Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone else think OP is just a sore loser? She knows whining about Obama makes her look like ... a sore loser... so instead she's trying to create a fake perception that everyone is panicking about Obama.

Because nobody with 2 brain cells actually comes to DCUM for financial advice for the 1%. Unless it was inherited wealth, or something, which would explain the 2 brain cells. But if it is inherited wealth, OP would have more taste than to brag about it on DCUM. So we can rule out inherited wealth as the explanation for OP's 2 brain cells.

I think it's totally rational to discuss financial issues on DCUM. DCUM has many intelligent people with high income. Several people go out of their way to give good advice. Any advice should be taken with a grain of salt, and a person has to weed through lots of non-relevant responses. However, I think this thread has several good discussion points.

I think that if you don't like a thread, don't participate. Not sure what trying to tear down the thread and its OP accomplishes.

I went to a top business school, and I think discussing financial advice on DCUM is nuts. I would never act on anything posted here without double checking it somewhere reliable, like with my broker.

I also think it's rude and insensitive to start posts addressed at the 1%, as several have pointed out.

I don't think anyone takes anything here without vetting it in some manner (God, I hope not). "Rude and insensitive" to ask about money changes before the tax rates change? Ok, whatever. Everyone should be happy when Jeff starts the personal finance forum.

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

This used to be the case but the tax code has changed allowing conversion from traditional IRA to Roth IRAs with no income limit. (But Roth $$ is in post tax dollars.)

Anonymous wrote:

Anonymous wrote:Anyone else think OP is just a sore loser? She knows whining about Obama makes her look like ... a sore loser... so instead she's trying to create a fake perception that everyone is panicking about Obama.

Because nobody with 2 brain cells actually comes to DCUM for financial advice for the 1%. Unless it was inherited wealth, or something, which would explain the 2 brain cells. But if it is inherited wealth, OP would have more taste than to brag about it on DCUM. So we can rule out inherited wealth as the explanation for OP's 2 brain cells.

I think it's totally rational to discuss financial issues on DCUM. DCUM has many intelligent people with high income. Several people go out of their way to give good advice. Any advice should be taken with a grain of salt, and a person has to weed through lots of non-relevant responses. However, I think this thread has several good discussion points.

I think that if you don't like a thread, don't participate. Not sure what trying to tear down the thread and its OP accomplishes.

I went to a top business school, and I think discussing financial advice on DCUM is nuts. I would never act on anything posted here without double checking it somewhere reliable, like with my broker.

I also think it's rude and insensitive to start posts addressed at the 1%, as several have pointed out.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

You can't contribute to a Roth but if you have a traditional IRA you can convert it to a Roth.

It's not that uncommon for upper income folk to contribute $5k to a nondeductible traditional IRA and then turn around shortly thereafter and convert it to a Roth (owing tax only on the value over $5k if any).

It's a loophole that presumably Congress will close at some point, but maybe not.

Just to be clear, the tax is paid on the original $5k in your scenario. There's no getting around the taxes due. The issue for 1%ers is to make the conversion in 2012 and pay at a 35% rate versus 39.5% or higher in 2013.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

There is no income limit to convert a traditional IRA to a Roth IRA. There is no income limit to contribute to a traditional IRA, although there is an income limit to the tax advantages of a traditional IRA.



http://online.wsj.com/article/SB10001424052970203846804578101051823419658.html

FYI, if you take the deduction for the traditional IRA then you would owe tax on that amount on the conversion to a Roth.

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

You can't contribute to a Roth but if you have a traditional IRA you can convert it to a Roth.

It's not that uncommon for upper income folk to contribute $5k to a nondeductible traditional IRA and then turn around shortly thereafter and convert it to a Roth (owing tax only on the value over $5k if any).

It's a loophole that presumably Congress will close at some point, but maybe not.

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

There is no income limit to convert a traditional IRA to a Roth IRA. There is no income limit to contribute to a traditional IRA, although there is an income limit to the tax advantages of a traditional IRA.



http://online.wsj.com/article/SB10001424052970203846804578101051823419658.html

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone else think OP is just a sore loser? She knows whining about Obama makes her look like ... a sore loser... so instead she's trying to create a fake perception that everyone is panicking about Obama.

Because nobody with 2 brain cells actually comes to DCUM for financial advice for the 1%. Unless it was inherited wealth, or something, which would explain the 2 brain cells. But if it is inherited wealth, OP would have more taste than to brag about it on DCUM. So we can rule out inherited wealth as the explanation for OP's 2 brain cells.

I think it's totally rational to discuss financial issues on DCUM. DCUM has many intelligent people with high income. Several people go out of their way to give good advice. Any advice should be taken with a grain of salt, and a person has to weed through lots of non-relevant responses. However, I think this thread has several good discussion points.

I think that if you don't like a thread, don't participate. Not sure what trying to tear down the thread and its OP accomplishes.

This 100%. Thanks to this thread we're having our older kids open Roth IRAs. It's just not something I thought about, but asked our financial guy and he agreed it was a great idea.

You need a better financial guy, someone who will actually give YOU the good ideas.

Anonymous wrote:

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

I think you can move money in a retirement account to a Roth even if you make a lot. I *think.*

Anonymous wrote:

I think it's totally rational to discuss financial issues on DCUM. DCUM has many intelligent people with high income. Several people go out of their way to give good advice. Any advice should be taken with a grain of salt, and a person has to weed through lots of non-relevant responses. However, I think this thread has several good discussion points.

I think that if you don't like a thread, don't participate. Not sure what trying to tear down the thread and its OP accomplishes.

I mostly agree with this post, but I also agree that OP started the post in an obnoxious (mildly trollish) way, and I don't think she should be surprised if she got some pushback (same to the poster who suggested only people with a net worth over $5 m should participate in the thread).

In short, I think there have been useful financial discussions on DCUM but I think:
1) DCUM is not the place for discussion of financial strategies of the extremely wealthy (opening a Roth IRA for your teen is obviously not possible for most people in this country, but it's not the kind of thing you need $10 million to implement) and
2) if you really want to have a useful discussion, it's best to discuss things with as little attitude as possible (and I know that some posts which I thought were entirely benign/cute have struck a real nerve with others).

Anonymous wrote:We're converting to Roth IRAs, adding $26k per child to 529 plans and probably selling off stocks with a lot if capital gains. Anyone else making money moves before the end of the year?

How can you contribute to Roth if you are in the 1%? Even we were disqualified years ago.

Anonymous wrote:

Anonymous wrote:Anyone else think OP is just a sore loser? She knows whining about Obama makes her look like ... a sore loser... so instead she's trying to create a fake perception that everyone is panicking about Obama.

Because nobody with 2 brain cells actually comes to DCUM for financial advice for the 1%. Unless it was inherited wealth, or something, which would explain the 2 brain cells. But if it is inherited wealth, OP would have more taste than to brag about it on DCUM. So we can rule out inherited wealth as the explanation for OP's 2 brain cells.

I think it's totally rational to discuss financial issues on DCUM. DCUM has many intelligent people with high income. Several people go out of their way to give good advice. Any advice should be taken with a grain of salt, and a person has to weed through lots of non-relevant responses. However, I think this thread has several good discussion points.

I think that if you don't like a thread, don't participate. Not sure what trying to tear down the thread and its OP accomplishes.

This 100%. Thanks to this thread we're having our older kids open Roth IRAs. It's just not something I thought about, but asked our financial guy and he agreed it was a great idea.

Maybe when Jeff opens the personal finance forum we can manage to keep out the naysayers and allow the adults among us to have a conversation about personal finances.

Anonymous wrote:Anyone else think OP is just a sore loser? She knows whining about Obama makes her look like ... a sore loser... so instead she's trying to create a fake perception that everyone is panicking about Obama.

Because nobody with 2 brain cells actually comes to DCUM for financial advice for the 1%. Unless it was inherited wealth, or something, which would explain the 2 brain cells. But if it is inherited wealth, OP would have more taste than to brag about it on DCUM. So we can rule out inherited wealth as the explanation for OP's 2 brain cells.

I think it's totally rational to discuss financial issues on DCUM. DCUM has many intelligent people with high income. Several people go out of their way to give good advice. Any advice should be taken with a grain of salt, and a person has to weed through lots of non-relevant responses. However, I think this thread has several good discussion points.

I think that if you don't like a thread, don't participate. Not sure what trying to tear down the thread and its OP accomplishes.

Anyone else think OP is just a sore loser? She knows whining about Obama makes her look like ... a sore loser... so instead she's trying to create a fake perception that everyone is panicking about Obama.

Because nobody with 2 brain cells actually comes to DCUM for financial advice for the 1%. Unless it was inherited wealth, or something, which would explain the 2 brain cells. But if it is inherited wealth, OP would have more taste than to brag about it on DCUM. So we can rule out inherited wealth as the explanation for OP's 2 brain cells.