Yeah, I wouldn't mind a bad year to do this in. My dad did this in the interim between retiring from his corporate jobs and opening a consultancy. Made bank in tax savings. Sadly, things are going well for me and my wife. #firstworldproblems
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Investing General Discussion
- Thread starter Furious
- Start date
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Yeah, I wouldn't mind a bad year to do this in. My dad did this in the interim between retiring from his corporate jobs and opening a consultancy. Made bank in tax savings. Sadly, things are going well for me and my wife. #firstworldproblems
Sanrith Descartes
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We bought a business and office building this year. I'm gonna have a loss on paper. Will run that loss up with a conversion and get a chunk moved over with zero tax on it.
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Tmac
Adventurer
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Go on sir.
[edit] oh I see. I paid more taxes last year than the previous 8 so oy vey.
fris
Vyemm Raider
- 2,186
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Don't remember seeing this discussed before. I'm looking for a catch. I haven't maxed this years (Roth)ira yet, should I move the rest of my contributions to a new IRA in Robinhood?
From Reddit:
Don't remember seeing this discussed before. I'm looking for a catch. I haven't maxed this years (Roth)ira yet, should I move the rest of my contributions to a new IRA in Robinhood?
"A couple things of note for those looking at using RH to capture the 1% match. The match only applies to contributions that come from an external linked bank account. If you already have money in a regular taxable Robinhood brokerage account and use it to fund your IRA, Robinhood won't give you the match. Similarly, IRA rollovers and transfers from existing IRAs elsewhere aren't eligible for the match because they don't qualify as contributions.
Also, in certain situations, you'll have to give up the matched amount. If you transfer your entire IRA away from Robinhood within five years of the contribution that earned the match, you'll have to pay an early IRA match removal fee that essentially pays back what Robinhood initially put into your account.
Moreover, partial withdrawals can also result in the fee that takes away the match. Withdrawals within five years that take your total IRA balance below the amount that you contributed will result in Robinhood charging the IRA match removal fee, which can take away all or part of the match. However, this leaves open the possibility of being able to withdraw amounts that represent earnings and gains above the initial contribution amount and still not having to forfeit any of Robinhood's match."
You can decide if $65 (1% * $6500) is enough to have your money locked into RobinHood for 5 years. It wouldn't be for me. You probably lose the bonus in fee differentials.
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Rod-138
Trakanon Raider
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I’m commission only and I knew my first year would be slower than future years. The market also just shit itself (2022) and my opportunity for converting a giant chunk of my IRA to Roth was real, but I pussed out.
I still made around 150 household, so it wasn’t a complete no brainer, and it’s possible I’ll do it in chunks of 100 if it’s still around when I’m older / reduce income.
I still made around 150 household, so it wasn’t a complete no brainer, and it’s possible I’ll do it in chunks of 100 if it’s still around when I’m older / reduce income.
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Mist
REEEEeyore
- 31,379
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I'm fence-sitting so hard on a fairly big MSFT position in my ROTH.
What do you chart wizards say?
Sanrith Descartes
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Followed you. I sold off and took profits on the SPLG lots I bought near the bottom last couple of weeks. About a third of my position.
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Blazin
Creative Title
- 7,088
- 36,557
I just think the short covering rally is now over, and I want to be neutral while I see how buyers handle the index at this level without that tailwind of covering. If it looks like buyers are stepping in I'll try another long. Pretty much same set up as TLT. The speed of the move is concerning, makes it feel like a counter trend move, time will tell.
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Jysin
Ahn'Qiraj Raider
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IWM also down 1.6% today isn't confidence inspiring. This has been the leading indicator for months now. In the same boat as Blazin in that I am waiting to see how the first real pullbacks are treated. Need to see some buying demand to add anything back.
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Blazin
Creative Title
- 7,088
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Stonks Contest Update
User SPX
Creslin 5067
Gravel 4876
Bandwagon 4875.8
ShakyJake 4750
Blazin 4600
Ravishing 4578
Captain Suave 4551
Fogel 4450
karma 4432
Big Phoenix 4400
Falstaff 4372
Moglyzoke Moogleman 4369
CURRENT 4338
Mist 4321
Jysin 4299
Rais 4203
swayze22 4127
lurkingdirk 4098
Lejina 4050
Aldarion 4019
Omoyga 4016
Kiroy 3788.91
Rod-138 3650
Tmac 3414
Sanrith Descartes 3250
stupidmonkey 2813
Lambourne 2600
Mist and Mogly currently closest with a month and a half to go.
User SPX
Creslin 5067
Gravel 4876
Bandwagon 4875.8
ShakyJake 4750
Blazin 4600
Ravishing 4578
Captain Suave 4551
Fogel 4450
karma 4432
Big Phoenix 4400
Falstaff 4372
Moglyzoke Moogleman 4369
CURRENT 4338
Mist 4321
Jysin 4299
Rais 4203
swayze22 4127
lurkingdirk 4098
Lejina 4050
Aldarion 4019
Omoyga 4016
Kiroy 3788.91
Rod-138 3650
Tmac 3414
Sanrith Descartes 3250
stupidmonkey 2813
Lambourne 2600
Mist and Mogly currently closest with a month and a half to go.
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Fogel
Mr. Poopybutthole
- 13,349
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Gravel
was obviously biased and/or hopeful for his retirement account. I dunno what to say about
Sanrith Descartes
, maybe trying the price is right method of bidding 1?- 1
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Gravel
Mr. Poopybutthole
- 40,098
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Nah, my post explained it, but historically we should've had a very strong year to follow up the last few. Usually we get a much bigger bounce after a 20%+ down year.
I blame the complete ineptitude of basically everyone in government pushing the scales and fucking up the natural market tendencies.
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Blazin
Creative Title
- 7,088
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We will end up staying in the 4000s for long enough that people will have trouble imagining higher...then we will go higher. It does seem like we are setting up for a 30%+ year soon. Everyone continues to want to see some capitulation flush lower first but we can be sure the market will work to make a fool of as many as possible.
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Tmac
Adventurer
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Sanrith Descartes
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We have plenty of time for the elevator ride down. We can go from 4200 to 3200 in a few days. We just need some glass creation in the Mideast or Ukraine to make it happen.
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Sanrith Descartes
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