Search found 722 matches

by icedtea
Sat Nov 18, 2017 12:01 am
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 3
Views: 351

Re: Domestic partnership benefits for health insurance

Got it. I’ll look into the premiums under her plan. My healthcare needs aren’t met by Obamacare unfortunately. Very few specialists in NY accept Obamacare. Its fine for emergency care, basic needs. I think COBRA will cost $500-600 per month post tax. So how would I do the math to compare? My girlfri...
by icedtea
Fri Nov 17, 2017 10:14 pm
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 3
Views: 351

Domestic partnership benefits for health insurance

I just lost my job due to a restructuring and I may elect COBRA for medical and dental insurance. My significant other and I are also discussing applying for a domestic partnership with the state of NY. From what I’ve read, I would be able to get added to her employer’s insurance plan. This article ...
by icedtea
Sun Oct 15, 2017 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard's federal ID number for 1099R that hasn't arrived yet
Replies: 6
Views: 468

Re: Vanguard's federal ID number for 1099R that hasn't arrived yet

I am not sure you are doing things correctly. Did you withdraw the money in 2017? I made the excess in 2016 for the 2016 Roth contribution. I withdrew the money in 2017. I won’t get the 1099R till early 2018. I went through a long journey to get it inputted correctly in TaxAct. I’m paying tax on th...
by icedtea
Sun Oct 15, 2017 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Re: Desperately seeking help with Roth excess contribution - 2016 taxes

However, none of that should affect line 7, which should have been increased by the OTHER 1099R by 1636 (return from 401k). 436 never should have been on line 7, it should have been on 15b all along because it was the Roth earnings returned to you. I see that now. I'm not sure why the 436 was part ...
by icedtea
Sun Oct 15, 2017 9:11 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Re: Desperately seeking help with Roth excess contribution - 2016 taxes

I think I figured out the issue. I found a place near the bottom of the 1099R in TaxAct where I could indicate that I'm expecting the 1099R in 2018, and on the other page where I needed to enter my Roth excess, instead of keeping it at 1940 I changed it to 0, since I had withdrawn the money already....
by icedtea
Sun Oct 15, 2017 8:50 pm
Forum: Personal Finance (Not Investing)
Topic: Vanguard's federal ID number for 1099R that hasn't arrived yet
Replies: 6
Views: 468

Vanguard's federal ID number for 1099R that hasn't arrived yet

I'm submitting a 1099R for a Roth excess contribution in 2016, but I won't receive the actual 1099R until 2018. What is Vanguard's federal ID # I should put in the 1099R? I thought I could leave it blank but TaxAct requires it.
by icedtea
Sun Oct 15, 2017 2:55 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Re: Desperately seeking help with Roth excess contribution - 2016 taxes

David, it appears are you dealing with two inter related transactions here. Even though you processed a return of 2280 of your Roth contribution, that figure was based on MAGI without the following two additional income amounts: 1) The earnings of 435 on that 2280 which is taxable in 2016 (reported...
by icedtea
Sun Oct 15, 2017 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

Not sure what your question is. The marginal rate on the income for NY is 185/1636 or 11.3%. If you are asking how do you know it is correct, the only way is to trace the calculations using the forms, NY instructions and a calculator. Marginal rate of 11.3% would be correct for NY State + City for ...
by icedtea
Sun Oct 15, 2017 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

How does one go about assessing the marginal income tax rate on this additional 1636 for state and city? Usually what I do is back out the entry, note the lower tax and subtract from the original. That is the marginal tax on the marginal income. Unless I'm missing something, I did that before. My s...
by icedtea
Sun Oct 15, 2017 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

As for NY, I'm paying 185 in taxes. I have no idea how to validate if that is correct though. A tip for next year. Don't buy software that does not give you visibility to all the forms while in process. With a copy of all the forms and a copy of the general instructions (Federal and state), you sho...
by icedtea
Sun Oct 15, 2017 12:32 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

I think you conclude that it is as advertised: no penalty on 401K excess and everything is consistent including your previous assumption that extra income would be taxed at 28% was correct? This whole adventure started w/ that $26 inconsistency? Looks like when I first posted I had changed my forei...
by icedtea
Sun Oct 15, 2017 11:43 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

Interesting to see that same $26 difference show up so somehow TA is treating the 1099R as effectively more income than the W2. Might be useful to compare the 1040s line by line for the 2 cases......AGI, deductions, taxable inc, credits, taxes, etc..........might give a clue. Also the 1099R ..........
by icedtea
Sun Oct 15, 2017 10:19 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

how about doing your what if again........leave the 1099R info in the return; then reduce your wages by that 1636+ and see if the same thing happens...and check the 1040 esp p. 2 for any differences I kept the 1099R as is and reduced one of my W-2s by 1636.37 in box 1 wages tips and other comp and ...
by icedtea
Sun Oct 15, 2017 9:44 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

What happened in my case was that I received a check for the excess contribution only, 1636. Earnings were not calculated. In my case, which was a complex one, the 401k provider Ubiquity never actually put the excess contribution into the 401k. There was miscommunication between Ubiquity and my form...
by icedtea
Sun Oct 15, 2017 7:37 am
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Re: Desperately seeking help with Roth excess contribution - 2016 taxes

Bump - trying to address my last questions at the bottom of this thread today before tax deadline.
by icedtea
Sun Oct 15, 2017 7:35 am
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

Re: 2016 tax help before deadline!!! 401k excess

Bump — can someone help me with this one?
by icedtea
Sat Oct 14, 2017 8:12 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

I found the worksheets for form 1116 in TaxAct finally. I have passive category selected and the relevant values in place for foreign source ordinary dividends, qualified dividends and taxes withheld at the source, pulled from my 1099-DIV. So, does this mean I'll be good to go keeping the foreign t...
by icedtea
Sat Oct 14, 2017 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

I found the worksheets for form 1116 in TaxAct finally. I have passive category selected and the relevant values in place for foreign source ordinary dividends, qualified dividends and taxes withheld at the source, pulled from my 1099-DIV. So, does this mean I'll be good to go keeping the foreign ta...
by icedtea
Sat Oct 14, 2017 6:52 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

You can either do what some have suggested, and take the $300 credit by reducing the amount of foreign tax paid reported on you 1099-B. . It's not really kosher, but you could do it. Or, you can try filling out the worksheets. Or, you can do what I suggested earlier: leave the credit off and later ...
by icedtea
Sat Oct 14, 2017 3:29 pm
Forum: Personal Finance (Not Investing)
Topic: 2016 tax help before deadline!!! 401k excess
Replies: 21
Views: 826

2016 tax help before deadline!!! 401k excess

I'm trying to determine if I'm being penalized for a 401k excess contribution of 1636.37. My 2016 AGI with the 1099R inputted is 122,293, and TaxAct gives me a 3588 refund. My AGI WITHOUT the 1099R inputted is 120,657, and TaxAct gives me a refund of 4072. If the 1636 is taxed as regular income, and...
by icedtea
Sat Oct 14, 2017 1:45 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

You can either do what some have suggested, and take the $300 credit by reducing the amount of foreign tax paid reported on you 1099-B. . It's not really kosher, but you could do it. Or, you can try filling out the worksheets. Or, you can do what I suggested earlier: leave the credit off and later ...
by icedtea
Sat Oct 14, 2017 1:43 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

Married Filing Joint allows $600 of foreign tax credit w/o 1116, single filing allows only $300. Since all of your foreign tax was reported on your 1099 from mutual funds/ETFs, there is no need for the F1116. I'm guessing you are filing a joint return so Taxact includes the total credit and does no...
by icedtea
Sat Oct 14, 2017 1:42 pm
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

earlyout wrote:
Sat Oct 14, 2017 12:32 pm
Does taxact let you look at form 1040? Line 48 will be the amount of ftc. What is it? I would think taxact would include form 1116 if required.
Line 48 says 308.
by icedtea
Sat Oct 14, 2017 11:34 am
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

Without looking at the forms, it is hard to know what it is doing. I'd look at the form and see if it makes sense. If you itemize, my experience has been that it is virtually impossible to complete form 1116 "automatically" in software. Some of the expense entries require some manual intervention. ...
by icedtea
Sat Oct 14, 2017 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Re: Desperately seeking help with Roth excess contribution - 2016 taxes

I'm reviewing my taxes one last time and submitting, just in time. I entered the Roth excess contribution as a 1099R with a gross distribution of 2717.57 and a taxable amount of 435.57. The excess amounted to 2282 and the gains were 435.57. On a separate screen in Tax Act I see this: Additional Taxe...
by icedtea
Sat Oct 14, 2017 10:57 am
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

As a test, I changed the foreign tax paid (box 6) in one of my two international funds from 43 to 33, bringing my total foreign tax credit to 297. When I did this, my federal refund in TaxAct decreased from 3598 to 3588. Does this mean that prior to making this change, TaxAct was in fact granting me...
by icedtea
Sat Oct 14, 2017 10:37 am
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

Re: HELP! 2016 taxes down to the wire: form 1116 help

You could also enter a smaller amount for the credit - just under the threshold for completing the 1116. IRS won't care. I wondered about that. Is this something others have tried? I mean, if the max is $300 and the taxpayer is willing to take the max and give up any other credit beyond it, it's no...
by icedtea
Sat Oct 14, 2017 9:03 am
Forum: Personal Finance (Not Investing)
Topic: HELP! 2016 taxes down to the wire: form 1116 help
Replies: 25
Views: 1064

HELP! 2016 taxes down to the wire: form 1116 help

Hello, I am finalizing my 2016 taxes today for federal and state, which are due tomorrow and Monday, respectively. It's been a long journey with this year's taxes and major issues with my 401k and Roth. I thought I was completely done and during my final review this morning, I realized that my forei...
by icedtea
Sun Oct 08, 2017 6:59 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Re: Desperately seeking help with Roth excess contribution - 2016 taxes

Thanks Alan. I removed the 1099R for 1636 to see how that would affect my Roth IRA maximum for 2016, and now TaxAct indicates a Roth IRA Contribution Limit of $4,320. This is a different number from what TaxAct showed me ever since I first did my taxes in March. The number I was given since March wa...
by icedtea
Sun Oct 08, 2017 12:33 pm
Forum: Personal Finance (Not Investing)
Topic: Desperately seeking help with Roth excess contribution - 2016 taxes
Replies: 10
Views: 1055

Desperately seeking help with Roth excess contribution - 2016 taxes

Hello, In 2016 I contributed $5500 to my Roth IRA. I am now finishing up my 2016 taxes and with the extension deadline fast approaching I could use a hand. I am using Tax Act and I first completed nearly all of my taxes back in March. At that time, I had an issue with my former 401k that forced me t...
by icedtea
Sun Oct 01, 2017 7:36 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

Yes, your refund would go down with the change in 1099R coding because the Box 2a amount is now added to your 2016 wages line 7. With the former miscoded 1099R (incorrect code P) your 2016 wages would not be increased. With code 8 your wages have been increased so the reduced refund is logical. I a...
by icedtea
Sun Oct 01, 2017 7:22 pm
Forum: Investing - Help with Personal Investments
Topic: Help with TaxAct? I can't find my 1040 and NY IT-201
Replies: 1
Views: 173

Help with TaxAct? I can't find my 1040 and NY IT-201

I'm trying to locate my fed 1040 and NY IT-201 for 2016 in TaxAct. I filed an extension back in April and am finishing up my taxes this week. I am trying to get the actual forms but I can't find them in TaxAct. I went to Tools-Form Assistant and found the forms there but when I click on the two form...
by icedtea
Wed Sep 27, 2017 10:10 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

I received the corrected 1099R. It's a 2016 1099R with code 8 in box 7. The 1099R has $1,636.37 in box 1 and 2a. I inputted this 1099R into Tax Act and my refunds changed from: Federal Refund $4,261 NY Refund $2,076 to: Federal Refund $3,763 NY Refund $1,891 I am trying to determine if the reduced r...
by icedtea
Sun Sep 03, 2017 10:20 am
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

Thanks Alan. I've contacted Ubiquity about the 1099. Crossing my fingers this gets resolved shortly.
by icedtea
Sat Sep 02, 2017 10:55 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

Ok is option B a 1099R 2017 coded P?
by icedtea
Sat Sep 02, 2017 9:28 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

The W2 Box 12 D total across my W2s is 19600.

The 1099 R is 2016.

No 1099 R coded 8.

What next? Was the 1099 R 2016 dated the wrong year?
by icedtea
Sat Sep 02, 2017 6:17 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

OP here. I'm still trying to figure out this 1099-R issue so I can submit my 2016 taxes. I could really use some help. I received a 1099-R for the excess 401k contribution and my understanding is I need to pay tax on the excess amount, $1600. I received the $1600 back from my employer via a check, w...
by icedtea
Sat Aug 12, 2017 12:03 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3222

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

Hello. For a 2016 excess Roth contribution, any gains returned are taxable in the year IN WHICH you made the excess contribution. If you made the excess contribution in 2016, then the gains are reportable on your 2016 return or amended return. I assume that recharacterizing the excess as a non dedu...
by icedtea
Sun Jul 23, 2017 9:48 am
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

OP here, following up on an older thread. After a couple more months of battling with my old 401k provider, employer and payroll provider, the full group came to a conclusion and the 401k provider, Ubiquity, issued me a 1099-R. To recap, between my two W-2s (same employer, two payroll providers in 2...
by icedtea
Sun Jul 23, 2017 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3222

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

OP here. It took ages to fix my W-2 issue, and I'm finally getting around to addressing my 2016 Roth excess. I'm withdrawing the excess and gains with Vanguard. Am I supposed to report the gains and pay tax on them with my 2016 return or 2017 return? I'd like to go ahead and withdraw the expected ex...
by icedtea
Mon Jul 17, 2017 11:15 pm
Forum: Personal Finance (Not Investing)
Topic: Changed Jobs: Doubling up on vision insurance benefits in 1 year?
Replies: 2
Views: 263

Re: Changed Jobs: Doubling up on vision insurance benefits in 1 year?

celia wrote:Why not call VSP? :oops:

While on the phone with them, also ask if they are affiliated with Aetna Vision. If not, it seems you can use Aetna since they won't have a history of a recent claim for you.
I already called them. They gave me the input I mentioned in my OP.
by icedtea
Mon Jul 17, 2017 10:53 pm
Forum: Personal Finance (Not Investing)
Topic: Changed Jobs: Doubling up on vision insurance benefits in 1 year?
Replies: 2
Views: 263

Changed Jobs: Doubling up on vision insurance benefits in 1 year?

I just changed jobs and my new employer offers VSP and Aetna Vision insurance. My old employer offered VSP, which I used a couple months ago for an annual eye exam, contacts fitting and 6m supply of contact lenses. I am interested in electing vision insurance again now IF I can use the benefit to ge...
by icedtea
Sat Jul 15, 2017 11:26 am
Forum: Investing - Help with Personal Investments
Topic: new 401k: Go w/ Target Retirement since other funds are higher ER?
Replies: 3
Views: 293

new 401k: Go w/ Target Retirement since other funds are higher ER?

In the past I always favored Vanguard or Fidelity index funds for my 401k account. My new 401k has Vanguard Target Retirement funds, but I prefer investing in US/intl and total bond, rather than Target. Still, these Target funds may be my best bet, given the choices. Here are images showing all the ...
by icedtea
Sat May 27, 2017 6:01 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

The issue I posted above still hasn't been resolved. It's been about 3 months now. Here's a little update. It turns out in March 2016 my former company's plan admin submitted a double payment to Ubiquity for some of the employees and when Ubiquity refunded the excess, they apparently sent the money ...
by icedtea
Tue Apr 25, 2017 10:16 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

This is a different situation than a normal excess deferral. Normally, this can only occur when when you work for more than one employer. The corrective actions in this case are directed at the employee. It is the employee's responsibility to remove the excess deferral and earnings This particular ...
by icedtea
Tue Apr 25, 2017 8:51 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

Re: 401k over contribution and 1099R

This is a different situation than a normal excess deferral. Normally, this can only occur when when you work for more than one employer. The corrective actions in this case are directed at the employee. It is the employee's responsibility to remove the excess deferral and earnings This particular ...
by icedtea
Tue Apr 25, 2017 6:57 pm
Forum: Investing - Help with Personal Investments
Topic: 401k over contribution and 1099R
Replies: 19
Views: 1530

401k over contribution and 1099R

I overcontributed to my 401k in 2016. My company and I have been working with the 401k provider and our payroll provider for a few months trying to sort out the issue, and it's dragged and dragged. The overcontribution came from the fact that, apparently, Ubiquity's Contribution History view on thei...
by icedtea
Mon Apr 17, 2017 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3222

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

If you file an extension you have until 10/16/2017 to remove or recharacterize your 2016 contribution. Realistically, since you must file your return by that date also, the practical deadline for your decision would be in late September. If you do not file the extension OR the return by 4/18, then ...
by icedtea
Fri Apr 14, 2017 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3222

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

For the 2017 contribution, you might want to withdraw it now with allocated earnings. Earnings will be taxable in 2017, and you will get a 1099R coded 8 next January. If you end up in the phaseout range again this will eliminate the removal from altering your allowed contribution again. Next year y...
by icedtea
Wed Apr 12, 2017 7:48 am
Forum: Personal Finance (Not Investing)
Topic: Recharacterization madness: Roth excess contribution --> TIRA --> Roth
Replies: 36
Views: 3222

Re: Recharacterization madness: Roth excess contribution --> TIRA --> Roth

For the 2017 contribution, you might want to withdraw it now with allocated earnings. Earnings will be taxable in 2017, and you will get a 1099R coded 8 next January. If you end up in the phaseout range again this will eliminate the removal from altering your allowed contribution again. Next year y...