Search found 3459 matches

by Spirit Rider
Mon May 30, 2016 5:57 pm
Forum: Personal Consumer Issues
Topic: Refrigerator Water Filters -- OEM or Generic?
Replies: 10
Views: 1259

Re: Refrigerator Water Filters -- OEM or Generic?

We tried generic $20 filter before for our GE Frig and it made the water taste funny almost immediately. Went back to the $40 OEM GE factory filter and are happy with the results. More expensive but worth it for us because the filter lasts about 6 months so the extra expense per year for using OEM ...
by Spirit Rider
Mon May 30, 2016 5:39 pm
Forum: Investing - Help with Personal Investments
Topic: Edward Jones or TIaa Creff
Replies: 39
Views: 1394

Re: Edward Jones or TIaa Creff

You should be aware that Franklin is one of the Edward Jones' Dirty Seven . These are the seven fund families that Edward Jones has negotiated special compensation for the benefit of Edward Jones and their advisors. This means that Edward Jones and their advisors get even higher compensation on thes...
by Spirit Rider
Sun May 29, 2016 3:52 pm
Forum: Investing - Help with Personal Investments
Topic: Self directed IRA?
Replies: 7
Views: 666

Re: Self directed IRA?

I have always felt that so called "self-directed" retirement plans (IRA, 401k, etc...) are a solution in search of a problem. They are the very definition of behavioral finance pitfalls. Like most investment snake oil, they benefit the providers far greater than the participants. That is ...
by Spirit Rider
Sat May 28, 2016 9:00 pm
Forum: Investing - Help with Personal Investments
Topic: How much can I contribute to my SEP-IRA? (W2 employee)
Replies: 7
Views: 455

Re: How much can I contribute to my SEP-IRA? (W2 employee)

Technically, an employer contribution to a SEP IRA is a non-elective contribution and not a match. All employees receive this even if they don't defer anything. The employee has no way to increase this. You should be aware of some other potential limitations of your elective deferrals. First, like n...
by Spirit Rider
Sat May 28, 2016 8:29 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA Erroneous Distribution
Replies: 11
Views: 853

Re: Inherited IRA Erroneous Distribution

With regards to celia''s suggestions, my understanding is that once the money has been distributed from a non-spousal inherited IRA, it cannot be rolled over as would be an option for a spousal inherited IRA, 401K lump sum disbursement, etc. I would be fine with sending the check as a rollover to T...
by Spirit Rider
Sat May 28, 2016 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: Changing job: 401 k/403b, 401a/SEP IRA max contribution?
Replies: 1
Views: 160

Re: Changing job: 401 k/403b, 401a/SEP IRA max contribution?

No, the employee salary deferral limit (2016 - $18K) applies to the combined employee salary deferrals across all plans (401K, 403B, etc...). If you deferr $12K to the 401k, you will be limited to $6K ($18K - $12K) in the 403b. Also, the annual limit (2016 = $53K) applies to the combination of the 4...
by Spirit Rider
Sat May 28, 2016 2:52 pm
Forum: Investing - Help with Personal Investments
Topic: Inherited IRA Erroneous Distribution
Replies: 11
Views: 853

Re: Inherited IRA Erroneous Distribution

What options do I have at this point? I would like them to essentially admit the checks were sent in error and allow for a rollover to my inherited IRA without any income tax due. Is that possible or is their mistake truly irrevocable? I would continue to not endorse or cash the checks. However, I ...
by Spirit Rider
Sat May 28, 2016 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: Is Real Estate Market going crazy again?
Replies: 81
Views: 6873

Re: Is Real Estate Market going crazy again?

Yes. Wells Fargo launches 3% down payment mortgage http://www.cnbc.com/2016/05/26/wells-fargo-launches-3-down-payment-mortgage.html What could go wrong? Or, "'Those who cannot remember the past are condemned to repeat it." When we see interest only and negative amortization mortgages and ...
by Spirit Rider
Sat May 28, 2016 1:07 pm
Forum: Investing - Help with Personal Investments
Topic: Accidentally contributed too much into 529
Replies: 7
Views: 811

Re: Accidentally contributed too much into 529

A person is allowed to contribute more than the annual exclusion ($14K) in one year to a 529. They can contribute up to five times the annual exclusion ($70K) and then file Form 709 to elect to spread the amount/5 to the annual exclusion over the next five years. Still, it would be nice if the 529's...
by Spirit Rider
Fri May 27, 2016 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Tax Efficiency with Self Employed Solo 401K
Replies: 2
Views: 167

Re: Self Employed Solo 401K Tax savings

Hi, I'm self employed making about 30K per year (On 1099, this is my first year of self employment). My husband works and this is extra income for the family and can be completely invested in retirement or other ways to save on income tax. [*]Our combined income is above 118K so we won't get any ta...
by Spirit Rider
Fri May 27, 2016 7:08 pm
Forum: Personal Finance (Not Investing)
Topic: SEP IRA v SIMPLE IRA contribution question
Replies: 4
Views: 262

Re: SEP IRA v SIMPLE IRA contribution question

Yes, any plan with an employee salary deferral generally allows the owner to make a larger total contribution vs. the employer contribution costs for employees. A SIMPLE IRA is generally the best way to accomplish this with minimal administrative costs. A safe harbor 401k might allow a higher employ...
by Spirit Rider
Fri May 27, 2016 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: My former attorney has become an Edward Jones rep
Replies: 26
Views: 2808

Re: My former attorney has become an Edward Jones rep

Good call by you. Based on those I've known over my career (and stereotyping about the educational path most of us took to law), most attorneys don't know jack about finances. Those that are knowledgeable wouldn't be going to EDJones for a mid-career transition. Actually, this is the type of mark (...
by Spirit Rider
Fri May 27, 2016 4:40 pm
Forum: Personal Finance (Not Investing)
Topic: Should a 72 yo renew term life insurance?
Replies: 31
Views: 2227

Re: Should a 72 yo renew term life insurance?

He could prepay his funeral expenses.. Exactly. My parents did this and it made the visit to the mortuary so much easier..... Be careful with this...what if the mortuary goes out of business? What if it is sold and the new owner refuses to honor the commitment? I have been involved with family memb...
by Spirit Rider
Fri May 27, 2016 4:24 pm
Forum: Personal Finance (Not Investing)
Topic: SEP IRA v SIMPLE IRA contribution question
Replies: 4
Views: 262

Re: SEP IRA v SIMPLE IRA contribution question

Yes, you pretty much have the SEP IRA vs. SIMPLE IRA analysis correct. There are two reasons why a sole proprietor's employer contribution is less than that of an employee. The first is that net earnings from self-employment are net business profit - 1/2 SE tax. The second is that as you alluded to,...
by Spirit Rider
Fri May 27, 2016 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: Grandparent paying tuition directly
Replies: 14
Views: 1265

Re: Grandparent paying tuition directly

As has been pointed out, directly paid tuition are excluded from the gift tax reporting requirements. Any other payments to or on behalf of the student have the additional $14K annual exclusion from the gift tax reporting requirements. Just be aware that direct payment of tuition, other payments to ...
by Spirit Rider
Fri May 27, 2016 10:21 am
Forum: Investing - Help with Personal Investments
Topic: 529 set up by uncle or grandparent & fin aid
Replies: 20
Views: 886

Re: 529 set up by uncle or grandparent & fin aid

Third party 529s of ALL siblings are required to be listed in the CSS Profile. Individual schools treat those different when it comes to their financial aid. Spirit Rider, Yes, important clarification. I was under the impression css and most institutional methodologies would treat third party 529 d...
by Spirit Rider
Fri May 27, 2016 9:43 am
Forum: Investing - Help with Personal Investments
Topic: How much can I contribute to my SEP-IRA? (W2 employee)
Replies: 7
Views: 455

Re: How much can I contribute to my SEP-IRA? (W2 employee)

"Deductions"- 408(k)(6) SEP . Following this is shows my employee contributions for the year. Am I ok to contribute the standard 18k amount since it is listed as a 408k? Sorry if this is confusing, although I am clearly confused! Hopefully, I am not making it more confusing. First, you sh...
by Spirit Rider
Thu May 26, 2016 2:39 pm
Forum: Personal Finance (Not Investing)
Topic: My dilemma ... 1099 or W2. Client assures me no difference.
Replies: 29
Views: 1816

Re: My dilemma ... 1099 or W2. Client assures me no difference.

Could someone explain these related scenarios a little better: 1) If an employee already has a job that pays > $150k via W2 and gets a 2nd job/gig that pays via 1099 : - The 2nd employer saves ~7% FICA. - The employee pays 0% FICA, because he already paid the employee tax with his first job. - This...
by Spirit Rider
Thu May 26, 2016 1:54 pm
Forum: Investing - Help with Personal Investments
Topic: 529 set up by uncle or grandparent & fin aid
Replies: 20
Views: 886

Re: 529 set up by uncle or grandparent & fin aid

Use it to pay for final year if that works for parents. If they don't receive need-based aid it won't be an issue. http://www.savingforcollege.com/grandparents/answer.php?grandparent_faq_id=10 Great, thanks for the link. Looks like paying for the final year is the way to go. Am I correct that we sh...
by Spirit Rider
Wed May 25, 2016 9:51 pm
Forum: Personal Finance (Not Investing)
Topic: Moving funds from a traditional IRA to a SIMPLE IRA due to bank error
Replies: 5
Views: 208

Re: Moving funds from a traditional IRA to a SIMPLE IRA due to bank error

While there does not appear to be anything close to this is the IRS SIMPLE IRA Fixit Guide, I think it is likely that the employer has some liability here. Since SIMPLE IRA contributions can only be made to SIMPLE IRA accounts, you would think that the employer has some responsibility for ensuring t...
by Spirit Rider
Wed May 25, 2016 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5267

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

You are correct. The no indexing after 60 is a positive not a negative. It causes increased earnings to disproportionally effect the AIME/PIA. The simplest example to think about, is if your earnings are >= the max wage base. Every year you work after age 60 adds a year with earnings greater than t...
by Spirit Rider
Wed May 25, 2016 8:56 pm
Forum: Personal Finance (Not Investing)
Topic: Moving funds from a traditional IRA to a SIMPLE IRA due to bank error
Replies: 5
Views: 208

Re: Moving funds from a traditional IRA to a SIMPLE IRA due to bank error

This is a serious problem and I would not advise trying to resolve it on your own. If Alan S. spots this post he might be able to help.

Also, consider posting this in the appropriate forum on http://www.benefitslink.com
by Spirit Rider
Wed May 25, 2016 8:31 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5267

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

This is particularly true for earnings after age 60, which are not indexed (and effectively will end up counting 'less' towards the benefit as the years go by, is one way I think about it). Actually, I'd argue just the opposite. At 60, the indexed earnings are frozen. Going forward, your salary wil...
by Spirit Rider
Wed May 25, 2016 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Mega Back Door Roth and the ACP Test
Replies: 5
Views: 359

Re: Mega Back Door Roth and the ACP Test

I have knowledge of some people with the option of after-tax contributions. The results varied with process and effect. One HCE was preemptively limited to an 8% after-tax contribution and still had a small testing failure. A larger number at a Fortune 500 company, where many NHCEs (IT) were going g...
by Spirit Rider
Wed May 25, 2016 1:11 pm
Forum: Investing - Help with Personal Investments
Topic: Can contribute to Roth: No Wages / W2 but income from blog / Google Adwords
Replies: 7
Views: 320

Re: Can contribute to Roth: No Wages / W2 but income from blog / Google Adwords

Given that the amount is less than the 2016 employee salary deferral limit, the maximum you can contribute is the net business profit - 1/2 SE tax to an employee salary deferral to a solo 401k. If you contribute to a SEP IRA, it would be limited to 20% of that number.
by Spirit Rider
Wed May 25, 2016 12:02 pm
Forum: Investing - Help with Personal Investments
Topic: Can I still contribute to a 401k if I no longer work for the company?
Replies: 11
Views: 839

Re: Can I still contribute to a 401k if I no longer work for the company?

Make sure you understand the Net Unrealized appreciation (NUA) rules for employer stock in a qualified retirement plan. You lose the ability to treat the gains as being subject to capital gains tax rates if you roll them to a an IRA. You generally will only be able to kept assets in a former employe...
by Spirit Rider
Wed May 25, 2016 11:54 am
Forum: Investing - Theory, News & General
Topic: small business retirement plan-any one use them?
Replies: 12
Views: 463

Re: small business retirement plan-any one use them?

Make sure that you AND your employees understand that you can not rollover SIMPLE IRA assets to any other retirement plan except another SIMPLE IRA within two years of the first contribution. Such an attempted rollover or withdrawal would be subject to a 25% penalty as well as taxed as ordinary inco...
by Spirit Rider
Tue May 24, 2016 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70
Replies: 96
Views: 5267

Re: Expected Social Security Benefit if I Have No Income for Five Years Before Claiming at 70

AnyPIA is massive overkill for the OP's situation. As has been stated, all that is necessary is to use the SSA's Retirement Estimator and enter $0 for future earnings. The Retirement Estimator completely eliminates the need to enter all the years of earnings, it automatically uses your earnings reco...
by Spirit Rider
Tue May 24, 2016 12:22 pm
Forum: Personal Consumer Issues
Topic: series/ movies filmed in your home town?
Replies: 87
Views: 2681

Re: series/ movies filmed in your home town?

A good friend of mine is having 'Patriots Day' filmed on his street in Malden, MA. It covers the events of the Patriot's Day bombing from 2013 and the subsequent manhunt. Their street is being used for filming the events that actually happened in Watertown, MA. I used to live near there as a kid. Wa...
by Spirit Rider
Mon May 23, 2016 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: HSA and the 5498-SA form
Replies: 3
Views: 359

Re: HSA and the 5498-SA form

5498-SA reports HSA contributions in which year contributions are made , not which year they are for . From the 2015 Instructions for Forms 1099-SA and 5498-SA, page 3. Box 2. Total Contributions Made in 2015 Enter the total HSA or Archer MSA contributions made in 2015. Include any contribution made...
by Spirit Rider
Mon May 23, 2016 6:23 pm
Forum: Personal Finance (Not Investing)
Topic: FICO Score - Can You Explain This
Replies: 24
Views: 2538

Re: FICO Score - Can You Explain This

Is the MasterCard a Citibank card. Citibank uses a FICO8 bankcard model (^900), where almost all the other credit card issuers use a FICO8 classic model (^850). Capital One just started using a Vantage3 model (^850).
by Spirit Rider
Mon May 23, 2016 6:18 pm
Forum: Investing - Help with Personal Investments
Topic: Sell all my company stock prior to transfer to Vanguard?
Replies: 10
Views: 928

Re: Old 401k has 33% in company stock - what are my options?

It is not that you have to pay capital gains, it is that you have the option to pay the much lower capital gains rates on employer securities. This is much better than paying ordinary income tax rates on normal retirement plan withdrawals.
by Spirit Rider
Mon May 23, 2016 12:49 pm
Forum: Personal Finance (Not Investing)
Topic: Considering HDHP HSA in a state that doesn't recognize them
Replies: 8
Views: 700

Re: Considering HDHP HSA in a state that doesn't recognize them

Withdrawals can most certainly matter in CA. Especially, if you are paying expenses out-of-pocket and investing contributions for the long term with Capital Gains. In CA there is no lower CG rate, you pay ordinary CA income tax on CG. If you have just have savings accounts then of course there is n...
by Spirit Rider
Sun May 22, 2016 7:11 pm
Forum: Personal Finance (Not Investing)
Topic: Considering HDHP HSA in a state that doesn't recognize them
Replies: 8
Views: 700

Re: Considering HDHP HSA in a state that doesn't recognize them

Withdrawals can most certainly matter in CA. Especially, if you are paying expenses out-of-pocket and investing contributions for the long term with Capital Gains. In CA there is no lower CG rate, you pay ordinary CA income tax on CG. If you have just have savings accounts then of course there is no...
by Spirit Rider
Wed May 18, 2016 12:02 am
Forum: Personal Finance (Not Investing)
Topic: My dilemma ... 1099 or W2. Client assures me no difference.
Replies: 29
Views: 1816

Re: My dilemma ... 1099 or W2. Client assures me no difference.

In summary, here is my opinion: ⋅ Go with 1099, you will likely have more take home pay after deductions and tax deferalls ⋅ Consultant other self employed people and/or an accountant on how/what you can deduct as expenses ⋅ Consultant other self employed people, an ac...
by Spirit Rider
Tue May 17, 2016 9:37 pm
Forum: Personal Finance (Not Investing)
Topic: Tip on fees for account "overdrafts"
Replies: 9
Views: 748

Re: Tip on fees for account "overdrafts"

That is not how my bank or credit union accounts work. They all have similar variations of three overdraft settings: Overdraft: ATM, debit, check, online bill pay, and ACH debits are all covered at the discretion of the bank. Default: (they call this by different names). ATM and debit card transacti...
by Spirit Rider
Sun May 15, 2016 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: Question on Individual 401K with Roth component and taxes
Replies: 4
Views: 246

Re: Question on Individual 401K with Roth component and taxes

This is all covered in the Form 1040 instructions. See the Self-Employed Health Insurance Deduction Worksheet—Line 29. The deduction is the lesser of the insurance costs (line 1) and line 2 below: 2. Enter your net profit* and any other earned income** from the business under which the insurance pla...
by Spirit Rider
Sat May 14, 2016 9:12 pm
Forum: Personal Consumer Issues
Topic: Friend owed money by now deceased person
Replies: 14
Views: 2276

Re: Friend owed money by now deceased person

I would tell my friend to chalk the $1000 as a bad investment. If he/she wants to collect they will need to go to court, and even then they may be unable to collect. I would move on. Define "need to go to court". In most states it is not necessary to file notice with the court if you subm...
by Spirit Rider
Sat May 14, 2016 8:38 pm
Forum: Investing - Help with Personal Investments
Topic: solo 401k with 401k at work? max contribution?
Replies: 15
Views: 955

Re: solo 401k with 401k at work? max contribution?

As far as I know, none of the individual business retirement plan contribution calculators on the net do both of these correctly. Vanguard is the only one I know of who correctly uses Publication 560 (starting within the last year), but still does not fully take into account Schedule SE. All the ot...
by Spirit Rider
Sat May 14, 2016 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Auto Insurance for low annual mileage
Replies: 19
Views: 1202

Re: Auto Insurance for low annual mileage

Most insurance companies have two low mileage ratings. One is a personal use rating. I used this when I worked from home. The other is a limited distance commute that varies from Company to Company. You should first ask your current agent/company. Then I would use an independent insurance agent to g...
by Spirit Rider
Sat May 14, 2016 2:25 pm
Forum: Investing - Help with Personal Investments
Topic: solo 401k with 401k at work? max contribution?
Replies: 15
Views: 955

Re: solo 401k with 401k at work? max contribution?

No. There's still Medicare taxes. That's why you have to run the Schedule C net income through Schedule SE. Someone with a capped out SS tax from a W-2 job and $10k net income from SE would still have about $268 in Medicare taxes. In that case the max contribution would be around $1973. If some of ...
by Spirit Rider
Fri May 13, 2016 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone trade with their Fidelity Cash Management Account?
Replies: 15
Views: 991

Re: Anyone trade with their Fidelity Cash Management Account?

I have made and continue to have investments in my Fidelity CMA. I was told by a CSR that it is not intended to be used like a brokerage account, but that has not stopped me. I don't know what limitations there are other than the already stated no margin and no options. I use my brokerage account fo...
by Spirit Rider
Fri May 13, 2016 6:32 pm
Forum: Investing - Help with Personal Investments
Topic: What happens if I contribute excess after tax 401k?
Replies: 17
Views: 988

Re: What happens if I contribute excess after tax 401k?

And, the current budget proposal is to eliminate backdoor Roths. Not likely this year, but it's on their radar screen. Hmm, we use backdoor mechanisms, but don't need to maximize all tax advantaged space. I may want to maximize retirement accounts change by sacrificing non-retirement savings in 201...
by Spirit Rider
Fri May 13, 2016 1:21 pm
Forum: Investing - Help with Personal Investments
Topic: What happens if I contribute excess after tax 401k?
Replies: 17
Views: 988

Re: What happens if I contribute excess after tax 401k?

And, the current budget proposal is to eliminate backdoor Roths. Not likely this year, but it's on their radar screen. It was also in last years budget proposal. It is against forum policy to discuss pending legislation let alone a trial balloon that was filled with lead. None of what is on-topic t...
by Spirit Rider
Fri May 13, 2016 12:31 pm
Forum: Investing - Help with Personal Investments
Topic: What happens if I contribute excess after tax 401k?
Replies: 17
Views: 988

Re: What happens if I contribute excess after tax 401k?

Stop now! After-tax money into a regular (not Roth) IRA is a bad idea. Consider this vs. a taxable investment. In either, the money you put in is already taxed, when you take it out there is no tax. So, what's the tax on the gains? In a taxable account (go for tax-efficient) the gains will mostly b...
by Spirit Rider
Fri May 13, 2016 12:28 pm
Forum: Investing - Help with Personal Investments
Topic: What happens if I contribute excess after tax 401k?
Replies: 17
Views: 988

Re: What happens if I contribute excess after tax 401k?

I am contributing $18,000 + $6,000 catch up to my 401k this year. I get a 4% match of my contribution PLUS 1% of my salary that they deposit at the end of the year. Seems weird, but that's what they do. I also contribute after tax dollars and want to nail the $59k limit if I can. What if I miss it ...
by Spirit Rider
Fri May 13, 2016 9:04 am
Forum: Investing - Help with Personal Investments
Topic: Social Security numbers right ?
Replies: 23
Views: 3842

Re: Social Security numbers right ?

I got the values but they are only if you continue to work to 62, not if i retire today at 56. I'm curious, is the FRA value if you continue to work to FRA and the 70 value if you continue to work to 70 or are all of them the values if you quit at 62 ? If you enter $0 for your last year's earnings ...
by Spirit Rider
Thu May 12, 2016 8:30 am
Forum: Investing - Help with Personal Investments
Topic: Social Security numbers right ?
Replies: 23
Views: 3842

Re: Social Security numbers right ?

Any attempt to calculate benefits before the actual application for benefits and true complete calculation can only be an estimate. It is based off of your Average Indexed Monthly Earnings (AIME). As TX_TURTLE said this is your 35 years of CPI-W adjusted earnings divided by 420 (35 * 12). This is a...
by Spirit Rider
Thu May 12, 2016 8:27 am
Forum: Investing - Help with Personal Investments
Topic: Social Security numbers right ?
Replies: 23
Views: 3842

Re: Social Security numbers right ?

Thanks for the replies. I tried the PIA app a while back and it was a freaking mess. Way too complicated. And with complication uncertainty is introduced when the results are given. I just don't have the knowledge of the terms and jargon to do it. I have 43 years of earned income history and my wif...
by Spirit Rider
Thu May 12, 2016 12:03 am
Forum: Investing - Help with Personal Investments
Topic: Social Security numbers right ?
Replies: 23
Views: 3842

Re: Social Security numbers right ?

If you already have 35 years of substantial earnings, then subsequent earnings may not even be used or if they are, only the increase will affect the AIME. For example, If you replaced an earning year with an earning year of $4200 greater, it would only increase your AIME by $10/month . Also, all 3...

Go to advanced search