Go to Jeff Salisbury LWGate Home Page.From: persfin-digest <owner-persfin-digest@shore.net>
Subject: persfin-digest V4 #144
Date: Thu, 2 Apr 1998 20:43:20 -0500 (EST)
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persfin-digest Thursday, April 2 1998 Volume 04 : Number 144
IN THIS ISSUE:
ADVERTISEMENT: MCI Connect
Can I have an IRA after maximizing my 401k plan
Re: Discount brokers: There's No Free Lunch
Re: IRA conversion question
MCI Charge
Taipan - Some Confusion
Katie's 9th Birthday
====================================================================
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----------------------------------------------------------------------
Date: Thu, 2 Apr 1998 20:23:38 -0500 (EST)
From: Oppenheimer Software <Connect-Sales@mcimail.com>
Subject: ADVERTISEMENT: MCI Connect
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------------------------------
Date: Thu, 2 Apr 1998 20:24:00 -0500 (EST)
From: nshah@ect.enron.com
Subject: Can I have an IRA after maximizing my 401k plan
Hi!
I was trying to find out if I could open a new ROTH IRA with an annual
contribution of $2000 even after maximizing my 401k plan (annual
contribution is more than $4000).
Thanks.
NShah
------------------------------
Date: Thu, 2 Apr 1998 20:24:42 -0500 (EST)
From: "Ken Meinken" <kmeinken@bigfoot.com>
Subject: Re: Discount brokers: There's No Free Lunch
David,
You are absolutely correct, the brokerage will make its money via
"payment for order flow", or via the spread. HOWEVER, just because
you are paying a large (or even very large) commission doesn't mean
that the brokerage won't be doing those things anyway. You could
pay $130 in brokerage commissions and still get the same hidden
charges.
Using limit orders doesn't really save you from the hidden charges,
they are still there. Limit order (which is use most of the time)
have the risk of the order never being executed. Saving $10 is
meaningless if the transaction never happens and you loose even more
money as the stock pric moves away from you.
Ken
> From: David Martin <dmartin@seabreeze.hc.ti.com>
> Subject: Discount brokers: There's No Free Lunch
>
> There has been some discussion recently about the fees at
> discount brokers approaching zero. Don't forget that there is no free
> lunch; it does cost a certain amount of money to execute a stock
> trade, and the brokerage intends to make a profit somehow. One factor
> is that quite often the brokerage is the one buying and selling the
> stock from/to you, and I have heard that a brokerage may offset the
> smaller fee with slightly higher buy prices and lower sell prices. So
> you may lose on price what you gained in a lower fee. Of course, if
> you tell them to buy a stock once it goes below $X or to sell once it
> goes above $Y, it may not matter to you vey much. But it is something
> to keep in mind.
------------------------------
Date: Thu, 2 Apr 1998 20:25:30 -0500 (EST)
From: Rich Carreiro <rlcarr@animato.pn.com>
Subject: Re: IRA conversion question
>Question: can I deposit my (non-deductable) 1997 IRA to a different
>mutual fund, then convert it to a Roth? And then contribute my 1998
>IRA to this same fund?
Where you put your 1997 contribution is irrelevant. All that
matters for subsequent tax purposes is the amount of the
contribution and its deductible/non-deductible status.
So you could put your 1997 contribution into Traditional IRA Account #2,
and then convert it to Roth IRA Account #1. And then you could make
a 1998 contribution directly to Roth IRA Account #1.
HOWEVER...
(1) It does not matter what IRA account you convert. The taxability
of the conversion depends only on the dollar amount converted, the
total value of your traditional IRA accounts combined, and the total
amount of non-deductible contributions you have ever made. See
Form 8606 for the calculation. Basically, if you made the $2000
non-ded contribution, your IRAs would be worth $17000 and there
would be $2000 of non-ded contributions in them. So when you made
the $2000 conversion (it does *not* matter from which account the
money came), $2000*$2000/$17000=$235.29 would be non-taxable and
$1764.71 would be taxable.
(2) Because of the current state of the law, you will want to put
your conversion into a different account than the account you
make annual Roth contributions into (can be the same fund company, can
even be the same fund, just a different account). In fact, you'll
find that many funds will simply refuse to let you make contributions
to a Roth account funded by a conversion.
>different fund. Is there anything I need to do to my existing 15k IRA,
>or can I just leave it as it is?
You can leave the account where it is.
Rich Carreiro
rlcarr@animato.pn.com
------------------------------
Date: Thu, 2 Apr 1998 20:25:55 -0500 (EST)
From: Jon King <kingjo@cs.orst.edu>
Subject: MCI Charge
...
> The FCC requires all long distance companies to pay a fee to the local
> phone companies for originating and terminating your long distance
> calls. Effective with January 1998 invoices, MCI will begin assessing a
> charge labeled
...
Originating AND terminating. I'm guessing that $1.07 ~= 2 * $.53 and MCI
probably isn't being as bad as you think.
Maybe I'm just overly optimistic.
Jon
------------------------------
Date: Thu, 2 Apr 1998 20:26:21 -0500 (EST)
From: Don Apodaca <dapodaca@flash.net>
Subject: Taipan - Some Confusion
>Subject: Re: Taipan
>
> Have seen their ads for years. THERE IS NO FREE ( OR VERY CHEAP)
>LUNCH!
I guess my original question was a little ambigious. I really wanted to
know if anybody has used this service, and what they thought it.
------------------------------
Date: Thu, 2 Apr 1998 20:27:34 -0500 (EST)
From: Lloyd Colston <kc5fm@bigfoot.com>
Subject: Katie's 9th Birthday
http://www.geocities.com/Heartland/Estates/1529/katbirth.htm
Katie Reportedly has cancer. This is her birthday page for all to
sign. April 7 is the deadline.
- --
Lloyd Colston Excellence is not an accident
Pryor, OK USA social worker, writer, editor
Member: International Small Business Consortium
KC5FM Home page http://www.viagrafix.com/colston/
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Shopping made easy at http://www.spree.com/default.asp?x=kc5fm
Low cost Global Communications at http://ld.net/?kc5fm
------------------------------
End of persfin-digest V4 #144
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