Select contribute to IRA for the account, then when picking source of funds select exchange from another fund. It will redo the interface and then you can select the brokerage settlement fund as source and then select the IRA to contribute.

You may have to wait unti lthe transfer settles.

They are making these offers to everyone in their database in order to sell cars.

I wouldn't pay a 0.7% fee. That will add up to a lot of money handed over to an adviser in the long run.

Yeah, I totally get that attitude. But it's an emotional state and you need to make objective evaluations here. So what else are you willing to give up to continue to pay for your pets? Is there anything else you can give up? If you want to keep them you will need to cut back in other places.

I wouldn't recommend giving up food, because if you do not take carte of yourself, you will be unable to care for your pets (put on your oxygen mask first).

As always, the problem comes down to either cutting expenses or increasing income.

Be realistic with yourself about whether you can afford your pets.

How much unearned income was there? Your son may be subject to kiddie tax on unearned income.

https://www.irs.gov/taxtopics/tc553

No.

It documents whether you were offered eligible healthcare coverage through the employer. the Information can affect the credits your receive toward ACA marketplace coverage.

Diversification decreases risk for a given return. Concentration increases risk. Don't confuse holding a collection of funds with diversification. Adding international to US increases diversification because your investment is spread among more stocks. Adding US small cap to a US total market index is concentrating in small cap because total US already includes small cap.

You need to factor in the standard deduction of $27700, the fact that tax rates are progressive so the remainder of your taxable income is all in the 10% bracket and the CTC reduces your final taxes by $2000.

Timing of payments doesn't make a difference with U.S. mortgages because interest is calculated based on the final monthly balance.

Your Federal taxable wages would need to be around $98,000 after pre-tax deductions to have $6000 in tax liability with 1 kid. Not sure how you got the numbers you did.

Based on the numbers provided, you'd have about a $716 tax liability. But do you have insurance or retirement contributions taken out of your pay? And how long is a pay period?

Edit: at ~$869 weekly taxable income with those W4 settings you shouldn't have any taxes being withheld and you won't be paying any taxes.

Not directly, but it applies to interest (including bank interest), dividends and and capital gains, so adding additional ordinary income can push any investment income into NIIT.

Correct

Since you already have to withdraw income from the inherited 401k, the question to ask is if the larger withdrawal will push you into a higher tax bracket. If so, then the extra added cost is the increase in tax rates on the added income. Keep in mind that adding $200k+ to your AGI will also push you into the Net Investment Income Tax if you are not already there (it kicks in at $200k single / $250k MFJ).

You would then compare that extra tax paid above your current marginal tax rate to the cost of the interest + closing costs related totaling out a mortgage. So for example if you are in the 22% bracket 10k below the top and the extra withdrawal pushed you into the 24% bracket, the extra tax cost would be 2% of 190k.

However, since you want the total tax cost to come from the withdrawal as well, you run into a bit of a problem, because taxes aren't flat, as noted above, so you can't use a recursive formula to figure it out.

My recommendation for getting these answers is just to run a pro-forma tax return using this year's tax software. Unless there is a major overhaul in tax law the results will be very similar to next years taxes, probably slightly high because there haven't been adjustments to the inflation-indexed numbers.

And don't forget state taxes if you have them.

If you want less taxes withheld from pay to offset the deduction for your traditional IRA contribution, you do that by adjusting your W-4 to have less withholding.

I don't know if I'm reading this the way you intended but funds in UTMA and UGMA accounts can't be used to pay for the regular expenses of caring for a child. Rather they can be used for enriching expenses.

So if you are doing the math correctly, if Line 6 is zero it's impossible to have anything other than zero on Line 14.

If that's the case, I don't think I would bother amending anything at this point and would just make sure the 2022 form has a zero in Line 2 instead of carrying over the number from line 14 of the 2021 form.

If the IRS sends you something about it in the next few years then deal with it. But I've read elsewhere that they don't compare the 8606 year to year. If the 2018 and 2019 combination of events had screwed things up you would have already gotten a CP notice by now.

If you are converting every year and leaving nothing in the account, the carryover basis should be zero. If that was the case that there was zero in the account on Dec 31, 2021, I'd just proceed with a fresh 8606 for 2022 and not worry about past years.

Hopefully by late this afternoon, but it wouldn't suprise me if it's overnight either.

What the bank is willing to lend you and what the reality is of what you can afford given all of your other priorities are 2 very different things and a lot of people lose sight of that.

Don't look at PMI as a raw number, but rather as a percentage like mortgage interest is. Don't get caught in the "I can afford the monthly payment" mentality.

I was a homeowner back during the GFC with that house. We were lucky when we moved out that we had enough equity to be able to sell it below what we paid for it when we moved for work.

Smaller down payments are one of the reasons home prices have become unaffordable. It's no longer about saving up to have enough, but the instant gratification of getting the house and worrying about the larger payments that result from it later. That's part of what went wrong in the GFC. When you make a smaller down payment you are taking on more risk, and you have to pay the lender for that risk.

Sure, if you want to pay even higher interest (PMI) in an already rising interest rate environment, be my guest.

We bought our first house with 5% down, an 80% conventional and 15% second mortgage when rates were mid 6%+. I don't recommend it.

I also tend to tell people to run away from Dave Ramsey except for his basic get out of debt advice.