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Re: What age did you become financially independent of paren

I was not allowed to get a car until I could pay for it 100% with my own money, pay for the title, registration, excise tax, insurance, gas, and maintenance. As soon as I graduated from high school and started working full time, I was giving my mom 25% of my pay for room and board. So I would say at...
by Spirit Rider
Sun Feb 01, 2015 1:27 am
 
Forum: Personal Consumer Issues
Topic: What age did you become financially independent of parents?
Replies: 20
Views: 969

Re: Are car loans really that bad?

Also, the dynamics of car loans have changed. It used to be that car loan APRs were always higher than mortgage APRs. Now it is relatively easy to get a car loan for 1/2 of typical mortgage rates. Part of living below your means is not spending a significant percentage of your income on car loans an...
by Spirit Rider
Sun Feb 01, 2015 1:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Are car loans really that bad?
Replies: 7
Views: 306

Re: Is there a point when your HSA balance is so large....

Consider someone who just turned 65 and enrolled in Medicare parts A, B, and D. They are going to have the following monthly costs with an average life expectancy of about twenty years. $105 - $336 Medicare Part B (depending on income) $ 0 - $180 Medicare Supplement Plan F+ (High Deductible $2180/ye...
by Spirit Rider
Sun Feb 01, 2015 12:47 am
 
Forum: Investing - Theory, News & General
Topic: Is there a point when your HSA balance is so large....
Replies: 8
Views: 855

Re: Mistake on W2 question

I just tell my employer to withdraw a percentage each pay period which leads to 17500k over 26 pay periods. Is it not their responsibility than to make sure that I reach the max for the year and have my W2 say 17500k. Seems to me like it is their mistake. No, the company has no responsibility to ma...
by Spirit Rider
Sat Jan 31, 2015 10:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Mistake on W2 question
Replies: 16
Views: 626

Re: Filed your 2014 Federal Taxes yet?

I'm surprised to see so many Bogleheads to be in such a rush to file. After all, I know you didn't give Uncle Sam an interest free loan. I always try to owe a little bit each year, then I can wait to the end of March to even think about filing.
by Spirit Rider
Sat Jan 31, 2015 10:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Filed your 2014 Federal Taxes yet?
Replies: 48
Views: 2177

Re: Question regarding creating Solo401k for backdoor Roth

You do not need to open the Solo 401k while you are earning the self-employment revenue, nor do you need to make contributions during that time. You only have to do so in the same year and with the effective date before you received the revenue. You have until 12/31 to open the Solo 401k and until t...
by Spirit Rider
Sat Jan 31, 2015 8:33 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question regarding creating Solo401k for backdoor Roth
Replies: 5
Views: 238

Re: Excess HSA contribution - do I need new W2?

I seriously doubt they will waive the fee. If the 6% excise tax is less than the fee, you should just pay the excise tax. Just remember, that you need to deduct the excess from this years contribution.
by Spirit Rider
Sat Jan 31, 2015 12:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Excess HSA contribution - do I need new W2?
Replies: 8
Views: 349

Re: A Gift - tax consequences

On Form 709, you report the full $20k, claim the $14K annual exclusion, and the remaining $6K is applied against the lifetime gift exemption. No tax is due. HInvestor's suggestion of a loan is a good alternative. The short-term (<= 3 years) Applicable Federal Rate (AFR) is 0.48% for February. As HIn...
by Spirit Rider
Sat Jan 31, 2015 11:10 am
 
Forum: Personal Finance (Not Investing)
Topic: A Gift - tax consequences
Replies: 16
Views: 923

Re: A Gift - tax consequences

To fill in a couple blanks: I am not married...nor is the recipient. Can I give $6K to my brother or my mother and have them write a check covering 6K of the cost? So it's 14K coming directly from me...6K coming from my brother or mom (although I gave them the cash). This is still a constructive gi...
by Spirit Rider
Fri Jan 30, 2015 10:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: A Gift - tax consequences
Replies: 16
Views: 923

Re: HSA start date question

Correct, it is the service date that matters.
by Spirit Rider
Fri Jan 30, 2015 9:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA start date question
Replies: 2
Views: 200

Re: HSA not reflected on W2

Once again, it is possible the deductions are not done through payroll, but before payroll. Then it would not appear on a W-2. I think it boils down to whether you paid for it out of your compensation or not. My employer contributed to my HSA all on its own without affecting my compensation. That a...
by Spirit Rider
Fri Jan 30, 2015 11:06 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA not reflected on W2
Replies: 16
Views: 831

Re: what to do with 529 if you earn a scholarship?

529 Withdrawals to cover qualified expenses that are covered by scholarships are penalty free, but they are not tax-free. Withdrawals in those circumstances are taxed as ordinary income.
by Spirit Rider
Fri Jan 30, 2015 12:03 am
 
Forum: Investing - Help with Personal Investments
Topic: what to do with 529 if you earn a scholarship?
Replies: 22
Views: 1972

Re: Free checking account for irrevocable trust

I have an irrevocable trust membership at my credit union. There is no fee, but there is a minimum initial deposit of $25 which must remain in the account. However, they require a membership in good standing to open a trust account. Since I was a twenty year member, they did not quantify how long yo...
by Spirit Rider
Thu Jan 29, 2015 10:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Free checking account for irrevocable trust
Replies: 3
Views: 298

Re: Any reason NOT to buy treasuries individually?

zeugmite wrote:The $1000 increment really kills rebalancing, plus auctions don't happen every day right? Too much complication for not much gain.

Treasuries have had a minimum of $100 with a $100 increments since 2008
by Spirit Rider
Thu Jan 29, 2015 1:34 pm
 
Forum: Investing - Theory, News & General
Topic: Any reason NOT to buy treasuries individually?
Replies: 17
Views: 1430

Re: Age limit on IRA deduction

That's what I needed to know! Thank You. I'm setting up payroll to fund both their ROTH IRAs and SIMPLE IRAs maxed out. They will take about 4% out of each per year as RMDs. But I am assuming we cannot have a SIMPLE IRA and SEP IRA for our business...right? One or the other I'm assuming. For practi...
by Spirit Rider
Thu Jan 29, 2015 12:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age limit on IRA deduction
Replies: 24
Views: 1319

Re: Should mom transfer house title before dying or in will?

When non-spouses hold property in joint tenancy and one of the joint tenants dies, the entire value of the asset is included in his or her estate and gets a step-up basis. That's correct and in agreement with what I posted in two posts above. Repeating what I said earlier, put it in joint name and ...
by Spirit Rider
Thu Jan 29, 2015 12:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should mom transfer house title before dying or in will?
Replies: 51
Views: 3574

Re: Age limit on IRA deduction

My Dad and Mom age 70 work in our family business. We have a SIMPLE IRA for our 10 employees. Candy parents still receive any tIRA deduction for contributions to simple Ira or not? SIMPLE IRA is an employer sponsored plan, employee salary deferrals are not included in wages (W-2 box 1). The contrib...
by Spirit Rider
Thu Jan 29, 2015 12:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age limit on IRA deduction
Replies: 24
Views: 1319

Re: Should mom transfer house title before dying or in will?

I believe Gill is correct. For non-spouses, with joint tenacy, what matters is whose money was used to acquire the asset. My sister started a brokerage account with her money and titled it as a joint account with me. When she passed away the accountant said, because she provided 100% of the funds, I...
by Spirit Rider
Thu Jan 29, 2015 1:53 am
 
Forum: Personal Finance (Not Investing)
Topic: Should mom transfer house title before dying or in will?
Replies: 51
Views: 3574

Re: Age limit on IRA deduction

There is one additional possible use for a Roth IRA, assuming they have both the compensation and MAGI doesn't partially or fully exclude them. If they are not going to need the money in their lifetime, this could be used as a great legacy for grandchildren. The RMDs for inherited Roth IRAs are very...
by Spirit Rider
Wed Jan 28, 2015 9:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Age limit on IRA deduction
Replies: 24
Views: 1319

Re: natural gas wall heater?

dbCooperAir wrote:
dolphinsaremammals wrote:
I imagine the zone valves are in the crawl space :(

Many times they are under the baseboard heater covers on the end.

In every residential hydronic system I have seen, the zone valves are reasonably adjacent to the boiler.
by Spirit Rider
Mon Jan 26, 2015 11:50 pm
 
Forum: Personal Consumer Issues
Topic: natural gas wall heater?
Replies: 16
Views: 1089

Re: Solo 401(k) contribution timing

You can make profit sharing contributions based on actual income as it arrives or on pro-rated reasonably projected income. This last part is really helpful if your income is back-ended. It is wise to hold back a portion of contributions until the full amount is known. However, it is not the end of ...
by Spirit Rider
Mon Jan 26, 2015 4:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401(k) contribution timing
Replies: 3
Views: 348

Re: Get 17% in russian savings account?

Yeah, and I thought GM bonds were a pretty safe bet n 2008. After all, GM will never default. There is no Russian product other than energy. You do realize that they are only now starting to talk about insuring Russian bank deposits.

What could possibly go wrong.
by Spirit Rider
Mon Jan 26, 2015 3:56 pm
 
Forum: Investing - Theory, News & General
Topic: Get 17% in russian savings account?
Replies: 49
Views: 4452

Re: 400ft Driveway - How do I plow the snow?

Mine even has hand warmers, When I bought it I was thinking really who needs hand warmers on a snowblower, guess what, they are really nice :wink: You might not need them all the time, most of the time it snows when it is above 30. However, when it snows and it is very cold and/or windy, let me tel...
by Spirit Rider
Mon Jan 26, 2015 11:32 am
 
Forum: Personal Consumer Issues
Topic: 400ft Driveway - How do I plow the snow?
Replies: 66
Views: 4945

Re: What to do with Custodian Account

You can convert a non-529 UTMA account to a 529 UTMA account. This moves the assets from the child's asset to the parents assets, for financial aid purposes. 20% of student assets, but only 5.64% (or less) of parental assets are included in Expected Family Contribution (EFC).
by Spirit Rider
Sun Jan 25, 2015 10:19 pm
 
Forum: Investing - Help with Personal Investments
Topic: What to do with Custodian Account
Replies: 7
Views: 638

Re: Roth Solo 401(k) brokerage firms

Last time I checked these were the options

Vanguard, ETrade, TD Ameritrade, and T. Row Price allow Roth contributions
Fidelity and Schwab do not allow Roth contributions
by Spirit Rider
Sun Jan 25, 2015 4:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth Solo 401(k) brokerage firms
Replies: 5
Views: 266

Re: 400ft Driveway - How do I plow the snow?

In northern NE with a 350' driveway at about a 10% incline down from the road. First five years I used different plow guys. Went through three of them, they were just not dependable. I couldn't rely on them to have the driveway clear by the morning after a storm. Residential driveways are always sec...
by Spirit Rider
Sun Jan 25, 2015 4:25 pm
 
Forum: Personal Consumer Issues
Topic: 400ft Driveway - How do I plow the snow?
Replies: 66
Views: 4945

Re: Anyone still keep DVDs?

I never bought a DVD. Cheaper to rent, free at the library, and I don't watch a movie more than once.
by Spirit Rider
Sun Jan 25, 2015 3:42 pm
 
Forum: Personal Consumer Issues
Topic: Anyone still keep DVDs?
Replies: 27
Views: 1720

Re: Max 401k - What Next?! Backdoor Roth sounds complicated

Questions: given that we are beyond the Roth IRA income limits, what are our best options for growing our retirement funds? I have read about the backdoor Roths, but haven't gotten comfortable enough to do it yet? Are there any risks? Is it 100% legit? Is it messy from a tax preparation perspective...
by Spirit Rider
Sat Jan 24, 2015 1:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Max 401k - What Next?! Backdoor Roth sounds complicated....
Replies: 18
Views: 1697

Re: Physician Independent contractor - LLC vs S corp vs othe

Essentially the same advice I got from my CPA except the part about 401K vs SEP. I was thinking of solo 401K because if I have SEP then I may not be able to do the backdoor Roth. But then I read about the mega backdoor Roth, so now that has me thinking to go with the SEP Hope this helps. The solo 4...
by Spirit Rider
Fri Jan 23, 2015 6:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4218

Re: Credit card FICO, is it a gimmick? EMV+sign, useful?

There is lots of good information in previous posts. Here are the sources of different free credit card scores I have: Barclay's: Transunion FICO 08 Classic, range 300 - 850 Capital One: TransUnion FICO 04 Classic, range 300 - 850 Citibank: Equifax FICO 08 Bank Card, range 250 - 900 Discover: Transu...
by Spirit Rider
Fri Jan 23, 2015 2:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Credit card FICO, is it a gimmick? EMV+sign, useful?
Replies: 20
Views: 1706

Re: Physician Independent contractor - LLC vs S corp vs othe

A sole proprietor can get an EIN, but they must still fill out the W-9 with their SSN. I don't think that's correct. My reading of the instructions is that the IRS prefers sole proprietors use their SSN on a W9, but doesn't require it. Is there another reg that says sole proprietors MUST use their ...
by Spirit Rider
Fri Jan 23, 2015 1:43 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4218

Re: Physician Independent contractor - LLC vs S corp vs othe

...3 once I obtain TIN. do I still have to fill out my SS# on the box provided on W9? 3 Yes, The main reasons for obtaining an EIN even though you have no statutory employees is that you need it for the Solo 401k from most providers and to open business bank accounts I would have guessed that the a...
by Spirit Rider
Fri Jan 23, 2015 11:19 am
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4218

Re: Silly to consider buying a home because of interest rate

Depending on the seller's mortgage (if they have one), whether the rate is favorable, and how much cash you have, you might be able to assume their loan. Of course, you shouldn't count on that. Good luck with that. With the exception of FHA, VA and maybe some other government backed mortgages, almo...
by Spirit Rider
Wed Jan 21, 2015 10:06 pm
 
Forum: Personal Finance (Not Investing)
Topic: Silly to consider buying a home because of interest rates?
Replies: 29
Views: 2784

Re: Can I do a Solo 401k ?

The partnership is probably too small for a cost effective 401k plan at either Vanguard or Fidelity, but it is certainly a candidate for Employee Fiduciary.

Another option is a Simple IRA through Vanguard or Fidelity.
by Spirit Rider
Wed Jan 21, 2015 8:56 am
 
Forum: Personal Finance (Not Investing)
Topic: Can I do a Solo 401k ?
Replies: 9
Views: 724

Re: HSA Decision/Confusion

In terms of reimbursements, as I understand it, either spouse can withdraw funds from their HSA to reimburse qualified medical expenses that were incurred by any family member that's covered by a qualified HDHP . Actually, distributions for qualified expenses are more permissive than this. If any s...
by Spirit Rider
Tue Jan 20, 2015 11:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Decision/Confusion
Replies: 5
Views: 605

Re: Can I do a Solo 401k ?

This is way above my pay grade which is $0. So consider it just an opinion for what it is worth. However, it would seem to me that this would not be allowed. I would think the partnership and the three S-Corps are a control group. Otherwise anyone could use this technique to avoid one of the basic t...
by Spirit Rider
Tue Jan 20, 2015 8:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Can I do a Solo 401k ?
Replies: 9
Views: 724

Re: SEP-IRAs, Solo 401k plans, and Backdoor Roth Contributio

You may be on shaky ground opening a Solo 401K without current SE income. Is it possible your current employer will accept rollovers into their 401K? I can certainly check that. Did not think of that alternative. Thanks. pshonore is correct. I missed that, my reading compression was off, I was thin...
by Spirit Rider
Tue Jan 20, 2015 6:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: SEP-IRAs, Solo 401k plans, and Backdoor Roth Contributions
Replies: 13
Views: 727

Re: SEP IRA Eligibility

Does an employee need to be employed on 12/31 to receive a SEP contribution for the year? My wife has worked part-time since the birth of our first child 2 years ago. With the birth of our second child, she quit working in fall 2014. She meets each of the IRS requirements in Publication 560 for a S...
by Spirit Rider
Tue Jan 20, 2015 4:01 pm
 
Forum: Investing - Help with Personal Investments
Topic: SEP IRA Eligibility
Replies: 1
Views: 154

Re: SEP-IRAs, Solo 401k plans, and Backdoor Roth Contributio

Answering you questions not as a tax accountant or attorney, nor any other related profession, rather as a Reasonably Knowledgeable Individual (RKI). 1) Yes, you can do a backdoor Roth contribution. Note: As has been mentioned in earlier posts, this will be a 2014 non-deductible tIRA contribution fo...
by Spirit Rider
Tue Jan 20, 2015 3:49 pm
 
Forum: Investing - Help with Personal Investments
Topic: SEP-IRAs, Solo 401k plans, and Backdoor Roth Contributions
Replies: 13
Views: 727

Re: HSA Decision/Confusion

Hello all, thanks for your help. This is the best board I have ever seen for thoughtful, help answer. Thank you for that. Background, wife and I work for the same MegaCorp, and are both paid about the same. It's very conceivable we can flip flop as the high earner in future years. MegaCorp has an i...
by Spirit Rider
Tue Jan 20, 2015 3:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Decision/Confusion
Replies: 5
Views: 605

Re: Physician Independent contractor - LLC vs S corp vs othe

A bit more clarification to other posters. The $53K profit sharing can only be achieved if Gemini has more than $200K Income on his sole proprietor company. Since he cannot do employee contributions and all the Solo 401k contributions are profit sharing, he can reach that limit only if the side bus...
by Spirit Rider
Tue Jan 20, 2015 3:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4218

Re: Physician Independent contractor - LLC vs S corp vs othe

Had another question: Opting for a single owner LLC essentially means the LLC is disregarded. Assuming one goes through the IRS website and follows the prompts and selects LLC - and then gets an EIN for a single member LLC. What happens in this case with filling out a W9 and an EIN with a single me...
by Spirit Rider
Tue Jan 20, 2015 2:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4218

Re: What counts as "saving"?

Paying off debt reduced both your assets and liabilities , thus have no impact on your net worth, thus it is not saving nor spending. I am not going to get into the debate whether paying off debt is savings or not (It is starting to resemble a political or religious debate of zealots) However, your...
by Spirit Rider
Tue Jan 20, 2015 11:16 am
 
Forum: Personal Finance (Not Investing)
Topic: What counts as "saving"?
Replies: 128
Views: 6775

Re: 50K+ Annual Roth IRA Contributions?

One thing to keep in mind is that the mega backdoor Roth IRA is based on after-tax contributions (not to be confused with Roth deferrals) and a limited application of in-service rollover rules. The main effect of the recent IRS notice is to give guidance that after-tax contributions and pre-tax earn...
by Spirit Rider
Mon Jan 19, 2015 11:03 pm
 
Forum: Investing - Theory, News & General
Topic: 50K+ Annual Roth IRA Contributions?
Replies: 25
Views: 2857

Re: What counts as "saving"?

Paying off debt reduced both your assets and liabilities , thus have no impact on your net worth, thus it is not saving nor spending. I am not going to get into the debate whether paying off debt is savings or not (It is starting to resemble a political or religious debate of zealots) However, your...
by Spirit Rider
Mon Jan 19, 2015 10:18 pm
 
Forum: Personal Finance (Not Investing)
Topic: What counts as "saving"?
Replies: 128
Views: 6775

Re: Convince me not to incorporate in Delaware

Whenever I see a post where someone want others to convince them not to do something, it irritates me to no end. Why don't you present a compelling case on why the incorporation should happen in Delaware? Then, we can critique it
by Spirit Rider
Sun Jan 18, 2015 12:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Convince me not to incorporate in Delaware
Replies: 10
Views: 978

Re: How Long Do You Keep Tax Records?

The IRS requires IRA records to be kept forever. Why? What's the worst that could happen if I have no such records? You get taxed on distributions that you shouldn't have. You potentially get taxed on distributions that should be tax-free. An analogy, is that if you don't have records of stock purc...
by Spirit Rider
Sun Jan 18, 2015 12:09 am
 
Forum: Personal Finance (Not Investing)
Topic: How Long Do You Keep Tax Records?
Replies: 28
Views: 2417

Re: Zero percent credit card balance transfer question

Update- I spoke to Barclay Card and they informed me that I can continue using the card even after having done a zero percent balance transfer because any time I make a payment, the payment will be applied first to whatever charges would have a higher interest rate. So, this seems as it should be. ...
by Spirit Rider
Sat Jan 17, 2015 8:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: Zero percent credit card balance transfer question
Replies: 7
Views: 741

Re: Physician Independent contractor - LLC vs S corp vs othe

Thanks for the clarification. So I can potentially put away 53k in my employed 401k, 53k in my solo 401k via 1099 and continue my annual 5.5k backdoor Roth contributions via a traditinal IRA. Correct? Yes Unless I am misunderstanding, this that this actually not true. The total elective deferral li...
by Spirit Rider
Sat Jan 17, 2015 7:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Physician Independent contractor - LLC vs S corp vs other
Replies: 77
Views: 4218

Re: Is $50 oil really the norm?

This is like asking is 2000 S&P the new norm. Anyone who says they know are lying or are delusional. In fact commodities are more unpredictable than the stock market.
by Spirit Rider
Sat Jan 17, 2015 12:27 pm
 
Forum: Investing - Theory, News & General
Topic: Is $50 oil really the norm?
Replies: 41
Views: 3511
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