Search found 735 matches

by icedtea
Tue Apr 17, 2018 7:58 am
Forum: Investing - Help with Personal Investments
Topic: Roth excess contribution -- which fund to withdraw from?
Replies: 3
Views: 192

Re: Roth excess contribution -- which fund to withdraw from?

aristotelian wrote:
Tue Apr 17, 2018 7:36 am
Simplest option is to apply the contribution to next year. Do nothing and pay 6% excise tax. What did you do on your 5329?
not an option. my 2018 AGI will prohibit me from making Roth contributions.
by icedtea
Tue Apr 17, 2018 6:26 am
Forum: Investing - Help with Personal Investments
Topic: Roth excess contribution -- which fund to withdraw from?
Replies: 3
Views: 192

Roth excess contribution -- which fund to withdraw from?

I contributed 5500 to my Roth in early 2017, for the 2017 year. But I shouldn't have contributed at all, due to my AGI being above the limit. I've decided to withdraw the excess contribution of 5500 and any gains. I had contributed the 5500 to Vanguard Total Stock and Total Bond, about 25/75. I have...
by icedtea
Sun Apr 15, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Help for small estate w/ debts: Gifting next of kin
Replies: 9
Views: 563

Help for small estate w/ debts: Gifting next of kin

My girlfriend's family is evaluating their options for how their father should handle his estate. His estate assets are worth less than $75K. He owns no property, just some savings. He has many outstanding debts. She does not know the full amount he owes, but surmise it exceeds $100K. Most of the pu...
by icedtea
Sat Mar 03, 2018 5:51 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing PPO or HDHP w/ HSA when out of pocket max is similar
Replies: 8
Views: 596

Re: Choosing PPO or HDHP w/ HSA when out of pocket max is similar

Thanks. I don’t know how anyone does this accurately. I’d need CPT codes for every service in order for the carrier to provide the contracted rates. In many cases, doctors offices wouldn’t be able to provide the correct code(s) until the service is provided anyway. And estimating contracted rates is...
by icedtea
Sat Mar 03, 2018 5:24 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing PPO or HDHP w/ HSA when out of pocket max is similar
Replies: 8
Views: 596

Re: Choosing PPO or HDHP w/ HSA when out of pocket max is similar

Thanks Fivek. I’ll do that. But I could still use clarity on my original question: for the hdhp should I be considering healthcare costs based on contracted rates? I’m guessing that’s the case but not 100%. With the HDHP, I’d pay contracted rates for services until I met the deductible, then it’s a ...
by icedtea
Sat Mar 03, 2018 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Choosing PPO or HDHP w/ HSA when out of pocket max is similar
Replies: 8
Views: 596

Choosing PPO or HDHP w/ HSA when out of pocket max is similar

I'm evaluating medical plans with my new employer for individual coverage. I'm behind schedule and have 3 days to choose. I've read that "You are better off with an HDHP as long as you expect to spend an amount less than your premium savings, plus your employer HSA contribution, plus your PPO deduct...
by icedtea
Tue Feb 27, 2018 8:58 pm
Forum: Investing - Help with Personal Investments
Topic: Tips for 401k fund selection with Fidelity
Replies: 8
Views: 806

Tips for 401k fund selection with Fidelity

I'm 36 and I have a target AA of 76/24. I am evaluating my new company's 401k with Fidelity. It's not bad, not great. Best bet for equities is FID 500 INDEX PR (FUSVX) which has the lowest expense ratio in the group at .035%. The bond fund with the lowest ER is BLKRK HIGH YLD BD K (BRHYX) at 0.54% a...
by icedtea
Tue Jan 23, 2018 10:41 am
Forum: Personal Finance (Not Investing)
Topic: Ever been offered company stock at a set gross value instead of # shares at a fixed price?
Replies: 9
Views: 568

Re: Ever been offered company stock at a set gross value instead of # shares at a fixed price?

Isn't this how every RSU program works? I think the difference here is that this HR person is claiming that the OP will get $12,500 of stock every year, regardless of share price. Which is a better deal than a standard RSU program. Unless the price of the stock goes up, then it's worse. The RSU pro...
by icedtea
Tue Jan 23, 2018 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Ever been offered company stock at a set gross value instead of # shares at a fixed price?
Replies: 9
Views: 568

Ever been offered company stock at a set gross value instead of # shares at a fixed price?

I'm evaluating a job offer which includes stock. The company is public. The business is offering $50,000 worth of stock on a 4-year vesting schedule (ie. at end of year 1 I can purchase $12,500 in stock, at end of year 2 I can purchase a second block of $12,500, etc.). The company told me the share ...
by icedtea
Mon Nov 20, 2017 10:28 am
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 25
Views: 1323

Re: Domestic partnership benefits for health insurance

I have needs for two specialists and these types of specialists don’t accept Obamacare. I went through the research once before here. I find it difficult to believe that there are NO individual policies (compliant with Obamacare) from providers that do not have a needed "type of specialist" availab...
by icedtea
Mon Nov 20, 2017 10:20 am
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 25
Views: 1323

Re: Domestic partnership benefits for health insurance

I have needs for two specialists and these types of specialists don’t accept Obamacare. I went through the research once before here. What cons do you see with a domestic partnership? This is what I read. The issue I see here is the risk that if she lost her job, I’d lose coverage and would have to ...
by icedtea
Mon Nov 20, 2017 9:53 am
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 25
Views: 1323

Re: Domestic partnership benefits for health insurance

COBRA is going to cost $800 per month. That's horrid. Why is this "horrid"? While this may be a large expense for you, it is (within a percent or two) exactly what the coverage costs the former employer. Your timing is terrible. You're posing a logical statement, sure, but you're essentially tellin...
by icedtea
Mon Nov 20, 2017 9:40 am
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 25
Views: 1323

Re: Domestic partnership benefits for health insurance

COBRA is going to cost $800 per month. That's horrid.
by icedtea
Sat Nov 18, 2017 12:01 am
Forum: Investing - Help with Personal Investments
Topic: Domestic partnership benefits for health insurance
Replies: 25
Views: 1323

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: 25
Views: 1323

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: 1630

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: 1310

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: 1310

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: 1630

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: 1310

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: 1053

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: 1053

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: 1053

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: 1053

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: 1053

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: 1053

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: 1053

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: 1310

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: 1053

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: 1308

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: 1308

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: 1308

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: 1053

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: 1308

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: 1308

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: 1308

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: 1308

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: 1310

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: 1308

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: 1308

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: 1308

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: 1310

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: 1310

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: 1965

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: 218

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: 1965

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: 1965

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: 1965

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: 1965

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: 1965

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...