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Re: Maximum deferrals for working 3 months?

Just a note: You maximum contribution is somewhat variable. It is really 100% of your net income, less if a company has a lower % of gross income. If you are getting all of you net income there would be no income tax withholding. If you have HSA contribution that would also reduce your FICA withhold...
by Spirit Rider
Tue Sep 02, 2014 6:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Maximum deferrals for working 3 months?
Replies: 4
Views: 176

Re: HSA pre-tax contribution rules

Also wondering, when you file taxes, do you have to itemize each HSA paycheck contribution/date/amount of pre-tax contributions? You do not separately report the amounts contributed by your employer or payroll deduction. That total combined amount is reported on your W-2 box 12W. You only report yo...
by Spirit Rider
Tue Sep 02, 2014 6:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA pre-tax contribution rules
Replies: 18
Views: 1109

Re: HSA pre-tax contribution rules

You still have four months to get approximately 1/3 of your max contribution by payroll deduction. Why wouldn't you do that rather than all as a separate contribution?

It is as simple as form 8889 and line 25 on form 1040.
by Spirit Rider
Tue Sep 02, 2014 5:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA pre-tax contribution rules
Replies: 18
Views: 1109

Re: Brokerage account for kids. Fidelity or TDAmeritrade

I agree with you on that is what the site says, but I have chatted with two different reps and got the same answer Douglas XXX: There is not a set minimum to open a brokerage account. There are different minimums for some investments. What are you looking to invest in? Andy XXX: Looking at doing so...
by Spirit Rider
Mon Sep 01, 2014 8:27 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1004

Re: Brokerage account for kids. Fidelity or TDAmeritrade

Spirt Rider - Fidelity is telling me that the $2,500 minimum is only if I want to purchase mutual funds. They say for stocks and ETFs there is no minimum. There is a difference between account opening minimum and trading minimums. What you are describing are the trading minimums. The minimal amount...
by Spirit Rider
Mon Sep 01, 2014 5:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1004

Re: Best tax return software for freelancer?

All of the top three TurboTax, TaxCut, and TaxAct are all capable, given your circumstances. They all have wizards and/or Q&A that do a good job of automating your tax return. However, none of them can help you know what you don't know. As other replies have stated, tax software is not a magic b...
by Spirit Rider
Mon Sep 01, 2014 4:52 pm
 
Forum: Personal Finance (Not Investing)
Topic: Best tax return software for freelancer?
Replies: 5
Views: 402

Re: Paper or plastic?

And because they stank, they were kept outside. Occasionally, raccoons or possums would visit, knock over the cans and scatter the trash all over the yard. Then there were the maggots in the summer. Good times. Ah, the memories and joys of childhood. We didn't have Garbage Men, we had a garbage dum...
by Spirit Rider
Mon Sep 01, 2014 1:16 pm
 
Forum: Personal Consumer Issues
Topic: Paper or plastic?
Replies: 63
Views: 2484

Re: Brokerage account for kids. Fidelity or TDAmeritrade

Fidelity might not be a viable option, given your purpose. Here are comparisons of the minimums: TD Ameritrade Custodial Brokerage Account $0, $50 min for electronic Standard Brokerage Account $0, $50 min for electronic Schwab Custodial Brokerage Account $100 Standard Brokerage Account $1000 Fidelit...
by Spirit Rider
Mon Sep 01, 2014 12:13 pm
 
Forum: Investing - Help with Personal Investments
Topic: Brokerage account for kids. Fidelity or TDAmeritrade
Replies: 19
Views: 1004

Re: HSA pre-tax contribution rules

You can withdraw excess contributions without penalty by the due date of your return; any associated earnings will be taxed. True, but the HSA people may charge a processing fee. For instance HSA Bank charges $25 for this service. But an excess returned to you goes on Line 21 of Form 1040. Astute t...
by Spirit Rider
Mon Sep 01, 2014 11:01 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA pre-tax contribution rules
Replies: 18
Views: 1109

Re: HSA pre-tax contribution rules

However, company percentage matching contributions for HSAs are rare. Most employers who contribute to an HSA will make a fixed contribution every pay period, so you can make a lump-sum contribution for the difference, or load your contributions over a shorter period of time. It's more common for a...
by Spirit Rider
Mon Sep 01, 2014 12:19 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA pre-tax contribution rules
Replies: 18
Views: 1109

Re: disconcerting insurance company downgrade

How do I find a decent insurance company that will *stay* highly rated? I don't want to be switching insurance policies again in less than a year! This is an unusual occurrence. I also, had Tower insurance. However, my agent told me before the last renewal that they had paid a disproportionate perc...
by Spirit Rider
Sun Aug 31, 2014 10:57 am
 
Forum: Personal Finance (Not Investing)
Topic: disconcerting insurance company downgrade
Replies: 18
Views: 1472

Re: HSA pre-tax contribution rules

This is a function of the company policies and their payroll processing. You could certainly check with HR, but it might not be possible. Company HSA contributions are very often contingent on employee contributions in the pay period. So a company might use the method you describe to ensure that con...
by Spirit Rider
Sat Aug 30, 2014 10:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA pre-tax contribution rules
Replies: 18
Views: 1109

Re: ACH transfers

NPR's Planet Money had a great show last year about the history and mechanics of ACH: http://www.npr.org/blogs/money/2013/10/04/229224964/episode-489-the-invisible-plumbing-of-our-economy I'd recommend it if you want to know how ACH works in the US, and how other countries do it (often better). Des...
by Spirit Rider
Sat Aug 30, 2014 2:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: ACH transfers
Replies: 14
Views: 992

Re: Excess RMD

An RMD means you are just moving funds from one pocket to another with an income tax toll being extracted from the transfer. You can just invest it the same way it was before the withdrawal. Gill Except, it is generally better to take into account tax efficiencies. Adjust allocations to place more ...
by Spirit Rider
Sat Aug 30, 2014 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Excess RMD
Replies: 19
Views: 951

Re: Vanguard Small Business SEP-IRA Questions

Given the small number of employees (at least in the short term), you might consider a SIMPLE IRA. This adds an employee deferral of up to $12K currently and only requires a 3% match. You are certainly able to increase the match. This allows the principals to contribute more without having the busin...
by Spirit Rider
Fri Aug 29, 2014 11:05 am
 
Forum: Personal Finance (Not Investing)
Topic: Vanguard Small Business SEP-IRA Questions
Replies: 2
Views: 164

Re: Gas station etiquette

I subscribe to "an open pump is an open pump" My fuel filler is on the driver's side. I would (and have), pulled past B then A like you. However, since the filler is now on the wrong side, I would turn toward the exit, then back up and pull up to the pump the other way. then when done, bac...
by Spirit Rider
Thu Aug 28, 2014 5:11 pm
 
Forum: Personal Consumer Issues
Topic: Gas station etiquette
Replies: 46
Views: 2838

Re: HSA - how to decide if it is worth it?

What is intriguing is reading that it is a health care "trust" that descendants can use - that sounds really useful. It only remains an HSA when it is inherited by a spouse. If inherited by a non-spouse (including linear descendants), it ceases to be an HSA and is taxed as ordinary income...
by Spirit Rider
Wed Aug 27, 2014 11:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA - how to decide if it is worth it?
Replies: 14
Views: 984

Re: Husband rear-ended, driver ignoring his insurance

That's not correct. The deductible applies regardless of who is at fault, unless you elected Waiver of Collision Deductible, and the other driver is uninsured or in hit-and-run cases, in which case you don't have to pay the deductible. If you want to recover the deductible and the other party is at...
by Spirit Rider
Tue Aug 26, 2014 9:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Husband rear-ended, driver ignoring his insurance
Replies: 44
Views: 4936

Re: Invest in my company's HSA or another?

Even with those high expense ratios, I would direct your contributions by payroll deduction to your company HSA. The SS max wage base is $117K for 2014, so you are getting close to where you won't benefit from the SS portion of the FICA deduction. Then you can do one indirect rollover/12 months to a...
by Spirit Rider
Mon Aug 25, 2014 11:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: Invest in my company's HSA or another?
Replies: 2
Views: 291

Re: Spouse contribution to solo 401(k) - need to be employee

You would have to be either an employee or a co-owner. Otherwise there is no relationship to the business. No , there is no such thing as a spousal solo 401k contribution. If you do not want to be an employee, the co-ownership (and tax filing) would not have to have the complexity of a partnership o...
by Spirit Rider
Tue Aug 19, 2014 11:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Spouse contribution to solo 401(k) - need to be employee?
Replies: 2
Views: 338

Re: HSA Questions

Just want to make sure because we end up coming out very slightly ahead with standard deductions over itemizing. This caught my eye. Such a situation calls for bunching of deductions into every other year, so one year you do the standard deduction and the next year you itemizing because you have do...
by Spirit Rider
Tue Aug 19, 2014 1:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Questions
Replies: 10
Views: 767

Re: Help with solo 401k

However, as a doctor there are additional concerns considering asset protection. A Solo 401k is not a ERISA plan. So while it has full federal bankruptcy protection, it is subject to state law with regards to creditors in other situations. This is highly dependent on your particular state. So, I wou...
by Spirit Rider
Mon Aug 18, 2014 8:03 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with solo 401k
Replies: 15
Views: 978

Re: Going from W-2 to 1099

Fidelity allows rollovers, but does not have a Roth option What do you mean by "Roth option"? After doing some research over the past hour, it appears you can do a backdoor Roth IRA with any solo 401k plan, regardless of the custodian. A back door Roth IRA has nothing really to do with a ...
by Spirit Rider
Mon Aug 18, 2014 1:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Going from W-2 to 1099
Replies: 27
Views: 1794

Re: Online property tax payment lost

The terms and conditions from every bill pay system I have used has specifically cautioned against using bill pay for tax payments. Some of them have explicitly exempted tax payments from their payment guarantees. For example, here is the relevant section from Bank of America's Service Agreement: E....
by Spirit Rider
Sun Aug 17, 2014 11:39 pm
 
Forum: Personal Finance (Not Investing)
Topic: Online property tax payment lost
Replies: 23
Views: 1398

Re: Help with solo 401k

To make things more complex, Can I do followings: Not to maximize my current employer's 401k, lets say I put 10000 in current employer's 401k Therefore now can I put 20% of 1099 income to individul 401 k ( employer contribution) and 7.5k as employee contributon to roth individual 401k ? So the tota...
by Spirit Rider
Sun Aug 17, 2014 9:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with solo 401k
Replies: 15
Views: 978

Re: Help with solo 401k

1. Is opening and maintaining a solo 401K more complex than a SEP IRA ? 2. Should I open the solo 401k in Fidelity instead of vanguard? ( as it has more option for future ) 3. Is tax filing of solo 401k very complex ? I have been doing my own tax so far. Will I be needing a CPA due to addition of s...
by Spirit Rider
Sun Aug 17, 2014 3:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Help with solo 401k
Replies: 15
Views: 978

Re: Verizon Rewards - worth signing up?

I too have about 40K points. However, the rewards are just about useless. I can get equal or better deals without the rewards on everything I checked.
by Spirit Rider
Fri Aug 15, 2014 11:28 am
 
Forum: Personal Consumer Issues
Topic: Verizon Rewards - worth signing up?
Replies: 11
Views: 1796

Re: Why is a back door Roth necessary

I would suggest the reason they do not remove the Roth income limits is tax revenue. Yes, backdoor Roth's are discussed here and are known to a certain segment of the populace. However, the whole reason for removing the income limits on Roth conversions in 2010 was to accelerate revenue collection. ...
by Spirit Rider
Fri Aug 15, 2014 11:16 am
 
Forum: Personal Finance (Not Investing)
Topic: Why is a back door Roth necessary
Replies: 6
Views: 872

Re: Going from W-2 to 1099

Thanks for the information. Does anyone know if Vanguard has a solo 401k program? And is it common for solo 401k plans to allow you to rollover your prior 401k into the solo one? Yes, Vanguard has a Solo 401k. However, they do not allow rollovers. Fidelity allows rollovers, but does not have a Roth...
by Spirit Rider
Thu Aug 14, 2014 8:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Going from W-2 to 1099
Replies: 27
Views: 1794

Re: Solo 401k-Wife Question

The maimum 2014 Solo 401k contributions for a sole proprietor are subjet to the lowest of the following limits: Self-employment income, which is net profit - 1/2 SE tax. Employment deferral max 2014 = $17,500. Profit sharing max 20% of self-employemnt income, but not more than $52K - employee deferr...
by Spirit Rider
Thu Aug 14, 2014 4:15 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401k-Wife Question
Replies: 4
Views: 335

Re: HSA Help - Time Required and Maximum Contribution

Assume HSA payroll deductions are available through employer. I am not an expert on SS but I think the decrease in SS benefit after 65 is very less compared to the tax benefit one gets right now for a person with income of say more than 50k. SS tax rate is 6.2%. If the OP contributed the max allowe...
by Spirit Rider
Thu Aug 14, 2014 4:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Help - Time Required and Maximum Contribution
Replies: 6
Views: 558

Re: HSA Help - Time Required and Maximum Contribution

Yes, but... Under the last month rule , you are able to make the full contribution for the year if you are an eliblible individual on the first day of the last month of the tax year (Dec. 1 for most). However, you must remain eligible for the testing period (12/1 to 12/31 of the following year). If ...
by Spirit Rider
Wed Aug 13, 2014 2:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Help - Time Required and Maximum Contribution
Replies: 6
Views: 558

Re: Can I open a Solo 401k plan with no income?

I should have been more clear. I already secured an EIN (and she already has business credit cards) and it would be easy to show she has the intent to make money. She is a technical writer by trade and there are plenty of freelance, piece work type jobs out there for her expertise level she can bid...
by Spirit Rider
Wed Aug 13, 2014 11:52 am
 
Forum: Investing - Help with Personal Investments
Topic: Can I open a Solo 401k plan with no income?
Replies: 15
Views: 1374

Re: Can I open a Solo 401k plan with no income?

In order to open a Solo 401k,you must be self-employed. That means you carry on a trade or business in good faith with the intent to make a profit. The amount of income (revenue - expenses) is not important if it is supplemental to the family total income. A knowlegable and conservative CPA told me ...
by Spirit Rider
Tue Aug 12, 2014 1:48 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can I open a Solo 401k plan with no income?
Replies: 15
Views: 1374

Re: Transition from 401k to SEP

Last week, I persuaded my boss to end a crummy Paychex/Fidelity 401(k) and make the switch to SEP. So... what's next? What do I need to know in order to intelligently extract myself from Fidelity shift my money into a Vanguard TDF? Very grateful for any advice. Why would you want an employer to swi...
by Spirit Rider
Sun Aug 10, 2014 2:22 am
 
Forum: Investing - Help with Personal Investments
Topic: Transition from 401k to SEP
Replies: 1
Views: 182

Re: Solo 401K Questions

A lot of this information is in direct contradiction to what an accountant/retirement planner just told me. Here are his words: The best way to accomplish what you need is: pay her a W-2 for slightly more than her deferral amount, then allow her to defer the maximum (I don't know if you are over/un...
by Spirit Rider
Thu Aug 07, 2014 5:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401K Questions
Replies: 10
Views: 876

Re: Should I close this credit card with Annual fee

I have a Macys store credit card from early 2010 (not sure if store cards count though) Have you ever looked at a free credit report? Macy's will be there. It will have a name like MCYDSNB, which might stand for Macys Department Store National Bank. You get a mark even for months when you don't cha...
by Spirit Rider
Sat Aug 02, 2014 9:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Should I close this credit card with Annual fee
Replies: 20
Views: 1982

Re: Solo 401K Questions

Here are two possible issues. 1. 401K employer contributions need to be the same percentage for each employee. Even though this is a Solo 401k, I believe this still applies to your wife. So you can not be taking all of the profit sharing max. 2. W2 employee deferrals can not be taken out of compensa...
by Spirit Rider
Sat Aug 02, 2014 9:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401K Questions
Replies: 10
Views: 876

Re: Is Medigap insurance really needed?

The two key points have been made separately by previous posters. Combining them shows that it is penny-wise and pound=foolish to go without any Medigap or Medicare Advantage coverage. 1. Medigap premiums can be medically underwritten if you do not enroll during your open enrollment period. Chronic ...
by Spirit Rider
Sat Aug 02, 2014 7:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is Medigap insurance really needed?
Replies: 83
Views: 4176

Re: credit card 0% teasing rate question

rrppve wrote:
placeholder wrote:Are you sure because I thought recent legislation requires above the minimum payment go to the highest interest rate debt.

+1

+2

Card Act of 2009
by Spirit Rider
Fri Aug 01, 2014 2:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: credit card 0% teasing rate question
Replies: 8
Views: 495

Re: Misleading information on tax loss harvesting wiki artic

Wash-Sale Rule - Investopedia The key is “substantially identical” - different share classes of TSM are “substantially identical”, so your example above would be a wash sale if performed within 31 days of the original sale. Going from Vanguard TSM to, say, Schwab Total Stock Market Index would also...
by Spirit Rider
Thu Jul 31, 2014 11:11 am
 
Forum: Investing - Theory, News & General
Topic: Misleading information on tax loss harvesting wiki article
Replies: 34
Views: 1475

Re: Question: Inheritance and Financial Aid

I believe that for FASFA, if the mother's income is low enough to qualify for certain needs based programs, then the EFC-FM is an automatic $0. In this case under normal circumstances there was no student contribution to the EFC-FM. Now whether this applies to substantial assets, I do not know. In t...
by Spirit Rider
Tue Jul 29, 2014 1:14 am
 
Forum: Investing - Help with Personal Investments
Topic: Question: Inheritance and Financial Aid
Replies: 12
Views: 581

Re: Question: Inheritance and Financial Aid

Assets held by the student have the greatest detrimental effect on the Expected Family Contribution (EFC). There are three EFC methodologies; Federal Methodology (FM), Institutional Methodology (IM) and Consensus Methodology (CM). There are two account types could possibly help one or more of the me...
by Spirit Rider
Mon Jul 28, 2014 11:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Question: Inheritance and Financial Aid
Replies: 12
Views: 581

Re: Inherited accounts

Can the beneficiary change the beneficiaries if the will stipulates something different? (So that a beneficiary wouldn't have to redistribute funds after receiving the inheritance) If the beneficiary has not taken any distributions, the beneficiary can disclaim within 9 months of the death of the d...
by Spirit Rider
Mon Jul 28, 2014 1:40 am
 
Forum: Personal Finance (Not Investing)
Topic: Inherited accounts
Replies: 42
Views: 2192

Re: Is tax deferment overvalued?

I don't know how to quantify this, but there is a significant benefit that there are no transactional tax costs. This allows you to rebalance and adjust asset allocations without cost.
by Spirit Rider
Sun Jul 27, 2014 12:38 am
 
Forum: Personal Finance (Not Investing)
Topic: Is tax deferment overvalued?
Replies: 20
Views: 2488

Re: 401k Failed Discrimination Testing- What Do I Do?

I had this happen to me before several years ago. Unless things have changed, I thought the were required to do this by March 15th
by Spirit Rider
Sat Jul 26, 2014 9:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: 401k Failed Discrimination Testing- What Do I Do?
Replies: 6
Views: 1091

Re: $250K reporting question for multiple Solo 401k plans

Spirit Rider wrote:NOTE: Since the self-employed is by definition both employee and employer, this would be a controlled group and the 415c annual addition limits (2014 = $52K) would apply across all elf-employed plans.

I should correct this and state that this applies to human plans also.
by Spirit Rider
Sat Jul 26, 2014 8:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: $250K reporting question for multiple Solo 401k plans
Replies: 7
Views: 811

Re: $250K reporting question for multiple Solo 401k plans

Yes, an individual can have more than one Solo 401k plan, but not more than one Solo 401k plan per employer. If you have more than one self-employed employer, you would need separate plans to use that compensation as a basis for contributions. NOTE: Since the self-employed is by definition both empl...
by Spirit Rider
Sat Jul 26, 2014 3:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: $250K reporting question for multiple Solo 401k plans
Replies: 7
Views: 811

Re: Verizon Issue advice

Sorry to hear about your mother. The billing sounds correct to me. Verizon, like most communications companies 'bills in advance'. The bill for 3/20-4/20 was probably issued on 3/20 with and payment due approx 30 days later hence the ACH withdrawal on 4/16. The bill for 4/20-5/20 would have been is...
by Spirit Rider
Fri Jul 25, 2014 6:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Verizon Issue advice
Replies: 16
Views: 1279

Re: Treasury Direct--just blowing off steam

It is NOT that mistake that set me off. What steamed me is 1) an online form that offers to let you enter a message, but --doesn't let you use three perfectly good punctuation characters in the message, --doesn't warn you in advance when you are entering the message, which is when you need to know ...
by Spirit Rider
Fri Jul 25, 2014 5:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Treasury Direct--just blowing off steam
Replies: 58
Views: 4192
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