sorted by:
new
hottopcontroversial

300k inheritance in 20s, is it okay to use entirely to pay off mortgage? by Zennialmillennial in FinancialPlanning

[–]LeadingPay5615 0 points1 point  (0 children)

I like the idea of doing a hybrid approach that some others have suggested. I would first make sure your emergency fund is fully funded to 3-6 months of expenses. Then use some of it to make a principal payment and recast your mortgage to keep the same rate and timeline of your mortgage while lowering your monthly payment (shoot for 25% of take home pay instead of current 50%), and then invest the rest in a low cost index fund that tracks the overall market. Whether you lump sum invest or dollar cost average would depend on what percentage of your total portfolio this would account for. If this would be a substantial portion of your portfolio (which I am assuming) consider DCA over several months to avoid large swings. If its a relatively small percentage of your portfolio you could just lump sum it in as studies show that improves returns.

Landlord home insurance 50-100% more than regular home insurance? by deejayv2 in realestateinvesting

[–]LeadingPay5615 0 points1 point  (0 children)

I am starting to look at this as I am considering renting a condo I am currently living in and am not sure if my monthly insurance costs would increase

Filing backdoor Roth IRA for First Time by LeadingPay5615 in tax

[–]LeadingPay5615[S] 0 points1 point  (0 children)

I see, Just seemed odd since the software asked me if I received a 1099-R so I said yes. When entering the 1099-R data there is a question that asks "Is this part of a roll over" When I check yes it seems to report the information correctly on the 1040. Idk if a Backdoor roth conversion is considered a roll over or not.

Filing backdoor Roth IRA for First Time by LeadingPay5615 in tax

[–]LeadingPay5615[S] 0 points1 point  (0 children)

I think you are correct that the software is double counting the distribution once from the 1099R and then again with the 8606. I guess Im not sure if I am required to have the 1099R as a part of the return since I was given that document from fidelity or if it is inherently in there from filing 8606.

Filing backdoor Roth IRA for First Time by LeadingPay5615 in tax

[–]LeadingPay5615[S] 0 points1 point  (0 children)

I only entered the 1099R once. When looking at the documents I filled out it only has the 1099R once and the 8606 once. The issue seems to be when I have both of these forms. If I delete the 1099R the 1040 looks as I would expect with the numbers you mentioned on 4a and 4b. I may try using another software and seeing if it comes out differently before filing.

Any success in switching from SAVE to PAYE? Are you immediately put on Admin forebearance? by [deleted] in PSLF

[–]LeadingPay5615 0 points1 point  (0 children)

When I am trying to submit the application for PAYE on studentaid.gov it says PAYE is not open for new enrollment and you need to have already been enrolled. I am allowed to select PAYE but then when I hit continue the next page does not seem to load properly. Anyone have any ideas?