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Re: SE401(k) accounting and end of self-employment income

Fidelity does provide a Retirement Plan Annual Valuation Statement . This provides your 01/01 balance, 12/31 balance, Investment Earnings, Fees Deducted, Distributions, and Cash Contributions. Note: Fidelity does not provide the employee/employer contribution mix, only the total. You need to keep co...
by Spirit Rider
Mon Apr 27, 2015 2:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: SE401(k) accounting and end of self-employment income
Replies: 1
Views: 132

Re: Immigrant figuring out 401K, please help with selection

You will not get an employer match to an IRA. This why it is always recommended to at least contribute enough to the 401k to get the full employer match. The recommendation is for possibly using an IRA to allow you to complement the low cost 401k S&P Index fund with low cost IRA index funds to r...
by Spirit Rider
Sun Apr 26, 2015 6:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Immigrant figuring out 401K, please help with selection
Replies: 12
Views: 614

Re: Immigrant figuring out 401K, please help with selection

First of all, congratulations on taking the first steps towards financial independence. It is also good to see your plan taking at least minimal steps to encourage diversification. I disagree with selters. You might be adequately diversified in equities with an S&P 500 fund. However, diversifica...
by Spirit Rider
Sun Apr 26, 2015 3:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: Immigrant figuring out 401K, please help with selection
Replies: 12
Views: 614

Re: HSA - How do I know if I qualify

Also, not all HDHPs are necessarily eligible for an HSA. Like has been said you need to get this information from your HR/plan provider. If you do not have HSA enrollment offered by your company, that is probably a bad sign. Although, a company can offer an HSA eligible HDHP and not offer a direct H...
by Spirit Rider
Sun Apr 26, 2015 10:30 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA - How do I know if I qualify
Replies: 4
Views: 387

Re: Spendy spouse

I disagree with idea that if you can afford it, then you should ignore the issue. There are two reasons this is bad advice. First, this behavior can escalate over time with the dollar value and frequency both increasing. Second, this can breed resentment and discord. I have seen several marriages to...
by Spirit Rider
Sun Apr 26, 2015 9:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Spendy spouse
Replies: 58
Views: 4100

Re: HSA Receipt Documentation

I've just been using the EOB or medical providers invoice. I scan them and attach the image to a cloud document storage provided by my HSA. Should I switch HSA custodians I will need to export everything. Only have had an HSA for a year so haven't added too much. An EOB or invoice are not evidence ...
by Spirit Rider
Sun Apr 26, 2015 9:17 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA Receipt Documentation
Replies: 12
Views: 800

Re: HSA Receipt Documentation

I have been able to get a receipt for any qualified medical expense. This takes the form of in person receipts, mailed receipts or statements showing payments, online receipts, or emailed receipts. You need to be able to prove that the expense is qualified and paid. The EOB and a highly correlated a...
by Spirit Rider
Sat Apr 25, 2015 10:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Receipt Documentation
Replies: 12
Views: 800

Re: Contribution limit 401k

htdrag11 wrote:As for Roth, I thought that if one's AGI is >= $131k, one CANNOT contribute to Roth. In this case, it's zero, not $5,500.

Yes, this is true. However, if this person does not otherwise have traditional IRA assets they can make a backdoor Roth contribution.
by Spirit Rider
Sat Apr 25, 2015 5:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: Contribution limit 401k
Replies: 30
Views: 2724

Re: Contribution limit 401k

I'm still confused. Just try to advise my single child starting a new job. http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-401k-and-Profit-Sharing-Plan-Contribution-Limits Retirement Topics - 401(k) and Profit-Sharing Plan Contribution Limits Two annual limits apply...
by Spirit Rider
Sat Apr 25, 2015 4:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Contribution limit 401k
Replies: 30
Views: 2724

Re: Inherited IRA Options

Edited to add: putting $80,000 into a trust sounds like a costly move. I wouldn't do it for that amount. There are other ways to educate a young adult about not wasting money that technically does belong to them. From the OP: In addition to the ira, there is approximately $80,000 that will be place...
by Spirit Rider
Fri Apr 24, 2015 2:37 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA Options
Replies: 15
Views: 537

Re: How much can I contribute in this situation

The match counts as allocated without regard to vesting requirements. It is irrelevant that you leave without receiving that match. You may very well have to limit it to below $32K. You need to be aware of the potential for forfeitures. Forfeitures are those amounts of employer contributions that mu...
by Spirit Rider
Thu Apr 23, 2015 2:18 pm
 
Forum: Investing - Help with Personal Investments
Topic: How much can I contribute in this situation
Replies: 2
Views: 332

Re: How do I know if my 403b is an ERISA plan?

You should be able to go to your plan administrator for this determination. It can be quite a complex determination and I would not expect a typical participant to be able to make this determination. I don't even know the specific questions to ask, even if you knew all the relevant facts. One key co...
by Spirit Rider
Thu Apr 23, 2015 2:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: How do I know if my 403b is an ERISA plan?
Replies: 3
Views: 318

Re: investing for child

You have a misunderstanding. Money can be removed from an UGMA/UTMA account by the custodian to pay any legitimate expenses of the beneficiary. It is generally felt that these expenses should not be the parent's normal care and support of the child. However, they can certainly be for any specific ne...
by Spirit Rider
Thu Apr 23, 2015 1:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: investing for child
Replies: 4
Views: 458

Re: Living in New Hampshire?

It isn't so much that natives of NH are unfriendly, the opposite is true. However, they tend to be slow to open up to strangers. This means in today's modern society it will be more difficult to make deep friendships. These will take time, but can certainly be worth it. People will make most of thei...
by Spirit Rider
Thu Apr 23, 2015 1:18 pm
 
Forum: Personal Consumer Issues
Topic: Living in New Hampshire?
Replies: 35
Views: 2468

Re: 401K Law

Keep in mind, these DOL regulations apply to the employer. If the employer is directly using a custodian as their provider, the time delay into individual accounts can be short. However, if the 401k plan in using an independent advisor or Third Party Administrator (TPA), there can be another delay a...
by Spirit Rider
Thu Apr 23, 2015 12:25 pm
 
Forum: Investing - Theory, News & General
Topic: 401K Law
Replies: 39
Views: 8106

Re: Part B or not Part B, that is the question

Our understanding is that if one has suitable health insurance through an employer, then at age 65 one must enroll in Part A (at NO cost), but can defer Part B. One must then get proper documentation from employer that one was indeed properly covered, so that when that employment coverage ends, ass...
by Spirit Rider
Thu Apr 23, 2015 12:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: Part B or not Part B, that is the question
Replies: 17
Views: 1192

Re: 401k in-service withdrawals

It is not clear you are aware that in-service withdrawals of employee salary deferrals can not be made before 59 1/2. Only vested employer contributions and earnings, after-tax contributions and earnings, and rollovers into the plan are eligible for withdrawal < 59 1/2 and only if the plan allows it
by Spirit Rider
Thu Apr 23, 2015 10:29 am
 
Forum: Investing - Theory, News & General
Topic: 401k in-service withdrawals
Replies: 5
Views: 548

Re: 401K Law

A few points. This is not a change in law, but rather a change in DOL regulations. Also, this is not that new, it has been in effect for several years. Finally, the 7 business days is for a safe harbor. A business could still go beyond the safe harbor if it could demonstrate that its deposits were d...
by Spirit Rider
Thu Apr 23, 2015 10:20 am
 
Forum: Investing - Theory, News & General
Topic: 401K Law
Replies: 39
Views: 8106

Re: Transmission oil one inch over the full line would that

Have you exactly followed the directions in your car's manual for checking the transmission oil level. Very often there are specific steps involved, not just checking the level while running. There is generally guidance on how long to warm up the engine and how you should let it cool down if you hav...
by Spirit Rider
Wed Apr 22, 2015 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Transmission oil one inch over the full line would that be a
Replies: 19
Views: 1248

Re: Total bond fund in frequently-used HSA?

At an average duration of 5.6 years, VANGUARD BOND INDEX TOTAL MKT INVESTOR - VBMFX is way too volatile. At an average duration of 2.7 years, VANGUARD SHORT TERM BOND INDEX INVESTOR - VBISX would be better for your second tier. Then maybe VBMFX would be ok for a third tier.
by Spirit Rider
Wed Apr 22, 2015 9:39 pm
 
Forum: Investing - Help with Personal Investments
Topic: Total bond fund in frequently-used HSA?
Replies: 4
Views: 524

Re: Random Questions about Solo 401(k)

Thanks all, the help is much appreciated. However, you must have an employee salary deferral election by 12/31 to make a contribution. What does it mean to make an election? Is this just writing it in my own records? And if so, what do I need to write apart from amount intended and date? As far as ...
by Spirit Rider
Wed Apr 22, 2015 2:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Random Questions about Solo 401(k)
Replies: 5
Views: 344

Re: Random Questions about Solo 401(k)

1/2. There are no requirements for either employee salary deferrals or employer profit sharing in any given year. However, you must have an employee salary deferral election by 12/31 to make a contribution. The election is effective until revised. If you had an election from a previous year and you ...
by Spirit Rider
Wed Apr 22, 2015 1:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: Random Questions about Solo 401(k)
Replies: 5
Views: 344

Re: Living in New Hampshire?

It is like many other places, there are tradeoffs. Taxes: There is no income tax or sales tax, but property taxes are quite high (averaging about 2%). If you end up living in the southern tier and work in MA, the income tax advantage goes away as you will pay MA non-resident income tax. Also, if you...
by Spirit Rider
Wed Apr 22, 2015 12:10 pm
 
Forum: Personal Consumer Issues
Topic: Living in New Hampshire?
Replies: 35
Views: 2468

Re: How much do you pay in Property Taxes?

Wow I will try never to grumble about our almost 9K tax (1.86% in metrowest MA). I've never heard of >3% property tax before this - what are you getting for your money? I'm sure you have heard of prop 2 1/2, passed about 25 years ago. Prop 2 1/2 limits the property tax levy to 2.5% of assed valuati...
by Spirit Rider
Tue Apr 21, 2015 2:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: How much do you pay in Property Taxes?
Replies: 184
Views: 9268

Re: Broken Oxygen Sensor on Car

Exactly what is the physical damage to the O2 sensor that would void the warranty. Sensors located such that physical damage from road impact or debris is very unlikely. The first rule is to always dispute any denial of warranty claim and escalate to the manufacturer level before accepting denial. D...
by Spirit Rider
Tue Apr 21, 2015 1:45 pm
 
Forum: Personal Consumer Issues
Topic: Broken Oxygen Sensor on Car
Replies: 43
Views: 2656

Re: Quick 401(k) Question

Keep in mind the potential loss of creditor protection rolling over from a Roth 401k to a Roth IRA. The rolled over assets will have federal bankruptcy protection to the degree they are identifiable. Creditor protection outside of bankruptcy is subject to state law. There are roughly twice (~10) as ...
by Spirit Rider
Tue Apr 21, 2015 11:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Quick 401(k) Question
Replies: 7
Views: 462

Re: Paying for GFs school - any way to help myself?

Wow, just WOW. I have never seen so many judgmental and self-righteous replies in any thread on this forum. I think this says a lot more about them than the OP.

Personally, I commend the OP!!!
by Spirit Rider
Mon Apr 20, 2015 11:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Paying for GFs school - any way to help myself?
Replies: 76
Views: 4657

Re: HSA contributions - employee vs employer

1. The maximum contribution always includes your contribution, your employer's contribution, and contributions by anyone else. So, if your plan to reach the maximum included an employer contribution, and that contribution was less, than you can contribute the difference. 2. Yes, the family maximum (...
by Spirit Rider
Mon Apr 20, 2015 5:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA contributions - employee vs employer
Replies: 3
Views: 260

Re: new i-bond rate?

Just a small correction to a TIPS purchased at auction. You are guaranteed the coupon amount which is not usually the same as the purchase price at auction. The coupon fixed rate is set at issue, but the actual purchase price/yield is set by the auction. For example, a $1K bond could end up costing ...
by Spirit Rider
Mon Apr 20, 2015 4:03 pm
 
Forum: Investing - Theory, News & General
Topic: new i-bond rate?
Replies: 18
Views: 2873

Re: Solo 401K a no-brainer over company 401k?

There should be no additional expense of a Solo 401k. Solo 401k plans through all of the major providers are fee free. Also, if you have $35K in self-employment income (net business profit - 1/2 SE tax), you are allowed to contribute $25K($18K deferral + $7K profit sharing) to a solo 401k if you are...
by Spirit Rider
Mon Apr 20, 2015 3:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401K a no-brainer over company 401k?
Replies: 11
Views: 877

Re: Solo 401K a no-brainer over company 401k?

3. If possible, I'd like to also contribute and max out an IRA. I think i should continue with the Roth because I'm not eligible to deduct a contribution to a traditional IRA? I contributed to my company's 401k this year but if i don't contribute to my company's 401k this year, am I considered &quo...
by Spirit Rider
Mon Apr 20, 2015 12:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401K a no-brainer over company 401k?
Replies: 11
Views: 877

Re: new i-bond rate?

I think they should base the fixed rate on real yields experienced in the actual original TIPs auction market. I don't know what the last 30 year auctions real yield was, but if they wanted to make the I bonds as "like for like", they should do something along those lines. 30 year TIPS wo...
by Spirit Rider
Mon Apr 20, 2015 12:16 pm
 
Forum: Investing - Theory, News & General
Topic: new i-bond rate?
Replies: 18
Views: 2873

Re: Single best piece of personal finance advice ever receiv

Sometimes old advice is good advice. Case in point nisiprius's quote from Charles Dicken's David Copperfield in his tagline Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result...
by Spirit Rider
Sun Apr 19, 2015 7:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: Single best piece of personal finance advice ever received?
Replies: 90
Views: 6871

Re: “Entry level” luxury cars under 40k

This is a general observation. You are seldom well served by getting the lowest model of any product line. This is true whether it is a refrigerator, TV, or vehicle. Too many corners have been cut to reach a price point. If you are happy with the Subaru and want a AWD sedan, why not look at the Lega...
by Spirit Rider
Sun Apr 19, 2015 2:19 pm
 
Forum: Personal Consumer Issues
Topic: “Entry level” luxury cars under 40k
Replies: 96
Views: 8315

Re: Delaying Social Security

While the answer is yes, but the bigger question is by how much are you increasing your benefit. The first consideration is how much are you increasing your Average Indexed Monthly Earnings (AIME). Your AIME is the total of your 35 highest wage indexed years divided by 420 months. So you only increa...
by Spirit Rider
Sun Apr 19, 2015 10:13 am
 
Forum: Personal Finance (Not Investing)
Topic: Delaying Social Security
Replies: 4
Views: 788

Re: mandatory 17% tip at a buffet

In Vegas buffets the typically middle aged woman that gets and refills your drinks, picks up the dirty plates between trips to the trough, brings that steak knife for the prime rib then cleans the table makes about $7/hour + tips so you really should leave them a tip. $4 per person doesn't seem too...
by Spirit Rider
Sat Apr 18, 2015 11:14 am
 
Forum: Personal Consumer Issues
Topic: mandatory 17% tip at a buffet
Replies: 32
Views: 3526

Re: Who is covered by your HSA?

Thanks for that detailed answer. Just to see if I understand - so if I'm on Medicare, I can use the HSA to reimburse my qualified expenses and those of my spouse or dependent, whether or not they are enrolled in any particular medical plan. Correct, you really don't need any more than the first res...
by Spirit Rider
Sat Apr 18, 2015 11:08 am
 
Forum: Personal Finance (Not Investing)
Topic: Who is covered by your HSA?
Replies: 8
Views: 811

Re: mandatory 17% tip at a buffet

If it was a 10% service fee and you were encouraged to add a 5% to 10% tip for great service that would be fine. I have had some of the best service at buffets (and left generous tips), but a 17% mandatory gratuity is just ridiculous. I realize you were constrained by social graces in a big party, b...
by Spirit Rider
Sat Apr 18, 2015 10:39 am
 
Forum: Personal Consumer Issues
Topic: mandatory 17% tip at a buffet
Replies: 32
Views: 3526

Re: Who is covered by your HSA?

1. Correct, a non-dependent's out of pocket expenses are not qualified expenses for their parent's HSA(s). 2. No, this is true regardless whether they remain on the parent's HDHP plan or have their own plan. However, if they remain on their parent's HDHP plan, they are eligible to make the full fami...
by Spirit Rider
Sat Apr 18, 2015 9:43 am
 
Forum: Personal Finance (Not Investing)
Topic: Who is covered by your HSA?
Replies: 8
Views: 811

Re: Is the step up in basis still valid

The person probably heard about what was supposed to happen in 2010 and mistakenly now thinks that at least the stepped up basis was permanently eliminated. For that year and that year only the estate tax was supposed to be eliminated. Correspondingly for that year and that year only the stepped up ...
by Spirit Rider
Fri Apr 17, 2015 5:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is the step up in basis still valid
Replies: 4
Views: 379

Re: Opened SEP IRA for 2014 in 2015; Now Solo 401k Max. Cont

One other thing. Once you have adopted the Solo 401k plan and opened a Solo 401k account, I would ask the custodian to terminate the SEP IRA plan. There is no requirement to notify the IRS. Also, there is nothing you need to do with the SEP IRA account. It will remain an SEP IRA account indefinitely...
by Spirit Rider
Fri Apr 17, 2015 2:43 pm
 
Forum: Investing - Help with Personal Investments
Topic: Opened SEP IRA for 2014 in 2015; Now Solo 401k Max. Contrib?
Replies: 4
Views: 326

Re: Opened SEP IRA for 2014 in 2015; Now Solo 401k Max. Cont

Just make sure you enter 01/01/2015 for the effective date on the Solo 401k adoption agreement. You can not contribute based on any revenue constructively received before the effective date of the plan. Both the employee salary deferral and employer profit sharing deadlines for sole proprietors is y...
by Spirit Rider
Fri Apr 17, 2015 12:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Opened SEP IRA for 2014 in 2015; Now Solo 401k Max. Contrib?
Replies: 4
Views: 326

Re: I and EE Bonds - What will the new rate be?

They would need a combined rate greater than 0% on I Bonds, in order to sell any. In other words they'd have to increase the fixed rate. At least that's what you'd think. But maybe they're not really interested in selling I Bonds. For EE Bonds, the rate is of secondary concern imo as long as the 20...
by Spirit Rider
Thu Apr 16, 2015 8:36 pm
 
Forum: Investing - Theory, News & General
Topic: I and EE Bonds - What will the new rate be?
Replies: 18
Views: 2205

Re: Spouse contribution to solo 401(k)

⋅ Both Solo 401k employee salary deferrals and employer profit sharing contributions must come from the revenue of the business. The employee salary deferrals must come from your compensation and the employer profit sharing must come from the net business profits. ⋅ Your contrib...
by Spirit Rider
Thu Apr 16, 2015 7:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spouse contribution to solo 401(k)
Replies: 2
Views: 279

Re: HSA in retirement

Though it doesn't change my current vigor with which I save into an HSA, I don't see why an HSA can't be used to pay for private health care premiums. One of my plans for my HSA was to use it to bridge the gap between early retirement and medicare by paying for private insurance premiums. Seems lik...
by Spirit Rider
Thu Apr 16, 2015 6:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA in retirement
Replies: 10
Views: 637

Re: HSA in retirement

The HSA deduction is an Adjustment to income. Essentially an above the line (AGI) deduction. You should only make a contribution to the degree it would result in tax savings. For example, your taxable income is going to be reduced by your standard or itemized deduction and your exemptions. Then ther...
by Spirit Rider
Thu Apr 16, 2015 6:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA in retirement
Replies: 10
Views: 637

Re: Can we avoid 20% withholding?

A SEPP is for a minimum of five years. The OP has from 6 months to 18 months before he is 59 1/2. For that period of time, the 20% withholding is a minor inconvenience that can be mitigated with Alan's suggestions.
by Spirit Rider
Wed Apr 15, 2015 7:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Can we avoid 20% withholding?
Replies: 9
Views: 972

Re: HSA contribution for 2015

I would guess it would be roughly something like this. $1000 ~= $3350 * 3.5 / 12 Company A, your contribution $1650 ~= $3300 * 6 / 12 Wife $1050 ~= $1500 * 8.5 / 12 Company B, company contribution $3700 Subtotal $6650 - $3700 = $2950 reminder for year $2950 / # pay periods remaining in year You shou...
by Spirit Rider
Tue Apr 14, 2015 11:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA contribution for 2015
Replies: 3
Views: 514

Re: VPN killing my Internet

Depending on how the VPN is configured on the server/appliance side, it may be possible to only route VPN traffic through the VPN connection. Change your VPN adapter properties; Networking -> IP V4 properties -> Advanced -> Uncheck - Use default gateway on remote network If you do this and the provi...
by Spirit Rider
Tue Apr 14, 2015 11:49 am
 
Forum: Personal Consumer Issues
Topic: VPN killing my Internet
Replies: 31
Views: 2746

Re: Neighbor hired a surveyor. Should I be nervous?

It is likely that this is the correct property line. A surveyor is legally obligated to identify the correct property line based on the deeds of record. It would make sense that the fence would be one foot on one side of the property line or the other. There is usually a requirement that fences be a...
by Spirit Rider
Mon Apr 13, 2015 6:25 pm
 
Forum: Personal Consumer Issues
Topic: Neighbor hired a surveyor. Should I be nervous?
Replies: 49
Views: 6225
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