Search found 229 matches

by Clarice
Fri Jul 24, 2020 7:52 am
Forum: Personal Finance (Not Investing)
Topic: 401k salary income limit - I'm told that timing matters
Replies: 5
Views: 1204

401k salary income limit - I'm told that timing matters

Hey team thanks for your help. Asking for a friend. The $285k compensation limit. My friend reached that level of compensation in June 2020. By June 2020, my friend had not reached the $19,000 max contribution allowed. My friend's employer says my friend messed up, in that if my friend wanted to get...
by Clarice
Fri Apr 10, 2020 11:02 am
Forum: Personal Finance (Not Investing)
Topic: CARES Payroll Protection Program From Employee Standpoint
Replies: 35
Views: 2016

Re: CARES Payroll Protection Program From Employee Standpoint

The loan amount will be based on what he/she/it paid you (2019). The amount forgiven will be based on what he/she/it pays you(April/May/June...). His/her/it's choice how much to pay you vs cheap 1% loan to stuff into a high yield savings account(???). +1. It seems like it could be in the employer's...
by Clarice
Fri Apr 10, 2020 10:56 am
Forum: Personal Finance (Not Investing)
Topic: PPP for Self Employed - Is This Right? [Paycheck Protection Program]
Replies: 50
Views: 3502

Re: PPP for Self Employed - Is This Right? [Paycheck Protection Program]

Whilst it seems like free money I would be careful about some of the certifications that you have to make in order to qualify. Eg the loan needs to be necessary to support the continued operations of the business. I don't know how a self employed person making $150k (in the op example) would be abl...
by Clarice
Fri Apr 10, 2020 10:51 am
Forum: Personal Finance (Not Investing)
Topic: PPP for Self Employed - Is This Right? [Paycheck Protection Program]
Replies: 50
Views: 3502

Re: PPP for Self Employed - Is This Right?

What I haven't seen is can you give yourself or employee a raise if under that $100k cap? Program goes for 8 weeks but we get effectively 12 weeks expenses (to cover rent/utilities too as needed). Says you can't give a pay cut more than 25% of previous year average but if you have money "left over"...
by Clarice
Fri Apr 10, 2020 10:42 am
Forum: Personal Finance (Not Investing)
Topic: Can You Get Multiple PPP Loans If You Own Multiple Businesses?
Replies: 8
Views: 2658

Re: Can You Get Multiple PPP Loans If You Own Multiple Businesses?

I would research the SBA's 'affiliation' rules. My family owns 5 different rental properties, each their own LLC. From an 'intent-of-the-law' standpoint - do you really think that each LLC would be eligible to receive a PPP loan? That sounds dangerously susceptible to abuse. Our business is not elig...
by Clarice
Fri Apr 10, 2020 10:34 am
Forum: Personal Finance (Not Investing)
Topic: If I owe federal taxes for 2019, then why don't I fill my HSA for 2019?
Replies: 4
Views: 180

Re: If I owe federal taxes for 2019, then why don't I fill my HSA for 2019?

Maxing your HSA is a fantastic idea. It is the only triple-tax-advantaged account out there. You get a tax deduction for contributing, and any gains are tax free, and withdrawals are tax free when used for qualifying medical expenses. You can either invest the money for retirement and use it as a s...
by Clarice
Fri Apr 10, 2020 10:34 am
Forum: Personal Finance (Not Investing)
Topic: If I owe federal taxes for 2019, then why don't I fill my HSA for 2019?
Replies: 4
Views: 180

Re: If I owe federal taxes for 2019, then why don't I fill my HSA for 2019?

Employee and employer (don’t think you get benefit for theirs, they just take up your limit) contributions are reflected on your W2 I believe so no big impact for you. I had all three on mine and was a piece of cake using turbo tax. As noted above, employer counts towards annual limit so beware. Th...
by Clarice
Fri Apr 10, 2020 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Sole proprieter PPP loan
Replies: 27
Views: 2003

Re: Sole proprieter PPP loan

I would encourage your family member to own the process on his or her own. It's not simple and there's alot involved, aside from this starting point i.e. bank accounts. Once this snag is passed there will be another. I've been talking to small business owners complaining about the due diligence the ...
by Clarice
Fri Apr 10, 2020 10:33 am
Forum: Personal Finance (Not Investing)
Topic: Sole proprieter PPP loan
Replies: 27
Views: 2003

Re: Sole proprieter PPP loan

I would encourage your family member to own the process on his or her own. It's not simple and there's alot involved, aside from this starting point i.e. bank accounts. Once this snag is passed there will be another. I've been talking to small business owners complaining about the due diligence the ...
by Clarice
Fri Apr 10, 2020 10:25 am
Forum: Personal Finance (Not Investing)
Topic: If I owe federal taxes for 2019, then why don't I fill my HSA for 2019?
Replies: 4
Views: 180

If I owe federal taxes for 2019, then why don't I fill my HSA for 2019?

Trying to get out of my tax liability. Thinking filling the HSA would bring down my taxable income. Just want to make sure I'm thinking about this right. A little concerned that it will be complicated to process in my 2019 tax return because I will have had employEE contributions, employER contribut...
by Clarice
Fri Mar 13, 2020 11:00 am
Forum: Personal Finance (Not Investing)
Topic: Why don't I TLH out of Taxable and into Roth for 2020 tax year?
Replies: 5
Views: 392

Re: Why don't I TLH out of Taxable and into Roth for 2020 tax year?

I'm not sure what you mean. The two things (tax loss harvesting in a taxable account, Roth contributions) should be separate. If you can't contribute the maximum to your Roth accounts, you should probably be selling taxable investments to make the contributions, as long as you don't need the liquid...
by Clarice
Fri Mar 13, 2020 10:58 am
Forum: Personal Finance (Not Investing)
Topic: Why don't I TLH out of Taxable and into Roth for 2020 tax year?
Replies: 5
Views: 392

Re: Why don't I TLH out of Taxable and into Roth for 2020 tax year?

TLH exposes you to wash sales, so you have to know the rules. And if the purchase that creates the wash sale is in your IRA (TIRA or Roth IRA), it is more costly than if the purchase was in your taxable brokerage account. The reason is that the basis in your IRA cannot be increased by the disallowe...
by Clarice
Thu Mar 12, 2020 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Why don't I TLH out of Taxable and into Roth for 2020 tax year?
Replies: 5
Views: 392

Why don't I TLH out of Taxable and into Roth for 2020 tax year?

Only downside I suppose is if the TLH 'value' gets bigger in taxable, but that's the tax tail wagging...
by Clarice
Mon Dec 30, 2019 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Parents purchasing real estate for me to rent (at market rate)
Replies: 26
Views: 2236

Re: Parents purchasing real estate for me to rent (at market rate)

I’ve avoided borrowing from my parents. Every thing I buy they would question why that money isn’t instead used to pay them back. No thanks.
by Clarice
Sun Dec 22, 2019 11:09 am
Forum: Personal Finance (Not Investing)
Topic: Changes to 401(k) and IRAs, SECURE Act - It's signed
Replies: 292
Views: 23466

Re: Changes to 401(k) and IRAs, SECURE Act - It's signed

Folks, just remember that while you are now trying to optimize for something that will happen in 20 or 50 years the laws could change again! Diversification, and your kids and grandkids will thank you for paying your own taxes instead of passing your tax bills unpaid on to them if you do Roth Conve...
by Clarice
Sun Dec 22, 2019 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Which spouse should own the brokerage account?
Replies: 31
Views: 3468

Re: Which spouse should own the brokerage account?

I am not a tax guy, but, a quick google search reveals two things: A) Joint property is stepped up at 50%. So, if my spouse and I jointly own an account worth $100K with a basis of $50K, the new stepped up basis is $75K. You step up only 50% of the joint asset. B) a wholly owned asset is stepped up...
by Clarice
Sun Dec 22, 2019 10:32 am
Forum: Personal Finance (Not Investing)
Topic: Want to do my taxes by hand for once - how do you know which forms you will need?
Replies: 26
Views: 1759

Re: Want to do my taxes by hand for once - how do you know which forms you will need?

Gill wrote:
Sun Dec 22, 2019 10:24 am
Look at last year's and download those forms. If you need additional forms they can be easily downloaded from the IRS Website.
Gill
Thank you. I guess that's the crux of it though - is knowing what additional forms you will need. I guess it's just familiarity that I'm lacking.
by Clarice
Sun Dec 22, 2019 10:30 am
Forum: Personal Finance (Not Investing)
Topic: Which spouse should own the brokerage account?
Replies: 31
Views: 3468

Re: Which spouse should own the brokerage account?

A) Joint property is stepped up at 50%.... That depends on the state of residence. Yes, probably... ... "... If you and your spouse owned one or more homes or other capital gain assets as community property in one of the nine community property states (Arizona, California, Idaho, Louisiana, Nevada,...
by Clarice
Sun Dec 22, 2019 10:20 am
Forum: Personal Finance (Not Investing)
Topic: Want to do my taxes by hand for once - how do you know which forms you will need?
Replies: 26
Views: 1759

Want to do my taxes by hand for once - how do you know which forms you will need?

For those new to filing their own taxes by hand -

What's the best way to figure out all of the forms you need?

Just look at last year's or actually use a tax prep software first then ditch it?

Thanks.
by Clarice
Sun Dec 22, 2019 10:08 am
Forum: Personal Finance (Not Investing)
Topic: Changes to 401(k) and IRAs, SECURE Act - It's signed
Replies: 292
Views: 23466

Re: Changes to 401(k) and IRAs, SECURE Act - It's signed

Several posts mention that now it might be beneficial for parents to take the tax hit now rather than their children later if their children are in higher tax brackets than the parents. If the parent takes the hit now rather than later - that means there’s a lot less money invested for potentially ...
by Clarice
Sun Dec 22, 2019 9:53 am
Forum: Personal Finance (Not Investing)
Topic: Changes to 401(k) and IRAs, SECURE Act - It's signed
Replies: 292
Views: 23466

Re: Changes to 401(k) and IRAs, SECURE Act - It's signed

Several posts mention that now it might be beneficial for parents to take the tax hit now rather than their children later if their children are in higher tax brackets than the parents. If the parent takes the hit now rather than later - that means there’s a lot less money invested for potentially a...
by Clarice
Fri Dec 20, 2019 2:38 pm
Forum: Personal Finance (Not Investing)
Topic: Having some difficulty getting information on Mega Backdoor Roth
Replies: 15
Views: 778

Re: Having some difficulty getting information on Mega Backdoor Roth

There is an intense focus on the Mega Back Door threads to get the money out of your 401k. I don't understand that. It is a Mega Back Door Roth if post-tax dollars are converted to Roth 401k. Staying in Roth 401k or going out matters not. This is long term money. Roth 401k is just as valuable as Ro...
by Clarice
Fri Dec 20, 2019 2:36 pm
Forum: Personal Finance (Not Investing)
Topic: Having some difficulty getting information on Mega Backdoor Roth
Replies: 15
Views: 778

Re: Having some difficulty getting information on Mega Backdoor Roth

There is an intense focus on the Mega Back Door threads to get the money out of your 401k. I don't understand that. It is a Mega Back Door Roth if post-tax dollars are converted to Roth 401k. Staying in Roth 401k or going out matters not. This is long term money. Roth 401k is just as valuable as Ro...
by Clarice
Thu Dec 19, 2019 11:58 pm
Forum: Personal Finance (Not Investing)
Topic: Introduced to Bogleheads today coming from the Dave Ramsey world and looking for general input on my current situation
Replies: 101
Views: 10340

Re: Introduced to Bogleheads today coming from the Dave Ramsey world and looking for general input on my current situati

I'm still VERY against consumer debt on a practical, ethical, and somewhat moral level. Why? The responsible use of credit has added tremendously to my net worth over my lifetime. By adopting a debt-averse mindset, I would have been unable to invest to the extent I have and I would have missed out ...
by Clarice
Wed Dec 18, 2019 2:07 pm
Forum: Personal Finance (Not Investing)
Topic: Separate rollover of Roth and Pre-Tax accounts when leaving an employer 401k?
Replies: 5
Views: 283

Re: Separate rollover of Roth and Pre-Tax accounts when leaving an employer 401k?

I knew I was leaving my employer. I then did mega backdoor because they didn’t allow in service distributions. Mega backdoor sends different funds to different accounts - so yes.
by Clarice
Wed Dec 18, 2019 8:57 am
Forum: Personal Finance (Not Investing)
Topic: Buy a house now or not???
Replies: 8
Views: 1322

Re: Buy a house now or not???

toomuchRE wrote:
Wed Dec 18, 2019 7:52 am
Planning to buy now that the prices are near peak...
..............
by Clarice
Tue Dec 17, 2019 11:09 pm
Forum: Personal Finance (Not Investing)
Topic: Is this correct re excess contributions to HSA?
Replies: 6
Views: 414

Re: Is this correct re excess contributions to HSA?

If this is true then why wouldn’t I put $100k in my HSA today, out of my cash balance, and apply it as ‘excess’ for the next ~30 tax years...?
by Clarice
Tue Dec 17, 2019 11:02 pm
Forum: Personal Finance (Not Investing)
Topic: 529 Withdrawal. Last 5 months of college
Replies: 14
Views: 1600

Re: 529 Withdrawal. Last 5 months of college

Every 529 post leaves me wondering: ‘does the IRS really care about these nuances or do they have bigger fish to fry?’ I then conclude the latter, admittedly because it’s what I want to hear.
by Clarice
Tue Dec 17, 2019 10:57 pm
Forum: Personal Finance (Not Investing)
Topic: Pay off student loan?
Replies: 14
Views: 894

Re: Pay off student loan?

Can’t believe everyone suggesting to pay it off.

Shoot - I’ll pay it off for you if you lend me cash at ~1.5%. I could probably earn more than that win credit card cash back.
by Clarice
Thu Dec 12, 2019 3:32 pm
Forum: Personal Finance (Not Investing)
Topic: Check Cashing Business
Replies: 40
Views: 2382

Re: Check Cashing Business

sailaway wrote:
Thu Dec 12, 2019 3:19 pm
Are there check cashing businesses that are not also payday loan businesses?

I couldn't find any online.
Check out Amscot in FL.
by Clarice
Thu Dec 12, 2019 1:13 pm
Forum: Personal Finance (Not Investing)
Topic: Check Cashing Business
Replies: 40
Views: 2382

Re: Check Cashing Business

I would be suspect that they will go the way of the video rental stores and travel agencies that used to be in almost every strip mall. The future of paper checks is not bright. They are being replaced by a number of person to person payment apps, online payments, and I think that most large employ...
by Clarice
Sat Dec 07, 2019 1:49 pm
Forum: US Chapters
Topic: ORLANDO Chapter Bogleheads
Replies: 60
Views: 11210

Re: ORLANDO Chapter Bogleheads

Just checking: are there any Central Florida Boglehead meet-ups that congregate in either: 1. Downtown Orlando: so many great restaurants & bars there. 2. Plant Street in Winter Garden (ditto) 3. Or Horizon West (Hamlin, Windermere, whatever). Altamonte Springs is a bit of a haul. Although if y'all...
by Clarice
Thu Dec 05, 2019 5:36 pm
Forum: Personal Investments
Topic: The Best High Yield Savings Account
Replies: 60
Views: 8438

Re: The Best High Yield Savings Account

In the Investing forum someone recently posted the news that Wealthfront is offering 2.51% APY savings account, FDIC insured up to $1M, as the race for high yield savings offerings continues. I posted a question there but upon reflection it really belongs in this forum: I'm in the process of moving...
by Clarice
Thu Dec 05, 2019 5:27 pm
Forum: Personal Finance (Not Investing)
Topic: HSA family contribution
Replies: 32
Views: 2446

Re: HSA family contribution

Man I would not mind a long-ish FAQ on the complexities of these HSAs. Much less straightforward than conventional retirement accounts.
by Clarice
Wed Nov 27, 2019 12:16 am
Forum: Personal Investments
Topic: 401K Plan
Replies: 19
Views: 1112

Re: 401K Plan

Interesting no one asked if you could get a discount on SAP but I guess that would be an ESPP and not a 401k?

Would be sick to stash away tax-advantaged with the discount...
by Clarice
Wed Nov 27, 2019 12:16 am
Forum: Personal Investments
Topic: 401K Plan
Replies: 19
Views: 1112

Re: 401K Plan

Interesting no one asked if you could get a discount on SAP but I guess that would be an ESPP and not a 401k?

Would be sick to stash away tax-advantaged with the discount...
by Clarice
Tue Nov 26, 2019 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Is a tIRA better than Roth in some states?
Replies: 11
Views: 771

Re: Is a tIRA better than Roth in some states?

I used to do TIRA in a state that would tax the income in retirement - New Jersey. By moving to FL I will forever skip that state income tax. So, yes to answer to your question.
by Clarice
Tue Nov 26, 2019 6:27 pm
Forum: Personal Finance (Not Investing)
Topic: How do you folks attribute your change in Net Worth?
Replies: 9
Views: 2065

How do you folks attribute your change in Net Worth?

I'd like to be able to segregate contributions from investment earnings/dividends to better attribute the change in value. Doesn't seem that simple to do as the contributions have earnings themselves... Any tools or simple rules of thumb you folks apply to attribute your portfolio? A little complica...
by Clarice
Fri Nov 22, 2019 5:30 pm
Forum: Personal Investments
Topic: Mercer HSA to Fidelity HSA -Splitting hairs
Replies: 7
Views: 627

Re: Mercer HSA to Fidelity HSA -Splitting hairs

Once a year transfer? I doubt that... I bet I could transfer my TIRAs from Merrill to Vanguard to Schwab and back every single month if I chose - not sure why HSAs would be any different. Maybe you’re thinking about the once in a lifetime conversion of an HSA to a Roth. That’s different. I’d skip th...
by Clarice
Fri Nov 22, 2019 4:57 pm
Forum: Personal Finance (Not Investing)
Topic: At what point do you change HYS account?
Replies: 6
Views: 912

Re: At what point do you change HYS account?

Never. Use Max My Interest
by Clarice
Fri Nov 22, 2019 4:55 pm
Forum: Personal Finance (Not Investing)
Topic: HSA access worth dropping secondary health insurance?
Replies: 4
Views: 538

Re: HSA access worth dropping secondary health insurance?

Dude, pick up the HSA... you’ll get health care forever...
by Clarice
Fri Nov 22, 2019 4:52 pm
Forum: Personal Finance (Not Investing)
Topic: HSA Contribution Limits - quick question
Replies: 5
Views: 616

Re: HSA Contribution Limits - quick question

Remember too that the catch up contribution has to be separated into both accounts... can’t do $2k catch up into 1 account. I think HSA rules are whack.
by Clarice
Wed Nov 20, 2019 6:53 pm
Forum: Personal Finance (Not Investing)
Topic: HSA/Tax questions
Replies: 7
Views: 1145

Re: HSA/Tax questions

Sorry - there have been two numbers quoted as the benefit lost from not contributing to HSA directly via payroll due to missed savings on FICA taxes.

Which is the right number?