Search found 4505 matches

by Spirit Rider
Wed Jan 18, 2017 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: Help: Employer Accidentally Gave Me Health Insurance
Replies: 6
Views: 905

Re: Help: Employer Accidentally Gave Me Health Insurance

What notification did you receive and what did you sign when you started the job? What notification did you receive and what did you sign when you elected the insurance? If there is information you were notified of and/or in documents you signed about these circumstances then they might be able to w...
by Spirit Rider
Wed Jan 18, 2017 8:10 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard on finding a dead person's password
Replies: 86
Views: 6491

Re: Vanguard on finding a dead person's password

Some financial institutions will not release the beneficiary name to anyone including the executor/administrator. That seems appropriate, since account funds with a named beneficiary are never, at any point, transferred to the estate, so the executor/administrator has nothing to do with it. Right? ...
by Spirit Rider
Wed Jan 18, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Medicare Part B costs
Replies: 14
Views: 1090

Re: Medicare Part B costs

This is not likely an error. When they enrolled in Medicare is not likely relevant.You need to understand how the hold harmless provision is applied. They both previously had premiums of $104.90 which was the last unrestricted base premium. Then the cost of living increase for 2016 was $0, leaving t...
by Spirit Rider
Wed Jan 18, 2017 5:46 pm
Forum: Investing - Help with Personal Investments
Topic: Retirement contributions when self-employed in year with zero income
Replies: 6
Views: 451

Re: Retirement contributions when self-employed in year with zero income

Is the december deadline for the current year only or also applies to previous year? say i did the contribution for 2016 now and convereted to roth that would still apply for 2016 ? using the backdoor roth of course. At least when i go to vanguard site to make a non deductible IRA contirubtion i se...
by Spirit Rider
Wed Jan 18, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA - Income Limit question for Self Employed with individual 401K
Replies: 5
Views: 310

Re: Roth IRA - Income Limit question for Self Employed with individual 401K

Correct. I gave you the specific IRS reference. When you have a question you should always fall back to the IRS, not somewhere else.
by Spirit Rider
Wed Jan 18, 2017 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard on finding a dead person's password
Replies: 86
Views: 6491

Re: Vanguard on finding a dead person's password

Where did I say winner claim all . What does that mean? Who's is the winner and what did they win? In hindsight, it was an imprudent use of the term in my earlier post. Nobody won anything. Potential beneficiaries had to submit a claim and the actual beneficiary received what was legitimately their...
by Spirit Rider
Wed Jan 18, 2017 1:26 pm
Forum: Investing - Theory, News & General
Topic: TIPS are great in "theory." But real world...
Replies: 31
Views: 2315

Re: TIPS are great in "theory." But real world...

It does not really matter if the CPI accurately measures inflation or not. The TIPS market prices effectively take that into account. I have never subscribed to the conspiracy theory that they will arbitrarily cook the CPI numbers. Technical adjustments to make it more accurate, sure. This is not Ve...
by Spirit Rider
Wed Jan 18, 2017 1:02 pm
Forum: Investing - Help with Personal Investments
Topic: Should I contribute to tiny (part-time job) 401(k)?
Replies: 14
Views: 971

Re: Should I contribute to tiny (part-time job) 401(k)?

I wish the IRS would stop using the word "covered" by an employer retirement plan, because very often they do not define what they mean by "covered". The correct term is "active participant" which is only true when you or the employer make contributions to the plan. Eve...
by Spirit Rider
Wed Jan 18, 2017 12:47 pm
Forum: Personal Finance (Not Investing)
Topic: Not bad for a community organizer
Replies: 8
Views: 995

Re: Not bad for a community organizer

I would not post such a link. It is going to be very hard for this to not tangent into politics (the title is condescending), which are prohibited on this forum. Also, this not actionable which also violates forum policy.

This an investment forums of like-minded individuals. Not Reddit.
by Spirit Rider
Wed Jan 18, 2017 12:43 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard on finding a dead person's password
Replies: 86
Views: 6491

Re: Vanguard on finding a dead person's password

...Some financial institutions will not release the beneficiary name to anyone including the executor/administrator. Their procedure is for the beneficiary to claim the account. If it is not known for sure likely beneficiaries can claim and then the "winner" gets the account... Surely a l...
by Spirit Rider
Wed Jan 18, 2017 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: Roth IRA - Income Limit question for Self Employed with individual 401K
Replies: 5
Views: 310

Re: Roth IRA - Income Limit question for Self Employed with individual 401K

No, and I don't know what MAGI description you are looking at. The Roth MAGI does not factor in anything having to do with self-employment tax.

See Worksheet 2-1. Modified Adjusted Gross Income for Roth IRA Purposes in IRS Publication 590-A page 42
by Spirit Rider
Wed Jan 18, 2017 12:23 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard on finding a dead person's password
Replies: 86
Views: 6491

Re: Vanguard on finding a dead person's password

If it is not known for sure likely beneficiaries can claim and then the "winner" gets the account. Could you please explain? Are you saying that a financial institution transferred money to someone who was not a beneficiary of an account? Or are you saying that the beneficiary was the est...
by Spirit Rider
Wed Jan 18, 2017 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k
Replies: 16
Views: 884

Re: Solo 401k

If you open your solo 401k with rollover money from a traditional IRA you don't even need any actual 'self employment' income. You just need an EIN from the IRS, which you can get regardless of whether you are actually self employed or not. This is most definitely incorrect . In order to adopt a se...
by Spirit Rider
Wed Jan 18, 2017 11:57 am
Forum: Personal Finance (Not Investing)
Topic: Vanguard on finding a dead person's password
Replies: 86
Views: 6491

Re: Vanguard on finding a dead person's password

I can tell you as someone who has had the misfortune of being involved in several estates, having account access is invaluable. Many people receive no paper statements and do not properly archive the electronic ones. Access by spouses, siblings. children, etc... was invaluable. It helped getting acc...
by Spirit Rider
Wed Jan 18, 2017 10:55 am
Forum: Personal Finance (Not Investing)
Topic: Opened Dependent HSA by accident
Replies: 9
Views: 552

Re: Opened Dependent HSA by accident

She can ill afford to have $500 tied up in an account that she can't access. Pay a daycare provider $500, get a receipt. We don't ever support engaging in tax fraud. That isn't what I meant. Then exactly what did you mean. It is pretty clear from the thread title and my quoted line from the OP, tha...
by Spirit Rider
Wed Jan 18, 2017 12:09 am
Forum: Personal Finance (Not Investing)
Topic: Opened Dependent HSA by accident
Replies: 9
Views: 552

Re: Opened Dependent HSA by accident

We don't ever support engaging in tax fraud.
by Spirit Rider
Tue Jan 17, 2017 11:57 pm
Forum: Personal Finance (Not Investing)
Topic: Any drawbacks contributing to a ROTH if you are low income?
Replies: 5
Views: 539

Re: Any drawbacks contributing to a ROTH if you are low income?

Before discussing government benefits. The annual gift tax exclusion, currently $14K includes all payments to or on behalf of an individual, except directly paid tuition and directly paid medical expenses. This would include all cash payments + all direct payment other than tuition/medical + the Rot...
by Spirit Rider
Tue Jan 17, 2017 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k
Replies: 16
Views: 884

Re: Solo 401k

If you open your solo 401k with rollover money from a traditional IRA you don't even need any actual 'self employment' income. You just need an EIN from the IRS, which you can get regardless of whether you are actually self employed or not. This is most definitely incorrect . In order to adopt a se...
by Spirit Rider
Tue Jan 17, 2017 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Solo 401k
Replies: 16
Views: 884

Re: Solo 401k

If you open your solo 401k with rollover money from a traditional IRA you don't even need any actual 'self employment' income. You just need an EIN from the IRS, which you can get regardless of whether you are actually self employed or not. This is most definitely incorrect . In order to adopt a se...
by Spirit Rider
Tue Jan 17, 2017 10:02 am
Forum: Personal Finance (Not Investing)
Topic: Need to terminate solo 401(k)?
Replies: 8
Views: 625

Re: Need to terminate solo 401(k)?

The lack of business net profit in any given year does not indicate that a business has closed. In fact IRS regulations even allow you to open a solo 401k in a year that you do not have a net business profit, provided you have had a net business net profit for that business in any prior year. So cle...
by Spirit Rider
Mon Jan 16, 2017 9:20 pm
Forum: Investing - Help with Personal Investments
Topic: Under contributed to 2016 401k - Can I top off?
Replies: 4
Views: 387

Re: Under contributed to 2016 401k - Can I top off?

This is not up to the employer. The employer has no ability to correct this.

IRS regulations require that employee deferrals occur by payroll deduction. The can only be for the year in which the deduction occurs.
by Spirit Rider
Mon Jan 16, 2017 9:08 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 8
Views: 530

Re: HCE: What to expect when having to pay tax on excess 401k contributions

Yes, it will be some day before March 15th, if it occurs. The purpose of the anti-discrimination rules are just that. To prevent those with higher incomes (especially the owners) from contributing at a higher rate than those with lower incomes. If there is no one with lower incomes, there is no one...
by Spirit Rider
Mon Jan 16, 2017 6:55 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 8
Views: 530

Re: HCE: What to expect when having to pay tax on excess 401k contributions

Thanks, so is the excess contribution and earnings deducted from the 401k balance on a given day, sometime by March 15th? Interesting that if all the participants are HCEs, there's nothing to worry about. I assumed the opposite. Yes, it will be some day before March 15th, if it occurs. The purpose ...
by Spirit Rider
Mon Jan 16, 2017 5:48 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 8
Views: 530

Re: HCE: What to expect when having to pay tax on excess 401k contributions

It will be must sooner than mid-year. IRS regulations require the 401k plan to refund excess contributions due to testing failure by March 15th. You will receive a check for the excess contribution and earnings. The contribution will be taxable unless it was a Roth deferral. The earnings are always ...
by Spirit Rider
Mon Jan 16, 2017 3:17 pm
Forum: Personal Finance (Not Investing)
Topic: New startup business: Tax Deductions?
Replies: 3
Views: 167

Re: New startup business: Tax Deductions?

IRS Publication 535 is your new friend. Pay special attention to Chapters 7 and 8 for startup costs.
by Spirit Rider
Mon Jan 16, 2017 1:40 pm
Forum: Investing - Help with Personal Investments
Topic: Simple IRA-Moving from Edward Jones to Vanguard
Replies: 5
Views: 413

Re: Simple IRA-Moving from Edward Jones to Vanguard

As long as you complied with the notice requirements, the employer can change plan types and or/DFI in the case of a 5305. The Edward Jones advisor has no ability to stop this, but can make things difficult with the assist of employees. Changing to a 5305 SIMPLE establishes that all future employee ...
by Spirit Rider
Mon Jan 16, 2017 11:45 am
Forum: Personal Finance (Not Investing)
Topic: HDHP vs [HDHP + HMO(dependant on partner's plan)]
Replies: 11
Views: 488

Re: HDHP vs [HDHP + HMO(dependant on partner's plan)]

I see. FSA allows OOP spend for spouse even if not on the plan. Looks like technically we can have two FSAs (one by HIM and one by HER) when on different plans., but not possible to have one FSA and one HSA. It is most common for employer general purpose FSAs to automatically cover family members, ...
by Spirit Rider
Mon Jan 16, 2017 8:01 am
Forum: Investing - Theory, News & General
Topic: 457 contribution influence or treated separate from SEP/ROTH?
Replies: 2
Views: 219

Re: 457 contribution influence or treated separate from SEP/ROTH?

Provided you have enough taxable compensation and your MAGI does not limit/eliminate your Roth IRA, you are good to go. Employer retirement plans never in of themselves interfer with a Roth IRA contribution. A 457b is a non-qualified retirement plan and it's contributions do not interfer with any ot...
by Spirit Rider
Mon Jan 16, 2017 7:34 am
Forum: Personal Finance (Not Investing)
Topic: Retiring - "not subject to tax" 401K funds
Replies: 20
Views: 2084

Re: Retiring - "not subject to tax" 401K funds

You are misinterpreting the issues. I thought I explained it pretty well. I will try again. There may be a semantic problem with the word account . When you have a 401k "account", it will normally these days consist of one or more designated "buckets". Bucket #1 (designated tradi...
by Spirit Rider
Mon Jan 16, 2017 6:21 am
Forum: Personal Finance (Not Investing)
Topic: HDHP vs [HDHP + HMO(dependant on partner's plan)]
Replies: 11
Views: 488

Re: HDHP vs [HDHP + HMO(dependant on partner's plan)]

Since you have already enrolled in your plan. If you also enrolled in an FSA, that makes your spouse an ineligible individual and unable to contribute to any HSA. If she is only participating in one plan (HDHP plan with her employer) & removed from HIS plan, will there still be a constraint on ...
by Spirit Rider
Mon Jan 16, 2017 1:00 am
Forum: Personal Finance (Not Investing)
Topic: HDHP vs [HDHP + HMO(dependant on partner's plan)]
Replies: 11
Views: 488

Re: HDHP vs [HDHP + HMO(dependant on partner's plan)]

A lot of moving parts and I don't think I can advise you as to the correct choice, but I have a couple of possible HSA caveats for you. Since you have already enrolled in your plan. If you also enrolled in an FSA, that makes your spouse an ineligible individual and unable to contribute to any HSA. P...
by Spirit Rider
Sun Jan 15, 2017 11:01 pm
Forum: Personal Finance (Not Investing)
Topic: Retiring - "not subject to tax" 401K funds
Replies: 20
Views: 2084

Re: Retiring - "not subject to tax" 401K funds

The more I read the more it looks like even with the 2014 rule change, you still have to rollover your entire 401K balance (pre and post tax contributions) to IRAs if you want to get all of the post tax into a ROTH IRA, but talk to your administrator to be sure. I was hoping I had an inservice opti...
by Spirit Rider
Sun Jan 15, 2017 9:15 pm
Forum: Investing - Help with Personal Investments
Topic: Can you exchange a 401k into a traditional ira
Replies: 9
Views: 635

Re: Can you exchange a 401k into a traditional ira

The 401k is hers and the Traditional IRA at The. Rowe is under my name. The answer is a most definite NO. All retirement accounts are individual. There can be no rollovers between different retirement accounts of different individuals. Furthermore, it is a pet peeve of mine when husbands talk about...
by Spirit Rider
Sun Jan 15, 2017 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Retiring - "not subject to tax" 401K funds
Replies: 20
Views: 2084

Re: Retiring - "not subject to tax" 401K funds

The more I read the more it looks like even with the 2014 rule change, you still have to rollover your entire 401K balance (pre and post tax contributions) to IRAs if you want to get all of the post tax into a ROTH IRA, but talk to your administrator to be sure. I was hoping I had an inservice opti...
by Spirit Rider
Sun Jan 15, 2017 8:48 pm
Forum: Investing - Help with Personal Investments
Topic: Safe cutoff of after tax contributions
Replies: 7
Views: 568

Re: Safe cutoff of after tax contributions

One other thing you need to determine is if there are likely to be any forfeitures paid into your account. This is unusual these days, because the IRS allows and most companies do, use forfeitures for administrative expenses, but you should verify this with your employer/administrator. For 2017, the...
by Spirit Rider
Sun Jan 15, 2017 8:17 pm
Forum: Investing - Help with Personal Investments
Topic: I401k Employer Portion limit 20% or 25% of income
Replies: 23
Views: 1127

Re: I401k Employer Portion limit 20% or 25% of income

From my perspective, the reason you are having a lot of problems is that you are seeking piecemeal information and treating this as an off-the-cuff process. Whether you are doing this yourself, having a professional do it, or using tax software, you need to take the following steps to calculate the ...
by Spirit Rider
Sun Jan 15, 2017 3:38 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 Highly Compensated Employee?
Replies: 1
Views: 450

Re: 2016 Highly Compensated Employee?

We can not answer how your company applies their rules during the year. The 10% cap is a plan rule not an IRS rule. Is the trigger for the cap; based on the previous year's income, subject to quarterly review, projected yearly income, etc... You need to ask your HR/401k administrator how the cap is ...
by Spirit Rider
Sun Jan 15, 2017 3:25 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution [Maximum allowable?]
Replies: 12
Views: 1017

Re: HSA Contribution [Maximum allowable?]

Bacchus01 wrote:Maybe I misunderstood. I thought the OP was still working.

Yes, the OP clarified, but that was not until after my post.
by Spirit Rider
Sun Jan 15, 2017 7:01 am
Forum: Investing - Help with Personal Investments
Topic: I401k Employer Portion limit 20% or 25% of income
Replies: 23
Views: 1127

Re: I401k Employer Portion limit 20% or 25% of income

I am beginning to question whether Vanguard really gave you incorrect information. In my first post I gave you a detailed explanation of when and how the 20% or 25% numbers apply. It does not appear you have read and understood that basic issue. You have yet to conclusively answer the first reply th...
by Spirit Rider
Sun Jan 15, 2017 1:47 am
Forum: Personal Finance (Not Investing)
Topic: Health insurance and LLC
Replies: 10
Views: 608

Re: Health insurance and LLC

⋅ COBRA may be a good option depending on the plan and premiums ⋅ Loss of employer coverage qualifies for ACA special enrollment at any time. Otherwise you can only enroll during open enrollment 11/1 - 01/31. COBRA also has special enrollment after loss of employer coverage. How...
by Spirit Rider
Sat Jan 14, 2017 10:29 pm
Forum: Personal Finance (Not Investing)
Topic: Can you check my HSA math?
Replies: 12
Views: 562

Re: Can you check my HSA math?

What about this from the article. The wording sounds like the family max takes over and we have to split it. I don't really care, but I would think we would need to wait until September to make the contribution for the family max if only using 1 account instead of 2. (this is assuming I keep my cur...
by Spirit Rider
Sat Jan 14, 2017 10:05 pm
Forum: Personal Finance (Not Investing)
Topic: S Corp payroll co for single owner/employee?
Replies: 30
Views: 1765

Re: S Corp payroll co for single owner/employee?

Thanks for the responses. Intuit generated a W-2 that puts the HSA contribution in Box 12, code W. I had it generated by Intuit, but have not submitted it to the IRS yet, so can still make changes or submit one manually instead. So the question I guess is (a) do I submit it as-is, will it be OK if ...
by Spirit Rider
Sat Jan 14, 2017 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Can you check my HSA math?
Replies: 12
Views: 562

Re: Can you check my HSA math?

Edited: After nps's post realized my initial post was incorrect. You numbers are correct. In the first example your maximum family contribution is $6,783 and the second $4,517. However, your wife must make the entire family contribution ($562.50/month) starting in September, because you will no lon...
by Spirit Rider
Sat Jan 14, 2017 9:11 pm
Forum: Investing - Help with Personal Investments
Topic: I401k Employer Portion limit 20% or 25% of income
Replies: 23
Views: 1127

Re: I401k Employer Portion limit 20% or 25% of income

Unlike an excess employee deferral, a 401k excess employer contribution can not normally be removed. If any of these excess contributions we made in 2017, they could be reallocated to 2017 contributions. If not, there is a rather complicated process to resolve this. It will require extra forms, the ...
by Spirit Rider
Sat Jan 14, 2017 8:30 pm
Forum: Investing - Help with Personal Investments
Topic: Limit to contributing to both 401k and trad IRA
Replies: 5
Views: 546

Re: Limit to contributing to both 401k and trad IRA

My guess is that once she contributes a combined $18k to 401k and tIRA then further contributions do not get the tax deduction. Is that correct? 401k and IRA have separate contribution limits. 18K for 401k (Roth and/or Traditional) and 5.5K to IRA (Roth and/or Traditional). DSInvestor already answe...
by Spirit Rider
Sat Jan 14, 2017 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution [Maximum allowable?]
Replies: 12
Views: 1017

Re: HSA Contribution [Maximum allowable?]

I don't think you are missing anything. Just be sure to consider all the costs. You will each have to pay: ⋅ Medicare Part B premium = $134/month or higher depending on income (see IRMAA premiums). These premiums are HSA qualified expenses ⋅ Medicare Supplement premium = ~50 - ~$...
by Spirit Rider
Sat Jan 14, 2017 7:16 pm
Forum: Investing - Theory, News & General
Topic: Why not put it all in TIPS?
Replies: 87
Views: 4896

Re: Why not put it all in TIPS?

I'll play along. If putting my money up with the U.S. Government isn't safe then what is? Skip the tuna fish, Krugerrands and ammo (pretend I've already got that covered). Where would you put your money if you were in my situation (not looking to leave any inheritance or legacy)? The flip side of s...
by Spirit Rider
Sat Jan 14, 2017 6:04 pm
Forum: Personal Finance (Not Investing)
Topic: Can you check my HSA math?
Replies: 12
Views: 562

Re: Can you check my HSA math?

Edited: After nps's post realized my initial post was incorrect. You numbers are correct. In the first example your maximum family contribution is $6,783 and the second $4,517. However, your wife must make the entire family contribution ($562.50/month) starting in September, because you will no long...
by Spirit Rider
Sat Jan 14, 2017 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Retiring - "not subject to tax" 401K funds
Replies: 20
Views: 2084

Re: Retiring - "not subject to tax" 401K funds

I've attended several company retirement seminars. I asked about partial distributions and subaccounts. We can request the funds to be pulled from the "not subject to tax" subaccount if we desire. That confused me because because I had assumed pro rata rules applied to partial distributio...

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