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Re: 529 plans

There is no way to go direct to Vanguard or any other provider for a 529 plan. All 529 plans must have a state sponsor. The assets are held in a trust administered by the state. There are state plans that use Vanguard investment products, management, and service. Then there are state plans that Vang...
by Spirit Rider
Tue Mar 03, 2015 9:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 plans
Replies: 9
Views: 615

Re: 2013 HSA contribution made in 2014 then distributed.

The employer contributions (which include your payroll deductions) are not additionally deductible, they are already reflected in your W-2 Box 1. Thanks. But W-2's are not applicable in my case because I have been retired since we opened the HSA in 2011. I thought the timing of the distribution did...
by Spirit Rider
Tue Mar 03, 2015 8:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2013 HSA contribution made in 2014 then distributed.
Replies: 3
Views: 146

Re: 2013 HSA contribution made in 2014 then distributed.

Provided you were an eligible individual and an HSA was opened prior to the date of service the distributions are qualified. I don't know how Turbo Tax is wording it, but what matters is what distributions occurred in 2014. Medical expenses are not a reportable event. I defer to someone familiar wit...
by Spirit Rider
Tue Mar 03, 2015 7:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: 2013 HSA contribution made in 2014 then distributed.
Replies: 3
Views: 146

Re: 12-Year target for kid's saving fund

Your 529: seen by fafsa as an asset to use for college cost and reduces "need" for financial aid. Gain not taxed if used for college expenses Savings bonds: seen by fafsa as asset. When cashed and used for college tuition only, interest may be deductable with relatively low income phase o...
by Spirit Rider
Mon Mar 02, 2015 6:08 pm
 
Forum: Investing - Help with Personal Investments
Topic: 12-Year target for kid's saving fund
Replies: 7
Views: 938

Re: Where's your Will?

Originals are in the safe deposit box along with scanned version on a thumb drive.... I've heard one should never keep the original in a safety deposit box because they are locked at the time of death and can't be opened until the estate is settled. Is this standard practice in every state or just ...
by Spirit Rider
Mon Mar 02, 2015 5:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: Where's your Will?
Replies: 36
Views: 1460

Re: Roth IRA "loan"

This is all we need. The 60 day rollover period was always intended to facilitate people doing indirect rollovers. People were legitimately, but only occasionally doing more than one per year from all of their accounts. Some people even used indirect rollovers as 60 day "loans" to get arou...
by Spirit Rider
Mon Mar 02, 2015 4:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth IRA "loan"
Replies: 7
Views: 732

Re: Job offer questions - appropriate?

I can see both sides of the hours issue, but it was an entirely legitimate question. However, there is no way around the fact that It is an awkward question and answer. You might have put in the managers mind, "Is this guy a clock watcher?" I have worked with people like that. Even if we w...
by Spirit Rider
Mon Mar 02, 2015 9:30 am
 
Forum: Personal Consumer Issues
Topic: Job offer questions - appropriate?
Replies: 23
Views: 1122

Re: Is Employer Match portion of Solo-401K Deductible Biz Ex

This does tend to confuse people, because you do not make separate entries for the employee/employer contributions. Just the combined total on your 1040 line 28. In addition to the reference by JDDS, if you refer to the IRS publication 560, page 23, Deduction Worksheet for Self-Employed, you will se...
by Spirit Rider
Sun Mar 01, 2015 4:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: Is Employer Match portion of Solo-401K Deductible Biz Exp?
Replies: 5
Views: 240

Re: Consulting for family business

No, this is a common misperception. An LLC is a state chartered business entity and has no bearing in and of itself for tax purposes. What determines your tax liabilities is your tax structure. By default a single member LLC is treated by the IRS as a disregarded entity . What that means is from the...
by Spirit Rider
Sun Mar 01, 2015 4:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Consulting for family business
Replies: 10
Views: 544

Re: Fidelity Immediate Annuity

One good thing about Single Premium Immediate Annuities is that they are relatively easy to understand. There are only a handful of types (single life, joint life, etc...). All this means is that you can do an apples to apples comparison with the difference being the insurance company behind them.
by Spirit Rider
Sat Feb 28, 2015 3:57 pm
 
Forum: Investing - Theory, News & General
Topic: Fidelity Immediate Annuity
Replies: 4
Views: 589

Re: Backdoor ROTH went wrong (2014)

Vanguard has no way of knowing that the contribution is non-deductible (post-tax). This gets resolved with your basis on the 8606. The second check box is also correct, because you did a total distribution.
by Spirit Rider
Sat Feb 28, 2015 3:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: Backdoor ROTH went wrong (2014)
Replies: 8
Views: 584

Re: Pellet stoves -- whats your take?

heat pumps may keep the house to a constant temp, but only output 90-100 degree air, no thanks I believe that can be adjusted? Most refrigerant heat transfer systems (heat pumps/ac only) are designed for 20-25 degrees differential across the coil. Add in two stage heat pumps and variable speed blow...
by Spirit Rider
Sat Feb 28, 2015 3:29 pm
 
Forum: Personal Consumer Issues
Topic: Pellet stoves -- whats your take?
Replies: 38
Views: 2764

Re: Self-directed 401(k) Option

I've only seen a self-directed 401K option a couple of times. Both were expensive options to trade stocks and other instruments. Lots of fees, not my style. If you can trade stocks, you can buy Vanguard ETFs. High commissions don't matter much compared to a much lower ER if you're holding for the l...
by Spirit Rider
Sat Feb 28, 2015 10:55 am
 
Forum: Investing - Help with Personal Investments
Topic: Self-directed 401(k) Option
Replies: 9
Views: 577

Re: Pellet stoves -- whats your take?

Pellet stoves, wood stoves, and many other things in life are not just about a cost benefit analysis. ⋅ you are using a renewable resource ⋅ There is something serendipitous about wood burning ⋅ Have you ever come in from using the snow blower (or any other reason) in f...
by Spirit Rider
Sat Feb 28, 2015 10:50 am
 
Forum: Personal Consumer Issues
Topic: Pellet stoves -- whats your take?
Replies: 38
Views: 2764

Re: Erroneous NY Ezpass violation - Any tips?

Just a little information that might help explain your experience. EZ-Pass in NY, NJ and most of the other states are operated by Xerox Business Services. The use a method called Achievement Based Compensation (ABC). This is essentially a piece work incentive system. Last I knew they paid call cente...
by Spirit Rider
Sat Feb 28, 2015 9:13 am
 
Forum: Personal Consumer Issues
Topic: Erroneous NY Ezpass violation - Any tips?
Replies: 20
Views: 1922

Re: Master Thread for Boston's Chapter (MA)

So, is it too late to get in on this. I just found this thread circuitously via a recent post on a NH/Maine chapter thread.

As it turns out, I am a lot closer to Burlington than I am to Maine.
by Spirit Rider
Sat Feb 28, 2015 12:25 am
 
Forum: Local Chapters and Bogleheads Community
Topic: Master Thread for Metro Boston's Chapter (MA)
Replies: 79
Views: 5004

Re: Self-directed 401(k) Option

Self-directed when it comes to 401k plans does not generally imply moving funds to another custodian. I have never seen it done (doesn't mean it isn't possible). Do you know who the custodian is. Don't just look at the funds. Many mainstream brokerage houses/fund companies act as custodians for smor...
by Spirit Rider
Sat Feb 28, 2015 12:07 am
 
Forum: Investing - Help with Personal Investments
Topic: Self-directed 401(k) Option
Replies: 9
Views: 577

Re: Opening a 529 - in own name or kid?

All the posts about 529s in a student's name being considered student assets are incorrect. A change was made several years ago that UGMA/UTMA 529s are treated as parental assets. However, the comments about changing the beneficiary are correct. In my opinion the only time opening UGMA/UTMA 529s mak...
by Spirit Rider
Fri Feb 27, 2015 9:41 pm
 
Forum: Investing - Help with Personal Investments
Topic: Opening a 529 - in own name or kid?
Replies: 8
Views: 702

Re: Roth IRA to Roth IRA Transfer - How to Avoid Fees?

If you this and redeposit within 60 days it would be consider an indirect rollover. If it was after 60 days it would be a distribution and a new contribution.

Just be aware that some IRA custodians charge an account closing fee.
by Spirit Rider
Fri Feb 27, 2015 9:06 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA to Roth IRA Transfer - How to Avoid Fees?
Replies: 3
Views: 366

Re: w2 to 1099. Do 401k contributions affect sep ira max?

Employee salary deferral contribution limits (2015=$18K >= 50 $24K) are by employe E (across all plans). Annual addition (total employee/employer) contribution limits (2015=$53K) are by employe R (different for each employer) A SEP IRA is an employer plan. It only has employer profit sharing contrib...
by Spirit Rider
Fri Feb 27, 2015 8:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: w2 to 1099. Do 401k contributions affect sep ira max?
Replies: 1
Views: 177

Re: Are remote starters bad for cars?

Any car this century ...(t)he maximum you should generally warm up your engine is as 'wander' said "when the temperature gauge starts to move". Such this century cars may exist, but my cars from this century do not have temperature gauges. :) They did mid-last century though. :) Some of u...
by Spirit Rider
Fri Feb 27, 2015 1:13 pm
 
Forum: Personal Consumer Issues
Topic: Are remote starters bad for cars?
Replies: 41
Views: 2506

Re: Are remote starters bad for cars?

'NHRATA01' is correct, the warm up myth is left over from engines with carburetors and fixed viscosity oils. Any car this century needs no more than 15 seconds in warm weather and maybe 30 seconds in cold weather. In the recent subzero temperature maybe you can extend that to a minute. Anything afte...
by Spirit Rider
Fri Feb 27, 2015 11:52 am
 
Forum: Personal Consumer Issues
Topic: Are remote starters bad for cars?
Replies: 41
Views: 2506

Re: Contribute to deductible IRA or not

If most of your retirement assets are in taxable accounts, that means you either are carrying fixed income in taxable accounts or do not have enough fixed income in your asset allocation. I see the following problems. 1. Fixed income are taxable as ordinary income now, if you had them in tax advanta...
by Spirit Rider
Fri Feb 27, 2015 10:47 am
 
Forum: Investing - Help with Personal Investments
Topic: Contribute to deductible IRA or not
Replies: 8
Views: 566

Re: Contribute to deductible IRA or not

You are clearly in a very high combined federal/state marginal tax rate. Why do you think this doesn't make sense. Unless you expect your tax rate to be higher in retirement this is the best option.
by Spirit Rider
Thu Feb 26, 2015 10:40 pm
 
Forum: Investing - Help with Personal Investments
Topic: Contribute to deductible IRA or not
Replies: 8
Views: 566

"doveryai no proveryai" (trust, but verify)

Remember when Reagan used the proverb for nuclear arms control treaties with the Russians? Well that was with Gorbachev. Consider every car dealer as trustworthy as Putin. I can't make up my own Russian proverb, so here is only the English version. With everything a car dealer says, "Don't trus...
by Spirit Rider
Thu Feb 26, 2015 6:12 pm
 
Forum: Personal Consumer Issues
Topic: Need outside advice on new truck
Replies: 23
Views: 1114

Re: Advice for LLC setup in regards to Solo 401k

LLCs only provide certain components of asset protection. Most credit you are going to get will require a personal guarantee of which the LLC will provide no barrier to creditors. You should still get business liability insurance. In my case many of my clients have required liability insurance regar...
by Spirit Rider
Thu Feb 26, 2015 3:05 pm
 
Forum: Investing - Help with Personal Investments
Topic: Advice for LLC setup in regards to Solo 401k
Replies: 4
Views: 330

Re: Pellet stoves -- whats your take?

⋅ The pellet stove puts out nowhere NEAR as much heat as a traditional wood burner. Our wood burner can easily get the house over 80 degrees. We've been hanging out in shorts and t-shirts, in the middle of winter. ⋅ Pellets are expensive. We have some acreage that needed to be c...
by Spirit Rider
Thu Feb 26, 2015 2:31 pm
 
Forum: Personal Consumer Issues
Topic: Pellet stoves -- whats your take?
Replies: 38
Views: 2764

Re: Advice for LLC setup in regards to Solo 401k

One other option. 3. No LLC, sole proprietor, filing as a Qualified Joint Venture. Each spouse files a Schedule C/SE combo and uses the results for their contributions. Essentially a pseudo-partnership without the complication of a partnership return. I believe LLCs are an overused business entity a...
by Spirit Rider
Thu Feb 26, 2015 12:35 am
 
Forum: Investing - Help with Personal Investments
Topic: Advice for LLC setup in regards to Solo 401k
Replies: 4
Views: 330

Re: how best to supplement heat with heat pump

Frankly, I think its a little complicated. I have a heat pump in the cabin I own and didn't realize some of these things (esp the incremental temperature increases). I ordinarily turn it down at night and hit it up 6-8 degrees in the a.m. There was no instructional manual with it and it is not intu...
by Spirit Rider
Wed Feb 25, 2015 11:09 pm
 
Forum: Personal Consumer Issues
Topic: how best to supplement heat with heat pump
Replies: 49
Views: 2422

Re: S-Corp AND 401K

You misunderstand the application of the HCE $120,000 limit. Any employee with compensation of $120,000 is classified as an HCE. You as a 100% owner are classified as an HCE regardless of your income. The HCE limit has no control over your W2 compensation. Your W2 compensation is something you and y...
by Spirit Rider
Wed Feb 25, 2015 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: S-Corp AND 401K
Replies: 2
Views: 323

Re: how can i find place like this ???

People posting the other threads might have noticed that all three were also posted by this OP.
by Spirit Rider
Wed Feb 25, 2015 5:46 am
 
Forum: Investing - Help with Personal Investments
Topic: how can i find place like this ???
Replies: 7
Views: 1374

Re: how best to supplement heat with heat pump

I have the windows open, so is the "fan on" position drawing in outside air, or just re-circulating the air already inside the house? So, which "fan" (and drain on motor) am I running? When the actual heat pump is turned to "off"? Am assuming the fan is the fan to the ...
by Spirit Rider
Wed Feb 25, 2015 5:13 am
 
Forum: Personal Consumer Issues
Topic: how best to supplement heat with heat pump
Replies: 49
Views: 2422

Re: HSA Account Was Compromised

Your 1099 should not have been your first indication of excessive distributions. What were you monthly statements showing? Were you periodically checking your account online? I certainly wouldn't have taken the actions you took until I reviewed the distributions in my account to see what exactly wha...
by Spirit Rider
Wed Feb 25, 2015 12:21 am
 
Forum: Personal Finance (Not Investing)
Topic: HSA Account Was Compromised
Replies: 8
Views: 737

Re: Guns for hunting/defense

2 HK P7 PSP 9mms (extremely reliable, smaller but more holes, grip squeeze cock, smaller frame, concealed carry) I don't have a PSP, but have one of the first M8s imported into the country almost thirty years ago. There is just something about the German engineering and the technical elegance of th...
by Spirit Rider
Tue Feb 24, 2015 10:08 pm
 
Forum: Personal Consumer Issues
Topic: Guns for hunting/defense
Replies: 131
Views: 6933

Re: Can I contribute to solo 401k b4 receiving 1st payment c

I don't think it is a simple as it doesn't matter. This probably should have input from Alan S. Pending that I am going to give my read of the IRS regulations on this subject. Some relevant sections from the Code of Federal Regulations: Title 26 › Chapter I › Subchapter A › Part 1 › Section 1.401(k)...
by Spirit Rider
Tue Feb 24, 2015 9:49 pm
 
Forum: Personal Finance (Not Investing)
Topic: Can I contribute to solo 401k b4 receiving 1st payment chk?
Replies: 4
Views: 321

Re: how best to supplement heat with heat pump

...... I too think that you'd never set the thermostat to emergency heat except as a temporary measure when the heat pump compressor was broken/offline. Funny, I thought the switch for "emergency heat" was for when the fan motor was broke (?) not that the compressor failed. What do you me...
by Spirit Rider
Tue Feb 24, 2015 3:32 pm
 
Forum: Personal Consumer Issues
Topic: how best to supplement heat with heat pump
Replies: 49
Views: 2422

Re: Seeking Advice About Self-Employed 401(K) Plan

You would almost always be better to contribute to a rIRA than a taxable account. With a rIRA, you have full access to the contributions and the earnings are tax free. Yes, with a taxable account you have full access to the both the original investment and the earnings, but those earnings would be t...
by Spirit Rider
Tue Feb 24, 2015 2:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Seeking Advice About Self-Employed 401(K) Plan
Replies: 22
Views: 1722

Re: Employer contribution to 401k recorded in payroll?

I agree, I think the Intuit rep is mistaken. I see no code in the descriptions for box 12 that indicates employer contributions. Nor have I ever seen anything in a W-2 when I received employer matching.
by Spirit Rider
Mon Feb 23, 2015 7:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Employer contribution to 401k recorded in payroll?
Replies: 2
Views: 401

Re: why do some people like Fidelity?

Vanguard may be less proactive in trying to sell their services than Fidelity, However, If someone calls Vanguard and says they want their portfolio managed for them, and they have >= 100K, they will be directed to Vanguard Asset Management Services. There are fees and unless the person insists on i...
by Spirit Rider
Mon Feb 23, 2015 3:51 pm
 
Forum: Investing - Theory, News & General
Topic: why do some people like Fidelity?
Replies: 67
Views: 6712

Re: Seeking Advice About Self-Employed 401(K) Plan

I have a couple of follow-up questions for Bogleheads: [1] I had already contributed to my TIRA for 2014 last fall (full amount) - before I found out about the SE-401K plan. Do I need to "withdraw" this contribution as Excess Contribution or Re-characterize from TIRA to Roth IRA? Our comb...
by Spirit Rider
Mon Feb 23, 2015 3:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Seeking Advice About Self-Employed 401(K) Plan
Replies: 22
Views: 1722

Re: Arguments for and against FSBO for house?

My opinion is that the potential benefit of FSBO follows the Goldilocks Principle. How is the housing market where you live? Is it too hot? (many more buyers than sellers), is it too cold? (Many more sellers than buyers), or is it just right (just enough more sellers than buyers to make sales easier...
by Spirit Rider
Mon Feb 23, 2015 2:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: Arguments for and against FSBO for house?
Replies: 14
Views: 1192

Re: Spouse Contribution to Solo 401(k)

I have a related question. I am planning ahead and wanted to know about the solo 401k for spouses as well. Here's my situation: I have a traditional IRA for myself and spouse currently. Eventually, I will want to roll over those t-IRAs into a solo 401k to make room to do backdoor ROTHs as I plan on...
by Spirit Rider
Mon Feb 23, 2015 1:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spouse Contribution to Solo 401(k)
Replies: 7
Views: 410

Re: how best to supplement heat with heat pump

Your instructions to the tenant were spot on. Generally, you should never put the thermostat in emergency heat mode. The only time this would make sense is if the heat pump was not working at all. A heat pump system with a properly wired thermostat will deliver heat from the heat pump and/or the bac...
by Spirit Rider
Mon Feb 23, 2015 12:22 am
 
Forum: Personal Consumer Issues
Topic: how best to supplement heat with heat pump
Replies: 49
Views: 2422

Re: how best to supplement heat with heat pump

Drawpoker: would love to know how the heatpump was retrofitted for gas hybrid. I do have natural gas to the duplex but cut off by the city; the gas meters are still back there but locked. Last year I believe I called around and found that a hybrid system is very expensive, maybe they are less so no...
by Spirit Rider
Sun Feb 22, 2015 9:06 pm
 
Forum: Personal Consumer Issues
Topic: how best to supplement heat with heat pump
Replies: 49
Views: 2422

Re: how best to supplement heat with heat pump

I'm not sure you need supplemental heat. If your heat pumps are sized correctly and functioning properly, they should be able to hold 70 down to the ~18 degree design temp for Richmond on the heat pump alone and down to really cold with the aux strips on as well. This may be semantics, but all heat...
by Spirit Rider
Sun Feb 22, 2015 8:19 pm
 
Forum: Personal Consumer Issues
Topic: how best to supplement heat with heat pump
Replies: 49
Views: 2422

Re: Solo 401K--SS tax

$100k salary.... As a sole proprietor, you pay $18k individual and $25k employer into the 401-k and owe $15,200 in FICA. (Obvious.) As an S-Corp, you pay $18k individual. Because the $100k is your salary, you still have to pay $15,200 in FICA, split between employee and employer. Then you can add $...
by Spirit Rider
Sun Feb 22, 2015 7:51 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401K--SS tax
Replies: 10
Views: 1611

Re: Spouse Contribution to Solo 401(k)

If you're a sole proprietor filing schedule C for your self employed business, I'm not sure how a spouse fits in to the picture regarding solo 401k. A sole proprietor has two options to provide income for a spouse in order for them to make a Solo 401k contribution. Option 1: Setup payroll and pay h...
by Spirit Rider
Sun Feb 22, 2015 4:37 pm
 
Forum: Personal Finance (Not Investing)
Topic: Spouse Contribution to Solo 401(k)
Replies: 7
Views: 410

Re: W-4 Allowances

I am dong some research trying to understand W-4 allowances. I found a number of old threads including this one that might be what I'm after. I want to know how much tax one allowance is worth, if that makes sense. According to David's statement above, one allowance would be $3,700 worth of deducti...
by Spirit Rider
Sun Feb 22, 2015 10:56 am
 
Forum: Personal Finance (Not Investing)
Topic: W-4 Allowances
Replies: 8
Views: 1125

Re: Working after 70-Helps Soc Sec benefits?

One thing to keep in mind is that your earnings are wage indexed. That means it isn't simply a matter that your earnings are higher, but that they are higher than the wage index adjusted years. Your benefits are wage adjusted to the wage index in the year you turn 60. So any earnings after age 60 ar...
by Spirit Rider
Sun Feb 22, 2015 10:42 am
 
Forum: Personal Finance (Not Investing)
Topic: Working after 70-Helps Soc Sec benefits?
Replies: 5
Views: 786

Re: Transition to LLC in 2014 and SOLO 401(K)

I also think I need professional guidance. In the absence of my accountant's opinion, the next best thing for me to do is to find out here if somebody encountered a similar situation before. Is anybody aware of another, tax related forum, to post this question on? Any advice is appreciated. Very kn...
by Spirit Rider
Sat Feb 21, 2015 9:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Transition to LLC in 2014 and SOLO 401(K)
Replies: 8
Views: 534
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