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educate me 401-k

  1. #2651
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k


    Quote Originally Posted by TheIglu View Post
    Ugh, tell me about it. About to pay our deposit for kindergarten next year. $12k for the year. No tax benefit for paying it either.
    I know you know what I'm saying here. But the "tax" for not paying it is a heck of a lot higher.

    We are seeing fantastic payoff for spending the $ on solid day-care and pre-k that actually had some educational value with our eldest (1st grade now). Hoping it follows suit with the youngest.. and that this year of covid interruptions doesn't fuck either one of them up.

    But that is what it is. Feeling fortunate that we have our other bases covered and can afford it.

    All that said, it's extra rough when you make that 2nd mortgage payment and then the kiddo gets excluded for 2+ weeks for weather, common cold, and covid testing.

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  2. #2652
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    Re: educate me 401-k

    Quote Originally Posted by TheIglu View Post
    Ugh, tell me about it. About to pay our deposit for kindergarten next year. $12k for the year. No tax benefit for paying it either.
    You could have leveraged MEFA (MA's 529 plan) to fund the kindergarten tuition and receive tax deductions.

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  3. #2653
    Lifer
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    Re: educate me 401-k

    In a sure sign of an oncoming apocalypse, my Boeing reached the break even point today. The Four Horsemen are probably saddling up (of course if they're coming via a 777 we'll be OK).

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  4. #2654
    Fast is contagious JettaJayGLS's Avatar
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    Re: educate me 401-k

    BA is the only shining light right now!

    I'm regretting not buying more at $110, but my play funds were all tied up.

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    A man of many names...Jay, Gennaro, Gerry, etc.

  5. #2655
    Lifer
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    Re: educate me 401-k

    I have a few "recovery stocks" that are all finally in the green (some just barely). American Air, Boeing, Southwest Air and Norwegian Cruise all seem to be on the uptick. I honestly hadn't thought this would happen until the Spring when people legit start thinking of getting back on planes in numbers. At some point these will pay for our next trip to Italy (probably in 2022 because I can't imagine Italy will be ready for tourists before that).

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  6. #2656
    Lifer
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    Re: educate me 401-k

    ...and what's going on with GME again? I tossed $1500 at it just before it really cratered (brilliant!) but it shot up today and I am now in positive territory. I don't know if I should sell it and learn to stay in my lane, or hang on and see if the insanity continues.

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  7. #2657

    Re: educate me 401-k

    Quote Originally Posted by Bonk! View Post
    ...and what's going on with GME again? I tossed $1500 at it just before it really cratered (brilliant!) but it shot up today and I am now in positive territory. I don't know if I should sell it and learn to stay in my lane, or hang on and see if the insanity continues.
    I know right?? I was sure it was a fluke and now a goner slowly decaying into original value.

    Wall street guys must be pulling their hair out right now at the resurgence of the meme stock.

    I know the DFV guy doubled down on his stocks but I didn't know it would have an effect or whatever it is thats happening.

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  8. #2658
    Lifer
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    Re: educate me 401-k

    I'm going to dump it if my money doubles, and buy some nice wine and a bottle of Middleton with the proceeds.

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  9. #2659
    Lifer
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    Re: educate me 401-k

    Quote Originally Posted by Bonk! View Post
    ...and what's going on with GME again?
    I don’t understand this market at all. So glad I didn’t short GME.

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  10. #2660
    Super Moderator TheIglu's Avatar
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    Re: educate me 401-k

    Quote Originally Posted by db79 View Post
    You could have leveraged MEFA (MA's 529 plan) to fund the kindergarten tuition and receive tax deductions.
    Isn't the max contribution for MA something like $2k to see tax benefits?

    Perhaps I'm not seeing how you could leverage this. We already have one setup, but I don't quite understand how we could use it to get tax deductions besides the $2k.

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    -Clayton
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  11. #2661
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    Drop $1k in. Make once in a lifetime investment that grows 10x. Pull $10k+ out tax free.
    I'm not sure you can make the once in a lifetime investment in a MA 529 plan. Aren't the investment options limited?

    But yeah. For the most part the 529's aren't that much of a win. I am somewhat unsold on their value overall.

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  12. #2662
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    Re: educate me 401-k

    Yes, MA has a ridiculously low contribution deduction cap which I previously didn't look up. In CT its $10k and have access to Fidelity funds. 529 is just one tool I incorporate in a multifaceted plan and do not have intention for it to house my son's full educational funding due to some of the plans eligible disbursement restrictions (although they've been minimized) and penalties for nonqualified withdrawals. Thanks to the bull run my son's 529 has had significant growth which is tax free when dispersed.

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  13. #2663
    Burns retinas nhbubba's Avatar
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    Re: educate me 401-k

    NH's is even lower!

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