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Messages - lascott

Pages: 1 [2] 3 4 ... 96
16
@Rob L, Did you try out B or C?

17
$-2,193,561,886,573
Looks really bad. Makes the national debt an Fed Balance sheet seem almost trivial.
Can you handle the payments?  ;D
See interest number below!!! (center area). No, to answer your question!


18
a) Yes, I spend a BUNCH of time doing retirement planning. I am retired and wife will be next year. We are in our low 50s.  We have 1/3 of our retirement in ROTH and 2/3 in tIRAs.  Using some ROTH money and some tIRA money via 72t/SEPP to live on and help kids with their ROTH IRA & ROTH 401Ks.  Need to avoid high RMDs in the future. May delay 1 or both Social Security incomes to let them grow (8%) and use more tIRAs before RMDs.

b1) There is a TON of advice from every Financial person on doing conversions before 2025 when the 2018 tax rates sunset (for individuals NOT the rich corporations).




b2) I think the real question is can you pay the taxes from non-IRA assets? Play with this calculator. https://www.calcxml.com/calculators/roth-ira-conversion-calculator



c) This calculator (i-ORP) has some interesting models. Including some ROTH Conversion options. The input and output is based in 1K increments so seems a little odd but it really allows for a more condensed report.  I use it on and off. https://i-orp.com/DI/Extended.html

I mainly use Golden Years from Money Tree Software and is part of their Total Planning Suite. It is outstanding and is a Financial Advisor grade tool that they let individuals buy for half the cost and half the annual maintenance.

UPDATE: Forgot I-ORP link: https://i-orp.com/DI/Extended.html & added ROTH vs tIRA info.

19
Doh!

Expected value in 12 months
$-2,193,561,886,573


20
Investors - LC / Re: Worst Month Yet
« on: July 30, 2019, 11:08:32 PM »
Sad to see everyone preparing to leave. It's been a fun ride
It definitely has been fun and insightful.  I've read, learned, and thought a lot more about credit since.
I do feel 'silly' since I invested so much thinking it was sustainable as a retail investor. It did seem so when I first entered. I had a bunch of fun playing with the tools available and thinking I was being so clever with my conservative stance. Haha, but I think I did as well as bonds which this was my alternative to. 

Aside: I ended up putting a fair amount now into Wunder Capital while they were offering 7.5% and credit LC with a note/loan model (regulatory approval).  Now Wunder Capital has moved on from retail investors as well for a while. I get payments (mostly interest) like clockwork and a balloon payment in a few years. All within my same ROTH IRA STRATA account.

Aside2: Moved some money (one of retirement buckets) into Vanguard Wellesley Income Fund Admiral Shares (VWIAX) and am pretty happy with that after a lot of research and comparisons. More info but most of you have your favs for sure: https://advisors.vanguard.com/investments/products/vwiax/vanguard-wellesley-income-fund-admiral-shares

21
Investors - LC / Re: Cancelled and Cancelling
« on: July 29, 2019, 11:10:24 PM »
Noticed that just the other day as well. I haven't seen a number in their yet but don't necessarily want to see one.


22
Helping my son exit from LC with his ROTH IRA and get it to a Vanguard ROTH IRA.  Wow, it has taken 2.5 months dealing with LC and STRATA. Many emails and confusing questions about different forms or them missing ... and me forwarding the emails with the forms already sent and previously acknowledged.  It looked like a pain to get a direct custodian to custodian transfer to get to Vanguard with a Master Notary Signature (vs standard one). With Fidelity I can just go to the branch offices.  THUS we had them send a check which we will deposit into a Chase savings acct that is already set up to my son's Vanguard account.

Anyway, my quick question is the $50 fee that STRATA charges is just lost ROTH IRA money. Meaning STRATAs 1099-R that they will send my son will only be the the total distribution check and not the total+$50 fee?   It seems like one would have the option of paying the $50 fee with a credit card or something else so you could keep that $50 in the ROTH IRA.


__________ ______________

Apr 2020 tax prep for 2019 tax season from a Turbo Tax perspective (I think):


23
Investors - LC / Re: LC now dropping E grade loans
« on: May 11, 2019, 09:47:39 AM »
My how times have changed!
Lot of dots below the 0% by comparison to the old times too!



'12, '13, '14 hayday.


24
My son has sold all his LC notes.  All the money was transferred to STRATA with the transfer transactions matching between LC and STRATA.

However, his STRATA account shows over $40 for a balance in 'Unsecured Notes balance' still.  Has anyone else seen that?

We emailed both STRATA and LC about it but have not heard back.
Here is what LC said:

Quote
Thank you for reaching out! STRATA Trust Company does not have the same breakdown of Notes as we do, and everything will show on their end as a debt instrument. This means that there is no distinction between funds that have been 'Charged Off' and funds that have not, so it is possible to have a different balance show on their statement.

They cleaned it up yesterday with this entry.  Not sure if the cleanup is one of the steps when closing the account (via LC form).


25
100% agree.  I was actually afraid that STRATA won't let us close the account with a balance and will want to charge the $100 IRA annual fee again.
Will need to get the transfer form in for all the cash to go to Vanguard.

But my interpretation of your relay of LC's support guy comments ... says that the money that STRATA thinks is there doesn't actually exist.  ...oh... I suppose STRATA could refuse to close the account based on $40 that doesn't exist.  That would be really funny.
Ha, not funny to me if it goes past the annual date and they want to charge us $100 account fee!

The LC lenderAccountDetail.action screen shows: Charged Off* (32) $527.64
The STRATA display shows: Public Unsecured Notes $42.67

So very different.  I don't care at this point and we just want my son's account closed.

I thought STRATA's balance updates quarterly. Did you request to close the account? You should be fine as far as your Lending Club account value is $0. You can keep your Lending Club account open until you receive all recoveries. Lending Club will mail you a check when you request an account closure.
Yes, we sent in the form to close the LC and STRATA accounts. You have to send the form to LC and they initiate it AFAIK.

When you request the closing of the LC account there seems to be a place to forfeit all the recoveries (attached picture). This account is so small and is a ROTH so we don't need any complications anyway.


26
100% agree.  I was actually afraid that STRATA won't let us close the account with a balance and will want to charge the $100 IRA annual fee again.
Will need to get the transfer form in for all the cash to go to Vanguard.

But my interpretation of your relay of LC's support guy comments ... says that the money that STRATA thinks is there doesn't actually exist.  ...oh... I suppose STRATA could refuse to close the account based on $40 that doesn't exist.  That would be really funny.
Ha, not funny to me if it goes past the annual date and they want to charge us $100 account fee!

The LC lenderAccountDetail.action screen shows: Charged Off* (32) $527.64
The STRATA display shows: Public Unsecured Notes $42.67

So very different.  I don't care at this point and we just want my son's account closed.

27
That's a really weak response. 

The notion that it's ok if the numbers don't match can hide so many sins of many different kinds.

Fundamental principle of accounting -- you gotta make the numbers match.
100% agree.  I was actually afraid that STRATA won't let us close the account with a balance and will want to charge the $100 IRA annual fee again.
Will need to get the transfer form in for all the cash to go to Vanguard.

28
My son has sold all his LC notes.  All the money was transferred to STRATA with the transfer transactions matching between LC and STRATA.

However, his STRATA account shows over $40 for a balance in 'Unsecured Notes balance' still.  Has anyone else seen that?

We emailed both STRATA and LC about it but have not heard back.
Here is what LC said:

Quote
Thank you for reaching out! STRATA Trust Company does not have the same breakdown of Notes as we do, and everything will show on their end as a debt instrument. This means that there is no distinction between funds that have been 'Charged Off' and funds that have not, so it is possible to have a different balance show on their statement.

29
My son has sold all his LC notes.  All the money was transferred to STRATA with the transfer transactions matching between LC and STRATA.

However, his STRATA account shows over $40 for a balance in 'Unsecured Notes balance' still.  Has anyone else seen that?

We emailed both STRATA and LC about it but have not heard back.

30
Off Topic / Re: Cash Parking
« on: April 19, 2019, 10:51:29 PM »
...
The funds I chose to use for the IRA CD were at Fidelity in a Treasury ETF, so I sold and waited for settlement. When the cash was available in the account I completed the Fidelity form requesting the FBO check be mailed to me. Fidelity required a medallion signature on the form which I acquired at my bank (with much more bureaucratic difficulty than I thought reasonable). I mailed the form to Fidelity next day mail. Fidelity was quite responsive and mailed me the check within a very few days. ...
Aside: I think you can just drive to one of their many branches and sign it in front of them instead of the medallion sig. I've done that with other forms.  Maybe you don't have any near you but just in case others need to do something similar and it works for them.

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