Posts made by ThomasPaine

First off, this isn’t legal advice. See your CPA/Attorney/Financial Adviser.

There are kind of two “Five year rules”,

• The 5-year rule for IRA beneficiaries to withdraw 100% of the IRA by December 31 of the year containing the fifth anniversary of the owner’s death.
• The 5-year rule for Roth Conversions

Bankrate explains the 5 year rule
Also AAII has an excellent review of ordering rules
Lastly the IRS Pub 590-B is the reference source

IF you take distributions early, you need to keep good records of the contributions.
You’ll need to order them into three groups.

• Regular contributions.
• Conversion and rollover contributions, on a first-in, first-out basis (generally, total conversions and rollovers from the earliest year first). See Aggregation (grouping and adding) rules, later. Take these conversion and rollover contributions into account as follows:
  – Taxable portion (the amount required to be included in gross income because of the conversion or rollover) first, and then the
  – Nontaxable portion.
• Earnings on contributions.

Once the conversion occurs from Traditional to Roth, you need to wait 5 years to take a distribution without penalty, even if it’s an inherited Roth account.

The short of it is that you will want to distribute only up to contributions until five years pass from your conversion.

Disclaimer: I’m an Android person.

Keep: a Google clipboard app that is accessible from any logged in device and the web at keep.google.com
Appsheet: Converts any google sheet into an instant android/iphone/web app. Take photos, collect data, map addresses for very cheep
MyRouteOnline: Expensive but very good map optimizer, uses g’maps on back end.
Mindly: Good Mind Maps for organizing thoughts

@frugalpete You will likely have to review and contact all the credit reporting agencies, as they don’t communicate past fraud alerts, and use different data sets.
Note that this is a minor error that could have been done to prevent your file from being confused with Frugal Pete Jr. All the need is a name and an address, and both Frugal Petes could get the same tradeline reported.

I’ve been using Mintsim, AKA UltraMobile, which resells T-mobile service.
MintSim offers $15/MO for Unlimited min/texts/2GB/MO 4G LTE, while redpocket ofers Unlimited minutes/texts,/500 MB 4G LTE data for $19.

Only catch is you have to prepay for a year, but they give you a couple days for refund.

@jaytrader The condo assn may hate you, but have you considered AirBNB? Comps should be easy to get.
Many condo assns will lose abilities for financing from FHA if they have too many rentals, so they might force you to sell outright.

@jaytrader Hey, I represent that…

I believe there’s still nothing stopping you from still offering 9.9% interest, and using interest+principal to “pricematch” the rent you’d typically offer. (slightly less, since they’re now responsible for property tax)

As you know, there’s one of three outcomes (least to most likely)

1. They will win the lottery, and prepay, leaving you with the full retail price.
2. They will make all the payments, leaving you with nearly 2x retail value.
3. They will want to move in a couple years, and find another person to sell to, or give the keys back to you.

The only thing different now is Dodd-Frank… there’s a limit of only a couple originations per entity per year.

@mikk1 said in Welcome FatWallet Refugees:

Hey y’all, I have a favor to ask. @dangeRuss has done an incredible job of making this happen, and I am very thankful that the FW announcement came out on a weekend allowing several of us to devote time to this effort. Several folks have volunteered to help moderate, build out the site, test, and do the things that need to be done.

That said, we’re all really overtasked with the initial success - we are trying to keep up and build things out/address bugs/respond to suggestions as quickly as possible. Where we need your help is with self-policing the site. If you see stupid or inappropriate things happening, please flag them and/or alert us. We’re not about having a community of rules, but we’re also not going to allow spam and blatant self-promotion. If something doesn’t pass a “sniff test” for quality, we’d appreciate your help in letting us know.

As a FWF contributor, I promise to use all the tact and courtesy that my fellow posters are accustomed to.

Tom

PS. Pay your bills deadbeat.

@cajundavid You might be interested in “Land Contracts”…

They’re an ancient alternative to a mortgage, where you sell the house with seller financing.
That way if the toilet/HVAC has issues at 2AM, it’s their house, plus they get to deduct the interest on their taxes.
If they stop making payments, it’s supposedly a lot easier to foreclose then evict. (this is all state specific).

Thanks again for setting this up!