Search found 903 matches

by MP123
Sun May 26, 2019 6:46 pm
Forum: Personal Consumer Issues
Topic: Port Townsend-Pacific Northwest
Replies: 11
Views: 656

Re: Port Townsend-Pacific Northwest

Port Townsend is a fun little town to visit with a nice touristy downtown. It's reminds me a bit of Friday Harbor. If you're into outdoorsy stuff or boating it would be a great place for you. As mentioned above though it's a long way from anything really urban if you want or need that. Don't underes...
by MP123
Fri May 24, 2019 10:32 pm
Forum: Personal Investments
Topic: Help with my wife's 1099 Retirement and Backdoor Roth
Replies: 7
Views: 282

Re: Help with my wife's 1099 Retirement and Backdoor Roth

In both cases it's 25% of income as the "employer" contribution. more accurately it's 25% of compensation , whether incorporated or not it so happens that it's simpler to state this as 20% of net self employment income in the case of a sole proprietorship You're quite right. The math gets a little ...
by MP123
Fri May 24, 2019 10:13 pm
Forum: Personal Investments
Topic: Help with my wife's 1099 Retirement and Backdoor Roth
Replies: 7
Views: 282

Re: Help with my wife's 1099 Retirement and Backdoor Roth

In both cases it's 25% of income as the "employer" contribution. But the i401k also allows an "employee deferral" of up to $19k, even more if you're over 50. The employer contribution is assuming she's incorporated, 20% if schedule C. And even better it let's you do the backdoor Roth. No reason for ...
by MP123
Fri May 24, 2019 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: American Express lowered my credit limit
Replies: 58
Views: 4303

Re: American Express lowered my credit limit

I have seen reports of that before. It's a risk management thing. How so? What risk are they managing? I have never been late on any payments, and my credit score is very high. The risk that they get stuck with a fraudulent charge exceeding the new lower limit. That risk existed for many years befo...
by MP123
Fri May 24, 2019 9:43 pm
Forum: Personal Investments
Topic: Help with my wife's 1099 Retirement and Backdoor Roth
Replies: 7
Views: 282

Re: Help with my wife's 1099 Retirement and Backdoor Roth

You'd be much better off with a solo 401k than a SEP - IRA, especially if you're planning to do backdoor Roth conversions. For the backdoor you're right about opening a traditional IRA, but then you'd roll it into a Roth IRA. It's completely separate from the 401k but requires that you have no money...
by MP123
Fri May 24, 2019 8:48 pm
Forum: Personal Investments
Topic: Best way to backdoor Roth IRA
Replies: 28
Views: 1954

Re: Best way to backdoor Roth IRA

Silly question but when the funds are settled and available in the traditional ira Vanguard account, would you get an option or a button, convert and then yiu can hit that and convert to roth Ira!? I don't know about Vanguard but at Schwab it is truly that simple. They even keep the contributory IR...
by MP123
Thu May 23, 2019 6:38 pm
Forum: Personal Investments
Topic: Switch from SEP-IRA to solo 401k
Replies: 11
Views: 732

Re: Switch from SEP-IRA to solo 401k

Sorry, I had the terms backwards. You can contribute more to a Solo 401(k) with catch-up contributions once you reach 50. You can also take advantage of a backdoor Roth IRA. I plan on retirement at 50 😂 the backdoor Roth is really why I want to switch to a solo 401k. My current plan is: Keep 2019 v...
by MP123
Mon May 20, 2019 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Opening a Solo 401k to roll over a large tIRA
Replies: 9
Views: 505

Re: Opening a Solo 401k to roll over a large tIRA

I don't think you need profit or even income to open the plan, just to contribute to it. Further, section 401(c)(1)(b) says that self employed individuals include those that have ever been self employed so I don't think you need to maintain the business except of course if you want to make contribut...
by MP123
Sun May 19, 2019 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k, Plan Administrator EIN question
Replies: 11
Views: 602

Re: Solo 401k, Plan Administrator EIN question

I'm still confused though. The sole proprietor will use his/her EIN for the plan (or get a plan ID and use that), but the administrator must also get a separate EIN even if it's the sole proprietor that has the EIN for his/her business? So, one would have 2-3 EIN's: 1 for business, 1 for administra...
by MP123
Sun May 19, 2019 9:44 pm
Forum: Personal Finance (Not Investing)
Topic: Selling home- Demanding Buyer (Repairs)
Replies: 111
Views: 8311

Re: Selling Home: Demanding Buyer Part 2 (picture)

That service entrance box is mounted in contact with the ground. Completely unacceptable in any area of the country I'm familiar with. But it belongs to the power company so it's their issue. I'd limit the buyers request as worded to $x (where x is maybe $1k) and be done with the place. No one else ...
by MP123
Sun May 19, 2019 7:18 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k, Plan Administrator EIN question
Replies: 11
Views: 602

Re: Solo 401k, Plan Administrator EIN question

I used the S-corp EIN on the 5500-EZ which is what I used on the paperwork to start the plan too. So far no issues.

If you do get a separate EIN for the plan you should probably let the custodian know.
by MP123
Fri May 17, 2019 7:22 pm
Forum: Personal Investments
Topic: HSA for Dummies
Replies: 12
Views: 1140

Re: HSA for Dummies

An HSA account is the best deal around from a tax perspective. You don't pay tax on the money you put in, it's growth, or it's withdrawal as long as it's spent on medical. Unlike other tax advantaged accounts you don't need earned income to contribute, but you do need a high deductible health insura...
by MP123
Wed May 15, 2019 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Options for Depositing Check for Dissolved Entity
Replies: 4
Views: 474

Re: Options for Depositing Check for Dissolved Entity

How much is it for? An authorized signer should be able to endorse the check "pay to the order of..." You might also try depositing via ATM or better yet cell phone app. In my experience there is very little if any review of deposits made that way unless someone complains. To be clear I'm not encour...
by MP123
Sun May 12, 2019 10:31 pm
Forum: Personal Finance (Not Investing)
Topic: How to Figure Payroll Taxes for S-Corp?
Replies: 22
Views: 1052

Re: How to Figure Payroll Taxes for S-Corp?

[quote=awdesign post_id=4540488 time=<a href="tel:1557685151">1557685151</a> user_id=145808] I am not sure if it is legal not to take reasonable w-2 every month. My accountant wants me to take w-2 salary every month to be safe. I pay myself w-2 monthly and take pass tru at the end of the year. It i...
by MP123
Sun May 12, 2019 9:35 pm
Forum: Investing - Theory, News & General
Topic: Can I do a self employed 401k + backdoor roth
Replies: 5
Views: 432

Re: Can I do a self employed 401k + backdoor roth

A 401k plan doesn't interfere with a backdoor Roth, but a regular (not inherited) IRA will. Of course you may be able to roll the IRA into the 401k to solve that.
by MP123
Sat May 11, 2019 9:17 pm
Forum: Personal Consumer Issues
Topic: Drill well today or drill well later?
Replies: 26
Views: 2122

Re: Drill well today or drill well later?

Bringing electric in will involve ongoing monthly costs even though you aren't using the service yet. If access is easy and not likely to be a problem in the future I'd wait on the electric. Drilling a well might be a good idea now. I don't know where the site is but in some areas water is hard to f...
by MP123
Thu May 02, 2019 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: created LLC, can I deduct aca premiums?
Replies: 9
Views: 906

Re: created llc, can I deduct aca premiums?

Note that your line 29 health insurance deduction can't be more than the net profit from your business. So you aren't really deducting it from the top line of the business as in the OP, but rather from the businesses bottom line by the time you put it on line 29. How is your LLC taxed? As a sole pro...
by MP123
Wed May 01, 2019 10:26 pm
Forum: Personal Consumer Issues
Topic: Hiring a contractor to cut down some trees....what should I be aware of?
Replies: 89
Views: 5008

Re: Hiring a contractor to cut down some trees....what should I be aware of?

Very useful tips! Thanks. Anyone ever had work done on a tree with CATV and phone lines running "thru" the branches. Do you need to have the CATV/phone companies move the lines or these tree guys good enough to cut the branches w/o damage to the incoming lines? Do the companies charge you if they h...
by MP123
Tue Apr 30, 2019 10:14 pm
Forum: Personal Investments
Topic: Backdoor Roth - Does It Make Sense? Other Thoughts?
Replies: 5
Views: 453

Re: Backdoor Roth - Does It Make Sense? Other Thoughts?

Your backdoor Roth contribution is only $6k and your mortgage is almost $50k/yr. I think you should focus on the $1,000,000+ in mortgage and student loan debt first. At your income you should be able to get rid of that fast. Assuming you're maxing out your tax deferred accounts the backdoor Roth is ...
by MP123
Tue Apr 30, 2019 8:52 pm
Forum: Personal Consumer Issues
Topic: Alka Seltzer Tablets but without medication?
Replies: 12
Views: 1298

Re: Alka Seltzer Tablets but without medication?

You might try "Nuun" tablets. Popular with cyclists, runners, and others. It's sort of a sports drink in a tablet that fizzles when you drop it in water. Various flavors, not sure if there's a plain.

They aren't super carbonated but similar to Alka seltzer without the medicine.
by MP123
Mon Apr 29, 2019 9:33 pm
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 73
Views: 6109

Re: out of network emergency visits. Huge bill!!!

To clarify: you have a $5k out of network out of pocket insurance policy, a $10k bill, and live in a state which allows balance billing? The allowed expenses are $1200? If your insurance appeal doesn't work out in my personal experience the healthcare providers may be willing to give you a substanti...
by MP123
Sun Apr 28, 2019 6:36 pm
Forum: Personal Consumer Issues
Topic: Umbrella insurance needed on secondary residence?
Replies: 12
Views: 848

Re: Umbrella insurance needed on secondary residence?

It probably depends on what state you live in and the fine print in the policy. I'd ask your agent. It probably won't cost much more if it even costs anything. But not telling them about the second home might be leaving a big hole in your umbrella. This is the time to find out, not when you need it.
by MP123
Thu Apr 25, 2019 10:39 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy for specific plan
Replies: 16
Views: 595

Re: ACA subsidy for specific plan

Okay. Thanks. It seems like managing our income can give these results for a subsidy: $44k: $6800 subsidy $54k: $5300 subsidy $64k: $4300 subsidy This is useful in figuring out how much to do in Roth conversions. Yes. I have been pondering this as well. If you are eligible for ACA subsidies, doing ...
by MP123
Thu Apr 25, 2019 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy for specific plan
Replies: 16
Views: 595

Re: ACA subsidy for specific plan

michaeljc70 wrote:
Thu Apr 25, 2019 9:59 pm
Okay. Thanks. It seems like managing our income can give these results for a subsidy:

$44k: $6800 subsidy
$54k: $5300 subsidy
$64k: $4300 subsidy

This is useful in figuring out how much to do in Roth conversions.
Yes.

Just don't forget:

$65K+: $0 subsidy
by MP123
Thu Apr 25, 2019 9:40 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy for specific plan
Replies: 16
Views: 595

Re: ACA subsidy for specific plan

Yes. Did you complete the calculator? When you do so it should show you the silver plan costs and then keep reading and it will show you the bronze plan cost. Make sense? I do see that. But there is not one bronze plan. There are many of varying costs. Based on what I see and people are saying, cho...
by MP123
Thu Apr 25, 2019 9:28 pm
Forum: Personal Finance (Not Investing)
Topic: ACA subsidy for specific plan
Replies: 16
Views: 595

Re: ACA subsidy for specific plan

The subsidy is based on the price of the second lowest cost silver plan. So for a bronze plan you might get it almost for free. This is complicated because of the recent elimination of CSRs which resulted in "silver loading" in some states but handled differently in others. So in some areas you migh...
by MP123
Tue Apr 23, 2019 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: HSA max with mid year employer switch
Replies: 4
Views: 261

Re: HSA max with mid year employer switch

Assuming you're under 55 and have single health insurance that qualifies, the max you and your employer(s) can contribute to your HSA is $3500. Double for family coverage, $1K extra if 55+.
by MP123
Tue Apr 23, 2019 9:30 pm
Forum: Personal Finance (Not Investing)
Topic: One big end of year tax payment instead of quarterly payments for S-corp?
Replies: 9
Views: 772

Re: One big end of year tax payment instead of quarterly payments for S-corp?

I may be confused. You are correct that we file $0 using form 941 for the first three quarters and then the full amount at the end of the year using 941. Does this sound legit. Form 941 is to report payroll taxes (SS, Medicare) and Federal taxes withheld from payroll. If your S-corp only pays you o...
by MP123
Fri Apr 19, 2019 7:09 pm
Forum: Personal Consumer Issues
Topic: Windows 7 end of support - Jan 14, 2020
Replies: 69
Views: 3626

Re: Windows 7 end of support - Jan 14, 2020

Win10 running on old Win7 hardware seems a little faster than Win7 at least for me. It's certainly not slower or bogged down. I think MSFT learned from the whole Win8.x experience.
by MP123
Fri Apr 19, 2019 6:48 pm
Forum: Personal Consumer Issues
Topic: Windows 7 end of support - Jan 14, 2020
Replies: 69
Views: 3626

Re: Windows 7 end of support - Jan 14, 2020

From what I'm hearing on this thread, door #3 - upgrading system to Win 10, is NOT recommended. So between a rock and a hard place. I very recently upgraded an older Dell with Win7 to Win10. I was somewhat dreading the process having had issues with upgrades in the past but in this case it went per...
by MP123
Wed Apr 17, 2019 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: dropping umbrella and increasing auto liability
Replies: 56
Views: 3329

Re: dropping umbrella and increasing auto liability

UpperNwGuy wrote:
Wed Apr 17, 2019 8:23 pm
Bad idea. I think you should keep the umbrella.
Agreed.

As I understand it the umbrella costs $110/yr more than raising the auto limits but covers so many more liability issues that could come bite you. Seems like money well spent.
by MP123
Wed Apr 17, 2019 9:18 pm
Forum: Personal Consumer Issues
Topic: Priority Express 1-Day might in effect by a 2-Day service?
Replies: 10
Views: 597

Re: Priority Express 1-Day might in effect by a 2-Day service?

I don't have an answer but the FedEx service is usually called "overnight" or "next day". A "1 day" service sounds a little ambiguous. Is that one day in between or a total of one day or what? Of course much depends on the dropoff time too.
by MP123
Sun Apr 14, 2019 6:55 pm
Forum: Personal Finance (Not Investing)
Topic: Turbotax .tax and PDF files
Replies: 1
Views: 367

Re: Turbotax .tax and PDF files

The desktop version saves the .tax files and a pdf copy in the TurboTax folder under Documents. When you start this year's taxes it will import carry forward information from the last return. I don't think the desktop version saves anything to the web, I know mine never has. I've never used the onli...
by MP123
Sat Apr 13, 2019 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Capital Gains Tax on Real Estate Sale
Replies: 3
Views: 454

Re: Capital Gains Tax on Real Estate Sale

https://www.jonathanpond.com/homesaletax check w/ IRS sources to confirm but it sounds like you get a fraction of the 250K exemption.......depends on the fraction of the 2 yr limit that you met so 16/24 of the 250K is available to shelter your gain. This seems to be correct from my interpretation o...
by MP123
Sat Apr 13, 2019 7:07 pm
Forum: Personal Consumer Issues
Topic: Cleaning shingles (moss & mildew)
Replies: 27
Views: 2743

Re: Cleaning shingles (moss & mildew)

Another approach is to put down a line of Arm & Hammer washing soda (sodium carbonate from the laundry aisle or from a pool supplier). As the rain washes it down, it creates a very basic environment that moss/mildew can't tolerate. Just do this every year along the ridge line and midway if you have...
by MP123
Fri Apr 12, 2019 10:26 pm
Forum: Personal Finance (Not Investing)
Topic: Advise on side gig w2 or independent contractor
Replies: 11
Views: 596

Re: Advise on side gig w2 or independent contractor

The 1099 side gig opens up self employed deductions like i401k, health insurance, travel, and so on.

These may not be relevant or allowed depending on the circumstances but could be valuable.

The non compete with the W2 offer sounds like a bad idea.
by MP123
Fri Apr 12, 2019 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone Own/Operate a Funeral Home?
Replies: 16
Views: 1773

Re: Anyone Own/Operate a Funeral Home?

As a R/E Developer, I would take into consideration the general "theme" of the development. What businesses are attracted to that location, what customers are attracted to that location, and which tenants blend in and are mutually supportive vs which type of tenants may not quite "fit in" if not de...
by MP123
Fri Apr 12, 2019 9:27 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone Own/Operate a Funeral Home?
Replies: 16
Views: 1773

Re: Anyone Own/Operate a Funeral Home?

As a R/E Developer, I would take into consideration the general "theme" of the development. What businesses are attracted to that location, what customers are attracted to that location, and which tenants blend in and are mutually supportive vs which type of tenants may not quite "fit in" if not de...
by MP123
Fri Apr 12, 2019 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Relocating to Seattle from Baltimore Area
Replies: 86
Views: 4027

Re: Relocating to Seattle from Baltimore Area

As someone who made the same move 6 years ago, I will tell you the cost of living from Baltimore to Seattle is going to be dramatic. The housing situation in the Seattle and even in the east side communities is bad. The homeless situation in Seattle is much worse than in Baltimore. I will say that ...
by MP123
Thu Apr 11, 2019 2:09 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k considerations after S corp election (previously disregarded LLC)
Replies: 13
Views: 585

Re: Solo 401k considerations after S corp election (previously disregarded LLC)

I'm not sure if I would bother for two months worth. Wouldn't it also technically make that part of my income for the employer contribution limit? Granted, 25% of $1,166 isn't a whole lot... Yes, I wasn't considering that fact. If it is important to you to max out your retirement plan contributions...
by MP123
Wed Apr 10, 2019 9:31 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k considerations after S corp election (previously disregarded LLC)
Replies: 13
Views: 585

Re: Solo 401k considerations after S corp election (previously disregarded LLC)

Note that employer match is based on the Box 1 employee compensation of the W-2, which may include HSA contribution and health insurance if the corporation pays for those (in addition to salary). For example, $50k salary plus $14k insurance +6K HSA=$70K compensation, so 25 percent match would be $1...
by MP123
Tue Apr 09, 2019 11:10 pm
Forum: Personal Consumer Issues
Topic: Ceiling fan install (high ceiling)
Replies: 32
Views: 1852

Re: Ceiling fan install (high ceiling)

whodidntante wrote:
Tue Apr 09, 2019 10:14 pm
MP123 wrote:
Tue Apr 09, 2019 9:28 pm
How high is high?
Approximately 16 feet.
An orchard or tripod ladder might work and be easier to deal with than a scaffold at that height. Still a bit of a pain to transport though.
by MP123
Tue Apr 09, 2019 9:28 pm
Forum: Personal Consumer Issues
Topic: Ceiling fan install (high ceiling)
Replies: 32
Views: 1852

Re: Ceiling fan install (high ceiling)

As mentioned above renting a scaffold is probably the way to go. Assuming you have a truck to pick it up with. If not then hiring someone might be cheapest.

How high is high?
by MP123
Tue Apr 09, 2019 7:21 pm
Forum: Personal Finance (Not Investing)
Topic: health insurance outside open enrollment
Replies: 16
Views: 899

Re: health insurance outside open enrollment

in case anyone ever finds this thread... out of curiosity i called ehealthinsurance.com on the phone and they verified that in fact you can't buy health insurance from one of the big providers without a qualifying life event outside open enrollment, so if my cobra had been cancelled i would have re...
by MP123
Mon Apr 08, 2019 8:00 pm
Forum: Personal Consumer Issues
Topic: Can you buy a new car with a cashiers check without unfreezing a credit freeze?
Replies: 68
Views: 4165

Re: Can you buy a new car with a cashiers check without unfreezing a credit freeze?

I've never had a credit check for a cash car purchase including new cars. But it might depend on your state, the particular dealer, and so on.
by MP123
Mon Apr 08, 2019 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Quicken 2019 and forward
Replies: 129
Views: 9394

Re: Quicken 2019 and forward

Anyone having any difficulties downloading banking info from Bank of America in Quicken 2019? I upgraded recently from 2016 and now I can't reliably get my accounts updated. ... I’ve used Quicken with BofA for over 20 years and am currently using Quicken 2019 for the past few months without issue. ...
by MP123
Sun Apr 07, 2019 11:10 pm
Forum: Personal Finance (Not Investing)
Topic: Maxing Wife’s HSA for both of us
Replies: 5
Views: 417

Re: Maxing Wife’s HSA for both of us

FiveK is correct. Your wife's single health insurance only allows a single HSA contribution. You might be able to switch to her plan if it made sense otherwise. Then with family coverage she could make a family contribution at least going forward.
by MP123
Fri Apr 05, 2019 9:00 pm
Forum: Personal Investments
Topic: Contribute non-deductible to traditional IRA for 2018
Replies: 6
Views: 303

Re: Contribute non-deductible to traditional IRA for 2018

You can still contribute to the tIRA for 2018. The conversion to Roth will happen in 2019 which is fine, it just requires an Form 8606 which you'll file next year (for this year's taxes). You can also contribute for 2019 at this point so you can do that too and then convert the whole thing. Obviousl...
by MP123
Thu Apr 04, 2019 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone familiar with the California franchise tax rules for foreign entities?
Replies: 5
Views: 292

Re: Anyone familiar with the California franchise tax rules for foreign entities?

If you have a home office and a bank account in CA I assume the FTB will expect you to pay the $800.

You should probably also register as a foreign corporation too even if you're incorporated in Delaware.
by MP123
Wed Apr 03, 2019 7:29 pm
Forum: Personal Consumer Issues
Topic: Help me plan 3 days in Vancouver
Replies: 15
Views: 1203

Re: Help me plan 3 days in Vancouver

With a fear of heights Capilano and Grouse Mt. are both out. Granville Island is fun to explore. Lonsdale Quay Market is also good and you can take a ferry to get there if you like boat rides. Chinatown is also good. Stanley Park has a pretty good aquarium and it's a great place for walking, and wal...