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Message
re: Emergency Fund Options
Posted on 10/21/13 at 1:13 pm to TigerDawg87
Posted on 10/21/13 at 1:13 pm to TigerDawg87
I just opened an Ally account for this very reason. I keep a decent size emergency and was tired of the .02% at Chase. My first monthly interest(.84) was calculated and I have already earned more with 20+ days of interest then I did all of 2012 with Chase.
I'm not as familiar with 360 Capital One but Ally was a simple solution to capture at least minimal interest for a liquid account.
I'm not as familiar with 360 Capital One but Ally was a simple solution to capture at least minimal interest for a liquid account.
0
Posted on 10/21/13 at 2:35 pm to Volvagia
my statement is based off if you roth is maxed
But I see what you are sayin
But I see what you are sayin
Posted on 10/21/13 at 3:03 pm to jimbeam
As what was stated earlier:
TBH, I don't see how anyone but the big income earners can max out a Roth.
Even if you are a sole owner of a business, its far too easy to get an individual 401k as your primary investment vehicle.
quote:
The only time a dedicated savings account makes sense is if you are maxing your Roth - and if you're doing that you probably don't need an extra emergency stash much anyway.
TBH, I don't see how anyone but the big income earners can max out a Roth.
Even if you are a sole owner of a business, its far too easy to get an individual 401k as your primary investment vehicle.
Posted on 10/21/13 at 3:30 pm to Volvagia
True.
I won't have to worry about being big income earner for a while
I won't have to worry about being big income earner for a while
Posted on 10/22/13 at 12:53 am to jimbeam
Question about Roth as I'm in a similar situation as the OP and looking to move some savings around. I can max out a Roth today or tomorrow. Is there any reason (taxes or otherwise) to wait till next calendar year to do so?
Posted on 10/22/13 at 7:58 am to Jwodie
Technically you have until you file your taxes for 2013 to max your Roth since you have to declare your contributions on your tax return. However, I do not think there is a major reason to wait to max if you do not have the money allocated for something else in the short term.
Regardless just make sure you max before you do your tax return so that you can contribute for 2013 and 2014.
Regardless just make sure you max before you do your tax return so that you can contribute for 2013 and 2014.
Posted on 10/22/13 at 8:01 am to jimbeam
quote:
I won't have to worry about being big income earner for a while
If your AGI is over $122,000 you can not contribute to a Roth the normal way.
Posted on 10/22/13 at 9:16 am to TheDiesel
quote:
Technically you have until you file your taxes for 2013 to max your Roth since you have to declare your contributions on your tax return. However, I do not think there is a major reason to wait to max if you do not have the money allocated for something else in the short term.
Regardless just make sure you max before you do your tax return so that you can contribute for 2013 and 2014.
Good to know, thanks. Another dullard question - would maxing out a Roth prior to filing my 2013 taxes benefit me in any way tax-wise? I.e. I will be over the threshold this year and can no longer deduct student loan interest. Would maxing a Roth have an effect on my taxable income/AGI?
Posted on 10/22/13 at 10:19 am to Jwodie
quote:
Would maxing a Roth have an effect on my taxable income/AGI?
As far as I know, it does not.
Posted on 10/22/13 at 10:23 am to Jwodie
quote:
Would maxing a Roth have an effect on my taxable income/AGI?
No, because the contributions are after tax.
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