Search found 279 matches

by MoneyOCD
Sun Oct 11, 2015 8:36 pm
Forum: Personal Finance (Not Investing)
Topic: Did I [mess up] my wife's 401k match?
Replies: 8
Views: 1130

Re: Did I screw up my wife's 401k match?

That is very common situation and you need to make sure that contributions flow through every paycheck. We have similar issue although not due to my oversight but due to HCE limit on my 401k contributions in the amount of $3k per year and they match 50c on dollar up to first 6%. Nothing I can do to not lose match :( as 6% of my pay way exceed $3k
In your case though you definately should stretch contributions to full year,
and no, you can not get that lost match back, sorry :(
by MoneyOCD
Sun Sep 14, 2014 9:39 pm
Forum: Personal Consumer Issues
Topic: Mortgage sold to shady lender
Replies: 9
Views: 1625

Re: Mortgage sold to shady lender

Our loan was sold to them about a year and half ago too. I was completely freaked out after reading all reviews. Also their website was a total mess at that time (they upgraded it later though). Was looking to refinance but could not find any good deal to justify closing costs. So we are still with them, no issues so far except they really trying to make us refinance with them.
Overall it is not as bad as we expected. Definately no worse then our original countrywide was.
by MoneyOCD
Tue Jul 08, 2014 8:44 pm
Forum: US Chapters
Topic: Louisville, Ky. chapter
Replies: 40
Views: 6564

Re: Louisville, Ky. chapter

Still no chapter? I am in Lexington, will be happy to join Louisville meetings :D
by MoneyOCD
Thu May 09, 2013 10:56 am
Forum: Investing - Theory, News & General
Topic: Nongovernmental 457(b) and employer's creditors (legal)
Replies: 45
Views: 3317

Re: Nongovernmental 457(b) and employer's creditors

Do not have 457( b) but as HCE have access to 409(a) which probably even worse :annoyed Use for very limited contributions but may increase contribution % as will get closer to the date. Plan is very restrictive on distributions and also have the same risks as non-gov 457. Main account inside the plan: if quit before age 55 - will get 5-year installment payout, if out at 55 or later- 10 year installment after 5 years of separation. Can also set account for in-service distribution inside the plan. Will create one at age 49 and get all contributions there for 5 year installment starting at 54 (right before 55) and quit at 55. So in-service account will pay for first 5 years and then 10-year installment from main account will kick in to take m...
by MoneyOCD
Wed May 01, 2013 10:23 am
Forum: Personal Finance (Not Investing)
Topic: HSA Bank Fees
Replies: 12
Views: 4936

Re: HSA Bank Fees

That is interesting, I also thougt that $5k needs to stay in HSA bank to avoid all fees and have total 10k in 2 accounts earning nothing right now.

Please let us know what they will tell you.
If that is $3k in HSA bank and $5k in TDA - I need to transfer 2k more per account to ATD.
by MoneyOCD
Mon Apr 29, 2013 3:12 pm
Forum: Personal Finance (Not Investing)
Topic: Family Finances - Are we doing something wrong?
Replies: 44
Views: 6206

Re: Family Finances - Are we doing something wrong?

Not sure if anyone already mentioned

dpusa wrote:Ongoing Savings:
401k: Combined contribution of $35k
IRA: Combined contribution of $10k <--- you can put there combined $11K in 2013
529: Combined contribution for both kids: $7k
Estimated Yearly Mortgage Overpayment: $30k
Brokerage Account: Yearly contribution of $24k
by MoneyOCD
Tue Apr 16, 2013 9:28 am
Forum: Investing - Theory, News & General
Topic: current ibond rate
Replies: 15
Views: 3166

Re: current ibond rate

Per my calculations May 1 rate will be 1.18% if fixed part is still zero, is that right?

If you buy in April then for 1 year you will earn total of 1.475% not including penalty.
by MoneyOCD
Tue Feb 05, 2013 10:34 am
Forum: Personal Investments
Topic: 401k Issue [Excess Contributions]
Replies: 10
Views: 1657

Re: 401k Issue

You are not alone, whole HCE thing for 401k is big PITA. In my case I can put only about 30% of maximum allowed due to being right on the border of HCE.

About rollover to IRA- you can not do it.
Your distribution is not "Regular" or "Early" one but "Excess contributions. excess deferrals. taxable" - look at box 7, should have code 8 or P.
Whole amount is taxable unless it was from Roth 401k.
by MoneyOCD
Mon Jan 07, 2013 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: 401k max for highly comp, with over 50 catchup
Replies: 4
Views: 1802

Re: 401k max for highly comp, with over 50 catchup

astrohip wrote:Quick question, and my HR dept is getting conflicting answers from Fidelity (where our company 401k is managed):

I fall into the Highly Compensated trap, and as a result, my 401k contribution is limited to approx $15,500 for 2013, slightly less than the $17,500 IRS cap. I am also over 50, and allowed a $5500 old-folks catchup amount.

Does the $5500 get added to the $15500 HC limit, making my total amount for 2013 $21,000, or is my $15500 HC limit hard and fast?

Thanks!
My understaning that "the $5500 get added to the $15500 HC limit, making my total amount for 2013 $21,000" is correct.



http://www.401khelpcenter.com/401k_educ ... ch-up.html
by MoneyOCD
Thu Dec 20, 2012 2:05 pm
Forum: Personal Finance (Not Investing)
Topic: TaxACT 2012, no AMT patch yet?
Replies: 18
Views: 3151

Re: TaxACT 2012, no AMT patch yet?

Ok, it is December 20th already and no patch?
Just did estimates on the H&R Block site and that is $6k :shock: difference for us if no AMT patch will be voted for.
Basically all tax refund that was planned for I-Bonds will go there and we will owe some to IRS :annoyed
by MoneyOCD
Tue Dec 11, 2012 12:40 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs, insurance, bad debt and ethics: Healthcare profession
Replies: 39
Views: 2449

Re: HSAs, insurance, bad debt and ethics: Healthcare profess

Found interesting article on the subject, it is from 2009 but still very insightful on what is going on with assignments of benefits
by MoneyOCD
Tue Dec 11, 2012 12:12 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs, insurance, bad debt and ethics: Healthcare profession
Replies: 39
Views: 2449

Re: HSAs, insurance, bad debt and ethics: Healthcare profess

Insurance companies don't pay the patients, they pay the doctor directly. Unfortunately, this is not 100% correct. Even though the clinic is submitting the claims and noting that any payment should be made to the clinic not the patient, the insurance company policy states that for out-of-network clinics they will distribute payment to the patient. This is odd to be certain, but it is their policy. OK, if insurance states that it is their policy, can Dr office pull all claims that was submitted to them this year to see how they have been paid? I am having hard time believe that it is only first time Dr submit claim to that insurance being out of network - or was that a resent change? I would also ask insurance to provide in writing their po...
by MoneyOCD
Tue Dec 11, 2012 11:58 am
Forum: Personal Finance (Not Investing)
Topic: HSAs, insurance, bad debt and ethics: Healthcare profession
Replies: 39
Views: 2449

Re: HSAs, insurance, bad debt and ethics: Healthcare profess

jebmke wrote:True enough but withdrawing from an HSA and declaring it on your return as a qualified expense when it is not is probably illegal whether or not you get audited.

The debit card is probably the best solution. If I recall from my HSA agreement, checks result in a fee with some administrators.

If we are talking about case 1- there is no any info if patient took money out of HSA. Only thing we "know" that she submitted docs for reimbursement. No IRS fraud here, most likely confusion on HSA rules vs FSA rules.

Second case is different story. Wondering what insurance company is it? I never heard of such thing as change in assignment of benefits due to doctor being out of network (does not mean that it is not true case).
by MoneyOCD
Tue Dec 11, 2012 11:36 am
Forum: Personal Finance (Not Investing)
Topic: HSAs, insurance, bad debt and ethics: Healthcare profession
Replies: 39
Views: 2449

Re: HSAs, insurance, bad debt and ethics: Healthcare profess

Jane submits the invoice to her HSA and the HSA releases payment to Jane for the visit, but Jane does not pay Dr. M. In short, Jane has been able to use her HSA to "pay for" eligible services, but fails to pay Dr. M. I believe this is not legal according to the rules of HSAs. You can only reimburse for expenses incurred. For a cash taxpayer, that means paid. Since she did not pay for any medical expense, none was incurred. There is 2 issues with 2 quotes above: 1. Patient do not have to submit anything to HSA to get money out, that rule exist only for FSA. It is very possible that patient sent EOB to HSA and waiting for distribution - she can wait forever, never going to happen. What she needs to do is just write a check from HSA...
by MoneyOCD
Sun Dec 09, 2012 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Best HSA custodian
Replies: 54
Views: 26745

Re: Best HSA custodian

So, am I right in reviewing HSA Bank that there is no HSA fee if you have a balance of over $5k? I would be interested in buying an ETF or mutual fund through Ameritrade. Am I missing something? That is also my understanding about HSA Bank. We have 2 HSA accounts at Adirondack (ATC) with $28.4K + $9.6k =38k. Also planed to do Rollover of additional 6k in January from employer sponsored accounts to ATC - not anymore. I consider to move ATC accounts as direct transfer to HSA Bank in early January (still trying to figure out if that will cost anything), and then do rollover of 6k there using checks. So new setting would be 5K+5K in HSA accounts earning 0.2% APR and saving $5.5x2 per month in fees, rest to be invested in no transacion fee ETFs...
by MoneyOCD
Fri Dec 07, 2012 11:52 am
Forum: Personal Finance (Not Investing)
Topic: Best HSA custodian
Replies: 54
Views: 26745

Re: Best HSA custodian

Just to add one more data point we hold ours at Adirondack Trust Company . It pays 3% currently but started to charge monthly fee of $4 this October. Depending on the amount it may still worth holding HSA there, for us after fees it is still earning about 2.75%. Hate the fee but do not see better alternatives that would worth movement right now. +1 for Adirondack Trust. Here are two ways to reduce your fees with them: 1) If you sign up for electronic statements instead of paper statements, they will drop the monthly fee from $4 to $2. 2) If you put your account in "inactive" status, they will waive the monthly fee entirely. This is only a good option if you do not intend on accessing the funds on a regular basis. But if you plan ...
by MoneyOCD
Wed Dec 05, 2012 1:14 pm
Forum: Personal Finance (Not Investing)
Topic: Company delaying 401k match till end of year in 2013
Replies: 20
Views: 4833

Re: Company delaying 401k match till end of year in 2013

Interesting email today from my company 401k administrator: Beginning January 1, 2013, we will be changing the timing of the match and automatic contribution for our 401(k) plan from semi-monthly to an annual contribution at the end of the year. The percentage of the match and automatic contribution you receive – which makes our 401(k) plans among the best in the industry – is not changing. Very interesting. So they have the benefit of holding the money until the end of the year. Not only is that a sneaky way of reducing the 401k match, it potentially hurts my dollar cost averaging -- as we get a lump at the end of the year instead of averaging the cost throughout the year. Dandan, Do you mind to share what kind of match you are getting th...
by MoneyOCD
Fri Nov 30, 2012 12:48 pm
Forum: Personal Consumer Issues
Topic: What kind of car are you driving?
Replies: 368
Views: 45693

Re: What kind of car are you driving?

kybourbon wrote:me: 1996 Volvo sedan...to be driven for the forsseable future.
Ha!
I thought we will be only ones with Volvo till I saw your post. And interstingly enough we are in KY.
Guess bourbon goes well with swedish cars :P

2005 Volvo XC70
2000 Volvo S40
1999 Jeep Wrangler
by MoneyOCD
Fri Nov 30, 2012 12:22 pm
Forum: Personal Consumer Issues
Topic: Health Insurance Deductible Calculation
Replies: 5
Views: 821

Re: Health Insurance Deductible Calculation

NAD83 wrote:

So I owe $4,909 + $265. Wouldn't it make sense that I would be responsible for 20% of the $265.


I would guess after insurance discounts all charges have been $6325 incluidng primary.

5k was applied to deductible, that would leave $1325 subject to coinsurance. UHC paid 80% and your part is 20% of that amount which is $265, that was added to deductible in the final bill.
Your EOBs should have all break downs including how much was paid by insurance.
by MoneyOCD
Thu Nov 29, 2012 9:29 pm
Forum: Personal Finance (Not Investing)
Topic: HSA or not?
Replies: 11
Views: 1159

Re: HSA or not?

double post
by MoneyOCD
Thu Nov 29, 2012 8:54 pm
Forum: Personal Finance (Not Investing)
Topic: HSA or not?
Replies: 11
Views: 1159

Re: HSA or not?

[I agree and love the concept but am having a hard time digesting the reality. In your example below, my estimate is that even one or two visits to an orthopedist, paying full board of the insurance negotiated rates, I would expect those bills alone to be a couple grand. MRI would be a grand all-in. PT would probably be a couple hundred each visit. Do I just live in an expensive part of the country in California? I look at the damaged knee and see an easy 3-5k, not even being broken. Broken ankle, an ER visit is going to be a $500 to a grand, xrays $50-200 each plus ancilliary costs, each PT appointment $200-300 each. Are my estimates off? I may be bumping up my numbers a little out of the fear of the unknown, but I don't think I'm too far...
by MoneyOCD
Thu Nov 29, 2012 8:26 pm
Forum: Personal Finance (Not Investing)
Topic: HSA or not?
Replies: 11
Views: 1159

Re: HSA or not?

I agree that HDHP+HSA wins in this case. I looked at family HDHP+HSA and Family EPO Cost of HDHP is $1200 Cost of EPO is $5760 Difference is $4560, I assume you put this to HSA to be neutral for taxes and to asses how same amount from you ($5760) will be used in both cases. However, you should max out the HSA, another $1390, as that saves you $348 in tax (25% tax bracket assumed) and you can withdraw the money tax-free later; this is about even with the $326 you could save with $1000 in the Flexible Spending Account (25% tax bracket and also save 7.65% SS and Medicare tax). Also, add the $500 in the HSA as free money. Yes, Op should max out HSA, I excluded that part to make it even with FSA contribution. $500 from employer aslo included he...
by MoneyOCD
Thu Nov 29, 2012 7:24 pm
Forum: Personal Finance (Not Investing)
Topic: HSA or not?
Replies: 11
Views: 1159

Re: HSA or not?

I agree that HDHP+HSA wins in this case. I looked at family HDHP+HSA and Family EPO Cost of HDHP is $1200 Cost of EPO is $5760 Difference is $4560, I assume you put this to HSA to be neutral for taxes and to asses how same amount from you ($5760) will be used in both cases. If medical expenses are zero- HDHP wins, you still have full amount in HSA If medical expenses are anything up to 4.5k HDHP: you still have money in HSA left (up to $60 from you and $500 from employer), so you are +at least $560 EPO: you will incur additional charges of $4.5k * X% (X% will depends on type of service you will have but it most likely will not be zero) Above $4500: on HDHP you will pay 30%, $560 will cover about $1860 additional expense. That is still on th...
by MoneyOCD
Thu Nov 29, 2012 3:02 pm
Forum: Personal Finance (Not Investing)
Topic: dependent fsa question
Replies: 2
Views: 437

Re: dependent fsa question

I would think yes.
Submit claim ASAP and see if it is processed. If denied - they will give you written explanation why.
Do not let funds disappear at the end of the just becasue you are not sure if you qualify.
by MoneyOCD
Thu Oct 25, 2012 9:41 am
Forum: Personal Finance (Not Investing)
Topic: HDHP/HSA vs PPO - Lower OOP with HDHP
Replies: 3
Views: 702

Re: HDHP/HSA vs PPO - Lower OOP with HDHP

It will all come down to prescriptions.
For PPO usually they are like separate coverage with its own rules/copays and zero or very minimal deductible. For HDHP it is part of overall covearge and subject to the same deductible and medical expences.
by MoneyOCD
Wed Oct 24, 2012 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: FICA treatment of HSA/FSA/Premiums; per check or per year?
Replies: 7
Views: 987

Re: FICA treatment of HSA/FSA/Premiums; per check or per yea

Below may be not exactly to answer OP question as it was already answered but something he may want to look into if it is applicable. In our case we both have HDHP plans through the same employer, and access to HSA. Husband is earning above SSWB and wife is below. We also have one child. Employer contribute $1000 for family and $500 for single. We could enroll in HDHP/HSA 4 different ways: 1. Husband will take family plan to cover all 3 members , HDHP cost about $100 per pay Employer will contribute $1000 to husband's HSA, Will not get full FICA deductions due to earnings above SSWB (only medicare part on the HSA family limit minus employer contribution) 2. Wife will take family plan to cover all 3 members HDHP cost about $100 per pay Emplo...
by MoneyOCD
Sun Oct 21, 2012 11:19 am
Forum: Personal Finance (Not Investing)
Topic: HSAs & adult child dependent rules
Replies: 6
Views: 2825

Re: HSAs & adult child dependent rules

That is very interesting. If I have 24 years old child on my insurance - that makes my plan a family plan for purposes of HSA contribution limits - so I can stash away $6250 in 2012, but I cannot use any of those money to pay eligible medical expences for the same child. This link was posted on Fatwallet and now I am completely confused about HSA and adult child that covered by my HDHP. I already can contribute full $6250 to my HSA, but article states that child also can do the same :shock: if he/she can not be claimed as dependent on my taxes. Health Reform Creates an Unexpected Wealth Accumulation Opportunity for Young Adults It goes along with OP, but if article is correct - means you can open separate HSA for child and shelter addition...
by MoneyOCD
Sat Oct 13, 2012 11:05 pm
Forum: Personal Finance (Not Investing)
Topic: High Balance HSA; No more HDHP
Replies: 7
Views: 1254

Re: High Balance HSA; No more HDHP

About Adirondack Trust, if you enroll into electronic statement delivery, monthly fee will be only $2, not $4.
by MoneyOCD
Thu Sep 27, 2012 12:51 pm
Forum: Personal Finance (Not Investing)
Topic: More $ I make, the cheaper I get
Replies: 62
Views: 8141

Re: More $ I make, the cheaper I get

"Hoarding" anyone? Totally can relate to OP, look at my nick name, it is that for a reason -----------------------------------------> For myself I found solution as to not buy anything often but when do - buy quality. Items will last longer and I do not have to deal with my spending fears too often, although have to add that good quality used items are still favorites. :greedy That works well for non-food items. Food is a different story- only thing that scares me more than running out of money one day that I will get sick and all savings will be spent to cover medical cost. ( ETA: ok just realized that it is the same fear but in more details :? :shock: ) That pretty much drives my mantra to get quality food even if I need to spen...
by MoneyOCD
Mon Sep 17, 2012 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: How much mortgage does a 90,000 salary qualify for
Replies: 51
Views: 63859

Re: How much mortgage does a 90,000 salary qualify for

I can not believe what I am reading here...
And silly me was thinking that NO WAY we can afford $750k house on 200k pay :?

Feel old and grumpy now compare to this "young optimistic couple" (and we are only 43)
:(
by MoneyOCD
Sat Sep 15, 2012 3:31 pm
Forum: Personal Investments
Topic: Okay, You Win [needs investing help]
Replies: 67
Views: 16076

Re: Okay, You Win [needs investing help]

pongun wrote: Hey, is there any way to retire without putting decades into it? I've already put in one decade, and it hasn't gone that well.
Oh yeaaaaaaa....

This blog is your destination
Enjoy!!!
by MoneyOCD
Mon Sep 10, 2012 1:36 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution rules for spouses in all situations
Replies: 12
Views: 4943

Re: HSA contribution rules for spouses in all situations

...now the wife has her own HSA with over $11k in her account and I now have a family HSA with over $23k so between the two of us we have over over $34k in our combined HSAs . :happy . .... That is great!! We also never took any money out, just collecting receipts and call those amounts as 'Vested HSA" :P . So we are approaching $45k in all accounts together. We actaully have 4 :shock: 2 through employer where money are getting deposited from paychecks: our contributions+employer's, no fees but APR is 0.05% :( Other 2 at Adirondack Trust Company, they pay 3% APR currently (used to be 5%), fee is $2/month/account. So every year we rollover balances from employer HSAs to ADT. Even with $2 fee we are still coming way ahead compare to emp...
by MoneyOCD
Sun Sep 09, 2012 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: HSA contribution rules for spouses in all situations
Replies: 12
Views: 4943

Re: HSA contribution rules for spouses in all situations

We have 2 separate HDHP and 2 HSA accounts. We work for the same employer and get contributions to our HSAs in amount of $540 for single plan and $1080 for family plan. We have one child and could have coverage for all 3 of us 2 different ways: one family plan by either of us (monthly cost is about $200 plus $1080 employer contribution to HSA). OR get 2 separate plans ,one sigle and one emplyee+ children (monthly cost $45+$85 is less then Family plan, employer contributions to HSAs $540+$1080) We picked second option and that have worked really well for last 6 years: Cost less monthly, more free money from employer. Tradeoffs: --have to maintain 2 separate HSA account, there is no such thing as joint HSA, pretty much same way as with IRA. O...
by MoneyOCD
Tue Sep 04, 2012 3:25 pm
Forum: Personal Investments
Topic: What to do with retired Mom's risky portfolio?
Replies: 28
Views: 3382

Re: What to do with retired Mom's risky portfolio?

hoppy08520 wrote:In the meantime, with 27 or so individual stocks, I wouldn't be too panicky about the risks with individual stocks. Although I didn't look into the particular stocks, the 27-stock portfolio (almost like her own mini Dow Jones) will probably not vary that much from a S&P 500 index or the TSM index. If it were 3 stocks, I'd be a bit more concerned, but having the risk spread out over 27 different stocks is not as worrisome.

I also wanted to add that every single stock out of those 27 is paying dividends.
If I calculated correctly current total weighted dividend yield as of today around of 3.3% - looks like self made value fund to me.
by MoneyOCD
Thu Aug 16, 2012 5:29 pm
Forum: Personal Finance (Not Investing)
Topic: HSAs & adult child dependent rules
Replies: 6
Views: 2825

Re: HSAs & adult child dependent rules

That is very interesting.
If I have 24 years old child on my insurance - that makes my plan a family plan for purposes of HSA contribution limits - so I can stash away $6250 in 2012, but I cannot use any of those money to pay eligible medical expences for the same child.
by MoneyOCD
Wed Aug 01, 2012 11:28 am
Forum: Personal Investments
Topic: Please help me organize my finances
Replies: 15
Views: 2157

Re: Please help me organize my finances

steadyeddy wrote: Okay, here is the deal: we are saving a large chunk of our income, but it is virtually all retirement savings. We really only have about $12k being saved that is accessible each year.
I would agree with guys above that you need to consider switching to Traditional 401k.
It should add to your available cash per year 22% of 17k = $3740, add additional $12k that you are already saving, and it is almost $16k/year. Put $10k in Roths and you stil will have $6k to put away for EF/House/Cars.
As your income will go up - keep adding extra to that $6k/year. :moneybag
by MoneyOCD
Fri Jul 13, 2012 2:06 pm
Forum: Personal Finance (Not Investing)
Topic: Max Out Retirement, Then College?
Replies: 17
Views: 3793

Re: Max Out Retirement, Then College?

OK, so that's an obsolete page. I'm familiar with the various education credits and deductions. Tuition payments are not "deductible, at least partially". A very small part of tuition payments is deductible, if you qualify. The maximum deduction is $4,000, which is available only to families in the 25% bracket or lower, so the maximum benefit is $1,000. Woohoo. And ? What was wrong here: " Depending on your income those payments may also be tax deductible, at least partially , or you can get a limited tax credits for them." Nothing that I said goes against what you are trying to say, do not understand a point that you are trying to argue. Yes, you can get $1000 in tax benefits due to 4k deductions (in 25% bracket) or yo...
by MoneyOCD
Thu Jul 12, 2012 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Max Out Retirement, Then College?
Replies: 17
Views: 3793

Re: Max Out Retirement, Then College?

Bob's not my name wrote:
MoneyOCD wrote:Depending on your income those payments may also be tax deductible, at least partially, or you can get a limited tax credits for them.
Can you elaborate on this?
Here is a table for different options available, they may change in 14 years though.

http://www.360financialliteracy.org/Top ... deductions
by MoneyOCD
Thu Jul 12, 2012 8:41 am
Forum: Personal Finance (Not Investing)
Topic: Max Out Retirement, Then College?
Replies: 17
Views: 3793

Re: Max Out Retirement, Then College?

I would still max out 63k possible in your situation. Then look into 529.
Biggest reason is FAFSA - you are looking at possibly 2 years(?) with all 3 kids in college - that is a big opportunity for financial aid.
Also if you can max out 63k/ year for next 14 years - your retirement savings should be well on track to allow reduced contributions during college years and pay from cash flow. Depending on your income those payments may also be tax deductible, at least partially, or you can get a limited tax credits for them.

Also you never know but your kids could get scholarships, oversaving in 529 in that case will not worth it.
And there aslo will be Roth IRA for you to help in case you are really need it.
by MoneyOCD
Sun Jul 08, 2012 12:34 pm
Forum: Personal Finance (Not Investing)
Topic: HealthInsurance Deductible Fraud
Replies: 2
Views: 803

Re: HealthInsurance Deductible Fraud

You will be shocked but I know for a fact that at least one major insurance actually ignores billed rate and still process contact rate.

Example:
Insurance have $1000 deductible and 100% coverage after that
Hospital billed $1000.
Insurance stated that contracted rate is $1500 :shock:
$1000 applied to deductible - paitient responsibility
$500 paid by insurance. :shock:

Interstingly enough in that case hospital was refusing to adjust patient responsibility by $500.
In other case different hospital was happy to do it.
Fraud? Insurance have been notified through billing about what is final cost - they choose to ignore.
by MoneyOCD
Sun Jul 08, 2012 12:10 pm
Forum: Personal Finance (Not Investing)
Topic: What retirement contributions does your employer offer?
Replies: 68
Views: 10005

Re: What retirement contributions does your employer offer?

Reading all replies made me really jealous. We both work for that same Mega Corp and have ZERO match. We had 25% match up to first 6% of our contributions before 2009. That is peanuts compare to what many guys here have but still better then 0. Then in January 2009 company announced that they suspended match – many companies did the same at that time, it was not a surprise. In September 2009 we got acquired by even bigger Mega Corp. That one also had suspended its match at that time. New owner restored match to its employees in 2010 but not for us, we still continue to get zero. I did not know that one company can have different 401k plans for different business areas. We even have very different benefits including insurances, paid holidays...
by MoneyOCD
Tue Jul 03, 2012 1:42 pm
Forum: Personal Investments
Topic: Help for a beginner (Formatted correctly :) )
Replies: 22
Views: 2730

Re: Help for a beginner (Formatted correctly :) )

If it would be me in your shoes that is what I would do: (keep in mind my nick name in case if below sounds too extreme :mrgreen: ) 1. Take 15k from savings and pay all federal loans (all 3 are above 3% that you earn on your savings - no reason to have negative arbitrage rate) That will leave about 7k in your savings and add some $$ to monthly cash flow. 2. Your income is 60k. Ignoring cost of medical /dental insurances, deduction of student loan interest and interest income on your savings (you can count those for more precise estimates) YOUR taxable income is about $50 500 ($60000- $5800 standard deduction - $3700 in personal exemption) 25% federal tax bracket starts at $34500 - you have 16k in that bracket + 6.85% state tax. I would put ...
by MoneyOCD
Mon Jul 02, 2012 1:02 pm
Forum: Personal Consumer Issues
Topic: Best Cash Back Credit Card?
Replies: 56
Views: 651831

Re: Best Cash Back Credit Card?

Amex Blue cash preferred - 6% groceries + tons of GCs (including Visa ones which I used to pay child's summer tuition :D) , 3% dept stores, 3% gas, 1 % everything else Citi Forward - 5% restaurants, bookstore/Amazon, movies (redeem TYP for mortgage payment - true 5%) Fidelity Amex- 2% on everything else, works very nice, as soon as I get $50 I transfer money to Fidelity checking account which linked to my regular checking account. Really like Citi Dividend Platinum Select, got $200 bonus for opening one and spending $500 in the first 3 month. Also got 5% back on Utilities in Q1 that included water, gas, electric, phone, cell phone, TV/internet provider- I prepaid about a year worth of those, got my 5% back which is much better then $$ sitti...
by MoneyOCD
Thu Jun 28, 2012 8:29 am
Forum: Personal Finance (Not Investing)
Topic: IRS Audit - Backdoor Roth
Replies: 59
Views: 23581

Re: IRS Audit - Backdoor Roth

Stars did align yesterday for us and IRS letter safely made it to our mail box.
Total Amount Due: $0.00 Case closed :D
Really appreciate everyone's insights and comments as they helped us to not freak out and send intellegent response on our own.
by MoneyOCD
Tue Jun 26, 2012 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Audit - Backdoor Roth
Replies: 59
Views: 23581

Re: IRS Audit - Backdoor Roth

Thanks, Alan, for your thoughtful reply.
Will continue to patiently wait for resolution letter - I supplied all possible documents including copy of the rollover check itself.
Also sent letter from 401k custodian with date of when they received my check issued by Fidelity and deposited it. Those 2 shows time span of significantly less the 60 days - I indicated it on the explanantion letter as well.

Will let you all know if any updates.
Looks like this year flood of CP2000 in regards of IRA transactioan are just beginning. :annoyed
by MoneyOCD
Tue Jun 26, 2012 12:35 pm
Forum: Personal Finance (Not Investing)
Topic: IRS Audit - Backdoor Roth
Replies: 59
Views: 23581

Re: IRS Audit - Backdoor Roth

We got letter in the mail on June 4 that IRS received my documents as of May 1,2012 and it will take up to 60 days for them to review. (one month to acknowledge?) It is end of June already and nothing back yet. Does anyone know if those 60 days should be counted from May 1 or from day of acknowledgement letter? I would think it should be from May 1 - then 60 days will be this Friday already I was looking at everyone else's replies and dates (in this thread and in some other ones) - looks like most got resolution letter much faster than 60 days. Can anyone provide some data points on time frames? And should I actually expect resolution letter at all? Saw some older comments where people have been saying that they never got anything back from...
by MoneyOCD
Thu May 24, 2012 9:22 am
Forum: Investing - Theory, News & General
Topic: HSA
Replies: 16
Views: 2067

Re: HSA

I have my HSA savings account at Adirondack Trust in New York: http://adirondacktrust.com/en/rates-a-calculators/deposit-rates They do charge $4.00 a month service fee , but the APY is still much higher (currently 3.0%) that even taking the fee into account, the net rate of return is still higher than other no fee or low fee accounts. Is anyone aware of any other alternative HSA accounts that pay a higher rate of return (FDIC insured)? Thanks, joebruin77 If you opt in for electronic statement delivery - you monthly fee will be only $2, not $4. For some reason it is not spelled out on the site clearly but it does work. I think now they also have one time HSA setup fee of $25. Also fees are fixed ($24 per year) but account grows over time: F...
by MoneyOCD
Tue May 22, 2012 6:08 pm
Forum: Personal Investments
Topic: Should I invest in an HSA?
Replies: 9
Views: 1391

Re: Should I invest in an HSA?

>> Not sure I can move my HSA. .... From the wiki: You are able to move money between HSA custodians through direct rollovers and trustee to trustee transfers - see IRS Pub. 969 page 6. The rules are exactly the same as IRA Rollovers and Transfers. You may want to do this annually if you contribute to a plan through your employer's payroll deduction to gain the social security and medicare payroll tax exemption, but you don't want to leave the funds there long-term if the investment options are not good. The HSA custodian(s) may charge a fee for a trustee-to-trustee transfer; direct rollovers can usually be done without a fee. I never saw any HSA that would restrict direct rollover. You will be basically writing a check from your WF HSA an...
by MoneyOCD
Mon May 21, 2012 8:52 pm
Forum: Personal Investments
Topic: Should I invest in an HSA?
Replies: 9
Views: 1391

Re: Should I invest in an HSA?

For 2012 $6250 contribution limit is for family plan, for singles it is $3100.
It will increase in 2013 to $6450 (+$200) and $3250 (+$150)
http://www.irs.gov/pub/irs-drop/rp-12-26.pdf
You are not missing anything, that is great tax shelter as you do not pay taxes now and do not pay them later if used for HC.
Over your lifetime you are pretty much sure will use up all those funds for healthcare which is a best deal compare to IRA or Roth IRA.
by MoneyOCD
Wed May 02, 2012 3:44 pm
Forum: Personal Finance (Not Investing)
Topic: Wife Asked To Work 4th Day
Replies: 24
Views: 3372

Re: Wife Asked To Work 4th Day

My vote is for working 4th day but use part of the extra income to hire help around house (1-2 days/per week at least), that way your wife will be spending all days off concentarning on good time with kids (creating memories) instead of doing a lot of chores at the same time. It should also elevate some stress (house work IS work) and financially you still should come ahead.

And I do not see any harm for kids being one more day in day care if that is a good one.