18:38:54 GMT -5
I'm just hoping our taxes aren't to bad this year. Son was trying to do his and he had been buying and selling stock last year. I asked him if he knew what he was doing, he said no he was trying turbo tax. I told him don't think you can use it, he decided to take it to an acct after it showed he owes $20k. He may, he had extra pay being deployed last year but he had extra taken out and he also rolled over to a Roth. But sounds like it may be NY state tax. But then he made a lot of money last year. I told him at least he has that going for him. He said yeah, I told the guys I work with, I pay tax so the billionaires don't have too, LOL! I use H&R Block software and it is ridiculously easy to calculate capital gains. All I have to do is download the data from Fidelity and the software does the rest.
|
|
CCL
Junior Associate
Joined: Jan 4, 2011 19:34:47 GMT -5
Posts: 7,571
|
Post by CCL on Feb 26, 2020 18:42:42 GMT -5
I'm just hoping our taxes aren't to bad this year. Son was trying to do his and he had been buying and selling stock last year. I asked him if he knew what he was doing, he said no he was trying turbo tax. I told him don't think you can use it, he decided to take it to an acct after it showed he owes $20k. He may, he had extra pay being deployed last year but he had extra taken out and he also rolled over to a Roth. But sounds like it may be NY state tax. But then he made a lot of money last year. I told him at least he has that going for him. He said yeah, I told the guys I work with, I pay tax so the billionaires don't have too, LOL! I've seen this exact situation on the Reddit finance board this week. TurboTax can't handle this situation. It's something to do with it only recognizes the money he made selling the stocks, but he needs transaction details for all the purchases. Really? H&R Block has been able to handle this for years. I did try Turbo Tax one year. I hated it lol.
|
|
jerseygirl
Senior Member
Joined: May 13, 2018 7:43:08 GMT -5
Posts: 4,698
|
Post by jerseygirl on Feb 26, 2020 19:46:40 GMT -5
I'm just hoping our taxes aren't to bad this year. Son was trying to do his and he had been buying and selling stock last year. I asked him if he knew what he was doing, he said no he was trying turbo tax. I told him don't think you can use it, he decided to take it to an acct after it showed he owes $20k. He may, he had extra pay being deployed last year but he had extra taken out and he also rolled over to a Roth. But sounds like it may be NY state tax. But then he made a lot of money last year. I told him at least he has that going for him. He said yeah, I told the guys I work with, I pay tax so the billionaires don't have too, LOL! I've seen this exact situation on the Reddit finance board this week. TurboTax can't handle this situation. It's something to do with it only recognizes the money he made selling the stocks, but he needs transaction details for all the purchases. The brokerage that holds his stocks will send an overview of all stocks sold and bought. Usually TurboTax can download directly from the brokerage company. If it can’t be downloaded (maybe a small company) then you can just type in the summary and mail in the detailed brokerage account (list of every stock sold, when purchased when sold, $ gained/lost and if a short or long term gain). If you go to a CPA that person will do the same thing, downloading or reviewing brokerage statements
|
|
countrygirl2
Senior Associate
Joined: Dec 7, 2016 15:45:05 GMT -5
Posts: 16,709
|
Post by countrygirl2 on Feb 26, 2020 20:15:48 GMT -5
It's ok, he is a computer person not a tax person. He never did taxes before here, he lived in Korea and only had salary and federal. So it might be a good thing for him to at least have them done one year. He is wanting to see if they come out the same as him.
|
|
busymom
Distinguished Associate
Why is the rum always gone? Oh...that's why.
Joined: Dec 25, 2010 21:09:36 GMT -5
Posts: 28,217
Mini-Profile Background: {"image":"https://cdn.nickpic.host/images/IPauJ5.jpg","color":""}
Mini-Profile Name Color: 0D317F
Mini-Profile Text Color: 0D317F
|
Post by busymom on Feb 27, 2020 9:42:24 GMT -5
Don't even look this morning. Yesterday's drop wasn't horribly painful, but this morning it's already looking ugly. Already -475, and the day is young...
|
|
Deleted
Joined: Mar 28, 2024 3:28:12 GMT -5
Posts: 0
|
Post by Deleted on Feb 27, 2020 10:04:38 GMT -5
Don't even look this morning. Yesterday's drop wasn't horribly painful, but this morning it's already looking ugly. Already -475, and the day is young... -600+ now... So, "Shasta" needs to buy her ROTH one of these days. Am I right in thinking I should wait until we hit what I think will be the bottom?
|
|
Deleted
Joined: Mar 28, 2024 3:28:12 GMT -5
Posts: 0
|
Post by Deleted on Feb 27, 2020 10:35:17 GMT -5
Geez, -900.
|
|
busymom
Distinguished Associate
Why is the rum always gone? Oh...that's why.
Joined: Dec 25, 2010 21:09:36 GMT -5
Posts: 28,217
Mini-Profile Background: {"image":"https://cdn.nickpic.host/images/IPauJ5.jpg","color":""}
Mini-Profile Name Color: 0D317F
Mini-Profile Text Color: 0D317F
|
Post by busymom on Feb 27, 2020 10:37:51 GMT -5
Yup, this is one ugly week for the stock market.
|
|
CCL
Junior Associate
Joined: Jan 4, 2011 19:34:47 GMT -5
Posts: 7,571
|
Post by CCL on Feb 27, 2020 10:39:34 GMT -5
Shasta you don't need to do it all at once. Or you can fund the Roth, then purchase the funds/stocks later.
|
|
ken a.k.a OMK
Senior Associate
They killed Kenny, the bastards.
Joined: Dec 21, 2010 14:39:20 GMT -5
Posts: 14,080
Location: Maryland
|
Post by ken a.k.a OMK on Feb 27, 2020 10:51:33 GMT -5
As of yesterday we are down $270k. It's only money. Well only on paper now.
|
|
Bluerobin
Senior Associate
Joined: Dec 20, 2010 14:24:30 GMT -5
Posts: 17,345
Location: NEPA
|
Post by Bluerobin on Feb 27, 2020 10:57:07 GMT -5
As of yesterday we are down $270k. It's only money. Well only on paper now. So, I am already thinking of what kind of job I can get to make up for my losses!
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Feb 27, 2020 11:58:36 GMT -5
As of yesterday we are down $270k. It's only money. Well only on paper now. So, I am already thinking of what kind of job I can get to make up for my losses! It's still above where we were in August. The market shot through the roof from August until this week. And actually last June was even lower than August. I pulled out in August because I thought we were overvalued...and then it kept going up. What I do have in the markets are taking a beating but I'm holding strong. But what I have out of the market is staying out of the market. I have a feeling that we have only begun the downward spiral. We went up way too fast and the coronavirus is a serious threat to the global economy.
|
|
Bluerobin
Senior Associate
Joined: Dec 20, 2010 14:24:30 GMT -5
Posts: 17,345
Location: NEPA
|
Post by Bluerobin on Feb 27, 2020 12:17:34 GMT -5
Miss T, you may be right. I am down a ton, but hanging in there. Please be generous when you see me begging on the street in a few weeks.
|
|
Miss Tequila
Distinguished Associate
Joined: Dec 19, 2010 10:13:45 GMT -5
Posts: 20,602
|
Post by Miss Tequila on Feb 27, 2020 12:25:47 GMT -5
Miss T, you may be right. I am down a ton, but hanging in there. Please be generous when you see me begging on the street in a few weeks. I will toss you a quarter or two
|
|
|
Post by The Walk of the Penguin Mich on Feb 27, 2020 14:54:41 GMT -5
LOL! When I rebalanced my Roth early this week, I bought 3M. Apparently this is the company making masks and is one of the few stocks not tanking.
Not looking.....
|
|
Deleted
Joined: Mar 28, 2024 3:28:11 GMT -5
Posts: 0
|
Post by Deleted on Feb 27, 2020 15:00:58 GMT -5
I'm not looking either. I'm mostly stressing about the kid's college money.
|
|