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  1. #21
    Silver Member
    Join Date
    Jan 2008
    Posts
    163
    Location
    Shaftsbury VT
    Tractor
    Kioti DK 40s

    Default Re: wife get's big surprize

    I'm sure Scottrade is great for you but it seems you're getting the advise that you're paying for, your statement about rolling a traditional 401(k) into a ROTH is frightening. Be careful. The IRS is more money hungry than ever before, and their revenue agents have become attack dogs.

    I'd hate to see a fellow conservative pay unneccessary taxes to further O-bummer's agenda
    Kioti DK 40S, with a Farmi and Tractor Forks!

  2. #22
    Elite Member SPIKER's Avatar
    Join Date
    Jun 2002
    Posts
    4,429
    Location
    Ohio, Jeromesville, Ashland County
    Tractor
    Jinma 284

    Default Re: wife get's big surprize

    Quote Originally Posted by Brokermike View Post
    I'm sure Scottrade is great for you but it seems you're getting the advise that you're paying for, your statement about rolling a traditional 401(k) into a ROTH is frightening. Be careful. The IRS is more money hungry than ever before, and their revenue agents have become attack dogs.

    I'd hate to see a fellow conservative pay unneccessary taxes to further O-bummer's agenda
    I have a Traditional IRA & have already rolled over 2 previous 401Ks not hard to do, just have to get the JPM to cooperate and let me get my xxK out.

    I've done reasonably well in the markets on Self Managing them as with little over xxK put in and xxK added the value is almost 2x return in 4.5years. So Doubling my $ is pretty good but knowing the market turmoil has a lot to do with that and getting in in late July 08 and pulling out one 401K in late 08 helped.

    (fyi pulled out the values when editing)

    Traditional IRA are tax exempt until you pull them out. The ROTH is taxed when it goes IN and when you pull it out (even the $ you make) is not taxed when you pull it out.

    M
    Last edited by SPIKER; 02-06-2013 at 10:46 PM.
    I may remember why I went to the other end of the shop, I'm just afraid once I get there I'll forget how to get back!

  3. #23
    Super Member clemsonfor's Avatar
    Join Date
    Sep 2009
    Posts
    6,466
    Location
    Greenwood Co., SC
    Tractor
    Yanmar YM2000

    Default Re: wife get's big surprize

    Quote Originally Posted by sam5570 View Post
    she didnot take a lump sum she get's 4 payment's over the next 6 months. so they will get 40 percent of each check oh well it happens.
    if this is the case cant you change your withholding for her for married with 10 dependents? This will minimize the amount that they keep.
    YM2000. MF dirt scoop,4' Jbar bushhog,boompole, LMC 12-16 disk harrow, 4' Atlas boxblade (with rippers). 1980 chevy K10,1990 ford ranger 2wd (285K miles),1997 saturn SL2 (twin cam!!),2001Toyota Higlander
    1986 Cobia 177 sunskiff w/1981 Johnson 60 hp
    1991 Javalen 17ft w/same year 150 Johnson GT
    Troybuilt 4 cycle & Echo 2 stroke,cold natured(need carb rebuild),MS390 Stihl, Northern tool pressure washer, mixes water into the oil in the pump(now dead, motor on a tiller). 5000 watt generator.

  4. #24
    Super Member clemsonfor's Avatar
    Join Date
    Sep 2009
    Posts
    6,466
    Location
    Greenwood Co., SC
    Tractor
    Yanmar YM2000

    Default Re: wife get's big surprize

    Quote Originally Posted by Brokermike View Post
    Be careful about rolling the old 401(k) into a ROTH. If it was a pre-tax 401, rolling it into a ROTH will cost you a bunch in taxes. Check with your financial advisor or accountant.
    Was thinking this same thing!!!
    YM2000. MF dirt scoop,4' Jbar bushhog,boompole, LMC 12-16 disk harrow, 4' Atlas boxblade (with rippers). 1980 chevy K10,1990 ford ranger 2wd (285K miles),1997 saturn SL2 (twin cam!!),2001Toyota Higlander
    1986 Cobia 177 sunskiff w/1981 Johnson 60 hp
    1991 Javalen 17ft w/same year 150 Johnson GT
    Troybuilt 4 cycle & Echo 2 stroke,cold natured(need carb rebuild),MS390 Stihl, Northern tool pressure washer, mixes water into the oil in the pump(now dead, motor on a tiller). 5000 watt generator.

  5. #25
    Veteran Member chad22's Avatar
    Join Date
    Nov 2010
    Posts
    1,415
    Location
    Kansas
    Tractor
    Sears Garden Tractor with home built loader

    Default Re: wife get's big surprize

    Quote Originally Posted by Thomas View Post
    Its depressing as he77..more you make the more they take to give away.
    True dat. About those forms. I run a web hosting business now and am fixing to have to fill out a form from irs for my business income. I took a look at the form and just couldn't grasp it.

    It's confusing for me on what I need to fill out and how to fill it out. I'll have to take it to somebody to help me get it filled out.

    I read the form and instructions over 30 times and still couldn't figure the form out. I was like this every time I read the form and instructions. lol

    Darn IRS. Why do you have to make those forms so dang complicated? Make it easy for us dumb ones. lol

    Chad
    Fixing Up Old 1960's Santafe Travel Trailer
    Click the above link to see pics of a travel trailer I scored for free that I'm going to fix up to go camping in.

    Converted Fifth Wheel Travel Trailer To Bumper Pull Utility Trailer
    I converted a fifth wheel travel trailer into a bumper pull 20ft utility trailer.

  6. #26
    Veteran Member sam5570's Avatar
    Join Date
    Jan 2012
    Posts
    1,322
    Location
    south west virginia
    Tractor
    new holland tn70

    Default Re: wife get's big surprize

    Quote Originally Posted by chad22 View Post
    True dat. About those forms. I run a web hosting business now and am fixing to have to fill out a form from irs for my business income. I took a look at the form and just couldn't grasp it.

    It's confusing for me on what I need to fill out and how to fill it out. I'll have to take it to somebody to help me get it filled out.

    I read the form and instructions over 30 times and still couldn't figure the form out. I was like this every time I read the form and instructions. lol

    Darn IRS. Why do you have to make those forms so dang complicated? Make it easy for us dumb ones. lol

    Chad
    Chad i was in business 20 years, 2 sererate business's and the irs has made the rules so complicated no one even there own people don't understand the rules. but that's the way they want it to be so they can do what ever they want with out a fight.

  7. #27
    Veteran Member
    Join Date
    Nov 2011
    Posts
    1,291
    Location
    Central NH
    Tractor
    John Deere 4300

    Default Re: wife get's big surprize

    Don't worry, guys (and gals). Pretty soon Obama will "allow" you to get rid of those pesky private retirement accounts and take your money for the proper "investments". You'll get a "guaranteed" income stream from the government instead.
    Conservative Truth - Will Obama Grab Your IRA? - Tom Barrett - 2010-07-26

  8. #28
    Veteran Member chad22's Avatar
    Join Date
    Nov 2010
    Posts
    1,415
    Location
    Kansas
    Tractor
    Sears Garden Tractor with home built loader

    Default Re: wife get's big surprize

    Quote Originally Posted by sam5570 View Post
    Chad i was in business 20 years, 2 sererate business's and the irs has made the rules so complicated no one even there own people don't understand the rules. but that's the way they want it to be so they can do what ever they want with out a fight.
    That reminds me of what Hank Hill said in the episode "Hank's Got the Willies"

    Hank Hill on King of the hill is so right. That 1040 form they call EZ?

    Hank Hill: he's had trouble with the IRS, and I must have spent six hours last April on that 1040 form -- EZ my A**.
    Hank hill. I feel your pain. lol

    Chad
    Fixing Up Old 1960's Santafe Travel Trailer
    Click the above link to see pics of a travel trailer I scored for free that I'm going to fix up to go camping in.

    Converted Fifth Wheel Travel Trailer To Bumper Pull Utility Trailer
    I converted a fifth wheel travel trailer into a bumper pull 20ft utility trailer.

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