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PDF Editor FAQ

Can you trade stock with your 401K account? What are taxes on gains and associated fees?

Retirement plans are generally structured in one of three ways:Group Trust Arrangement: funds are comingled and invested by a plan trustee. Employees do not have the ability to direct their own investments. They simply earn whatever rate of return was realized by the entire group trust. This plan is becoming less and less common, but still exists among small employers. Defined Benefit/Pension plans still operate this way.Daily Valuation Platform: this is most likely what one thinks of when they think of their 401(k) plan. Employees login online and choose among a short menu of mutual funds and/or ETFs. Generally, employees cannot trade individual stocks within these platforms. There are no trading fees, but sometimes account maintenance fees or investment management fees. There are fees associated with distributions or loans, usually ranging between $25 - $100, but I’ve seen them as high as $230 per occurrence.Brokerage Window or Self-Directed Brokerage Account (SDBA): under this option, employees setup a traditional brokerage account and are free to invest in stocks, bonds, ETFs, mutual funds, etc… The benefit of this structure is freedom to choose from a much larger set of investment options. However, employees will have to pay trading fees for any investments purchased. For Charles Schwab, they call this option a Personal Choice Retirement Account (PCRA). For Fidelity, they call it Self-Directed Brokerage Account (SDBA). This option is often combined with option 2 to allow participants to either invest on the platform and choose from a set list of mutual funds OR setup their own brokerage account for more customized investment strategies.Taxes - retirement plans are tax deferred entities. Therefore, there are no capital gains taxes generated by buying and selling investments within the account. Income taxes will be assessed once you make a withdrawal out of your account. Taxes will be assessed based on your ordinary income tax bracket, both Federal and State. In addition, if you withdraw the funds prior to age 59 1/2 and don’t meet one of the specific exemptions, you will be subject to additional penalties (currently an additional 10% Federal tax plus any applicable State penalties). Most cash withdrawals from a 401(k) plan require you to withhold 20% upfront toward your Federal tax liability, with certain exceptions. If you role the funds to an IRA or another qualified plan, your taxes are deferred until you ultimately cash out the new account.Roth 401(k) is a whole different story… we will save that for another post.

What shall I do? I have 400k in the bank, mortgage free and have around 100k income per year after tax? I have no stocks or any other type of investment apart from the property.

The first thing to do is to stop paying any unnecessary income taxes.Take no more pay, given how much you have in the bank. Pump everything into your 401(k) allowable by law by frugally living on your savings. Most people foolishly stop contributing to their 401(k) accounts when they get to the full company match, which is often less than 5% of their annual income. They foolishly leave the much bigger government match on the table…sigh! Pay particular attention to any AFTER TAX contribution features that may be available in your company’s plan. I did not fully utilize this feature, as I did not understand how it would play out. It works much like a Roth IRA, as it turns out, after you leave your place of employment. If you also happen to control the company, then make a 100% company match policy. If your company has a lot of employees, then start another one that doesn’t, and use the 100% match strategy with the new company.Next, max out your IRA contributions. If you test your selections on your tax software, you will be able to determine whether or not to make non-deductible contributions to your standard, deductible IRA or, even better, to your Roth IRA, if your deductible contributions no longer reduce your tax liability, (because you are at zero tax liability). Retired readers should perform these same tests with their tax software to determine how big of a Roth IRA conversion their standard deduction will allow them to make without paying any additional income taxes. Make the Roth conversion BEFORE December 31, so start testing and planning your end of the year move no later than November 15 in order to complete the transfer in time. This strategy will reduce the RMDs eventually required of retirees when you reach 70.5 years of age, and, of course, the associated income taxes that go along with them. If you have your own business, then you have considerably more freedom to contribute to your SEP IRA, possibly reducing your tax liability to near zero, as you have far larger annual contribution limits than regular IRAs do.Now, we are starting from remarkably similar situations. I have no income (other than Social Security), but I have an extra $100k to work with, so, for the first year, we will be practically neck and neck!I have pondered writing a book of my fiscal adventures. I plan to divide my pile of chips into three approximately equal stacks. Perhaps this approach will appeal to you. Since we both know nothing, we are ignorant, and must proceed to make a series of experiments until we learn what works, and what doesn’t. Avoid repeating what doesn’t work. Pay no attention to conventional wisdom. Nobody aims very high, so there is no reason to follow blindly down the path of mediocrity. Read about the few remarkable success stories. Follow those, to the greatest extent possible.The first pile is for the stock market. Open a minimal account at TD Ameritrade, to get their data and platform. Familiarize yourself with it. Then open an account at eOptions, to take advantage of the low commissions. If Fidelity will give you level two trading access, then you can get 500 free trades, good for up to two years, for making $100,000 in new money deposits. You only have to leave $50,000 in for 9 months to avoid back charges. Be sure to place the code on the account application, at the time that you open it to get the free trades. Do your research at TD Ameritrade, and then place your orders at the other brokerage firm, once you have them figured out, saving the commission fees. Most other brokerage firms that offer free trades have unusable trading platforms or undesireable restrictions. Avoid those situations.If you use taxable money for the stock market, make sure that you don’t buy any partnerships with the taxable money. The K-1 forms to be filed with your tax return are incomprehensible, and a needless waste of time trying to figure them out. Save any partnership purchases for the tax advantaged accounts. Your IRAs will rarely need to file tax returns, (only when they generate UBTI), and so you will be able to ignore the K-1s sent to your tax advantaged accounts. Oil stocks are typically partnership “units”, for example.Now, investigate ways to make 20% annual ROI, or better. If you can’t find it, do nothing with the money until you do. Once you do, start small, until you have proven that the system that you came up with actually works. This step will take a while unless you are unusually clever. If you need some ideas to get you started, read Jim Cramer’s books. He claims that he made 24% each year that he ran his hedge fund. If he could do it, then others can do it. Perhaps you can too! He leaves clues in his books as to how he did it. Don’t buy any advice (newsletters, books, seminars, etc.), from ANYBODY that is CURRENTLY making less than 20% ROI.The second pile will be for real estate. The first rule, as with your house, is don’t borrow a penny. For the same reasons as your house. Focus only on those properties that you can afford. One half of your #2 pile of chips goes to purchasing, one half goes towards repairs and remodeling. If your local market is too expensive for your pile of chips, either wait for the rare bargain, or look as far away as 1 hour, to get lower prices. You COULD always buy houses in Detroit, no matter HOW little money your #2 pile of chips has, but good luck on long distance investing. Not really logical, until you have at least 20–30 houses worth of experience. You will have no pressure if you only owe property taxes. Same rule, 20% ROI, or don’t purchase. Buy cheap, fix up cheap, do at least some of the repair/remodeling work yourself. Make your second house your domicile, and in two years, put it up for sale, and then buy the next one. The first $250,000 in profits are income tax free, if they don’t change the rules by then. They almost did change those rules for 2018, but the strategy is still safe for now. I don’t think that you are married, but if you are, the deduction rises to $500,000. Make spousal IRA contributions as well to further reduce your income taxes, or spousal Roth IRA contributions if you are already at zero taxes by now.The third pile is for your own business, if you don’t already have one. Start small, probably do something online, whether selling merchandise manufactured by others, or selling informational products that you create.. Aim for 100% margin, and make sure that you wind up with 20% ROI or more by the time you are done with all of the overhead and expenses. Don’t bother playing “office” for the first couple of years, if ever. By now, it should be obvious that you never borrow money for this pile either.Until you can find an honest, self-directed trustee for your tax advantaged accounts, use retirement accounts mainly for the stock market pile. Once you find said trustee, (if ever), then that opens the door to using those accounts for real estate as well as for your own business that you can work at, without violating ERISA rules that normally prohibit you from “making contributions with your personal labor”.A useful book to help stay out of trouble in regards to dishonest self-directed account trustees, is Ken Fisher’s book, How To Smell A Rat. It would have kept me away from at least one crook. I didn’t know about the book until afterwards, but he described the rat to a “T”. My word, but there are SO many ways to get royally screwed in this world!A ROBS might be the ticket for a business that you work at, using retirement account money. Be careful not to lose all of your money by playing big business owner.. It goes easily, if you don’t constantly monitor the situation. If you utilize a ROBS structure, put all of your salary into the 401(k) plan, (living off of your savings), and doing a 100% company match on your now controlled company 401(k). Naturally, your controlled company 401(k) buys more company stock with the money that gets put into it. Your company does not have to pay this money back. An LLC doesn’t appear to work for this strategy, nor does an S Corporation. Only invest using controlled company funds if you can force a 20% ROI or greater. Let cash balances grow, while waiting to find suitable opportunities. Patience is a virtue, so keep cultivating it. You have made enormous strides already in this regard.When using self-directed retirement account money, stay far away from anything even remotely smelling like a prohibited transaction, by, or with, disqualified persons. That means, nothing that you, your spouse, your descendants, ancestors, or spouses of these relatives EVER owned may be purchased by your retirement accounts. Your retirement accounts may never sell anything to them either. While your retirement accounts are allowed to trade with your SIBLINGS, oddly enough, don’t do it. If the IRS is so snarky as to allow it, then they must know that sooner or later, siblings will squabble, and spill the beans by turning each other in. Even if nothing is actually amiss. Stick with strangers. There are more disqualified persons to avoid, learn who they are, and read the rules more times than you can stomach. They are needlessly complex. ERISA regulations are better than sleeping pills at putting you to sleep. Do not depend on your advisors or your self-directed trustee to keep you safe. I know more than most of my advisors in at least a few areas of their supposed expertise, and in the past, I have seen thieves advise me to do things that would literally blow up my accounts. One later got caught with his hand in the cookie jar, and they shut his operation down. Fortunately, I was already out of his clutches by that time, and I did not therefore have to “share” in the $25M losses that the rest of his clients were forced to endure.Once you start having profits from any of the three piles, divide the loot as follows:10% to the God Fund (used to make the world a better place, in whatever manner that you conceive. Make a direct impact, avoid donations to charities, as these spend appreciable amounts of your donations on soliciting you again, and on other forms of advertising. Some, like a popular PBS style TV station actually spent MORE on soliciting me than the amount that I donated to them. Terrible waste of trees!20% to the other two piles, that is, 10% to each pile that the profits DIDN’T originate from. This buys you at least SOME diversification. Yes, some money will just travel back and forth, but you have to get out of just one avenue of income, and I see no other simple way to do it.70% back to the pile that the profits came from, plus the original capital. In this way, winning strategies will rapidly grow, and losing or marginal strategies will naturally wither on their own accord. Remember, in order for experiments to be useful, don’t repeat the failures.Naturally, none of any of this will make any sense at first. You will have to do endless research for the rest of your life before making investments. So why not start with figuring out what the heck all of this stuff means, and how it all fits together? It is rather ingenious, in some respects, and took me many years to devise. There are better tools out there, but this should work for most lazy Americans, without too much effort.I have further complications, (AKA “refinements”), but space and time constraints suggest that I stop here. Let me know how you make out! Last one to a million is a rotten egg! Go!

What is a really good bank or financial institution you can invest in Savings or IRA and get best returns without paying too much upfront to open. I have to convert my 401k to savings as I was laid off from work and do not want to lose that money?

The only way that you will not lose the money, is by embarking on a top rate, self-education program. I do not mean $5,000 guru courses either.However, generally speaking, the only people who lose their retirement money by leaving it at a former employer, are those at small firms, who routinely violate the ERISA regulations concerning retirement accounts. Otherwise, you should have at least a little time to figure out the best moves to make, before having to make them.A company 401(k) plan is generally loaded with expensive annual fees, with additional high fees for each target date fund, so doing a rollover to a personal IRA (which is totally tax free and expense free to you), is almost straightforward, once you ask the right questions. Most financial institutions will not charge you ANY fees just to keep your account at their branch, so you will start to save money in that way right off the bat. Expect it to take 3 weeks or so. It can take even longer for places that hate letting go of the money, in which case, expect 3 to 4 months from the time you finally figure out how to correctly fill out the 26 page application form with absolutely obscure directions and terminology. Oregon PERS actually HOPES that you happen to drop dead between your initial application, and the time of disbursement. Because according to the rules, they get to KEEP the employer contribution, if you happen to die before they cut you the check. Which in my wife’s case, amounted to HALF of her money.They were giving her an “attributed” 7% or so annually, (changing it each year to make it seem as if it were invested in something that fluctuated a bit), and I was new to investing, so I figured that I would just leave it there until I could do better. So, I left it alone for about 4 years after meeting her. However, my wife is developing Alzheimer’s, and my game plan changed instantly, once I figured out that they might keep half. I filed immediately after inadvertently learning the facts during a phone conversation, as I did not want to run the risk of her having an accident, (she wanders off from time to time), and dying before getting all of her money.PERS keeps it an open secret, sending statements showing only “her” half of the contributions. They do this so that family members don’t get too upset when they lose half of what should have been theirs. For years, I was never entirely sure, until the day that we finally got the check, whether or not her rollover was going to double what they were telling us that she had in her account, or not. It was, in fact, double. Scary!The other trick that is used to keep your money, is called “vesting”. You get company money, which is deposited to your account, and if the investment is profitable, earns you an additional return. The company wants to retain valuable employees, so they make a rule that everybody has to follow. You only get to KEEP the company match, if you then STAY with the company for so many ADDITIONAL years after the company match is made. This keeps you on the hook, as everybody hates to lose the carrot dangling in front of them. Vesting is in stages, with generally a year or two at a time. Eventually, usually by no more than 5 years of service, you get to keep 100% of the employer match. Each plan is allowed to change the specific details of how they operate, as long as everybody at that company has to follow the same rules.So, if you leave before you are “fully vested”, they get to keep the money. I am not sure how this works if you are laid off involuntarily. The rules are often difficult to interpret, and since most HR departments are managed by idiots, including my wife’s last employer, who couldn’t even figure out how to update her mailing address, so I had to pay $200/year to keep her Portland PO Box open, after we moved to Washington state in order to be sure of receiving her employee notifications! They were NEVER able to adequately explain how the 401(k) plan worked, so I had to fiddle around by trial and error. It turns out I made one significant error. If I had things to do over, I would have IMMEDIATELY maxed out the after-tax portion of her contributions, as those go straight into a Roth IRA when you are terminated. If you do it right. Her company was all prepared to screw it up royally. Anyway, don’t expect a great deal from HR, though SOME of them have to be competent.Once you leave, you must first choose a place to open your IRA account. You don’t have to fund it, just fill out the paperwork. Any major brokerage company will do. TD Ameritrade, Fidelity and probably Vanguard are reliable service providers.Then, you initiate a “rollover”, which is a transfer between a 401(k) and an IRA, at your new financial institution. There are no such things as rollover IRAs in the IRC. Financial institutions just call them that, because we are idiots, and don’t know what we are talking about. They don’t want to argue with us, so they just put whatever label on them that you expect to hear. As long as they get your money, they don’t care what you might prefer to call it, or happen to think that it is.The destination institution then forwards your request through a highly automated system to your former employer, and the money eventually makes its way to your account. This, as I said earlier, takes anywhere from 3 weeks to as much as 3 - 4 months, in the case of government run programs.Now the fun begins.You now have thousands, possibly HUNDREDS of thousands of dollars in an account, with only your name on it. Your money has never been more at risk in your entire life.Why?Because you are an idiot, and don’t yet fully realize it yet.The first rule of investing is what?See? You don’t even know that!It is:Don’t lose the money!You will now spend the rest of your life attempting to successfully learn how to follow this seemingly simple, and pointlessly obvious (and many other) fiscal rules.You will be gullible and naive, because, let’s face it, making 20% or more annualized ROI simply doesn’t come naturally. You will probably throw your hands up in horror one day, and BEG some stranger to do all the work for you. That is when your money WILL BE BLOWN, if you haven’t already done it yourself.Why?Because they just work there. It isn’t their money. Nobody cares about your money in the way that you do.So, after some, or most, of the money is blown, you will wake up to the fact that you HAVE to learn how to manage your own money. Otherwise, it will be stolen, misappropriated, or invested in screwball ways that leave you holding the bag. Empty, of course.All the time I have for now. Check back later on, until I complete the rest.

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