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southerndoc

Kennesaw here

southerndoc

Why am I under the impression that you can only claim one $2k deduction per year (i.e., not per account)?

I didn't realize you could open accounts for yourself.

southerndoc

Love the new forum upgrade.

Can we look into implementing:

Mark forums read option from the quick links menu? Would help to mark the forum read on the last page of new posts instead of needing to go back to the index page.

Quick reply option below each message?

southerndoc

I use BofA's HSA and like it. My insurer (BC/BS) signed me up for a BenefitWallet HSA and the fees were too much. The banking portion wasn't high ($2 cheaper/month than BofA), but there was an investment fee as well. BofA has some Vanguard funds available (limited). There's no separate fee for inves...

southerndoc

I signed up for a login to the IRS website to get my tax transcripts to see if they have received all funds for 2014. (Also because I accidentally characterized an electronic payment as a payment with return instead of extension.) I went ahead and pulled all years available to print them out. My 201...

southerndoc

I filled out the 4868 form for a tax extension online using TurboTax. I usually make my extension payments with my Delta SkyMiles credit card just to maintain the MQM's for elite status (yes, I know about the charge fees, but in the long run it pays off from free upgrades, quicker lines, priority su...

southerndoc

no fee cash rewards VISA that pays 3.5% on groceries and 5.25% on gas (up to $1500 per quarter) and no fee travel cash rewards that pays 2.675% on all other purchases (applied as a credit towards any purchases of travel type expenses of my choice going back 12 months and forward indefinitely.) Plus...

southerndoc

I lived in Savannah for 2 years. Elizabeth on 37th is an absolute must, but it can be difficult to get reservations. It's expensive, but worth it for a great dining experience. Mrs. Wilkes is also a great place for lunch. The line starts early, so get there early or you may not be seated. By early I...

southerndoc

I use the online version. You can download Mac versions that link with your online account. It's included with your subscription to QuickBooks Online. I prefer it (with the Mac app installed on my laptop and desktop). This allows me to access QBO basically anywhere I have web access and even on my i...

southerndoc

I recall they didn't renew their agreement with one of the production studios. Perhaps that is one of them.

southerndoc

I just found out that when I open a solo 401(k), my wife has the potential to contribute to it. I've tried to find information on this but can't: I'm assuming that she can only contribute if she is working for me and being paid? Or can I contribute on her behalf even though she is not working (she i...

southerndoc

You can't have a SEP and an Individual 401(k) active at the same time. I know this affects contributions, but not sure what effect it has on rollovers. You should be able to move the funds into a Rollover IRA though. By active, do you mean that you can't contribute to both a SEP and individual 401k...

southerndoc

You can't have a SEP and an Individual 401(k) active at the same time. I know this affects contributions, but not sure what effect it has on rollovers. You should be able to move the funds into a Rollover IRA though. It still baffles my mind that Vanguard doesn't offer admiral class funds in its Ind...

southerndoc

I'm doing consulting work now, and I would like the ability to open an iOS app, click a start button and end button when finished, and the app keep track of the billable time spent. Ideally I would like this to sync with QuickBooks Mac to allow me to print/email invoices. Does anyone have any experi...

southerndoc

In the process of changing banks now. The PITA was setting up debits, payment accounts with credit cards, etc. I'm leaving a balance in my old account for 3 months and then closing it.

southerndoc

Why have you chosen to put all of your eggs in a megabank??????? If you find you can invest there with low fees, I'd look again as you have probably missed something. I'd go directly to Vanguard- and maybe a bank for basic checking. I use an internet bank myself for no hassle checking, no fees, and...

southerndoc

I recently switched my business and personal checking to Bank of America. I was looking at possibly moving my Roth and SEP there as well to consolidate everything into one login. However, I will only do this if I can get low cost mutual funds. Does anyone have any experience with retirement accounts...

southerndoc

I was thinking of opening a Fidelity account. Now I'm having second thoughts.

So basically you can't fund either employEE or employER contributions via ACH online? I would like to pull both out of my business checking account.

southerndoc

I'm trying to figure out if I need an occupational tax certificate from my county for consulting work. I work as an emergency physician as an independent contractor. I do not believe an occupation tax is required for that. I also do work as an independent contractor for various consulting jobs (prim...

southerndoc

I'm an emergency physician that does some consulting work (primarily EMS medical direction). Because I routinely ride on the ambulance, fire engine, etc., I took out a worker's compensation policy to cover me in the event of an accident either on a fire engine, motor vehicle collision, or even in th...

southerndoc

I'm a physician who is in the top tax bracket. I currently have a SEP-IRA and max contributions annually. I was thinking of opening a Solo 401(k) with Fidelity, rolling the SEP into the 401(k) (would open with Vanguard, but Vanguard does not allow this), and then making backdoor Roth contributions a...

southerndoc

It was a conversion in 2010 that was taxed in 2011 and 2012 (due to the 2010 conversion allowing the one time split taxes).

southerndoc

What happens if you made a total of $15,000 in contributions from 2000-2008, made a conversion of $100,600 in 2010, and then in 2015 withdrew $100,000 while under age 59.5? How do you calculate what gains are from the $100k v. the $15k, and because you made contributions and the 5-year conversion ru...

southerndoc

For some reason I thought the IRA had to be open during the year for which it was funded.

So I could open my wife's IRA today, make a non-deductible spousal IRA contribution for TY2014, then do a Roth conversion on it? (Income limits prevent me from contributing to a Roth directly.)

southerndoc

Just got rid of a Samsung 46" LED purchased in 2008. No problems whatsoever when I sold it off Craigslist. Only reason I got rid of it is we wanted a bigger screen (55", which is only an inch or two bigger than the 46" thanks to a smaller bezel). The screen was just as bright when I s...

southerndoc

The difference in my $3 mil and $5 mil umbrella insurance policies was only $40/year. A no brainer for me to up to the max to protect future earnings as well as current assets.

southerndoc

I've read where individuals can maximize 401k's through employers and SEP's through their consulting work/self-employment.

Not sure how that applies to individuals who own their own corporation, but I would recommend speaking to your account and a retirement specialist.

southerndoc

I use K cups because it's easier. Yes, it's more expensive, but so are a lot of other things in life that I use just for convenience.

southerndoc

Ugh. Just contributed $2,000 to my daughter's 529.

What's next? Taxing Roths?

southerndoc

sOUTHERNDOC, Can I ask why you are in need of transferring the funds to another institution as an intermediate step? I was able to just transfer to another account at Vanguard. To eliminate the SEP for prorata reasons for backdoor Roth conversions. Vanguard doesn't allow SEP rollovers. Fidelity does.

southerndoc

I was looking through the application for Fidelity's Self-Employed 401(k). There is a notice in the application that if you use the prototype plan (which I believe is the easiest to set up), that you can't later establish another plan under the prototype plan. My plan is to set up at Fidelity, roll ...

southerndoc

I also dealt with this at Vanguard a few months ago. There are situations (don't ask me which combo's are allowed, please) where you can contribute to the SEP IRA in the same year as a qualified plan- you just have to decrease the qualified plan contribution by the appropriate amount. However, I wa...

southerndoc

Out of curiosity, how long do you keep tax records on average?

southerndoc

http://www.financial-planning.com/blogs/ed-slott-ira-conversion-rollover-2672863-1.html Another article on it with some further details. Basically this article implies it would be difficult to enforce since Congress specifically allows Roth conversions. This article suggests not doing the conversion...

southerndoc

http://www.marketwatch.com/story/pro-ra ... 2013-05-03

Is anyone aware of this step transaction doctrine? If so, what period of time must one wait before converting the non-deductible IRA to a Roth?

southerndoc

Just for clarification (and before I screw something up), my wife's Spousal IRA can make non-deductible contributions, convert to a Roth, and none of my SEP-IRA will be used for prorata calculations even though we file jointly? I think someone had mentioned that our IRA's are considered separate for...

southerndoc

This matches the information the Vanguard rep gave me when I opened an Individual 401(k) with Vanguard a few years back in addition to my existing SEP-IRA. While it's ok with the IRS to contribute to both within a year the Vanguard setup will only let you contribute to either one during a given tax...

southerndoc

I don't qualify for direct Roth contribution. My wife has no income, but we're MFJ so I think the only way she can contribute is through a Spousal IRA option and then a backdoor Roth conversion (with the spousal IRA contribution being a non-deductible contribution). C8H18, the income restriction for...

southerndoc

I originally had a SEP with Schwab, then opened one with Vanguard and transferred funds to Vanguard.

When I open the Solo 401(k) with Fidelity, should I mark the plan as 03 instead of 02?

southerndoc

I'm about to open an IRA for my spouse and convert to a Roth. She does not work. I plan to make her deduction as a non-deductible contribution. When I convert her account to a Roth with Vanguard, will they close her IRA account? If not, will I be charged fees since it will have a $0 balance for a ye...

southerndoc

I think you terminate the agreement but not close the account.

I sent Vanguard an email but haven't seen their response. When they reply I'll post it here.

southerndoc

Nowhere near as hard as I thought it would be.

southerndoc

I've finally decided to open an individual 401(k). Will probably open it at Fidelity so I can transfer my Vanguard SEP into it and then take advantage of the backdoor Roth option. I have the standard 5305 SEP agreement for my SEP. I've contributed funds this year (2015) for TY2014. I have not contri...

southerndoc

Thanks for the responses. Yeah, I now realize my policy is garbage. My agent (former CFP guy) dropped the ball on this policy. I specifically told him that I wanted a policy that will pay ($15K per month) if I can't perform the one surgical procedure that I specialize in. I guess I can get a differ...

southerndoc

I don't understand why Vanguard doesn't offer admiral funds in its Solo 401(k).

southerndoc

You should look into an own occupation policy. My policy will pay even if I find another job in another field. If I can't work in the ER because of disability, but later decided to do a radiology residency or work in an urgent care center, then my policy still pays for disability because I can't wor...

southerndoc

I was under the impression that none of your conversions or contributions are taxed... only earnings that are withdrawn. You've already paid taxes on the conversions and contributions. I don't think you are going to be double taxed. I believe the 5-year rule, over 59 1/2, etc. is only for the 10% pe...

southerndoc

I forgot to mention that Benefit Wallet does give you 50 free checks. You could use them to pay large expenses. Yea, that was a plus for them. Now that I found the investment fee ($2.90/mo in addition to the $3.25/mo), BoA is cheaper. I found out that BoA has an online bill pay function. Even thoug...

southerndoc

Southerndoc, what is your experience with BOA HSA? I've been looking for some anecdotes about investing with them. So far haven't had any bad experience other than taking a while to respond to communications. They do not offer any checks, so you can't pay large bills with checks. Their reimbursemen...

southerndoc

G-Force wrote:You could always use another form of payment and reimburse yourself from your HSA if you exceed the $3000 daily limit.

True, but if BoA's limit is higher, I could just pay directly with one card and eliminate the hassle of submitting a claim.

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