Search found 101 matches

by AnEngineer
Wed Oct 21, 2020 7:28 am
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 463
Views: 28378

Re: Should We Ever Save for Children's College?

If their kids get into a top "full need/no loans" school, they will end up saving $20,000 over 4 years for every $100,000 they save in a retirement account instead of a 529. That's per kid. For those keeping track of zeroes, that's $400,000 if they save $1,000,000. Is there some universe where peop...
by AnEngineer
Mon Oct 19, 2020 12:49 pm
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 463
Views: 28378

Re: Should We Ever Save for Children's College?

My wife and I were both able to get full rides, so we are just banking on that for our daughter. If you are flexible with the choice of school, there is lots of money out there to take advantage of! If you had a 529 plan and your daughter got a full ride, you could withdraw the amount equivalent to...
by AnEngineer
Mon Oct 19, 2020 10:41 am
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 463
Views: 28378

Re: Should We Ever Save for Children's College?

I personally don't agree with the advice to max out all tax-advantaged retirement savings before contributing to college savings. You can live a very comfortable life in retirement without maxing out 2 401Ks, 2 Roth IRAs, and an HSA. We save 20% of our gross income towards retirement, and I don't h...
by AnEngineer
Fri Oct 16, 2020 10:30 am
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 463
Views: 28378

Re: Should We Ever Save for Children's College?

Also, young adult children are considered part of the parents household for federal health care ... This is not always true, and true to older ages much more recently. That is, after college funding was already tied to parents' financial situation. and federal tax purposes... This is not always tru...
by AnEngineer
Thu Oct 15, 2020 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Implementing ESPP into Financial Plan
Replies: 20
Views: 858

Re: Implementing ESPP into Financial Plan

My company offers a stock purchase program where post tax income is deducted from your paycheck for a six month period. On the final day of the 6 month period they use those funds to purchase shares of the company stock at a 20% discount. Others have covered that you should obviously do this. It's ...
by AnEngineer
Wed Oct 14, 2020 3:26 pm
Forum: Personal Finance (Not Investing)
Topic: Implementing ESPP into Financial Plan
Replies: 20
Views: 858

Re: Implementing ESPP into Financial Plan

My company offers a stock purchase program where post tax income is deducted from your paycheck for a six month period. On the final day of the 6 month period they use those funds to purchase shares of the company stock at a 20% discount. Others have covered that you should obviously do this. It's ...
by AnEngineer
Fri Oct 09, 2020 9:14 pm
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 463
Views: 28378

Re: Should We Ever Save for Children's College?

I saved money in 529 but now I think I'd be better off if I invested those monies in retirement. The reason is that she attends public university in our state and tuition cost only ~$12K per year. Since all education remote ( and will stay remote for long time) she stays at home since February. If/...
by AnEngineer
Fri Oct 09, 2020 4:37 pm
Forum: Personal Investments
Topic: Should We Ever Save for Children's College?
Replies: 463
Views: 28378

Re: Should We Ever Save for Children's College?

Forgive my ignorance, but what happens if the parents have (in school''s eyes) sufficient means but they don't pay - for whatever reasons - for their kid's school? It seem to me that this is the only instance when an adult is officially judged by their parents income or savings. The times I’ve seen...
by AnEngineer
Mon Oct 05, 2020 5:51 pm
Forum: Personal Consumer Issues
Topic: Special Enrollment Period for Health Insurance for Declining Employer Coverage?
Replies: 15
Views: 766

Re: Special Enrollment Period for Health Insurance for Declining Employer Coverage?

SVT wrote: Mon Oct 05, 2020 4:50 pm Yes, employer is saying I can't drop coverage starting Jan 1 mid-year.
I don't understand this. Jan 1 is not mid year. It's the start of the year.
by AnEngineer
Mon Sep 28, 2020 8:24 am
Forum: Personal Finance (Not Investing)
Topic: The College Admissions Game
Replies: 48
Views: 4326

Re: The College Admissions Game

... He is leaning towards engineering. ... I am trying to avoid DS and DW getting caught up in the stress and drama of applying for college. ... One thing helpful here is that for engineering, school status is less important. Some employers have school preferences when hiring straight out if school...
by AnEngineer
Sun Sep 27, 2020 12:38 pm
Forum: Personal Consumer Issues
Topic: How to approach kid’s middle school / high school / college decisions?
Replies: 68
Views: 6068

Re: How to approach kid’s middle school / high school / college decisions?

retired recently wrote: Sun Sep 27, 2020 6:23 am For our son, he finished AP Calc BC in 9th but there are plenty that finished much sooner.
People live in very different worlds. My family had to fight so I could take a Calc AB course from somewhere else my senior year because my school didn't have any Calc course.
by AnEngineer
Sun Sep 27, 2020 12:34 pm
Forum: Personal Consumer Issues
Topic: How to approach kid’s middle school / high school / college decisions?
Replies: 68
Views: 6068

Re: How to approach kid’s middle school / high school / college decisions?

Bottom line? If you have kids in the top 10% then they are going to probably be just fine anywhere. On the other hand, if you have kids who are struggling with motivational or comprehension issues and are not going to be high-flyers in HS then putting them in an environment where the majority of th...
by AnEngineer
Thu Sep 24, 2020 11:22 am
Forum: Personal Finance (Not Investing)
Topic: Business Structure for revenue generating hobbies
Replies: 20
Views: 1548

Re: Business Structure for revenue generating hobbies

Hrmmm, perhaps all the reporting I've read has been a bit exaggerated. I guess it depends on what counts as "cost of goods sold". In the painter, you could presumably deduct the cost of canvas, framing, and paint that ends up in the painting (that you sell), but not other paint or brushes, or other ...
by AnEngineer
Thu Sep 24, 2020 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Business Structure for revenue generating hobbies
Replies: 20
Views: 1548

Re: Business Structure for revenue generating hobbies

fyre4ce wrote: Thu Sep 24, 2020 10:19 am ... Even for a legit hobby, I'd be very surprised if you couldn't deduct the cost of goods sold. ...
Well, be surprised, because that's the current law.
...Sounds like with $50k of income, OP should consult a "real" CPA.
Agreed.
by AnEngineer
Thu Sep 24, 2020 10:01 am
Forum: Personal Finance (Not Investing)
Topic: Business Structure for revenue generating hobbies
Replies: 20
Views: 1548

Re: Business Structure for revenue generating hobbies

... For hobbies, you have to report profits... After TCJA this is NOT true. Hobbies are taxed on revenue, not profit. If you spend $1000 to bring in $1100, you are taxed on $1100. If you spend $1000 to bring in $900, you are taxed on $900. Only if you can satisfy the IRS that you are operating a bu...
by AnEngineer
Thu Sep 24, 2020 9:39 am
Forum: Personal Finance (Not Investing)
Topic: Business Structure for revenue generating hobbies
Replies: 20
Views: 1548

Re: Business Structure for revenue generating hobbies

... For hobbies, you have to report profits... After TCJA this is NOT true. Hobbies are taxed on revenue, not profit. If you spend $1000 to bring in $1100, you are taxed on $1100. If you spend $1000 to bring in $900, you are taxed on $900. Only if you can satisfy the IRS that you are operating a bu...
by AnEngineer
Thu Sep 24, 2020 7:26 am
Forum: Personal Finance (Not Investing)
Topic: What happens if your income comes in below the minimum for the ACA?
Replies: 70
Views: 5097

Re: What happens if your income comes in below the minimum for the ACA?

FiveK wrote: Wed Sep 23, 2020 10:30 pm
AnEngineer wrote: Wed Sep 23, 2020 10:11 pm BTW, which publication?
E.g., see (b)(6) in 26 CFR § 1.36B-2 - Eligibility for premium tax credit.
That's not an IRS publication, it's a Cornell website (of the law?).
by AnEngineer
Wed Sep 23, 2020 10:11 pm
Forum: Personal Finance (Not Investing)
Topic: What happens if your income comes in below the minimum for the ACA?
Replies: 70
Views: 5097

Re: What happens if your income comes in below the minimum for the ACA?

The IRS publications state that if you qualified for a premium tax credit based on having made a reasonable and good faith estimate of income using the enrollment system, that is (using the language of the IRS publication) free from an intentional or reckless disregard for the facts, you still may/...
by AnEngineer
Wed Sep 23, 2020 8:23 pm
Forum: Personal Finance (Not Investing)
Topic: Business Structure for revenue generating hobbies
Replies: 20
Views: 1548

Re: Business Structure for revenue generating hobbies

Do you ever intend on producing a profit? Hobbies are miscellaneous itemized deductions which were recently eliminated from deductibility. I would not call their deletion 'recent'. Not sure exactly what you are referencing but there have been rules for 50+ years. The grist is that you had better be...
by AnEngineer
Wed Sep 23, 2020 3:24 pm
Forum: Personal Finance (Not Investing)
Topic: HDHP versus PPO
Replies: 43
Views: 2346

Re: HDHP versus PPO

... Thanks. You've got an error in the HSA (total contributions of $8100, over the limit). But the main story holds: that for these plans (and likely many) the HDHP is ALWAYS better than the Gold or Platinum plans, no matter what happens during the year. The only reason I could see for justifying a...
by AnEngineer
Wed Sep 23, 2020 1:21 pm
Forum: Personal Finance (Not Investing)
Topic: HDHP versus PPO
Replies: 43
Views: 2346

Re: HDHP versus PPO

I have an underlying heart condition. Not sure if I will need surgery but I’d rather be covered just in case. I just don't see a situation where that's the case. The HDHP and Gold plans have similar OoP maximums, but the Gold plan has much higher premiums especially once you include the $1k employe...
by AnEngineer
Wed Sep 23, 2020 10:27 am
Forum: Personal Finance (Not Investing)
Topic: HDHP versus PPO
Replies: 43
Views: 2346

Re: HDHP versus PPO

Thanks would like to see the chart. Here's the chart. I used the Aetna premium numbers. I assumed all costs were in-network. I ignored co-pays for simplicity. It's possible if you have a lot of doctor visits maybe the Gold/Platinum plans would look more attractive. But in my experience, the co-pay ...
by AnEngineer
Tue Sep 22, 2020 8:57 am
Forum: Personal Finance (Not Investing)
Topic: BofA Premium Rewards 5.25% Categories?
Replies: 23
Views: 1347

Re: BofA Premium Rewards 5.25% Categories?

terran wrote: Tue Sep 22, 2020 8:34 am ...can be changed monthly for the following month...
Are you sure? I thought you could only change it once per calendar month, but the change took effect immediately.
by AnEngineer
Tue Sep 22, 2020 8:55 am
Forum: Personal Finance (Not Investing)
Topic: HDHP versus PPO
Replies: 43
Views: 2346

Re: HDHP versus PPO

... By doing this, you are taking on more of the risk of a high medical expense, which is capped, so Aetna or UHC. Not necessarily. If you look at the worst case scenario: you pay premiums and hit the max out of pocket expenses, high-deductible plans are often your best bet also. That's true here.
by AnEngineer
Mon Sep 21, 2020 8:17 am
Forum: Personal Finance (Not Investing)
Topic: Hospital bill for deceased parent...received 2 years later.
Replies: 67
Views: 7299

Re: Hospital bill for deceased parent...received 2 years later.

For my insurance if the provider waits over a year to submit a bill to insurance they are out of luck. Insurance won't pay and I don't have to pay either (assuming in network). I don't think the second part of that sentence is accurate, your obligation to pay the medical provider is independent of ...
by AnEngineer
Sun Sep 20, 2020 7:20 pm
Forum: Personal Finance (Not Investing)
Topic: Challenging a physician's bill
Replies: 82
Views: 5436

Re: Challenging a physician's bill

Does ACA requirement for free annual physical have an out of network exception?
by AnEngineer
Sun Sep 20, 2020 11:36 am
Forum: Personal Consumer Issues
Topic: Bike Recommendation
Replies: 75
Views: 5817

Re: Bike Recommendation

If you want less maintenance, consider something with a belt drive. But that would be hard to get on a new $500 bike and probably unnecessary for a 'new' cyclist.
by AnEngineer
Sat Sep 19, 2020 9:48 am
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21017

Re: Preparing for retirement in mid 30s

Assuming that you can work from home right now, why not move to a LCOL place, set your budget at $45k and work for one more year (or a few months) to test it out? There's almost never been a better time to do this. I was raised in a poor family, so I know what it's like to live a poor lifestyle. Ba...
by AnEngineer
Fri Sep 18, 2020 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21017

Re: Preparing for retirement in mid 30s

The objection isn't that there's any problem with what he's doing, it all makes sense. But to say I'm retired and spend X per year, when Y is spent by my business for things that benefits me, the X amount loses its grounding in reality. Even though the "Y spent by my business" wouldn't be spent if ...
by AnEngineer
Fri Sep 18, 2020 7:26 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21017

Re: Preparing for retirement in mid 30s

I find these people to be upfront about their finances. If you choose not to believe them, that's your decision. If you have evidence of any of them secretly living the life of, say, your average televangelist or extremely-high-profile personal finance radio show blowhard, I'd be more doubtful. Man...
by AnEngineer
Fri Sep 18, 2020 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21017

Re: Preparing for retirement in mid 30s

Arent his LT capital gains taxes going to be low since it only be 45K a year? Meaning his total income will.be 45k from LT capital gains. How much will he be paying on that? Today, yes. But 1) he has already paid a crazy amount of unnecessary taxes, and 2) the current capital gains tax laws are sub...
by AnEngineer
Fri Sep 18, 2020 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21017

Re: Preparing for retirement in mid 30s

I question whether a food budget can be halved by simply moving to a LCOL? I don’t think it can. Cost of food isn’t materially different from one place to another, unless you’re talking about a lifestyle change (I.e. no longer going out to eat, etc). But again that’s more about your ability/desire ...
by AnEngineer
Fri Sep 18, 2020 8:43 am
Forum: Personal Finance (Not Investing)
Topic: Preparing for retirement in mid 30s
Replies: 311
Views: 21017

Re: Preparing for retirement in mid 30s

People get so easily distracted between a feasible plan on general principles and a plan that they could personally thrive on. In this case, the OP has not given any indication that they know what a $45k budget looks like for their family, but there are certainly other families thriving on that. Do...
by AnEngineer
Tue Sep 15, 2020 9:15 am
Forum: Personal Finance (Not Investing)
Topic: Mega Back Door Roth and Avoiding Excess Contributions
Replies: 23
Views: 1170

Re: Mega Back Door Roth and Avoiding Excess Contributions

magicrat wrote: Tue Sep 15, 2020 8:15 am Most plans are setup so that you cannot make contributions that exceed the limit.
But not necessarily while also ensuring that you'll get all of your employer match/contribution. Some plans will allow you to fill up first and end up forgoing your expected match.
by AnEngineer
Tue Sep 15, 2020 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Mega Back Door Roth and Avoiding Excess Contributions
Replies: 23
Views: 1170

Re: Mega Back Door Roth and Avoiding Excess Contributions

I agree that you don't include Roth conversions (not contributions), but I'm not sure about those smaller amounts that you're subtracting. If they're fees paid out of the account I don't think you can subtract them, though maybe you could arrange to pay them with outside money? I have not made exces...
by AnEngineer
Sat Sep 12, 2020 10:09 pm
Forum: Personal Finance (Not Investing)
Topic: Remote Job - Taxes
Replies: 31
Views: 3103

Re: Remote Job - Taxes

Tx.. but help me understand Assume employer has headquarters in state A, offices in state B, you used to work in state B and then you move to state C and telecommute from there (no employer presence in state C). In which state do employer convenience rules apply, A or B? A, but only if state A is o...
by AnEngineer
Sat Sep 12, 2020 8:16 am
Forum: Personal Finance (Not Investing)
Topic: Remote Job - Taxes
Replies: 31
Views: 3103

Re: Remote Job - Taxes

Also, what if you physically worked to an office in OH for a company headquartered in CT and are now telecommuting? This sounds like you suddenly owe CT taxes. If you work at your employer's physical location in OH, it doesn't matter where your employer's headquarters is. This is standard employmen...
by AnEngineer
Fri Sep 11, 2020 8:09 am
Forum: Personal Finance (Not Investing)
Topic: Remote Job - Taxes
Replies: 31
Views: 3103

Re: Remote Job - Taxes

Prior to COVID-19, only AR, CT , DE, NE, NY and PA had a "convenience of the employer rule." . MA implemented a COVID-19 emergency order for people employed in the state prior to COVID-19 and switching to telecommuting. It is based on the headquarters of the employer. Telecommuters for employer's h...
by AnEngineer
Sun Sep 06, 2020 6:51 pm
Forum: Personal Investments
Topic: Cost basis for RSUs (vested)
Replies: 6
Views: 504

Re: Cost basis for RSUs (vested)

Vested RSUs are non covered for some silly reason. So their cost basis is not reported to the IRS, and the cost basis is 0 by default if you don't fix it at tax time. That said, I've used both E-Trade and Fidelity for vested shares. They have an addendum type page (called "Supplemental Information"...
by AnEngineer
Sat Sep 05, 2020 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: College financial advice for undecided rising high school senior
Replies: 71
Views: 3909

Re: College financial advice for undecided rising high school senior

Given the talk of being undecided/undeclared and changing majors, I just want to say that in my experience that is incompatible with graduating in CS/engineering in four years (sciences may not be less forgiving either). If you're very deliberate from the beginning and pay attention, you might avoi...
by AnEngineer
Sat Sep 05, 2020 8:44 am
Forum: Personal Finance (Not Investing)
Topic: College financial advice for undecided rising high school senior
Replies: 71
Views: 3909

Re: College financial advice for undecided rising high school senior

Given the talk of being undecided/undeclared and changing majors, I just want to say that in my experience that is incompatible with graduating in CS/engineering in four years (sciences may not be less forgiving either). If you're very deliberate from the beginning and pay attention, you might avoid...
by AnEngineer
Wed Sep 02, 2020 2:31 pm
Forum: Personal Finance (Not Investing)
Topic: State Residency - When does it change?
Replies: 22
Views: 1933

Re: State Residency - When does it change?

April it is. And we didn't get driver's licenses and tags because they were closed for COVID. I drive by every day and the line is still out the door. I'll get them when I get them. Out the door doesn't necessarily mean anything depending on how they're doing social distancing. I was just at a plac...
by AnEngineer
Tue Sep 01, 2020 6:26 pm
Forum: Personal Finance (Not Investing)
Topic: HELP with any advice for dealing with Paypal.
Replies: 25
Views: 1497

Re: HELP with any advice for dealing with Paypal.

Does liquidating your PayPal account protect against this?
by AnEngineer
Tue Sep 01, 2020 5:56 pm
Forum: Personal Finance (Not Investing)
Topic: Close HSA for better insurance and FSA?
Replies: 11
Views: 666

Re: Close HSA for better insurance and FSA?

Don't forget to factor in the HSA tax benefits when comparing the two.
by AnEngineer
Tue Sep 01, 2020 5:39 pm
Forum: Personal Finance (Not Investing)
Topic: Do dual income households need life insurance?
Replies: 40
Views: 3292

Re: Do dual income households need life insurance?

I don't see how anyone can answer this question without knowing how much you have in assets (probably more in terms of years of expenses than dollars).

If you can self insure, there's no need to buy.
by AnEngineer
Mon Aug 31, 2020 6:15 pm
Forum: Personal Finance (Not Investing)
Topic: Skipping a Buyer's Real Estate Agent
Replies: 53
Views: 3070

Re: Skipping a Buyer's Real Estate Agent

If, hypothetically, a shopping mall was going to be built accross the street, my understanding is the Seller must disclose that, if he knows. But suppose the seller doesnt know about it, but the seller's Agent knows. Does it have to be disclosed? It would also strike me that the seller's agent woul...
by AnEngineer
Fri Aug 28, 2020 7:58 am
Forum: Personal Finance (Not Investing)
Topic: State taxes for remote work
Replies: 6
Views: 865

Re: State taxes for remote work

See Reg. § 132.18: https://govt.westlaw.com/nycrr/Document/I50e80e3acd1711dda432a117e6e0f345?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)#:~:text=132.18%20Earnings%20of%20nonresident%20employees%20and%20officers.&text=However%2C%20any%20a...
by AnEngineer
Thu Aug 27, 2020 10:57 am
Forum: Personal Investments
Topic: Most effective way of selling the already vested RSU???
Replies: 27
Views: 1566

Re: Most effective way of selling the already vested RSU???

[For those following along at home, when we say "trading window" or "window", we are referring to the period of time during which we are allowed to buy/sell stock in our employer's company. In my case, the "window" is "opened" (meaning I can trade the stock) from the day after the quarterly earning...
by AnEngineer
Thu Aug 27, 2020 8:18 am
Forum: Personal Investments
Topic: Most effective way of selling the already vested RSU???
Replies: 27
Views: 1566

Re: Most effective way of selling the already vested RSU???

Fo this employeers RSU, I have two lots which I can sell (window is open now), one will put long term gain and another will short term gain (these got vested in July this year). If I sell the long term gain lot, it will bring my employer stock as 16% (reduction of 7%) and if I sell short term gain ...
by AnEngineer
Thu Aug 27, 2020 8:13 am
Forum: Personal Investments
Topic: Most effective way of selling the already vested RSU???
Replies: 27
Views: 1566

Re: Most effective way of selling the already vested RSU???

Fo this employeers RSU, I have two lots which I can sell (window is open now), one will put long term gain and another will short term gain (these got vested in July this year). If I sell the long term gain lot, it will bring my employer stock as 16% (reduction of 7%) and if I sell short term gain ...