OT: Investing/Stocks/Bonds/Mutual Funds/Crypto

[WiscoKing13]

Anyone have any tax avoidance advice for a married couple no kids and dual income? This year our fed liability went past 5k and we already put away 10% in our 401k. Am I basically just stuck maxing out 401k and IRA as my only option?

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[KidA24]

Anyone have any tax avoidance advice for a married couple no kids and dual income? This year our fed liability went past 5k and we already put away 10% in our 401k. Am I basically just stuck maxing out 401k and IRA as my only option?

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If you can, get an HSA through your employer, that is another way to stash pre-tax income.

Also, the reddit personal finance wiki has a ton of good information: https://www.reddit.com/r/personalfinance/wiki/index

[MickeyDavis]

HSA is good if you qualify. I used to qualify, then my insurance changed and I no longer do. But I still have the HSA money to use. In my case I could have the HSA deducted right off my check (pre tax) but I didn't like the company they used, the expenses were outrageous so I stopped that and opened a HSA at Fidelity. I contributed after tax dollars and then got the deduction on my taxes the next year. It's a nice way to reduce your income and it grows tax free. Just make sure if you spend it it's on qualified medical expenses. If you do it's completely tax free. If you don't you have to pay taxes and a 20% penalty if you're under 65.

[vital_signs]

HSA's are great, I've been fortunate enough to work for multiple companies over the last ~6 years that will make deposits without any contribution from me. Probably should be making my own deposits but I haven't gotten there yet. Really just an extra retirement account if you need extra cash at age 65 or after. Can invest it into funds as well but I haven't done anything with mine as I just see it as free money which has definitely cost me.

[LUKE23]

Anyone have any tax avoidance advice for a married couple no kids and dual income? This year our fed liability went past 5k and we already put away 10% in our 401k. Am I basically just stuck maxing out 401k and IRA as my only option?

Sent from my SM-G991U using RealGM mobile app

It sounds like you already have the retirement area covered but just in case, make sure you are maxing both Roth IRA and/or SIMPLE IRA (if company offers and within income limit). SIMPLE IRA limits are high ($28K per couple for 2022).

HSA as already mentioned. If you qualify it's max $7,300 fully tax deductible and you can use the HSA card for literally any health-related expense. We do this every year. For 2022 the requirements - "To contribute to an HSA, you must be enrolled in an HSA-eligible health plan. For 2022, this means: It has an annual deductible of at least $1,400 for self-only coverage and $2,800 for family coverage. Its out-of-pocket maximum does not exceed $7,050 for self-only coverage and $14,100 for family coverage."

I would also check your itemizations verses the standard deduction. Mortgage interest is 100% deductible with no real tangible limit (think it's like $750K) and property taxes up to $10K are deductible in Wisconsin, and if you itemize all charitable contributions are fully deductible. I have had higher itemized deductions than standard deduction the last 2 years.

If you are self-employed I would have more to add to this.

[LUKE23]

Feel like we are at the beginning of another mini-plunge in the stock market. Inflation has been annoyingly resilient.

[vital_signs]

Feel like we are at the beginning of another mini-plunge in the stock market. Inflation has been annoyingly resilient.

If the reports of the fed needing to rase rates to ~6 than it may be painful for awhile but that should equate to delicious cd and hys rates.

My game plan currently is to slowly load up off dividends on stocks I'm confident in and put available funds towards other items with the (hopefully true) knowledge that stocks are a bargain right now if you're ok with setting and forgetting it for 5-10 years.

[Mags FTW]

Is there a level-headed person who can explain what the possible SVB chain reaction will be?

[ReasonablySober]

Read on Twitter

Holy ****.

[tydett]

Is there a level-headed person who can explain what the possible SVB chain reaction will be?

Taken from Reddit - pretty good explanation with the ending "We don't really know"

"SVB is clearly not fine anymore; in fact, regulators ordered them to close this morning. It appears the bank run was very, very fast and overwhelmed them quickly. Shareholders will get nothing.

Its size makes it the second largest bank to ever fail, the first being Washington Mutual which collapsed in 2008.

Deposits insured by the FDIC will get their money back Monday morning, but as of their last filing 93% of the bank's $161 billion deposits were uninsured. However, based on SVB's liquidation plan, it is likely that all deposits will be returned eventually (probably next week).

Companies who banked with SVB are struggling to pay their employees today. Notably, Rippling (a company that manages payroll and HR services for other companies) has said that their payments flow through SVB, so any company that uses Rippling will probably have a delay in payment.

Are any other banks at risk? It's hard to say. The crux of the issue is that SVB sold their "available for sale" (AFS) portfolio to raise liquidity but had major unrealized losses in their "hold to maturity" (HTM) long term port that they really, really did not want to realize. They aren't the only ones; in total, as of the end of 2022, banks held about $620b of unrealized losses in their AFS and HTM ports.

Most larger banks have relatively smaller amounts of unrealized losses, but smaller regional banks may be at risk which is why $KRE (an ETF of regional banks) has dropped so much."

[GiannisAnte34]

$HSYR worth a look at this price? Remember somebody on here talked about it before it pumped, now its been on a major decline for a long time

[JEIS]

[quote="GiannisAnte34"]$HSYR worth a look at this price? Remember somebody on here talked about it before it pumped, now its been on a major decline for a long time[/quote]

Yeah... Green energy stocks have been taking a beating the past two years. Penny stocks in general are risky. I bought hysr at .002 and it went up to .26 cents, I believe. It is a very interesting stock. If you hold it you will likely get ten fold + on your investment, or lose it all through dilution. The concept is cool, it hits two different green energy markets hydrogen and solar. Currently in the prototype/ conceptual phase. Trying to start larger scale production. When they start distributing government money is when the sector will likely gain steam again. Guessing the next four months.. closer to summer things will start booming again. They will likely get the economy rolling again for the sake of presidential election/ bank stability.

[chonestown]

This is nice

Read on Twitter

[ReasonablySober]

Read on Twitter

Good thread.

[ReasonablySober]

All that's missing in Matt Yglesias's twitter photo is him holding a fish.

[paulpressey25]

Giannis was damn smart. I'm just wondering if Lasry talked him out of having all those $250k insured accounts, as the story implied.

[ReginaldDwight]

Someone smart explain to me whats happening with the banks?

[paulpressey25]

For those of you still in Bitcoin, congrats. It feels like that particular vehicle will be the one and only standard in crypto. All the other stuff has been laid to waste. Really nice run up here to 27,000.

[vital_signs]

I'm thinking on pulling the trigger on some big banks being pulled down right now - JPM, USB, etc.

They don't represent the issue that SVB and other regional banks have, seems like an easy guaranteed return once the dust settles.

[Stannis]

I'm thinking on pulling the trigger on some big banks being pulled down right now - JPM, USB, etc.

They don't represent the issue that SVB and other regional banks have, seems like an easy guaranteed return once the dust settles.

I ended up buying Bank of America in my Roth IRA. At 27 bucks a share, it looked too juicy.

I also bought CVS

And will open a speculative position in WOOF and S