Search found 815 matches

by MP123
Tue Jan 15, 2019 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401(k) - Separate EIN Should Be Used for 5500EZ Filing
Replies: 12
Views: 599

Re: Solo 401(k) - Separate EIN Should Be Used for 5500EZ Filing

Good question and timely because I need to do the same thing. The IRS instructions for 5500EZ https://www.irs.gov/pub/irs-pdf/i5500ez.pdf say to enter the employer's EIN. So it's not really clear that you should enter the single participant plan's EIN even if you got a different one for it. Although...
by MP123
Mon Jan 14, 2019 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Maximizing Social Security Benefits
Replies: 11
Views: 1274

Re: Maximizing Social Security Benefits

The best claiming strategy probably isn't for them both to take it at 62/65 or both delay until 70. It gets more complex with a married couple with different benefits. Often it's better for the higher earner to delay and the lower to take earlier but it depends on their respective ages and life expe...
by MP123
Mon Jan 14, 2019 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: SEP IRA vs Solo 401k - What am I not getting?
Replies: 28
Views: 1003

Re: SEP IRA vs Solo 401k - What am I not getting?

If I understand correctly, the solo 401k is better than a SEP IRA in nearly every way. Particularly with contribution limits. So why would anyone open a SEP IRA? Or am I missing something? I don't think you are missing anything. I do not understand why SEP IRA's exist. Because some of us opened SEP...
by MP123
Sun Jan 13, 2019 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: S corp tax software: Taxact or Turbotax?
Replies: 5
Views: 373

Re: S corp tax software: Taxact or Turbotax?

I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return. If you have a prior year CPA prepared 1120s to use as a mo...
by MP123
Sun Jan 13, 2019 7:59 pm
Forum: Personal Finance (Not Investing)
Topic: What's your experience upgrading to Quicken 2018 or 2019?
Replies: 41
Views: 2113

Re: What's your experience upgrading to Quicken 2018 or 2019?

As someone who is currently using 2017, I’m curious why you wanted to upgrade? I looked at 2018 and didn’t see any meaningful changes. I've also been a Quicken user since the early 90's and just upgraded from 2017 to the new Quicken. There really isn't much difference that I notice, the two version...
by MP123
Sat Jan 12, 2019 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: S corp tax software: Taxact or Turbotax?
Replies: 5
Views: 373

Re: S corp tax software: Taxact or Turbotax?

I use TurboTax Business for my 1120s and the schedules you mention. It works fine but it's a bit less friendly than the TurboTax personal editions for the 1040. I think that's largely because there's more potential complexity in the return. If you have a prior year CPA prepared 1120s to use as a mod...
by MP123
Sat Jan 12, 2019 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: What's your experience upgrading to Quicken 2018 or 2019?
Replies: 41
Views: 2113

Re: What's your experience upgrading to Quicken 2018 or 2019?

I've also been a Quicken user since the early 90's and just upgraded from 2017 to the new Quicken. There really isn't much difference that I notice, the two versions are 95%+ the same as far as I can tell. The new version does more with uploading your info to the web (if you really want it to, I don...
by MP123
Fri Jan 11, 2019 8:53 pm
Forum: Personal Consumer Issues
Topic: Who's flying?
Replies: 51
Views: 5658

Re: Who's flying?

Two flights this last week. No issues at all with TSA, in fact the PreCheck line was much shorter than usual.

Media hype is my guess...
by MP123
Fri Jan 11, 2019 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: How did you solve the pre-medicare healthcare riddle?
Replies: 81
Views: 5563

Re: How did you solve the pre-medicare healthcare riddle?

If you don't have enough money to retire early and buy your own health insurance, you don't have enough money to retire early. This is an oversimplification for average people. ACA subsidy strategies are not known to everyone. How should people plan for huge deductibles? Also a pending court case d...
by MP123
Sun Dec 30, 2018 8:18 pm
Forum: Personal Finance (Not Investing)
Topic: Retiree Health Insurance Premium Tax Deductible?
Replies: 17
Views: 1733

Re: Retiree Health Insurance Premium Tax Deductible?

It seems to me that retiree health benefits provided by one's previous employer are not being provided under one's current post-retirement self-employed business. But I'm not sure if there is clear IRS guidance on that either way. ETA: the previous employer is presumably deducting the cost of the be...
by MP123
Wed Dec 26, 2018 7:39 pm
Forum: Personal Finance (Not Investing)
Topic: Automating expense tracking
Replies: 37
Views: 2585

Re: Automating expense tracking

radiowave wrote:
Wed Dec 26, 2018 6:40 pm
I looked online and it seems Quicken went over to an annual subscription product? Can anyone confirm this.
Indeed they have. While I don't really like the new subscription payment plan Quicken is still the best thing going for tracking expenses.
by MP123
Mon Dec 24, 2018 5:09 pm
Forum: Personal Finance (Not Investing)
Topic: Calculating Threshold for Net Investment Income Tax
Replies: 1
Views: 196

Re: Calculating Threshold for Net Investment Income Tax

It's the lesser of the amount over the threshold or the net investment income.

So $1,000 in your example.
by MP123
Mon Dec 24, 2018 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: How do capital losses carry forward?
Replies: 6
Views: 923

Re: How do capital losses carry forward?

I have a lot of long-term capital gains this year and now could TLH to create a huge amount of short term capital losses. Can someone more knowledgeable help me understand the tax treatment? My understanding is: - For 2018...if I harvest everything the ST losses offset the LT gains (I think). - I c...
by MP123
Fri Dec 21, 2018 11:29 pm
Forum: Personal Consumer Issues
Topic: Does anyone remember window/DOS batch file scripts?
Replies: 24
Views: 2376

Re: Does anyone remember window/DOS batch file scripts?

Wow, that's a blast from the past!

Can you post a few sample lines of the input file? I'm wondering about the structure and if there's an easy way to isolate the date/time stamp. Like if it's a fixed length at the start of each line or whatever.
by MP123
Wed Dec 19, 2018 11:28 pm
Forum: Investing - Help with Personal Investments
Topic: Roboadvisors, are they tax-loss harvesting for you now?
Replies: 5
Views: 826

Re: Roboadvisors, are they tax-loss harvesting for you now?

I'm curious too. Considering the limited number of TLH pairs/partners I wonder how well the Robo algorithms have been working out lately. It seems like they might run out of possibilities in the recent volatile market. Or maybe they don't execute TLH trades that often? How do they decide a loss is l...
by MP123
Wed Dec 19, 2018 10:25 pm
Forum: Investing - Help with Personal Investments
Topic: SEP-IRA + Roth Solo 401k for same business
Replies: 7
Views: 472

Re: SEP-IRA + Roth Solo 401k for same business

In general, IRS Form 5305 SEP plans aren't compatible with single participant 401k plans and they're also the most common type of SEP. Some custodians such as Schwab offer their own prototype SEP plans that may allow you to maintain them concurrently with an i401k. I'm not sure what Vanguard offers ...
by MP123
Mon Dec 17, 2018 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Obamacare (ACA) Ruled Unconstitutional by Texas Federal Court
Replies: 190
Views: 14486

Re: Obamacare (ACA) Ruled Unconstitutional by Texas Federal Court

It's worth noting that Texas also didn't expand Medicaid when ACA started leaving a large uninsured pool below 100% FPL that couldn't get ACA and didn't qualify for TX Medicaid. To keep it actionable: a "non-expansion state" with a history of judicial dislike of ACA might be a poor choice for an ear...
by MP123
Sun Dec 16, 2018 10:44 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire
Replies: 126
Views: 10113

Re: Can I retire

SS will be $2400 per month at 67 Are you sure you are doing the math correctly on this? Retiring at 54 will give you a lot of years of zeros out of the 35 highest. If he had high-ish income work starting at 19 that estimate might be close. But you're right that most SS calculators including the SSA...
by MP123
Sun Dec 16, 2018 8:06 pm
Forum: Personal Finance (Not Investing)
Topic: Should I sell my last rental property in major west coast city?
Replies: 11
Views: 1283

Re: Should I sell my last rental property in major west coast city?

I'm thinking Seattle. If you don't want to come back, I'd sell. The politics in that city have gone off the deep end and look to make being a landlord, in every sense of the word, undesirable. Sadly that's true in just about every major West Coast city and even some not so big ones. I'd sell it.
by MP123
Sat Dec 15, 2018 10:55 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire
Replies: 126
Views: 10113

Re: Can I retire

Plugging $2.5 million with $150k spending into firecalc shows a 51.7% chance of having at least $1 left in 30 years (when you're 84).

I wouldn't be at all comfortable with that but you might be.

Something has to give if you want the chance of success higher.
by MP123
Sat Dec 15, 2018 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: Can I retire
Replies: 126
Views: 10113

Re: Can I retire

Yes expect to have reduced standard of living $150,000 to $180,000 Expenses - uurgh ! hate to think of it - current or anticipated or both (need a checklist for guidance) You should track your expenses for a few months to see where your money is going. Or even a few years to capture things like pro...
by MP123
Fri Dec 14, 2018 10:37 pm
Forum: Personal Finance (Not Investing)
Topic: Forgoing health insurance
Replies: 112
Views: 5253

Re: Forgoing health insurance

The good news is that lack of health insurance doesn't mean lack of health care. You can pay as you go, or if you have a real emergency they have to treat you anyway. You'll probably be fine. Absolutely untrue; If you go into an ER, they will splint your broken leg, but they aren't going to give yo...
by MP123
Thu Dec 13, 2018 11:02 pm
Forum: Personal Consumer Issues
Topic: How to evaluate quality of health insurance options
Replies: 12
Views: 707

Re: How to evaluate quality of health insurance options

One and two star reviews are common for health insurance companies. It's often hard to tell if they're warranted or just general unhappiness with someone's health situation. I wouldn't put much weight there. I agree with the above that a PPO will give you much more flexibility with who you can see a...
by MP123
Thu Dec 13, 2018 10:38 pm
Forum: Investing - Help with Personal Investments
Topic: Being locked out of my account and "research team" will contact me in 72 hours
Replies: 33
Views: 4028

Re: Being locked out of my account and "research team" will contact me in 72 hours

The rep seemed to indicate that the person tried different passwords and different usernames, not the same username with a lot of passwords all at once. What's odd is that I don't use that username often and the password is unique, which is the scary part. Now the username isn't used anywhere else ...
by MP123
Wed Dec 12, 2018 9:41 pm
Forum: Investing - Help with Personal Investments
Topic: Being locked out of my account and "research team" will contact me in 72 hours
Replies: 33
Views: 4028

Re: Being locked out of my account and "research team" will contact me in 72 hours

Are you not able to do any transactions on the account at all even over the phone? Or just not log in to the website?
by MP123
Tue Dec 11, 2018 11:36 pm
Forum: Personal Consumer Issues
Topic: LED light bulbs
Replies: 130
Views: 15988

Re: LED light bulbs

* What to do with my incandescents? Didn't want to throw them out. When my stock of 100W bulbs is exhausted I'll need to get a space heater (which will probably meaning throwing out a perfectly good exhaust fan. And thus ironically using up all the electricity the LEDs are saving. :D But I complete...
by MP123
Mon Dec 10, 2018 8:08 pm
Forum: Personal Finance (Not Investing)
Topic: The new 1040 is certainly different
Replies: 10
Views: 2229

The new 1040 is certainly different

I just downloaded TurboTax for 2018 and took a look. Most of the supporting schedules seem about the same but the 1040 itself is much different and relies on a new set of schedules (1,2,3...) in between. From 2018 on the tax line numbers from the 1040 mentioned in posts on this site are pretty much ...
by MP123
Sun Dec 09, 2018 8:18 pm
Forum: Investing - Help with Personal Investments
Topic: Taxable or Tax-Exempt Bonds
Replies: 20
Views: 1459

Re: Taxable or Tax-Exempt Bonds

Welcome! Did you include state taxes (if any) in your calculations? Tax exempt bonds would likely be better if you were in the higher brackets say 32% or higher where you might also be subject to the additional 3.8% NIIT tax on top of that and quite possibly a high state tax too. In your case you mi...
by MP123
Fri Dec 07, 2018 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance for FIRE [Financial Independence Retire Early]
Replies: 83
Views: 6554

Re: Health insurance for FIRE

If you had enough to retire today except for the healthcare cost Maybe I'm not seeing something. If someone had enough to retire today "except for X" (whether that's health care, housing, post-retirement plans like travel, whatever), then they don't have enough to retire. There's not much to discus...
by MP123
Fri Dec 07, 2018 8:35 pm
Forum: Personal Finance (Not Investing)
Topic: My ACA premiums went up 128% in 2019 anybody else get hit with big increases
Replies: 21
Views: 3428

Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

At a pure data level, the Kaiser Family Foundation has recently published a tool that shows "How ACA Marketplace Premiums Are Changing by County in 2019". The exact configurations of age/income/location/plan type shown may or may not come close to reflecting OP's exact situation. But it should give...
by MP123
Thu Dec 06, 2018 11:06 pm
Forum: Personal Finance (Not Investing)
Topic: My ACA premiums went up 128% in 2019 anybody else get hit with big increases
Replies: 21
Views: 3428

Re: My ACA premiums went up 128% in 2019 anybody else get hit with big increases

Your net premiums after subsidies (premium tax credits) might have gone up 128% but there has been no cut in the subsidy formula by anyone. Your income may have increased, you're a year older, the premiums for the second lowest cost silver plan in your area may have decreased, and so on. It's a comp...
by MP123
Thu Dec 06, 2018 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance for FIRE [Financial Independence Retire Early]
Replies: 83
Views: 6554

Re: Health insurance for FIRE

Does it cover preexisting conditions? No. So a medical issue in month 5 that needed ongoing care would be a major problem for example. In the bad old days (pre-ACA) insurers used to go through applications after the fact and look for reasons to deny claims. I'd be pretty nervous about that still wi...
by MP123
Thu Dec 06, 2018 8:19 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance for FIRE [Financial Independence Retire Early]
Replies: 83
Views: 6554

Re: Health insurance for FIRE

As I prepared to retire, I looked at the following possibilities (prices are for married couple): 1. COBRA 2. ACA 3. Medicaid Expansion 4. Short term policy 5. Medishare 1. $8000 a year. Pretty steep for a moderate income person in LCOL area. 2. My retirement payout (sick bank, vacation) exceeds AC...
by MP123
Wed Dec 05, 2018 10:40 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance for FIRE [Financial Independence Retire Early]
Replies: 83
Views: 6554

Re: Health insurance for FIRE

When looking at premiums you should look ahead too. If you're young-ish and looking at FIRE see what your current costs would be if you were 10 years older. Just test a different birthday on the exchange. In almost all states (other than NY and VT to my knowledge) ACA premiums are indexed to age and...
by MP123
Tue Dec 04, 2018 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: HSA question
Replies: 13
Views: 1505

Re: HSA question

ras4250 wrote:
Tue Dec 04, 2018 11:26 am
Usually if you have the FSA you can’t contribute to the HSA.
This is correct.

Also, if your health plan doesn't specifically say "HSA" in the name of the plan it almost certainly isn't eligible.
by MP123
Sun Dec 02, 2018 11:26 pm
Forum: Personal Finance (Not Investing)
Topic: employer contribution to solo 401k limit for spouse
Replies: 4
Views: 427

Re: employer contribution to solo 401k limit for spouse

Isn't it a 20% limitation for unincorporated businesses? Yes, for the "employer" match. 25% is for corporations because of the way self employment tax figures in. Your schedule C income is what this is based on. The "employee" part is maximum $18,500 plus $6,000 if over 50 for 2018. Total not to ex...
by MP123
Sat Dec 01, 2018 7:33 pm
Forum: Personal Finance (Not Investing)
Topic: Small business health insurance funding
Replies: 10
Views: 785

Re: Small business health insurance funding

Thank you all for advice this far. Company is an S-corp with me as 100% owner. Then the 50% of your health insurance that the company pays would be added to your W2 box 1 wages (but not box 3 or 5) and be included as Officer's compensation on the 1120s. You can then deduct that amount along with th...
by MP123
Fri Nov 30, 2018 11:08 pm
Forum: Personal Finance (Not Investing)
Topic: Small business health insurance funding
Replies: 10
Views: 785

Re: Small business health insurance funding

How is your business set up? Corporation, S-corp (are you a >2% shareholder) , LLC? From what I understand of your situation it sounds like you would qualify for the self employed health insurance deduction for your family's entire premium on your 1040. The premiums that you pay for your employees a...
by MP123
Thu Nov 29, 2018 11:16 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Help/Tax Expert Needed
Replies: 60
Views: 1858

Re: HSA Help/Tax Expert Needed

The issue is the FSA. “A health FSA that reimburses all qualified § 213(d) medical expenses without other restrictions is a health plan that constitutes other coverage.” https://www.irs.gov/irb/2005-49_IRB#d0e1151 You cannot contribute to an HSA even if you have a HDHP if you have “other coverage.”...
by MP123
Thu Nov 29, 2018 9:51 pm
Forum: Investing - Help with Personal Investments
Topic: Question on S corp profit share funding of solo 401k
Replies: 11
Views: 463

Re: Question on S corp profit share funding of solo 401k

It sounds as if the online savings account is in your name rather than the business? This is tempting because the rates are usually much better than for business accounts. But the problem is that you'd be distributing funds to yourself and then later reinvesting them in the S-corp to pay to the 401k...
by MP123
Wed Nov 28, 2018 11:03 pm
Forum: Personal Finance (Not Investing)
Topic: Entity formation for commercial real estate holdings
Replies: 2
Views: 281

Re: Entity formation for commercial real estate holdings

Without knowing the details of your situation as you describe it I'd say it's likely that this is passive income and not subject to self employment tax. But that's not necessarily a good thing because it also limits or eliminates deductions like losses (factoring depreciation) and others. Not sure h...
by MP123
Tue Nov 27, 2018 11:37 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k and a household employee?
Replies: 6
Views: 598

Re: Solo 401k and a household employee?

It's easy to get an EIN from the IRS online. Are you sure they won't give her a different one for her business instead of as a household employer? I think there may be an EIN type just for i401k too if you don't already have one for the business. It's possible reusing the same one might cause questi...
by MP123
Tue Nov 27, 2018 10:21 pm
Forum: Personal Consumer Issues
Topic: Any Refrigerator Repair Specialists in the House?
Replies: 17
Views: 1690

Re: Any Refrigerator Repair Specialists in the House?

Checking the refrigerator mentioned above this is a side by side and you're concerned about the outward facing strip of the wall which separates the freezer from the fridge?

How's the interior temperature now?
by MP123
Thu Nov 22, 2018 10:10 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution limit question
Replies: 11
Views: 1496

Re: HSA contribution limit question

As a result, the entire family (me + kids) is on his new health plan now. His new plan is also HDHP, but with no employer assistance to deduct or support HSA contributions. Is the new health plan an HSA-eligible HDHP? Not all are. If so, your combined limit is $6900. If not, it's $5750 (10 months)....
by MP123
Tue Nov 20, 2018 7:46 pm
Forum: Personal Finance (Not Investing)
Topic: Documenting High-Deductible Health Plan (HDHP) for IRS
Replies: 10
Views: 1153

Re: Documenting High-Deductible Health Plan (HDHP) for IRS

rterickson wrote:
Tue Nov 20, 2018 3:40 pm
Your HSA custodian will report your contributions to the IRS and send you a 5498-SA in May 2019. Keep it for your records, you do not need to file it.
This is certainly true but the 5498-SA doesn't prove that you were eligible to make the contribution, just that you made it.
by MP123
Mon Nov 19, 2018 11:50 pm
Forum: Personal Finance (Not Investing)
Topic: HSA option only has in-network benefits, open enrollment dilemma
Replies: 7
Views: 879

Re: HSA option only has in-network benefits, open enrollment dilemma

In theory, ACA compliant plans have to cover you at in network rates for emergency care even if you are OON. But you're still open to balance billing from the providers for amounts that exceed that in many states. How that all works out is anyone's guess depending on the situation, emergency, and so...
by MP123
Mon Nov 19, 2018 8:24 pm
Forum: Personal Finance (Not Investing)
Topic: Documenting High-Deductible Health Plan (HDHP) for IRS
Replies: 10
Views: 1153

Re: Documenting High-Deductible Health Plan (HDHP) for IRS

I don't have a good answer but will add that you also need to have no other coverage, not be on Medicare, and not be a dependent on someone else's taxes to be HSA eligible. So there's more to it than just having the HDHP and it may be difficult to document that you have no other coverage for example...
by MP123
Sun Nov 18, 2018 11:55 pm
Forum: Personal Consumer Issues
Topic: Good Modern Science Fiction
Replies: 353
Views: 49972

Re: Good Modern Science Fiction

The Mote in God's Eye , by Larry Niven and Jerry Pournelle. I don't know how I missed this one. It's well written and keeps me interested. The reviews say "thought provoking" and I would agree to some extent. If you're enjoying Larry Niven Ringworld is his classic work. Also Lucifer's Hammer which ...
by MP123
Sun Nov 18, 2018 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: ACA cliff and MAGI; to ACA or Cobra?
Replies: 9
Views: 825

Re: ACA cliff and MAGI; to ACA or Cobra?

Wait, a PPO plan is HSA eligible? Yes, there can be HSA compatible PPO plans. The PPO describes the provider network which is generally quite broad compared to an EPO or HMO. In my area there used to be one. Now there are no PPO plans of any kind and only one HSA compatible plan with Kaiser (HMO). ...
by MP123
Thu Nov 15, 2018 11:40 pm
Forum: Personal Finance (Not Investing)
Topic: Married HDHP; one HSA or two?
Replies: 5
Views: 757

Re: Married HDHP; one HSA or two?

If your employer makes a contribution and your spouse's doesn't and you're both under 55 (so no catch up contribution possible) then just using your plan seems simplest. Assuming you'll max it out. You can keep both open just not contribute.

And welcome!