Search found 11629 matches
- Thu Jan 04, 2024 8:33 pm
- Forum: Personal Investments
- Topic: Considerations for transferring solo 401k to current employer 401k
- Replies: 7
- Views: 794
Re: Considerations for transferring solo 401k to current employer 401k
The employer 401(k) may offer the advantage of penalty free withdrawal starting at age 55 if you separate from service at that time. The 7 digit solo 401(k) will require annual filing of form 5500EZ so this goes away. Make sure you file the final 5500EZ.
- Thu Dec 28, 2023 10:12 am
- Forum: Personal Investments
- Topic: Roth IRA - definition of earned income
- Replies: 21
- Views: 2587
Re: Roth IRA - definition of earned income
It may be beneficial to change the 401(k) contributions to Roth.
Traditional 401(k) contributions reduce W-2 Box1 which flows into 1040 and that number is used to consider eligibility for IRA contributions. With your large contribution to Traditional 401k, W-2 Box 1 may be reduced too much to allow for much or any Roth IRA contributions.
Roth 401(k) contributions do not reduce W-2 Box 1 which will allow you to contribute to Roth IRA as well on the same income of 19K. So this may allow 19K to Roth 401(k) _and_ 8K to Roth IRA, possibly another 8K as Spousal Roth IRA if eligible.
Traditional 401(k) contributions reduce W-2 Box1 which flows into 1040 and that number is used to consider eligibility for IRA contributions. With your large contribution to Traditional 401k, W-2 Box 1 may be reduced too much to allow for much or any Roth IRA contributions.
Roth 401(k) contributions do not reduce W-2 Box 1 which will allow you to contribute to Roth IRA as well on the same income of 19K. So this may allow 19K to Roth 401(k) _and_ 8K to Roth IRA, possibly another 8K as Spousal Roth IRA if eligible.
- Tue Dec 26, 2023 10:07 pm
- Forum: Personal Consumer Issues
- Topic: Help me find a coffee maker with these features
- Replies: 44
- Views: 6662
Re: Help me find a coffee maker with these features
Take a look at Aeropress. Pair with a grinder if you want to grind whole beans.
- Tue Dec 19, 2023 9:48 am
- Forum: Personal Consumer Issues
- Topic: My car was stolen Saturday night!
- Replies: 62
- Views: 9379
Re: My car was stolen Saturday night!
My mom's car was stolen a few months ago and police found it a couple of days later. Broken driver window and steering column and took a couple of weeks for repair.
- Sat Dec 16, 2023 10:43 am
- Forum: Personal Consumer Issues
- Topic: Ad Blocking on TV?
- Replies: 7
- Views: 1177
Re: Ad Blocking on TV?
The Brave browser is pretty effective at blocking ads on Youtube videos viewed on computer, phone or tablet. Not sure if brave browser is available for your TV or streaming box. Try installing brave browser on your computer, phone or table and give it a try.
Nowadays, I tend to subscribe to streaming services using a ad free plan (Max, Apple TV, Netflix).
I recently started playing with Pi-Hole ad blocker which is a DNS ad blocking tool. I installed it on a very low cost, low power home server running Proxmox VE (open source, free to use) and noticed that Hulu with ad plan detects it and will not let me use their service with Pi-Hole enabled as my DNS to block ads. I have not looked further into this.
Nowadays, I tend to subscribe to streaming services using a ad free plan (Max, Apple TV, Netflix).
I recently started playing with Pi-Hole ad blocker which is a DNS ad blocking tool. I installed it on a very low cost, low power home server running Proxmox VE (open source, free to use) and noticed that Hulu with ad plan detects it and will not let me use their service with Pi-Hole enabled as my DNS to block ads. I have not looked further into this.
- Sun Dec 10, 2023 10:28 am
- Forum: Personal Consumer Issues
- Topic: New to Costco
- Replies: 239
- Views: 58398
- Thu Nov 23, 2023 8:42 pm
- Forum: Investing - Theory, News & General
- Topic: Limit for contributing to IRA for deductions
- Replies: 13
- Views: 1226
Re: Limit for contributing to IRA for deductions
When determining Roth IRA contribution eligibility, you need to look at MAGI for Roth IRA purposes. Assuming your gross salary is 250K and you contributed a total of 44.5K to Traditional 401k, that means your W2 income is contributing 205.5K to MAGI. If your 401k contributions were to Roth 401k, then your W2 income would contribute 250K to MAGI. Did you contribute to HSA? HSA contributions will reduce your AGI/MAGI. IRS Link: https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2022 MAGi also includes other income like, rental income, interest income, dividend income, capital gains. You need to consider all of your income. I suggest using tax software to figure out whether you...
- Thu Nov 23, 2023 1:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: H&R Block 2023 software offer
- Replies: 246
- Views: 38128
Re: H&R Block 2023 software offer
Newegg.com has a Black Friday Coupon code for H&R Block 2023. The coupon takes off $25 $49.99 or the Fed and State. If you only need Fed, it is $20 off $39.99.
https://www.newegg.com/p/pl?d=hr+block+2023
https://www.newegg.com/p/pl?d=hr+block+2023
- Tue Nov 07, 2023 9:17 am
- Forum: Personal Finance (Not Investing)
- Topic: SEPP questions
- Replies: 17
- Views: 2115
Re: SEPP questions
Adding to comments by rkhusky, remember that your assets in taxable accounts are likely to distribute dividends. Dividends are subject to taxation if reinvested or collected in cash for spending - it's taxed the same either way. You have the option to not reinvest dividends and use them for spending which may reduce need to realize capital gains and/or take withdrawals from IRA.
- Tue Oct 31, 2023 9:13 am
- Forum: Personal Finance (Not Investing)
- Topic: How To Deposit Funds Into SEP IRA
- Replies: 8
- Views: 883
Re: How To Deposit Funds Into SEP IRA
If you are an S-Corp and using SEP-IRA, it works differently than Solo 401(k). Solo 401(k) allows for two types of contributions: 1) Employee salary deferral and this must be withheld from your paycheck. 2) Employer Profit Share which is made by the company outside of the paycheck. This contribution is up to 25% of the W2 pay. The contribution percentage for the employer contribution must be the same for all plan participants. SEP-IRA contributions are similar to the Solo 401k employer profit share and it comes from the employer account and is not withheld from paychecks. The contribution percentage must be the same for all plan participants. At lower levels of income, Solo 401(k) allows for much larger contributions than SEP-IRA. You'd nee...
- Tue Oct 17, 2023 4:10 pm
- Forum: Personal Consumer Issues
- Topic: Wireless headphones
- Replies: 13
- Views: 1094
Re: Wireless headphones
I have AirPods which do not fit well in my ears and feel like they'll fall out at any time.
I also have AirPods Pro which work really well with my ears. These have silicone tips in 4 sizes so you can choose which works best with your ears.
I also have AirPods Pro which work really well with my ears. These have silicone tips in 4 sizes so you can choose which works best with your ears.
- Sat Aug 19, 2023 10:10 am
- Forum: Personal Investments
- Topic: Leave TSP g fund ?
- Replies: 32
- Views: 3306
Re: Leave TSP g fund ?
Do you need to move money out of TSP to do this?
For example, if your IRA has 260K in stock funds you can do an asset location swap without any money transfer by placing two trades on the same day:
Trade 1 - In IRA, exchange 260K Stock fund(s) for MMF.
Trade 2 - In TSP, exchange 260K G Fund for stock fund(s)
For example, if your IRA has 260K in stock funds you can do an asset location swap without any money transfer by placing two trades on the same day:
Trade 1 - In IRA, exchange 260K Stock fund(s) for MMF.
Trade 2 - In TSP, exchange 260K G Fund for stock fund(s)
- Fri Jul 28, 2023 10:05 am
- Forum: Personal Consumer Issues
- Topic: Music Subscription - which do you prefer?
- Replies: 58
- Views: 5605
Re: Music Subscription - which do you prefer?
I have Apple Music and I get a discount by signing up for a year at $109/yr - this appeared as an option on my iPhone. Before I did this, I took advantage of 4 months free which I found at Bestbuy. I found that I could use that 4 months free several times. This is a great way of testing the service. Once you get on the free plan, I noticed that you can use the service until the end of the time period even if you cancel early. This avoids the concern of forgetting to cancel before the trial period is over. If you are a student, there is a discounted student rate of $5.99/month. If you subscribe to other Apple services (TV, Arcade, you might want to run the numbers for adding Apple Music by itself or by getting Apple One. I get Apple TV from ...
- Thu Jul 20, 2023 8:55 pm
- Forum: Personal Finance (Not Investing)
- Topic: Roth IRA or traditcaional IRA for starters
- Replies: 24
- Views: 1564
Re: Roth IRA or traditcaional IRA for starters
If your DS is covered by an employer sponsored retirement plan like 401k, 403, 457b or other plan, then his ability to take the Traditional IRA deduction may be lost if income goes above a certain amount. The phase out applies for folks who are covered by an employer plan (W-2 retirement plan box is checked). See IRS page IRA deduction limits:
https://www.irs.gov/retirement-plans/ir ... ion-limits
If covered by an employer plan, it may be safer to make Traditional contributions into the employer plan as that will work no matter how high the income is.
https://www.irs.gov/retirement-plans/ir ... ion-limits
If covered by an employer plan, it may be safer to make Traditional contributions into the employer plan as that will work no matter how high the income is.
- Thu Jun 01, 2023 10:21 am
- Forum: Personal Consumer Issues
- Topic: Olympic national park or Mt. Rainier?
- Replies: 24
- Views: 1666
Re: Olympic national park or Mt. Rainier?
You might also want to consider visit Mount Baker, north of Seattle. The hikes near Artist Point are offer world class scenery.
One of my favorites is Chain Lakes Loop.
Washington Trails Association page on Chain Lakes Loop:
https://www.wta.org/go-hiking/hikes/chain-lakes-3
If the kids are not up to a longer hike, the are short hikes at the Artist Point parking lot with amazing views of Mount Baker and Mount Shuksan. You can also venture down the Ptarmigan Ridge trail which is an out and back trail and turn around at any time. Ptarmigan Ridge has great views on the entire trail.
One of my favorites is Chain Lakes Loop.
Washington Trails Association page on Chain Lakes Loop:
https://www.wta.org/go-hiking/hikes/chain-lakes-3
If the kids are not up to a longer hike, the are short hikes at the Artist Point parking lot with amazing views of Mount Baker and Mount Shuksan. You can also venture down the Ptarmigan Ridge trail which is an out and back trail and turn around at any time. Ptarmigan Ridge has great views on the entire trail.
- Sun Apr 09, 2023 12:31 pm
- Forum: Personal Consumer Issues
- Topic: Water filter
- Replies: 43
- Views: 2631
Re: Water filter
I use a Brita Faucet filter.
https://www.brita.com/faucet-systems/
The system and replacement filters should be widely available at your local stores.
https://www.brita.com/faucet-systems/
The system and replacement filters should be widely available at your local stores.
- Mon Mar 20, 2023 12:25 pm
- Forum: Personal Finance (Not Investing)
- Topic: Deductable IRA with no work retirement plan for part of the year
- Replies: 9
- Views: 535
Re: Deductable IRA with no work retirement plan for part of the year
If you were covered by a employer sponsored retirement plan for any portion of the year, then your 2022 W-2 will show a check mark in the retirement plan box. See IRS Pub 590A and look for "Are you covered by an Employer Plan?". It should be on page 11 of this IRS PDF file. Keep reading and it will show you income limits in Table 1-2
https://www.irs.gov/pub/irs-pdf/p590a.pdf
If this is there, then there are income limits to determine eligibility for TIRA deduction.
https://www.irs.gov/retirement-plans/ir ... ion-limits
https://www.irs.gov/pub/irs-pdf/p590a.pdf
If this is there, then there are income limits to determine eligibility for TIRA deduction.
https://www.irs.gov/retirement-plans/ir ... ion-limits
- Fri Mar 17, 2023 10:53 am
- Forum: Personal Consumer Issues
- Topic: Lightweight Gortex Raincoat
- Replies: 12
- Views: 1354
Re: Lightweight Gortex Raincoat
Take a look at REI XeroDry GTX jackets and pants. It is lightweight and Gore-Tex.
https://www.rei.com/search?q=xerodry
The jacket is $169 but if you are a member with REI, use the member coupon to take 20% off.
Link to details of current member coupon:
https://www.rei.com/coupon
https://www.rei.com/search?q=xerodry
The jacket is $169 but if you are a member with REI, use the member coupon to take 20% off.
Link to details of current member coupon:
https://www.rei.com/coupon
- Sun Feb 19, 2023 5:35 pm
- Forum: Personal Investments
- Topic: QDI preferred fund in taxable account instead of sheltered bonds
- Replies: 5
- Views: 532
Re: QDI preferred fund in taxable account instead of sheltered bonds
If you want cash, hold cash. If you want bonds, hold bonds or bond funds. Stocks or funds of preferred stock are not bonds or cash and there is substantially more risk. If your plan is to get back to desired AA in one year, you may need to sell the holding having held it for less than 1 year, a short term capital gains tax would apply which does not have the same preferential tax treatment that Qualified Dividend Income (QDI) and Long Term Capital Gains (LTCG) have.
Money Market and/or tax exempt money market funds have no fluctuation in NAV so there is no Capital Gains Tax issue. Tax Exempt money market (National and/or state) may offer some tax relief if you are high income compared to the taxable MMFs.
Money Market and/or tax exempt money market funds have no fluctuation in NAV so there is no Capital Gains Tax issue. Tax Exempt money market (National and/or state) may offer some tax relief if you are high income compared to the taxable MMFs.
- Sun Feb 19, 2023 2:30 pm
- Forum: Personal Finance (Not Investing)
- Topic: Credit Card min payment: Is it reduced by return?
- Replies: 12
- Views: 1178
Re: Credit Card min payment: Is it reduced by return?
I believe that you will not incur any finance charges if you pay the statement balance or the entire balance on the account by the due date. In this case, it appears that the account balance, after the refund, is lower than the statement balance. You should be good by paying the $20 to zero out the account balance by the due date.
If you have any doubts, I suggest speaking with representative at that financial institution.
If you have any doubts, I suggest speaking with representative at that financial institution.
- Sun Feb 19, 2023 2:11 pm
- Forum: Personal Investments
- Topic: QDI preferred fund in taxable account instead of sheltered bonds
- Replies: 5
- Views: 532
Re: QDI preferred fund in taxable account instead of sheltered bonds
If you seek 50% stock and 50% bond where taxable is 40% and tax advantaged is 60%, consider this:
Tax Advantaged (60% of total):
50% bond
10% stock
Taxable (40% of total):
40% Stock (something tax efficient like Total Stock Market VTI/VTSAX).
The entire portfolio can be rebalanced by trading in the tax advantaged accounts where there are no tax consequences.
If you need to withdraw from taxable but the asset allocation plan says you should withdraw from bonds, simply sell stocks in taxable and then in tax advantaged exchange bonds/cash to stocks. This will have the net effect of selling bonds/cash from the portfolio and you have not withdrawn anything from tax advantaged even though all bonds/cash are held there,
Tax Advantaged (60% of total):
50% bond
10% stock
Taxable (40% of total):
40% Stock (something tax efficient like Total Stock Market VTI/VTSAX).
The entire portfolio can be rebalanced by trading in the tax advantaged accounts where there are no tax consequences.
If you need to withdraw from taxable but the asset allocation plan says you should withdraw from bonds, simply sell stocks in taxable and then in tax advantaged exchange bonds/cash to stocks. This will have the net effect of selling bonds/cash from the portfolio and you have not withdrawn anything from tax advantaged even though all bonds/cash are held there,
- Sun Feb 19, 2023 11:02 am
- Forum: Personal Finance (Not Investing)
- Topic: SEP or Solo 401k for freelancing spouse?
- Replies: 3
- Views: 262
Re: SEP or Solo 401k for freelancing spouse?
It is too late to open up a Solo 401(k) for your wife to defer 2022 income. The Solo 401(k) plan must have been established by Dec 31, 2022 to allow contributions for the 2022 tax year. It would be an option for 2023 income, if she has any.
SEP-IRA would still be possible to defer some of the 2022 self employed income.
Traditional IRA and Roth IRA for both of you are an option as well if you file taxes as Married Filing Jointly which is helpful if you have no compensation.
SEP-IRA would still be possible to defer some of the 2022 self employed income.
Traditional IRA and Roth IRA for both of you are an option as well if you file taxes as Married Filing Jointly which is helpful if you have no compensation.
- Sun Feb 19, 2023 10:56 am
- Forum: Personal Investments
- Topic: Job Switching from 401k to Taxable
- Replies: 33
- Views: 2700
Re: Job Switching from 401k to Taxable
In taxable I would pay taxes on dividends and cap gains each year, but would I also pay income tax on withdrawals when retired? Yes, in Taxable, you will be taxed along the way on Dividends and Capital Gains. When you sell the investments in the taxable account, you will be taxed for net realized capital gains at capital gains tax rates which, for long term capital gains, are lower rates than the rates for ordinary income. So if you sell 100K from taxable where the cost basis was 90K, your capital gain is 10K. To minimize tax drag, try to hold tax efficient holdings in the taxable account and if you need to sell, sell the shares with the highest cost basis to minimize the capital gain. Long Term capital gains (shares held for longer than 1...
- Fri Feb 17, 2023 10:58 am
- Forum: Investing - Theory, News & General
- Topic: where are the vanguard growth of $10,000 charts?
- Replies: 11
- Views: 1265
Re: where are the vanguard growth of $10,000 charts?
Try looking up the fund at Morningstar.com and then, at the fund page, click on the performance tab.
- Mon Feb 13, 2023 7:29 pm
- Forum: Personal Finance (Not Investing)
- Topic: eBillPay for Lowes CC
- Replies: 7
- Views: 850
Re: eBillPay for Lowes CC
If you are searching in your bill pay for Lowes, you might try to search for the bank that issues the card instead. For example, REI Mastercards are issued by Capital One and Amazon cards are Chase, I believe. Maybe try calling the toll free number on your Lowes card to check on how to setup with your bill pay service.
- Sat Jan 28, 2023 10:56 am
- Forum: Personal Investments
- Topic: Tax loss from recharactorization of Roth
- Replies: 4
- Views: 436
Re: Tax loss from recharactorization of Roth
When you recharacterize your Roth IRA contribution to a Traditional IRA contribution, it will be like you contributed to Traditional IRA all along. Say you contributed 6K to Roth IRA and it falls to 4K. You recharacterize that 6K contribution to Traditional IRA which causes the 4K to be transferred to Traditional IRA. The recharacterization will make it as though you contributed 6K to Traditional IRA and the fluctuation in value happened in the Traditional IRA to bring it down to 4K. The recharacterization moves the contribution plus any earnings and losses into the other account. This means IRS will consider that you contributed 6K to the Traditional IRA. If you are eligible for the Traditional IRA deduction, take it. Be aware that if you ...
- Tue Jan 24, 2023 7:46 pm
- Forum: Personal Consumer Issues
- Topic: iPhone 13 Charger - Which generic brand on Amazon is best?
- Replies: 62
- Views: 3482
Re: iPhone 13 Charger - Which generic brand on Amazon is best?
When I bought my iPhone 12 mini, I just used the apple chargers/cables that I had from my older phones (iPhone 5S and iPhone 7). These were lower power chargers but worked to charge the new phone. I also have chargers from iPad, iPad mini and iPad Pro which have more power and would charge the phone faster.
If you did not have other Apple devices, I would recommend the Apple 20W USB C Power Adapter which you can buy at Apple, Amazon, BestBuy etc for $19.
If you have multiple devices to charge, Anker makes some interesting options that are compact and have multiple ports.
If you did not have other Apple devices, I would recommend the Apple 20W USB C Power Adapter which you can buy at Apple, Amazon, BestBuy etc for $19.
If you have multiple devices to charge, Anker makes some interesting options that are compact and have multiple ports.
- Thu Jan 19, 2023 5:42 pm
- Forum: Personal Investments
- Topic: S-Corp Solo 401(k). Are "early" contributions during the year a problem?
- Replies: 7
- Views: 837
Re: S-Corp Solo 401(k). Are "early" contributions during the year a problem?
When organized as an S-Corp paying you a W-2 salary, the solo 401(k) employee contributions must be withheld from your paychecks. Once withheld, the S-Corp makes the contribution to the Solo 401k on your behalf. Employer profit share contributions are a max of 25% of your W-2 salary and the S-Corp makes that contribution for you. The employer profit share contribution will be an expense of the S-Corp and reduce the net profit that flows via K-1 into your personal tax return.
If you wish to max out the employee contribution early in the year, there must be sufficient paycheck in those early months to support those contributions, payroll taxes and other things.
If you wish to max out the employee contribution early in the year, there must be sufficient paycheck in those early months to support those contributions, payroll taxes and other things.
- Wed Jan 18, 2023 12:31 pm
- Forum: Personal Consumer Issues
- Topic: Why very high speed internet?
- Replies: 168
- Views: 13813
Re: Why very high speed internet?
I have xfinity internet that used to be 100Mbps down and 6Mbps up. This was fine for most things. The limit on upstream bandwidth was a problem if anyone were to do a big file upload or cloud backup to consume the very limited upstream bandwidth. Xfinity recently upgraded me to 200Mbps down but kept the same the 6Mbps up. I would have preferred a bump in upstream bandwidth.
Some faster plans offer more upstream speed which may useful for some.
Some faster plans offer more upstream speed which may useful for some.
- Wed Jan 11, 2023 10:13 pm
- Forum: Personal Investments
- Topic: Converting 401k to Roth IRA when you have no income
- Replies: 5
- Views: 1024
Re: Converting 401k to Roth IRA when you have no income
Roth conversions are taxable as ordinary income. It would make sense to do some Roth conversions if you will not have income for 2023 tax year from work. For 2023, the Standard deduction for Single folks is $13,850. Married Filing Jointly is $27,700. See IRS page: https://www.irs.gov/newsroom/irs-provides-tax-inflation-adjustments-for-tax-year-2023 So if you are single and have no other income, you can convert $13,850 to give you an Adjusted Gross Income (AGI) of $13,850. Taxable income is AGI - deductions. Taxable Income = 13,850 - 13,850 = ZERO. Fed Tax = Zero. The Federal AGI will flow into your state tax return where it may be subject to state income taxes. If you convert a little more, say 14,000, your taxable income would be 14,000-13...
- Tue Jan 03, 2023 12:59 pm
- Forum: Personal Finance (Not Investing)
- Topic: Backdoor ROth Conversion: Year-end requirements?
- Replies: 6
- Views: 510
Re: Backdoor ROth Conversion: Year-end requirements?
If you had made the IRA contribution in 2022 and also converted in 2022, then your 2022 Form 8606 will show the IRA contribution of 6K (IRA basis) and the conversion of 6K to consume that IRA basis, making the conversion non-taxable. Since you contributed 6K in 2022 and converted in 2023, the 2022 from 8606 will show the 6K IRA contribution to add 6K of IRA basis. This basis from 2022 will carry forward to 2023's form 8606. IMO, it is simpler to contribute and convert in the same calendar year to simplify the 8606 and avoid carryforward of IRA basis. Something to consider for your 2023 contributions and conversions. Say you contribute another 6K for 2023 tax year in and also convert 6K to Roth in calendar 2023. Your 2023 from 8606 will show...
- Mon Jan 02, 2023 7:35 pm
- Forum: Personal Investments
- Topic: Contribute Some to Traditional to Get to the 12% Tax Bracket?
- Replies: 27
- Views: 3430
Re: Contribute Some to Traditional to Get to the 12% Tax Bracket?
Tax brackets use Taxable Income (AGI - deductions).
Traditional IRA income limits use MAGI.
$94,450 Taxable Income + deductions will be above 120K for AGI and the covered spouse will be in phase out range for the TIRA deduction. IMO, if they choose to make Traditional contributions, they should do so in 401(k) to avoid the tricks with IRA deduction limits.
- Sun Jan 01, 2023 7:40 pm
- Forum: Personal Investments
- Topic: Contribute Some to Traditional to Get to the 12% Tax Bracket?
- Replies: 27
- Views: 3430
Re: Contribute Some to Traditional to Get to the 12% Tax Bracket?
If you will be breaking into the 22% federal tax bracket, your MAGI may be too high to allow the tax deduction for Traditional IRA contributions. See IRA contribution limits: If covered by employer plan: https://www.irs.gov/retirement-plans/plan-participant-employee/2022-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-covered-by-a-retirement-plan-at-work For spouse who is not covered by employer plan: https://www.irs.gov/retirement-plans/plan-participant-employee/2022-ira-contribution-and-deduction-limits-effect-of-modified-agi-on-deductible-contributions-if-you-are-not-covered-by-a-retirement-plan-at-work To keep it simple, I would focus on making Traditional 401(k) contributions rather t...
- Tue Dec 20, 2022 10:53 pm
- Forum: Personal Consumer Issues
- Topic: Iphone - replace battery or get a new one?
- Replies: 51
- Views: 4806
Re: Iphone - replace battery or get a new one?
My wife upgraded from iPhone SE to iPhone 12 mini for the similar size. She loves it. The iPhone 13 mini is even better and is more efficient on battery life compared to 12 mini. The 13 mini may be the last compact iPhone.
I went from iPhone 5S to 7 to 12 mini. I also love the 12 mini.
I went from iPhone 5S to 7 to 12 mini. I also love the 12 mini.
- Mon Dec 12, 2022 12:13 pm
- Forum: Personal Investments
- Topic: Where Can the Roth IRA Contributions be Made?
- Replies: 6
- Views: 657
Re: Where Can the Roth IRA Contributions be Made?
Is other non-compensation income relevant to my question? Roth IRA contributions requires compensation like W-2 income or self employed income. You mentioned $2500 each in self employed income. Do either of you have any W-2 income? If yes, then that W-2 box 1 income can be added to allow for larger Roth IRA contributions to Roth IRA assuming your tax situation allows for Roth IRA contributions. Other non-compensation income is relevant as if you have too much income, that may disallow Roth IRA contributions. For example, if you have 300K of capital gains/dividends and $5000 of self employed income, your MAGI is 305K which is too high to allow for any direct Roth IRA contributions. For 2022 tax year MFJ, no Roth IRA contributions are allowe...
- Sun Oct 30, 2022 5:03 pm
- Forum: Personal Investments
- Topic: Move a closed mutual fund from taxable account to retirement brokerage account
- Replies: 5
- Views: 631
Re: Move a closed mutual fund from taxable account to retirement brokerage account
You might want to reach out to T Row Price to see if there is a way to hold that closed fund in an IRA account and sidestep the 401(k) plan.
- Mon Oct 24, 2022 10:27 pm
- Forum: Personal Investments
- Topic: Unconverted backdoor Roth has $6040 instead of $6000 due to interest. How to fix?
- Replies: 8
- Views: 1245
Re: Unconverted backdoor Roth has $6040 instead of $6000 due to interest. How to fix?
edited to correct typo.
The 6K IRA contribution limit is for the contribution only. You can convert more than that. If your 6K contribution was non-deductible (IRA basis) and you do a full conversion of $6040, then the non-taxable amount is $6000 (IRA basis) and the taxable amount is $40.
The 6K IRA contribution limit is for the contribution only. You can convert more than that. If your 6K contribution was non-deductible (IRA basis) and you do a full conversion of $6040, then the non-taxable amount is $6000 (IRA basis) and the taxable amount is $40.
- Thu Oct 20, 2022 2:39 pm
- Forum: Personal Finance (Not Investing)
- Topic: Roth 401k
- Replies: 15
- Views: 1166
Re: Roth 401k
You can try to get a large multinational company to change but that may be a long wait.
If you have assets in other accounts like Traditional IRA, SEP IRA, Rollover IRA, you can convert those assets to Roth IRA while you max out Traditional 401k at the workplace plan. The Traditional 401k contributions give you a tax break up front but your Roth conversions are taxable to offset those tax breaks and in the end, you'd have taken advantage of your workplace contribution plan and increased your Roth space as well.
If you have assets in other accounts like Traditional IRA, SEP IRA, Rollover IRA, you can convert those assets to Roth IRA while you max out Traditional 401k at the workplace plan. The Traditional 401k contributions give you a tax break up front but your Roth conversions are taxable to offset those tax breaks and in the end, you'd have taken advantage of your workplace contribution plan and increased your Roth space as well.
- Sun Sep 25, 2022 9:59 pm
- Forum: Personal Consumer Issues
- Topic: Rechargeble Consumer Batteries
- Replies: 26
- Views: 2652
Re: Rechargeble Consumer Batteries
Here is a page that I found from the eneloop wikipedia page:
https://web.archive.org/web/20141129145 ... eloop.html
https://web.archive.org/web/20141129145 ... eloop.html
eneloop archived page wrote:eneloop – Clean Energy Loop
eneloop creates a clean „Energy Loop“ by being pre-charged at the Japanese factory with clean, renewable solar energy, which makes eneloop even more environmentally friendly.
- Wed Sep 21, 2022 12:28 pm
- Forum: Personal Consumer Issues
- Topic: Older Macbook Pro Battery Replacement Kit? Help?
- Replies: 23
- Views: 1193
Re: Older Macbook Pro Battery Replacement Kit? Help?
We have replaced batteries in our mid 2012 MacBook Pro (non-retina). It was easy. We bought ours from OWC / Macsales.com.
https://eshop.macsales.com/shop/Apple/Laptop/Batteries
MacOS Catalina is the last version of macOS that our older MacBook Pros will accept and security updates for Catalina may stop after macOS Ventura is released. We also have newer M1 MacBook Airs which are fantastic.
https://eshop.macsales.com/shop/Apple/Laptop/Batteries
MacOS Catalina is the last version of macOS that our older MacBook Pros will accept and security updates for Catalina may stop after macOS Ventura is released. We also have newer M1 MacBook Airs which are fantastic.
- Sun Sep 18, 2022 6:59 pm
- Forum: Personal Consumer Issues
- Topic: Downloading TurboTax deluxe file on Lenovo computer
- Replies: 8
- Views: 710
Re: Downloading TurboTax deluxe file on Lenovo computer
I am a mac user but I believe there are some windows computers that are setup in Windows S-mode. When running in S mode, windows will only allow installation of apps from the Microsoft Store. You may need to get out of S-Mode to allow third party apps to install.
See Microsoft FAQ on Windows 10 and 11 S Mode:
https://support.microsoft.com/en-us/win ... baebeebc85
See Microsoft FAQ on Windows 10 and 11 S Mode:
https://support.microsoft.com/en-us/win ... baebeebc85
- Fri Sep 09, 2022 9:29 pm
- Forum: Personal Consumer Issues
- Topic: Anyone been to Singapore?
- Replies: 36
- Views: 5792
Re: Anyone been to Singapore?
The food in Singapore is fantastic. If you go, check out Roti Prata, Hainanese Chicken Rice and Chili Crab.
- Tue Aug 23, 2022 1:04 pm
- Forum: Personal Finance (Not Investing)
- Topic: Calculating contributions to Solo 401(k)
- Replies: 9
- Views: 692
Re: Calculating contributions to Solo 401(k)
You should reach out to solo 401k providers as ask them. When I setup my Solo 401k many years ago, I spoke reps at Fidelity and Vanguard and found them to be extremely knowledgeable. In my case, the fidelity plan offered only traditional contributions employee and employer contributions. The Fidelity rep explained how those would work very clearly but voluntary after-tax contributions were not an option and not discussed. If you have found a company who offers or can create a custom plan for you that supports voluntary after-tax contributions, they may be able to share details on how those features work and what the limits are.
- Tue Aug 23, 2022 11:07 am
- Forum: Personal Finance (Not Investing)
- Topic: Calculating contributions to Solo 401(k)
- Replies: 9
- Views: 692
Re: Calculating contributions to Solo 401(k)
I am not aware of any standard solo 401(k) plans at the major brokerage firms that offer after-tax contributions but I have not looked at plans in many years. You may need to get a custom plan (more money) to get that feature.
- Tue Aug 23, 2022 10:28 am
- Forum: Personal Finance (Not Investing)
- Topic: Calculating contributions to Solo 401(k)
- Replies: 9
- Views: 692
Re: Calculating contributions to Solo 401(k)
I agree with nolesrule about employee contributions. You must have sufficient W2 salary to cover payroll taxes and the employee contributions. 18K salary is not enough. These contributions must be withheld from the paychecks. If you have already paid yourself some W-2 Salary, then the remaining paychecks in 20222 must be large enough to support the 20.5K employee contribution and payroll taxes. The employer profit share contribution works a little differently. It is limited to 25% of S-Corp W2 salary. To contribute 40.5K employee profit share, you must have W-2 salary of at least 162K. This is not withheld from the paychecks but separately by the S-Corp. These employer contributions are an expense of the S-Corp and will reduce S-Corp net in...
- Thu Aug 18, 2022 11:07 am
- Forum: Personal Investments
- Topic: Can VBIAX be converted to VTI?
- Replies: 18
- Views: 1879
Re: Can VBIAX be converted to VTI?
Conversion to ETF is possible if 1) there is an ETF share class of your fund and b) conversion is supported for that fund. Not all funds that have ETF share classes allow for conversion. For example Vanguard Total Bond Market Admiral VBTLX has an ETF share class BND but ETF conversion is not supported. This could be due to the way the mutual fund share class accrues dividends.
If you wish to convert Vanguard Balanced to ETFs, you'd need to sell and purchase the ETFs. if you wish to maintain AA of the balanced fund, you can buy VTI and BND ETFs in a 60/40 stock/bond mix.
If you wish to convert Vanguard Balanced to ETFs, you'd need to sell and purchase the ETFs. if you wish to maintain AA of the balanced fund, you can buy VTI and BND ETFs in a 60/40 stock/bond mix.
- Wed Aug 17, 2022 11:50 pm
- Forum: Personal Consumer Issues
- Topic: Auto drip coffeemaker optimized for 10-20 fl oz (300-600 ml)?
- Replies: 44
- Views: 3843
Re: Auto drip coffeemaker optimized for 10-20 fl oz (300-600 ml)?
Not what you're looking for but I love my Aeropress. I bought it for camping and loved it so I use it every day.
- Mon Aug 15, 2022 1:13 pm
- Forum: Personal Investments
- Topic: Can’t decide between 401K types (Roth vs Trad) for Tech Worker
- Replies: 74
- Views: 6241
Re: Can’t decide between 401K types (Roth vs Trad) for Tech Worker
Roth is great if you do not have to give up a Traditional benefit to get into Roth. Roth 401k employee contributions reduce the amount of Traditional 401(k) employee contributions that you can make and you will lose an immediate tax benefit. Roth and Traditional 401(k) share an employee salary deferral contribution limit of $20,500. Note that since you switched jobs, you need to be careful not to exceed $20,500 in employee contributions in total across both 401(k) plans for 2022. Given that you're covered by an employer plan at work and have high income, you are not eligible for any Traditional IRA deduction so Roth IRA using the backdoor is great. Contribute 6K to Traditional IRA and then convert to Roth IRA. At age 24, this would be 6K/yr...
- Wed Aug 10, 2022 11:17 am
- Forum: Personal Finance (Not Investing)
- Topic: Tax Optimization for Multiple Income Streams
- Replies: 19
- Views: 1656
Re: Tax Optimization for Multiple Income Streams
For 2022, full Roth IRA contribution allowed if MAGI for Roth IRA purposes is under 129K. https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that-you-can-make-for-2022 Be familiar with what is included in your AGI. MAGI for Roth IRA is the AGI with some adjustments to exclude Roth conversion etc. You have a complex tax situation with 2 W2 jobs, self employed income, rental income etc. If you are looking to minimize current taxes, then Traditional contributions to 401(k), 457(b), HSA, Solo 401(k) will reduce your AGI. If you can get your AGI under $129K to make you eligible for direct Roth IRA contributions, there would be no need to use the backdoor into Roth IRA and you'd side step the IRA basis...
- Wed Aug 10, 2022 10:39 am
- Forum: Personal Consumer Issues
- Topic: Laser printer
- Replies: 34
- Views: 2225
Re: Laser printer
We have brother laser printers as well and they work great.