Search found 17 matches

by FedLawyerandBaller
Sun Dec 29, 2019 9:03 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

I agree with you Mako, and I have done the same thing. I am just waiting for my funds that I invested in my newly created 529 for myself to become available so I can request the distribution for the $2k in loans that I paid in 2019 in time before the calendar year rolls over. I 100% agree and read t...
by FedLawyerandBaller
Fri Dec 27, 2019 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

Ah. I do not see any reason why the rule would or should be any different from all other QHEEs.
by FedLawyerandBaller
Thu Dec 26, 2019 9:14 am
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

I think it would apply to loan payments already made this year, given the above representation that it takes effect for December 31, 2018.
by FedLawyerandBaller
Mon Dec 23, 2019 10:52 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

This is interesting, as I was not aware of a “seasoning” period. I can’t find any literature on whether Virginia has such a requirement. Here is a list of 529 recapture provisions, not sure how complete: https://www.savingforcollege.com/compare_529_plans/?plan_question_ids[]=96&page=compare_plan_qu...
by FedLawyerandBaller
Mon Dec 23, 2019 10:47 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

Note that the 529 provisions are effective for all of 2019, so there may still be a limited window to act this year. I’m curious how you came to this conclusion? I looked at the text of the law and did not see anything explicit, which maybe that means it becomes law as soon as when the President si...
by FedLawyerandBaller
Mon Dec 23, 2019 8:42 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

This is interesting, as I was not aware of a “seasoning” period. I can’t find any literature on whether Virginia has such a requirement.
by FedLawyerandBaller
Sun Dec 22, 2019 9:26 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

I just signed up for my 529 account with myself as the beneficiary. I plan to contribute the max for state tax deductibility before 12/31 this year, so I can take the tax deduction and reimburse myself for my loan payments throughout the year. It’s an extra 4,000 deduction with Virginia state tax at...
by FedLawyerandBaller
Sun Dec 22, 2019 9:24 pm
Forum: Investing - Theory, News & General
Topic: Tax Law Changes for 2020
Replies: 355
Views: 26775

Re: Tax Law Changes for 2020

On the brighter side, I just signed up for my 529 account with myself as the beneficiary. I have $9900 in student loans locked at 1.875%. I plan to contribute the max for state tax deductibility before 12/31 this year, so I can take the tax deduction and reimburse myself for my loan payments through...
by FedLawyerandBaller
Sun Dec 22, 2019 8:17 pm
Forum: Investing - Theory, News & General
Topic: Tax Law Changes for 2020
Replies: 355
Views: 26775

Re: Tax Law Changes for 2020

Correct me if this us wrong but this 529 change has a bunch of unintended consequences. For people who have large amount of loans and have consolidated them at sub 4%, they are better off putting all taxable savings into 529 until they grow taxfree large enough to pay off loan balance since over a ...
by FedLawyerandBaller
Sun Dec 22, 2019 7:51 pm
Forum: Personal Finance (Not Investing)
Topic: SECURE Act - 529 Plans
Replies: 39
Views: 5053

Re: SECURE Act - 529 Plans

I was about to post this exact same question. I’ve completed school, and have about 9900 left in student loans. It seems like I should open an account for myself, fund it for max state tax deductibility (4K in Virginia) and then pay the loan from that. Any leftovers I can just give to my kids.
by FedLawyerandBaller
Tue Dec 17, 2019 8:00 pm
Forum: Personal Finance (Not Investing)
Topic: Fed Pay Raise 2020 - 3.1%?
Replies: 6
Views: 1454

Fed Pay Raise 2020 - 3.1%?

Hello: I have been following with interest and I saw today’s news that a 3.1% pay raise may happen for the Feds in 2020. My question is twofold, and just applies to understanding such pay raises in general. First, like in many pay raises, it appears that part of it (in this case 2.6%) applies to bas...
by FedLawyerandBaller
Tue Dec 10, 2019 8:32 pm
Forum: Personal Finance (Not Investing)
Topic: Made a mistake with my 2020 Dependent Care FSA and election window is closed...help?
Replies: 11
Views: 851

Re: Made a mistake with my 2020 Dependent Care FSA and election window is closed...help?

In the federal system, I made the same mistake and it asked me a standard form about the reason why I was late. It then allowed me to do it.
by FedLawyerandBaller
Sun Dec 01, 2019 8:07 pm
Forum: Personal Finance (Not Investing)
Topic: critique me please
Replies: 3
Views: 748

Re: critique me please

You don’t seem to need much criticism. You’ve got a solid positive net worth at over 1MM at age 39, and are saving a boatload towards retirement and 529 plans. Congrats and stay the course and keep taking those vacations.
by FedLawyerandBaller
Sat Nov 30, 2019 7:54 pm
Forum: Personal Finance (Not Investing)
Topic: How much are you saving for retirement in 2019?
Replies: 82
Views: 5489

Re: How much are you saving for retirement in 2019?

I’m glad you started a thread on this. My wife just started at a University and she gets an absurd about of tax protected space. Anyone thing this is too much? We make about 280k before any of these contributions. For 2019 Me: TSP - 19,000 Match - 6500 Wife: 403b (her contribution): 19000 403b (her ...
by FedLawyerandBaller
Sat Nov 23, 2019 9:31 pm
Forum: Personal Consumer Issues
Topic: [Tesla truck]
Replies: 170
Views: 11541

Re: [Tesla truck]

I’m excited to see them roll off the production line in 20-never.
by FedLawyerandBaller
Mon Nov 11, 2019 11:19 pm
Forum: Personal Finance (Not Investing)
Topic: VA Land Preservation Tax Credit
Replies: 4
Views: 766

Re: VA Land Preservation Tax Credit

Yes, I have done it the last two years. I have paid about .91 cents on the dollar in VA taxes. I have just 10k in Virginia income tax liability, and I buy 10k worth of tax credits for $9100. In April, I get all my state tax that I paid in my withholding back. No, you don’t have to pay capital gains....
by FedLawyerandBaller
Mon Nov 11, 2019 10:48 pm
Forum: Personal Finance (Not Investing)
Topic: HDHP over BCBS Basic for Feds?
Replies: 78
Views: 4852

Re: HDHP over BCBS Basic for Feds?

OP, I will tell you a lot of folks on this forum love HSAs, and that is understandable, but I disagree with the posts or recommendations that you should blindly assume that an HDHP with and HSA will be better. I have put a lot of time and effort into these considerations and for BCBS Basic last year...