CharlesUFarley
| Favorite team: | Auburn  |
| Location: | Daphne, AL |
| Biography: | |
| Interests: | |
| Occupation: | Drives and PLC Guy (Mechanical Engineer) |
| Number of Posts: | 1008 |
| Registered on: | 1/13/2022 |
| Online Status: | Not Online |
Recent Posts
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re: Do you guys really pay taxes quarterly on realized gains?
Posted by CharlesUFarley on 3/28/26 at 10:09 am to DiamondDog
If you are still working you have the option to adjust your withholding at work to pay the taxes throughout the rest of the year. I think you avoid any penalty by doing that.
I adjust my withholding take care of my taxes on monthly Roth conversions.
I adjust my withholding take care of my taxes on monthly Roth conversions.
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re: Smartest woman of all time?
Posted by CharlesUFarley on 3/26/26 at 9:53 pm to VooDude
The interior decorator who did my house. She liked totally different colors and tones than I did, but after she spent a little time with me and looked at some stuff I liked on the internet, she came back with: this is what you want, showed me flooring and paint and granite and tile. She was right, and she knew more about what I liked than I did.
Smart isn't linear. You don't check it with a dip stick. A dipstick only tells you how deep something is at one point, whereas intelligence is about volume: area and depth. A dipstick can't check that.
Smart isn't linear. You don't check it with a dip stick. A dipstick only tells you how deep something is at one point, whereas intelligence is about volume: area and depth. A dipstick can't check that.
re: An anecdotal story today why healthcare is so expensive
Posted by CharlesUFarley on 3/26/26 at 8:19 am to Lawyered
Yet, you can borrow money in a casino to keep gambling....
re: How many of your kids would choose horses over traditional sports if given the choice?
Posted by CharlesUFarley on 3/24/26 at 11:54 am to MoClassy
That's why their first experience with a horse needs to be cleaning up after it.
re: TSA fix idea.
Posted by CharlesUFarley on 3/23/26 at 8:09 am to OysterPoBoy
Why not just place a fee on each ticket to cover the cost of TSA operations, and make the Airlines and Airports run security. They could immediately hire all the existing TSA people to handle it, and then Transportation Security could be handled through the authorities that existed before the TSA.
Remember, the TSA has only been around since 2002 or so. I am not sure anything the TSA does would have stopped 911. ICE would have, if they had enforced immigration laws.
Remember, the TSA has only been around since 2002 or so. I am not sure anything the TSA does would have stopped 911. ICE would have, if they had enforced immigration laws.
re: One thing the MAGA supporters have not factored...
Posted by CharlesUFarley on 3/22/26 at 6:39 pm to Louisianalabguy
quote:
If the democrats take congress, impeachment proceedings will start the day after they're sworn in
They are going to do that anyway, whenever they get power again, whether it's next year or next decade.
re: poliboard existentialism
Posted by CharlesUFarley on 3/22/26 at 6:37 pm to 4cubbies
I think I'm going to create 100 more ID's on this board just so I can down vote the OP more.
re: Would it be possible for the USA to trade oil & gas futures on what is found here only?
Posted by CharlesUFarley on 3/22/26 at 1:17 pm to PaulDrake
I think our refining capacity is not aligned with our oil resources. We need to import some heavy, sour crude to match our refinery capacity. The lighter crude that results from fracking is not ideal for some significant portion of our refineries.
Seems like a fixable situation, but I don't work in the oil industry, so...
Seems like a fixable situation, but I don't work in the oil industry, so...
re: WWYD: 401K and Roth IRA
Posted by CharlesUFarley on 3/22/26 at 11:42 am to Arthur Bach
Like I said in another post, it's not always about the math. If you are more comfortable with the plan you have stick with it.
I am old enough to have watched my parents in retirement struggle with drug costs before Medicare added prescription drug coverage in the early 2000's, and I've wanted an HSA plan since they were introduced in 2004. I had one briefly in 2007 but it went away when the company was sold. I finally got an HSA in 2020. I only have about 5 more years that I can contribute to it (Medicare is coming), and it won't be that much money, but if it will be vast wealth compared to what my parents had when they first retired.
I am old enough to have watched my parents in retirement struggle with drug costs before Medicare added prescription drug coverage in the early 2000's, and I've wanted an HSA plan since they were introduced in 2004. I had one briefly in 2007 but it went away when the company was sold. I finally got an HSA in 2020. I only have about 5 more years that I can contribute to it (Medicare is coming), and it won't be that much money, but if it will be vast wealth compared to what my parents had when they first retired.
re: What are some of your favorite braised dishes to make in a dutch oven?
Posted by CharlesUFarley on 3/22/26 at 11:12 am to Powerman
re: The Beginning of the End: Killer Whales and Dolphins are now working together
Posted by CharlesUFarley on 3/22/26 at 10:53 am to LegendInMyMind
Different Orca pods eat different things, and tend to stick to it. Some eat sharks. Some eat fish, usually a specific fish like Chinook Salmon. Some eat other marine mammals, including dolphins.
I know the Southern Resident pod that was making headlines because of the mother carrying her dead calf was threatened because they couldn't get enough Chinook Salmon. They don't eat the other types of Salmon in those waters. Maybe that makes some pods safe and even friendly to Dolphins.
I know the Southern Resident pod that was making headlines because of the mother carrying her dead calf was threatened because they couldn't get enough Chinook Salmon. They don't eat the other types of Salmon in those waters. Maybe that makes some pods safe and even friendly to Dolphins.
re: Odd tax benefits our government decided to implement
Posted by CharlesUFarley on 3/21/26 at 7:18 pm to fareplay
What I don't get is Carried Interest. This allows hedge fund managers who get a performance based bonus to be taxed at the capital gains rate instead of the ordinary income tax rates.
Why don't commissioned salesmen get the same tax treatment?
Why don't commissioned salesmen get the same tax treatment?
re: Community organizer said nice things about Mueller
Posted by CharlesUFarley on 3/21/26 at 5:37 pm to The1TrueTiger
Someone else wrote that for him.
re: Preparing and planning for children's future. Could use some feedback.
Posted by CharlesUFarley on 3/21/26 at 2:53 pm to DiamondDog
You might also want to take a look at the new trump accounts. They can be converted to an IRA when your child reaches 18, which is also likely to be the point of their lowest income in their adult life, which means lower taxes on Roth conversions. It might be a huge opportunity to build a high Roth IRA balance early in their life. It's too early to tell exactly how all that is going to work, but since the intention is to convert the Trump account to an IRA at age 18 and apply IRA rules thereafter, it is possible that a kid could start out their working life with a 6 figure Roth account that they can use to buy a house in five years assuming the same IRA rules apply to conversions, or maybe they retire young.
529 allows for limited Roth rollovers, but not like it looks for Trump accounts.
529 allows for limited Roth rollovers, but not like it looks for Trump accounts.
re: Preparing and planning for children's future. Could use some feedback.
Posted by CharlesUFarley on 3/21/26 at 2:16 pm to DiamondDog
Be aware of the prorata rule. If you have significant existing traditional IRA assets, like a rollover, it can create additional taxes. If you don't have any other IRA's, you're good. If you do have IRA's but there isn't much money in them, just convert them. 401K is different.
At least at Schwab, conversion is as simple as moving funds from one account to another.
At least at Schwab, conversion is as simple as moving funds from one account to another.
re: Preparing and planning for children's future. Could use some feedback.
Posted by CharlesUFarley on 3/21/26 at 1:22 pm to DiamondDog
You did not mention Roth IRA.
If you are eligible or can do it through the back door, I would fund a Roth IRA for both you and your wife before I did anything in a brokerage account, 529, UGTMA, Trump Account, life insurance, etc. The reason is that you can withdraw Roth contributions at any time, and conversions after five years, and no restrictions after age 59.5, which would probably work well for your youngest child. You can withdraw your Roth IRA (not 401K) contributions and conversions to fund college for your kids, plus give them gifts towards down payments or weddings or whatever, if you've got enough in there to do that. After maxing Roth IRA, then look at all those other things, because you want to teach your kids about savings and investing, that is more valuable that doing it for them.
Doing the Roth first keeps more assets available for all the reasons your family might need it.
If you are eligible or can do it through the back door, I would fund a Roth IRA for both you and your wife before I did anything in a brokerage account, 529, UGTMA, Trump Account, life insurance, etc. The reason is that you can withdraw Roth contributions at any time, and conversions after five years, and no restrictions after age 59.5, which would probably work well for your youngest child. You can withdraw your Roth IRA (not 401K) contributions and conversions to fund college for your kids, plus give them gifts towards down payments or weddings or whatever, if you've got enough in there to do that. After maxing Roth IRA, then look at all those other things, because you want to teach your kids about savings and investing, that is more valuable that doing it for them.
Doing the Roth first keeps more assets available for all the reasons your family might need it.
re: To me, "victory" means leaving with the Uranium.
Posted by CharlesUFarley on 3/21/26 at 11:36 am to Timeoday
Every time you see one of those commercials showing our soldiers with arms, legs, and faces missing, remember that the bombs that did that came from Iran.
Iran has been at war with the US for almost fifty years. Eventually, it would turn into a shooting war, one way or another. Just like our politicians keep kicking the can down the road on so many or our problems, they have been kicking this one down the road, for someone else to deal with, sooner or later.
Troops on the ground are inevitable, sooner or later. I'd rather deal with it now, but it will never be over over there.
Iran has been at war with the US for almost fifty years. Eventually, it would turn into a shooting war, one way or another. Just like our politicians keep kicking the can down the road on so many or our problems, they have been kicking this one down the road, for someone else to deal with, sooner or later.
Troops on the ground are inevitable, sooner or later. I'd rather deal with it now, but it will never be over over there.
re: WWYD: 401K and Roth IRA
Posted by CharlesUFarley on 3/20/26 at 2:04 pm to Ford Frenzy
quote:
Which again makes the HSA the best of both
I agree, but he asked about 401K
re: WWYD: 401K and Roth IRA
Posted by CharlesUFarley on 3/19/26 at 7:03 pm to Arthur Bach
If you truly have nothing invested for retirement at age 40, then in my opinion you should maximize your traditional tax deferred savings before doing any Roth. The reason is that when you retire, at least some of your income will be taxed in the lowest brackets, whereas if you contribute to Roth now it will be taxed at your highest marginal rate.
There are other ways of looking at it, and we never know what future tax rates will be, but you'd be paying 22-24% Fed on your Roth savings now, but maybe only have an effective tax rate of 12% in retirement. Doesn't mean not to save in the Roth, just that your bang for the buck right now is maximum tax deferred before you do any Roth.
The Roth has many advantages which go beyond just the tax issues, so it's not always about the math, but at 40 years old and no savings and a good income.....defer.
There are other ways of looking at it, and we never know what future tax rates will be, but you'd be paying 22-24% Fed on your Roth savings now, but maybe only have an effective tax rate of 12% in retirement. Doesn't mean not to save in the Roth, just that your bang for the buck right now is maximum tax deferred before you do any Roth.
The Roth has many advantages which go beyond just the tax issues, so it's not always about the math, but at 40 years old and no savings and a good income.....defer.
re: ranian Regime Bigwigs' Children Now Professors at Elite Unis Shaping American Minds
Posted by CharlesUFarley on 3/19/26 at 7:11 am to Jbird
quote:
send your children to be educated by the Great Satan.
They weren't sent here to be educated, they were sent here to infiltrate.
re: Don't Need to Work, But Want To
Posted by CharlesUFarley on 3/18/26 at 12:01 pm to liz18lsu
quote:
If you didn't have to work for money, what would you do, to pass the time? A job, hobby, charity work?
Nothing. I tried it for four years and it was easy. The only reason I went back to work is because I found the right work from home position that includes health insurance. I could have gotten by without it, but this choice makes my financial future more certain. I am 60.
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