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  • Avatar orthodoc2018 
    Participant
    Status: Physician
    Posts: 80
    Joined: 07/18/2018

    We just replaced a few of the appliances in the house we just bought.  One of which was replacing the older combo microwave/wall oven with a double wall oven and a separate microwave.  We bought from a local appliance store and they STRONGLY recommended going this route since the oven will usually far outlast the microwave and often people are stuck with a broken or weak microwave.  The unit we replaced had a microwave that took 1 minute to heat something that should have taken 20-30 seconds…We also love being able to cook at two diff temps at the same time.

    in reply to: Kitchen appliances #251907 Reply
    Liked by uptoolate, Kamban
    Avatar orthodoc2018 
    Participant
    Status: Physician
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    Joined: 07/18/2018

    Revisiting this….

    I now know that I only had my HSA plan for 8 months this year but already contributed $7,000 for 2019.  Therefore I should ask for a return of my excess contribution with the amount of the excess being 4/12 * $7,000 = $2,333.33 correct?

     

    Thank you!!

    in reply to: Uh Oh – Overfunded HSA #243604 Reply
    Avatar orthodoc2018 
    Participant
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    Awesome – thanks for the info!

     

    Agreed it may seem like an extra expense.  Where I live, it seems like a pretty common thing for people to do – more so even just for the preventative aspects of what the exterminator can do.  I think we’ll forgo it for now though.

    in reply to: Pest Control Contract #243603 Reply
    Avatar orthodoc2018 
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    For home. Thanks for the reply!

    in reply to: Pest Control Contract #243312 Reply
    Avatar orthodoc2018 
    Participant
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    Joined: 07/18/2018

    Have never been a DVC member but everyone I know who has lives it. My short answer would be if you love Disney, plan on going anyway, are FI, and can afford it then why not do it?

    Alternatively, we’ve gone the opposite route 3-4 times in the last 6-7 years and been the ones buying points through a third party like David’s Vacation Club. Has worked out very well.

    in reply to: DVC – Disney Vacation Club #243232 Reply
    Avatar orthodoc2018 
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    Sounds good thanks everyone!

    The price includes removal of the old carpet, installation of new carpets, and high grade padding with some medium and some high grade carpeting. I’ll proceed as planned!

    in reply to: Residential Carpet Cost #238825 Reply
    Liked by Lordosis
    Avatar orthodoc2018 
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    Thanks for the reply. It’s not a jumbo loan but my rate is already locked and we’re closing so soon that I think I’m stuck with it.

    in reply to: Closing Costs #237106 Reply
    Avatar orthodoc2018 
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    Which taxes

    Holy hell. Those taxes are absurd.

    Did not get an owner’s policy with both of my home purchases. Title insurance is an absolute waste, or at the least is overpriced. No sense in doubling the insanity.

    Click to expand…

    Which taxes specifically?  The mortgage ones (aren’t those determined by the state?) or the property taxes?

    in reply to: Closing Costs #236898 Reply
    Avatar orthodoc2018 
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    Update to this thread – getting close to closing and wanted some opinions on a couple of things.  The total costs are higher than initially estimated but this is entirely due to the prepaid taxes.

    So at this point, the loan costs including the title company which we obtained independent of the lender are fixed (total is ~$3,500).  As are the prepaid amounts for property tax and homeowner’s insurance as well as the amount due to escrow (total is ~14,000 – they want 1 year of property tax which by itself is 9k).

    That leaves two things:

    1.  Taxes – so the “Tax Stamp for State” is being assigned to the seller (~1,800) and the “Tax Stamp for County” is being assigned to me (~$4,300).  Is this how it is always done?

    2.  Owner Title Insurance – $1,800 – My understanding is that this is optional.  Is this something that most of you have obtained or should I forgo this cost?

     

    Thank you all in advance!

    in reply to: Closing Costs #236893 Reply
    Avatar orthodoc2018 
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    I believe that’s correct. And even that would only apply if you earned enough that you’d actual report it (I think casinos issue tax paperwork and report when winnings are >$600). Though I would imagine for most table games they don’t even report that bc they don’t track how much each player walks in and out with.

    in reply to: Gambling losses #236222 Reply
    Avatar orthodoc2018 
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    Yes I’m for sure doing numbers 1,2, and 4. The only question is if I can do #3 and if not, then I’ll be doing #5 as well.

    in reply to: 401k as an employee #234501 Reply
    Avatar orthodoc2018 
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    Okay great – thanks!

    So if profit sharing is not specific to partners, how would I go about seeing if this is something I could use to fill the rest of my 401k space? Is this something that can be negotiated specifically for me or is it a function of the plan that is currently in place?

    Also, where within the policy documents would I find whether “after-tax” contributions can be converted to an IRA and then to Roth IRA (or can this be done directly to a Roth IRA?)?

    So my plan for now is this:
    1. Roth IRA
    2. Max Employee 401k contribution
    3. Profit sharing or Mega-Backdoor Roth (if able to)
    4. Pay extra to student loans to have paid off in 4 years
    5. Taxable account to bring retirement savings to 20% (would already be there if able to do #3)
    6. Any leftovers go to loans

    Do those priorities look right?

    in reply to: 401k as an employee #234369 Reply
    Avatar orthodoc2018 
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    Thanks for the replies!

    So is it possible to get to the 56k max for 401k as an employee other than with a 13% employer match? Is the use of “profit sharing” only for partners?

    Is the post-tax 401k contribution only worth it if able to convert to Roth? I assume even if not converted, it would grow tax free and only the growth would be taxed upon withdrawal?

    If not able to covert to Roth, I imagine I’m better off just putting it in a taxable account, or in my specific situation I’d throw it at my student loans. Basically I’m looking to take advantage of all tax-advantaged retirement accounts and then the rest goes to loans.

    in reply to: 401k as an employee #233958 Reply
    Avatar orthodoc2018 
    Participant
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    Posts: 80
    Joined: 07/18/2018

    Given the totality of your situation, I’d still recommend the 30-year fixed over the 10/1.

    Click to expand…

    Definitely was deciding between the 10/1 and 30-year….given that I’ll still have student loans for the next 3.5 years, maybe it’s better to just do the 30-year and while I still would plan to pay off the mortgage in 15 years at the latest, I’d be a little less pressed for time with the 30-year in case some unexpected life event occurs.

    Was this along the lines of your thinking?

    in reply to: 30-Year Fixed vs. ARM #223521 Reply
    Avatar orthodoc2018 
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    True – sorry about any confusion.

    I’ll be able to afford the mortgage and a student loan payment that gets me done with them in 4 years but I just want the loans gone so any extra cash that I have (after maxing retirement accounts of course) I’d prefer to put towards student loans rather than extra mortgage payments until the student loans are gone.

    in reply to: 30-Year Fixed vs. ARM #223197 Reply
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