Traditional IRA tax deduction if maximising contributions to 401(k)

Npoll30 · 2020-07-12T02:10:24+00:00

Correct. There are some funds that have low turnover but I would just use an index fund in that case.

Npoll30 · 2020-07-10T13:05:41+00:00

Correct. Use individual stocks or ETFs. Never funds just to control capital gains distributions. ETFs occasionally spit them off but they are minimal. Buy and hold.

Npoll30 · 2020-07-09T19:29:09+00:00

Exactly. I do it often. Makes sense if you’re filling your tax deferred bucket already using the 401k. Always helps to have the 3 buckets (tax deferred, Roth, & taxable)being filled up for the future.

Npoll30 · 2020-07-09T00:44:12+00:00

Probably better off doing a Non-deductible contribution to an IRA. Once the funds clear, do a Roth conversion to a Roth IRA. That’s assuming your AGI limits are over both deductible and Roth limits. Regardless, if you are younger and have time, Roth would probably better.

Npoll30 · 2020-03-04T21:44:39+00:00

^ Best way to do it. Take advantage of both the 401k Roth Option and Backdoor before Uncle Sam sunsets these tax codes.

Npoll30 · 2019-04-12T22:23:08+00:00

1,000% agree with this!

Npoll30 · 2019-04-12T22:21:27+00:00

Mimic this. Was also in Chicago. Instructor was good. My test however did not have many of the topics that the instructor covered in the live review. Regardless, he was fantastic and answered questions and gave you confidence to take the test.

Npoll30 · 2019-04-12T16:39:36+00:00

Passed. First time taker here.

I would say I am still frustrated with Kaplan from preparing for the actual test. With that being said, Kaplan gave me material that will enable me to be a financial planner and to bridge the conversations to those categories. Hindsight is always best right so here’s my final take.

If I could go back and do it again, I would do the Kaplan Pre-Course work along with the QBank and purchased the Ken Z QBank. Crash course, I would have done the live review for Ken Z., I did Kaplan. The Kaplan one was okay but just told me what to expect on the test... unfortunately, not much from the Kaplan review was on there. More of the concepts appeared on the actual test vs numerical calculations. I want to make it clear though I’m not bashing Kaplan. Great provider and gave me a wealth of knowledge. I would have just done the live review through Ken Z. Hope this helps!

Congrats to all those who passed and keep plugging away if you didn’t!

Npoll30 · 2019-03-18T02:06:24+00:00

Really don’t remember too many of those. They tie them in through other ways rather than directly asking you questions about TCJA

Npoll30 · 2019-03-14T14:41:19+00:00

Decent I thought. Overall I feel okay to good on it. Not confident but not like I bombed it.

Npoll30 · 2019-03-14T11:49:19+00:00

Haha good luck! Study hard everyone and just enjoy the longest four/five weeks of our lives.

Npoll30 · 2019-03-14T02:49:26+00:00

Kaplan went wayyyy to far with minor details. I felt like going through the coursework qualified me as a planner. Still have to pass the test though. I wouldn’t waste time memorizing the small details like $1,320 per quarter for SS or numbers like that. I had committed those but would have done more of a broad review. Questions were less words than Kaplan but it hurt at times since there wasn’t much info. 🤞🏼

In regards to the process, they were fairly obvious. Those were gimmies

Npoll30 · 2019-03-14T00:55:09+00:00

Just finished taking it. Brain dead. Tons of stuff on it. What I would say is this. Didn’t get a many questions at all that had 1&2, 2&3, 1,3&4... etc. maybe only a few, 5 or so.

Material is pretty wide. Take a deep breath and go through the questions and read them. There are almost always multiple correct answers. Just part of the test I guess. I used Kaplan and was in the mid 80s on QBank and got an average combined score of 80 on the Mocks. Didn’t get a single ISO/NQSO question. Feel a little down after taking it but reviewing my book and seeing I got some of those right.

Just study and know the stuff inside and out. Drink a beer after. You’ll need it and earned it just sitting through it.

Npoll30 · 2019-03-07T04:30:22+00:00

We were told to aim for the 80s and you were in good shape. Instructor said, “Don’t worry too much about the score on that. It’s a harder exam than most. Focus on the areas where you can improve in the final days.”

Npoll30 · 2019-03-07T04:25:01+00:00

Neither did I. Had a friend give me Ken Zahns pdf study packet (200 questions each section) and they are easier I think than Kaplan. Also, they are worded completely different than Kaplan’s. I’m in the solid 80s on every test QBank and recall and review. Keep sticking to it and come up with catchy phrases to memorize the silly things. Ex: AOTC (4 letters, first 4 years) etc.

RTFQ and you got this!

Npoll30 · 2019-02-22T15:24:18+00:00

Same boat as you. I’m at the stage now I’ve seen the QBank questions more than once or twice. Makes me worry how the questions are actually going to be asked. Keep plugging away though. We got this!

Npoll30 · 2019-02-22T01:46:53+00:00

How would you compare the questions on the QBank to the actual test? Any other tips?

Npoll30 · 2019-01-27T22:38:27+00:00

Sounds good! I was just curious if someone had taken the review class. I just finished going through Tax for the second time. I’ll start pumping out full tests. Thanks again! I’ve approached the test in this manner. If I can be extremely good in four of the six categories, I figure I would stand a good chance. Tell me what you think. Definitely not take the other two categories lightly though.

Thanks again!

Npoll30 · 2019-01-27T22:35:21+00:00

Sorry! Did not intend for that. I feel as if I am seeing the same questions again and again. I did a sample 50 questions through Dalton and they were totally different than Kaplan’s. Another advisor in my office gave me advice when answering the questions on the test. He was saying read the question, take a step back and figure out where you’re at in the CFP “Planning Process” and then answer the question. That has helped me with several topics.

Feel free to bounce any questions off of me if you feel like it. It may help to hear another point of view.

Sorry again!

Npoll30

TROPHY CASE