Search found 84 matches

by guwop
Wed Apr 24, 2019 9:00 pm
Forum: Personal Finance (Not Investing)
Topic: Life Insurance and Medicaid Eligibility (New York)
Replies: 8
Views: 428

Re: Life Insurance and Medicaid Eligibility (New York)

OP, is this family member under 65, or over 65? The Medicaid rules (for assets/resources) are different for each group in NY since they adopted expansion. If he is under 65, there is no limit, it goes strictly by his income If he is over 65, he is not only on Medicaid but his considered a "dual eli...
by guwop
Wed Apr 24, 2019 8:46 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance and Medicaid Eligibility (New York)
Replies: 8
Views: 428

Re: Life Insurance and Medicaid Eligibility (New York)

Your friend is disqualified due to high asset value. Your friend has to spend down the asset to be eligible for medicaid again. Given how expensive health insurance is in NY, he should be able to qualify again in less than a year. Is better he take a few hours and sit down with an rep at his local ...
by guwop
Wed Apr 24, 2019 7:54 am
Forum: Personal Finance (Not Investing)
Topic: Life Insurance and Medicaid Eligibility (New York)
Replies: 8
Views: 428

Life Insurance and Medicaid Eligibility (New York)

I have a family member who's currently covered under low-income Medicaid. He just surrendered his whole-life insurance policy (full surrender), and received a check for $33,000. He is worried that because of this income/taxable event, it will make him ineligible for Medicaid. To my understanding, th...
by guwop
Fri Apr 19, 2019 9:05 am
Forum: Personal Finance (Not Investing)
Topic: Home Purchase Feasibility
Replies: 22
Views: 1248

Home Purchase Feasibility

Happy Friday fellow BHs, DW and I are hoping to purchase an apartment in the next few months and have our eyes set on one that we are ready to make an offer on. However, there are several hoops to jump through in order to make this happen. Would really appreciate some feedback and ideas we haven't t...
by guwop
Mon Apr 01, 2019 2:51 pm
Forum: Personal Investments
Topic: Safe way to "bet" against LYFT?
Replies: 36
Views: 3908

Re: Safe way to "bet" against LYFT?

Options begin trading this Thursday, April 4th - https://seekingalpha.com/news/3447353-c ... ng-april-4
by guwop
Wed Mar 20, 2019 9:54 am
Forum: Personal Investments
Topic: New Fidelity Roth IRA
Replies: 4
Views: 854

Re: New Fidelity Roth IRA

I looked at the ZERO funds (FNILX, FZIPX, FZROX), but was wondering if there's any reason why people would choose these over FXAIX (Fidelity 500 Index Fund), FSKAX (Total Market Index Fund) and FSPGX (Large Cap Growth Index Fund)? I'd like to add some International in there too, any recommendations...
by guwop
Mon Mar 11, 2019 11:28 am
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

I forgot the include the inputs I entered into the calculator: I want to make sure I'm entering the right amount for 'Total plans and cafeteria'. Are these the total projected deductions for our medical plans + FSA? Filing Status: joint Someone else can claim you as a dependent: no Number of jobs: 2...
by guwop
Mon Mar 11, 2019 10:54 am
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

More questions: It seems like we're on track to get a large refund (~$3,500) next year. This is taking into account my $8,000 401k contribution for this year. Current # allowances I'm claiming on W4: 2 Additional Withholding: $77/paycheck = $2,002 for the year Wife # allowances: 0 No additional wit...
by guwop
Fri Mar 08, 2019 12:55 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

More questions: It seems like we're on track to get a large refund (~$3,500) next year. This is taking into account my $8,000 401k contribution for this year. Current # allowances I'm claiming on W4: 2 Additional Withholding: $77/paycheck = $2,002 for the year Wife # allowances: 0 No additional with...
by guwop
Wed Mar 06, 2019 6:22 pm
Forum: Personal Investments
Topic: New Fidelity Roth IRA
Replies: 4
Views: 854

New Fidelity Roth IRA

Just opened a Roth IRA @ Fidelity for my wife. We don't have much in terms of retirement savings, so I figured now's a good a time as ever. I already have a Roth IRA at Vanguard (100% VTSMX, will switch to VTSAX once I hit $3k, currently at $2.1k) I can still contribute $4,250 for 2019, and my wife ...
by guwop
Tue Feb 26, 2019 7:22 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

I'm confused as to why the tIRA deduction is based on your AGI, when the contribution itself determines your AGI? Is this right? Close. It's based on one particular flavor of Modified AGI (MAGI). The MAGI calculation for traditional IRA purposes is https://www.irs.gov/publications/p590a#en_US_2018_...
by guwop
Tue Feb 26, 2019 7:01 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

I'm confused as to why the tIRA deduction is based on your AGI, when the contribution itself determines your AGI? Is this right? Close. It's based on one particular flavor of Modified AGI (MAGI). The MAGI calculation for traditional IRA purposes is https://www.irs.gov/publications/p590a#en_US_2018_...
by guwop
Tue Feb 26, 2019 6:10 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

My wife's 2018 Federal withholding was $4,077, and will likely be the same or less this year (since she'll be on maternity leave). So after I contribute the $8,000 to my 401k, and contribute $6,000 to a Traditional IRA, our taxable income should be around $72,650 based on the calculations below. I'm...
by guwop
Tue Feb 26, 2019 12:13 am
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

I thought if you had access to a 401k/403b plan you couldn't put anything in a tIRA? edit -- subject to income limits. depending on your AGI you could do some contribution: IRA Deduction Limits If you save with both a 401k and a traditional IRA, you may also face some limits on your ability to dedu...
by guwop
Mon Feb 25, 2019 10:12 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

Thanks for all the suggestions and guidance. After further reading, I’m leaning towards taking the following steps: 1. Contribute at least $8,000 to my employer’s 401k for the remainder of the year, which should bring us into the 12% bracket. 2. What impact would my wife, or both of us, maxing a Tra...
by guwop
Mon Feb 25, 2019 5:08 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Re: Lowest Tax Possible

Aren't you in the 22% tax bracket? Looks like your taxable income is over the 12%/22% threshold. Yes, apologies for the shoddy arithmetic! So I am in the 22% bracket, which means I'd like to get myself down to the 12% bracket if possible. Therefore, I'd have to reduce my taxable income by at least ...
by guwop
Mon Feb 25, 2019 1:50 pm
Forum: Personal Finance (Not Investing)
Topic: Lowest Tax Possible
Replies: 46
Views: 4029

Lowest Tax Possible

Hi fellow BH's, This year was the first time I filed MFJ taxes, but to my surprise (not really), our refund is nothing to be excited about. So I'd like to make some changes now that would ultimately put us in the "best" tax situation come April 2020. According to TurboTax: Our AGI (2018): $120,319 (...
by guwop
Mon Oct 15, 2018 10:40 am
Forum: Personal Finance (Not Investing)
Topic: Lost Job, Need Advice on Next Move(s)
Replies: 5
Views: 449

Lost Job, Need Advice on Next Move(s)

I got laid off this past Friday. Luckily we have enough funds to cover several months worth of expenses. Some quick points: 1. I will be receiving a lump sum severance. 2. I am eligible to file for unemployment (per my employer) 3. I will be added to my wife's health insurance (as a qualifying event...
by guwop
Thu Sep 20, 2018 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

I just checked with my benefits administrator. If I change to the HDHP plan during this current enrollment period, my HDHP coverage will start October 1, 2018. I still have $ in my FSA for 2018, which I'm planning on depleting. How does this affect my HSA eligibility and contributions? If I deplete ...
by guwop
Tue Sep 18, 2018 11:12 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

If I enroll in the single-HDHP plan now for coverage starting 1/1/2019, I'd be able to contribute $291.66 in January, and $291.66 in February = $583 because I'd be eligible for 2/12 months. When the baby is born (sometime in feb, or could even be late jan), would I be eligible for the qualifying eve...
by guwop
Mon Sep 17, 2018 1:55 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Below is what I get. Don't know if I interpreted your options correctly. https://i.postimg.cc/kMkKLK2K/screenshot_412.png Note also that this tool assumes a constant co-pay percentage. Some insurance plans work that way, and some do not. Are these the results of the entire family being covered unde...
by guwop
Mon Sep 17, 2018 1:02 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

I'm using the HDHP Analysis tool from BH...but I'm not too sure on the values I should be entering... Can anybody tell me my 'Total after-tax cost' using the following options? 1. Entire family is covered by Wife's EPO plan (not HSA eligible, but FSA eligible and dependent care FSA eligible) 2. Enti...
by guwop
Mon Sep 17, 2018 12:09 pm
Forum: Personal Finance (Not Investing)
Topic: HSA vs save $1.5K/year
Replies: 12
Views: 1731

Re: HSA vs save $1.5K/year

Hi, So far, I've been maxing out my HSA with my HDHP and paying any costs out of pocket (not via HSA). Doctor visits, tests etc in 2018 totaled $500. My HSA has around $3K so far and its all invested in Vanguard Total Stock Market Index fund. My wife's employer has a significantly lower premium on ...
by guwop
Mon Sep 17, 2018 10:35 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

It does not matter to us where it comes from...the majority/entire amount will most likely come from my income. My goal is to maximize HSA contributions while saving on health insurance costs and taxes.
by guwop
Mon Sep 17, 2018 8:00 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

After doing some more reading, I learned that ANYBODY can contribute to my HSA on a post-tax basis, with myself reaping the tax benefits. So technically, my wife would be able to contribute post-tax money to my individual HSA? What’s the cheapest, or most efficient way for me to be able to contribut...
by guwop
Sat Sep 15, 2018 5:48 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Looking at the plan costs, it may make more sense for me to keep myself the only individual on my HDHP plan, since the HSA funds can automatically be used for my family. My wife would just add the baby to her plan (much cheaper since it's a hospital). I am really curious/doubtful about using HSA fu...
by guwop
Sat Sep 15, 2018 2:40 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Would it make more sense to add my wife to my HDHP, or the baby? Can I add both? Looking at the plan costs, it may make more sense for me to keep myself the only individual on my HDHP plan, since the HSA funds can automatically be used for my family. My wife would just add the baby to her plan (much...
by guwop
Sat Sep 15, 2018 6:44 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

If I add the new baby to my HDHP HSA, would this would allow me to contribute the $7,000 limit? Why can’t I add my wife? Is it because she’ll already be covered by her own insurance? But then we can still get the dependent care FSA? Would we be able to add the baby to my wife’s individual non-HDHP p...
by guwop
Fri Sep 14, 2018 8:34 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Would my wife and I be able to contribute to the HSA to max it out ($7,000 for 2019)? Or is the HSA restricted only to me?

My plan is to apply for the for the family HSA, if possible, and have my wife open the dependent care FSA. Is this allowed?
by guwop
Wed Sep 12, 2018 11:46 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Thanks for all this info, it really is helpful but also a lot to take in! Given all this, I'm assuming the best option would be this: 1. Wife remains on her individual plan, signs up for the dependent care FSA (max is $5,000 for the year), and adds the child to her insurance. 2. I cancel/do not cont...
by guwop
Wed Sep 12, 2018 11:07 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Would we be able to use the HSA funds for baby expenses? (hospital, delivery, doc visits)...? Yes. See page 8 of https://www.irs.gov/pub/irs-pdf/p969.pdf. For an IRS publication, it's actually comprehensible. The dependent care spending account will not affect your HSA eligibility, so use that howe...
by guwop
Wed Sep 12, 2018 9:49 am
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Re: Taxes+Health Insurance (Recent Marriage, Baby OTW)

Thanks for the responses. I'd definitely want to take advantage of the HSA... Would the following scenario work? Wife remains on her individual plan, and converts to 'Employee+Child' plan when baby is born in Feb2019, and DOES NOT sign up for the FSA, or Dependent Care Spending Account. I switch to ...
by guwop
Tue Sep 11, 2018 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Taxes+Health Insurance (Recent Marriage, Baby OTW)
Replies: 27
Views: 1634

Taxes+Health Insurance (Recent Marriage, Baby OTW)

Hi all, My wife and I got married earlier this year, and we are fortunate enough to be expecting our first child in Feb 2019! We'd like to start planning for our taxes and health insurance (open enrollment just started for both of us). Age: Both 30 Income: $120,000 ($74k Him, $46k Her) Emergency Fun...
by guwop
Fri Oct 07, 2016 3:54 pm
Forum: Personal Finance (Not Investing)
Topic: What do you guys do on the side?
Replies: 299
Views: 32887

Re: Side hustle

Every year I pre-order and buy up as many new iPhones as I can and sell them at a profit to eager buyers overseas. This usually provides me with plenty of liquid/capital for other ventures which I won't go in to, not to mention lunch money for the year.

Cheers,
guwop
by guwop
Tue Jun 28, 2016 3:36 pm
Forum: Personal Finance (Not Investing)
Topic: Buying a friend's student loans?
Replies: 21
Views: 2990

Buying a friend's student loans?

Hello fellow BH's, In an attempt to diversify my investments, I was wondering if anybody here had any experience with buying out someone else's student loans and charging them ~1-2% points lower than their loan. I have a friend who has 50k in student loans @ 6%. I asked him if he'd be willing to let...
by guwop
Wed Jun 08, 2016 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Debt Payoff Plan - Seeking Advice
Replies: 16
Views: 2242

Re: Debt Payoff Plan - Seeking Advice

Thanks for all the replies! I just want to add that my company does not currently offer any retirement plans..so I'm not getting any match. I do want to contribute to a Roth IRA asap, so perhaps I should sell my taxable and use that towards a Roth IRA? I've learned to live on $600 a month (still liv...
by guwop
Tue Jun 07, 2016 4:25 pm
Forum: Personal Finance (Not Investing)
Topic: Debt Payoff Plan - Seeking Advice
Replies: 16
Views: 2242

Debt Payoff Plan - Seeking Advice

Hello fellow BH's, I have quite a bit of debt I am working on paying off (~$35,000). The good (not really good) news is that the majority of these balances are balance transfers, all with 0% interest until 2017. The balance is spread amongst 5 cards: Card #1 - $9,750 Card #2 - $9,300 Card #3 - $7,00...
by guwop
Tue Jun 02, 2015 3:56 pm
Forum: Personal Finance (Not Investing)
Topic: Citi double cash card vs. Amex Blue Everyday
Replies: 34
Views: 32107

Re: Citi double cash card vs. Amex Blue Everyday

I use the Blue Cash card. After you spend $6,500 year, you start earning 5% on groceries, gas stations and select drugstores. I usually wait until just after my card anniversary date to make large purchases so that I have an entire year of 5% back.
by guwop
Thu Apr 30, 2015 3:50 pm
Forum: Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 773

Re: Capital Gains Tax Question

You will offset the gains against the losses, and then carry forward to future years the remaining loss. It can be used to offset future gains AND $3000 of earned income each year, you are golden. No tax due Even if the $135,000 was all short term losses? Yes, and the excess can be deducted $3,000 ...
by guwop
Thu Apr 30, 2015 3:42 pm
Forum: Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 773

Re: Capital Gains Tax Question

TheGreyingDuke wrote:You will offset the gains against the losses, and then carry forward to future years the remaining loss. It can be used to offset future gains AND $3000 of earned income each year, you are golden.

No tax due
Even if the $135,000 was all short term losses?
by guwop
Thu Apr 30, 2015 3:37 pm
Forum: Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 773

Re: Capital Gains Tax Question

Your math is right - $1,650 in tax. Do you have any investments in a taxable account at a loss which you want to sell to directly offset this gain? Intuit TaxCaster is a great free tool for playing around with simple scenarios and seeing the tax impact. Hi Traveller, Yes, for this year, I have alre...
by guwop
Thu Apr 30, 2015 3:18 pm
Forum: Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 773

Capital Gains Tax Question

Hello everyone, I will be selling off some securities in my taxable brokerage account next month, and I was wondering if someone could provide some input on how much I will have to pay in capital gains taxes, if any. Annual Gross Income: $65,000 State of Residence: New York Federal Tax Bracket: 25% ...
by guwop
Fri Sep 23, 2011 8:55 am
Forum: Personal Finance (Not Investing)
Topic: Best/Fastest method of gifting $100K
Replies: 28
Views: 3047

Thanks for all the answers guys, they were really helpful!
by guwop
Fri Sep 23, 2011 8:44 am
Forum: Personal Finance (Not Investing)
Topic: Best/Fastest method of gifting $100K
Replies: 28
Views: 3047

You can give up to $5 million over your lifetime tax-free... So he can give you $100k right now, fill out the gift tax form, and it will be tax-free... His lifetime exemption will drop to $4.9 million... and sounds like that's not an issue. The $13k limit is how much you can give without touching y...
by guwop
Fri Sep 23, 2011 8:33 am
Forum: Personal Finance (Not Investing)
Topic: Best/Fastest method of gifting $100K
Replies: 28
Views: 3047

I'm completely new at this, but can the family member find 6-7 people to re-gift the money to me? If not, why not?
by guwop
Fri Sep 23, 2011 8:30 am
Forum: Personal Finance (Not Investing)
Topic: Best/Fastest method of gifting $100K
Replies: 28
Views: 3047

Oneanddone wrote:Is the person in danger of using up their lifetime exemption?

Is the person married?

Are you married?
Do you have children?
1. No
2. Yes (Spouse is not in danger of using up lifetime exemption)
3. I am not married
4. I don't have children
by guwop
Fri Sep 23, 2011 8:23 am
Forum: Personal Finance (Not Investing)
Topic: Best/Fastest method of gifting $100K
Replies: 28
Views: 3047

Best/Fastest method of gifting $100K

Hi all, I have a family member who is going to gift $100K to me; but of course the annual gift limit is $13k per person. What is the quickest, most efficient tax-free way to gift all of it to me by re-gifting through other people? Also, not sure if it matters, but the funds were made available by se...
by guwop
Mon Aug 08, 2011 12:02 pm
Forum: Personal Investments
Topic: Today was a Really Bad Day
Replies: 278
Views: 51102

Is it best to have "ready to buy" funds in a MM acct, so that when you are ready to buy on a RBD, you will get the same-day transaction? Real market timers have their funds in a margin account so they can buy extra on a moment's notice :). I'm not a "real market timer". So would the Prime Money Mar...
by guwop
Mon Aug 08, 2011 11:52 am
Forum: Personal Investments
Topic: Today was a Really Bad Day
Replies: 278
Views: 51102

Is it best to have "ready to buy" funds in a MM acct, so that when you are ready to buy on a RBD, you will get the same-day transaction?
by guwop
Mon Aug 01, 2011 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Joint Accounts vs Individual
Replies: 5
Views: 1527

What would happen to the funds in a joint checking/savings account between a parent and child (with the parent being the primary) if the parent passes?