Search found 639 matches

by icedtea
Fri Feb 17, 2017 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: FSA: leaving job mid-year, can employer come after me for contributions?
Replies: 13
Views: 992

Re: FSA: leaving job mid-year, can employer come after me for contributions?

As I understand it, 100% of the FSA funds are available to you as of January 1st, even if you have not yet contributed that amount. As such, the employer cannot "claw back" any of the funds if you leave before the end of the year. The whole year's funds were available to you as of January...
by icedtea
Fri Feb 17, 2017 1:56 pm
Forum: Personal Finance (Not Investing)
Topic: FSA: leaving job mid-year, can employer come after me for contributions?
Replies: 13
Views: 992

FSA: leaving job mid-year, can employer come after me for contributions?

Hi, In the past when I left a job midyear I spent all the remaining funds in my FSA, even though I hadn't contributed to cover some of them. Never had any issues with this, never heard from the employer. I'm in this situation again now with my current employer. They are a tiny company and only a cou...
by icedtea
Fri Jan 27, 2017 4:05 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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

If no NHCEs contribute and they aren't excluded in the test, then all of the deferrals HCEs contribute would be refunded. ETA: it is possible that an HCE could reclassify part of his/her refund amount as a catch-up contribution if he/she met the requirements for catch-up. I just read somewhere that...
by icedtea
Fri Jan 27, 2017 3:18 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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

The OP here. Another group of questions and I could use help with. How is HCE and compliance handled if you are with a company for only say 2 months of a calendar year, and in that period you contribute say $10k into the 401k. Does the HCE calculation to determine any penalties based your contribut...
by icedtea
Fri Jan 27, 2017 12:02 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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

The OP here. Another group of questions and I could use help with. How is HCE and compliance handled if you are with a company for only say 2 months of a calendar year, and in that period you contribute say $10k into the 401k. Does the HCE calculation to determine any penalties based your contributi...
by icedtea
Thu Jan 19, 2017 10:18 am
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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

FYI - the employer could give the NHCEs a Qualified Nonelective Contribution (QNEC) to bring the plan into compliance, but that rarely happens. The amount depends on how badly the nondiscrimination test fails. The plan would have to allow for it, but there's no reason not to have the option. You me...
by icedtea
Mon Jan 16, 2017 7:29 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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 icedtea
Mon Jan 16, 2017 5:52 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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 icedtea
Mon Jan 16, 2017 4:06 pm
Forum: Investing - Help with Personal Investments
Topic: HCE: What to expect when having to pay tax on excess 401k contributions
Replies: 15
Views: 1021

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

I'm now considered a Highly Compensated Employee HCE by the IRS and my employer's 401k only has a small number of participants, most of which are also HCEs. So, I expect for the 2016 FY we are going to get letters mid-2017 stating that we over-contributed to our 401ks, in comparison to the non-HCEs ...
by icedtea
Tue Jan 10, 2017 11:03 am
Forum: Investing - Theory, News & General
Topic: Avoid Ubiquity Savings as 401(k) provider until they fix Mar/Apr 2016 problems
Replies: 55
Views: 8256

Re: Avoid Ubiquity Savings as 401(k) provider until they fix Mar/Apr 2016 problems

My company has a 401k with Ubiquity. I just contributed a large sum in my Dec paycheck (paid monthly) to max for the year, and for some reason the contribution posted on Jan 3rd 2017. These guys are awful. I assume I don't have any recourse to make it a 2016 contribution? My paycheck was dated Dec ...
by icedtea
Tue Jan 10, 2017 10:40 am
Forum: Investing - Theory, News & General
Topic: Avoid Ubiquity Savings as 401(k) provider until they fix Mar/Apr 2016 problems
Replies: 55
Views: 8256

Re: Avoid Ubiquity Savings as 401(k) provider until they fix Mar/Apr 2016 problems

My company has a 401k with Ubiquity. I just contributed a large sum in my Dec paycheck (paid monthly) to max for the year, and for some reason the contribution posted on Jan 3rd 2017. These guys are awful. I assume I don't have any recourse to make it a 2016 contribution? My paycheck was dated Dec 3...
by icedtea
Mon Jan 09, 2017 9:14 pm
Forum: Investing - Help with Personal Investments
Topic: Boosting my 401k in first quarter of year
Replies: 5
Views: 769

Re: Boosting my 401k in first quarter of year

I figure this would leave enough room in my 401k annual contribution max (18k) to invest and get matching funds, if by chance I end up at another company with a 401k and a match. The employee contribution is $18K if you're under 50. Any employer match is in addition to the 18K. For instance, my par...
by icedtea
Sun Jan 08, 2017 6:28 pm
Forum: Investing - Help with Personal Investments
Topic: Boosting my 401k in first quarter of year
Replies: 5
Views: 769

Boosting my 401k in first quarter of year

I'm likely to switch jobs in the next 2 months and many of the companies i'm considering don't offer 401ks (small startups) so I was planning to invest 14k-15k in my current employer's 401k over the next 2 months. I figure this would leave enough room in my 401k annual contribution max (18k) to inve...
by icedtea
Thu Sep 29, 2016 7:14 pm
Forum: Investing - Help with Personal Investments
Topic: Making estimated tax payments to offset possible 401k HCE refund
Replies: 2
Views: 287

Re: Making estimated tax payments to offset possible 401k HCE refund

This shouldn't cause a problem. If you receive a refund of 401(k) contributions for 2016 in 2017, that will be taxable income for 2017, which will allow you to adjust your 2017 withholding appropriately. Reference: IRS information about notice when plan fails non-discrimination tests I couldn't fin...
by icedtea
Mon Sep 26, 2016 9:34 pm
Forum: Investing - Help with Personal Investments
Topic: Making estimated tax payments to offset possible 401k HCE refund
Replies: 2
Views: 287

Making estimated tax payments to offset possible 401k HCE refund

My employer's 401k isn't a safe harbor and I'm considered a Highly Compensated Employee. So this means depending on what the rest of the employees contribute, the company may fail the nondiscrimination test and if so, I may have to get a refund of some of my 401k contributions. From what I understan...
by icedtea
Tue Sep 06, 2016 9:09 pm
Forum: Investing - Help with Personal Investments
Topic: redeeming an ibond early
Replies: 3
Views: 408

redeeming an ibond early

Hi, I invested 5k in an ibond in Dec 2012 and it's currently worth 5228 (0.16% interest rate). At the time I thought it was a good move for me, in terms of being able to use it for educational expenses for children in the future (no kids yet). My AGI exceeds the max allowed for spending the iBond on...
by icedtea
Tue Jul 19, 2016 7:57 pm
Forum: Investing - Help with Personal Investments
Topic: Tax help: Early distribution from Traditional IRA
Replies: 6
Views: 752

Re: Tax help: Early distribution from Traditional IRA

Edit: I posted this question a while ago in a separate thread but that thread is super long now and I'm still sorting this topic out, so I'm posting it again separately here. Last year I was notified by the financial organization managing my former employer's 401k that the employer overpaid employe...
by icedtea
Sun Jul 17, 2016 9:54 am
Forum: Investing - Help with Personal Investments
Topic: Tax help: Early distribution from Traditional IRA
Replies: 6
Views: 752

Tax help: Early distribution from Traditional IRA

Edit: I posted this question a while ago in a separate thread but that thread is super long now and I'm still sorting this topic out, so I'm posting it again separately here. Last year I was notified by the financial organization managing my former employer's 401k that the employer overpaid employee...
by icedtea
Sun Jul 17, 2016 9:53 am
Forum: Investing - Help with Personal Investments
Topic: Help with Taxes? I have lots of small questions.
Replies: 10
Views: 1143

Re: Help with Taxes? I have lots of small questions.

S Social Security Tax Withheld TaxAct gave me this warning. I guess the withholding isn't quite the right percentage. I can check with my company but it'll probable take some time to get a corrected form. Is this really an issue worth fixing or just go with it? Of course it is worth fixing. Why is ...
by icedtea
Sun Jun 12, 2016 1:49 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Taxes? I have lots of small questions.
Replies: 10
Views: 1143

Re: Help with Taxes? I have lots of small questions.

SDI for W-2s TaxAct prompted me to input info for Mandatory state disability insurance (SDI) contributions and Mandatory state unemployment insurance (SUI) contributions but my W-2s had this cell blank. Is this an issue? I'm concerned if these are mandatory, why didn't my employers impose deduction...
by icedtea
Sun Jun 12, 2016 12:38 pm
Forum: Investing - Help with Personal Investments
Topic: Help with Taxes? I have lots of small questions.
Replies: 10
Views: 1143

Re: Help with Taxes? I have lots of small questions.

See below. [quote="icedtea"] 1. Itemized vs standard deduction: Line 40 Itemized deductions of my 1040 shows 8743, which is the taxes I paid, not the standard deduction. I've never itemized before, always was prompted to use standard deduction. So, it this year different bc I paid more tax...
by icedtea
Sun Jun 12, 2016 12:23 pm
Forum: Investing - Help with Personal Investments
Topic: Sell ibonds? Or hold?
Replies: 22
Views: 3243

Re: Sell ibonds? Or hold?

Thanks everyone for their input. I'm the OP and I'm afraid I lost touch w/ this thread and haven't made a move with my I Bonds just yet. I bought my I Bonds (5k) at the end of 2012 so at a 0% fixed rate. I have an emergency fund but I wasn't considering the I Bonds as part of it. My EF is in an onli...
by icedtea
Sun Jun 12, 2016 11:43 am
Forum: Investing - Help with Personal Investments
Topic: Help with Taxes? I have lots of small questions.
Replies: 10
Views: 1143

Help with Taxes? I have lots of small questions.

I filed for an extension and am now finalizing my 2015 taxes. I'm almost done but I have lots of small questions. I tried to get some help from my old CPA but she doesn't honestly know or seem to care much for these kinds of details. This is partly why I stopped going to her, and started doing my ta...
by icedtea
Sun Jun 05, 2016 4:58 pm
Forum: Investing - Help with Personal Investments
Topic: How do you change your AA over time?
Replies: 39
Views: 3651

How do you change your AA over time?

How do you change your AA over time? Do you adjust every year? I go by age-10 so I was at 80/20 when I was 30. I'm now 34 and I'm at 76/24.

Iced Tea
by icedtea
Sat Apr 23, 2016 6:35 pm
Forum: Investing - Help with Personal Investments
Topic: Sell ibonds? Or hold?
Replies: 22
Views: 3243

Sell ibonds? Or hold?

A few years ago I bought 5k in ibonds thinking it was a good move for when I have kids and they are ready for college. I later learned about the AGI limit for cashing ibonds for educational purposes. I make over the AGI and intend to keep it that way for some time -- I'm 34 now. Does it still make s...
by icedtea
Mon Apr 18, 2016 7:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax filing help!! standard vs itemized? passive or general category income?
Replies: 11
Views: 1026

Re: Tax filing help!! standard vs itemized? passive or general category income?

Also keep in mind that the state tax deduction generally doesn't help you on state income taxes. Normally these are removed from itemized deductions on the state return. I would look at it both ways and optimize the total tax (fed+state). Thanks for the help. So in Tax Act, to figure out which appr...
by icedtea
Mon Apr 18, 2016 9:34 am
Forum: Personal Finance (Not Investing)
Topic: Tax filing help!! standard vs itemized? passive or general category income?
Replies: 11
Views: 1026

Re: Tax filing help!! standard vs itemized? passive or general category income?

Those withheld state income taxes are certainly deductible and you should look for other itemized deductions such as charitable gifts, mortgage interest and possibly medical deductions. Gill Thanks, am I able to deduct medical expenses even if they don't make up 10% of my AGI? I think my medical ex...
by icedtea
Mon Apr 18, 2016 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Tax filing help!! standard vs itemized? passive or general category income?
Replies: 11
Views: 1026

Tax filing help!! standard vs itemized? passive or general category income?

Late filer here with some questions, hoping to get some help. I normally come close to 0 refund/taxes owed but this past year I was unemployed for a 1/3 of year and things were a bit out of the norm for me, so it looks like i may be getting back a big refund. 1. I'm using Tax Act and my 1040 as of n...
by icedtea
Sat Jan 23, 2016 12:35 pm
Forum: Investing - Help with Personal Investments
Topic: 401k contribution limits for highly compensated employees
Replies: 8
Views: 1265

401k contribution limits for highly compensated employees

I've heard different things about these HCE limits for traditional 401ks. I can't find a full explanation on the IRS site though. My specific questions: - do limits pertain to the HCE starting with his or her first full year with the company? I was told by one 401k provider the limits kick in on the...
by icedtea
Wed Jan 20, 2016 7:15 pm
Forum: Investing - Help with Personal Investments
Topic: Beginner's Resources
Replies: 2
Views: 227

Beginner's Resources

After I pushed for a while, my company has decided to get a 401k for its US staff. We're a small office of 10 and I've volunteered to give them a 101 on why they should invest in a 401k and how much they should invest. This is especially important for me because I'm considered a high income earner a...
by icedtea
Fri Jan 15, 2016 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Re: Can I pay estimated tax ONLY in January?

I checked TaxAct now that the NY state module is available and it says I owe NY $1700. I don't have all my forms yet so the numbers I inputted for the federal return are estimates, and likely a bit off. That said, it seems I can expect quite a penalty. I'm going to pay NY an estimated tax payment t...
by icedtea
Wed Jan 13, 2016 11:25 pm
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Re: Can I pay estimated tax ONLY in January?

I checked TaxAct now that the NY state module is available and it says I owe NY $1700. I don't have all my forms yet so the numbers I inputted for the federal return are estimates, and likely a bit off. That said, it seems I can expect quite a penalty. I'm going to pay NY an estimated tax payment to...
by icedtea
Wed Jan 13, 2016 3:50 pm
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

I did the exchange. Turned out I had about $11k in unrealized losses with Specific ID, selling all lots but the two with gains. I also changed my cost basis for VFWAX to Specific ID, though I'm curious about my last post and whether I am calculating unrealized gains/losses in non-covered shares corr...
by icedtea
Wed Jan 13, 2016 12:52 pm
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

The cost basis of the 12/16/11 lot is the price you paid for that lot. So it is simply $17,384.56. Ok, I guess I have my terminology wrong. I mean to say the unrealized gain/loss. Is my calculation correct, and isn't this what I need to figure out in order to determine whether or not I should sell ...
by icedtea
Wed Jan 13, 2016 12:41 pm
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

Sorry, another question. Here's my list of transactions for my VFWAX to date. 12/16/11: Exchange to VFWAX, $17,384.56 2/3/12: Buy VFWAX, 1,000.00 the rest of the transactions to VFWAX are dividends received which I had paid out to cash, not reinvested. Right now my cost basis is set to average cost,...
by icedtea
Wed Jan 13, 2016 11:11 am
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

Thanks I'll do the exchange today. I'll also change my cost basis for VFWAX from average cost to specific ID. I have some non-covered shares in there but I should be able to figure those out manually, and at least I won't have any problems exchanging the covered shares out of VFWAX at a later date, ...
by icedtea
Tue Jan 12, 2016 3:13 pm
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

My account on Vanguard.com is now updated with Specific ID for my VTIAX shares. Almost all of my 30 or so lots are in the red, so should I just specify to sell all of them and exchange to VFWAX? Or should I just pick those that have share prices well over the latest market price (22.60) since things...
by icedtea
Mon Jan 11, 2016 12:47 pm
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

Wait, I guess this means I have all covered shares in VTIAX. So I just switched to Specific ID for that fund, and am waiting on the results from Vanguard. Any idea how long this takes?
by icedtea
Mon Jan 11, 2016 11:10 am
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

If you did exchanges, then I infer that you sold shares in the past using Average Cost. Once you have selected Average Cost (implicitly by selling shares and reporting the average cost of shares sold on your tax return), then you cannot use Specific Identification for any shares purchased up to tha...
by icedtea
Mon Jan 11, 2016 8:58 am
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Re: Can I pay estimated tax ONLY in January?

$0.08 would be one day's interest, but that's not how the calculation works. When mailing a tax return, extension payment, or estimated tax payment, there is a working principle known as "timely mailed is timely filed." This means if you mail the payment on time, there is no penalty or in...
by icedtea
Mon Jan 11, 2016 8:56 am
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

You simply copy the number on the statement listed in dollars and cents for each purchase into your spreadsheet. That is the cost basis for that purchase. I brought up all my buys/dividends received/exchanges/conversions into VTIAX in the last 10 years on Vanguard's site, and dropped the data into ...
by icedtea
Sun Jan 10, 2016 11:05 am
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

Yes, though I would make sure you change to Specific ID. Depending on when the shares were bought you might not have to Exchange them all (just those with a loss). I have uncovered shares so I'd been told before I wouldn't be able to do this. So I think I have only the option of exchanging them all...
by icedtea
Sun Jan 10, 2016 9:34 am
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

Yes, though I would make sure you change to Specific ID. Depending on when the shares were bought you might not have to Exchange them all (just those with a loss). I have uncovered shares so I'd been told before I wouldn't be able to do this. So I think I have only the option of exchanging them all...
by icedtea
Sun Jan 10, 2016 9:32 am
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Re: Can I pay estimated tax ONLY in January?

In you're case there is nothing magical about Jan 15. The NY penalty is simple interest calculated at 7.5% per year. If you make a $400 payment on Jan 16th rather than Jan 15 it will cost you at most $0.08. Since you have not paid the earlier three installments paying on Jan 14 rather than Jan 15 c...
by icedtea
Sat Jan 09, 2016 12:11 pm
Forum: Investing - Help with Personal Investments
Topic: Bonds in a taxable account instead of keeping cash on sidelines
Replies: 8
Views: 1441

Re: Bonds in a taxable account instead of keeping cash on sidelines

All my cash besides immediate needs is in an online savings account now making 0.90%. I've kept it there for the last 3-4 months, was a little unwilling to lock it in CDs in case the market dipped and I wanted to go into equities. But so far this didn't really work out for me, too hesitant to go in ...
by icedtea
Sat Jan 09, 2016 12:05 pm
Forum: Investing - Help with Personal Investments
Topic: Basic TLH help to do an exchange with Vanguard
Replies: 40
Views: 2460

Re: Basic TLH help to do an exchange with Vanguard

OP here. I didn't make that TLH exchange from VTIAX to VFWAX before since it was for such a small unrealized loss by the time I understood I would need to exchange my entire shares since I was using avg cost basis. Now, since the little drop the last few days I have a $9000 unrealized loss in VTIAX ...
by icedtea
Sat Jan 09, 2016 11:55 am
Forum: Investing - Help with Personal Investments
Topic: Bonds in a taxable account instead of keeping cash on sidelines
Replies: 8
Views: 1441

Bonds in a taxable account instead of keeping cash on sidelines

I have an EF in an online savings account, and some additional cash that's been on the sidelines. I know it's not normally a good move to hold bonds in a taxable account due to tax inefficiency, but would it make sense to put the additional cash in Total Bond Market in my taxable account for now, wi...
by icedtea
Sat Jan 09, 2016 11:50 am
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Re: Can I pay estimated tax ONLY in January?

OP here. I went through Tax Act to estimate if I'll have a penalty. I didn't know how to fill everything in for my income (W2s, dividends, interest on savings account, unemployment payments) but I think I came close. It says I'm expecting a $4400 federal refund, which surprised me a bit, but given I...
by icedtea
Mon Dec 28, 2015 8:43 pm
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Re: Can I pay estimated tax ONLY in January?

I'm not sure about all New York State provisions (or NYC provisions, for that matter), but yes, the fourth quarter estimated payment applies to 2015 taxes if made by the deadline. You may want to have a look, in advance, at underwithholding penalties in general. Unless you can show you had lots of ...
by icedtea
Mon Dec 28, 2015 8:22 pm
Forum: Personal Finance (Not Investing)
Topic: Can I pay estimated tax ONLY in January?
Replies: 43
Views: 5668

Can I pay estimated tax ONLY in January?

The last two years I came close to owing NY state tax and both years I withheld some additional money from my paychecks. This year I suspect to have about 20% less taxable income than last year since I took some time off from working. I've been having additional money withheld from my checks this ye...

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