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Re: IRA Contribution Question and Age

I used to worry about the SS taxation, but the more I understand and project, I am going to get hit with it no matter what. One thing to be aware of is that the income limits are not indexed to inflation. They are the same amounts that were applied the first year. If you consider that 1/2 of your so...
by Spirit Rider
Sun Nov 23, 2014 3:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: IRA Contribution Question and Age
Replies: 17
Views: 1474

Re: Possible to exchange one Amex card for another?

Just be aware that getting a human review of your available unsecured debt can result in an adverse action. For example, if you really don't have the income or can't justify the need for that many cards or that much unsecured debt from one issuer. Especially with AMEX, this could trigger the dreaded...
by Spirit Rider
Sun Nov 23, 2014 3:13 pm
 
Forum: Personal Finance (Not Investing)
Topic: Possible to exchange one Amex card for another?
Replies: 7
Views: 782

Re: Need help to maximize my tax deductions (SEP/IRA)

I'm not sure if you just addressed a point I've been trying to figure out with all of this. Can I open a solo 401k by December 31, and contribute to both it and my sep-Ira this tax year? Or can you only contribute to one or the other? From the IRS, SEP Plan FAQs - Establishing a SEP If I have a SEP...
by Spirit Rider
Sun Nov 23, 2014 12:47 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need help to maximize my tax deductions (SEP/IRA)
Replies: 5
Views: 503

Re: Need help to maximize my tax deductions (SEP/IRA)

Technically, a SEP IRA is a contribution not an account. So called SEP IRA accounts at various custodians are an administrative convenience. They allow contributions up to the 415 limit, where traditional IRA accounts typically limit you to the IRA contribution limits. There is nothing in IRS regula...
by Spirit Rider
Sat Nov 22, 2014 10:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need help to maximize my tax deductions (SEP/IRA)
Replies: 5
Views: 503

Re: New Refrig with Icemaker. Filter?

Also, refrigerator filters have become a racket like printer cartridges. Over their life, you can spend more on the filters than you did on the refrigerator. An in-line filter can cost less than half as much and last up to ten times longer.
by Spirit Rider
Sat Nov 22, 2014 5:56 pm
 
Forum: Personal Consumer Issues
Topic: New Refrig with Icemaker. Filter?
Replies: 7
Views: 700

Re: Carrying alternatives for phone, credit cards, money

I don't have any solution for the phone. However, for everything else (misleading term), I use a combined money clip/CR80 card holder. I carry two credit cards, one debit card, and my drivers license (the limit is four).
by Spirit Rider
Fri Nov 21, 2014 3:17 pm
 
Forum: Personal Consumer Issues
Topic: Carrying alternatives for phone, credit cards, money
Replies: 16
Views: 1080

Re: After-tax Solo 401k Custodians

If you find a mainstream custodian let us know. Many of us have just even hoped for in-service rollovers.

Your only option at this point is a custom plan through a TPA.
by Spirit Rider
Fri Nov 21, 2014 11:39 am
 
Forum: Investing - Help with Personal Investments
Topic: After-tax Solo 401k Custodians
Replies: 7
Views: 614

Re: GAO Concerned your IRA may be too big!

What I found amazing is just how few IRA accounts are >= $5M. The GAO reported that there were just a little over 9K. Assume a 4% withdrawal rate which many people consider in today's environment to be aggressive. That would yield an initial withdrawal amount of $200K. If we also allow for the retir...
by Spirit Rider
Fri Nov 21, 2014 10:17 am
 
Forum: Personal Finance (Not Investing)
Topic: GAO Concerned your IRA may be too big!
Replies: 25
Views: 2756

Re: Can Non-Tax Filers Contribute to IRA?

Most of the mainstream tax software will not file a return if there is no taxable income and there is no withholding to be refunded (or met any of the other requirements). Even the IRS free file system will not accept returns with those features. Ask me how I know. I attempted to help someone else d...
by Spirit Rider
Thu Nov 20, 2014 10:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: Can Non-Tax Filers Contribute to IRA?
Replies: 12
Views: 1229

Re: Funding Solo 401k

Assuming you use a cash method an not an accrual method of accounting. You can not use the $16K until constructively received. However, it is not an all or nothing choice between your W2 401k and your Solo 401k. You should be using your W2 401k up to any company match. Also, there is a little known ...
by Spirit Rider
Thu Nov 20, 2014 1:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: Funding Solo 401k
Replies: 2
Views: 215

Re: Light Bulb Question

For the past 2 weeks our Costco had Feit 60w equivalent LED's 3 for $6 with a utility rebate at the front so no mail fuss. I would not bother with the florescent lamps in the OP unless you really have a good reason. CFL's are brighter than LED's and I am not paying 15 dollars per bulb (vs $2) unles...
by Spirit Rider
Wed Nov 19, 2014 8:05 pm
 
Forum: Personal Consumer Issues
Topic: Light Bulb Question
Replies: 66
Views: 4511

Re: in-service rollovers from Roth Solo 401(k)s?

No, there is not any time provision for Roth 401k contributions to be removed before 59 1/2 penalty free. Even if in-service rollovers were allowed, by IRS regulations, employee deferrals can not be withdrawn prior to 59 1/2. Also, I am unaware of any mainstream Solo 401k provider who allows in-serv...
by Spirit Rider
Wed Nov 19, 2014 7:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: in-service rollovers from Roth Solo 401(k)s?
Replies: 2
Views: 431

Re: Does Fidelity allow Real Estate investments?

Investing in rental real estate is not something any of the fund companies or brokers are going to allow. For that matter, you are not going to be able to invest in anything that is not fund shares or marketable securities. Personally, I think all of this search for illiquid alternate investments is...
by Spirit Rider
Wed Nov 19, 2014 7:22 pm
 
Forum: Personal Finance (Not Investing)
Topic: Does Fidelity allow Real Estate investments?
Replies: 9
Views: 1135

Re: Actual experience with California probate court?

I do not have any experience in CA, only in NH a small low regulation state. Since this is Bogleheads.org, I will borrow an economic term to describe the probate process as Laissez-faire. Unfortunately, I have been an executor several times now. Do a good job once that nobody wants to do and everybo...
by Spirit Rider
Tue Nov 18, 2014 11:35 pm
 
Forum: Personal Finance (Not Investing)
Topic: Actual experience with California probate court?
Replies: 8
Views: 833

Re: New teenage driver - which car for insurance

A large SUV is a lot of vehicle for a new teenage driver. I would choose one of the other vehicles.
by Spirit Rider
Tue Nov 18, 2014 9:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: New teenage driver - which car for insurance
Replies: 31
Views: 2198

Re: HSA and FICA Taxes

So unless it is specifically a cafeteria plan as defined by the IRS, you pay FICA on it. I know that my employer allows me to adjust my contributions at any time which would not fit the bill for a cafeteria plan. For it to be a salary reduction type arrangement, whatever elections you make toward y...
by Spirit Rider
Tue Nov 18, 2014 2:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA and FICA Taxes
Replies: 11
Views: 642

Re: Self Employed Retirement options

If I don't own a small business is the 401k an option? Would I need to start an LLC? I plan on doing that for 2015, but wanted to make sure I didn't need it prior If you are self-employed, you have a business as determined by the IRS. A Sole Proprietor using their name, DBA, or a default single mem...
by Spirit Rider
Tue Nov 18, 2014 2:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Self Employed Retirement options
Replies: 9
Views: 875

Re: Solo-401k, tax questions

First of all, you need to determine your net profit ($73K - business expenses) 1) Yes 2.9% on the net profit, plus as alluded to by BolderBoy, the 0.9% Medicare surtax added as part of the ACA. This is on the amount > $200k if filing single and > $250k if filing married jointly. So in your case all ...
by Spirit Rider
Tue Nov 18, 2014 9:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Solo-401k, tax questions
Replies: 5
Views: 681

Re: Self Employed Retirement options

Depends on how much money you wish to put away. SEP IRA is one of the easiest to use. probably around 20k. which would be about 20% of my gross SEP IRA is limited to a profit sharing contribution of 20% of your net profit - 1/2 SE tax. You already appear to be running up in to the limit. A Solo 401...
by Spirit Rider
Mon Nov 17, 2014 11:12 pm
 
Forum: Investing - Help with Personal Investments
Topic: Self Employed Retirement options
Replies: 9
Views: 875

Re: FSA gains $500 rollover feature

I was talking to HR at my company. The way the end company implemented it, the 500$ rollover is only for 1 year. So if I do not use the money at all, it doesn't rollover again. Just thought people might mistake the way rollover happens. I agree with davegreen10, they are either mistaken or it is si...
by Spirit Rider
Mon Nov 17, 2014 10:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: FSA gains $500 rollover feature
Replies: 42
Views: 3708

Re: FSA gains $500 rollover feature

The grace period reduces the employee's risk. They have 14 1/2 months to spend their estimated 12 month expenses. The are much less likely to have unspent dollars in their account (less risk). The employers risk is the same regardless of the whether or not the grace period is available. Employee tur...
by Spirit Rider
Mon Nov 17, 2014 7:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: FSA gains $500 rollover feature
Replies: 42
Views: 3708

Re: HSA Plan -Self or thrugh my company

Yes, if it is an individually purchased policy, the premiums should be paid by the individual and reimbursed by the corporation. Only the amount of expense reimbursement during the tax year are deductible.
by Spirit Rider
Sat Nov 15, 2014 9:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Plan -Self or thrugh my company
Replies: 8
Views: 767

Re: HSA Plan -Self or thrugh my company

Wow! and Thanks a lot. So I am assuming payroll softwares like Intuit will take care of entries for W2, right? I don't know how well the various versions of Intuit Payroll handle the intricacies of S-Corp owner/employees. You would have to see if that information is available on their web site or f...
by Spirit Rider
Sat Nov 15, 2014 7:27 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Plan -Self or thrugh my company
Replies: 8
Views: 767

Re: HSA Plan -Self or thrugh my company

Ok, for a 2% or more shareholder (100% if one owner) it is a little tricky but it actually makes sense. 1. The corporation pays for the health insurance (regardless whether issued/paid for by the corporation or issued to the individual and reimbursed by the company. 2. The corporation takes a deduct...
by Spirit Rider
Sat Nov 15, 2014 4:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Plan -Self or thrugh my company
Replies: 8
Views: 767

Re: HSA Plan -Self or thrugh my company

It shouldn't matter for tax purposes whether the corporation purchases the health plan or the owner/employee purchases it and is reimbursed by the corporation. It is more likely a matter of how, where, and the cost as to which is better. However, the tax treatment of the health premiums and HSA cont...
by Spirit Rider
Sat Nov 15, 2014 2:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA Plan -Self or thrugh my company
Replies: 8
Views: 767

Re: Help! Need Liquid Cash!

As far as the cc company is concerned, they're going to LOVE you while you're carrying a balance. Your FICO score might actually GO UP (by a point or two) by having a non-zero credit utilization. The CC issuer does want you to carry a balance (that is how they make money). They probably consider mo...
by Spirit Rider
Sat Nov 15, 2014 1:45 pm
 
Forum: Personal Finance (Not Investing)
Topic: Help! Need Liquid Cash!
Replies: 29
Views: 2451

Re: Winter Coat

For working coats/jackets, I like LL Bean and/or Carhartt.
by Spirit Rider
Fri Nov 14, 2014 3:10 pm
 
Forum: Personal Consumer Issues
Topic: Winter Coat
Replies: 51
Views: 4384

Re: Parents can be forced to pay college tuition in NJ?

I think many of you are probably missing the point. In many divorces, the child's college expenses and support (usually continued to 22 if in college) are explicitly stated in the divorce decree. In most of those cases, this is done by stipulation not a court determination. However, the court retain...
by Spirit Rider
Fri Nov 14, 2014 3:05 pm
 
Forum: Personal Consumer Issues
Topic: Parents can be forced to pay college tuition in NJ?
Replies: 31
Views: 1875

Re: I BONDS

If I understand things correctly, you could also pay taxes on the accrued interest to date now (rather than defer) at the 15% rate while continuing to hold the bonds, though you would then be stuck paying interest annually for as long as you hold the bonds. That's true to a point. You can switch ba...
by Spirit Rider
Thu Nov 13, 2014 10:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: I BONDS
Replies: 8
Views: 1149

Re: Payroll processing for Solo S-corp

Bank of america has a cheap service. Wave does also. Actually, BoA offers Inuit's Basic Online Payroll Service for free if you do direct deposit from your small business account to your personal account. This service does pretty much everything you need. It calculates and provides federal tax filin...
by Spirit Rider
Thu Nov 13, 2014 6:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: Payroll processing for Solo S-corp
Replies: 5
Views: 333

Re: Self directed 401(k) is only option

Did Fidelity tell you they would open a self-directed 401K for you? If so, I'd go with them. Getting it open was trivial for us, and it is a great way to move money aside for retirement. The Solo 401K accepts W-2 income from an S Corp, which is probably the set up your practice uses. http://www.irs...
by Spirit Rider
Wed Nov 12, 2014 10:22 am
 
Forum: Investing - Help with Personal Investments
Topic: Self directed 401(k) is only option
Replies: 6
Views: 615

Re: Questions about flying with a toddler

That is somewhat true. If the parents can get into the A group, they are seated with the A group. I would strongly recommend trying to get in that group because you might have a lot of "in transit passengers" , a phenomenon that I found the last time I had A20 and thought that the plane w...
by Spirit Rider
Wed Nov 12, 2014 4:22 am
 
Forum: Personal Consumer Issues
Topic: Questions about flying with a toddler
Replies: 35
Views: 1734

Re: Question about allocating extra income Re: Social Securi

One issue to be aware of. If this additional $20k is from a different employer, it will still be subject to FICA withholding. It can only be refunded at tax time or by adjusting withholding on any combination of the joint filing income.
by Spirit Rider
Tue Nov 11, 2014 9:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: Question about allocating extra income Re: Social Security
Replies: 5
Views: 729

Re: Solo 401(K) Dormancy and Permanency Risk?

Alan, What about the situation of a business with long term intermittent revenue? I have been in "business" for 30 years which consists of those periods of independent contractor status. Mysterious or maybe just subconscious action, I have been an independent contractor and had revenue eve...
by Spirit Rider
Tue Nov 11, 2014 9:16 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401(K) Dormancy and Permanency Risk?
Replies: 6
Views: 745

Re: FSA gains $500 rollover feature

Hello, I am seeking help to navigate the rollover or grace period option with my employer. Via email, I asked my employer if the company was going to utilize the new $500 carryover feature and was told no. I asked if there were plans to implement this and was told no. I asked if we were instead usi...
by Spirit Rider
Tue Nov 11, 2014 8:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: FSA gains $500 rollover feature
Replies: 42
Views: 3708

Re: Dealer wants my 2011 Prius, what should I do?

The dealer doesn't so much want your Prius as they want to sell you a new car. This is just dealer SOP. Very often this is given to new or lower end sales people to try and generate floor room traffic. They know, once they get you in the dealership, they have a good chance of selling you a new car y...
by Spirit Rider
Mon Nov 10, 2014 7:18 pm
 
Forum: Personal Consumer Issues
Topic: Dealer wants my 2011 Prius, what should I do?
Replies: 16
Views: 2032

Re: Single Member LLC Solo 401k timing question

You are making this way more difficult than it needs to be. The descriptions that have been provided are the standard definitions provided by all the major Solo 401k providers. I can guarantee you that their lawyers would not let them publish the guidelines if there was the slightest question. The l...
by Spirit Rider
Mon Nov 10, 2014 5:32 pm
 
Forum: Investing - Help with Personal Investments
Topic: Single Member LLC Solo 401k timing question
Replies: 9
Views: 993

Re: Retirement contribution maximization

I did some research on Simple IRA. I have a few questions about this: 1. Can I contribute all of my independent contractor income (assuming $10,000 less of social security and other expenses) to a Simple IRA? No, you have already used up the maximum employee salary deferral. SIMPLE IRA employee sal...
by Spirit Rider
Sun Nov 09, 2014 6:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Retirement contribution maximization
Replies: 7
Views: 1489

Re: My DISH tv bill just keeps going up and up

This is not just a Dish Network problem. The same price escalations occur at Direct TV and cable providers. The real culprit is the greedy content providers, but of course their prices are driven by greedy producers, actors/actresses, etc... You are wasting your time blaming Dish Network, Direct TV,...
by Spirit Rider
Sun Nov 09, 2014 4:01 pm
 
Forum: Personal Consumer Issues
Topic: My DISH tv bill just keeps going up and up
Replies: 50
Views: 4375

Re: Fidelity HSA Questions

Regarding the Fidelity HSA- the option for this seems good if the company is willing to cover the costs. Those that have Fidelity for their HSA what is the best fund the invest in? It is most advantageous if you are using the HSA as an investment vehicle and are paying expenses out of pocket. In th...
by Spirit Rider
Sun Nov 09, 2014 3:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: Fidelity HSA Questions
Replies: 12
Views: 868

Re: Fidelity HSA Questions

Fidelity charges $12/quarter $48/year for their HSA accounts (typically covered by the employer while employed). This is a bargain compared to other HSA options and a super bargain when you consider your access to low expense ratio index funds Many people fail to consider the lost opportunity cost o...
by Spirit Rider
Sun Nov 09, 2014 11:29 am
 
Forum: Personal Finance (Not Investing)
Topic: Fidelity HSA Questions
Replies: 12
Views: 868

Re: Inconsistent calculation of Individual 401(k) contributi

Thank you, JDDS. If this is the case, could I just choose to make an after-tax contribution to my 401(k) and then roll it over to a Roth IRA (if my plan allows for in-service distributions)? It seems that I would then be able, using the same example, to contribute $4805 on an after-tax, non-deducti...
by Spirit Rider
Fri Nov 07, 2014 6:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Inconsistent calculation of Individual 401(k) contribution
Replies: 7
Views: 661

Re: Single Member LLC Solo 401k timing question

ERISA - Thank you for taking the time to respond, and the additional link - I really appreciate it! The text here from the link is unclear to me: "The single member LLC owner must elect to make the employee deferral contribution by December 31 of the year. However, the employer deferral contri...
by Spirit Rider
Fri Nov 07, 2014 11:49 am
 
Forum: Investing - Help with Personal Investments
Topic: Single Member LLC Solo 401k timing question
Replies: 9
Views: 993

Re: Car Maintenance

One thing to be aware of is that some foreign manufacturers will certify independent service shops to do most maintenance and repair including certain classes of warranty service. Many times these shops have lower turnovers and actually have more experienced mechanics. This can be a viable option.
by Spirit Rider
Thu Nov 06, 2014 9:09 pm
 
Forum: Personal Consumer Issues
Topic: Car Maintenance
Replies: 32
Views: 3979

Re: Intel 7260 wireless AC card in laptop ?

7260ac is fine, if you use completely up to date drivers The earlier drivers were very flakey Simply not true. I have a Dell laptop with a 7260ac that I bought a couple of months ago. It has had nothing but problems with Wi-Fi. I have spent hours and hours with both Dell and Intel. They have had me...
by Spirit Rider
Thu Nov 06, 2014 7:35 pm
 
Forum: Personal Consumer Issues
Topic: Should I avoid laptops w/ Intel 7260 wireless AC card ?
Replies: 15
Views: 1514

Re: Cobra - might you be an expert

Yes, COBRA is only required for employers with over 20 employees, but many small business insurance plans include it regardless. The federal COBRA law itself only requires the company to provide access to the current employee plan. If the company terminates its employee plan, the COBRA benefits also...
by Spirit Rider
Thu Nov 06, 2014 1:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: Cobra - might you be an expert
Replies: 13
Views: 897

Re: Medicare Advantage to Regular Medicare

She should be very cautious going from Medicare Advantage to Medicare + Medigap. As others have mentioned there is a specific period each year when this can be done. You only have a federal right of guaranteed issue when changing from Medicare Advantage to Medicare + Medigap during the trial period ...
by Spirit Rider
Thu Nov 06, 2014 12:48 pm
 
Forum: Personal Finance (Not Investing)
Topic: Medicare Advantage to Regular Medicare
Replies: 14
Views: 1323

Re: Flexible Spending Arrangment (FSA) after being laid off

Remember when you are talking about FSAs that there are two separate types (Health/Dependent Care). Health FSAs are subject to the use it or lose it rule and they are subject to IRC 1.125-5(d) the uniform coverage rule. The use it or lose it rule requires all contributions to be used during the plan...
by Spirit Rider
Wed Nov 05, 2014 1:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Flexible Spending Arrangment (FSA) after being laid off
Replies: 11
Views: 695

Re: Who should own 529 account?

For grandparents/uncles/etc, is there a rule spreading out the distribution I wasn't aware of? Say child goes to public college and grandparents 529 account has $15,000 that is fully used up in the freshman year. No funds remain for second year use, so is FAFSA somehow going to count another nonexi...
by Spirit Rider
Wed Nov 05, 2014 9:33 am
 
Forum: Personal Finance (Not Investing)
Topic: Who should own 529 account?
Replies: 9
Views: 998

Re: Who should own 529 account?

Right now, I think the precedent order should be: Grandparents of children Aunts/Uncles of children Parents of children Children I would not have one 529 with just one child as beneficiary. Each child should be the beneficiary of a 529 plan. One can then gift more to them that way. Also there can b...
by Spirit Rider
Wed Nov 05, 2014 12:25 am
 
Forum: Personal Finance (Not Investing)
Topic: Who should own 529 account?
Replies: 9
Views: 998
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