Search found 124 matches

by jxs705
Fri Apr 03, 2020 10:00 pm
Forum: Personal Investments
Topic: Need help on my fidelity 1099b
Replies: 0
Views: 215

Need help on my fidelity 1099b

I have a question on RSU and the 1099b form from Fidelity. For example, the 1099b supplemental information shows proceedings $10,000, ordinary income reported is $10,800, and adjusted cost basis is $10,800, wash sale loss disallowed is $300, and the adjusted gain/loss is $800. What would be my corrected adjusted cost basis? $10,800 or $10,800 + or - $300? I am not sure if the $300 is already adjusted in the adjusted cost basis. In the footnote for adjust cost basis, it says " Adjusted cost or other basis provided may include the following adjustments: ordinary income reported, dividend reinvestment, return of capital/principal and wash sale loss disallowed." Can I assume that the adjusted cost basis has taken care of both reported...
by jxs705
Sun Mar 31, 2019 4:17 pm
Forum: Personal Finance (Not Investing)
Topic: Are loan origination charges tax deductible?
Replies: 11
Views: 1415

Are loan origination charges tax deductible?

Hi I need help on this. I searched online and also read the tax code but I am still not sure. The closing disclosure when I bought my house shows the following:

Origination charges: 1100.00
01. % of loan amount (points): (empty)
02. Document preparation fees: xxx.xx
03. Processing fees: xxx.xx
04. Underwriting fees: xxx.xx

My question is whether this $1100 is tax deductible? I doubt it is tax deductible, but it is under loan origination charges. Also some online articles say that these would be tax deductible. so I am confused. Can anyone confirm if I can deduct these fees in tax return? I don't see any fees reported on 1098 form other than the interests I paid.

Thanks.
by jxs705
Wed Apr 13, 2016 9:21 pm
Forum: Personal Finance (Not Investing)
Topic: very curious about the child and dependent care tax credit
Replies: 1
Views: 380

very curious about the child and dependent care tax credit

I have a question that I am very curious about. I saw it from somewhere else and did not see a convincing conclusion on it. Assume I have two kids, and for one kid, I have $6000 day care expense, but the other one had no dependent care expense. I also have $5000 in FSA. so do I still have $200 tax credit ($6000-$5000)*20%=$200? or nothing since one child had no child care expense, and I am only eligible for $3000 credit instead of $6000 credit?
From the IRS instructions, it seems that we can still have $6000 credit in this scenario, however, I remember in TaxAct, once I enter 0 for the child care expense for one child, then I am only eligible for $3000. I think I remember correctly, so I am confused.
Thanks.
by jxs705
Wed Apr 13, 2016 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: What should I do with money after investing in retirement?
Replies: 8
Views: 1246

Re: What should I do with money after investing in retirement?

JohnWild wrote:What bank account is giving you 5% interest?
I am curious to know the answer too.
by jxs705
Mon Apr 11, 2016 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: How to waive the account maintenance fee in HSA bank
Replies: 8
Views: 2159

Re: How to waive the account maintenance fee in HSA bank

jjface wrote:Just be aware that leaving $5000 in cash has a cost. If you can make 1.3% pa on those funds then you might as well invest it and pay the monthly fee.
Thank you very much everyone. You are great!
by jxs705
Mon Apr 11, 2016 1:37 pm
Forum: Personal Finance (Not Investing)
Topic: How to waive the account maintenance fee in HSA bank
Replies: 8
Views: 2159

Re: How to waive the account maintenance fee in HSA bank

tedclu wrote:There are two fees $3 and $2.5. Neither are not waved if you have less than 5k at HSA bank.
OK. if I maintain 5k in my HSA bank account, and move the remaining 3k to linked TdAmeritrade account, then I should be waived for maintenance fee, right? is there any similar fee to the TdAmeritrade account? Thanks.
by jxs705
Mon Apr 11, 2016 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: How to waive the account maintenance fee in HSA bank
Replies: 8
Views: 2159

How to waive the account maintenance fee in HSA bank

hi, I have a simple question. I have an HSA bank account, and also a linked Tdameritrade investment account. I know that I have to maintain $5000 balance to waive the maintenance fee. But is that for the balance in the HSA bank account or the liked TdAemeritrade account? or they both considered as in HSA bank account? e.g. if I have $8000 balance, and moved all of them to TdAmeritrade for investment, so do I have to pay account maintenance fee since I have nothing left in HSA bank? Thanks.
by jxs705
Sat Apr 09, 2016 9:12 pm
Forum: Personal Investments
Topic: HSA bank with TdAmeritrade account
Replies: 3
Views: 998

Re: HSA bank with TdAmeritrade account

I see. that makes sense. but it is just strange that they don't send me login credentials. Thanks.
livesoft wrote:Each of your TDAm accounts has/needs separate login credentials, but once setup one can link them all together and use a single login username.

Call TDAm for help.
by jxs705
Sat Apr 09, 2016 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: Help needed: switch from 30 year fixed mortgage to 7 year arm?
Replies: 23
Views: 2433

Re: Help needed: switch from 30 year fixed mortgage to 7 year arm?

the risk of having to sell the house in the further comes from a possible job change. I original thought I want to live her for 30 years, but it seems quite likely we need to move to different locations. I really hope I started a 7 arm in the beginning. That's still a 30 year mortgage. It doesn't magically pay down way more principal because it's and ARM. No offense, but it seems your understanding of how mortgages work could use some additional studying. Why do you think there's a risk of needing to sell in a couple years because of your mortgage? I think you're confusing being underwater on a home with the mortgage terms you hold. The risk is that in a couple years you need to sell and the housing market has tanked... your home is now wo...
by jxs705
Sat Apr 09, 2016 8:38 pm
Forum: Personal Investments
Topic: HSA bank with TdAmeritrade account
Replies: 3
Views: 998

HSA bank with TdAmeritrade account

I have a HSA account with HSA bank and want to invest through TdAmeritrade. However I already have a TdAmeritrade brokerage account. Should I still request another TdAmeritrade account? I did that, and got a confirmation email a few days later. But surprisingly there is no login information. I thought it would be using the same TD account I already have, but when I log in, nothing has changed. Anyone knows what I need to do here? Thanks.
by jxs705
Sat Apr 09, 2016 6:49 pm
Forum: Personal Finance (Not Investing)
Topic: Help needed: switch from 30 year fixed mortgage to 7 year arm?
Replies: 23
Views: 2433

Re: Help needed: switch from 30 year fixed mortgage to 7 year arm?

I need some suggestion of my mortgage. I bought the house 3 years ago and at that time, I thought 30 years fixed would be a good option since the rate is only 3.625% and I can easily beat that by some long-term investment strategy. However, recently I realized that I did not consider the risk of having to sell the house early. Say if I need to sell it in a couple years, I will still have to pay off the most of the original mortgage. So it seems like it is not a good strategy. so the question is that should I now switch to 7 year arm now and if the rate goes up in the future, I can try to pay off the balance. Is that a good strategy and worth the effort? Thanks. When are you planning to move? There is no timeline yet. It is just a potential...
by jxs705
Sat Apr 09, 2016 3:43 pm
Forum: Personal Finance (Not Investing)
Topic: Help needed: switch from 30 year fixed mortgage to 7 year arm?
Replies: 23
Views: 2433

Re: Help needed: switch from 30 year fixed mortgage to 7 year arm?

there is no-cost refinance, right? of course I won't be refinance if there is a cost or the rate difference is very small. Thanks to both for your replies. But I guess i did not make myself clear. I am not worried about the higher interest rate for 30 year fixed. What I am concerned about is that if if I need to sell the house in 2 years, then I would have much more mortgage balance left than if I were on a lower interest rate now (such as 7 year arm or 15 year fixed). in other words, if I keep my 30 year fixed now, then by the time I sell the house in 2 years, I will have very little principles paid off. So my question is that should I change mortgage plan if I have a high chance to sell the house in the next few years vs. I will keep the ...
by jxs705
Sat Apr 09, 2016 3:42 pm
Forum: Personal Finance (Not Investing)
Topic: Help needed: switch from 30 year fixed mortgage to 7 year arm?
Replies: 23
Views: 2433

Re: Help needed: switch from 30 year fixed mortgage to 7 year arm?

the risk of having to sell the house in the further comes from a possible job change. I original thought I want to live her for 30 years, but it seems quite likely we need to move to different locations. I really hope I started a 7 arm in the beginning.
by jxs705
Sat Apr 09, 2016 11:44 am
Forum: Personal Finance (Not Investing)
Topic: Help needed: switch from 30 year fixed mortgage to 7 year arm?
Replies: 23
Views: 2433

Re: Help needed: switch from 30 year fixed mortgage to 7 year arm?

Thanks to both for your replies. But I guess i did not make myself clear. I am not worried about the higher interest rate for 30 year fixed. What I am concerned about is that if if I need to sell the house in 2 years, then I would have much more mortgage balance left than if I were on a lower interest rate now (such as 7 year arm or 15 year fixed). in other words, if I keep my 30 year fixed now, then by the time I sell the house in 2 years, I will have very little principles paid off. So my question is that should I change mortgage plan if I have a high chance to sell the house in the next few years vs. I will keep the house for 30 years. Thanks.
by jxs705
Sat Apr 09, 2016 10:00 am
Forum: Personal Finance (Not Investing)
Topic: Help needed: switch from 30 year fixed mortgage to 7 year arm?
Replies: 23
Views: 2433

Help needed: switch from 30 year fixed mortgage to 7 year arm?

I need some suggestion of my mortgage. I bought the house 3 years ago and at that time, I thought 30 years fixed would be a good option since the rate is only 3.625% and I can easily beat that by some long-term investment strategy. However, recently I realized that I did not consider the risk of having to sell the house early. Say if I need to sell it in a couple years, I will still have to pay off the most of the original mortgage. So it seems like it is not a good strategy. so the question is that should I now switch to 7 year arm now and if the rate goes up in the future, I can try to pay off the balance. Is that a good strategy and worth the effort? Thanks.
by jxs705
Thu Apr 07, 2016 7:29 pm
Forum: Personal Investments
Topic: Rate of return in Fidelity 401k account
Replies: 6
Views: 2200

Re: Rate of return in Fidelity 401k account

Thank you for your answer. However I have a question. The rate of return for 3 years or 5 years is annual rate of return or cumulative rate of return in 3 or 5 years? I have a 3 year return of 8%, but I don't think it is annual 8%.
peppers wrote:Look for the "Since Date Purchased" column under Annualized return tab.
by jxs705
Wed Apr 06, 2016 8:05 pm
Forum: Personal Investments
Topic: Rate of return in Fidelity 401k account
Replies: 6
Views: 2200

Re: Rate of return in Fidelity 401k account

Any one has an answer to my question? Thanks.
by jxs705
Mon Apr 04, 2016 8:05 pm
Forum: Personal Investments
Topic: Rate of return in Fidelity 401k account
Replies: 6
Views: 2200

Rate of return in Fidelity 401k account

Hi, I have a simple question. My fidelity 401k account only gives the rate of return for year to date, but I want to know the rate of return from the beginning of the investment. Does Fidelity provide such an option? I could not find it. I know I can copy all transactions to Excel and use XIRR to calculate the rate of return. But I thought there must be a simpler way of doing this. Thanks.
by jxs705
Sat Mar 19, 2016 10:40 am
Forum: Personal Finance (Not Investing)
Topic: How to reimburse myslef for HSA account without a fee?
Replies: 2
Views: 547

How to reimburse myslef for HSA account without a fee?

I have an HSA account with HSA bank and need to reimburse myself for about $2500 from HSA bank. However, there is a 2$ fee for ATM withdraw and there is a $300 limit. if I do a manual withdrawal, there is $10 fee. Is there any way to reimburse myself without any extra fee? Thanks.
by jxs705
Wed Mar 16, 2016 9:05 pm
Forum: Personal Finance (Not Investing)
Topic: Did I handle the backdoor Roth contribution correctly in TaxAct?
Replies: 4
Views: 706

Re: Did I handle the backdoor Roth contribution correctly in TaxAct?

Thanks so much for this very useful information. One question though. What is exactly the basis for Roth conversion? is it the total amount of contribution to non-deductible TIRA, excluding any earnings? in my case, always $5500, right?
Thanks.
renjuzone wrote:Hope the instructions in the link below helps. They are for year 2014 but apply for the 2015 returns.

http://thefinancebuff.com/how-to-backdo ... axact.html
by jxs705
Tue Mar 15, 2016 9:22 pm
Forum: Personal Finance (Not Investing)
Topic: Did I handle the backdoor Roth contribution correctly in TaxAct?
Replies: 4
Views: 706

Re: Did I handle the backdoor Roth contribution correctly in TaxAct?

I am not eligible for deductible TIRA, so all of my 5500 went to non-deductible TIRA, and then converted to ROTH.
DSInvestor wrote:Make sure you enter a Traditional IRA contribution as well as a Roth conversion. Once the Traditional IRA contribution is entered, TaxAct should examine your tax situation to see if you're eligible for the TIRA deduction. If not eligible for the TIRA deduction, the non-deductible amount will be added to form 8606. This is the key to avoid double taxation on the Roth conversion.
by jxs705
Tue Mar 15, 2016 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Did I handle the backdoor Roth contribution correctly in TaxAct?
Replies: 4
Views: 706

Did I handle the backdoor Roth contribution correctly in TaxAct?

Hi, I need some help to confirm that I handled the tax return correctly for backdoor roth contribution.

Last year I contributed $5500 to my non-deductible traditional IRA for 2015 and then converted all of them to ROTH shortly. My traditional IRA balance was 0 at the end of 2014 and 2015.
I think it should be a simple case. but how do I make sure I handled the tax return correctly in TaxAct so that I don't pay double tax on this $5500?

in TaxAct, after I complete tax return, in the income tab, I see the amount for "taxable IRA distributions" is 0 and in the deduction tab, the amount for "IRA deduction" is also zero. Does it mean that I handled the tax correctly and I am not paying double tax for this $5500? Thank you.
by jxs705
Wed Mar 09, 2016 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: A question on "dispose of interest"
Replies: 3
Views: 1287

Re: A question on "dispose of interest"

It is from TaxAct. Right after asking the responsibility of the partnership, it asks me the question below. thanks.
22twain wrote:
jxs705 wrote:There is a question on "dispose of interest", "Did you dispose of your entire interest in USO during 2015? "
Where is this question being asked?

My first thought is that "dispose of your entire interest in USO" means "sell all your shares in USO", but it just might depend on the context.
by jxs705
Tue Mar 08, 2016 8:41 pm
Forum: Personal Finance (Not Investing)
Topic: A question on "dispose of interest"
Replies: 3
Views: 1287

Re: A question on "dispose of interest"

Does anyone know the answer? Thanks.
jxs705 wrote:Hi, I have a question on "dispose of interest". Last year I bought some USO and sold it completely last year. Now I received both 1099b and schedule K1. There is a question on "dispose of interest", "Did you dispose of your entire interest in USO during 2015? "

How do I answer this question? I have no idea. Since I sold all of my USO shares, should the answer be YES?
Thanks for your help.
by jxs705
Mon Mar 07, 2016 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: A question on "dispose of interest"
Replies: 3
Views: 1287

A question on "dispose of interest"

Hi, I have a question on "dispose of interest". Last year I bought some USO and sold it completely last year. Now I received both 1099b and schedule K1. There is a question on "dispose of interest", "Did you dispose of your entire interest in USO during 2015? "

How do I answer this question? I have no idea. Since I sold all of my USO shares, should the answer be YES?
Thanks for your help.
by jxs705
Sun Mar 06, 2016 10:17 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question on HSA
Replies: 15
Views: 1708

Re: Tax question on HSA

Yes. It is a question from TaxAct. It is not a joint account, it is my account. But I can use the money from my account to pay medical expense for the whole family as long as the whole family is cover by the HDHP, right?
FiveK wrote:
jxs705 wrote:thank you. But the options are not yes or no. there are 4 options, but I am not sure if I should choose
"Only I received distribution" or
"Both me and my spouse received distribution"?
This is a tax software question, correct?

As noted in https://www.irs.gov/publications/p969/ar02.html, "Each spouse who is an eligible individual who wants an HSA must open a separate HSA. You cannot have a joint HSA."

Possibly asking from which account(s) the distribution(s) came?
by jxs705
Sun Mar 06, 2016 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question on HSA
Replies: 15
Views: 1708

Re: Tax question on HSA

thank you. But the options are not yes or no. there are 4 options, but I am not sure if I should choose
"Only I received distribution" or
"Both me and my spouse received distribution"?

FiveK wrote:
jxs705 wrote:How do I answer the question below?

Did you or your spouse receive distributions from a health savings account (HSA) in 2015?
Not trying to be flippant: "yes".

Is this a question from a tax software program? If so, "yes" could actually be the correct answer....
by jxs705
Sun Mar 06, 2016 9:32 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question on HSA
Replies: 15
Views: 1708

Re: Tax question on HSA

May I ask one more related question? How do I answer the question below?

Did you or your spouse receive distributions from a health savings account (HSA) in 2015?

The fact is that the $200 distribution is for payment of medical expense for the whole family, but the HSA is under my name. The HDHP was also under my name. In that case, should I answer "Me only" or "both me and my spouse"? or does it even matter?

Thanks.
by jxs705
Sun Mar 06, 2016 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question on HSA
Replies: 15
Views: 1708

Re: Tax question on HSA

FiveK wrote:
jxs705 wrote:Thank you. 1099-SA box 1 is 200$ and box 2 is 0.
what is 5498-SA?
Last question first: see https://www.irs.gov/pub/irs-prior/i1099sa--2015.pdf and https://ttlc.intuit.com/questions/26767 ... er-details. The HSA custodian doesn't have to send it to you until June 1, so you may not have it yet.

In the OP you noted "...I requested the excess contribution to be withdrawn back to my bank account in Feb 2016, about $2200. But the 1099-SA only listed the amount of the distribution, which is about $200." Did you take a distribution of $200 to cover some medical expense, separate from the excess contribution withdrawn?
Yes. they are separate. Thanks.
by jxs705
Sat Mar 05, 2016 9:43 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question on HSA
Replies: 15
Views: 1708

Re: Tax question on HSA

Thank you. 1099-SA box 1 is 200$ and box 2 is 0. what is 5498-SA? 1) See https://www.irs.gov/publications/p969/ar02.html#en_US_2015_publink1000204045. In that document: Excess contributions. ... You may withdraw some or all of the excess contributions and not pay the excise tax on the amount withdrawn if you meet the following conditions. You withdraw the excess contributions by the due date, including extensions, of your tax return for the year the contributions were made. You withdraw any income earned on the withdrawn contributions and include the earnings in “Other income” on your tax return for the year you withdraw the contributions and earnings. What does your 5498-SA have? Is the $200 on form 1099-SA in both box 1 and box 2? 2) This...
by jxs705
Sat Mar 05, 2016 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Tax question on HSA
Replies: 15
Views: 1708

Tax question on HSA

Hi, I have a question on tax return for HSA account. Last year I was enrolled into the HDHP and then I contributed the family max to my HSA account, $6650. But later on my insurance changed, so no one if my family was under HDHP for the last 4 months of last year. So I requested the excess contribution to be withdrawn back to my bank account in Feb 2016, about $2200. But the 1099-SA only listed the amount of the distribution, which is about $200. So my questions are 1). When I report my tax return, do I report $6650 for contribution and then indicate number of months eligible and excess contribution, OR do I just report $4450 (6650-2200), and not worry about excess contribution? would they lead to the same result? 2). I had some medical exp...
by jxs705
Wed Jan 13, 2016 6:42 pm
Forum: Personal Investments
Topic: Need advice on my taxable account
Replies: 5
Views: 1065

Re: Need advice on my taxable account

Thanks. I do not plan to harvest loss. However, I am not sure about whether I should continue buying VEA and VTI. Maybe foreign tax credit is too small benefit compared to a potential big loss due to stock price decline. So should I adjust the VEA % to something lower like 20%, and continue to buy more VTI to bring it up to something like 40% or 50%? [/quote] A three fund portfolio does not have set percentages for US/international. If OP decided that OP's asset allocation fits with the investments, they are technically not overweighted. OP: Without even looking at what those funds are, you set an asset allocation. You can either leave it alone except to continue to invest in that proportion (a fine option), or you could rebalance, buying m...
by jxs705
Wed Jan 13, 2016 6:38 pm
Forum: Personal Investments
Topic: Need advice on my taxable account
Replies: 5
Views: 1065

Re: Need advice on my taxable account

Thanks. I also have a little bit of stock for emerging market, however, it is also severely under-performing.
powermega wrote:I think you could harvest the loss on VEA, and move the money into VXUS. I think VXUS is a better international stock investment anyway since it includes some amount of emerging markets. At that point, you would have a 3-fund portfolio in your taxable account, albeit one with an over-weighted international allocation.
by jxs705
Tue Jan 12, 2016 8:58 pm
Forum: Personal Investments
Topic: Need advice on my taxable account
Replies: 5
Views: 1065

Need advice on my taxable account

First of all, I know most people want to consider all accounts as one big portfolio. But this does not work for me because I tend to separate each account mentally and cannot tolerate too much loss in each account. So that's why I need some advice on my taxable account. This is not my emergent fund, and it is not retirement fund either. It is just my extra money which I wish to beat my mortgage (30 years with 3.625%), and it is mid-term investment. So I started to save into the taxable account a few years ago. In the beginning, I wanted to invest 1/3 of my money in each of these 3 funds, VTI, MUB and VEA. I wanted a high proportion of MUB and VEA because MUB gives tax-exempt dividends and VEA gives international tax credit. Then later on, w...
by jxs705
Sun Jan 03, 2016 6:17 pm
Forum: Personal Investments
Topic: How is the current value calculated for i-bond?
Replies: 9
Views: 978

Re: How is the current value calculated for i-bond?

Thanks everyone for your very helpful answer. But I still don't understand why some of my i bonds are not showing the current rate 1.54%. is it because of the timing it was bought? I thought the rate changes in May and Nov regardless when I bought the i bond.
by jxs705
Sun Jan 03, 2016 2:58 pm
Forum: Personal Investments
Topic: How is the current value calculated for i-bond?
Replies: 9
Views: 978

How is the current value calculated for i-bond?

I understand the basics of i-bond but I don't understand how the current value is calculated in treasury direct website. for example, on Jan 1 2015 I bought 10000 i-bond, the current value is 10076 and the interest rate shown in 1.54%. So I am just wondering how 10076 is calculated. 76$ interest in one year only gives <1% interest rate, so it does not make sense to me. Also what is this interest rate? fix rate or total rate? for some of the ibonds I bought a couple years ago, the interest rate shown is 0%. why is that? Thanks.
by jxs705
Tue Sep 01, 2015 9:41 pm
Forum: Personal Investments
Topic: is it worth buying ESPP?
Replies: 30
Views: 3844

Re: is it worth buying ESPP?

Thanks. My answers to your questions below: Some random thoughts for you to consider in no particular order: 1) Assuming that the money to purchase the stock is coming out of your paycheck can you pay your bills without borrowing from other sources? If you will need to borrow, what interest rate will you pay for the funds? Is it more than 15%? Yes...this is a large negative IMO. Yes. no need to borrow. 2) Will you also be able to fund an IRA (see #1)? If not and your tax rate is above 15% you may be better off funding the the IRA and taking the income reduction rather than participating in the ESPP. Yes 3) What is the risk that the company will exist when you vest? 4) What is the risk that the stock price will tank before you can vest? 5) D...
by jxs705
Tue Sep 01, 2015 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: A few questions on HSA
Replies: 7
Views: 843

Re: A few questions on HSA

Thank you, David. That answers my second question. Any thoughts on my first and third question? Thanks.
by jxs705
Tue Sep 01, 2015 8:39 pm
Forum: Personal Investments
Topic: is it worth buying ESPP?
Replies: 30
Views: 3844

is it worth buying ESPP?

I am now offered an opportunity to buy ESPP at 15% discount with a max of $10,000/year. There does not seem to be a purchase period and purchase price will be the 85% of the stock price of the last day of preceding month. there is also a one-year holding period before you can sell it. So is it a good ESPP that is worth buying? Thanks.
by jxs705
Tue Sep 01, 2015 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: A few questions on HSA
Replies: 7
Views: 843

A few questions on HSA

Hi I have a few questions on HSA. I enrolled into a high deductible medical insurance plan for my whole family earlier this year and then contributed the full amount of $6650 to a HSA account under my name. Recently I switched the family medical insurance to under my wife's name, which is no longer a high deductible plan. So here are my questions: 1. can I still leave the full amount $6650 in my HSA account since I now changed to a non high deductible plan under my wife's name? 2. I assume I can keep my HSA account, but can I reimburse any expense that occurs after I switched to my wife's insurance? or I can only reimburse the expense when I was under the high deductible plan? 3. say if next year, the family medical insurance switch to a hi...
by jxs705
Thu Aug 06, 2015 8:49 pm
Forum: Personal Finance (Not Investing)
Topic: What kind of receipts should be saved for HSA account?
Replies: 20
Views: 4743

What kind of receipts should be saved for HSA account?

I have an HSA account and I know I need to save all receipts of medical expenses in case of IRS audit. However, what exactly needs to be saved for that purpose? Right now I saved all receipts of payments using either HSA card or my own credit cards, but they do not have details of the expenses other than the total amount of expenses and date of payment. So I am wondering if these receipts are enough? Do I also need to keep the medical bill, medical statement or even EOB from insurance company? How did you guys do it? Thanks a lot.
by jxs705
Sun Mar 15, 2015 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 6095

Re: Question on AMT- Simplified Election Foreign Tax Credit

Thanks. I searched my 2013 federal tax return and did not find a form 1116 attached. Not sure if it was because the foreign tax credit was only 2$.... Does that mean I should choose "first year election" and then choose simplified? Thanks. totally confused... Did you see Intuit's answer: https://ttlc.intuit.com/questions/2382688-simplified-foreign-tax-limitation-election-for-amt-purposes If you filed a 1116 in past years, then you did not make the election in those years. This is not the OP's question. Intuit is discussing the procedure for not filing Form 1116 at all, and claiming your foreign tax credit directly because it is below certain limits. Even if you are below these limits, you can still file Form 1116, and may want to ...
by jxs705
Sun Mar 15, 2015 7:24 pm
Forum: Personal Investments
Topic: I bought [United States Oil ETF (USO) by mistake]
Replies: 14
Views: 2871

Re: I bought [United States Oil ETF (USO) by mistake]

I bought it at 17$ and it is now just under water.
broadstone wrote:Depends on how much you paid for the stock. I too bought some USO and have found it is quite volatile. I set a sell point and re-buy when it drops. I've made some good money doing this. As long as you didn't pay a ridiculously high amount for the ETF, then you might want to hang on and try to sell when the price jumps.
by jxs705
Sun Mar 15, 2015 1:25 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 6095

Re: Question on AMT- Simplified Election Foreign Tax Credit

Also how do I know if this is the first year I make this election? I don't remember I made this election last year, but do I check whether I made this election last year from last year's tax return? Thanks.
by jxs705
Sat Mar 14, 2015 8:32 pm
Forum: Personal Investments
Topic: I bought [United States Oil ETF (USO) by mistake]
Replies: 14
Views: 2871

Re: I bought some USO a couple months ago by mistake

United States Oil ETF (USO)
by jxs705
Sat Mar 14, 2015 8:22 pm
Forum: Personal Investments
Topic: I bought [United States Oil ETF (USO) by mistake]
Replies: 14
Views: 2871

I bought [United States Oil ETF (USO) by mistake]

Hi, I need some advise on my USO. a couple months ago, I bought some USO stocks and was planning to hold for a relatively long period of time. I have to admit that I did not understand USO well before I bought it, and is was a mistake. I recently realized that there is a time decay on USO, so I have to sell it in a short period of time. But USO has been declining these days, and it is hard to sell it at this low point. Any advise? what quickly is this time decay? Thanks.
by jxs705
Sat Mar 14, 2015 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Question on AMT- Simplified Election Foreign Tax Credit
Replies: 22
Views: 6095

Question on AMT- Simplified Election Foreign Tax Credit

I was stuck in the following page in TaxAct when I was doing my 2014 tax return. Not sure what this means. What should I select? What kind of difference does it make? Thanks a lot. Alternative Minimum Tax - Simplified Election Foreign Tax Credit The simplified foreign tax credit election for the alternative minimum tax allows one to forgo the completion of Part I of the alternative minimum tax (AMT) Form 1116. Depending on the situation this may be an advantage or a disadvantage. Part III is then completed largely with numbers from the Form 1116 for the regular income tax. This election must be made the first year that the alternative minimum tax foreign tax credit is taken following 1997. Once the election is made it can only be changed wi...
by jxs705
Sat Feb 21, 2015 9:19 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct question: recomputation of 2103 federal tax return
Replies: 7
Views: 1269

Re: TaxAct question: recomputation of 2103 federal tax retur

Thank you! I found that if I keep the recomputed income tax and AMT tax the same as the original income tax and AMT tax, then the system tells me that 0$ of the $600 is taxable (otherwise it will say all $600 is taxable). But it does not change the amount of federal return at all. I thought that by excluding this $600 from taxable income, it will increase my federal refund. I am so confused. Thanks for your reply. but I don't know how to make the refund non-taxable. After I click NO to "do you want to recompute the 2013 federal tax return", TaxAct tells me all $600 refund is taxable. What was wrong here? Thanks a lot. If you don't recompute, then you cannot know that the deduction did not matter, so it is all taxable by default. I...
by jxs705
Sat Feb 21, 2015 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: TaxAct question: recomputation of 2103 federal tax return
Replies: 7
Views: 1269

Re: TaxAct question: recomputation of 2103 federal tax retur

Thanks for your reply. but I don't know how to make the refund non-taxable. After I click NO to "do you want to recompute the 2013 federal tax return", TaxAct tells me all $600 refund is taxable. What was wrong here? Thanks a lot.