Search found 315 matches

by ICMoney
Thu May 21, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: what to do with pension from previous job
Replies: 14
Views: 1018

Re: what to do with pension from previous job

I have a small, old cash balance pension that earns 4 percent guaranteed interest per year (or higher, there is some treasury it is indexed to), similar to what you are describing. I have kept it there, as guaranteed 4 percent return seemed good to me, and I just consider it a portion of my bond all...
by ICMoney
Thu May 21, 2020 8:33 am
Forum: Personal Investments
Topic: FEIE, VA disability and future plans
Replies: 18
Views: 653

Re: FEIE, VA disability and future plans

So an example of your rollover would be if you had a $2500 rollover, you paid an additional $250 to roll over the $2500 amount and then recieved the $250 back after completing your taxes? Il have to talk to Vanguard to see how they withhold taxes on the TIRA. Thanks for all the help and bringing up...
by ICMoney
Thu May 21, 2020 8:25 am
Forum: Personal Consumer Issues
Topic: Furniture for an infant in the living room
Replies: 28
Views: 1204

Re: Furniture for an infant in the living room

No offense to those posters who made suggestions about cosleeping and "babywearing" while cooking, but I strongly recommend that you carefully and thoroughly research the risks involved in both of those activities. I agree, no babywearing while working over a stove or with a warm oven. We did feel ...
by ICMoney
Thu May 21, 2020 7:59 am
Forum: Personal Investments
Topic: FEIE, VA disability and future plans
Replies: 18
Views: 653

Re: FEIE, VA disability and future plans

So an example of your rollover would be if you had a $2500 rollover, you paid an additional $250 to roll over the $2500 amount and then recieved the $250 back after completing your taxes? Il have to talk to Vanguard to see how they withhold taxes on the TIRA. Thanks for all the help and bringing up...
by ICMoney
Thu May 21, 2020 7:10 am
Forum: Personal Consumer Issues
Topic: Furniture for an infant in the living room
Replies: 28
Views: 1204

Re: Furniture for an infant in the living room

Babywearing? Seriously, most of ours were very vocal about being put down somewhere alone during 0-6 months (especially 0-3 months), which led to my belief that tiny humans are designed to be very upset without another human's touch for periods of time. They were happy if in a boba wrap or ergo baby...
by ICMoney
Wed May 20, 2020 8:53 am
Forum: Personal Investments
Topic: FEIE, VA disability and future plans
Replies: 18
Views: 653

Re: FEIE, VA disability and future plans

Hope you get more eyes on your post this round. Is she maxing out the TSP? (I wasn't clear if she was currently contributing or not) If not then increase her contributions so she maxes it out. Is she contributing to Roth TSP? Probably makes sense to do Roth if all income is tax free as you say. Did ...
by ICMoney
Wed May 20, 2020 7:55 am
Forum: Personal Finance (Not Investing)
Topic: New job / wife 33 weeks pregnant / paternity
Replies: 42
Views: 4303

Re: New job / wife 33 weeks pregnant / paternity

One thought based on our various experiences with maternity/paternity leave: You will be eligible for up to 12 weeks of FMLA after she gives birth. Do you have much accrued sick time? If so, you may be allowed to take sick time starting the day the baby is born, using FMLA reason "care for family me...
by ICMoney
Tue May 19, 2020 5:20 pm
Forum: Personal Finance (Not Investing)
Topic: 20 year Term Life insurance—keep or renew?
Replies: 21
Views: 1286

Re: 20 year Term Life insurance—keep or renew?

Do you really need coverage to age 65 or 70, with your kids long moved out of the house (hopefully)? I would suggest looking at 10 or 15 year term policies. You can get much higher coverage for the same premium. You could even keep the policy you have now and get a 10 year $500K or 750K policy to su...
by ICMoney
Sun May 17, 2020 7:23 am
Forum: Personal Investments
Topic: Looking for some advice
Replies: 3
Views: 507

Re: Looking for some advice

+1, suggest editing your subject line and put something like "Advice - FEIE, VA disability and next steps". Then someone familiar with FEIE who could help is more likely to see it. Does your job allow Roth 401k contributions? If so that could be worth maxing out. Is she maxing out the TSP? If not th...
by ICMoney
Thu May 14, 2020 8:50 am
Forum: Personal Finance (Not Investing)
Topic: Dependent FSA contributions during Covid19?
Replies: 15
Views: 937

Re: Dependent FSA contributions during Covid19?

ETA: here is a link to the page with the form for FSAFEDs if anyone is interested: https://www.fsafeds.com/file/forms Select the QLE form at the bottom of the page and on page three in the top paragraph above the table it contains language which describes the cutoff date I mention above. I reread t...
by ICMoney
Thu May 07, 2020 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Summer Intern Roth 401(k)
Replies: 16
Views: 538

Re: Summer Intern Roth 401(k)

My son is going to remotely intern for a company this summer that matches his 401(k) contributions $0.50 per $1.00 of contributions up to the federal contribution limit of $19,500. That 50% return on contributions is hard to turn down, so it got me to thinking of a plan. I'm interested to hear if v...
by ICMoney
Thu May 07, 2020 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Pay Sibling's Undergrad or Refinance Parent's Mortgage
Replies: 52
Views: 3149

Re: Pay Sibling's Undergrad or Refinance Parent's Mortgage

Not sure how likely getting an internship is starting after year 1 (maybe this is common for Michigan students? I am not familiar), but if this is the goal you could consider having him look into studying for the first actuarial exam now if he is so inclined and thinks he may start out in that major.
by ICMoney
Thu Apr 30, 2020 2:17 pm
Forum: Personal Finance (Not Investing)
Topic: Refinance Mega Thread
Replies: 1465
Views: 135639

Re: Refinance Mega Thread

Thanks frankandbeans. Northpointe was not competitive for me - came in at 3.125% and not much interest in negotiating down. I guess the lenders are probably taking turns to fill their target. Maybe ever week / 2 weeks, someone else has the best offer in town? I had the same experience with Northpoi...
by ICMoney
Thu Apr 30, 2020 7:00 am
Forum: Personal Finance (Not Investing)
Topic: Need to know if it's worth the fight to get HRA $$ back
Replies: 7
Views: 595

Re: Need to know if it's worth the fight to get HRA $$ back

If this happens to be a Federal FEHB HDHP, I had success getting HRA contributions reversed and put back into the HSA retroactively in the past. I recall it took several secure messages back and forth with GEHA but they were able to get it done. And I don't recall it being all that painful of a proc...
by ICMoney
Wed Apr 29, 2020 12:41 pm
Forum: Personal Investments
Topic: Question about draining an Vanguard Individual 401K
Replies: 7
Views: 490

Re: Question about draining an Vanguard Individual 401K

Yes, Vanguard will leave your solo 401k account open even if it has a zero balance. I know this because when I transferred my solo 401K from Vanguard to a different 401K provider, Vanguard was clear that they would not close the account even though they weren't the provider of my solo 401k plan anym...
by ICMoney
Sat Apr 11, 2020 4:22 pm
Forum: Personal Finance (Not Investing)
Topic: Dependent FSA contributions during Covid19?
Replies: 15
Views: 937

Re: Dependent FSA contributions during Covid19?

Be careful if you do pause/reduce FSA deferrals to use up everything you have in the FSA now on dependent care expenses already incurred. At least for our FSA provider, the date of the qualifying life event is a "cutoff" date of sorts. Funds contributed prior to the qualifying life event date canno...
by ICMoney
Sat Apr 11, 2020 4:18 pm
Forum: Personal Investments
Topic: Making first Solo 401k Contribution - Confirm Method
Replies: 9
Views: 462

Re: Making first Solo 401k Contribution - Confirm Method

Side note to consider making Roth solo 401k employee deferrals instead of traditional, to maximize QBI/Section 199 A deduction.

Best, ICM
by ICMoney
Wed Apr 08, 2020 10:51 am
Forum: Personal Finance (Not Investing)
Topic: Dependent FSA contributions during Covid19?
Replies: 15
Views: 937

Re: Dependent FSA contributions during Covid19?

I've been thinking about this since afterschool care first ended back in early March. I only put 2K/year in and typically my expenses are about $2600. I could easily spend it all on specialty camps this summer if I wanted to, but now all that is up in the air. If I do pause it I'll probably have to...
by ICMoney
Sun Apr 05, 2020 12:19 pm
Forum: Personal Investments
Topic: Deadline for 2019 solo 401k and 529 contributions
Replies: 3
Views: 233

Re: Deadline for 2019 solo 401k and 529 contributions

Since the federal tax deadline has been extended, does that also extend deadlines for solo 401K and 529 contributions? Or are those still due by April 15? (Our state has also extended filing deadlines). Solo 401k contribution deadline is extended until July 15 per this article: https://www.mysolo40...
by ICMoney
Thu Mar 26, 2020 7:20 am
Forum: Personal Consumer Issues
Topic: Psy.D. (Doctor of Psychology) degree
Replies: 3
Views: 580

Re: Psy.D. (Doctor of Psychology) degree

First, it is important to attend an APA-accredited doctoral program regardless of the degree type. There are other options besides Psy.D. as well, look into a Ph.D. in counseling or clinical psychology. As the above poster mentioned, there is demand in the government sector as of now for military, V...
by ICMoney
Wed Mar 18, 2020 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: Treasury extends [tax payment date 90 days, filing deadline still April 15]
Replies: 80
Views: 2914

Re: Official IRS statement on tax payment due date

Would this happen to extend the 2019 plan year solo 401k contribution deadline for a sole proprietor? It would be great for our situation if this was extended past 4/15...

Best, ICM
by ICMoney
Mon Mar 16, 2020 2:43 pm
Forum: Personal Finance (Not Investing)
Topic: Why does solo 401k plan let you contribute much more than regular 401k plans?
Replies: 9
Views: 335

Re: Why does solo 401k plan let you contribute much more than regular 401k plans?

My spouse opened a solo 401k last year for her consulting business. Her net profit was $135k. According to this calculator she can contribute ~ $24k of employer contributions. Now I have a regular 401k at my megacorp. My employer matches upto 10% of my annual salary. So assuming my salary is $135k,...
by ICMoney
Mon Feb 17, 2020 5:53 pm
Forum: Personal Consumer Issues
Topic: How to just find a house online and buy it directly from the listing realtor?
Replies: 33
Views: 3032

Re: How to just find a house online and buy it directly from the listing realtor?

We tried this twice, in an effort to get the seller's agent to do the deal for a reduced commission. It worked once in a small market and didn't work the other time in a mid to large market. In the latter, the seller's agent refused to take anything less than 5% for the sale. It almost seemed as if ...
by ICMoney
Sun Feb 16, 2020 6:31 pm
Forum: Personal Finance (Not Investing)
Topic: Lots of big financial decisions to make in short time | please help navigate
Replies: 17
Views: 2186

Re: Lots of big financial decisions to make in short time | please help navigate

How much of the taxable account is long-term capital gains? Do you have any losses you could harvest? If you reduce your 401k deferrals, that tax advantaged space is gone forever. If you are able to sell off some of the taxable account (ie sell off anything with losses, which may not exist in this m...
by ICMoney
Fri Feb 14, 2020 6:22 pm
Forum: Personal Investments
Topic: Cash Balance Plan Question
Replies: 4
Views: 538

Re: Cash Balance Plan Question

Talk to a good pension actuary that works with cash balance plans regularly, not an administrator. The actuary should be able to explain the pros and cons of various cash balance plan designs to you in detail.

Best, ICM
by ICMoney
Fri Feb 14, 2020 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Entry-Level Jobs with Pensions - What companies still offer pensions these days?
Replies: 155
Views: 12324

Re: Entry-Level Jobs with Pensions - What companies still offer pensions these days?

My sense is the majority of open pension plans outside the government sector are cash balance plans, which look a lot different from the pension the mother likely had. If this young person is looking for an open, traditional final average pay pension plan outside the government sector, it will be ha...
by ICMoney
Tue Feb 11, 2020 8:30 am
Forum: Personal Finance (Not Investing)
Topic: GEHA HDHP and Annual Labs
Replies: 13
Views: 477

Re: GEHA HDHP and Annual Labs

Dear friends, Just had my annual physical w/ labs and got hit with a lab bill (~100). I thought preventative labs were covered 100%? It seems like some were covered and some partially covered. How do you get your MD to order the right ones? Anyone else had a similar experience with HDHPs? Thanks. T...
by ICMoney
Mon Feb 10, 2020 9:52 pm
Forum: Personal Finance (Not Investing)
Topic: Am I crazy to consider quitting my job?
Replies: 128
Views: 14067

Re: Am I crazy to consider quitting my job?

Former golden ticket holder here (mom of young kids with part time 80k job with benefits and flexibility). Of course this is your decision, seems like either way there are upsides. Given that you like the job, I would stay if I were you. Your happiness is a big deal and it seems like you have found ...
by ICMoney
Fri Feb 07, 2020 6:27 pm
Forum: Personal Consumer Issues
Topic: The annual "Boglehead considering a country club" thread
Replies: 115
Views: 6887

Re: The annual "Boglehead considering a country club" thread

Oh, and of course, how does your wife feel about all this? She has a balanced POV on it from our discussion so far. Knows longterm it would absolutely make me happy, and is supportive of it being a part of our family life. She is not a "traditional country club person" although I am not really eith...
by ICMoney
Mon Feb 03, 2020 11:32 am
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

Executive Summary: Employee Fiduciary's solo 401(k) allows for Mega Backdoor Roth to be executed for a $500/year plan fee (plus $500 plan establishment fee), which includes TPA and recordkeeping services. In-plan Roth rollovers are $100 each and rollovers of voluntary after-tax contributions to a R...
by ICMoney
Mon Feb 03, 2020 7:44 am
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

I think I follow it now. The Backdoor Roth has had a legal opinion that it doesn't violate the step doctrine. Is there any possibility the IRS could say this isn't allowed? I'm assuming not since this is more formally written in plan documents that the Department of Labor/IRS has approved? See IRS ...
by ICMoney
Mon Feb 03, 2020 7:35 am
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

You mentioned Fidelity is your custodian. How many subaccounts do you have under your Solo 401(k)? This is definitely tempting as I would love to be able to put $57,000 per year + $6,000 per year IRA into Roth contributions (MBR + Backdoor Roth IRA). Note, Employee Fiduciary uses Matrix as the cust...
by ICMoney
Sun Feb 02, 2020 2:01 pm
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

Thanks for the detailed report. I'm still dragging my feet to transfer my Solo 401k out of Vanguard and execute a MBR but keep procrastinating it, partly due to the complexity involved. EDIT: Looks like EF charges a 0.08% of AUM fee? If so that is a no go for me. :? Correct, they have a 0.08% AUM f...
by ICMoney
Sun Feb 02, 2020 1:57 pm
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

Great discussion here. EF shows their Solo 401k costs $100 to establish and $200 per year + 0.08% of plan assets . I'm assuming they charge $500 to establish and $500 per year IF you add the Mega Backdoor Roth capabilities (let's be honest, most people setting this up would want this). They would s...
by ICMoney
Sun Feb 02, 2020 1:13 pm
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

Thanks for sharing. Given the amount you’re talking about, I assume you also made a deferral contribution to the plan for $19k? An added bonus for some people wanting to pursue this would be if Employee Fiduciary would assist in calculating an accurate allowed contribution amount. Not so difficult ...
by ICMoney
Sun Feb 02, 2020 8:13 am
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Re: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

@ICMoney Thanks for posting this. Coincidentally, I just mailed in the forms to create my solo 401k with Fidelity today for my sole proprietorship. (I'm the owner and only employee.) Question: I didn't see anything in my paperwork about selecting funds within my plan. Do I do that later after it's ...
by ICMoney
Sat Feb 01, 2020 3:19 pm
Forum: Personal Investments
Topic: Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion
Replies: 39
Views: 1219

Employee Fiduciary Solo 401(k) with MegaBackdoor Roth and TPA - Discussion

In 2019 I engaged Employee Fiduciary to become the service provider for my solo 401(k) in order to add plan features to execute Mega Backdoor Roth. In case other bogleheads may be looking into such an option for their own solo 401(k)s, I wanted to summarize my experience and offer a space for discus...
by ICMoney
Wed Jan 29, 2020 8:55 pm
Forum: Personal Consumer Issues
Topic: When to Replace Roof vs. Repair?
Replies: 41
Views: 3052

Re: When to Replace Roof vs. Repair?

What are your neighbors doing? Do you see a bunch of roofer signs being placed in their yards? If so your neighborhood is likely on the radar of roofers as a part of this storm event, and they know insurers will pay out. Our roof is getting replaced due to a storm event now. I would suggest if you f...
by ICMoney
Wed Jan 08, 2020 6:14 pm
Forum: Personal Finance (Not Investing)
Topic: Opportunities Moving to State w/o Income Tax
Replies: 15
Views: 1464

Re: Opportunities Moving to State w/o Income Tax

... There doesn't appear to be a lot of specifics in the form or instructions on what is NC income, thus I assume that it is simply the income earned in NC prior to changing residency? It would be based on what is reported on your W-2 statements. You'll be with the same employer, will they send one...
by ICMoney
Sat Dec 21, 2019 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Changes to 401(k) and IRAs, SECURE Act - It's signed
Replies: 292
Views: 23302

Re: Changes to 401(k) and IRAs, SECURE Act - It's signed

Could Roth/inherited IRAs become preferable to pay for college for some, and use 529s to accomplish a stretch? I haven't thought this through, so welcome comments that could refute or support this idea...

Best, ICM
by ICMoney
Sun Dec 08, 2019 9:09 pm
Forum: Personal Finance (Not Investing)
Topic: Fed Employee Front Loading the TSP for 2020?
Replies: 34
Views: 2091

Re: Fed Employee Front Loading the TSP for 2020?

I had a co-worker do exactly what you are proposing. Raise your contribution to 100% not a dollar value and your processing agency should make the standard deductions(healthcare, SS taxes, etc) and the rest will go to TSP. Congrats! Thank you Collin! So easy even a caveman like me can do it LOL War...
by ICMoney
Fri Nov 22, 2019 1:09 pm
Forum: Personal Investments
Topic: Mercer HSA to Fidelity HSA -Splitting hairs
Replies: 7
Views: 615

Re: Mercer HSA to Fidelity HSA -Splitting hairs

Check out this very long thread - many Bogleheads have Fidelity HSAs: viewtopic.php?t=263661
by ICMoney
Wed Nov 20, 2019 1:59 pm
Forum: Personal Finance (Not Investing)
Topic: Moonlighting - get paid as 1099 vs single member LLC?
Replies: 22
Views: 1940

Re: Moonlighting - get paid as 1099 vs single member LLC?

I am one of the posters setting up a custom solo 401k for mega backdoor Roth with Employee Fiduciary. I suggest contacting them as soon as you can if you want to get this set up by 12/31/19. They have been very responsive to me, but it will take at least a few weeks to get the paperwork filled out ...
by ICMoney
Mon Nov 18, 2019 11:43 am
Forum: Personal Finance (Not Investing)
Topic: Moonlighting - get paid as 1099 vs single member LLC?
Replies: 22
Views: 1940

Re: Moonlighting - get paid as 1099 vs single member LLC?

However, I remain firm in my opinion that someone who does not fully understand the ins and outs of 401k compliance should have a true third party administrator (TPA) for a custom one-participant 401k plan supporting the Mega Backdoor Roth. For at least the first year or two. It now appears that Em...
by ICMoney
Mon Nov 11, 2019 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Doing your own taxes and finding errors from past preparer and company!
Replies: 15
Views: 872

Re: Doing your own taxes and finding errors from past preparer and company!

Yes. I actually get a bit worked up about my experience with this. Paid preparer put medical expense withdrawals from HSA as nonqualified withdrawals, but they had all been for qualified medical expenses. The next year I decided to try to figure out our taxes for the first time and found this error....
by ICMoney
Mon Oct 21, 2019 4:28 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone used MySolo401k.com, DiscountSolo401k.com, or Solo401k.com?
Replies: 147
Views: 10505

Re: Has anyone used MySolo401k.com, DiscountSolo401k.com, or Solo401k.com?

I will share a data point here for Employee Fiduciary - who allows Mega Backdoor Roth in their custom solo 401(k) per the salesperson I'm in contact with. Their fee schedule per my understanding for their custom, Mega Backdoor Roth-enabled Solo 401(k)s is: 1. $500 one-time establishment fee for new...
by ICMoney
Mon Oct 21, 2019 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone used MySolo401k.com, DiscountSolo401k.com, or Solo401k.com?
Replies: 147
Views: 10505

Re: Has anyone used MySolo401k.com, DiscountSolo401k.com, or Solo401k.com?

I will share a data point here for Employee Fiduciary - who allows Mega Backdoor Roth in their custom solo 401(k) per the salesperson I'm in contact with. Their fee schedule per my understanding for their custom, Mega Backdoor Roth-enabled Solo 401(k)s is: 1. $500 one-time establishment fee for new ...
by ICMoney
Sun Oct 20, 2019 7:22 pm
Forum: Personal Investments
Topic: Spouses each opened a new business in 2019 - Solo 401k for each?
Replies: 2
Views: 473

Re: Spouses each opened a new business in 2019 - Solo 401k for each?

Some random thoughts in no particular order: A 403b plan is considered controlled by the participant. The 403b annual additions must be aggregated with the annual additions of any business > 50% owned by the participant, including by family attribution. Spouse#1's 2020 maximum annual additions = $5...
by ICMoney
Sun Oct 20, 2019 12:59 pm
Forum: Personal Investments
Topic: Spouses each opened a new business in 2019 - Solo 401k for each?
Replies: 2
Views: 473

Spouses each opened a new business in 2019 - Solo 401k for each?

Hello, spouse and I each opened a new business in 2019. I'm exploring solo 401k options for each of us, and attempting to project for the future to make the right choice about what features we'd want. Spouse #1 1. $45K part-time W-2 job, contribute to traditional TSP $18,700K/year (i.e. no after-tax...
by ICMoney
Fri Oct 18, 2019 7:35 am
Forum: Personal Finance (Not Investing)
Topic: Home and car damage from storm
Replies: 16
Views: 1457

Re: Home and car damage from storm

Before the insurance adjuster comes out, identify the contractor/company who will be doing the repairs and have them be there when the adjuster is. The insurance company will likely low-ball you but it is the job of the contractors to point out additional damages and the true cost of repairs to the ...