Search found 1060 matches

by MP123
Mon Nov 11, 2019 5:45 pm
Forum: Personal Finance (Not Investing)
Topic: 80% tax underpayment exception still around for 2019?
Replies: 3
Views: 396

Re: 80% tax underpayment exception still around for 2019?

Yes, the form says 2019 at the top in TurboTax. Right above the big red "DO NOT FILE". :D I remember the 80% exception being a one time deal but wasn't sure if it was extended for another year. I think it was originally going to be an 85% exception before it was lowered to 80% for 2018. As things st...
by MP123
Mon Nov 11, 2019 1:07 pm
Forum: Personal Finance (Not Investing)
Topic: 80% tax underpayment exception still around for 2019?
Replies: 3
Views: 396

80% tax underpayment exception still around for 2019?

For tax year 2018 the IRS allowed an exception for underpayment of taxes. As long as you paid 80% (rather than the usual 90%) there were no penalties. This was due to all the new stuff in the TC&JA and uncertainty about how it would be implemented. I noticed in the just released TurboTax for 2019 th...
by MP123
Sat Nov 09, 2019 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Early Financial Independence. - Healthcare costs
Replies: 65
Views: 5190

Re: Early Financial Independence. - Healthcare costs

My parents, who live in WA state, spend about $600 monthly on Medicare, so I agree that $240 for one person under Medicare age is a steal. We did not yet get this we are employed, but for $24,000 income, for the couple it shows $240 ( Sorry not for one person ) That estimate includes the $15k or so...
by MP123
Fri Nov 08, 2019 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: Seller's agent not letting us use a buyer's agent
Replies: 117
Views: 9744

Re: Seller's agent not letting us use a buyer's agent

Did your buyers agent ever show you the house? Not clear that they've done anything in this deal.
by MP123
Fri Nov 08, 2019 9:41 pm
Forum: Personal Finance (Not Investing)
Topic: Just learned something about HSAs and independent children that I did not know
Replies: 21
Views: 2025

Re: Just learned something about HSAs and independent children that I did not know

I don’t understand why you would both be eligible to contribute the family max, $14k, if you are 1 family. Because in this situation, you are a family to the health insurance company but to the IRS you are not. So how do I make this happen with no dependents? Have some kids and call them independen...
by MP123
Fri Nov 08, 2019 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: Do I Understand Safe Harbor rules correctly?
Replies: 27
Views: 2465

Re: Do I Understand Safe Harbor rules correctly?

Yes, your understanding is correct assuming that your income is over $150k MFJ. If it's less than that then 100% of last years taxes will do.
by MP123
Fri Nov 08, 2019 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Early Financial Independence. - Healthcare costs
Replies: 65
Views: 5190

Re: Early Financial Independence. - Healthcare costs

I don't know much about this. Can you elaborate on why one would not want to qualify for Medicaid? Mainly flexibility and choice. Choosing your own plan makes it easier to find a doctor you like. And Medicaid adds an additional level of bureaucratic red tape that you may not care for. It is depende...
by MP123
Thu Nov 07, 2019 8:18 pm
Forum: Personal Investments
Topic: Partial year HSA
Replies: 3
Views: 192

Re: Partial year HSA

Because you had qualifying insurance on Dec 1 (last month rule) you could make the full HSA contribution for the year but only if you maintain the coverage for the next year.

So I'd say yes you (or the individual in question) over contributed.
by MP123
Wed Nov 06, 2019 9:44 pm
Forum: Personal Investments
Topic: Worth it to rush a Backdoor Roth by EOY?
Replies: 12
Views: 720

Re: Worth it to rush a Backdoor Roth by EOY?

Just reiterating that if you make the traditional IRA contribution for 2019 you can make the conversion whenever you get things organized— there is no need to do the conversion shortly after the contribution, or even on an annual basis. Well, one should consider the earnings on the non-deductible c...
by MP123
Tue Nov 05, 2019 9:14 pm
Forum: Personal Finance (Not Investing)
Topic: Health Insurance Options For FIRE Newly Diagnosed with Cancer
Replies: 22
Views: 2459

Re: Health Insurance Options For FIRE Newly Diagnosed with Cancer

The metal tiers within a plan don't affect the network of providers, just the financial aspects of the plan. If you've narrowed to three doctors you should probably call their offices and ask which plans they accept. My experience has been that the online tools from the insurance companies to look u...
by MP123
Mon Nov 04, 2019 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: Permit Pulled Without My Knowledge
Replies: 14
Views: 2158

Re: Permit Pulled Without My Knowledge

What does your lawyer say about this? Is it standard practice to use a lawyer in OP's state when selling a home? Yes, it is required. The buyer typically selects the closing attorney in my state. In my case the buyers did select the attorney. You should direct the question to him or her then, my gu...
by MP123
Sat Nov 02, 2019 9:37 pm
Forum: Investing - Theory, News & General
Topic: When someone says “X is a $120 million dollar company” what does that mean?
Replies: 20
Views: 2277

Re: When someone says “X is a $120 million dollar company” what does that mean?

I hear it more often referring to revenue. +1 That is usually the context I hear -- whether for public or privately traded companies. Gross revenue. I concur, almost always this phrasing refers to revenue. Yes, when I hear that I assume they're talking about gross revenue or sales. But it's a littl...
by MP123
Fri Nov 01, 2019 7:13 pm
Forum: Personal Finance (Not Investing)
Topic: ACA - end of year move to another state, kids in college elsewhere
Replies: 11
Views: 942

Re: ACA - end of year move to another state, kids in college elsewhere

1. The plan you sign up for by December 15th starts on Jan 1. So as I understand your plans you could do it during the regular enrollment period and keep your current coverage through the end of the year. You could also do it as a special enrollment but check the policy start and end dates, and the ...
by MP123
Thu Oct 31, 2019 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401 K question
Replies: 3
Views: 357

Re: Solo 401 K question

He can make i401k contributions as long as he has no employees other than you. If you are an employee you can make contributions too.

That's for federal taxes, I don't think there are state specific restrictions but I suppose there could be for state taxes.
by MP123
Thu Oct 31, 2019 7:29 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance premiums 100% deductible for self-employed?
Replies: 5
Views: 477

Re: Health insurance premiums 100% deductible for self-employed?

It's also worth adding that the self employed health insurance deduction can't exceed the net income from the business in question. So in some cases the premiums may in fact not be 100% deductible.
by MP123
Tue Oct 29, 2019 9:13 pm
Forum: Personal Finance (Not Investing)
Topic: How much income to stay in the 12% bracket for 2020?
Replies: 10
Views: 1915

Re: How much income to stay in the 12% bracket for 2020?

All of the above assumes that your income is earned income rather than LTCG/qualified dividends which is taxed at 0% up to $78,750, plus of course the standard deduction.

So if you have investment income in addition to W2 income it gets more complicated.
by MP123
Tue Oct 29, 2019 8:40 pm
Forum: Personal Finance (Not Investing)
Topic: Ok to go without health insurance?
Replies: 209
Views: 11543

Re: Ok to go without health insurance?

If self-employed without the option of health insurance from an employer, then wouldn’t premiums be an above the line deduction? I am self-employed and choose higher premiums/lower deductibles for the huge tax deduction on premiums. Yes. And consider getting an insurance plan that's HSA compliant a...
by MP123
Fri Oct 25, 2019 10:32 pm
Forum: Personal Finance (Not Investing)
Topic: ACA - Sell Dividend stocks and pay capital gains?
Replies: 11
Views: 898

Re: ACA - Sell Dividend stocks and pay capital gains?

Just be sure you stay under the 400% of FPL cliff or the subsidy goes away completely. An unexpectedly good quarterly dividend could blow things up.
by MP123
Fri Oct 25, 2019 10:01 pm
Forum: Personal Investments
Topic: Making Sure I Can Contribute to an HSA
Replies: 12
Views: 693

Re: Making Sure I Can Contribute to an HSA

I agree that the FSA very likely makes you ineligible for an HSA. Also, your HDHP won't qualify if it makes any payments (such as co-pays) before you hit your deductible. In my experience all plans that are HSA compliant will say "HSA" in the name of the plan. Just because the deductible is high isn...
by MP123
Wed Oct 23, 2019 9:41 pm
Forum: Personal Consumer Issues
Topic: How to Know if an Old House is Reasonably Beyond Repair
Replies: 30
Views: 2406

Re: How to Know if an Old House is Reasonably Beyond Repair

I assume the value is in the land? What are your plans for the lot? Large acreage? Desirable area? What general part of the country? Do you intend to live there? It certainly doesn't sound like the structure is worth keeping from your description. The lack of a foundation in particular is concerning...
by MP123
Mon Oct 21, 2019 9:53 pm
Forum: Personal Finance (Not Investing)
Topic: My husband says I can retire. Is he right?
Replies: 45
Views: 6206

Re: My husband says I can retire. Is he right?

the likelihood of both of them surviving more than 30 years is slim I suppose that depends on how you define the term "slim". It's quite realistic that a 58 year old woman and a 50 year old man could survive 30+ years these days if they are currently in good health. Using the SS life tables, there ...
by MP123
Mon Oct 21, 2019 9:16 pm
Forum: Personal Finance (Not Investing)
Topic: Separate insurance plans for husband and wife
Replies: 6
Views: 541

Re: Separate insurance plans for husband and wife

Congratulations!

If either company offers an HSA plan you would probably want to put your new child on that plan along with whichever spouse to qualify for the family contribution amount instead of single.
by MP123
Mon Oct 21, 2019 7:25 pm
Forum: Personal Finance (Not Investing)
Topic: My husband says I can retire. Is he right?
Replies: 45
Views: 6206

Re: My husband says I can retire. Is he right?

the likelihood of both of them surviving more than 30 years is slim I suppose that depends on how you define the term "slim". It's quite realistic that a 58 year old woman and a 50 year old man could survive 30+ years these days if they are currently in good health. Using the SS life tables, there ...
by MP123
Mon Oct 14, 2019 9:04 pm
Forum: Investing - Theory, News & General
Topic: Where should HSA Contributions go? Wife is 10 years younger.
Replies: 5
Views: 734

Re: Where should HSA Contributions go? Wife is 10 years younger.

Once you're 65 and on Medicare you won't be able to contribute to your HSA. Not sure if you have other dependents but it seems likely that at that point your wife would still be able to make the single contribution to hers but perhaps not the family one. I agree with funding both but perhaps with a ...
by MP123
Sat Oct 12, 2019 9:36 pm
Forum: Personal Finance (Not Investing)
Topic: QBI and Solo 401(k) Deductible Contributions - Do they Still Make Sense?
Replies: 3
Views: 305

Re: QBI and Solo 401(k) Deductible Contributions - Do they Still Make Sense?

It depends on your AGI too. If you're over the $415k phase out and in a specified service business then you don't get the QBI deduction anyway and your i401k contribution makes sense. In some cases the contribution might lower your AGI enough that you became eligible for at least a partial QBI deduc...
by MP123
Fri Oct 11, 2019 8:58 pm
Forum: Personal Finance (Not Investing)
Topic: Seller misrepresented fulfillment of defect fixes - next steps? sue?
Replies: 55
Views: 5038

Re: Seller misrepresented fulfillment of defect fixes - next steps? sue?

I'm kind of set on having messy wood burning fires. I am curious about options that allow for both - hrm, seems unlikely that such a thing really exists. Consider a wood burning stove that vents through an insulated metal liner installed in the chimney. We had one before switching to a gas stove th...
by MP123
Fri Oct 11, 2019 8:39 pm
Forum: Investing - Theory, News & General
Topic: Rollover IRA and SEP into an individual 401k?
Replies: 5
Views: 239

Re: Rollover IRA and SEP into an individual 401k?

I'll add that Schwab also allows incoming rollovers to a i401k.

Vanguard has many virtues but they are not the best choice of custodian for a single participant 401k.
by MP123
Thu Oct 10, 2019 10:43 am
Forum: Personal Finance (Not Investing)
Topic: Question about the Safe Withdraw Rate rule
Replies: 20
Views: 1480

Re: Question about the Safe Withdraw Rate rule

The 4% "rule" from the Trinity study, Bergen, Pfau, et al assumes that you will adjust the initial 4% amount for inflation each year. So in your example you would need $1M to support $40k adjusted for inflation according to this rule. In other words future inflation is already factored in once you ...
by MP123
Wed Oct 09, 2019 9:46 pm
Forum: Personal Finance (Not Investing)
Topic: Question about the Safe Withdraw Rate rule
Replies: 20
Views: 1480

Re: Question about the Safe Withdraw Rate rule

The 4% "rule" from the Trinity study, Bergen, Pfau, et al assumes that you will adjust the initial 4% amount for inflation each year. So in your example you would need $1M to support $40k adjusted for inflation according to this rule. In other words future inflation is already factored in once you s...
by MP123
Tue Oct 08, 2019 9:47 pm
Forum: Personal Finance (Not Investing)
Topic: Can liquidate a trust with 36k in unrealized cap gains and pay no tax?
Replies: 1
Views: 321

Re: Can liquidate a trust with 36k in unrealized cap gains and pay no tax?

If all of your income is LTCG and qualified dividends then you'd be in the zero percent federal tax bracket up to $51,375 for 2019 after factoring in the single standard deduction of $12k. This could go even higher if you made HSA or IRA contributions. I'm not sure about state specific trust taxatio...
by MP123
Fri Oct 04, 2019 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Short term health insurance
Replies: 3
Views: 234

Re: Short term health insurance

Short term plans aren't ACA compliant and generally exclude pre-existing conditions. Not the greatest choice but might be ok for a healthy young person for a few months. The individual mandate is still in place but the penalty for non-compliance has been reduced to $0. So she wouldn't be penalized f...
by MP123
Thu Oct 03, 2019 6:44 pm
Forum: Personal Consumer Issues
Topic: Bose discontinues SleepBuds
Replies: 7
Views: 1162

Re: Bose discontinues SleepBuds

Thanks for posting, I was considering getting a pair. I was hoping they worked like a mini version of the Bose noise canceling earphones but I guess they're basically just an expensive Bluetooth earplug that plays white noise. Having to fiddle with your cell phone to make them work seems like it mig...
by MP123
Tue Oct 01, 2019 9:56 pm
Forum: Personal Finance (Not Investing)
Topic: Taking Capital Gains in a Low Income Year
Replies: 16
Views: 1891

Re: Taking Capital Gains in a Low Income Year

With a $12k standard deduction and $39,375 of long term capital gains at 0% on top of that this is likely a good time to harvest those gains. And any other gains you may have up to the top of the 0% bracket. As mentioned above there could be issues with ACA subsidies and/or state taxes depending on ...
by MP123
Sat Sep 14, 2019 11:25 am
Forum: Personal Finance (Not Investing)
Topic: Can Self-Employed people get a PPO Health Insurance Plan?
Replies: 27
Views: 1640

Re: Can Self-Employed people get a PPO Health Insurance Plan?

But I would never move anywhere just because right now a good health plan is available in the area. (Another illustration, 25 years ago Kaiser-Permanente operated in our area and lots of folks, including our family, were happy with them. For whatever reason they pulled completely out of the area ov...
by MP123
Thu Sep 12, 2019 7:00 pm
Forum: Personal Finance (Not Investing)
Topic: Can Self-Employed people get a PPO Health Insurance Plan?
Replies: 27
Views: 1640

Re: Can Self-Employed people get a PPO Health Insurance Plan?

As a self employed person there is nothing to prevent you from getting PPO insurance. Except that it may not be available in your area. We used to have several nationwide PPO plans to choose from but one by one they've dropped out of the market leaving just a large HMO and two EPOs. But your situati...
by MP123
Wed Sep 11, 2019 8:41 pm
Forum: Investing - Theory, News & General
Topic: 5% Withdrawal Rate Recommended by US News Columnist
Replies: 141
Views: 11931

Re: 5% Withdrawal Rate Recommended by US News Columnist

A college educated nonsmoking male who isn't obese has a life expectancy of 90 not low 80s. You odds of making to 85 are up around 75% not 50%. I don't doubt you, but do you have a cite for that? https://www.blueprintincome.com/tools/life-expectancy-calculator-how-long-will-i-live Hmmm... First it ...
by MP123
Wed Sep 11, 2019 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: S Corp 199A QBI deduction
Replies: 8
Views: 543

Re: S Corp 199A QBI deduction

In short, if your taxable income is such that you’re not required to consider the W2 and UBIA limits in determining your deduction, you’re fine without the information in Box 17 But that raises the question of how someone preparing a K-1 for a more widely held S corp would even know the details of ...
by MP123
Wed Sep 11, 2019 8:24 pm
Forum: Investing - Theory, News & General
Topic: 5% Withdrawal Rate Recommended by US News Columnist
Replies: 141
Views: 11931

Re: 5% Withdrawal Rate Recommended by US News Columnist

A college educated nonsmoking male who isn't obese has a life expectancy of 90 not low 80s. You odds of making to 85 are up around 75% not 50%. I don't doubt you, but do you have a cite for that? https://www.blueprintincome.com/tools/life-expectancy-calculator-how-long-will-i-live Hmmm... First it ...
by MP123
Wed Sep 11, 2019 7:38 pm
Forum: Personal Finance (Not Investing)
Topic: S Corp 199A QBI deduction
Replies: 8
Views: 543

Re: S Corp 199A QBI deduction

My TurboTax Business prepared 1120s shows codes V, W, and X on K-1 line 17 for the various QBI related amounts. I don't know if it's required or not but it's pretty simple to calculate especially if you're a 100% shareholder, not sure why your CPA doesn't want to. Sec 199a is so new there may still ...
by MP123
Tue Sep 10, 2019 7:36 pm
Forum: Personal Finance (Not Investing)
Topic: health insurance back dated?
Replies: 6
Views: 497

Re: health insurance back dated?

I did not know about the mandate being dropped this year. Makes me feel better about the possible lapse in coverage. My understanding is that the mandate is still in place but that congress reduced the penalty to zero. It's a fine point but I'm not sure if reporting non compliance (even with no pen...
by MP123
Tue Sep 10, 2019 7:23 pm
Forum: Personal Finance (Not Investing)
Topic: health insurance back dated?
Replies: 6
Views: 497

Re: health insurance back dated?

You should by all means have health insurance.

But for 2019 the penalty for not having coverage (the individual mandate) was lowered to $0. So even if you don't have coverage there is effectively no penalty.
by MP123
Tue Sep 10, 2019 7:16 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution Limit - Employer Seed/Contribution?
Replies: 7
Views: 590

Re: HSA Contribution Limit - Employer Seed/Contribution?

Note the limit is also age-based, so if you or your spouse are 55 or older then there is an additional $1,000 for each oldster I think. This is correct. There is an additional $1k catch up contribution for age 55+. It needs to go into the HSA belonging to the person over 55, so if both spouses are ...
by MP123
Sat Sep 07, 2019 7:52 pm
Forum: Personal Finance (Not Investing)
Topic: How does my auto insurance look to you? Is the coverage ok?
Replies: 43
Views: 2461

Re: How does my auto insurance look to you? Is the coverage ok?

I just added over/under for 250k/500k to the policy. All you guys have been great but help me understand way I need Medical Payments on my policy? The agent said 5k-10k are the most common choices. My thinking is if something happens they would go through that in no time and then on the main policy...
by MP123
Fri Sep 06, 2019 7:14 pm
Forum: Personal Finance (Not Investing)
Topic: Homeowner's: notice of non-renewal. Where/how to shop?
Replies: 36
Views: 3980

Re: Homeowner's: notice of non-renewal. Where/how to shop?

In a worst case you can likely insure the house with Lloyd's of London but the premiums are very high. When I shopped them in a similar situation they wanted $3500/yr. Fortunately I found a mainline carrier that would do it for much less, but it wasn't easy. Many companies don't want to deal with wi...
by MP123
Thu Sep 05, 2019 9:10 pm
Forum: Personal Finance (Not Investing)
Topic: How does my auto insurance look to you? Is the coverage ok?
Replies: 43
Views: 2461

Re: How does my auto insurance look to you? Is the coverage ok?

Uninsured motorist coverage should be increased. I believe its as important as Umbrella insurance. It compensates you if other driver is under or uninsured. Think of it as buying an Umbrella for yourself that activates with an auto accident. Agreed. Is the car in question worth more than $25k? If p...
by MP123
Tue Sep 03, 2019 7:58 pm
Forum: Personal Finance (Not Investing)
Topic: Purchasing health insurance
Replies: 5
Views: 665

Re: Purchasing health insurance

COBRA is probably your best choice. I don't usually recommend short term health plans but in this case it might be worth pricing one since I gather you have no preexisting conditions and only need a few months of coverage. Likely much cheaper than COBRA. My understanding is that there is still an AC...
by MP123
Mon Sep 02, 2019 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Small business health plan through ACA question
Replies: 5
Views: 396

Re: Small business health plan through ACA question

Generally such plans require that you have at least one non-related common law employee in your business. But if that works for you it might be worth looking into.
by MP123
Sun Sep 01, 2019 6:47 pm
Forum: Investing - Theory, News & General
Topic: Receiving $100K per year on a $2.5MM Portfolio
Replies: 35
Views: 7854

Re: Receiving $100K per year on a $2.5MM Portfolio

There also was a more recent study done by an actuary whose name I cannot recall that looked at different strategies (SWR, lifetime income annuity/SPIA, RMD algorithm) and concluded that the IRA RMD algorithm applied to an entire portfolio was optimal. Or instead of using the IRA algorithm, you can...
by MP123
Wed Aug 28, 2019 9:09 pm
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 156
Views: 13808

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

If the providers do not have a network contract with your insurance company, you will pay their regular, full fare rate, as there is no basis for a different rate, unless you negotiate it yourself. What ACA requires, though, is that if the care were actually emergency care, then your insurance comp...
by MP123
Tue Aug 27, 2019 10:04 pm
Forum: Personal Consumer Issues
Topic: out of network emergency visits. Huge bill!!!
Replies: 156
Views: 13808

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

Would someone explain to me if OP's out of network out of pocket maximum is $5000, why does he owe $10000? Shouldn't he pay $5000 and then the insurance or maybe the black hole of medical fees pay the remainder? If OP lives in a state that allows balance billing the medical providers can bill them ...