Search found 1606 matches

by MP123
Sat Sep 19, 2020 9:59 pm
Forum: Personal Consumer Issues
Topic: Which snow tires for serious snow commuting?
Replies: 25
Views: 990

Re: Which snow tires for serious snow commuting?

Assuming she's working at Stevens Pass the road is pretty well maintained except for occasional blizzard conditions when they can't keep up. But WSDOT has several levels of requirements depending on conditions, culminating in chains required on two wheel drive cars regardless of tire type (AWD allow...
by MP123
Thu Sep 17, 2020 11:21 am
Forum: Personal Finance (Not Investing)
Topic: Yet Another Question on Tax Safe Harbor
Replies: 3
Views: 209

Re: Yet Another Question on Tax Safe Harbor

As long as you've paid 110% of last year's (2019) taxes in four equal quarterly payments you're in a safe harbor and can wait until next April to pay any additional amount due for Federal taxes with no penalties. You can also pay it sooner if you choose to.

I'm not sure about Michigan though.
by MP123
Wed Sep 16, 2020 9:02 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 301
Views: 17444

Re: Preparing for retirement in mid 30s

I thought I read someplace, that to get ACA subsidies, there is also a *minimum* income you must have. Can anybody corroborate that or explain that? Too low of income will put you on state's medicaid. Only in states that expanded their Medicaid programs when ACA went into effect. In non-expansion s...
by MP123
Tue Sep 15, 2020 11:18 am
Forum: Personal Finance (Not Investing)
Topic: "US SM BUS ADMIN ODA" Hard Inquiry on Credit Report
Replies: 7
Views: 910

Re: "US SM BUS ADMIN ODA" Hard Inquiry on Credit Report

As mentioned above it's probably related to an application for an EIDL (economic injury disaster loan) from the SBA. If you didn't initiate this loan you should call them and see what's going on, it may be a fraud attempt.
by MP123
Sun Sep 13, 2020 6:29 pm
Forum: Personal Finance (Not Investing)
Topic: Form 941 Q3 Covid-19 Credits ?
Replies: 1
Views: 141

Re: Form 941 Q3 Covid-19 Credits ?

The April 2020 revision of 941 includes qualified sick and family leave, employee retention credit, and employER deferral of their half of social security tax. All were created by the CARES act and may or may not apply to your situation. I expect there will be another revision very soon to support t...
by MP123
Fri Sep 11, 2020 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Health Insurance replacement for current HDHP PPO
Replies: 4
Views: 264

Re: Health Insurance replacement for current HDHP PPO

Start here: https://www.healthcare.gov/ Plan availability depends on your area. In general PPO plans are hard to find, HDHP somewhat less so. Some areas won't have either one. Larger markets may have several HDHP PPOs. You really just need to check and see what's available where you live. Open enrol...
by MP123
Thu Sep 10, 2020 8:44 pm
Forum: Personal Finance (Not Investing)
Topic: HSA and Medicare
Replies: 3
Views: 362

Re: HSA and Medicare

If he starts Medicare in the first six months of next year I think he will need to prorate his allowable catchup contribution for this year because the six months retroactive Medicare coverage wouldn't allow the full year's catchup contribution. He would have had coverage other than the HDHP during ...
by MP123
Thu Sep 10, 2020 10:52 am
Forum: Personal Finance (Not Investing)
Topic: Question on health insurance, HSAs, and health sharing ministries
Replies: 4
Views: 341

Re: Question on health insurance, HSAs, and health sharing ministries

Assuming your new employer's health plan qualifies for an HSA (not all HDHP do) then you and your children would qualify to make a family HSA contribution regardless of your spouse's insurance. You could spend the HSA on healthcare for yourself, your children, your spouse, and any other dependents r...
by MP123
Wed Sep 09, 2020 3:13 pm
Forum: Personal Finance (Not Investing)
Topic: IRS delay in processing 2019 paper returns * updated *
Replies: 15
Views: 1902

Re: IRS delay in processing 2019 paper returns * updated * *updated again*

My paper 1040 filed in April has finally been processed, sometime in the last two weeks.
by MP123
Wed Sep 09, 2020 2:18 pm
Forum: Personal Finance (Not Investing)
Topic: Is an owners equtiy draw taxable only above basis?
Replies: 4
Views: 292

Re: Is an owners equtiy draw taxable only above basis?

Its operated as an S-Corp. From my understanding, theres no tax consequences for any amounts that equal your current equity basis. Example, if I invest $10k, but withdraw $15k, the extra $5 is a taxable distribuion If you invested $10k and then made $5k you'd be taxed on the $5k whether you distrib...
by MP123
Wed Sep 02, 2020 9:22 pm
Forum: Personal Consumer Issues
Topic: How much to take down this tree?
Replies: 71
Views: 5273

Re: How much to take down this tree?

Can you get a rope around the upper part and pull/winch it forwards? Hard to tell how much roof it would need to clear. Alternatively, belay off the standing trees to the left and cut chunks. Where I live tree professionals charge a lot more for danger trees or those near powerlines, $400 would be a...
by MP123
Wed Sep 02, 2020 10:21 am
Forum: Personal Finance (Not Investing)
Topic: FICA / OASDI deferral: how should I handle?
Replies: 11
Views: 979

Re: FICA / OASDI deferral: how should I handle?

If you're really worried about spending the deferred FICA taxes maybe a short term CD would be a better choice.

It's hard to recommend using the IRS as a forced savings account, but I think the approach you outline would work. Seems like a lot of hassle though.
by MP123
Tue Sep 01, 2020 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: Multiple HSA contributions
Replies: 17
Views: 1259

Re: Multiple HSA contributions

It specifically states this plan is eligible for an HSA. A link to the various plans is: http://www.egtrust.org/wp-content/uploads/2020/07/Plan-Comparisons-A-E-eff-09-01-2020-FINAL-1.pdf She has access to join A-D and it states that plan D is HSA eligible. I don’t doubt her school district is witho...
by MP123
Mon Aug 31, 2020 8:55 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's health insurance dropped all dependents
Replies: 22
Views: 2741

Re: Wife's health insurance dropped all dependents

Thanks everyone, wife called and we are reinstated now, as of 12AM tonight. However there is still that doctors bill to pay, I'll see if the medical center can reduce it somewhat? What is your suggestion on that? Ask if they have a discount for cash payments for uninsured patients. Many facilities ...
by MP123
Mon Aug 31, 2020 8:29 pm
Forum: Personal Finance (Not Investing)
Topic: Wife's health insurance dropped all dependents
Replies: 22
Views: 2741

Re: Wife's health insurance dropped all dependents

This is a case where a short term policy would make sense if you can't get reinstated. Also, losing insurance is a "qualifying life event" that might enable you to get on an ACA plan. But I'm not sure that your circumstances would qualify. It might be worth checking with your state's exchange if all...
by MP123
Mon Aug 31, 2020 3:20 pm
Forum: Personal Finance (Not Investing)
Topic: a question about payroll tax deferral (from the employee side)
Replies: 11
Views: 905

Re: a question about payroll tax deferral (from the employee side)

There is no guidance at this point. When you pay self employment taxes, you pay one lump sum and it all gets sorted out at the other end via your tax returns. I imagine there is something similar in play for people who moonlight in case their earnings exceed the maximum. Excess Social Security with...
by MP123
Mon Aug 31, 2020 12:56 pm
Forum: Personal Investments
Topic: Turning 50
Replies: 9
Views: 1627

Re: Turning 50

Yes, for the 401k.

Note that HSA catchup contributions start at 55.
by MP123
Sun Aug 30, 2020 9:09 pm
Forum: Investing - Theory, News & General
Topic: U.S. stocks continue to soar!
Replies: 8817
Views: 697048

Re: U.S. stocks continue to soar!

NASDAQ 12,000 tomorrow?

Seems like it just broke 10,000!
by MP123
Sun Aug 30, 2020 8:48 pm
Forum: Personal Finance (Not Investing)
Topic: Cobra and ObamaCare
Replies: 19
Views: 1833

Re: Cobra and ObamaCare

It would be good to make sure her coverage is good in Florida as well as whatever state you live in in the Northeast. My Blue Shield PPO (the same as the ACA but without subsidies) has a $40,000 out-of-pocket limit for out-of-network providers, which was much, much worse than my COBRA. Do both of t...
by MP123
Sun Aug 30, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Employers - Will you comply with EO request to defer payroll tax?
Replies: 54
Views: 6648

Re: Employers - Will you comply with EE request to defer payroll tax?

Legal action against former employees for less than $2,000/person does not sound like a great strategy. $2,000 = $4,000/pay times 8 pay periods times 6.2% Agreed. But for a large employer with a lot of low wage high turnover jobs it could be significant amount in total. I'm not sure sure what other...
by MP123
Sun Aug 30, 2020 6:19 pm
Forum: Personal Finance (Not Investing)
Topic: Employers - Will you comply with EO request to defer payroll tax?
Replies: 54
Views: 6648

Re: Employers - Will you comply with EE request to defer payroll tax?

I agree that once withheld the taxes need to be remitted, a company can't legally withhold them and then keep them pending further developments. Imagine if companies withheld FICA and income taxes, didn't remit them, and then went out of business effectively stealing from their employees. The IRS n...
by MP123
Sun Aug 30, 2020 5:16 pm
Forum: Personal Finance (Not Investing)
Topic: Employers - Will you comply with EO request to defer payroll tax?
Replies: 54
Views: 6648

Re: Employers - Will you comply with EE request to defer payroll tax?

It seems the best strategy for employers is to set aside the payroll tax amounts. I would not think that is legal. This is the employee's money and he/she is going to be taxed on it. It is one thing to send to the IRS for FICA. But I don't think the company can just hold it, even though that might ...
by MP123
Sun Aug 30, 2020 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Employers - Will you comply with EO request to defer payroll tax?
Replies: 54
Views: 6648

Re: Employers - Will you comply with EE request to defer payroll tax?

I want to wait for IRS guidance before allowing any employees to do this. The IRS guidance came out last night (Friday Aug 28): https://www.irs.gov/pub/irs-drop/n-20-65.pdf This doesn't sound like it is an employee choice or not. Either they make under $4,000 bi-weekly and it applies to them or the...
by MP123
Sun Aug 30, 2020 11:53 am
Forum: Personal Finance (Not Investing)
Topic: A multi-stage maneuver involving QBI, Roth conversions, and stock
Replies: 1
Views: 154

Re: A multi-stage maneuver involving QBI, Roth conversions, and stock

Take my career switch as a 1099 employee without benefits, not a W-2 (can go on my wife's healthcare, don't need the benefits) I'm not sure about the nature of your employment, but generally an employee can't decide to be classified as a 1099 contractor. If you are in fact an independent contractor...
by MP123
Sat Aug 29, 2020 10:02 pm
Forum: Personal Consumer Issues
Topic: Tuxedo crisis. Help!
Replies: 25
Views: 1642

Re: Tuxedo crisis. Help!

Brooks Brothers used to sell tuxedo separates (pants/jacket), not sure how they're doing these days with the bankruptcy though.

After 15 years they may have changed the styles slightly, but you could check their website.
by MP123
Sat Aug 29, 2020 1:38 pm
Forum: Personal Finance (Not Investing)
Topic: Cobra and ObamaCare
Replies: 19
Views: 1833

Re: Cobra and ObamaCare

Where I live $600/mo for the COBRA plan is cheaper than an ACA plan for a 63 year old like OP's wife.

It might be better to stay on COBRA as long as possible and then switch to an ACA plan.
by MP123
Sat Aug 29, 2020 12:08 pm
Forum: Personal Finance (Not Investing)
Topic: Cobra and ObamaCare
Replies: 19
Views: 1833

Re: Cobra and ObamaCare

I think she has a 60 day period after and before the QLE to get on an ACA plan. Is it possible for her to coordinate ACA coverage to start on Nov 1? Or is the goal just to save the two months of premiums if possible? I agree with the above reasoning about deferring COBRA coverage pending an issue, t...
by MP123
Sat Aug 29, 2020 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Example of PPP Forgiveness Form for Sole Proprietors with no Employees?
Replies: 1
Views: 239

Re: Example of PPP Forgiveness Form for Sole Proprietors with no Employees?

The 3508 applications need to be submitted to your lender for approval first, then they forward to SBA. I'm not aware of any lenders that are currently accepting them though. Most seem to be working on online portals for the form pending further guidance from SBA. As a sole proprietor you'll most li...
by MP123
Fri Aug 28, 2020 8:57 pm
Forum: Personal Finance (Not Investing)
Topic: Solo401k to offset ACA PTC repayment?
Replies: 3
Views: 200

Re: Solo401k to offset ACA PTC repayment?

Yes, it's true!

And if the solo 401k doesn't get your MAGI down far enough you might also be eligible to contribute to an HSA account if you have HDHP insurance. That will also lower it.
by MP123
Thu Aug 27, 2020 1:49 pm
Forum: Personal Investments
Topic: Contributing to an HSA while on COBRA
Replies: 9
Views: 459

Re: Contributing to an HSA while on COBRA

We are currently receiving health insurance via COBRA. It is a HDHP. Prior to going on COBRA my wife had HSA contributions come out of her paycheck. To date she has contributed $4,369.28. I have an HSA from a prior job that I rolled to Fidelity. Can I deposit $2,830.72 into my Fidelity HSA in order...
by MP123
Thu Aug 27, 2020 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution limit - prorated?
Replies: 7
Views: 355

Re: HSA Contribution limit - prorated?

Hi, Is my understanding correct? The annual HSA limit of $7,100 is based on the person who is on an HSA compatible insurance for the whole year. If the person is only on an HSA compatible insurance for less than a full year, the limit will be lowered. Thanks in advance. KlangFool No, under the "Las...
by MP123
Thu Aug 27, 2020 10:57 am
Forum: Personal Finance (Not Investing)
Topic: Has anyone created a business just to be able to have a Solo 401k?
Replies: 12
Views: 1714

Re: Has anyone created a business just to be able to have a Solo 401k?

So my question (generally), is whether it is fraudulent to stand up a business primarily for the purpose of creating a solo 401k? The business would simply have zero expenses and zero revenue indefinitely. What are the guidelines or legal tests that govern this? Without "net earnings from self-empl...
by MP123
Wed Aug 26, 2020 11:36 am
Forum: Personal Finance (Not Investing)
Topic: Optimizing PPP Forgiveness
Replies: 352
Views: 25301

Re: Optimizing PPP Forgiveness

SBA has posted a new Interim Final Rule (Aug 24th) that says <5% owners of C- and S-Corps aren't subject to the owner-employee limits, even though they are "owners". https://www.sba.gov/document/policy-guidance-ppp-interim-final-rule-treatment-owners-forgiveness-certain-nonpayroll-costs This would a...
by MP123
Thu Aug 20, 2020 3:23 pm
Forum: Personal Finance (Not Investing)
Topic: Keeping ACA Subsidy with Roth Ladder retirement
Replies: 25
Views: 1835

Re: Keeping ACA Subsidy with Roth Ladder retirement

My understanding is that a traditional IRA contribution is a deduction for purposes of MAGI. Since that contribution can be made until April of the following year, does it provide flexibility after the December year end to lower your MAGI if you after year end you realize you have exceeded the ACA ...
by MP123
Thu Aug 20, 2020 12:46 pm
Forum: Personal Finance (Not Investing)
Topic: Keeping ACA Subsidy with Roth Ladder retirement
Replies: 25
Views: 1835

Re: Keeping ACA Subsidy with Roth Ladder retirement

Xebec wrote: Thu Aug 20, 2020 10:41 am 3. If I have a HDHP ACA plan I can contribute up to $7.1K to reduce income for ACA purposes (household of 2)
Plus an additional $1k catch up contribution for you and/or spouse if over 55. So if you're both over 55 is $9.1k
by MP123
Wed Aug 19, 2020 4:40 pm
Forum: Personal Consumer Issues
Topic: Thinking of moving Seattle or Vancouver, WA
Replies: 88
Views: 6106

Re: Thinking of moving Seattle or Vancouver, WA

What about Camas, Washington? It's in southern Washington state (a no income tax state), near the border with Portland, Oregon (a no sales tax state). It's where I live, and we love it here. A lot of people are here for the schools though and our taxes are always getting higher. The OP will get mor...
by MP123
Wed Aug 19, 2020 2:11 pm
Forum: Personal Finance (Not Investing)
Topic: Simple question about using HSA funds
Replies: 4
Views: 237

Re: Simple question about using HSA funds

Pretty sure you can. You just can't double dip on the contribution maximums. Correct. The rules are different for contributions and distributions. OP and their spouse could each contribute the individual max to their respective HSAs since they each have individual HDHPs. But distributions can be ma...
by MP123
Wed Aug 19, 2020 1:48 pm
Forum: Personal Finance (Not Investing)
Topic: Simple question about using HSA funds
Replies: 4
Views: 237

Re: Simple question about using HSA funds

Yes, and also for dependents if any.
by MP123
Tue Aug 18, 2020 2:29 pm
Forum: Personal Consumer Issues
Topic: Thinking of moving Seattle or Vancouver, WA
Replies: 88
Views: 6106

Re: Thinking of moving Seattle or Vancouver, WA

Speaking of the western Washington weather, if you go a little further west of Vancouver, you'll find the Longbeach Peninsula. If you're heading north from Astoria and just over the bridge on the Washington side, you'll see one sign for "Dismal Nitch" and another sign for "Cape Disappointment." Cap...
by MP123
Mon Aug 17, 2020 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: Texas - Bodily Injury / PIP - How to Cover Passengers?
Replies: 17
Views: 833

Re: Texas - Bodily Injury / PIP - How to Cover Passengers?

I'm not familiar with TX specifically, but I would assume that relying on your passenger's health insurance means that their insurance company would subrogate the claim against you. Right. So how do I then protect my assets if I can’t buy coverage for the situation in question? That's just bizarre....
by MP123
Mon Aug 17, 2020 9:20 pm
Forum: Personal Finance (Not Investing)
Topic: Texas - Bodily Injury / PIP - How to Cover Passengers?
Replies: 17
Views: 833

Re: Texas - Bodily Injury / PIP - How to Cover Passengers?

I'm not familiar with TX specifically, but I would assume that relying on your passenger's health insurance means that their insurance company would subrogate the claim against you.
by MP123
Mon Aug 17, 2020 8:38 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Excess contributions error
Replies: 1
Views: 141

Re: HSA Excess contributions error

HSA distributions are not the same thing as a return of excess contribution, so they won't cancel out. But it sounds like you didn't have an excess contribution in the first place, so hopefully the ammended return will fix that. The IRS is so backed up this year with paper returns due to covid that ...
by MP123
Mon Aug 17, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance + ACA Subsidies + Early Retirement
Replies: 35
Views: 2431

Re: Health Insurance + ACA Subsidies + Early Retirement

The problem isn't so much regular Dr visits, it's the potentially serious problems that come up. If you get a $20,000 out-of-network trip to the ER with some tests (which is very easy to do) and your insurance decides they'll pay $5,000 because that's what they'd pay an in-network provider, then yo...
by MP123
Mon Aug 17, 2020 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance + ACA Subsidies + Early Retirement
Replies: 35
Views: 2431

Re: Health Insurance + ACA Subsidies + Early Retirement

The problem isn't so much regular Dr visits, it's the potentially serious problems that come up. If you get a $20,000 out-of-network trip to the ER with some tests (which is very easy to do) and your insurance decides they'll pay $5,000 because that's what they'd pay an in-network provider, then yo...
by MP123
Mon Aug 17, 2020 4:49 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance + ACA Subsidies + Early Retirement
Replies: 35
Views: 2431

Re: Health Insurance + ACA Subsidies + Early Retirement

The problem isn't so much regular Dr visits, it's the potentially serious problems that come up. If you get a $20,000 out-of-network trip to the ER with some tests (which is very easy to do) and your insurance decides they'll pay $5,000 because that's what they'd pay an in-network provider, then you...
by MP123
Mon Aug 17, 2020 2:09 pm
Forum: Personal Consumer Issues
Topic: Thinking of moving Seattle or Vancouver, WA
Replies: 88
Views: 6106

Re: Thinking of moving Seattle or Vancouver, WA

South Florida to the Northwest is a huge move culturally, politically, weather, and so on.

Be sure to visit for an extended period in the winter. Summers are great but many people have a hard time with the dark gray during the other 9 months.
by MP123
Mon Aug 17, 2020 1:31 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance + ACA Subsidies + Early Retirement
Replies: 35
Views: 2431

Re: Health Insurance + ACA Subsidies + Early Retirement

Would it make more sense for me to keep the insurance that I have now, pay the $10 monthly premium, and just negotiate with doctors for a subscription fee/individual appointments as issues arise? To be honest, I didn't even know this was a thing prior to reading this post... Family situation is mys...
by MP123
Sun Aug 16, 2020 10:58 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance + ACA Subsidies + Early Retirement
Replies: 35
Views: 2431

Re: Health Insurance + ACA Subsidies + Early Retirement

Unless I'm mistaken, the HSA offers less value when you're in early retirement? An HSA is always valuable but especially for early retirees because contributions reduce AGI which will help you qualify for premium tax credits ("subsidies") in the first place. I agree that the Platinum level plans ar...
by MP123
Sun Aug 16, 2020 10:04 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance + ACA Subsidies + Early Retirement
Replies: 35
Views: 2431

Re: Health Insurance + ACA Subsidies + Early Retirement

Especially for those going fat-FIRE who won't qualify for ACA subsidies, paying your primary care doc a flat $2.4K/yr sounds pretty good compared to paying the insurance company the money for the gold/platinum plans. Thoughts? But you still need "real" insurance for serious or catastrophic problems...
by MP123
Sat Aug 15, 2020 5:21 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401K: Rehash
Replies: 21
Views: 815

Re: Solo 401K: Rehash

Thank you for your patience while I understand this concept. We have a Q3 profit of approx 20K (for June/July/Aug), typically we would need to estimate and pay tax for this by Sept 15th. If we defer 19.5 (employee contribution) for this quarter into a solo401k, my assumption is that we don't have t...