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Re: Gift Ideas for 80 Yr Old Grandmother w/ Dementia

I would advise caution in treating the birthday as memory therapy session. For people with Dementia, trying to encourage them to remember specific people and/or specific events can be very stressful. Also, one of the cruel ironies of dementia is that very often the person is well aware of their decl...
by Spirit Rider
Sat Mar 28, 2015 4:21 pm
 
Forum: Personal Consumer Issues
Topic: Gift Ideas for 80 Yr Old Grandmother w/ Dementia
Replies: 9
Views: 327

Re: Recurring utility bills - How do you pay?

The credit cards are the exception and take the most time as we're charging everything else to accrue miles. I try to keep the business (properties and investment income) separate but it's never 100% . I have to go through the cc bills make sure the appropriate entity pays the bill, download into Q...
by Spirit Rider
Sat Mar 28, 2015 10:02 am
 
Forum: Personal Finance (Not Investing)
Topic: Recurring utility bills - How do you pay?
Replies: 32
Views: 1700

Re: Recurring utility bills - How do you pay?

My entire financial life is on autopilot, except known problematic companies. I use Fidelity Cash Management Account with Cash Manger to automatically maintain the balance in my account to acceptable ranges. It pushes/pulls funds from an Ally savings account where necessary. My electric company, cab...
by Spirit Rider
Sat Mar 28, 2015 9:20 am
 
Forum: Personal Finance (Not Investing)
Topic: Recurring utility bills - How do you pay?
Replies: 32
Views: 1700

Re: Confused article about IRA trusts and stretch IRAs

You can set up separate trusts for each beneficiary. That will result in lifetime RMDs using each beneficiary's age. But what this statement implies is wrong. An IRA trust can specify that beneficiaries can only take out the minimum distributions and try to preserve the assets for future generations...
by Spirit Rider
Fri Mar 27, 2015 3:54 pm
 
Forum: Personal Finance (Not Investing)
Topic: Confused article about IRA trusts and stretch IRAs
Replies: 3
Views: 332

Re: HSA: "combined" spousal account

SpiritRider, when did they start having family HSA accounts? When my husband set up "ours" it could only be in one social security number (in our case it was his, since the plan was through his employer). Thanks, Jan Read my post again, nowhere did I say anything about a family HSA accoun...
by Spirit Rider
Fri Mar 27, 2015 3:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA: "combined" spousal account
Replies: 11
Views: 666

Re: TSP G Fund Possible Changes

In before the second lock on this subject. Considering the G Fund provides the basis for the myRA Savings Bonds, this action would also kill the effectiveness before it ever got off the ground.
by Spirit Rider
Fri Mar 27, 2015 1:34 pm
 
Forum: Investing - Theory, News & General
Topic: [TSP G Fund Possible Changes]
Replies: 21
Views: 991

Re: HSA: "combined" spousal account

In 2010 my wife and I went to an HSA eligible health policy. Made the maximum deposit each year for both of us into an account that had only my name on it. In 2013 I aged into Medicare and continued to put the maximum deposit (for my wife only) into the same account. I share the blame with the cred...
by Spirit Rider
Fri Mar 27, 2015 1:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA: "combined" spousal account
Replies: 11
Views: 666

Re: Wait for I-bond?

We are in a relatively unique situation with I Bonds. Only once previously since Sep 1998 has there been a deflationary I Bond Inflation Rate. The Inflation Rate was -2.78%, 05/01/2009 - 10/31/2009. The May I-Bond Inflation Rate will be based on the Sep-Mar period. The current Sep-Feb rate is -1.39%...
by Spirit Rider
Thu Mar 26, 2015 9:51 pm
 
Forum: Investing - Theory, News & General
Topic: I Bonds - now or later in the year?
Replies: 26
Views: 1729

Re: Solo 401k [Creating an EIN for solo practice]

Try U.S Title 26 › Subtitle A › Chapter 1 › Subchapter D › Part I › Subpart A › Section 401(c)(1) (B) Self-employed individual The term “self-employed individual” means, with respect to any taxable year, an individual who has earned income (as defined in paragraph (2)) for such taxable year. To the ...
by Spirit Rider
Wed Mar 25, 2015 11:19 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401k [Creating an EIN for solo practice]
Replies: 7
Views: 493

Re: 401(K)/DCP rollover options at new job with no 401(K)

I would leave the funds in the 401k. You can create a pretty darn good four fund portfolio with these low cost funds. SPTN 500 INDEX INST (FXSIX) 02/17/1988 Stock Investments Large Cap 0.05% SPTN EXT MKT IDX ADV (FSEVX) 11/05/1997 Stock Investments Mid-Cap 0.07% VANG TOT INTL STK AD (VTIAX) 04/29/19...
by Spirit Rider
Wed Mar 25, 2015 8:53 pm
 
Forum: Investing - Help with Personal Investments
Topic: 401(K)/DCP rollover options at new job with no 401(K)
Replies: 5
Views: 342

Re: HSA deadline for tax deduction eligibility

I also agree. The only relevant issues I am aware of are; You can not take qualified distributions for expenses that occur before you open the HSA. You have until April 15th 2015 to make contributions for 2014. I see nothing in IRS Publication 969, IRS Notices 2004-2/2004-50, U.S. Code Title 26 › S...
by Spirit Rider
Wed Mar 25, 2015 8:25 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA deadline for tax deduction eligibility
Replies: 10
Views: 628

Re: Solo 401k [Creating an EIN for solo practice]

I don't think this will fly. You need to have established a trade or business with the intent to make a profit. Here your intent appears to be more like tax evasion, to avoid the prorating of pre-tax IRA funds in the Roth conversion. Either roll the IRA funds over to a work 401k or figure out a legi...
by Spirit Rider
Wed Mar 25, 2015 8:07 pm
 
Forum: Personal Finance (Not Investing)
Topic: Solo 401k [Creating an EIN for solo practice]
Replies: 7
Views: 493

Re: HSA deadline for tax deduction eligibility

I understand that I can make a TY 2014 contribution to an HSA account until April 15 2015. However, in order for it to count towards TY 2014, does the account have to be *established* in 2014? This is what the HSABank rep tells me but I'm skeptical. I believe you can still open and contribute. Call...
by Spirit Rider
Wed Mar 25, 2015 7:45 pm
 
Forum: Investing - Help with Personal Investments
Topic: HSA deadline for tax deduction eligibility
Replies: 10
Views: 628

Re: 529 beneficiary change & gift taxes

I would say yes based on this relevant section of a review of section 529 law and regulations by a law professor at the Baltimore School of Law. I have edited it to remove non-relevant UGMA/UTMA language, brought the AO/DB definitions into the quote, and incorporated a note directly into the text. W...
by Spirit Rider
Wed Mar 25, 2015 11:45 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 beneficiary change & gift taxes
Replies: 1
Views: 209

Re: Solo 401k and SEP IRA at the same time - have I messed u

You can have both accounts, but there does appear to be an infraction of the rule that a 5305 SEP cannot be used when you are maintaining another DC plan (the 401k). Do you have a reference/source for this rule? OP: I am in pretty much the same situation. You might find this previous discussion use...
by Spirit Rider
Wed Mar 25, 2015 9:00 am
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401k and SEP IRA at the same time - have I messed up?!
Replies: 33
Views: 1467

Re: 401(K)/DCP rollover options at new job with no 401(K)

1. Rolling over the 401k to a pure Rollover IRA (no non-ERISA rollovers or IRA contributions) gives you unlimited bankruptcy protection. A regular IRA only receives $1M inflation indexed from 2005. Neither gives you federal protection outside of bankruptcy. Where are you located? About 90% of states...
by Spirit Rider
Wed Mar 25, 2015 8:08 am
 
Forum: Investing - Help with Personal Investments
Topic: 401(K)/DCP rollover options at new job with no 401(K)
Replies: 5
Views: 342

Re: Bad 401(k) - advice

One huge benefit of a 401k though is that the payroll deductions get done automatically so the contributions actually happen. With making your own contributions there is a chance that it will not actually happen. I don't know if it is a huge benefit. Every IRA provider I am aware of provides for di...
by Spirit Rider
Tue Mar 24, 2015 9:38 pm
 
Forum: Investing - Help with Personal Investments
Topic: Bad 401(k) - advice
Replies: 12
Views: 1085

Re: Solo 401k Question

Can I contribute up to $53,000 into a solo 401k and write it off as a business expense for the LLC? Small correction. An single member default LLC is considered a disregarded entity by the IRS. That means from the IRS' point of view on taxes, it doesn't exist. You file as a sole proprietor on a Sch...
by Spirit Rider
Tue Mar 24, 2015 9:20 pm
 
Forum: Investing - Help with Personal Investments
Topic: Solo 401k Question
Replies: 4
Views: 281

Re: Not maxing out 401k and/or Roth to retire by 45-50?

There is actually a means to withdraw from retirement accounts early in a structured manner penalty free.

Do a search on 72t Substantially equal periodic payments.
by Spirit Rider
Tue Mar 24, 2015 9:09 pm
 
Forum: Investing - Help with Personal Investments
Topic: Not maxing out 401k and/or Roth to retire by 45-50?
Replies: 8
Views: 1483

Re: Tax Differed Variable Annuity

Another way to look at variable annuities is to consider them non-deductible IRAs, before Roth IRAs existed, before a backdoor Roth was permitted, or someone who can not take advantage of back door Roth because of other IRA assets. Would you choose a non-deductible IRA vs. taxable? I would think mos...
by Spirit Rider
Mon Mar 23, 2015 11:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax Differed Variable Annuity
Replies: 16
Views: 1128

Re: Tax Differed Variable Annuity

Using a variable annuity in such a circumstance would maybe make sense if you did not have enough space for tax inefficient investments. For example, you have 250K in tax deferred space and $250K in taxable. In that case it might make sense if you have $20K to invest with a 50:50 asset allocation to...
by Spirit Rider
Mon Mar 23, 2015 4:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Tax Differed Variable Annuity
Replies: 16
Views: 1128

Re: Small Business: 401K versus IRA

Shoot, I invented the phrase "payroll deducted IRA" to get across the point that I want to be able to make employer contributions to my employees with or without a match. Sorry for the confusion I guess a SEP ira allows me to contribute a certain percentage of all employees salary upto 25...
by Spirit Rider
Mon Mar 23, 2015 10:58 am
 
Forum: Investing - Help with Personal Investments
Topic: Small Business: 401K versus IRA
Replies: 14
Views: 618

Re: Small Business: 401K versus IRA

A payroll deduction IRA is not an employer plan. No employer matching is allowed . It is really nothing more than employer encouraged IRA contributions. The employer selects financial institution(s) and encourages employees to make contributions by payroll deduction. The only employer role is to man...
by Spirit Rider
Mon Mar 23, 2015 10:55 am
 
Forum: Investing - Help with Personal Investments
Topic: Small Business: 401K versus IRA
Replies: 14
Views: 618

Re: Where to retire in New England?

New Hampshire is probably the most retiree friendly part of NE to retire to in terms of COL. No sales tax and only unearned income is taxed ( dividends and cap gains ). Real estate taxes are a bit higher than average but that's par for the course for states that have no income or sales taxes. I'm q...
by Spirit Rider
Sat Mar 21, 2015 2:03 pm
 
Forum: Personal Consumer Issues
Topic: Where to retire in New England?
Replies: 101
Views: 7491

Re: Restaurant tipping

Not too long ago 15% was considered a standard tip for standard quality service, now it seems that 20+% is considered standard. On one occasion when I received lousy service I left 15% and was chased out into the street and yelled at by the server for not leaving enough. I feel like I'm being held ...
by Spirit Rider
Sat Mar 21, 2015 1:28 pm
 
Forum: Personal Consumer Issues
Topic: Restaurant tipping
Replies: 190
Views: 10574

Re: Need a new sub-forum for guns?

There have been no more than a handful of threads a year about guns. I hardly see a need for a sub-forum. Even the substantially more frequent threads about cars are still down in the noise level.
by Spirit Rider
Sat Mar 21, 2015 12:58 pm
 
Forum: Forum Issues and Administration
Topic: Need a new sub-forum for guns?
Replies: 17
Views: 1566

Re: Doctor's office requires credit card on file

Impromptu wrote:I love the voluntary things that have fines or decreases in payments when you don't comply. Lovely meaningful use mandates.

If it wasn't the federal government it would be considered criminal extortion.
by Spirit Rider
Fri Mar 20, 2015 10:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: Doctor's office requires credit card on file
Replies: 55
Views: 2893

Re: Doctor's office requires credit card on file

I'm surprised as a Physician you are not aware of the Federal EMR Electronic Medical Records Mandate and the penalties starting in 2015 and increasing each year over the next several years. So yeah, a practice pretty much has to provide this service or pay the consequence. Honestly, I'm not an expe...
by Spirit Rider
Fri Mar 20, 2015 10:46 pm
 
Forum: Personal Finance (Not Investing)
Topic: Doctor's office requires credit card on file
Replies: 55
Views: 2893

Re: Doctor's office requires credit card on file

Finally, on the annual charge for online services - I might be slightly annoyed at this too, at first glance. However, it's a nominal charge, and look at it from the practice's perspective - they don't have to provide this service , and they don't get paid for doing so. So if it's a service that yo...
by Spirit Rider
Fri Mar 20, 2015 10:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Doctor's office requires credit card on file
Replies: 55
Views: 2893

Re: Closing individual 401k

Both a Roth 401k account and a Roth IRA can be rolled over to an Inherited Roth IRA by the beneficiary. It is little known, but while a traditional IRA can only be rolled over to an Inherited Traditional IRA and cannot be converted to a Inherited Roth IRA, a traditional 401k can be directly rolled o...
by Spirit Rider
Fri Mar 20, 2015 8:50 pm
 
Forum: Investing - Theory, News & General
Topic: Closing individual 401k
Replies: 3
Views: 338

Re: Closing individual 401k

Why do you want to close the i401k. There is no requirement to have continuing contributions to keep the i401k open. Are the investment options not optimal at the i401k? If you determine you want to terminate the i401k, you should contact your provider. They should advise you on their procedure. At ...
by Spirit Rider
Fri Mar 20, 2015 6:30 pm
 
Forum: Investing - Theory, News & General
Topic: Closing individual 401k
Replies: 3
Views: 338

Re: COBRA vs ACA

That doesn't make sense. A doctor does not know where you purchased your insurance. Most of the ACA providers are the same insurance companies that provide group plans for businesses. The reimbursement rates from the insurance company to the doctor is the same in both cases, the only difference is ...
by Spirit Rider
Fri Mar 20, 2015 3:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: COBRA vs ACA
Replies: 35
Views: 2115

Re: Taxable investing & SEP IRA converted to Roth IRA questi

Ok, caught me there with the edit inserting a new question 5. So here is my edit also with a change reflecting on question 1. 1. The SEP-IRA is one option for you. You can either take the deduction or convert it to a Roth IRA. It is purely your choice/determination for the pre-tax/post-tax decision....
by Spirit Rider
Fri Mar 20, 2015 2:34 pm
 
Forum: Investing - Help with Personal Investments
Topic: Taxable investing & SEP IRA converted to Roth IRA questions
Replies: 2
Views: 212

Re: Roth IRA MAGI and Taxes

If you have no pre-tax IRA assets there is a third better option that the two presented in the link: ⋅ Recharacterize the Roth IRA to a traditional IRA. ⋅ It will be non-deductible because you are an active participant in an employer retirement plan and if you exceeded the Roth I...
by Spirit Rider
Fri Mar 20, 2015 11:51 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA MAGI and Taxes
Replies: 27
Views: 1487

Re: Roth IRA MAGI and Taxes

Got it! Thank you DSInvestor and Spirit Rider for clearing all of this up and helping me learn. Regarding the SEP IRA contributions: Is there a difference in the benefits of tax deductions if my wife contributes to her own account as the employer or using herself as the employee? I don't believe yo...
by Spirit Rider
Thu Mar 19, 2015 3:42 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA MAGI and Taxes
Replies: 27
Views: 1487

Re: transferring UTMA money to ESA - ethical question

You can not rollover UTMA funds to a 529 you own, but can rollover those funds to a custodial 529, because you are maintaining the minor's ownership of the money. UTMA withdrawals should only be made for attributable expenses of the beneficiary. If you have otherwise attributable expenses for the be...
by Spirit Rider
Thu Mar 19, 2015 3:28 pm
 
Forum: Personal Finance (Not Investing)
Topic: transferring UTMA money to ESA - ethical question
Replies: 5
Views: 441

Re: >$250,000 portfolios with Vanguard? Insurance?

There is no insurance protection against the value of your investments. Just a diversified portfolio and time.

However, mutual funds are independent trusts and are not assets of Vanguard. Also, Vanguard brokerage accounts have SIPC $500K protection for cash ($250K limit) and securities.
by Spirit Rider
Thu Mar 19, 2015 2:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: >$250,000 portfolios with Vanguard? Insurance?
Replies: 19
Views: 2995

Re: Roth IRA MAGI and Taxes

Now that I understand your business structure and the fact that you have employees, I can give a more complete answer. As a sole proprietor, employee SEP IRA contributions are deducted as business expenses on Schedule C line 19 and as DSInvestor said the sole proprietor's contributions are reported ...
by Spirit Rider
Thu Mar 19, 2015 2:17 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA MAGI and Taxes
Replies: 27
Views: 1487

Re: Roth IRA MAGI and Taxes

To SpiritRider: I tried looking for the post you were talking about but instead found another topic that I have a question about. It's regarding your post: You can project income for the year, but you can only make pro-rated profit-sharing contributions. For example, you project you will have $120K...
by Spirit Rider
Thu Mar 19, 2015 1:50 pm
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA MAGI and Taxes
Replies: 27
Views: 1487

Re: Roth IRA MAGI and Taxes

According to the IRS the income limit of a married couple filing jointly is 181k in order to contribute to a Roth IRA. What if the combined income was originally 200k+, but after contributing to both employER and employEE SEP-IRA , their taxable income drops down below 181k? Can we still contribute...
by Spirit Rider
Thu Mar 19, 2015 11:03 am
 
Forum: Investing - Help with Personal Investments
Topic: Roth IRA MAGI and Taxes
Replies: 27
Views: 1487

Re: Extending Tax Filing and IRA/SEP Contributions

Can you have an IRA and a SEP-IRA? I was told we could add a Roth-IRA to a SEP-IRA, but not an IRA. Yes, you can have a SEP IRA and a traditional IRA. However, contributing to a SEP IRA makes you an active participant in an employer sponsored retirement plan. This causes you to be income limited fo...
by Spirit Rider
Thu Mar 19, 2015 10:47 am
 
Forum: Investing - Help with Personal Investments
Topic: Extending Tax Filing and IRA/SEP Contributions
Replies: 3
Views: 251

Re: Roth 401k Rollover + Switch to SEP

Would a recommended retirement savings strategy be the following: ⋅  HSA - $3,350 ⋅  Roth IRA - $5,500 ⋅  Solo 401k - 25% of Net Profit + $18,000 ⋅  Taxable Account - Any extra money saved This looks like a great plan. You can adjust the traditional/Roth 401k...
by Spirit Rider
Thu Mar 19, 2015 9:00 am
 
Forum: Personal Finance (Not Investing)
Topic: Roth 401k Rollover + Switch to SEP
Replies: 13
Views: 819

Re: BrokerageLink in 403b vs. IRA

I am also concerned about losing the protected advantage of 403b account in terms of creditors. 403b plans are not 100% guaranteed to be ERISA qualified. The vast majority are, but it is not guaranteed. Before deciding, you should explicitly verify with your plan administrator. In writing if possib...
by Spirit Rider
Wed Mar 18, 2015 9:21 pm
 
Forum: Investing - Help with Personal Investments
Topic: BrokerageLink in 403b vs. IRA
Replies: 6
Views: 393

Re: Roth 401k Rollover + Switch to SEP

Are you sure that you have great funds at Principal. They may have no additional fees. but 401k plans run by insurance companies typically have funds with very high expense ratios. A Solo 401k provides exactly the same employer contribution capabilities as a SEP IRA, but adds the employee deferral (...
by Spirit Rider
Wed Mar 18, 2015 9:03 pm
 
Forum: Personal Finance (Not Investing)
Topic: Roth 401k Rollover + Switch to SEP
Replies: 13
Views: 819

Re: 529 and Grandparents

You are obligated to self-report the required income and assets on FSFSA and CCS just like are required to self-report on your tax returns.
by Spirit Rider
Wed Mar 18, 2015 10:46 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 and Grandparents
Replies: 9
Views: 943

Re: 529 and Grandparents

A grandparent 529 is not seen by either FAFSA or CSS . As mentioned, once it is used, it is counted as student income for the following year. Since a student has an income allowance of $6260, if the student has not earned this much, a withdrawl from tha grandparent 529 to bring income to that level...
by Spirit Rider
Wed Mar 18, 2015 7:36 am
 
Forum: Investing - Help with Personal Investments
Topic: 529 and Grandparents
Replies: 9
Views: 943

Re: Exceeding the $53k contribution limit. Options?

So I did my first Mega Back Door Roth this year but miscalculated my contributions. If I set my contribution amount to the lowest amount possible but still enough to receive my full company match, I will have contributed $58k by the end of the year (and only $14k into my 401k pre-tax amount). Or if...
by Spirit Rider
Tue Mar 17, 2015 8:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: Exceeding the $53k contribution limit. Options?
Replies: 18
Views: 3025

Re: 529 as a gift

You would be better off having the friend open the 529 themselves and then you can make the contributions directly yourself. Anyone can make contributions to 529 accounts owned by others.
by Spirit Rider
Tue Mar 17, 2015 5:00 pm
 
Forum: Investing - Help with Personal Investments
Topic: 529 as a gift
Replies: 4
Views: 464

Re: US Army Thrift Savings Plan (TSP) - Question about After

OP, I suggest you change the title to US ARMY Thrift Savings Plan (TSP) - Roth 401k for a reason that will become apparent. There are two items described in the WiKi link from LadyGeek that might not jump out at you. If this family member is deployed to a combat zone they have two great options: &sd...
by Spirit Rider
Tue Mar 17, 2015 4:52 pm
 
Forum: Investing - Help with Personal Investments
Topic: US ARMY Thrift Savings Plan (TSP) - Roth 401k
Replies: 14
Views: 1401

Re: HSA - Excess Contributions

There is another option if the 6% excise tax on the excess contribution is less than the fee. This is likely unless you miscalculated by a large amount. I believe HSA Bank charges $25 for excess contribution correction. That means if the excess contribution is <= $416.67, you will be better off with...
by Spirit Rider
Mon Mar 16, 2015 10:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: HSA - Excess Contributions
Replies: 4
Views: 422
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