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persfin-digest         Sunday, April 11 1999         Volume 05 : Number 096



In this issue of the Personal Finance Digest:

       "magic" debt reduction
       Re: annual contribution to rollover Roth IRA
       How to enter non-charity tax-free gift in Form 1040?
       Re: getting paid for surfing the Net?
       stock & bankruptcy
       Saving Documents

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Date: Tue, 6 Apr 1999 21:24:25 EDT
From: [e-mail]
Subject: "magic" debt reduction

I was browsing come sites on the web about personal finance and came across
one that was selling a book/program/plan (how soon I forget....) aimed at
eliminating one's debts in an unbelievably short time.  I think it was
www.wealthtodebt.com.

The page featured a matrix that would tell you how long it would be until you
were debt-free by taking your total debt vs. your minimum pmts +10% of your
income.  Mine came out to 9 yrs - I'm less than 1 yr into a 30 yr mortgage,
have no credit card bills, and will have my car loan and student loan paid
off early this year.  It didn't take interest rates into account at all.  Of
course, I'm sure the reply would have been (had I bothered to submit a
question to the author) that it was just an approximation.

Anyone have any clues as to how this could be or if it's possible?  I'm
comfortable with my situation, and am not willing to pay the $40, but am just
a bit curious.  I'm sure it's some scam, but can't come up with anything off
the top of my head.

Thanks!  Juli Bednarzyk

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------------------------------

Date: Tue, 6 Apr 1999 22:43:31 -0400
From: Rich Carreiro <[e-mail]>
Subject: Re: annual contribution to rollover Roth IRA

>As amended, however, it seems the five-year period begins with the
>FIRST contribution an individual makes to *any* Roth IRA.

Yes.

Furthermore, withdrawals are deemed to be taken first from
contributions, then from conversions, and finally from earnings.

However, each conversion still carries an individual 5-year clock
before the expiration of which the withdrawal of conversion money
results in a penalty.  This is to plug the loophole of people getting
money out of a traditional IRA w/o paying the 10% penalty for early
withdrawal by "laundering" the money through a Roth.  But since
contributions are considered to come out first, then conversions,
regardless of what account either of them are in (or if they're in a
single account), there's no tax reason to have multiple Roth accounts.

Rich Carreiro
[e-mail]
P5-100/RedHat Linux 4.2


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------------------------------

Date: Wed, 7 Apr 1999 09:50:58 -0700
From: "Steve C.-Y. Huang" <[e-mail]>
Subject: How to enter non-charity tax-free gift in Form 1040?

Hi,

Two brief questions:

(1) If one made tax-free gift ($<10,000) to individuals (not to =
charities), where should one put the (deductible?) amount in Form 1040?

(2) Does TurboTax/TaxCut support this kind of entry?

Thanks.



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Date: Wed, 07 Apr 1999 12:02:00 -0500
From: "Degang J. Chen" <[e-mail]>
Subject: Re: getting paid for surfing the Net?

They say they will pay you to surf the Web.
I signed up for it, but I am wondering if this is
just a soliciting scam. Anybody can comment on it?
http://alladvantage.com/go.asp?refid=ARU743

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------------------------------

Date: Thu, 8 Apr 1999 16:10:43 EDT
From: [e-mail]
Subject: stock & bankruptcy

What happens to the stock when a corporation goes Bankrupt?

I only bought Service Merchandise, Inc at $0.25, so this is mostly academic
(or I could make a lot of cash if they come back).  Anyway, what are the
possible actions that could come out of CH11 with regard to share-holders?

Appreciate any thoughts or references.

ALSO:  does anyone know any good references on the web or otherwise for
reviewing time-value-of-money problems?  I can handle the simple stuff, but
need to work on slightly more complex ones like bond expiration.  Also, any
good place to learn to build Excel spreadsheets with TVM problems?  (I have a
graduate finance class upcoming and was never too comfortable with these as
an undergrad)


Thanks,
Scott


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------------------------------

Date: Sun, 11 Apr 1999 11:07:05 -0400
From: "Peter & Karen Diamond" <[e-mail]>
Subject: Saving Documents

Hello everyone,
I was wondering if there is any requirement for the method used to save
important documents and records.

My safe deposit box is filling up with copies of tax records, business
records, mortgage documents and such.  I was thinking of scanning the
documents and saving the images on a CD.  If necessary, I could print them
out.  I could keep one CD in the box that would contain all the paper
documents.

Is this an acceptable method of document storage?  Are there situations
where a document reproduced this way would not be acceptable and only the
original would be?  Some documents I have are copies of the originals, and
some are the originals themselves.  I assume the copies would be more
acceptable for conversion then the originals themselves, since the originals
should be retained anyway.

Thanks for the information.

Peter Diamond


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End of persfin-digest V5 #96
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