Search found 340 matches

by markfaix
Fri Mar 20, 2020 12:06 am
Forum: Personal Finance (Not Investing)
Topic: Do I really need supplemental LT DI insurance if I am already covered by work group plan?
Replies: 10
Views: 639

Re: Do I really need supplemental LT DI insurance if I am already covered by work group plan?

Hi, I have been looking at getting supplemental LT DI insurance and have been getting some quotes. Now I am deciding whether I should take the policy or not and wanted to get some advice from the community if I really need it or not. Here some stats about me: 41 y/o male, married, 2 kids, living in central NJ. Overall pretty healthy (healthy weight, don't smoke, regular exercise, no alcohol or drugs), but been having some issues over the last year which turned out to be minor, but make you realize you are not getting any younger. Working as a software developer at a financial company in NYC. My current job provides a group LT DI coverage which covers 60%, own occupation for 3 years, any occupation thereafter. I pay it myself, so benefits n...
by markfaix
Wed Mar 18, 2020 2:54 pm
Forum: Personal Investments
Topic: Was your Financial Advisor worth its money?
Replies: 15
Views: 2318

Re: Was your Financial Advisor worth its money?

This is just a general question for those that use a Financial Advisor. Did you FA provide a recommendation or took any action while all this mess was/is going on? Do you think it was sound advice and was it worth what you are paying him/her. I am just curious to read what value did, if any, your FA provide? For my mother's assets, a FA provided the following: 1. A rational, evidence-based investment plan formulated during more tranquil times 2. CONSISTENT IMPLEMENTATION of said plan. 3. Changes to the plan when truly warranted by circumstances, not because of emotions, market volatility, etc. 4. TLH 5. Institutional access only to block trading desk to buy/sell thinly traded ETFs 6. Navigating the rules to my mom's and late father's byzan...
by markfaix
Wed Mar 11, 2020 11:03 pm
Forum: Personal Investments
Topic: Sell equities/AA adjustment before taking mortgage
Replies: 0
Views: 184

Sell equities/AA adjustment before taking mortgage

DW and I are looking to purchase a new house in the next year or so, and with the recent bear market we are trying to figure out how to manage our asset allocation and location with an anticipated mortgage down payment. For our 60/40 AA, our taxable account has 100% stock index funds, while our 401k plans have bonds + the rest of the stock index funds. When we started house hunting, I could have (should have?) exchanged TSM for money market in the taxable account, and then bought equities in the 401k to maintain our AA. Unfortunately, I decided to keep the taxable account fully invested in stock index funds, because the value of the taxable account was double our anticipated down payment. I figured that even with a 50% loss in a bear market...
by markfaix
Tue Mar 03, 2020 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Getting audited: advice requested
Replies: 16
Views: 3429

Re: Getting audited: advice requested

Thanks to all for your advice. The auditor was very professional and efficient. She asked for a QBooks ledger and payroll tax returns. Nothing uncovered by the audit.
by markfaix
Mon Feb 10, 2020 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Getting audited: advice requested
Replies: 16
Views: 3429

Getting audited: advice requested

My S corp was chosen for a random audit by my state Dept of Labor / Unemployment Insurance Division. I am the sole owner and employee of the S corp. I did not hire any independent contractors or anyone who could remotely be reclassified as an employee. The letter said it would be a field audit, but when I called and explained my sole employee situation with the auditor, he agreed to make it a correspondence audit. He is requesting that I email SUTA, FUTA, 1120S, W2, W3, 1 year bank statements, general ledger of all income/expenses I have nothing to hide, but I have a lot of transactions in my business, and I don't want this to become a fishing expedition on their part where I have to find all kinds of records and waste my time. 1) Is it typ...
by markfaix
Tue Jan 14, 2020 5:33 am
Forum: Personal Finance (Not Investing)
Topic: Institutional trustee that permits self directed investments?
Replies: 7
Views: 927

Re: Institutional trustee that permits self directed investments?

nyc212 wrote: Sun Jan 12, 2020 7:14 pm Thanks. Both FIDELITY and VANGUARD only offer bundled Administration plus Investment services. Waiting to hear back from Schwab. I glanced at Cardiff Park, by I don't really need investment services. I am self managing based upon advice from seekingalpha.com lol.

Could not find any reference to "FPL" other than Florida Power & Light?

Thanks!
FPL Capital is an investment advisor that provides low cost access fixed fee access to institutional funds like those from DFA. Although you don't need the advice, for a relatively low fee, they may help achieve your goal at a lower cost than an AUM manager.
by markfaix
Sun Jan 12, 2020 6:43 pm
Forum: Personal Finance (Not Investing)
Topic: Institutional trustee that permits self directed investments?
Replies: 7
Views: 927

Re: Institutional trustee that permits self directed investments?

My father passed last month and his trusts are being split into separate trusts for me and my siblings. My brother, who is trustee, intends to resign as trustee of each of our trusts. Dad's trust permits the beneficiary (me) to manage the investment of my trust funds but requires the trustee be an institution with > $100 million under management. I want to minimize trust fees. Does anyone have an institution to recommend that is > $100 M in assets and permits the beneficiary to manage the investments? - Fidelity does not permit self direct investments. - Waiting to hear back from Schwab. - Left a message for Vanguard, but they appear to have no offices. Thanks. Bumping this to see if anyone had ideas. I thought perhaps you could use Fideli...
by markfaix
Fri Jan 10, 2020 12:52 pm
Forum: Personal Finance (Not Investing)
Topic: [Estate planning] Simplicity: Inherit outright vs trusts for kids?
Replies: 28
Views: 4035

Re: [Estate planning] Simplicity: Inherit outright vs trusts for kids?

I know of nightmare scenarios for both. My sister, a Princeton economics graduate, became disabled in her 30s, so giving her an inheritance outright would have been problematic. Why would that have been problematic? IMHO, estate planning isn't a DIY adventure. I see too many suggestions here that don't make much sense. And worrying only about the distribution of your assets, without including your childrens' life situation, seems problematic. Have you determined guardians for your young children upon your demise? Does any money go to them for the care of your children? How about college expenses - are they on their own to fund their education? Will there be inheritance taxes? What about spouses? What about future grandchildren? What if one...
by markfaix
Fri Jan 10, 2020 12:48 pm
Forum: Personal Investments
Topic: Realize cap gain to pay cash for house vs take mortgage?
Replies: 6
Views: 762

Realize cap gain to pay cash for house vs take mortgage?

DW and I am moving from a low cost of living to a HCOL area. I am looking for advice whether to take out a 10-15 yr fixed mortgage or pay cash, which would require me to realize capital gains. I realize this topic comes up often, but there are a few twists in our situation, so we're reaching out for help. Wife and I are both ~50 yrs old. Marginal tax bracket 43.8%. MFJ. We itemize in alternating years. When we itemize, we take 10K SALT + 100K charitable contributions to a DAF. No DAF contributions in years we take the standard deduction. (When we didn't have a mortgage at our old place, it was cheaper to bunch charitable one year, then take std deduction the next year.) Potential home purchase price 700-800k range -- major sticker shock! Co...
by markfaix
Tue Jan 07, 2020 12:56 pm
Forum: Personal Finance (Not Investing)
Topic: [Estate planning] Simplicity: Inherit outright vs trusts for kids?
Replies: 28
Views: 4035

[Estate planning] Simplicity: Inherit outright vs trusts for kids?

DW and I are updating our estate plans. My question is about how simple or complicated we should make things in leaving our estate to our children after we both pass. Background: We are 49/50 yrs old. First/only marriage for both. Three kids ages 19, 12, 8. Total assets $2.5 million. Good health. Upon 1st spouse to die, all assets go to the surviving spouse. With 2nd spouse to die, all assets go into a trust for the benefit of the kids since they are still young. Which scenario: 1) Simpler: Give the money to each child outright from the trust over time, e.g., at age 25, each child can take out 1/3 of his/her share of assets; at age 30, 1/2; age 35, the rest of his/her share. Then the trust terminates. 2) More complicated: Keep trust(s) long...
by markfaix
Mon Dec 02, 2019 4:52 pm
Forum: Personal Investments
Topic: Question about S Corp salary vs profit (no medicare/ss tax) and deductions
Replies: 13
Views: 880

Re: Question about S Corp salary vs profit (no medicare/ss tax) and deductions

<r><QUOTE author="CodeMaster" post_id="4869088" time="1575325939" user_id="1259"><s>[quote=CodeMaster post_id=4869088 time=1575325939 user_id=1259]</s> Say hypothetically I have 500k in one year in my scorp bank account. Say I pay myself 50k salary. Would the rest be considered profit with no medicare/social security tax applied to it basically but still taxed as income?<br/> <br/> I understand you have to pay yourself a "resaonable" salary, if 50k was reasonable, would it be ok to take the rest as profit? Ive heard the general best do 60% of total to go to salary and 40% to go to profit is generally shown to be more ok in past? Is that about true and good guideline to follow? If so, I would have to pay myself more salary even if its more t...
by markfaix
Sat Nov 30, 2019 3:59 pm
Forum: Personal Consumer Issues
Topic: Accounting software to keep track of LLC partnership
Replies: 3
Views: 701

Re: Accounting software to keep track of LLC partnership

Accounting needs for having all independent contractors. LLC partnership with multiple owners getting profit sharing. Need to file IRS form 1065 and Schedule K-1 which I will probably have our CPA do. Might need 1099 misc for the non-partner ICs. Believe all income is pass through and owners are all S-corp. ICs might be same structure. Need to confirm this. All work is service based. No goods or material transactions. Guessing won't need anything too complicated for this? Noticed there are some free software packages that might fit the bill. Had looked a quickbooks, but now considering others. Ask your CPA and use whatever they want. It will likely be QBooks. Unless they're familiar with the other free software and it imports seamlessly in...
by markfaix
Fri Nov 22, 2019 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Buyer's agent commission refunds: Hungry Agents, Redfin, others?
Replies: 17
Views: 2777

Re: Buyer's agent commission refunds: Hungry Agents, Redfin, others?

What do you need a buyer's agent for? Do you need advice when looking at a home? When you use Redfin, your agent doesn't actually look at the home with you. Another person will show up for the house tour. When I was searching for my home, my agent would let me decide whether I liked the floor plan while he looked at mechanicals, evidence of water leaks, foundation issues and so forth. I needed help in those areas--do you? My agent was a tougher-nosed negotiator than I would have been and it paid off for me. How much help do you need here? I've had friends get talked out of joining bidding wars by their agent. Do you need coaching not to fall in love before you buy? There are very good agents and not very good ones. It sucks to have a not-s...
by markfaix
Thu Nov 21, 2019 8:36 pm
Forum: Personal Consumer Issues
Topic: Kindle Paperwhite speed?
Replies: 7
Views: 1612

Re: Kindle Paperwhite speed?

Hi all,

Thanks for the replies.

I have rebooted/restarted the Kindle. The page turns are a little faster, but changing from one book to other is very sloooow. It takes some time, maybe 45-60 secs, to close a book, return to the home page, refresh the home page, then load the next book that I select.

My Paperwhite is the 2012 model. Any experiences with that model compared with more modern ones?
by markfaix
Wed Nov 20, 2019 6:34 pm
Forum: Personal Consumer Issues
Topic: Kindle Paperwhite speed?
Replies: 7
Views: 1612

Kindle Paperwhite speed?

I have a Kindle Paperwhite from 2013. I use it regularly, especially for reading at night or outdoors, but lately it seems very laggy and slow to use its functions: to load books, search in a book, highlight, jump around, etc. I'm not sure if it's actually getting slower or if the iPad Kindle is just that much faster.

Am looking at the current Kindle Paperwhite (2018). How is the speed of use compared to older models?
by markfaix
Wed Nov 13, 2019 5:19 pm
Forum: Personal Finance (Not Investing)
Topic: Buyer's agent commission refunds: Hungry Agents, Redfin, others?
Replies: 17
Views: 2777

Buyer's agent commission refunds: Hungry Agents, Redfin, others?

My family is looking to purchase a single family home in suburban Baltimore. We know the area reasonably well, but we would like to use a buyer's agent, based on what we've read in prior threads (more credibilty with sellers' agents, easier scheduling, etc.)

Does anyone have recent experience in using a buyer's agent that refunds part of his/her commission? Baltimore experiences would be great, but anything in general would be helpful.

I have heard about hungry agents and Redfin offering commission rebates. In our area, Redfin buyers' agents refund about 0.5% of the purchase price, not great, but better than nothing.

Thanks!
by markfaix
Tue Oct 01, 2019 6:28 pm
Forum: Personal Consumer Issues
Topic: Apple iPhone iOS 13 Discussion
Replies: 79
Views: 11499

Re: Apple iPhone iOS 13 Discussion

Foolishly, I installed them when they came out, 4+ days ago.

Never had this level of battery drain with any other iOS update ... but it seems that I'm in the minority as least here.
by markfaix
Tue Oct 01, 2019 12:22 pm
Forum: Personal Consumer Issues
Topic: Apple iPhone iOS 13 Discussion
Replies: 79
Views: 11499

Re: Apple iPhone iOS 13 Discussion

MAJOR battery drain on both 13.1.1 and 13.1.2 for my iPhone 8. Usually I'm at 60% at the end of the day; now I'm 20%. Have done the usual battery conservation techniques: dim display, no location services, reset, etc. No improvement.

Wish I could go back to 12.
by markfaix
Wed Jul 24, 2019 9:28 pm
Forum: Personal Investments
Topic: How to transfer custodial Roth IRA after age 18?
Replies: 5
Views: 743

Re: How to transfer custodial Roth IRA after age 18?

Alan S. wrote: Wed Jul 24, 2019 8:14 pm What is the state?
Maryland
by markfaix
Wed Jul 24, 2019 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Fidelity customer service declining?
Replies: 95
Views: 12151

Fidelity customer service declining?

I have been a satified Fido customer for over 20 years--until recently. DW and I have our Roths, traditional IRAs, my small business 401k, and almost all of our taxable investments. The service has been uniformly excellent until recently, and I'm debating whether to leave. 1) When I transferred my HSA there from another custodian, they promised to cover the transfer out fee from the other custodian. They reneged on that promise. No clear explanation given despite multiple phone calls. 2) My 18 year old had a custodial roth I opened for him at Schwab a few years ago. At the time, the age of majority in our state was 21. Schwab won't retitle the Roth in his name until he's 21. My son opened a Fido Roth and tried to xfer the Schwab custodial R...
by markfaix
Wed Jul 24, 2019 6:35 pm
Forum: Personal Investments
Topic: How to transfer custodial Roth IRA after age 18?
Replies: 5
Views: 743

How to transfer custodial Roth IRA after age 18?

A few years ago, I opened a custodial Roth IRA at Schwab for my then 15-year-old son for him to invest his summer job earnings. At the time, the age of majority in my state was 21, so the custodial Roth was scheduled to turn over to his control at age 21. He is now 18, which is now the age of majority in our state. After his own investigation, my son wants to invest with Fidelity. He opened a Roth at Fidelity, but Fidelity wouldn't transfer the Roth from Schwab because the Schwab Roth was a custodial Roth (different account types). Schwab won't let me relinquish the Roth to him because the age of majority was 21 when the custodial Roth was created. He tried to open a custodial Roth at Fidelity to transfer the Schwab custodial Roth, but Fide...
by markfaix
Tue Apr 16, 2019 11:42 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 885

Re: TurboTax error in handling excess Roth contribution?

The IRS computer matching will be looking for that 1099R distribution of 100 to show up on line 4a of Form 1040 for 2018, but since there is no tax due because of no earnings, they might not send an inquiry. If you allow Ttax to assign the excess to 2018, will you still be able to enter the 1099R? Alan S.: Yes, I can allow TTax to assign the excess to 2018 and also enter the 1099R showing the 100 distribution. I would need to state that my 2018 Roth contribution is 2900 + 100 excess = 3000 rather than 3000 straight up, but this does not affect total tax due. If I leave it alone, the only residual errors would be: 1) $6 excise tax that I shouldn't have paid for 2017. No big deal. 2) Form 5329 for 2018 will be completed to document that I co...
by markfaix
Mon Apr 15, 2019 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 885

Re: TurboTax error in handling excess Roth contribution?

Ok, now it all makes sense. Except we are back to your original problem trying to figure out why Ttax apparently does not think that the contribution returned was for 2017. The 1099R codes are correct, because the 8 code correctly means that if there were any earnings (there isn't since .02 rounds to 0) those earnings would be taxable in 2018. But that does NOT mean that the return couldn't have been a 2017 contribution. I don't have the program here, so perhaps someone that does can chime in. Be sure you have not changed the year of the 1099R from 2018, and check for a question asking FOR which year's contribution was returned, and answer 2017. The Form 5498 is not corrected to reflect returned contributions. The IRS depends on 1099R form...
by markfaix
Mon Apr 15, 2019 11:04 am
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 885

Re: TurboTax error in handling excess Roth contribution?

Thanks, but there is a conflict between your first post and your most recent regarding WHEN contributions were made for each year. The 1099R coding indicates the return of a contribution made in 2018 but cannot specify whether it was FOR year 2017 or 2018. However, you indicated in your first post that the 2017 contribution was made in 2017 and the 2018 contribution was made in 2018. Therefore, the return of contribution as coded by the custodian was from a contribution made IN 2018. Only Form 5498 shows how the custodian coded which year a contribution is for. What does the 5498 show for the amount of 2017 contributions? This form was issued in May, 2018. If TTax thinks that the 100 removed was from a contribution for 2018, the 2017 exces...
by markfaix
Sun Apr 14, 2019 6:28 pm
Forum: Personal Consumer Issues
Topic: How to fix jerky images on streaming TV?
Replies: 29
Views: 6345

How to fix jerky images on streaming TV?

After cutting the cord, I subscribed to YouTube TV with a Roku Streaming Stick+. Streaming to our 4 year old Vizio 52" TV has been problematic. Especially when watching sports, the images often become herky/jerky and robotic. I presume this is from buffering/interruptions in the streaming signal. I have tried to adjust the TV settings extensively without any improvement.

While the TV/Roku is relatively far from the router, I have no problems streaming over WiFi to my phone or tablet in the same location. Only the TV is the problem. I have the medium expensive internet plan with Xfinity.

Should I get a multiplier pod to amplify the WiFi signal? Or a different streaming device? Or a faster data plan? Suggestions are appreciated.
by markfaix
Fri Apr 12, 2019 8:45 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 885

Re: TurboTax error in handling excess Roth contribution?

Alan S. wrote: Fri Apr 12, 2019 8:35 pm What was the year on that 1099R, the amounts in Box 1 and 2a, and code in Box 7?
1099-R 2018
Box 1 Gross distribution $100.02
Box 2a Taxable amt $0.02
Box 7 Dist codes 8J (8=return of contribution taxable in 2018; J=early dsitribution from Roth IRA)

The initial contribution was made in 01/2018 for tax year 2017. The excess was withdrawn in 03/2018.
by markfaix
Fri Apr 12, 2019 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 885

Re: TurboTax error in handling excess Roth contribution?

RickBoglehead wrote: Fri Apr 12, 2019 8:27 pm Did he enter the form sent that indicated the $100 return of contribution? TT is looking for that.
Yes, he entered the 1099-R documenting returning of the $100 excess contribution.
by markfaix
Fri Apr 12, 2019 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: TurboTax error in handling excess Roth contribution?
Replies: 11
Views: 885

TurboTax error in handling excess Roth contribution?

I am posting on behalf on my minor son. In 1/2018, my son contributed $4100 to a Roth IRA for tax year 2017. He then found out his W-2 income would be $4000, so he withdrew the $100 excess contribution from his Roth in 3/2018. In 1/2019, my son contributed $3000 to his Roth for tax year 2018. His 2018 W-2 income was ~$3500, so no excess contribution occurred. TurboTax is asking him to "indicate how much of your remaining excess contribution of $100 [from 2017] you want to credit toward your 2018 Roth IRA contributions." I believe this should be $0, because he withdrew the $100 excess. However, TT is flagging this as an error. It says that he should credit the $100 excess to the Roth IRA contribution. Then TT says that his total 20...
by markfaix
Thu Feb 07, 2019 7:17 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable grant on 1099G Box 6 OK to contribute to Roth?
Replies: 5
Views: 453

Re: Taxable grant on 1099G Box 6 OK to contribute to Roth?

HueyLD wrote: Thu Feb 07, 2019 5:02 pm The payment looks like stipends to help pay for part of his living expenses. What did the NIH tell him about the payment?

I don't think it qualifies as earned income even though he might have a good learning experience.
The NIH gave him an offer letter for the summer job stating his salary would be $X/month. There are no housing expenses because he lived at home with us. Basically it is a salary-type job but reported for tax purposes on 1099-G box 6.
by markfaix
Thu Feb 07, 2019 3:53 pm
Forum: Personal Finance (Not Investing)
Topic: Taxable grant on 1099G Box 6 OK to contribute to Roth?
Replies: 5
Views: 453

Taxable grant on 1099G Box 6 OK to contribute to Roth?

My son, age 17, was paid ~$3000 in 2018 for an NIH internship. His earnings were reported on form 1099-G, box 6 (taxable grants), not a W-2.

Is this money acceptable as compensation for Roth contributions? Should I put it onto Sch C? TurboTax does not consider it as eligible.

The money is NOT a scholarship/grant; it is payment for services rendered, like wages, just not reported on a W-2.
by markfaix
Wed Feb 06, 2019 1:29 pm
Forum: Personal Investments
Topic: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn
Replies: 8
Views: 743

Re: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn

I screwed up something, which may make things more complicated. I am the sole shareholder/employee of an S Corp. When I got the "excess" contribution back, I ptu it back into the S Corp, so my W-2 Box 14 has "S Corp HSA $6850.00" instead of $6900. Is it better to file a corrected W-2? Or can I just leave as is and overpay an extra $50 taxable income? Here again, I'm not exactly sure how to handle this. So you might want to consider contacting a CPA for help. This is a bit above my pay grade (which is $0). This does not constitute tax advice, but rather working through this out loud, that you are free to do with as you choose. HSA contributions with an S-Corp are different. The contributions whether by the S-Corp directl...
by markfaix
Fri Feb 01, 2019 4:33 pm
Forum: Personal Investments
Topic: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn
Replies: 8
Views: 743

Re: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn

In 2018, I contributed $6900 to my HSA. I had a family HDHP for the entire year. In March, when the IRS lowered the maximum allowed contribution to $6850, I withdrew $48 (the $50 initial contribution, less $2 capital losses). Of course, the IRS later raised the max contribution limit back to $6900. Today I received a 1099-SA for a $48 gross distribution, box 2 (withdrawal of excess contribution). What do I enter into Turbotax? * Contributed $6900, withdrew $48 This will be the net effect. * Contributed $6850, withdrew $48 * Other The HSA custodian will not provide me info about my contributions until after the 1040 filing deadline. Thanks TurboTax will have you enter/import your tax documents. If you contributed the full $6900 by payroll d...
by markfaix
Thu Jan 31, 2019 7:06 pm
Forum: Personal Investments
Topic: How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn
Replies: 8
Views: 743

How to file 1040 with $50 "excess" HSA contribution subsequently withdrawn

In 2018, I contributed $6900 to my HSA. I had a family HDHP for the entire year. In March, when the IRS lowered the maximum allowed contribution to $6850, I withdrew $48 (the $50 initial contribution, less $2 capital losses). Of course, the IRS later raised the max contribution limit back to $6900.

Today I received a 1099-SA for a $48 gross distribution, box 2 (withdrawal of excess contribution). What do I enter into Turbotax?

* Contributed $6900, withdrew $48
* Contributed $6850, withdrew $48
* Other

The HSA custodian will not provide me info about my contributions until after the 1040 filing deadline. Thanks
by markfaix
Mon Jan 14, 2019 8:30 pm
Forum: Personal Finance (Not Investing)
Topic: Maryland 529 College Investment Plans
Replies: 42
Views: 8796

Re: Maryland 529 College Investment Plans

I'm a Maryland resident and have one account per child for our three children. I contribute $5,000 per child ($2,500 per parent). I don't do anything special to mark the contribution's owner, though. I claim the full amount on our taxes (Married filing jointly). If we get audited, I would think it would be quite plain to see that I was legally married at the time I claimed the "double" deduction. This is not correct. Maryland 529 is clear. It similar to IRA, You can't contribute the combined amount to one account. Each spouse's IRA account is separate and unique. So this will be the same approach for the Maryland 529. If it's clear that this doesn't work, then you may want to cite your source. Since everyone else in this thread i...
by markfaix
Sun Jan 13, 2019 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: S corp tax software: Taxact or Turbotax?
Replies: 5
Views: 734

Re: S corp tax software: Taxact or Turbotax?

MP123 wrote: Sat Jan 12, 2019 7:36 pm I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return.

If you have a prior year CPA prepared 1120s to use as a model you'll have no problems with it.
MP123,

Does the K-1 generated by TT Business auto-import into your TT for your 1040, or do you have to retype all the numbers again?
by markfaix
Sat Jan 12, 2019 8:04 pm
Forum: Personal Consumer Issues
Topic: Leave negative eBay feedback for item not received?
Replies: 7
Views: 743

Re: Leave negative eBay feedback for item not received?

Thanks all! I didn't realize sellers can't leave neg feedback. I left neg feedback for the seller.
by markfaix
Sat Jan 12, 2019 3:30 pm
Forum: Personal Finance (Not Investing)
Topic: S corp tax software: Taxact or Turbotax?
Replies: 5
Views: 734

S corp tax software: Taxact or Turbotax?

I am a sole owner/employee of a small business S corp. I wanted to try to do our own 1120S federal and state as my overpriced CPA is getting too expensive. I need to do Sch L (balance sheet) and Sch M-1 and M-2.

Any recommendations? Reviews are terrible for Taxcut, and mixed for Taxact and Turbotax business.
by markfaix
Sat Jan 12, 2019 3:15 pm
Forum: Personal Consumer Issues
Topic: Leave negative eBay feedback for item not received?
Replies: 7
Views: 743

Leave negative eBay feedback for item not received?

I purchased an item on eBay in December. The seller never sent notification of shipment and didn't respond to my messages. I filed a case with eBay and got my money back.

Should I also post a negative feedback? In the one other time I posted a negative feedback for failure to deliver the item, the seller retaliated and left me a negative feedback full of lies.
by markfaix
Fri Jan 11, 2019 12:01 pm
Forum: Personal Consumer Issues
Topic: Banff/Lake Louise vacation-suggestions?
Replies: 16
Views: 1471

Banff/Lake Louise vacation-suggestions?

After saving our pennies, our family is planning a three generation (ages 78 through 9) one week vacation in the Canadian Rockies in June. My idea of a good vacation is a relaxed pace, light-schedule vacation at a beach or beautiful outdoor area. I *hate* large crowds, long lines, tour buses, etc. From what I read about Lake Louise and Banff, I will see beauty, but there will be lots of people. DW wants to wake up early each day to beat the crowds. Ugh... Would appreciate suggestions. We are primarily interested in hiking, zip lining, and seeing beautiful lake/mountain scenery. The 78 year old is in good health except for some mildly gimpy knees but is still pretty strong. The 9 year old is very nimble and has no problem with hiking in stee...
by markfaix
Fri Jan 04, 2019 5:23 pm
Forum: Investing - Theory, News & General
Topic: Change 529 beneficiary from parent to child - tax consequences?
Replies: 10
Views: 1097

Change 529 beneficiary from parent to child - tax consequences?

To maximize my state (MD) tax deduction for 529 contributions, DW and I both own 529 accounts for the benefit of each of our children, and also for the benefit of each other. For the 529s where DW/I are the beneficiaries, we plan to eventually change the beneficiary from DW/me to our children. 1) Maryland charges a $100 admin fee for a beneficiary change. Is there any legal, uncomplicated way around this? For example, withdraw and rollover my 529 money to child's 529, thus effectively changing the beneficiary? Or does this run afoul of rollover laws? 2) Could I transfer my Maryland 529 to an out-of-state 529 for the benefit of my child? 3) Is it correct that as long as I stay under the $15k gift tax exemption, there are no other federal tax...
by markfaix
Thu Jan 03, 2019 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Alliant CU 3/2.5% Visa application process
Replies: 18
Views: 1916

Re: Alliant CU 3/2.5% Visa application process

In addition to customer service, any issues with slow posting of payments. For example, you have a $5K credit limit, you spent $1K, you pay the $1K, so your balance is $0, but your credit limit is still $4k for another week.
by markfaix
Thu Jan 03, 2019 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Alliant CU 3/2.5% Visa application process
Replies: 18
Views: 1916

Re: Alliant CU 3/2.5% Visa application process

How has the customer service been? Lots of complaints about unhelpful CSRs.

Online reviews also complain of slow posting of payments, eg, you have a $5K credit limit, you spent $1K, you pay the $1K, so your balance is $0, but your credit limit is still $4k for 1 week.
by markfaix
Wed Jan 02, 2019 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Alliant CU 3/2.5% Visa application process
Replies: 18
Views: 1916

Alliant CU 3/2.5% Visa application process

I am considering applying for this card to replace my Fidelity 2% cashback Visa, but when I read the previous thread about the onerous application process, it gave me pause.

Has anyone, especially those with self employment income, recently applied for and been approved for this card? What was the process like? I have mostly self employment income and a little W-2 income, and I didn't really want to have to send in old tax returns, after which they often ask for my business tax returns, which they don't understand, etc. etc.
by markfaix
Mon Dec 31, 2018 3:28 pm
Forum: Investing - Theory, News & General
Topic: [Fidelity Health Savings Account Mega-Thread]
Replies: 1252
Views: 193644

Re: Rumor mill - Fidelity starting individual HSA's Nov. 15th

FYI, Fidelity does not reimburse account closure/transfer fees from another custodian
viewtopic.php?f=1&t=268222&newpost=4291 ... ead#unread
by markfaix
Mon Dec 31, 2018 2:55 pm
Forum: Personal Investments
Topic: Fidelity HSA: NO reimbursement for outside custodian transfer fee
Replies: 1
Views: 578

Fidelity HSA: NO reimbursement for outside custodian transfer fee

Like many others, I was excited to transfer my HSA from my prior custodian to Fidelity. The Fidelity rep had promised in an online chat that Fidelity would reimburse the account closing fee from my prior custodian.

Despite my keeping and submitting my record of the online chat, two Fidelity reps told me that under new policy, they do not reimburse account closure fees to an HSA, although it is possible with transferring other types of accounts.

Just wanted everyone to know and wanted to ask if anyone had a different experience with transferring into a Fidelity HSA.
by markfaix
Fri Dec 28, 2018 11:41 am
Forum: Personal Investments
Topic: 529 strategy debate
Replies: 2
Views: 499

Re: 529 strategy debate

There is a strategy called "value averaging," after a book by Mike Edleson. Instead of investing a fixed dollar amount at prespecified intervals ("dollar cost averaging"), with value averaging you invest at regular intervals whatever dollar amount is needed to bring the total account balance up to a prespecified value. The book goes into detail about how you determine these amounts. As you would guess, the end result is that you contribute a greater $ amount when share prices have gone down, and a lower $ amount when shares prices have risen. Testing has suggested this results in a higher expected gain (I emphasize "expected"). FWIW, I recall the good Dr Bill Bernstein did endorse this idea for those who have s...
by markfaix
Thu Nov 29, 2018 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: S corp deduction for 2 separate health insurance policies
Replies: 3
Views: 326

Re: S corp deduction for 2 separate health insurance policies

Is it permissible to treat health insurance payments for our son's college health insurance in the same manner as with the family plan? ie, if we drop him from the family health insurance, can I have the S corp pay for his health insurance, and then can I deduct his health insurance premiums on my 1040 as I currently do with the family health insurance plan? @megabad is correct, but the policy is not actually required to be in the name of the business. Generally the health insurance policy must be in the name of the S-Corp paid directly or an S-Corp's 2% shareholder-employee and reimbursed. The only exception to this rule is that a spouse's Medicare premiums will comply even if they are not an S-Corp's 2% shareholder-employee. You can not ...
by markfaix
Thu Nov 29, 2018 2:35 pm
Forum: Personal Finance (Not Investing)
Topic: S corp deduction for 2 separate health insurance policies
Replies: 3
Views: 326

S corp deduction for 2 separate health insurance policies

I am the sole employee/owner of a S corp. My reasonable W-2 salary includes payments for health insurance for myself and my dependents, as paid by the S corp on my behalf. I deduct these health insurance payments on form 1040, line 27. This is standard protocol for single shareholder/employees of S corps. Our oldest child is going to college next year. In pre-tax dollars, it is cheaper for us to pay for the college-sponsored health insurance and drop our son from the family health insurance. Is it permissible to treat health insurance payments for our son's college health insurance in the same manner as with the family plan? ie, if we drop him from the family health insurance, can I have the S corp pay for his health insurance, and then can...
by markfaix
Sun Nov 18, 2018 2:07 pm
Forum: Personal Consumer Issues
Topic: My car was totaled. Do any of you have experience with this process?
Replies: 48
Views: 3455

Re: My car was totaled. Do any of you have experience with this process?

This was my experience with Erie Insurance when my car was totaled.

The adjuster looked at newspaper/online ads for cars on sale that were similar to mine. Then he did an adjustment for mileage, etc., similar to a real estate appraisal with comparable properties. Because they use the asking price for the car, not the sale price, you actually get much more than your car is really worth.

Basically, they give you whatever it would take to buy your car used, with no negotiation on your part, less your deductible.
by markfaix
Fri Nov 16, 2018 6:21 pm
Forum: Personal Investments
Topic: Transfer Saturna HSA to Fidelity?
Replies: 3
Views: 576

Transfer Saturna HSA to Fidelity?

For Saturna HSA holders, are you planning to transfer your account to Fidelity? I have a brokerage account with them already and am happy with them.

Despite the $75 transfer out fee from Saturna, I'm thinking about transferring given Fido's service, $0-5 commissions, and the ability to further consolidate assets at one custodian. Thoughts?