Search found 14 matches

by AustinAttorney
Wed Feb 07, 2018 1:08 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC and Where to Report Income
Replies: 6
Views: 484

Re: 1099-MISC and Where to Report Income

Thanks to all for the sage advice. The ability to sock away additional tax-advantaged savings this year was something I didn't realize until it was suggested by y'all!
by AustinAttorney
Wed Feb 07, 2018 12:15 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC and Where to Report Income
Replies: 6
Views: 484

Re: 1099-MISC and Where to Report Income

At least my contribution limit will be $54,000 for a SEP-IRA if I were to go that route, so not all is lost by not being able to do solo 401k. Which leads to another question... it seems as if SEP-IRAs count as traditional IRAs for purposes of figuring conversion taxes on Form 8606. I've been carefu...
by AustinAttorney
Wed Feb 07, 2018 10:50 am
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC and Where to Report Income
Replies: 6
Views: 484

Re: 1099-MISC and Where to Report Income

That gets me to thinking... can I establish a solo 401k for the Schedule C income in 2017 in addition to the myriad of tax-advantaged accounts that the firm has for its equity partners?
by AustinAttorney
Wed Feb 07, 2018 9:53 am
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC and Where to Report Income
Replies: 6
Views: 484

1099-MISC and Where to Report Income

Facts are these: effective Jan. 1, 2017, I became an equity partner in my law firm. I was an "income partner" of the firm in 2016. Thus, at the beginning of 2017, I transitioned from being a statutory W-2 employee to a Schedule K-1 owner of the firm. Accordingly, I have received a Schedule K-1 from ...
by AustinAttorney
Thu Jan 11, 2018 10:47 am
Forum: Investing - Theory, News & General
Topic: Tax Reform - Revised Kiddie Tax
Replies: 41
Views: 4209

Re: Tax Reform - Revised Kiddie Tax

HueyLD and others - For what it's worth, I stumbled upon this: https://braggfinancial.com/index.php?display=KiddieTaxUpdate It states that "In 2018, unearned income under the $2,100 Kiddie Tax threshold will continue to be taxed at the child's rate. However, as a result of the TCJA, unearned income ...
by AustinAttorney
Wed Dec 27, 2017 3:03 pm
Forum: Investing - Theory, News & General
Topic: Tax Reform - Revised Kiddie Tax
Replies: 41
Views: 4209

Re: Tax Reform - Revised Kiddie Tax

To me, what hasn't been answered definitively is whether under the new law, a minor with no earned income can have $4,650 annually in qualified dividends and long-term capital gain taxed at 0%. In other words, does the standard deduction of $1,050 still apply and after the standard deduction is the ...
by AustinAttorney
Thu Jun 01, 2017 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Please critique my attorney's suggestions..
Replies: 28
Views: 4930

Re: Please critique my attorney's suggestions..

I think you need a second opinion from another attorney. Although not a specialist in the estate planning field, I am an attorney licensed in Texas. I think your lawyer's advice is suspect from the get go, because putting your residence in a living trust does not blow the homestead exemption for ass...
by AustinAttorney
Thu Mar 23, 2017 8:33 am
Forum: Personal Finance (Not Investing)
Topic: What criteria warrants a need for Living Revocable Trust?
Replies: 67
Views: 6129

Re: What criteria warrants a need for Living Revocable Trust?

This is not in my wheelhouse (I am an intellectual property attorney, although I did take probate and estate planning classes in law school). However, even in Texas where probate is known to be simpler than many other states, I can still see many reasons for a revocable living trust (and we have one...
by AustinAttorney
Sun Mar 19, 2017 12:27 am
Forum: Investing - Theory, News & General
Topic: Crowdfunding real estate?
Replies: 26
Views: 3346

Re: Crowdfunding real estate?

Personally, I find real estate crowdfunding intriguing. I've signed up on the RealtyShares and PeerStreet platforms. so far, however, I've only invested $2K on RealtyShares into an asset-backed hard-money loan with one-year term at 10%. Given the illiquidity and tax treatment of income, seems to me ...
by AustinAttorney
Fri Mar 17, 2017 7:48 pm
Forum: Investing - Theory, News & General
Topic: Schwab: Is There Ever a Bad Time to Invest?
Replies: 22
Views: 3920

Schwab: Is There Ever a Bad Time to Invest?

Food for thought: shows the downside of pulling out of equities and piling into cash during a perceived market high.

http://www.schwab.com/insights/stocks/i ... -to-invest
by AustinAttorney
Sat Feb 25, 2017 10:19 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Balance Defined Benefit Plan
Replies: 12
Views: 1485

Re: Cash Balance Defined Benefit Plan

I am a non-equity partner in an AmLaw 150 firm and am on the firm's retirement plans committee. We have a 401(k) and profit sharing for everyone and a cash balance plan just for the equity partners. A few points that I've learned: Thanks for sharing your thoughts Chicago. Good to hear from someone ...
by AustinAttorney
Sat Feb 25, 2017 9:47 am
Forum: Personal Finance (Not Investing)
Topic: Cash Balance Defined Benefit Plan
Replies: 12
Views: 1485

Re: Cash Balance Defined Benefit Plan

Thanks for he additional replies. To answer 123's question, there's no firm match. We're owners of the firm, so there's really no match. Again, thanks for all of the shared wisdom. I think I lean strongly towards maxing out, and hoping the firm terminates the plan in a few years and spins up a new o...
by AustinAttorney
Fri Feb 24, 2017 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: Cash Balance Defined Benefit Plan
Replies: 12
Views: 1485

Re: Cash Balance Defined Benefit Plan

Thanks for all of the replies this far, and the congrats. To answer a question from one of the replies, we have about 100 equity partners, so the costs are spread around. The firm management is great at keeping costs low, so we have very low expenses in this plan. I think at the end of the day, I go...
by AustinAttorney
Fri Feb 24, 2017 11:56 am
Forum: Personal Finance (Not Investing)
Topic: Cash Balance Defined Benefit Plan
Replies: 12
Views: 1485

Cash Balance Defined Benefit Plan

Hi all. Long-time lurker, first-time poster. I was recently elevated to an equity partner in my law firm, which now means I am required to participate in a cash balance defined benefit plan. While participation is required, there is an election as to how much one contributes, however, such election ...