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by Spirit Rider
Mon May 25, 2015 11:08 pm
Forum: Personal Consumer Issues
Topic: 5000 btu open window air conditioner
Replies: 4
Views: 512

Re: 5000 btu open window air conditioner

To add to Ralph's reply AEM05LS 5,450btu 11.4 EER The model numbers differences for the others just refer to distribution channel. The specs are exactly the same. AEH06LS 6,050btu 11.2 EER $179.00 Sam's Club AEL06LS 6,050btu 11.2 EER $179.00 Home Depot AEM06LS 6,050btu 11.2 EER Discontinued AEZ06LS ...
by Spirit Rider
Mon May 25, 2015 9:30 pm
Forum: Personal Consumer Issues
Topic: Do-it-yourself handy person: How did you learn?
Replies: 25
Views: 2324

Re: Do-it-yourself handy person: How did you learn?

Growing up my dad had a business attached to the house. It was called "The Fix-it Shop". We pretty much fixed anything that existed in a 60's/70's house. I said we, because all the three boys worked in the shop from about the age of 12. Even my little sister had to work there (there were n...
by Spirit Rider
Mon May 25, 2015 8:28 pm
Forum: Personal Consumer Issues
Topic: Outside a/c fan isn't running (10 yr old system)
Replies: 24
Views: 794

Re: Outside a/c fan isn't running (10 yr old system)

Mudpuppy's reply is probably the most on point. Short of a tripped circuit breaker/blown fuse, there is no way of knowing what the problem is without some diagnostics. Call the company that serviced the unit. As has been said by others, at ten years it is much more likely that it is an easily replac...
by Spirit Rider
Sun May 24, 2015 4:58 pm
Forum: Personal Finance (Not Investing)
Topic: Dispute a credit card payment or not
Replies: 22
Views: 1711

Re: Disput a credit card payment or not

I think this is a matter of evidence. Did you save or print the web page before ordering. I always do this with any transaction online. Especially if there is some special promotion or pricing involved. With evidence Dell will cave, without it who knows, but your best bet is with Dell. You are far l...
by Spirit Rider
Sun May 24, 2015 4:48 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k but with ineligible employees?
Replies: 21
Views: 1356

Re: Solo 401k but with ineligible employees?

A Solo 401k is a traditional 401k. It is a marketing and administrative creation that given the conditions of no eligible common law employees, there is no anti-discrimination testing required and simplified reporting (Form 5500-EZ if assets >= $250K). This allows the providers (Fidelity, Vanguard, ...
by Spirit Rider
Sun May 24, 2015 4:37 pm
Forum: Personal Finance (Not Investing)
Topic: One cent over on HSA, now what?
Replies: 25
Views: 3018

Re: One cent over on HSA, now what?

You round down anything < $0.50, so there is nothing to report. An excess contribution left in an HSA account is only subject to a 6% excise tax on that amount. So any amount <= $8.33 would not trigger a tax liability. Yes, but what about a non-zero contribution to an account that's not supposed to...
by Spirit Rider
Sun May 24, 2015 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k but with ineligible employees?
Replies: 21
Views: 1356

Re: Solo 401k but with ineligible employees?

Except as an accountant, one would very well know with the IRS that the devil is in the details. While there is a general statement at the top of the page: "It's a traditional 401(k) plan covering a business owner with no employees, or that person and his or her spouse. These plans have the sam...
by Spirit Rider
Sun May 24, 2015 9:31 am
Forum: Personal Finance (Not Investing)
Topic: One cent over on HSA, now what?
Replies: 25
Views: 3018

Re: One cent over on HSA, now what?

Same thing happened to me! I was only eligible for HSA 5 months of last year, so my limit isn't a round 3050 anyway. It's reassuring that this isn't a big deal. The amount you can contribute is not prorated based on your time in plan. You are eligible to contribute the entire amount. The only way y...
by Spirit Rider
Sun May 24, 2015 7:30 am
Forum: Personal Finance (Not Investing)
Topic: One cent over on HSA, now what?
Replies: 25
Views: 3018

Re: One cent over on HSA, now what?

You round down anything < $0.50, so there is nothing to report. An excess contribution left in an HSA account is only subject to a 6% excise tax on that amount. So any amount <= $8.33 would not trigger a tax liability.
by Spirit Rider
Sat May 23, 2015 10:42 pm
Forum: Personal Finance (Not Investing)
Topic: NOLO on Sale: Wills, Landlord, buying/selling homes
Replies: 5
Views: 783

Re: NOLO on Sale: Wills, Landlord, buying/selling homes

Rob5TCP wrote:Just went to look up Willmaker Plus; it's at their normal $10 off. Will probably wait until August when the 2016 version comes out
(PS Amazon was cheaper).

You enter the promo code MD40 to get an additional 40% off by 05/26.
by Spirit Rider
Sat May 23, 2015 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k but with ineligible employees?
Replies: 21
Views: 1356

Re: Solo 401k but with ineligible employees?

I would provide your accountant with the following: ⋅ The relevant section of Article 3 in Fidelity's prototype plan document. If you look in all the documents, there is specific approval of the plan by the IRS. Article 3. Participation 3.1. General Rule. Each Employee shall become a Parti...
by Spirit Rider
Sat May 23, 2015 9:59 pm
Forum: Personal Finance (Not Investing)
Topic: SEP or Solo 401k
Replies: 7
Views: 398

Re: SEP or Solo 401k

Depending on just how significant this consulting revenue is, you might run into an annual limit quirk. A 403b account is considered owned by the employee. What this means is that you do not have a separate annual account limit (2015 = $53K). Your self-employed profit sharing will be limited to $53...
by Spirit Rider
Sat May 23, 2015 4:01 pm
Forum: Personal Finance (Not Investing)
Topic: SEP or Solo 401k
Replies: 7
Views: 398

Re: SEP or Solo 401k

I agree with livesoft. While in your situation with maxing out your 403b, you won't be able to save any more with a Solo 401k vs. a SEP IRA. However, keeping the contributions out of IRA space is a good thing. This significant consulting income might push you past the income limit for a Roth IRA. Ha...
by Spirit Rider
Sat May 23, 2015 9:30 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k but with ineligible employees?
Replies: 21
Views: 1356

Re: Solo 401k but with ineligible employees?

This would not be the first time that an accountant would be wrong on retirement plan issues. In fact it has become a regular reported occurrence on this forum. Unless it is one of their areas of expertise, many accountants have a woeful lack of retirement plan knowledge outside the basic issues. Wh...
by Spirit Rider
Fri May 22, 2015 9:04 pm
Forum: Investing - Help with Personal Investments
Topic: Invest ONLY After Tax Money Into 401(k)?
Replies: 20
Views: 1714

Re: Invest ONLY After Tax Money Into 401(k)?

Spirit Rider (or anyone else who wants to answer), you've probably seen the various threads and polls where people have chimed in about the availability of the mega backdoor Roth (MBDR) at their company, or some company they know of. It seems generally they are large companies. What sorts of things...
by Spirit Rider
Fri May 22, 2015 10:18 am
Forum: Investing - Help with Personal Investments
Topic: Fidelity 401K Help
Replies: 11
Views: 641

Re: Fidelity 401K Help

ruralavalon gave you the optimal funds in your Fidelity account. You should use the equivalent Vanguard index funds in the Vanguard IRA.
by Spirit Rider
Fri May 22, 2015 10:10 am
Forum: Investing - Help with Personal Investments
Topic: Medicare supplemental insurance
Replies: 71
Views: 4587

Re: Medicare supplemental insurance

Setting aside pricing on the different plans that Spirit Rider pointed out, do you even need medical underwriting if the plan is selected at initial Medicare enrollment? There is an initial six month open enrollment period, during which there can be no medical underwriting. There is a one year tria...
by Spirit Rider
Fri May 22, 2015 9:53 am
Forum: Investing - Help with Personal Investments
Topic: Invest ONLY After Tax Money Into 401(k)?
Replies: 20
Views: 1714

Re: Invest ONLY After Tax Money Into 401(k)?

If you are in the top tax bracket not only will the capital gains rate be 20%, but all investment income (capital gains, dividends, and interest) will be subject to the 3.8% surcharge enacted as part of ObamaCare. To reiterate my previous post, it is very unlikely to be able to do a full Mega Backdo...
by Spirit Rider
Thu May 21, 2015 12:26 pm
Forum: Investing - Help with Personal Investments
Topic: Medicare supplemental insurance
Replies: 71
Views: 4587

Re: Medicare supplemental insurance

You have to be very careful about pricing Plan G. Plan G is often a bargain compared to the Plan F of a particular provider. However, often there is a plan F available by a different provider in that state for less than that Plan G.
by Spirit Rider
Thu May 21, 2015 12:20 pm
Forum: Personal Finance (Not Investing)
Topic: Lending a car to a niece for a few months - how to arrange insurance
Replies: 10
Views: 948

Re: Lending a car to a niece for a few months - how to arrange insurance

Ask your insurance company. You don't want to be in a civil suit arguing that a bunch of internet weenies said to do it this way, so it must be true. +1 You can usually socialize this as a what if conversation with your agent. Once you contact your insurance company, you have effectively given them...
by Spirit Rider
Thu May 21, 2015 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Stupid COBRA question
Replies: 12
Views: 859

Re: Stupid COBRA question

The dates of job termination/new hire do not matter. What matters, is what are the dates of health insurance coverage. The day the coverage is lost is the qualifying event. Although current coverage could end on May 27th. It is far more likely that it ends on May 31st. Although new coverage could st...
by Spirit Rider
Thu May 21, 2015 11:51 am
Forum: Investing - Help with Personal Investments
Topic: Invest ONLY After Tax Money Into 401(k)?
Replies: 20
Views: 1714

Re: Invest ONLY After Tax Money Into 401(k)?

You really need to check the rules of your particular plan. The one plan I was involved with that allowed it, required you to max out your employee deferral first (2015 = $18K, >= 50 + $6K). In a safe harbor plan, there is no ADP testing for qualifying employee salary deferrals and no ACP testing fo...
by Spirit Rider
Wed May 20, 2015 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Ins and outs of LLCs for consulting
Replies: 8
Views: 512

Re: Ins and outs of LLCs for consulting

I'm in California and set up an LLC for my consulting practice a couple years back. First, setting it up is pretty easy. I went through an online outfit called CorpNet (actually I called them and did it over the phone). They take care of everything for a flat fee - I think it was around $600. There...
by Spirit Rider
Wed May 20, 2015 12:19 pm
Forum: Personal Finance (Not Investing)
Topic: Ins and outs of LLCs for consulting
Replies: 8
Views: 512

Re: Ins and outs of LLCs for consulting

CFM300 has made some valuable points. I will add some additional thoughts. An LLC is a state chartered business entity, in and of itself it is not an IRS tax entity. A defaulted single member LLC is considered a disregarded entity by the IRS and you are considered a sole proprietor filing Schedules ...
by Spirit Rider
Tue May 19, 2015 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Need help understanding SEP-IRA
Replies: 9
Views: 480

Re: Need help understanding SEP-IRA

This is most likely a little known Salary Reduction Simplified Employee Pension (SARSEP) IRA. A kind of 401k/SEP IRA hybrid. These plans could not be started after 12/31/1996, but may continue if in place. A company with this plan must have no more than 25 employees. Once the employer has more than...
by Spirit Rider
Tue May 19, 2015 9:58 am
Forum: Personal Finance (Not Investing)
Topic: Need help understanding SEP-IRA
Replies: 9
Views: 480

Re: Need help understanding SEP-IRA

This is most likely a little known Salary Reduction Simplified Employee Pension (SARSEP) IRA. A kind of 401k/SEP IRA hybrid. These plans could not be started after 12/31/1996, but may continue if in place. A company with this plan must have no more than 25 employees. Once the employer has more than ...
by Spirit Rider
Mon May 18, 2015 7:45 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k but with ineligible employees?
Replies: 21
Views: 1356

Re: Solo 401k but with ineligible employees?

1. Yes 2. Your 2015 contributions are independent of your 2016 plan considerations. They are based on your 2015 self-employment income and employee salary deferral elections. The contribution deadlines are subject to the 2015 tax year considerations irrespective of what plan choices you make for 201...
by Spirit Rider
Mon May 18, 2015 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k but with ineligible employees?
Replies: 21
Views: 1356

Re: Solo 401k but with ineligible employees?

James is correct that there is no problem with making Solo 401k contributions this year. The employees are not eligible employees until next year. If you are planning to switch from a Solo 401k to a SIMPLE IRA in 2016, you should definitely contact your provider about this change. the intricacies of...
by Spirit Rider
Thu May 14, 2015 2:10 pm
Forum: Investing - Help with Personal Investments
Topic: Employer Contribution 60%?
Replies: 29
Views: 1178

Re: Employer Contribution 60%?

So here is what we know from those documents: ⋅ The maximum employee salary deferral is 60% of compensation or the employee salary deferral limit (2015=$18K). ⋅ There is an 8% non-elective employer contribution that is irrespective of employee contribution These two pages do not...
by Spirit Rider
Thu May 14, 2015 1:54 pm
Forum: Investing - Help with Personal Investments
Topic: Employer Contribution 60%?
Replies: 29
Views: 1178

Re: Employer Contribution 60%?

The company that I worked for did not match, but did contribute 16% of salary. This meant that all space in my 401(k) was maxed out with no employee contribution. The last few paychecks of the year the 16% had to be paid out as taxable income to me. Ralph The way I read this, is that the company pr...
by Spirit Rider
Thu May 14, 2015 1:42 pm
Forum: Investing - Help with Personal Investments
Topic: Employer Contribution 60%?
Replies: 29
Views: 1178

Re: Employer Contribution 60%?

So here is what we know from those documents: ⋅ The maximum employee salary deferral is 60% of compensation or the employee salary deferral limit (2015=$18K). ⋅ There is an 8% non-elective employer contribution that is irrespective of employee contribution These two pages do not ...
by Spirit Rider
Thu May 14, 2015 12:17 pm
Forum: Investing - Help with Personal Investments
Topic: Employer Contribution 60%?
Replies: 29
Views: 1178

Re: Employer Contribution 60%?

I seriously doubt that any employer matches 60% of salary . It is much more likely that they match 60% of the employee salary deferral up to some percentage of salary. On a safe harbor plan the match cannot be applied to more than 6% of salary. For example, 100% match on the first 6%. They can use a...
by Spirit Rider
Tue May 12, 2015 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: Over-contribution to HSA: now what?
Replies: 8
Views: 553

Re: Over-contribution to HSA: now what?

No, I was not able to find anything else except for line 49 on Form 5329. Yet, this is about as unambiguous as you get with the IRS.
by Spirit Rider
Sun May 10, 2015 7:25 pm
Forum: Investing - Help with Personal Investments
Topic: Thinking about opening a 529 for kids i dont even have yet. Thoughts?
Replies: 7
Views: 802

Re: Thinking about opening a 529 for kids i dont even have yet. Thoughts?

I believe you will have generation skipping issues transferring your 529 assets to your children, their cousins, etc...
by Spirit Rider
Sun May 10, 2015 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Tenants left and we end up with a flooded basement and no insurance coverage
Replies: 35
Views: 3582

Re: Tenants left and we end up with a flooded basement and no insurance coverage

IANAL, but this is my take on the situation Is it specifically addressed in your lease that the tenants are responsible for maintaining the utilities until the day their contractual period ends? Otherwise, I would consider the tenants responsibility to end on the day they turned over the keys. A rea...
by Spirit Rider
Sat May 09, 2015 8:49 pm
Forum: Investing - Theory, News & General
Topic: Stop contributions to retirement accts due to future RMDs
Replies: 77
Views: 5409

Re: Stop contributions to retirement accts due to future RMDs

I was under the impression that you could only put the employee Solo 401k contribution (a maximum of $24k for someone 50 & older for 2015) into a Roth Solo 401k. I thought the employer or "profit sharing" contribution had to be put into a regular (before tax) Solo 401k, just like the ...
by Spirit Rider
Sat May 09, 2015 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: "Extended" Family Discount?
Replies: 14
Views: 1808

Re: "Extended" Family Discount?

Good choice OP.

I wish I was so smart many years ago. The only client who has ever stiffed me in 35 years was a friend (I thought).
by Spirit Rider
Sat May 09, 2015 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: 401K, IRAs, roth IRA - into trust?
Replies: 5
Views: 601

Re: 401K, IRAs, roth IRA - into trust?

Dave is correct. You need the services of a knowledgeable estate planning professional. Clearly, your lawyer is not one. As Dave said, you can not put a retirement account in a trust. You can only make a trust the beneficiary of a retirement account. Maybe this is just a communication issue, but lum...
by Spirit Rider
Fri May 08, 2015 12:13 pm
Forum: Personal Consumer Issues
Topic: Will you buy self-driving car?
Replies: 235
Views: 9280

Re: Will you buy self-driving car?

HoosierJim wrote:I think I saw this same question about 10 years ago when somebody asked "Would you do your banking and brokerage account management over the internet?" I think the same doubts, fears and enthusiasm was mentioned.

thou shalt not commit logical fallacies
by Spirit Rider
Thu May 07, 2015 2:35 pm
Forum: Personal Consumer Issues
Topic: What to do with 1940's refrigerator that still works?
Replies: 36
Views: 2714

Re: What to do with 1940's refrigerator that still works?

Freon is a trademark of DuPont referring to a whole class of refrigerants, primarily CFCs such as R-12. It is inert at ambient temperatures, but be careful if it is presented to high heat in a confined space. It then can generate Phosgene gas, some really nasty stuff that used as the preferred poiso...
by Spirit Rider
Wed May 06, 2015 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Max Contribution Annoyance
Replies: 15
Views: 1340

Re: HSA Max Contribution Annoyance

The total contribution of a family cannot be more than the family plan contribution limit even if you each have two individual plans. So even with two individual plans the combined limit is still $6650 and not $6700 ($3350 * 2).
by Spirit Rider
Wed May 06, 2015 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Max Contribution Annoyance
Replies: 15
Views: 1340

Re: HSA Max Contribution Annoyance

To 555's point, 2016 HSA limits are $3350/$6750.
by Spirit Rider
Wed May 06, 2015 5:42 pm
Forum: Personal Finance (Not Investing)
Topic: "expand" tax-free gift to a child?
Replies: 8
Views: 1092

Re: "expand" tax-free gift to a child?

If your daughter is married, each parental spouse can independently gift the limit to each spouse of the child's marriage.

The other replies were not sarcastic, but rather pointing out what you proposed is in fact tax evasion.
by Spirit Rider
Wed May 06, 2015 5:37 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Decisions - still working
Replies: 6
Views: 537

Re: Medicare Decisions - still working

A small clarification on retroactive Medicare enrollment. It can be up to six months, but not before 65. So if you enroll in Medicare for 65, it will be effective at 65. If you enroll in Medicare for 66, it will be effective at 65 1/2. Also, we are only talking about proactively enrolling in Medicar...
by Spirit Rider
Wed May 06, 2015 10:19 am
Forum: Investing - Theory, News & General
Topic: The Case FOR the Roth 401k
Replies: 46
Views: 4234

Re: The Case FOR the Roth 401k

Ok, I will bite. I am a strong proponent of having Roth assets (IRA, 401k, 403b, 457b). However, you treat this like it is a binary decision. When for most people is a question of allocation. So, I will answer directly, No having all tax advantaged assets in a Roth is Not ideal. Also, some of your s...
by Spirit Rider
Tue May 05, 2015 10:55 pm
Forum: Investing - Help with Personal Investments
Topic: HSA Transfer Question
Replies: 1
Views: 229

Re: HSA Transfer Question

1. Yes, once you are an eligible individual and have made contributions, you can have any number of HSA accounts. 2. Yes, you can transfer funds from one HSA account to another. There is no IRS limit to the number of direct trustee-to-trustee transfers, but the custodian may place their own limits a...
by Spirit Rider
Tue May 05, 2015 11:07 am
Forum: Investing - Theory, News & General
Topic: Small Business 401k Options (low salary, high income)
Replies: 12
Views: 859

Re: Small Business 401k Options (low salary, high income)

Wow, thank you so much!!! I really appreciate the help. You were so clear and concise (and helpful!) you are welcome So in other words, I won't be able to max out at $18,000 unless I raise my payroll income, correct? (which is not worth it in added FICA expenses). If you have a SIMPLE IRA, your emp...
by Spirit Rider
Tue May 05, 2015 10:30 am
Forum: Personal Finance (Not Investing)
Topic: What happens to mortgage when house is willed to non-spouse?
Replies: 22
Views: 2167

Re: What happens to mortgage when house is willed to non-spouse?

Thanks for the advice, all. I will eventually consult an estate attorney about this issue but was looking for a general framework of how this would all happen in the event I pass on. My main curiosity surrounded my thinking that the bank really has no idea I'm no longer living if my girlfriend/esta...
by Spirit Rider
Mon May 04, 2015 11:35 pm
Forum: Personal Finance (Not Investing)
Topic: What happens to mortgage when house is willed to non-spouse?
Replies: 22
Views: 2167

Re: What happens to mortgage when house is willed to non-spouse?

Unfortunately, almost all mortgages now have due-on-sale clauses, which makes them non-assumable. A probate transfer typically is subject to that clause. There is a law that allows many relatives to assume mortgages if they are the heir and can otherwise qualify for the mortgage. However, there is n...
by Spirit Rider
Mon May 04, 2015 11:09 pm
Forum: Investing - Theory, News & General
Topic: Small Business 401k Options (low salary, high income)
Replies: 12
Views: 859

Re: Small Business 401k Options (low salary, high income)

He is making $3000 contribution for a $3000 match. $6000 total. So is he eligible for another $9,500 with my company? Also, if we do 3% match for my company, is that in addition to the $12,500 limit? IE: Another ~$1,800 for me, my husband. And then pay up to $1,200 for my employee's match? THANK YO...

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