Bogleheads.org

You might find this relevant:

https://www.ers.ga.gov/post/gdcp-handbook

retired recently wrote: ↑Mon Mar 20, 2023 3:30 pm We did not look around last time to make sure a brokerage would let him open a plan with such a small amount in it. This time it will be a couple thousand I imagine.

At Fidelity, there's no minimum for a rollover IRA.

Also, if this happens again it seems to me your son should be able to rollover these forced distributions into an IRA in which case there'd be no penalty. Obviously you'll need to figure out if it's Roth or not before doing that.

You should be able to tell from his W-2 whether those contributions were being included in taxable income or not.

retired recently wrote: ↑Mon Mar 20, 2023 2:39 pm As long as there is not a 10% penalty he would rather them keep his money and then have them return it than speak to HR.

There is a 10% penalty but if it's a Roth plan the penalty is only on earnings. If the money is not being invested but sitting in cash then earnings will be minimal & so will the penalty. He'd have to have at least $5 in box 2a before the penalty will get rounded up to $1.

retired recently wrote: ↑Mon Mar 20, 2023 2:20 pm As someone mentioned, I thought you could opt out but they have indicated it is not an option.

Obviously it will depend on your particular state's rules; in Missouri it appears you have to opt out with 30 days of hiring. If you miss the 30 day window you're stuck contributing a minimum of 1%. And Roth savings is one of their options, so that would be consistent with the 1099 your son got.

Form 5329 applies the 10% penalty to the amount in box 2a on the 1099-R. Since that box only has $1 in it, 10% of that is 10 cents which gets rounded down to zero.

Maybe it's a Roth plan, so the original contribution can be returned without penalty?

austin_hiker wrote: ↑Fri Mar 17, 2023 11:49 am Wondering if it’s affecting all Fidelity retirement accounts?

It hasn't affected either of my Fidelity IRAs (or any of my other Fidelity accounts), so it might just be NetBenefits accounts.

doobiedoo wrote: ↑Wed Mar 15, 2023 5:08 pm A. As a consumer, are you willing to try FedNow?

I doubt it. I don't use any of the existing cash transfer apps (Venmo/Zelle); this one doesn't seem any more appealing than those.

B. Are you willing to abandon your credit cards, PayPal, etc. (and reward points) to use FedNow?

Credit cards? No. PayPal? Maybe, but again I don't see a compelling reason to switch.

C. If you own stock in V, MA, PYPL, SQ (Block) are you having thoughts about selling those companies?

I do not own such stocks.

+1 on trying pasties. Two places I always stop when I'm in town: in Mackinaw City, Hunt's Mackinaw Pastie & Cookie Co. I'll get one to go & then go down by the old lighthouse & sit on a bench watching the water while I eat. And in Houghton, Roy's Pasties & Bakery. Also in Houghton, when I was in college there, I lived across the street from the Library Bar; it's more of a restaurant now but they brew their own beer (or did the last time I was there). A few other things I'd suggest - if you get up near Copper Harbor, drive up to the top of Mt Brockway. And I'd do a mine tour. The Quincy Mine tour in Hancock is more organized & has more old equipment to look at but the actual mine itself isn't that impressive (IMO). When I...

Is it impossible or illegal to have the IRS not withhold any taxes from my paychecks? I think it's very difficult to not have income tax withheld if your income is high enough to be taxable, yes. IIRC they redesigned the W4 to make that harder than it used to be. Is it true that if the withheld amount is less than 90% of the total tax amount at the end of the year, the IRS will charge penalty? Basically yes, although if the amount withheld this year is equal to or greater than 110% of the tax you owed last year you won't be penalized. But the general intent is that you should be paying your income taxes as you receive the income, especially if you're receiving predictable income like a paycheck. If you try to not have any taxes withheld &a...

N.Y.Cab wrote: ↑Mon Mar 06, 2023 4:05 am According to my notes from Bogleheads: You need to start SS in January to get all DRCs earned. Dec lose 11 DRC on 1 payment, Feb would lose 1 for 11..July is worst loser of 6 for 6.

Ah, yes, now I remember that as well - the DRC is calculated in January & they use that number for the rest of the year (and true-up the following January) unless you wait until age 70 in which case they go ahead & give you the full 24% right away. That would explain the numbers on my statement.

If you're still working they're assuming you'll continue to work until you start your benefit; extra years of employment could increase your AIME & your benefit beyond the 8% per 12 months you get for delaying.

I don't know what other assumptions they're making for that statement. My latest statement says my benefit only goes up by 4% if I wait 1 year past FRA, 12% if I wait 2 years, but the full 24% increase if I wait to age 70. I'm not entirely sure what's going on there but my birthday is in July so maybe they're assuming my age 68 and age 69 benefits start at the beginning of the years I turn 68 & 69? But then why would they not also make that assumption about age 70?

tibbitts wrote: ↑Sun Mar 05, 2023 1:30 pm Do you equally blame other companies that lobby for laws beneficial to them?

If those laws are detrimental to me, then yes I do.

tibbitts wrote: ↑Sun Mar 05, 2023 1:30 pm What if your job depended upon your employer's lobbying?

That gets a bit more complex. On the one hand, having that job wouldn't be detrimental to me, so *I* wouldn't have a problem with it. But if it was detrimental to others, I'd understand if *they* had a problem with it. And since I spent my career working for a defense contractor, this is hardly a hypothetical question to me; overall, I'd have to say that my feelings about my employer's lobbying efforts were complicated.

But this is starting to get well off the topic at hand.

tibbitts wrote: ↑Sun Mar 05, 2023 1:03 pm

Gryphon wrote: ↑Sun Mar 05, 2023 12:55 pm If a company spends money lobbying Congress to pass a law & then Congress passes that law, why shouldn't I blame both?

The company's job is to lobby Congress or do anything else it can within the law to maximize profit, so you'd be blaming the company for doing what it's supposed to be doing.

If the law benefits the company at my expense, they can put on their big boy pants & take the blame along with the profits.

Congress sets laws - not software companies. Your blame is misplaced if you are blaming software companies. If a company spends money lobbying Congress to pass a law & then Congress passes that law, why shouldn't I blame both? Back on topic, for a long time I e-filed federal & printed state. But over time the supporting documentation that I have to provide the state when filing on paper (that they don't require when e-filing) has increased & it's now larger than the tax return itself. The year I had to use a 9x12 envelope & hand carry it to the post office to get weighed, because the total amount of paper was the size of a small magazine, was the last straw. If I could go back to putting my state return in a business envelo...

meadowrue wrote: ↑Fri Feb 24, 2023 3:53 pm if I went ahead and moved my UMB funds to Payflex now (so it’s all consolidated, and the transfer is handled by my employer) I could always transfer to Fidelity at some point down the road, right?

Yes, but if you're still having contributions to that HSA withheld from your paycheck (or your employer is making contributions to it on your behalf) you'd need to be careful to not transfer the entire account, since that would close the old HSA & mess up the contributions.

Can I literally just open an HSA account at Fidelity as long as I am on an HDHP plan (but even if my employer is funding a different HSA?) Yes. You don't even need to have an HDHP - that's only a requirement for contributing to an HSA, not for owning one. I moved my HSA to Fidelity after I no longer qualified to make HSA contributions. How long does the process take? I am worried about being out of the market for too long, but perhaps I’m overthinking that. It varies. I've done trustee-to-trustee HSA transfers twice, one took about a week & the other almost a month. If I left my employer and started working somewhere without an HDHP option could I keep my HSA but just stop contributing to it? You can keep your HSA account, but as you d...

I went through the various options for adding 2FA to my ID.me login to the IRS, none of them looked like they would work with the Security tab in IRS2Go.

IRS2Go is not a new app, it's been around for a long time. The 2FA code feature was added to the app before they started using ID.me; I don't know if it works with that service or if it's only for folks who have the old logins.

With cards that have cash back programs, when the cash back is credited to the card that doesn't reduce the payment owed - you still need to send them the minimum payment due. Normally I would expect it to be the same with returns; I would send them the minimum payment as indicated on the statement. But in this case, since the remaining balance is now less than the minimum payment, I think you should be OK just reducing the balance to zero.

The IRS did say a year ago that they would work to add Login.gov as an option but it hasn't happened yet. In the meantime, ID.me stopped requiring facial recognition as part of creating a login for the IRS, and that seems to have stopped a lot of the complaining.

Maybe the IRS message that they're going to stop using their own login is a sign that they're getting closer to enabling Login.gov, but who knows?

I started a 72t plan in 2017; it ended last month when I turned 59½. I didn't find it particularly difficult to set up but as others have pointed out it's very inflexible. Don't expect any help from your financial institutions; be prepared to figure it out yourself & handle it on your own. I never even told Fidelity I was doing a 72t. TurboTax asked the right questions to avoid the early withdrawal fee & file the necessary form with my tax return. It helps to have savings outside the 72t plan that you can draw on in case of unplanned expenses.

72tnet.com has some good resources to help you figure out your plan if you decide to go that route.

I haven't started drawing on my Roth yet, but I would expect to get a 1099-R when I do even though the withdrawal will not be taxable (I am over 59½). I would expect box 7 to have code Q (Qualified distribution from a Roth IRA) which in TurboTax results in no tax owed.

Once a person has 35 years of paying the maximum social security tax, do additional years worked increase social security benefits at all? The short answer is no. And the long answer is [expletive deleted] no. This is not correct, at least for someone turning 70 this year. When I calculate the SS max for someone born in 1953 and potentially 53 years of maximum contributions (unfortunately I am short of that- actually glad I do not have 53 years of earnings), it can increase by having more years of maximum contributions as they replace years that had much lower maximum contributions. For someone who's younger, though, the answer appears to be "yes, but not by much". I turn 60 this year; when I look at the maximum indexed earnings ...

sal14 wrote: ↑Sat Feb 18, 2023 6:55 am You can access your old tax forms on the IRS website.

My IRS data only went back 10 years, not nearly enough to get a complete record of my IRA contributions. So people shouldn't rely on this as a way to avoid keeping their own records.

(I only checked because I'm missing 5498s from a single year about 20 years ago & thought I could fill in the missing piece.)

I've never heard of one, and I doubt there is one. I don't think there's much demand for it, and the state tax returns that I've done use the federal return as a starting point (and want the federal return included when you file) so you can't really do the state by itself anyway.

My statement this morning is still showing "Not Yet Recorded" for 2022 earnings. And the earnings record on the web site shows that for both 2022 and 2021. Not that it matters since they're both $0.

My PDF copy of my 1040 (generated by TurboTax) does say to attach 1099-Rs if tax was withheld (of course, that doesn't apply to e-filing). Looking back at old tax returns, they've said to attach 1099-R as far back as the early 90s.

However, TurboTax didn't try to print a 1099-R. I don't know why tax software would do that unless it's some side-effect of downloading the 1099 from within the program (which I don't do).

I don't recall ever having to attach a 1099-INT or -DIV to a federal tax return. I've never had a 1099-B, so I don't know about those.

There's a fairly new ETF that invests in Amazon stock (YAMZ) that just started in December, it's paid out a couple of 20 cent per share dividends. I've seen some confusion over that.

The slowest part of ripping CDs for me these days is fixing the meta data. The data sources used by the ripping software will either have the album name or the song titles be incorrect or undesirable in some way, or I'll disagree on the genre, or the year will be the year the CD was released rather than the original album, or the artwork will be crap (or unavailable) & I'll have to go search for something better. I think I spend as much if not more time fixing all that as the computer does doing the rip & encoding.

rockstar wrote: ↑Wed Feb 15, 2023 9:15 am This is what I mean above.

https://en.m.wikipedia.org/wiki/Riplock

"CDs are usually not affected".

Running several inexpensive optical drives in parallel will get you faster results than one "super-fast" drive. A fast CPU should be able to keep up with the MP3 encoding, considering that you have to manually swap the CDs in & out.

Your ex-spouse is eligible for 36 months of COBRA coverage. That would be the right way to keep them covered by your employer's insurance plan.

https://www.dol.gov/agencies/ebsa/worke ... nd-divorce

Filing Missouri state taxes with Turbo Tax over the last couple decades, the state return availability lags behind the federal return but typically not by more than a couple weeks. I can only recall one time when they were not both ready by the end of January; that was last year, when I could not file the state return until the second week in February. Most years I'm still waiting for 1099s when TurboTax is ready to go.

There are a wide variety of bike computers out there - very simple ones that will just tell you speed & distance travelled, up to very complex units similar to the one you linked that have mapping & heart monitors, all the bells & whistles. What sort of information do you want it to tell you?

The advantage to a dedicated bike computer is that it's right there on the handlebars - you just have to glance down, don't have to take your hand off the handlebars or anything. OTOH, a phone + watch could do most of that for you, but it's a bit less convenient.

Timbo wrote: ↑Sat Feb 11, 2023 9:18 pm I believe in past years I've only received the 1099-DIV.

I'm confused. Does it have something to do with Vanguard converting me from a Mutual Fund account to a brokerage account in 2022?

Perhaps the 1099-DIV is for the old mutual fund account and the Consolidated 1099 is for the new brokerage account? I can't think of any other reason you'd be getting 2 different 1099s.

You should be able to look at the statements for each account, add up the dividends, and match the totals to the 1099s.

The instructions for schedule 2 line 8 only say that you don't have to file a 5329, they don't say that you cannot file a 5329. I'd just let the program do what it wants, as long as the 5329 is filled out correctly.

JenniferW wrote: ↑Sat Feb 11, 2023 12:44 pm ]Such a gerat deal. TT Deluxe seems to do it ALL for so cheap.. for what up to 4 or 5 family members / friends?

As long as the family members & friends live in the same state as you, it's fine. If some of them live in different states then you'll have to pay $40 for each additional state.

I wouldn't worry about it if I were you. You'll still be a resident on the first of April & you'll have paid for insurance for April, so you'll be covered for April. People can't time their moves to line up exactly with the 1st of the month, if the insurance coverage was that strict I think you'd have heard all kinds of horror stories about people losing their insurance mid-month.

The only thing I'd be concerned about is signing up for new coverage in time - some states you have to sign up by the 15th in order to get coverage starting the first of the next month and you're not moving until after the 15th. So what are you going to do for insurance for May?

JenniferW wrote: ↑Sat Feb 11, 2023 12:03 pm Wait did I make a mistake? Do I need Turbo Tax premiere instead of deluxe.. i.e.t o connect to robinhood, td ameritrade, fidelity and schwab, to download the 1099's? I dont' want to manually enter in this stuff into 8949 / schedule D. I did a bit of swing trading last year unlike in 2021.

I don't think you need Premier to download 1099s - I used Deluxe again this year & it kept asking me if I wanted to download those (I didn't). But I don't have to file an 8949 either.

Edit - I tried telling Deluxe that I had a 1099-B and it immediately offered to download it. So I really don't think you need Premiere for that.

As for filing dates, I would think March is generally safe but it really depends on how complicated your financial life is. Personally I usually have everything I need to file by early February.

JenniferW wrote: ↑Sat Feb 11, 2023 11:27 am Thank you. I do have a Fidelity brokerage account but there is only 48 cents in it currently. I opened it for the $100 bonus.
How would I go about getting Turbo Tax Deluxe for free via Fidelity?

Nobody's entirely sure of the exact criteria, but having a large amount of money (greater than one million) in accounts there seems to be a common theme. Pretty sure 48 cents isn't gonna get you any freebies.

You have 60 days to sign up for new insurance after you move, and then your new insurance will start the first of the following month. So I think if you moved now you could wait until early April to sign up for new insurance which would go into effect May 1st. Your current insurance would be good through the end of April.

https://www.healthinsurance.org/special ... er-an-sep/

Amazon has a deal today where you can get a $10 gift card with the purchase, reducing your net cost to 34.99. That's probably going to be the best you can do (short of getting the freebie from Fidelity).

Costco has a similar deal still going where you get a $10 credit towards e-filing fees instead of a gift card. That deal also ends today.

HSA contributions withheld from your paycheck should be excluded from gross income, so they would be exempt from FICA taxes.

On my old W-2's that had HSA contributions, my HSA contributions were excluded from the wages in boxes 1, 3, and 5.

Remember not to subtract any employer contributions to your HSA since those weren't part of your income in the first place.

If the capital gain is large enough that you have to pay taxes on it (> 250K) then it's included in the AGI on your tax return. The modified AGI used for IRMAA doesn't exclude those capital gains, so yes it could bump you up into a higher IRMAA bracket 2 years later. But you would only pay the higher surcharge for that one year.

brad.clarkston wrote: ↑Fri Feb 10, 2023 1:49 pm

ClassII wrote: ↑Fri Feb 10, 2023 1:43 pm When you give answers to secret questions they should be total gibberish and saved into the password manager.

Make sure the answers are gibberish and different for all three questions.

I wouldn't go overboard on making them gibberish; remember that you might wind up having to read these answers back to someone over the phone. I personally stick to non-sequitur style answers - English words that are unrelated to the question.

#2 sounds correct. She is eligible for a catch-up contribution and it has to go into an HSA in her name, it can't go in yours. You can also put as much of the $7300 family contribution into her account as you want, it doesn't all have to go in yours. The only money that has to go in your account is your $1000 catch up contribution.

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M83 - "Oceans Niagara" https://www.youtube.com/watch?v=ryFV9dORPPw

Stan Getz & Chet Baker - "Medley: Autumn in New York / Embraceable You / What's New" https://www.youtube.com/watch?v=lGcX82D3mOE