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About Barms

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    NJGF Addict

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    Wayne Area
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  1. There are things you can control and things you can’t control. The shielding of assets things you cannot control you have no idea what your fortunes will be a decade from now. (Rich, poor, divorced, disabled). There is only one thing you can be certain. Compound interest and tax free returns. (Yes I know tax codes can change, just go with the message I’m trying to say here). People take for granted the power of tax free gains for a decade of contributions to a 529. Your age matters big time. If you will be under the age of being able to tap an IRA or 401k when college is due you should be maxizing 529 contributions. If you will be able to tap a Q plan when your kid in college then don’t max your 529 max your 401k or IRA. as far as “which state is good”? It’s not the state it’s the fees. If you know In your mind what investment vehicl you will pick regardless of the state. (I chose SP500) then I don’t give a crap what state it is the returns are the same. sounds like you know a ton already just by knowledge of the NY tax break not applicable to NJ peeps. If you feel deep down that you would pay for college almost first before thinking about your own retirement (please let’s not judge that) then the 529 max is the way to go primary. If college help is “hopefully” bit not to the detriment of your own Q plan maximizing then you max your plans first then 529 after. again, tax free is a godsend. That is more sire thing then trying to play the financial aid game. For those really tax savvy here yes I get the difference a Q plan is PRE tax a 529 is post tax, however the timing of the withdrawal matters. If you are gonna be 60 when first college check goes out you could tap a Q plan without penalty that leaves you the option of having the cash for yourself if on a fluke the kid gets a scholarship or chooses not to go to college.
  2. I know the halle thing is Hollywood. But In a real competition she would get flagged for not keeping muzzle down range during reloads right? She’s like 90 degrees with the rifle reloads. Im not being a hater just trying to learn.
  3. Barms


    Bring the heat though. It’s all good. I love you guys. I haven’t been on here a while. Nor shooting in a long time. Damn kid stuff takes all my time. I’m just trying to really plead a good thing here. I think the outcome POSSIBLITY is worth the risk. I don’t want to change anybody’s mind. If it’s not for you it’s not for you. I need a little more risk in my portfolio.
  4. Barms


    Guys cmon. Stop it with the “but what about the $8k? The $12k? The $20k? It’s so infantile to judge the performance of anything by the last absolute highest peak. Like you think the only entry point of anything is at the peak? So amazon is up like 80,000%. But it’s off the peak. If someone said to you I own Amazon are you gonna call them sucker because you think their only entry point was the peak? Please. Stop it with the “but what about the prior high price?” Talk.
  5. Barms


    The Ponzi just broke $6k. I’ll check back at $10k. Remember. A small part of your portfolio should be in Ponzi schemes. The payoffs could be could be good. :-)
  6. Barms


    Probably too soon for this. (Can’t tell If I posted the quote right on my phone it was capt 14k telling me I was wrong). But for all my haters. One of the great things that can come from a “bubble”. Is that it can attract those who would not have known about it if not for the bubble. If you were accumulating under $5k you’re feeling pretty good right now. If you sold, you should never have bought. (Options that never expire should never be sold.). I will say this again. The assymetrical outcome of this thing is warranted the risk. 100% down and 10,000% up. One thing I have “matured” over the past year in arguing about this thing is I’m just gonna admit it’s a Ponzi scheme. Fine I’ve said it. It’s a Ponzi scheme. That way we don’t have to argue about it anymore. “I have a small portion of my portfolio in Ponzi schemes and bubbles, because frankly the outcomes can be pretty huge” my Ponzi scheme prediction for 2021 price is $50,000. (This is based on a stock-to-flow analysis that has a 90% R^2 when backtesting gold and silver too. DM me if you want that study) Whats more important? “The truth” or assymetrical outcomes? (And save me the lottery ticket outcome argument. It’s not the same thing). Long Ponzi. Short monetary policy. im at peace with the vocal non believers now because I’m with you it’s a farce, it’s fake, it’s a Ponzi, there is no need for a digital global currency. I’m in it strictly for the greed now. :-) 3 cheers for global monetary non censorship non inflationary Ponzi scheme!
  7. To squash any complaints that NJ people filing suits against 2A rights can’t pile on “and did you know my town takes 5 months even though they know the law is 30 days!?!” I can see the logic. Give the bone so the dog doesn’t jump on the table
  8. The site says do not need to fingerprint again!?!? Hot diggity dog i gotta tell ya, yes I hear you on the lack of potential privacy thing. But I’m leaning to the side of relief from nazi type town documentation wven though it’s illegal it still happens. Calling employers? Bullshit like that. And 5 month wait times? If I have to sacrifice my POTENTIAL loss of privacy i will do it for the cause of helping my other brothers out who suffer.
  9. I won’t feel comfortable prying anymore about this than this: So exemptions was $8k then last year. That means you got over $16k in salt before you breach $24k standard. $5k more in total tax is like $25k “more” income (or less deductions). Do you pay like $30k in property taxes? Don’t answer that! And no windfalls from stock gains or anything? This is weird.
  10. I’m running numbers again Itemized for married now is $24k. I know over &200k income is automatic AMT. so let’s do $150k. That’s $9k state tax. Let’s say $9k porpeety that &18. Of family of 4 that’s &16. So 32k deductions vs $24k standard. &10k At 25% or whatever. That’s a $2500 extra. Anything lower incomes then standard kicks in and go higher you’re AMT and most certainly should win. I means if someone is a &20k property tax guy but has an income lower than AMT level, yeah I guess you can get hit. But how you’re surviving that salary versus property tax ratio then god bless. Maybe four kids crushes it? I haven’t dissected the exemptions effect. I only really know the itemized effects
  11. I’ve given up on this completely. In the one case where he owed $9k in 2018, he owed $7k in 2017. But he’s paying $4000 less in total tax. I said “you won”. He said “I’m going to tell my employer to hold back another $110 each paycheck”. This is what people focus on. I won’t judge.
  12. Interesting: And your Adjusted Gross Income is about the same as last year? And you were NOT AMT last year? And your TOTAL tax liability is $5k higher? You are re the first one I know. Im dying to know your details income, salt; number of kids (don’t post or course) It could only be a freak combination of literally you were just under the $183k AMT lower band and have like 3+ kids. But still, the idea was supposed to be lower marginal brackets in 2018 would account for loss of exemptions Im sorry Sniper I want everybody to win
  13. I am now up to three instances where a person is disappointed by their turbo tax number for 2018. I clearly showed them that their total tax liability for 2018 was lower than 2017 but did not like that it came in the form of a higher paycheck and not more money at refund time. This is crazy to think this way. And people are freaking out because the child exemption line is now zero. It’s gone in 2018. And turbo tax summary page will show 16k for personal exemption and 2018 is zero. “What happened to my $16k deduction?” Then I have to explain again that under AMT just because you said 4 people was in the household didn’t mean you got a tax break for it. But in all 3 cases Trump wins, Lower total tax vs 2017. Average was about $6 grand difference.
  14. You have each your own state? If what you mean is one of you work in a different state there is no arbitrage in state tax differences. You always owe state income tax tobyhe state that employs you but additionally the state you live in wants taxes too. You don’t double pay state tax because the line in the NJ state return would credit you for “taxes paid to other jurisdictions.”
  15. Please no bitcoin in here. :-) before you fly off half cocked that you thought Trump was gonna give you a tax break... “but how come my refund is not bigger?” 1. Judge your tax situation by comparing your TOTAL tax liability for the year, not just how your tax “refund” compares to last year. 2. Do not forget to compare your paycheck in May 2018 vs a check in May 2017. (“Oh look at that my check has $200 more in it than it did last year.”) im already seeing people whine “my refund isn’t as big as last year.” 3. If you are reading this there is 66% chance you were AMT last year. and if you and spouse earned over $200k then you were 90% chance AMT in this state. AMT means you were not getting credit for your property tax deduction, zero. You were not getting credit for state income tax deduction. Zero. You were not getting credit for children exemption. Zero. look at your 2017 tax return. If in the bottom right Altenative Minimum Tax you have any number greater than zero you were AMT. That means $10k SALT deduction cap doesn’t matter to you now because you weren’t getting the credit anyway last year. for those that are really savvy and knew that removal of AMT for 2018 would actually INCREASE liabilities for some, yes that would be true if they kept the marginal brackets the same for 2018, but they lowered them so you should pay less. if you really are paying more TOTAL tax than last year you either made more money this year, owed taxes on gains from stocks or bonds or took money from some qualified account that are getting taxed on now. Or you were some sort of yeti that earns a lot of income but wasn’t AMT last year. I’m really shocked how many people knew they were AMT when they do their TurboTax but still think they were getting $12k tax credit for 3 kids. If the bottom right of your return say AMT the ONLY SINGLE thing you were actually getting a credit for is your mortgage interest and your charity. Nothing else, no kids, no property taxes, no state taxes Just because you put numbers in the program doesn’t mean it changes your tax. i am curious and would like to hear stories from those that basically did have same Adjusted Gross Income as last year and are paying more TOTAL federal tax than last year. And please state if you were AMT last year. It’s barely “supposed” to happen I want to know the situations when it did. (Of course don’t post how much you make) Something like “married filing joint, was not AMT last year, 3 kids. Income almost same as last year and my total federal taxes owed went up $5k” or something like that.
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