Search found 793 matches

by icedtea
Sat Nov 30, 2019 8:12 pm
Forum: Personal Investments
Topic: Any ok experiences with HSBC for online savings?
Replies: 6
Views: 526

Re: Any ok experiences with HSBC for online savings?

Thanks for the input. I’m certainly taken aback by the experience I’ve had so far. I’ve had to call them 6-7 times in just over a week in order to solve these issues and sent them a round of identity proof docs. How on earth can a bank not be able to send me a text verification code or email in 2019...
by icedtea
Sat Nov 30, 2019 7:39 pm
Forum: Personal Investments
Topic: Any ok experiences with HSBC for online savings?
Replies: 6
Views: 526

Re: Any ok experiences with HSBC for online savings?

OP here. Things are getting interesting with HSBC - spoke to an overseas rep yesterday and asked her to ensure the account was opened by end of day or I’d cancel the process - she called me back at 4:45 and confirmed the fraud process was completed - received an email from the bank that my account w...
by icedtea
Fri Nov 29, 2019 1:47 pm
Forum: Personal Investments
Topic: Any ok experiences with HSBC for online savings?
Replies: 6
Views: 526

Any ok experiences with HSBC for online savings?

Has anyone had ok experiences with HSBC? I applied for an online savings account about 7 business days ago and it’s been stuck with the fraud dept. I provided the requested documentation within a few hours on Monday and spoke to an agent but she couldn’t really help move the information forward. She...
by icedtea
Wed Nov 27, 2019 9:43 am
Forum: Personal Investments
Topic: Saving for nieces’ and nephew’s college fund
Replies: 3
Views: 362

Saving for nieces’ and nephew’s college fund

I’d like to start saving for my nieces and nephews college funds. How do I determine the best approach? Ie. Contribute to the 529s their parents have set up vs start my own accounts for their kids? Also prepaid tuition plans vs college savings plans? I’m in NY, the parents and kids are in CA. https:...
by icedtea
Mon Nov 18, 2019 2:00 pm
Forum: Personal Investments
Topic: Savings account calculator that accounts for time to transfer funds
Replies: 1
Views: 143

Savings account calculator that accounts for time to transfer funds

Is there a savings account calculator out there that lets you take into account the week or 2 weeks it takes to transfer funds from one bank to the other?
by icedtea
Wed Jul 31, 2019 4:21 pm
Forum: Personal Investments
Topic: Should I execute a TIRA-401k rollover and then a Roth conversion?
Replies: 15
Views: 376

Re: Should I execute a TIRA-401k rollover and then a Roth conversion?

Sorry, not sure what you mean by what the stable value fund 'is paying this year.' I looked up FA STABLE VALUE III and the 30 day yield is 2.26% as of 07/30/2019. Is that what you mean? I don't know if that is what I mean or not. It seems they usually pay a certain amount for an entire year like it...
by icedtea
Wed Jul 31, 2019 3:50 pm
Forum: Personal Investments
Topic: Should I execute a TIRA-401k rollover and then a Roth conversion?
Replies: 15
Views: 376

Re: Should I execute a TIRA-401k rollover and then a Roth conversion?

I actually just finished doing exchanges to move all my bonds out of my Roth and into my TIRA. So you think it may be worth doing all this (TIRA-->401k, ndTIRA-->Roth) if I hold some bonds in my Roth again? What would you suggest I do specifically? First off, I'll suggest for the third time :D to f...
by icedtea
Wed Jul 31, 2019 3:34 pm
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

You would have to weigh the cost of leaving it with the former employer vs. losing the opportunity to do backdoor Roth for that year and future years. In another thread, I had calculated the cost of investing the same $6000 in a taxable account vs. getting into a backdoor Roth IRA. https://www.bogl...
by icedtea
Wed Jul 31, 2019 3:29 pm
Forum: Personal Investments
Topic: Should I execute a TIRA-401k rollover and then a Roth conversion?
Replies: 15
Views: 376

Re: Should I execute a TIRA-401k rollover and then a Roth conversion?

My question is, does the upside beat the downside? Looking for additional opinions. Check your plan for bond funds again. Also find out what the stable value fund is paying this year. The BlackRock and Pioneer funds are both junk bonds. The Global fund is high cost. I understand the allure of wanti...
by icedtea
Wed Jul 31, 2019 3:19 pm
Forum: Personal Investments
Topic: Should I execute a TIRA-401k rollover and then a Roth conversion?
Replies: 15
Views: 376

Re: Should I execute a TIRA-401k rollover and then a Roth conversion?

My question is, does the upside beat the downside? Looking for additional opinions. Check your plan for bond funds again. Also find out what the stable value fund is paying this year. The BlackRock and Pioneer funds are both junk bonds. The Global fund is high cost. I understand the allure of wanti...
by icedtea
Wed Jul 31, 2019 3:16 pm
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

Yes, the tax hit is only if you (and your wife as well) do not roll the respective deductible traditional IRA to respective 401k plans, before contributing to non-deductible tIRA and doing Roth conversions. If you do rollover, the only tax implication is that you will owe gains on the tiny amount o...
by icedtea
Wed Jul 31, 2019 3:00 pm
Forum: Personal Investments
Topic: Should I execute a TIRA-401k rollover and then a Roth conversion?
Replies: 15
Views: 376

Re: Should I execute a TIRA-401k rollover and then a Roth conversion?

If you are converting nondeductble TIRA to Roth (and have rolled all your deductable TIRA money, aka pre-tax, by 12/31/2019) there should be no additional taxes (no pro-rata calculation), since that money is already after-tax. The ability to get extra Roth space (which I am guessing would have just...
by icedtea
Wed Jul 31, 2019 2:58 pm
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

Living Free beat me to all my answers :) Edited to add: earlier in the thread you said your wife has small balances. If her pre-tax IRA balance is also tiny, you might want to do a one-time conversion of all her pre-tax IRA assets to Roth assets. Whatever amount you thus convert, is NOT part of the...
by icedtea
Wed Jul 31, 2019 2:47 pm
Forum: Personal Investments
Topic: Should I execute a TIRA-401k rollover and then a Roth conversion?
Replies: 15
Views: 376

Should I execute a TIRA-401k rollover and then a Roth conversion?

I am unable to contribute to my Roth anymore due to my income level. I am considering rolling my TIRA balance (deductible) into my current 401k plan and then contributing $6K to my TIRA (nondeductible) and converting it to my Roth. This came up on a separate thread at https://www.bogleheads.org/foru...
by icedtea
Tue Jul 30, 2019 11:07 am
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

I have a traditional IRA worth about $265K, all deductible. So would the conversion of $6K be as follows: 265K * 6K/270K = $5888 of deductible traditional IRA, and $112 of non-deductible traditional IRA So $5888 would be added to my income and I'd pay tax at my marginal tax bracket? When the TIRA i...
by icedtea
Tue Jul 30, 2019 10:38 am
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

Correct. What is the advantage of rolling my TIRA into my current 401k plan? The advantage is that you will be free to do backdoor Roth. It's a maneuver where first you contribute $6k each for you and your wife to a "Traditional IRA". But because your income is high, this is not tax deductible. The...
by icedtea
Fri Jul 26, 2019 2:15 pm
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

I completed these exchanges:

As of today my Roth IRA VBTLX balance is 76.5K. So am I correct in that I would exchange all of it to VTSAX and then exchange 76.5K of VTSAX to VBTLX in my TIRA?


I will review your other recommendations later after the work day ends. Thank you!
by icedtea
Thu Jul 25, 2019 5:34 pm
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Re: Portfolio review: 37 years old, no debt, moderate risk level

+1 about the question on VFWAX and VTIAX. I think you can choose one and skip the other, and given the low balance in VFWAX, and if the tax bite is not much, I recommend that you exchange it to VTIAX. I have VFWAX and VTIAX as a result of tax loss harvesting. As of today my VFWAX has $32K in unreal...
by icedtea
Mon Jul 22, 2019 10:59 am
Forum: Personal Investments
Topic: Portfolio review: 37 years old, no debt, moderate risk level
Replies: 18
Views: 3034

Portfolio review: 37 years old, no debt, moderate risk level

It's been a while since I posted my portfolio here and I'd like to get a sanity check from those of you who know way more than I do. I'm 37, recently married, no debt, $145K salary plus about $45K per year in bonuses and Restricted Stock Units, and for the past 5 years or so my target AA has been ag...
by icedtea
Sat Mar 09, 2019 11:20 am
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Re: Received 2 W-2s from same employer - what to do

You can ignore the amounts in box 12 and 14 of the City copy of the W-2. Do not file form NYC 1127. NY State collects NY City resident income tax on behalf of the city. That tax is reported on line 47a of NY St Resident Income Tax Return Form IT-201. Thanks for the help. I've inputted the federal #...
by icedtea
Sun Mar 03, 2019 8:26 am
Forum: Personal Finance (Not Investing)
Topic: Additional Tax Withholding vs Estimated Tax Payments
Replies: 6
Views: 490

Additional Tax Withholding vs Estimated Tax Payments

I owed money to NY State for 2017 taxes. I plan to either increase my additional tax withholding for NY State from my paychecks in 2019 or pay estimated tax payments. Is either approach fine? Any reason to do one over the other?

Iced Tea
by icedtea
Sat Mar 02, 2019 9:29 am
Forum: Personal Finance (Not Investing)
Topic: State taxes owed: How do you know if you owe a penalty?
Replies: 7
Views: 453

Re: State taxes owed: How do you know if you owe a penalty?

The underpayment penalty applies if your 2018 withholding and estimated tax payments do not equal: 90% of the tax shown on your 2018 return 100% of the tax shown on your 2017 return if your NYS AGI (or net earnings from self-employment allocated to the MCTD) is $150,000 or less ($75,000 if married ...
by icedtea
Sat Mar 02, 2019 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Re: Received 2 W-2s from same employer - what to do

Very possibly TaxAct does not support filing of local taxes. That would mean you have to obtain a local tax return form, fill it out, and mail it in. They probably have some ability to file online as well. That must be the case. There's no place in TaxAct for local tax information. I found this pag...
by icedtea
Sat Mar 02, 2019 9:00 am
Forum: Personal Finance (Not Investing)
Topic: Charitable Contributions and state taxes
Replies: 3
Views: 236

Re: Charitable Contributions and state taxes

Complete form IT-196. Beginning with tax year 2018, you can choose to itemize your deductions for New York State income tax purposes whether or not you itemized your deductions on your federal income tax return. For more information, see our 2018 New York itemized deduction webpage. I'm unable to a...
by icedtea
Sat Mar 02, 2019 8:49 am
Forum: Personal Finance (Not Investing)
Topic: State taxes owed: How do you know if you owe a penalty?
Replies: 7
Views: 453

Re: State taxes owed: How do you know if you owe a penalty?

A good place to check with be on the website of the state: https://www.tax.ny.gov/pit/file/interest_and_penalties.htm Penalty for incorrect calculation of tax If the tax you report on your return is less than the correct tax by more than 10% or $2,000, whichever is greater, you may have to pay a pe...
by icedtea
Sat Mar 02, 2019 8:39 am
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Re: Received 2 W-2s from same employer - what to do

I called TaxAct over and over again and emailed them 3-4 times but never got any help on this matter. There's no place in TaxAct to enter the #s for boxes 12a and 14 for the NYC local filing. Anyone have any idea what I'm supposed to do? I called payroll and they couldn't comment on how to enter the...
by icedtea
Sat Mar 02, 2019 8:36 am
Forum: Personal Finance (Not Investing)
Topic: Charitable Contributions and state taxes
Replies: 3
Views: 236

Charitable Contributions and state taxes

This year I'm taking the federal standard deduction so the charitable contributions I made in 2018 don't have any impact on my taxable income, for federal. Does this mean my charitable contributions won't have any impact on my state (NY) taxes either? I was hoping my contributions might offset my NY...
by icedtea
Sat Mar 02, 2019 8:33 am
Forum: Personal Finance (Not Investing)
Topic: State taxes owed: How do you know if you owe a penalty?
Replies: 7
Views: 453

State taxes owed: How do you know if you owe a penalty?

This year for the first time ever I owe to NY state. $376 to be exact. Is there a chance I owe a penalty for underpaying my taxes through the year? If so, how do I find out what the penalty is? Reason I ask is that my employer's payroll forgot to withdraw taxes for NY City for the first three payche...
by icedtea
Sat Mar 02, 2019 8:30 am
Forum: Personal Finance (Not Investing)
Topic: 1099-G question
Replies: 3
Views: 422

Re: 1099-G question

Some states have certain types of refundable credits that are not federally taxable. For example, if you filed a NY resident tax return and had $364 in credits on lines 68 and/or 69 of the NY tax return, only $987 of your $1,351 state tax refund would be taxable. There could be other explanations f...
by icedtea
Fri Mar 01, 2019 10:03 pm
Forum: Personal Finance (Not Investing)
Topic: 1099-G question
Replies: 3
Views: 422

1099-G question

I have a question about the "Taxable refunds of state and local taxes" entry in TaxAct. I'm sure this also appears in Turbo Tax as a standard. This screen says: State or Local Income Tax Refund - Document - Summary A total of $987 has been entered on your State or Local Income Tax Refund Document (f...
by icedtea
Tue Feb 12, 2019 10:13 am
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Re: Received 2 W-2s from same employer - what to do

livesoft wrote:
Tue Feb 12, 2019 10:12 am
icedtea wrote:
Tue Feb 12, 2019 10:09 am
How do I enter this information correctly in Tax Act?
What did the TaxAct folks tell you when you asked them this?
I called them 5 times but haven't been able to get through to a tax agent.
by icedtea
Tue Feb 12, 2019 10:09 am
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Re: Received 2 W-2s from same employer - what to do

Bump I confirmed with my payroll dept that I have pages 1 and 2 of a single W-2, not two different W-2s. Page 1 is for federal filing and NY state filing, page 2 is for city or local filing. As I mentioned before, the two pages have identical data except for boxes 12a and 14. How do I enter this inf...
by icedtea
Sun Feb 10, 2019 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Re: Received 2 W-2s from same employer - what to do

OP here. The first W-2 says Page 1, Employee Reference Copy Wage and Tax Statement. The second W-2 I received says Page 2, City or Local Reference Copy Wage and Tax Statement. I live in NYC where we have state and city tax. The second W-2 has different info for 12a. Both forms say C but have differe...
by icedtea
Sun Feb 10, 2019 11:29 am
Forum: Personal Finance (Not Investing)
Topic: Received 2 W-2s from same employer - what to do
Replies: 19
Views: 1934

Received 2 W-2s from same employer - what to do

I received two W-2s from my employer. They are identical except one of them says City or Local Reference Copy, and the #s in boxes 12a and 14 are different from the other W-2. How should I handle entering the information into my tax software?

Thanks,
Iced Tea
by icedtea
Sun Feb 10, 2019 11:17 am
Forum: Personal Finance (Not Investing)
Topic: Newlyweds and joint accounts for household expenses
Replies: 120
Views: 6422

Re: Newlyweds and joint accounts for household expenses

OP here. I appreciate all the responses. I think having a mix of separate and joint accounts is the right fit for us. What I had envisioned doing was we'd each still have our income direct deposited in our separate accounts and then biweekly or monthly we'd each contribute to the joint account accor...
by icedtea
Sun Feb 10, 2019 9:42 am
Forum: Personal Finance (Not Investing)
Topic: Newlyweds and medical insurance
Replies: 4
Views: 286

Re: Newlyweds and medical insurance

Losing spouse’s medical benefits is a qualifying event so you can go on the other spouse’s medical benefits without waiting for the enrollment period. There is also COBRA benefits for 18 months when one lose’s medical benefits from their job. What happens if we both go on my insurance and then some...
by icedtea
Sun Feb 10, 2019 9:21 am
Forum: Personal Finance (Not Investing)
Topic: Newlyweds and joint accounts for household expenses
Replies: 120
Views: 6422

Newlyweds and joint accounts for household expenses

I posted a thread earlier about becoming newlyweds and perhaps consolidating medical insurance. I have another topic I'd like to bring on the board: establishing a joint account for household/common expenses. Our plan generally speaking is to maintain our separate bank accounts but we are talking ab...
by icedtea
Sun Feb 10, 2019 9:13 am
Forum: Personal Finance (Not Investing)
Topic: Newlyweds and medical insurance
Replies: 4
Views: 286

Newlyweds and medical insurance

I'm getting married soon and I'm looking for some guidance on how to approach determining whether to go on one of our medical plans and abandon the other. Both of our companies offer similar PPOs, which we prefer. Seems like there's some significant cost savings if we go on one plan, but I have some...
by icedtea
Sat Feb 09, 2019 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Help understanding Restricted Stock Units (RSUs)
Replies: 16
Views: 660

Re: Help understanding Restricted Stock Units (RSUs)

Finally, your employer might not give you a choice or they might have a required holding period before you can sell. They may or may not have holds on the stock with a holding period so you can't sell even if you want to. Or they might just rely on you to not sell them. Sort of like blackout period...
by icedtea
Sat Feb 09, 2019 10:45 am
Forum: Personal Finance (Not Investing)
Topic: Help understanding Restricted Stock Units (RSUs)
Replies: 16
Views: 660

Re: Help understanding Restricted Stock Units (RSUs)

You need to include SS and Medicare payments. Also state tax needs to be in your rates. Yes, it is possible you could be underwithheld or you could be overwithheld. Only you can calculate what that might be. Thanks, makes sense. Can you point me to a calculator or IRS form(s) to start figuring this...
by icedtea
Sat Feb 09, 2019 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Help understanding Restricted Stock Units (RSUs)
Replies: 16
Views: 660

Re: Help understanding Restricted Stock Units (RSUs)

Yes the value of the shares withheld by your company will be included in taxes withheld (as appropriate) on your W2. If your marginal tax rate is higher than the amount withheld you will owe the difference. Just make sure you end up with enough withheld in the aggregate to avoid any penalties (chec...
by icedtea
Sat Feb 09, 2019 10:28 am
Forum: Personal Finance (Not Investing)
Topic: Help understanding Restricted Stock Units (RSUs)
Replies: 16
Views: 660

Re: Help understanding Restricted Stock Units (RSUs)

They’re assuming your marginal tax bracket is 44%. When I had RSU’s, I was able to go into the brokerage account settings and set my actual marginal rate. It sounds like they might have picked an arbitrarily high number and you didn’t change it. I see. Are the sold shares reported to the IRS and ta...
by icedtea
Sat Feb 09, 2019 10:21 am
Forum: Personal Finance (Not Investing)
Topic: Help understanding Restricted Stock Units (RSUs)
Replies: 16
Views: 660

Re: Help understanding Restricted Stock Units (RSUs)

Does it really matter how many they sold? The standard advice around here and elsewhere would have you sell all the shares as soon as they vest, as owning stock in your employer is doubly risky. First, owning any individual stock exposes you to undiversified risk. Second, you are already exposed to...
by icedtea
Sat Feb 09, 2019 9:27 am
Forum: Personal Finance (Not Investing)
Topic: Help understanding Restricted Stock Units (RSUs)
Replies: 16
Views: 660

Help understanding Restricted Stock Units (RSUs)

I reached my one year anniversary with my company and vested some Restricted Stock Units (RSUs) this week. 1695 vested shares 18.57 cost basis The company sold 757 shares to cover taxes. I have 938 shares left. Does this make sense? I didn't think they'd sell that many shares to cover taxes. Thanks,...
by icedtea
Fri Feb 08, 2019 10:39 am
Forum: Personal Finance (Not Investing)
Topic: Trying to backfill a missed employment benefit
Replies: 3
Views: 347

Trying to backfill a missed employment benefit

I've been with my company for about a year and I just learned that they reimburse up to $70 in monthly transportation expenses. D'oh! The kicker is, you're supposed to file expenses every couple of months and they're pretty strict about not accepting expenses from further in the past. I was thinking...
by icedtea
Sun Feb 03, 2019 8:17 am
Forum: Personal Finance (Not Investing)
Topic: MAGI and Roth IRA income limits
Replies: 7
Views: 628

Re: MAGI and Roth IRA income limits

Backdoor ROTH. Not sure it's good timing for me. In 2018, my income was relatively high. Do I think my tax bracket will be higher in retirement? Not sure. I have a big Traditional IRA, all pretax money, which came from many 401k rollovers. There are gains in the account. Wouldn't I need to pay tax ...
by icedtea
Sun Feb 03, 2019 8:15 am
Forum: Personal Finance (Not Investing)
Topic: MAGI and Roth IRA income limits
Replies: 7
Views: 628

Re: MAGI and Roth IRA income limits

See page 40: https://www.irs.gov/pub/irs-pdf/p590a.pdf Thanks, I went through the worksheet on p40 and my MAGI is the same as my AGI. $131,323. I then went through the second worksheet -- p43 -- to calculate my allowable Roth IRA contribution. If I'm doing this correctly, I'm allowed to contribute ...
by icedtea
Sun Feb 03, 2019 7:43 am
Forum: Personal Finance (Not Investing)
Topic: MAGI and Roth IRA income limits
Replies: 7
Views: 628

Re: MAGI and Roth IRA income limits

See page 40: https://www.irs.gov/pub/irs-pdf/p590a.pdf Thanks, I went through the worksheet on p40 and my MAGI is the same as my AGI. $131,323. I then went through the second worksheet -- p43 -- to calculate my allowable Roth IRA contribution. If I'm doing this correctly, I'm allowed to contribute ...
by icedtea
Sat Feb 02, 2019 6:57 pm
Forum: Personal Finance (Not Investing)
Topic: MAGI and Roth IRA income limits
Replies: 7
Views: 628

MAGI and Roth IRA income limits

According to TaxAct my total income and AGI for 2018 is $131,323. How do I figure out my Modified Adjusted Gross Income (MAGI)? And how do I figure out the max amount I can contribute to my Roth IRA for 2018, if any? Here's what I've read about 2018 tax law: Direct Roth IRA contributions are only al...
by icedtea
Tue Dec 04, 2018 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: Flex Spending and Changing to Wife's Insurance Plan
Replies: 1
Views: 195

Flex Spending and Changing to Wife's Insurance Plan

I am getting married in early 2019 and I need to elect my employee benefits at work this week for 2019. Part of this is my health insurance FSA plan for pretax savings. If I elect an FSA contribution amount now for next year, what happens to my FSA if I change medical insurance in a couple months to...