Running Bear's July 2023 Coffee Shop

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santafewillie said:
Good Morning All. Mostly cloudy and 71° this morning. However if one checks the local Weather Underground about a mile away, this is what you get.

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At least it's right about it's going to be much cooler today at 93°, but that -34° seems to be a bit out of line.

Expecting a visit from daughter #1, her hubby and granddaughter this evening to load up on some tomatoes, and then dinner at the local Italian place. She wold have had a better choice if she had come last week like I told her. I have since preserved about 35 lbs.

Out in the train shed yesterday, I performed the leg implant on the Longhorn cow. Had to trim to length and trim the shoe into more of a hoof shape, but she's happy.
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She is happily grazing with her friends.
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Other than that, I moved some trains around for a while, and planted a couple more trees.

David - I would love to trade some of our hot weather for some of your seemingly endless rain.
Swal - While having to sell the stocks probably wasn't easy, the Market is definitely higher right now than in the last year and a half.
Tom O - Wow! They're really smacking you with all of the restrictions and fees on the 401k.
Patrick - Blossom End Rot in tomatoes can also be caused by too much water at the wrong time, usually just before a sudden heat-up in the weather.
Troy - Typically outswing French doors can leak. Although yours looks to have extra protection from the overhang above, and by being recessed a bit more.

Everyone have a great day and an awesome weekend
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Willie, that’s a good looking flock of cows.
 


bnsf971 said:
Willie, that’s a good looking flock of cows.
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I used my neighbors as a reference.
IMG_1046 (3).JPG


Excuse the fence post, it's kinda like Guy and his power poles in the loco pictures.;)
 
Good morning from the Hobo camp. Not a lot happening here. Hot and humid, so what else is new. The family will be coming in tomorrow to celebrate the granddaughter's 9th birthday. So, I mowed yesterday, and I guess the wife will let me run the vacuum today.

Maybe I shouldn't say anything, but I don't see ads here when logged in. Sounds like I might be missing something though.

I was able to roll-over my company plan into a personal IRA when I retired, tax deferred. Then just let it go until I was forced to start withdrawals.

Not sure if any train time is on today's schedule, but we'll see.

STAY SAFE
LATER
 
I just finished up the 4th down spout I added to the gutter system in a year. To many down pours lately. Because the new down spouts empty out 40 feet from the house, I had to form out another concrete drop box so I can clean out the leaves etc, before they enter the underground drainage system.
Swal

Down_Spout_02.jpg
 
We are back from the Vet; all is well with Tucker. They reduced his medication, and they said his occasional cough was normal.

The old Beagle got wound up. A big pit-bull like the one that attacked him a few years ago came into the lobby. He backed up close to me on the couch we were sitting on. At least it kept him from wanting to explore the place. As soon as the pit was in the back, he again wanted to follow his nose. He is a typical Beagle. I tried to remind him "you are an old dog with a heart problem" he wasn't listening.
 
The next thing is Walmart for tires. This goes against my rule; never go to Walmart in the afternoon or evening. I had no choice as it was the only appointment I could get, and these tires must go!

That Dundalk "wildlife" I was talking about will be active. They must sleep late; I don't see them early in the morning.
 


Good afternoon gang!

Lawn is done, errands have been run, and now it's time to get to other projects.

Flo, can I get a cold Diet Dew please! I've been riding that tractor in a tank top workin on my farmers tan!
santafewillie said:
Trivia: Female Longhorns have longer horns than males.
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Willie, thats funny, I always thought the bulls were,,,er,,a,,hornier!
Bruette said:
The next thing is Walmart for tires. This goes against my rule; never go to Walmart in the afternoon or evening. I had no choice as it was the only appointment I could get, and these tires must go!

That Dundalk "wildlife" I was talking about will be active. They must sleep late; I don't see them early in the morning.
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This might have been filmed at the Dundalk Walmart

BBL
 
TLOC said:
I was told that because it’s my 401k anything moved now has to have taxes paid. BUT, we will doing lots more research. I read this and mentioned it to Terry and she will call the CPA who does our tax stuff
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As long as you don't change the nature of the account you should not have to pay any taxes until you take actual distributions (withdrawals)

401k -> traditional IRA
Roth 401k -> Roth IRA

Make sure you do a rollover directly from your 401k custodian to the IRA custodian (do NOT have the 401k send a check payable to you!) With this model, the 401k custodian sends a check to the IRA custodian "for benefit of" your account. For the most part, IRA custodians (Fidelity, etc) are super helpful with this process since they want to have your money under their management. Ex: https://www.fidelity.com/retirement-ira/401k-rollover-ira

In my experience 401k custodians are NOT helpful with this stuff because they also want to keep your money, and they tend to have higher fees than the big IRA players like Fidelity. No matter, it's your money, if you fill out the appropriate paperwork you are entitled to move it wherever you like.
 
santafewillie said:
You should be able to do a rollover into a traditional IRA without any tax penalties. Once there, it's yours to do whatever you want. You will have to take a RMD (with taxes) when the time comes. It can be rolled into a Roth IRA, but then you have to pay the deferred taxes when you do the rollover.

EDIT: Looks like Joe says the same thing in different words. I did a rollover with mine just to reduce the number of accounts.
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Terry has been online since earlier today on my 401k. We can do a in-kind transfer to a IRA and that will eliminate taxes because of the roll over. Because an indirect transfer out of my 401k will take over 60 days (small print in the way to transfer from reading the online documentation) the IRS says we have to pay taxes, plus a penalty. That happens if it takes longer then 60 days. The “plan” says they WILL take longer than 60 days to sell the funds and stocks before they transfer the money direct to the holder (me).

Because a in-kind transfer does not involve selling the stocks or funds first, the 401k administrator cannot by law take more then 60 days, it should happen within a week of the request . That avoids taxes by of course there is a higher in-kind transfer fee the “plan” collects but it’s fine. She is going to look later for any other hidden fees within the “plan”.

Next is to find a place to put the money. It does look like at first few glances a self directed IRA maybe the best choice. With the amount being rolled over almost any IRA seller?? should be happy. Thanks for the information. It gave Terry an idea what to look for. When she started really reading the small print it pretty much said understand there will be taxes to be paid.
 
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Vince-RA said:
As long as you don't change the nature of the account you should not have to pay any taxes until you take actual distributions (withdrawals)

401k -> traditional IRA
Roth 401k -> Roth IRA

Make sure you do a rollover directly from your 401k custodian to the IRA custodian (do NOT have the 401k send a check payable to you!) With this model, the 401k custodian sends a check to the IRA custodian "for benefit of" your account. For the most part, IRA custodians (Fidelity, etc) are super helpful with this process since they want to have your money under their management. Ex: https://www.fidelity.com/retirement-ira/401k-rollover-ira

In my experience 401k custodians are NOT helpful with this stuff because they also want to keep your money, and they tend to have higher fees than the big IRA players like Fidelity. No matter, it's your money, if you fill out the appropriate paperwork you are entitled to move it wherever you like.
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You hit it right.

Terry has been reading fine print since about 10 this morning. She did find on the IRS website about direct “in-kind transfers”. That eliminates the need for the “plan administrator” to have to 1st sell the stocks, bonds and mutual funds I have the money in. The “plan” documentation says they will take up to 60 days to sell and send me the money from the sales. If they exceed 60 days THATS when the taxes and possible fines kick in. The plan pretty much states they will exceed the 60 days.

kind of crappy and it’s my fault I never went past listening to the plan administrator when I retired. They don’t want me to pull the funds so they make it difficult. But the IRS says the plan must do “in-kind transfers”. It’s been interesting reading the comments here, remembering what we were both told when I retired and Terry really hitting up the IRS site today

If it was for the stupid fee changes the “plan” has made I’d leave the money and take a monthly withdrawal but they priced that away…
 
The tire installation went smooth and quick. I was in and out in less than forty minutes, thank God! The wildlife even migrates into the Walmart service department. I thought I saw Sir David Frederick Attenborough o_O

For those keeping score that was two tires $87.00 each and $40 for installation, plus 6% Maryland sales tax. Total price $224.44 I'm happy!
 


TLOC said:
You hit it right.

Terry has been reading fine print since about 10 this morning. She did find on the IRS website about direct “in-kind transfers”. That eliminates the need for the “plan administrator” to have to 1st sell the stocks, bonds and mutual funds I have the money in. The “plan” documentation says they will take up to 60 days to sell and send me the money from the sales. If they exceed 60 days THATS when the taxes and possible fines kick in. The plan pretty much states they will exceed the 60 days.

kind of crappy and it’s my fault I never went past listening to the plan administrator when I retired. They don’t want me to pull the funds so they make it difficult. But the IRS says the plan must do “in-kind transfers”. It’s been interesting reading the comments here, remembering what we were both told when I retired and Terry really hitting up the IRS site today

If it was for the stupid fee changes the “plan” has made I’d leave the money and take a monthly withdrawal but they priced that away…
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Sounds like normal 401k custodian shenanigans. I've had a lot of different 401k custodians in my life, and all but one (Fidelity) were complete garbage. Terrible fund choices, high expenses, and pain when trying to get MY money out. Hard to fathom why companies like this still exist...must be giving some nice kickbacks to the businesses that select them as the 401k provider. Good luck with the rollover - usually they have been pretty smooth for me in the past. Take your money, enjoy the lower fees, and don't look back :)
 
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