In some states is this not allowed and I don’t think it’s a good idea because if there is an issue and you have legal stance to decduct rent or break the lease you are screwed bc you already paid upfront.

But the extra principal does decrease the interest, even though there’s not a ton of interest remaining?

Giving an interest free loan to your landlord is rarely a good idea.

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Assuming the losses were realized, yes what carries forward can ( and will ) offset future realized gains. Depending on your income level, you probably don’t want to be going out of your way to generate realized gains to burn through the carried losses.

I know it is similar to a personal loan. The difference is that you have the home equity as collateral, so the odds of approval are higher, and the rate should be better.

But I agree that a home is not a liquid asset, but the equity can be tapped somewhat easily with a HELOC. That was the only point. And I don't think this is a replacement for an emergency fund.

If you put that in, that part shouldn’t be showing taxable.

Yes these are realized, thanks!

Yep. Code G is on the Vanguard 1099-R and the check was made out to Fidelity.

us bank saved me , my ex was continually late on her car payment and they could take it from my credit union account , so I had to close it for a while. us bank waved fees if you had direct deposit. but there was a free basic checking account I believe.

good luck.

14 years later still at Us Bank.

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There still should have been a code G that it was rolled to a qualified plan. You won’t get a 5498, since that’s only for IRAs. The first check was for sure made out to Fidelity?

Read the instructions on the 1099R again. Pretty certain that if no taxes were withheld, it's not something you need to report. So you should only be entering the Fidelity 1099, not the Vanguard one.

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It’s asked me that but I didn’t roll it over to an IRA. It’s asked me if I rolled it to a Roth IRA also but that’s not what I did. I rolled it from a 401k to a 401k unless I’m not understanding something.

You should only count the income from the withdrawal.

All I can think of is that you didn’t properly enter the Vanguard 1099; did you put the code indicating it was a rollover? Not sure how TurboTax works…

Somewhere it should be asking you if anything was rolled over back into an IRA. That amount shouldn't be getting taxed, but it gets entered in a separate step in TT. Should see it wash out then.

Yes. Furthermore, you can deduct $3K of the 2022 investment losses from your ordinary income on your 2022 return, and carry the remaining $17K in losses forward to 2023 and future years until you've deducted the entire $20K.

Assuming you mean realized losses, yes, those get carried forward.

Losses from prior years are carried forward yes

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Liquidity isn't generally used in that context.

"A liquid asset is an asset that can easily be converted into cash in a short amount of time. Liquid assets include things like cash, money market instruments, and marketable securities."

It's not all that different from saying you can take out a personal loan.

Yeah, I know you pay interest. I was speaking mainly to the liquidity. Also, why I used the word "somewhat". I'm not sure what you are trying to rebut here.

> I want to have no debt asap so if I did lose my job I wouldnt be scurrying to get income.

Don't do that. If you lose your job, you want cash, not equity. You can fund the mortgage for many months even if you lose your job if you have the money liquid.

You have to pay money to access your own equity.

And if you don't have income for whatever reason, you won't even get that HELOC