Search found 38 matches

by finetuning
Mon Sep 02, 2019 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Do elective individual 401(k) contributions reduce business income deduction?
Replies: 3
Views: 404

Re: Do elective individual 401(k) contributions reduce business income deduction?

Awesome, thank you both. Just in case anyone else runs across this, wanted to follow up with my plan (and feel free to correct anything which I may have incorrect). I have been contributing electively thus far in 2019 in addition to my profit sharing. Fidelity has previously told me they don't diffe...
by finetuning
Sat Aug 31, 2019 10:20 pm
Forum: Personal Finance (Not Investing)
Topic: Do elective individual 401(k) contributions reduce business income deduction?
Replies: 3
Views: 404

Do elective individual 401(k) contributions reduce business income deduction?

I'm wondering if elective (aka: employee) contributions to my individual 401(k) will reduce my qualified business income deduction in the same way as profit sharing (aka: employer) contributions do. I wouldn't think they should, but looking at the forms I think maybe they do. The reason this is impo...
by finetuning
Fri May 03, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: PMI / Removing PMI question
Replies: 11
Views: 976

Re: PMI / Removing PMI question

Great advice. Thanks everyone!
by finetuning
Fri May 03, 2019 11:39 am
Forum: Personal Finance (Not Investing)
Topic: PMI / Removing PMI question
Replies: 11
Views: 976

PMI / Removing PMI question

Hello Bogleheads, Here is some background: I'm buying a house and deciding how large of a down payment to make. I can easily put down 15% immediately, but to stretch to the full 20%, I will need to sell some mutual funds in my taxable account which will generate a gain in the range of $500-$700 whic...
by finetuning
Mon Dec 17, 2018 3:51 pm
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

What I'm talking about is at the end of December when the fund distributes it's dividends (or whatever it's called for a mutual fund) and I have it contributed to a non-deductible TIRA, won't I have to pay tax on that for 2018? Dividends (and capital gains, and any other type of investment earnings...
by finetuning
Sat Dec 15, 2018 5:43 pm
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

2. We have no taxable investments at the moment. Therefore, to make 2018 taxes easier and skip all taxable investment reporting, I think it would make sense to contribute in January as a prior year contribution. Does this logic make sense given that we are only 2 weeks away and I'm not trying to ti...
by finetuning
Sat Dec 15, 2018 2:24 pm
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

I think I get it. And to your last point, that was our plan: She contributes the $5,500 for 2018 now and it sits in a money market earning approximately nothing . In July, 2019 she rolls over the prior balance and is left with $5,500 that has earned ~$0 in the money market Just a quibble. MM rates ...
by finetuning
Fri Dec 14, 2018 8:11 pm
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

Just wanted to bump this thread one more time and make sure my last post had it all right.

Thanks for your help everyone!
by finetuning
Wed Dec 12, 2018 1:35 am
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

When in 2019 will she be able? If significantly before tax day then I would wait to make the contribution until after the rollover in 2019. Makes it easier and less prone to problems with the 401(k) accepting the rollover. She won't be eligible until July 2019. Does that change things? Also, seems ...
by finetuning
Tue Dec 11, 2018 3:05 pm
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

When in 2019 will she be able? If significantly before tax day then I would wait to make the contribution until after the rollover in 2019. Makes it easier and less prone to problems with the 401(k) accepting the rollover. She won't be eligible until July 2019. Does that change things? Also, seems ...
by finetuning
Mon Dec 10, 2018 12:31 am
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Re: Making our first backdoor Roth contributions

You must segregate the funds. No 401k plan will allow funds that have a basis for incoming rollovers. You will need to attest, under penalty of perjury, that all funds you are rolling in are completely pretax funds. I suggest that you open the IRA intended for backdoor Roth at a different custodian...
by finetuning
Sun Dec 09, 2018 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: Making our first backdoor Roth contributions
Replies: 17
Views: 1932

Making our first backdoor Roth contributions

I've posted here in the past about my backdoor Roth contribution plans for 2018 and received a lot of help :D . I think I'm finally ready to pull the trigger this week. My situation is now clear, as I've rolled my TIRA into an Individual 401(k), avoiding the pro-rata rule. However DW's situation is ...
by finetuning
Thu Sep 20, 2018 2:31 pm
Forum: Personal Investments
Topic: Best place for a small HSA
Replies: 9
Views: 946

Re: Best place for a small HSA

Thanks everyone! Lot's of good advice here and I appreciate it.
by finetuning
Thu Sep 13, 2018 7:29 pm
Forum: Personal Investments
Topic: Best place for a small HSA
Replies: 9
Views: 946

Re: Best place for a small HSA

You can make contributions for 2018 up to your tax filing deadline, so your wife's 2018 contribution can be delayed until April 15 2019. Not sure of your ages, if over 50 your wife could also make a catchup contribution for both years (and future years) which will help ramp up the HSA balance. Othe...
by finetuning
Thu Sep 13, 2018 7:12 pm
Forum: Personal Investments
Topic: Best place for a small HSA
Replies: 9
Views: 946

Re: Best place for a small HSA

Lively it. Excellent transfer customer service, almost seamless. Park it with them and enjoy cruising with it out out sight out of mind for a while. That looks like a good option. If I'm understanding it right, it's free, and $2.50/mo with investing with TD Ameritrade? If so, then can anyone tell m...
by finetuning
Thu Sep 13, 2018 6:54 pm
Forum: Personal Investments
Topic: Best place for a small HSA
Replies: 9
Views: 946

Best place for a small HSA

DW started a new job and we signed up for her HDHP with HSA. I am now self employed, but will likely be getting a new "regular" job in the next few months. The rates on her health insurance are pretty high, so I predict that we will switch to my future employer's plan once I do get a new job. As I w...
by finetuning
Mon Sep 10, 2018 1:29 pm
Forum: Personal Finance (Not Investing)
Topic: Getting professional tax help for 2018
Replies: 9
Views: 1188

Re: Getting professional tax help for 2018

Thanks everyone. Any thoughts on how much I should pay for this? My thinking on it all is that for, say $200, then it's worth my money more than the time if I have a competent advisor. For $1,000 it definitely isn't. Even $500 might not be. A quick google search says I'm probably looking in the $200...
by finetuning
Sun Sep 09, 2018 8:28 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth and SEP
Replies: 7
Views: 438

Re: Backdoor Roth and SEP

Are you sure both of your 401(k) plans in 2019 will accept incoming IRA rollovers? Not all do. Wow, didn't realize that. No, I'm not at all sure. I could find out about DW's right now, by talking to her HR department. But for my case, I will not know until I find my next job. How do you think this ...
by finetuning
Sun Sep 09, 2018 7:05 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth and SEP
Replies: 7
Views: 438

Re: Backdoor Roth and SEP

Are you sure both of your 401(k) plans in 2019 will accept incoming IRA rollovers? Not all do. Wow, didn't realize that. No, I'm not at all sure. I could find out about DW's right now, by talking to her HR department. But for my case, I will not know until I find my next job. How do you think this ...
by finetuning
Sun Sep 09, 2018 7:03 pm
Forum: Personal Finance (Not Investing)
Topic: Getting professional tax help for 2018
Replies: 9
Views: 1188

Getting professional tax help for 2018

I've recently posted a few times as I'm trying to figure out my tax situation for 2018. I've decided that it's getting a little bit beyond my comfort level and I'd like some professional help. Objectively, the things I'm calling "complicated" probably aren't. It's just that they are new and unfamili...
by finetuning
Sun Sep 09, 2018 6:50 pm
Forum: Personal Finance (Not Investing)
Topic: Backdoor Roth and SEP
Replies: 7
Views: 438

Backdoor Roth and SEP

Hello, I've been reading about backdoor roth and prorata rule. I think I understand it now, but would appreciate some feedback on my situation to make sure I'm not making a mistake. Current status: 1. In our current portfolio, I have a rollover IRA (traditional) and DW has a traditional IRA which we...
by finetuning
Wed Aug 22, 2018 7:48 pm
Forum: Personal Finance (Not Investing)
Topic: W2 Box 13 and traditional IRA deduction
Replies: 5
Views: 405

Re: W2 Box 13 and traditional IRA deduction

Thanks Alan. There is no defined benefit plan and I don't think there is any profit sharing, but I will check to be sure. Thanks!
by finetuning
Wed Aug 22, 2018 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: W2 Box 13 and traditional IRA deduction
Replies: 5
Views: 405

Re: W2 Box 13 and traditional IRA deduction

What does it matter. If you are planning for a rIRA just do it backdoor anyways. Well, no, I'm hoping that if our MAGI is below $186K we can contribute to a traditional IRA and deduct it. Or if we are between $186K and $196K get a partial deduction. Our MAGI will be approaching this range (though u...
by finetuning
Wed Aug 22, 2018 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: W2 Box 13 and traditional IRA deduction
Replies: 5
Views: 405

W2 Box 13 and traditional IRA deduction

Hi Bogleheads, My wife recently started a job in which she will be eligible for 401(k) contributions and match after 1 year . She cannot contribute before then, even without a match. She did not have a job prior to this in 2018, and thus will make no 401(k) contribution in 2018 :( . I had a job most...
by finetuning
Thu Jul 05, 2018 10:17 am
Forum: Personal Finance (Not Investing)
Topic: Student loan capitalized interest deduction
Replies: 2
Views: 356

Re: Student loan capitalized interest deduction

Thanks Huey! Sounds like I have nothing to worry about. I’ll follow up once I get the 1098-E to confirm it was reported correctly.
by finetuning
Wed Jul 04, 2018 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Student loan capitalized interest deduction
Replies: 2
Views: 356

Student loan capitalized interest deduction

Yet another student loan interest deduction question, but i couldn't find an answer to this one as I poked around Bogleheads and Google. Wife just graduated and refinanced ~$50K student loans from a rate of 6% to 2%. Said loans should have accrued approximately $1,500 of interest YTD. Check should c...
by finetuning
Mon Mar 05, 2018 9:25 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC from SOFI - Am I self employed?
Replies: 18
Views: 1652

Re: 1099-MISC from SOFI - Am I self employed?

On the back of form 1099-MISC, it says the following for line 7: If you are not an employee but the amount in this box is not SE income (for example, it is income from a sporadic activity or a hobby), report it on Form 1040, line 21 (or Form 1040NR, line 21). Make sure you attach a statement to the...
by finetuning
Mon Mar 05, 2018 8:33 am
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC from SOFI - Am I self employed?
Replies: 18
Views: 1652

Re: 1099-MISC from SOFI - Am I self employed?

What box on your 1099-MISC does the amount appear in? It's in box 7. I used TurboTax. Is there a question similar to 'was this income earned with the intent to make money?' I had an account transfer bonus this year, and I thought, yes, I wanted to make money on this....but I think this question is ...
by finetuning
Sun Mar 04, 2018 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-MISC from SOFI - Am I self employed?
Replies: 18
Views: 1652

1099-MISC from SOFI - Am I self employed?

Hi everyone, I received $600 in bonuses from SOFI in 2017 ($300 from a refinance and $300 from a referral). I received a 1099-MISC. I'm filing with FreeTaxUSA this year and the path it led me down is filling out Schedule C and paying self employment tax. This seems weird to me. For example in schedu...
by finetuning
Mon Apr 11, 2016 7:34 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Re: Help me reduce my 2015 AGI!

Weird. These are the same questions I was wondering. It is a 2015 contribution made in 2016, and was not included in box 12 of my 2015 W2. I'm trying to think if this would have impacted anything... I think worst case scenario is this should have been included on my 2015 W2 and wasn't. But I dialed ...
by finetuning
Sun Apr 10, 2016 9:35 am
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Re: Help me reduce my 2015 AGI!

So I ended up contributing $5.5K to the IRA and $1.05K to the HSA. Reduced my federal tax bill by about $2.3K or 35% as expected. Thanks everyone!
by finetuning
Tue Apr 05, 2016 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Re: Help me reduce my 2015 AGI!

Once you have completed your taxes, do report back if everything worked out. Will do, probably this weekend. One thing I noticed is that my employer contributed $150 to my HSA this year as a 2015 contribution... :?: So I guess I have to remove that from my eligible prior year contribution. Anyone k...
by finetuning
Sun Apr 03, 2016 10:23 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Re: Help me reduce my 2015 AGI!

From https://www.irs.gov/publications/p590a/ch01.html#en_US_2015_publink1000230472 Use table 1.3 when spouse is covered at work. Phaseout begins at 183K (not 98k) Table 1-3. Effect of Modified AGI1 on Deduction if You Are NOT Covered by a Retirement Plan at Work If you are not covered by a retireme...
by finetuning
Sun Apr 03, 2016 6:47 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Re: Help me reduce my 2015 AGI!

-I have maxed my roth, but not contributed any in her name You could do a recharacterization from roth to traditional Oh, that's a good idea too! Although, I may "forget" you said that, because it will force me to sock away more money for retirement which is always a good thing :D I assume you have...
by finetuning
Sun Apr 03, 2016 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Re: Help me reduce my 2015 AGI!

Thanks for those three responses. I did not consider that, because I thought I couldn't deduct a traditional IRA since I participate in a 401(k). Looks like I was mistaken. I just read through this and I think this will work. Here is the relevant information: -I participate in a 401(k), my spouse do...
by finetuning
Sun Apr 03, 2016 3:58 pm
Forum: Personal Finance (Not Investing)
Topic: Help me reduce my 2015 AGI!
Replies: 22
Views: 4759

Help me reduce my 2015 AGI!

Hey Bogleheads, hoping some tax experts can help me out here! I'm working on my 2015 taxes in Tax Act this weekend. Haven't had much need to plan ahead in the past, but wish I would have this year... here is my situation: -Spouse is in school with more than $10K tuition expense so we qualify for the...
by finetuning
Sat Feb 20, 2016 6:02 pm
Forum: Personal Finance (Not Investing)
Topic: Refinancing student loans during grad school
Replies: 3
Views: 543

Refinancing student loans during grad school

A few years ago I refinanced my grad school loans and have been very happy with the result. I went from an ~8% fixed rate to a ~3% variable rate on a high 5-figure balance. Currently, my wife is in grad school and has taken out federal loans. Her balance is about $25K so far and the rate is around 8...