15% will ensure you have enough to retire

>the next question is how does somebody who is a single member LLC put away for retirement?

IRA, SEP-IRA, solo 401k. Essentially the same as employed people.

>Everywhere I look nobody really seems to cover this as a valid situation because I believe my situation is very unique.

Doesn't seem unique at all.

https://www.nerdwallet.com/article/investing/retirement-plans-self-employed

https://www.forbes.com/advisor/retirement/best-self-employed-retirement-plans/

https://www.fool.com/retirement/plans/self-employed/

https://www.fidelity.com/learning-center/personal-finance/retirement/self-employed-401k

Yup

Were the traditional funds contributed this year or in prior years (or are they a rollover from a 401k?)

If the latter, you just pay the taxes on the $2500

So the answers to your questions are likely no and no

Easiest is just convert the $2500 to Roth.

Depends on whether you want to fight your 401k about a reverse rollover (which can be a pain)

>My question is: with a simple interest loan, if I paid all 10k off the first month would I avoid the vast majority of interest?

Yes, that's how essentially all term loans work. Interest accrues daily.

>What should I know and what can I do to save as much as I can?

You can deduct unreimbursed medical expenses in excess of 7.5% of AGI if you itemize your taxes (so you can't double dip with an HSA)

> I thought I saw somewhere it’s been around since COVID, so I thought it has been around for a year or more.

I've been an ally customer for years and this is the first I've heard of it. Reg D has been suspended since Covid, but that's just the requirement to limit withdrawals. Banks can still enforce or not as they see fit.

>but in the more obvious definition of the program it has a different tune about using it…so I’m wondering, which is it?

It doesn't have a different tune about using it. The deposit agreement has a different tune about abusing it, which is what you are suggesting

The program is new. Go ahead and test it, even though they are telling you they will close your account if you use it too much.

From their deposit agreement

>If you exceed the transaction limits on more than an occasional basis, we may restrict your ability to withdraw money from that account, or we may close your account. If the account we close is an IRA savings account, you may be subject to IRS penalties

https://www.ally.com/content/dam/pdf/bank/ally-bank-deposit-agreement.pdf

Glad we got you to your answer!

https://www.whitecoatinvestor.com/5-reasons-not-to-buy-indexed-universal-life-insurance/

Man, the vultures really come out when the market takes a dive don't they

I think OP is confused and thinks "married filing jointly" and "claiming spouse as a dependent" are the same thing

> So there's a mix.

There isn't. You're married.

>In terms of my company, we are still considered domestic partners so they have insurance.

Notify your company that you're married so you stop paying imputed income taxes.

You'll file jointly

The qualifying relative rules aren’t allocable if you’re married

You just file jointly.

Notify your company that you’re now married

A spouse is never a dependent.

>We filed for a domestic partnership so I could get them on my insurance (dental and medical).

A domestic partnership is for someone who is not your spouse.

Are you actually married or not? Because if you're actually married, your spouse wouldn't be your domestic partner

https://www.reddit.com/r/personalfinance/wiki/collections

Are they cheaper or just less expensive? Big difference.

I like the old saying “never cheap out on things that separate you from the ground”. Covers shoes, mattresses, chairs, tires, etc.

> I am wondering if mortgage lenders would notice/accept the conversion income when calculating the the maximum loan amount?

No, it’s not recurring nor is it real income.

You may not even need to worry about it if you have proper paystubs

You need to wait longer for the funds to clear

How much will you realistically make doing this side work?

Well then use that as the goal you’re working towards instead of mindless consumer spending.

Find meaning in your life that provides a dopamine hit that doesn’t include spending.

Took having a kid for me to overcome it. Wouldn’t recommend that for most people though. Now I really like seeing my networth go up.

If you need to delay your mortgage payment to buy things on Black Friday, the last thing you should be doing is buying things on Black Friday.

The downside is if something happens, you have less time to fix the screw up.

Is there a reason you want to take that risk?