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Re: Where should I open a Solo 401k account?

It really depends what is important to you. For Example: Vanguard: Roth, no inbound rollovers, diverse low cost index funds, no loans. Fidelity: no Roth, inbound rollovers, core low cost index funds, no loans. TD Ameritrade: Roth, inbound rollovers, no native funds, loans Other options include Schwa...
by Spirit Rider
Fri Jul 25, 2014 1:07 am
 
Forum: Investing - Help with Personal Investments
Topic: Where should I open a Solo 401k account?
Replies: 4
Views: 164

Re: Estate Trustee requests I "waive presentation of account

I agree will all of the above posts. I also suggest an alternative. There is a difference between the formal accounting presented to the probate court and an informal accounting to the beneficiaries. If there is reasonable trust with the parties you could ask for an informal statement of assets and ...
by Spirit Rider
Thu Jul 24, 2014 6:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Estate Trustee requests I "waive presentation of accounting"
Replies: 10
Views: 964

Re: Does a 401k plan cost an employer money?

Well the true question, that I didn't actually express in my original post, is what is the marginal cost of adding graduate students to the plan, when there are already many employees in the plans already. There is no employer match for either the 457b or the 403b available at my school. livesoft h...
by Spirit Rider
Thu Jul 24, 2014 6:10 pm
 
Forum: Investing - Theory, News & General
Topic: Does a 401k plan cost an employer money?
Replies: 32
Views: 1628

Re: Does a 401k plan cost an employer money?

My understanding is that a myRA is just going to be a special kind of IRA. It would not increase an individual's contribution limits, unlike a 401k, 403b, or 457b To add a little more detail. The myRA is going to be a special kind of Roth IRA investing in a special Savings Bond based on the same in...
by Spirit Rider
Thu Jul 24, 2014 5:53 pm
 
Forum: Investing - Theory, News & General
Topic: Does a 401k plan cost an employer money?
Replies: 32
Views: 1628

Re: If Argentina Defaults

It's also arguable that given these bonds are held by 'vulture' funds these are not the people who lent Argentina money in the first place. So there's not the same moral obligation to repay (again different from the 1970-80s situation). How is it arguable that there is not the same moral obligation...
by Spirit Rider
Wed Jul 23, 2014 12:24 pm
 
Forum: Investing - Theory, News & General
Topic: If Argentina Defaults
Replies: 21
Views: 1904

Re: If Argentina Defaults

Do you really understand the Argentine economy. With all due respect and love for the Argentine people, the business community and government is one big Mafia-like environment. How do I know? I spent several years including >50% 1999-2001 living and working in Buenos Aires. My Porteno friends say it...
by Spirit Rider
Tue Jul 22, 2014 11:04 pm
 
Forum: Investing - Theory, News & General
Topic: If Argentina Defaults
Replies: 21
Views: 1904

Re: Small Business owner w/employees can I have SEP-IRA and

Unless you specifically adopted a non-SEP-5305 plan you are most probably a 5305 plan. Fidelity, Vanguard and most large providers are all SEP-5305 plans. Your provider can certainly tell you.
by Spirit Rider
Tue Jul 22, 2014 10:59 am
 
Forum: Personal Finance (Not Investing)
Topic: Small Business owner w/employees can I have SEP-IRA and 401k
Replies: 6
Views: 462

Re: Small Business owner w/employees can I have SEP-IRA and

Yes, I exempted the employees from the SEP-IRA (all joined the company after me and have not been employed for 3 years). I left those details out so it was less confusing. I actually messed up my years too (!) I meant can I do all of this in 2014... I think you got the general idea though anyway, I...
by Spirit Rider
Tue Jul 22, 2014 9:41 am
 
Forum: Personal Finance (Not Investing)
Topic: Small Business owner w/employees can I have SEP-IRA and 401k
Replies: 6
Views: 462

Re: Small Business owner w/employees can I have SEP-IRA and

In years 2012 and 2013 did you also have eligible employees? You stated that you put the maximum in both those years. You were required to contribute the same exact percentage to those eligible employees as you did for yourself. If not, you have a serious non-compliance issue with serious IRS liabil...
by Spirit Rider
Mon Jul 21, 2014 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Small Business owner w/employees can I have SEP-IRA and 401k
Replies: 6
Views: 462

Re: Should I open a solo 401k?

Wouldn't this affect my ability to do a backdoor Roth contribution? Exactly. I don't understand this hesitancy against using a Solo 401k. There is a trivial difference in the level of effort between a Solo401k and a SEP IRA. Yes, you might have one time Solo 401K paperwork vs. online enrollment for...
by Spirit Rider
Mon Jul 21, 2014 6:11 pm
 
Forum: Investing - Help with Personal Investments
Topic: Should I open a solo 401k?
Replies: 9
Views: 669

Re: Hearing Aids

I have a service connected disability rating for tinnitus and also have high frequency hearing loss. I always felt it was rather ironic that I have a disability rating for a subjective condition that cannot be proved. However, a 60db loss at 3KHz and 80db loss at 4Khz+ has no rating. I'm sure my hea...
by Spirit Rider
Sun Jul 20, 2014 11:14 pm
 
Forum: Personal Consumer Issues
Topic: Hearing Aids
Replies: 82
Views: 6140

Re: Business structure - Self employed software engineer

Good point, thank you. I'm planning on having a separate bank account. Any specific accounting software you would recommend for the LLC accounting/record keeping? Personally, I never felt the need for accounting software. As an hourly independent software contractor with minimal expenses I just kep...
by Spirit Rider
Sun Jul 20, 2014 9:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: Business structure - Self employed software engineer
Replies: 18
Views: 1900

Re: Business structure - Self employed software engineer

Given the current market rates for my skillset, the net profits from my consulting business will generally be well under $200k; in some very good years it may reach 250K - but I think that would be the max for the next 5-7 years. One of my goal is to maximize the contributions to the retirement acc...
by Spirit Rider
Sun Jul 20, 2014 3:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: Business structure - Self employed software engineer
Replies: 18
Views: 1900

Re: Need help w/self-employed 401(k) questions (and others!)

It is that the health insurance policy not just the coverage that needs to be in the name of the business. Note: It is ok if the policy is in the name of a self-employed individual, because the business is the individual. A group policy whether through other employment, COBRA, etc... do not qualify....
by Spirit Rider
Fri Jul 18, 2014 11:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Need help w/self-employed 401(k) questions (and others!)
Replies: 9
Views: 483

Re: Need help w/self-employed 401(k) questions (and others!)

In step 21 of the Deduction Worksheet for Self-Employed, Chapter 5, page 22 of IRS Publication 560, Roth contributions are subtracted from total contributions, leaving only the deductible contribution on step 22 to be entered on Form 1040 line 28.
by Spirit Rider
Fri Jul 18, 2014 9:14 pm
 
Forum: Personal Finance (Not Investing)
Topic: Need help w/self-employed 401(k) questions (and others!)
Replies: 9
Views: 483

Re: was Bogle right about ETFs?

ETFs have certainly terrorized the retail financial advisory industry, as they've taken the middle man out of investing. No more do we have to pay loads, or go through advisors, to own diversified portfolios. And we can move from one fund family to another (for example to TLH) without being held ca...
by Spirit Rider
Thu Jul 17, 2014 2:30 pm
 
Forum: Investing - Theory, News & General
Topic: was Bogle right about ETFs?
Replies: 26
Views: 2872

Re: was Bogle right about ETFs?

ETFs have certainly terrorized the retail financial advisory industry, as they've taken the middle man out of investing. No more do we have to pay loads, or go through advisors, to own diversified portfolios. And we can move from one fund family to another (for example to TLH) without being held ca...
by Spirit Rider
Thu Jul 17, 2014 1:13 am
 
Forum: Investing - Theory, News & General
Topic: was Bogle right about ETFs?
Replies: 26
Views: 2872

Re: Inherited a promissory note--what to do?

In only a small number of states could an acknowledgement of the debt or offer to pay reset the SOL. In fact in about 20 states even partial payments do not reset the SOL. In the majority of states only a new written signed formal agreement will reset the SOL. An "I will start sending somethin...
by Spirit Rider
Wed Jul 16, 2014 1:44 am
 
Forum: Personal Finance (Not Investing)
Topic: Inherited a promissory note--what to do?
Replies: 22
Views: 2412

Re: Inherited a promissory note--what to do?

From what I can see, the statute of limitations (which is what you're probably thinking of) on promissory notes in my state is 10 years, which is longer than I thought; it may also have been reset during the conversations with the lawyer if he acknowledged the debt. In only a small number of states...
by Spirit Rider
Tue Jul 15, 2014 7:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Inherited a promissory note--what to do?
Replies: 22
Views: 2412

Re: Why does anyone use American Express?

Is it normal for American Express to not mail a paper statement if there was no activity that month? Yes, and it is true of every other credit card I have. They generally will only mail you a statement if you either have charges/credits or payments in a billing cycle. Some cards will not even gener...
by Spirit Rider
Tue Jul 15, 2014 1:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Why does anyone use American Express?
Replies: 146
Views: 21996

Re: HSA and Medicare

This seems like a pretty obscure Social Security/Medicare regulation with significant impact. There should be Wiki entries on this mandatory up-to six-month retroactive Medicare enrollment in both the Social Security and HSA sections. Also, as far as I can tell, this is applicable to file and suspen...
by Spirit Rider
Tue Jul 15, 2014 11:08 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA and Medicare
Replies: 19
Views: 1398

Re: HSA and Medicare

So the way I read this all, I need to reverse my contributions to the HSA for the past 6 months, as I need to go on Medicare. If I don't go on Medicare, I dont have Medical coverage. Am I missing something? Funny thing is, called my HR and called HSA administrator. Neither had ever heard of this si...
by Spirit Rider
Tue Jul 15, 2014 8:18 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA and Medicare
Replies: 19
Views: 1398

Re: HSA and Medicare

I had never heard of this before. Did you just enroll in Medicare or did you also apply for social security. The following link references it in conjunction with enrolling for Social Securty. Tax Penalty—with Medicare and HSA! If you choose to take Social Security and continue to work and if you are...
by Spirit Rider
Mon Jul 14, 2014 7:56 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA and Medicare
Replies: 19
Views: 1398

Re: 401k options as W2 employee without benefits

You will need to check with a CPA or maybe SeattleCPA or Alan S. will respond or you can PM them. I believe you can do the following to maximize your solo 401k contributions. You can follow niceguy7376's suggestion to take the full employee deferral ($17.5K). Then if you have sufficient net profit a...
by Spirit Rider
Mon Jul 14, 2014 6:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: 401k options as W2 employee without benefits
Replies: 2
Views: 452

Re: New vehicle...GMC Acadia, Chevy Traverse, or Buick Encla

You should check with your insurance agent. Having a third vehicle that is categorized as a non-commuting pleasure vehicle is likely a minimal increase in your total policy cost. No that doesn't include what your yearly registration/tax costs are. Still, you might be surprised.
by Spirit Rider
Mon Jul 14, 2014 4:54 pm
 
Forum: Personal Consumer Issues
Topic: New vehicle...GMC Acadia, Chevy Traverse, or Buick Enclave?
Replies: 58
Views: 4548

Re: New vehicle...GMC Acadia, Chevy Traverse, or Buick Encla

I am looking for a replacement vehicle for our 2004 Honda CRV. The CRV has been great, but at 179K miles, it is showing its age and we need some more growing room for our 1 year old twins. I have been researching replacement vehicles such as the GMC Acadia, Chevy Traverse, Buick Enclave , Dodge Dur...
by Spirit Rider
Mon Jul 14, 2014 1:59 pm
 
Forum: Personal Consumer Issues
Topic: New vehicle...GMC Acadia, Chevy Traverse, or Buick Enclave?
Replies: 58
Views: 4548

Re: solo 401k

This idea of funding the solo 401k from retained earnings is very interesting to me. So, if I can't do solo 401k this year because I have employees this year, I can just leave the $ in the company, and use the retained earnings to fund the solo 401k for next year. I just ran tax caster and it worke...
by Spirit Rider
Mon Jul 14, 2014 1:23 pm
 
Forum: Investing - Help with Personal Investments
Topic: solo 401k
Replies: 23
Views: 1732

Re: Who else hates choosing a car?

I also very much enjoy choosing a new vehicle. I have bought one every 8-10 years over the last 40 years or so. I'm on vehicle number 5. Each time I make a determination based on my needs and wants. First, I determine what type of vehicle and class I am looking for. In that time, I have purchased on...
by Spirit Rider
Mon Jul 14, 2014 12:37 am
 
Forum: Personal Consumer Issues
Topic: Who else hates choosing a car?
Replies: 75
Views: 6317

Re: solo 401k

The identified 200% match does not exist. A solo 401k does not have an employer elective match. It has an employee elective deferral and a employer non-elective profit sharing. The profit sharing max is 25% of compensation, but is calculated differently for a sole proprietor than an S-Corp. I am lo...
by Spirit Rider
Sun Jul 13, 2014 11:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: solo 401k
Replies: 23
Views: 1732

Re: New Sole Proprietorship Retirement Questions

What if the total income from the self employment is insufficient to reach the $17,500 individual max and/or you wish to contribute less than that? For example, for $5k of income gross income: 5,000 adjusted income: $4,646 (gross - 1/2 SE tax, per fidelity calculator) s401k contribution $4,646 prof...
by Spirit Rider
Sun Jul 13, 2014 6:46 pm
 
Forum: Investing - Help with Personal Investments
Topic: New Sole Proprietorship Retirement Questions
Replies: 13
Views: 1101

Re: New Sole Proprietorship Retirement Questions

I stand corrected. But, now I wonder why my accountant recommended a SEP and never mentioned a solo 401k for me. ... Why would my accountant have recommended the SEP? I will ask her. I was incorrect and thought the solo 401k max was $17500. Just when I think I have things figured out, I figure out ...
by Spirit Rider
Sun Jul 13, 2014 6:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: New Sole Proprietorship Retirement Questions
Replies: 13
Views: 1101

Re: Anyone use Fido as your bank?

Both of the Fidelity Investor Centers nearest me do not accept cash deposits. They also do not accept money orders. I keep my B&M credit union for such issues. Also, be aware that while ACH deposits are immediately available for investment, there is a 4-5 day hold for withdrawals (they do not wa...
by Spirit Rider
Sun Jul 13, 2014 5:56 pm
 
Forum: Investing - Help with Personal Investments
Topic: Anyone use Fido as your bank?
Replies: 4
Views: 710

Re: Birthday gift for a 10 year old girl


+1

IPOD Touch is essentially an IPhone minus the cellular support. It even runs the same operating system (matching generations) and thus all the same apps.
by Spirit Rider
Sun Jul 13, 2014 5:24 pm
 
Forum: Personal Consumer Issues
Topic: Birthday gift for a 10 year old girl
Replies: 28
Views: 1435

Re: Insurance premiums for renewals versus current

Insurance rate regulation is a situation that varies greatly state to state. This varies from states that do not regulate rates at all, to states that have directives and require rate submissions for review and approval, and finally states that set rates based submissions of insurance company data. ...
by Spirit Rider
Sun Jul 13, 2014 4:57 pm
 
Forum: Personal Finance (Not Investing)
Topic: Insurance premiums for renewals versus current
Replies: 11
Views: 1046

Re: Full time vs IT contract

Not sure how many folks have mentioned that FTE salary should be equal to 2 times contracting income. I been in IT and in a few cases I been able to find the rate Client was paying the vendor. Even if I work directly work for Client I will not make double the FTE salary. For example in my current g...
by Spirit Rider
Fri Jul 11, 2014 9:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Full time vs IT contract
Replies: 29
Views: 3460

Re: SIMPLE IRA Question

Not to diminish the high expense ratios and 12b-1 fees, but very often loads are waived in retirement plans. Are you sure you are subject to the loads?
by Spirit Rider
Fri Jul 11, 2014 11:06 am
 
Forum: Investing - Help with Personal Investments
Topic: SIMPLE IRA Question
Replies: 2
Views: 478

Re: Munchies ?

wasabi, Wasabi, WASABI

peas, soybeans, nuts.

Of course, it really isn't wasabi, it is green colored horseradish.

They kind of have a built-in quantity limiter.
by Spirit Rider
Wed Jul 09, 2014 4:35 pm
 
Forum: Personal Consumer Issues
Topic: Munchies ?
Replies: 22
Views: 2073

Re: Need Fidelity alternatives to Vanguard

Sorry, I couldn't resist. Actually it is more like almost, and almost. You really need to give the name of the funds too. With the exception of the core equity/bond index funds, many people don't have the symbols memorized. FSIQX Fidelity Spartan Inflation-Protected Bond Index Fund - Investor Class,...
by Spirit Rider
Wed Jul 09, 2014 4:22 pm
 
Forum: Investing - Help with Personal Investments
Topic: Need Fidelity alternatives to Vanguard
Replies: 5
Views: 1105

Re: How to w/d from taxable until SS/RMD time gets here?

You don't mention what your emergency fund status is. Most retirement income planners would move some to cash or laddered CDs. Certainly not all of it, but maybe so you have in the range of 2-4 years of expenses. Generally, you should draw down in proportion to maintain your desired asset allocatio...
by Spirit Rider
Tue Jul 08, 2014 9:54 pm
 
Forum: Investing - Help with Personal Investments
Topic: How to w/d from taxable until SS/RMD time gets here?
Replies: 29
Views: 1971

Re: How to w/d from taxable until SS/RMD time gets here?

You don't mention what your emergency fund status is. Most retirement income planners would move some to cash or laddered CDs. Certainly not all of it, but maybe so you have in the range of 2-4 years of expenses.

Generally, you should draw down in proportion to maintain your desired asset allocation.
by Spirit Rider
Tue Jul 08, 2014 7:24 pm
 
Forum: Investing - Help with Personal Investments
Topic: How to w/d from taxable until SS/RMD time gets here?
Replies: 29
Views: 1971

Re: Is my SIMPLE IRA charging a reasonable fee?

Unfortunately, the plan uses Fidelity rather than Vanguard. Worse, the fund is administered (not sure if that is the right verb) through a broker/financial adviser. Your problem has nothing to do with Fidelity vs. Vanguard. They both have essentially expense ratio competitive index funds. The advan...
by Spirit Rider
Tue Jul 08, 2014 6:30 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is my SIMPLE IRA charging a reasonable fee?
Replies: 15
Views: 1217

Re: Business structure - Self employed software engineer

Thank you all for your replies. Also, limiting your salary below $138K in 2014 would limit your SEP IRA or 401K profit sharing contribution assuming you have sufficient net profit. Spirit Rider - Could you please help me understand how you arrived at the number $138K. From my understanding the max ...
by Spirit Rider
Tue Jul 08, 2014 5:55 pm
 
Forum: Personal Finance (Not Investing)
Topic: Business structure - Self employed software engineer
Replies: 18
Views: 1900

Re: Is deferring 75% of your paycheck Roth 401(k) even doabl

The scenarios I can think of that would allow 100% contribution, would be the self-employed, a W2 individual that is either exempt or exemptions eliminate income tax withholding, they are not subject to FICA, and they don't have any other deductions. Self employed persons, because they can use other...
by Spirit Rider
Tue Jul 08, 2014 11:02 am
 
Forum: Investing - Help with Personal Investments
Topic: Is deferring 75% of your paycheck Roth 401(k) even doable?
Replies: 14
Views: 1963

Re: When my IRA beneficiary dies….

You may want to consider naming a contingent beneficiary. The contigent beneficiary will get the IRA if the primary beneficiary dies before the contingent. Don Not true, that is not how contingent beneficiaries work. A contingent beneficiary only applies when the primary beneficiary dies before you...
by Spirit Rider
Tue Jul 08, 2014 10:39 am
 
Forum: Investing - Help with Personal Investments
Topic: When my IRA beneficiary dies….
Replies: 7
Views: 913

Re: ~$200K short term loan for house?

No contradictions, check the recent headlines. 43% of all house purchases in the 1st quarter of 2014 were in cash and are increasing. It is not unusual now for sellers to be resistant to contingencies based on the sale of the buyers current home. With one out of every two buyers having cash, they do...
by Spirit Rider
Mon Jul 07, 2014 4:59 pm
 
Forum: Personal Finance (Not Investing)
Topic: ~$200K short term loan for house?
Replies: 10
Views: 781

Re: HDHP + HSA vs traditional health plan

3) If I'm on the HDHP, I plan to max out my HSA for at least the first year. But that will also mean there's is less money that I could put into other tax-deferred savings. HSA contributions are also pre-FICA. So if your salary is less than the SS max wage base, you will save the FICA tax on the HS...
by Spirit Rider
Mon Jul 07, 2014 4:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: HDHP + HSA vs traditional health plan
Replies: 6
Views: 337

Re: Business structure - Self employed software engineer

It depends on your state a bit but in general LLC taxed as an S-Corp. The assumptions are a) You are making well over the SS limit so you want to pay yourself a reasonable salary like 120k and take the rest as distributions b) having a bit of legal protections is worth it. The corp taxed as an s-co...
by Spirit Rider
Mon Jul 07, 2014 11:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Business structure - Self employed software engineer
Replies: 18
Views: 1900

Re: FICO Scores: Which one do you get?

There are different FICO scores when applied to separately to Equifax, Experian, or TransUnion and which scoring model is used. I have a DiscoverCard which provides a TransUnion 08 Classic score. I have a Capital One card which provides a TransUnion 04 Classic score. The are both using the same cred...
by Spirit Rider
Sat Jul 05, 2014 1:26 am
 
Forum: Personal Finance (Not Investing)
Topic: FICO Scores: Which one do you get?
Replies: 20
Views: 1698

Re: Can Beneficiary IRAs Be Merged? (same parent)

Spirit Rider, That is a very interesting issue on the RMD Divisor. I think I pass those criteria but may be wrong. All 3 IRAs either originated with my Dad or were taken as his own when Mom died before him (she was 68 so not yet taking RMD). But there were multiple beneficiaries (my siblings and I ...
by Spirit Rider
Fri Jul 04, 2014 3:32 pm
 
Forum: Investing - Theory, News & General
Topic: Can Beneficiary IRAs Be Merged? (same parent)
Replies: 10
Views: 795
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