Search found 67 matches

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: 423

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: 1604

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: 1604

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: 1604

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: 1604

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: 1714

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: 1604

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: 1604

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: 1604

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: 1604

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: 1604

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: 1604

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: 1604

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: 1604

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: 1604

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: 1604

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: 32150

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: 2916

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: 2186

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: 2186

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: 30280

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: Investing - Help with Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 762

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: Investing - Help with Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 762

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: Investing - Help with Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 762

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: Investing - Help with Personal Investments
Topic: Capital Gains Tax Question
Replies: 8
Views: 762

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: 2985

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: 2985

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: 2985

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: 2985

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: 2985

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: Investing - Help with Personal Investments
Topic: Today was a Really Bad Day
Replies: 278
Views: 50620

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: Investing - Help with Personal Investments
Topic: Today was a Really Bad Day
Replies: 278
Views: 50620

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: 1502

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?
by guwop
Wed Jul 06, 2011 9:20 am
Forum: Personal Finance (Not Investing)
Topic: Please help calculate my tax refund
Replies: 6
Views: 660

Okay, let's start again. $43,000 AGI (approximate) - 5,800 Standard Deduction - 3,700 Personal Exemption $33,500 Taxable Income $ 4,410 Federal Tax Due using 2010 tax table Federal tax withheld in excess of tax due cited above should come back as a refund. I misread the tax already withheld. :oops:...
by guwop
Wed Jul 06, 2011 8:54 am
Forum: Personal Finance (Not Investing)
Topic: Please help calculate my tax refund
Replies: 6
Views: 660

Re: Federal Tax Calculation

Your federal income tax is correct. You already have $3,352 withheld for six months so there is probably and additional same amount to be withheld, thus leaving you with an estimated $200 refund. 8-) Yes, you are in the 15% marginal tax bracket. Are you contributing to a 401k at work which might re...
by guwop
Wed Jul 06, 2011 8:31 am
Forum: Personal Finance (Not Investing)
Topic: Please help calculate my tax refund
Replies: 6
Views: 660

Please help calculate my tax refund

Hello all, I was wondering if somebody can help me figure out the ballpark figure of the refund I might be getting next April, or perhaps provide me with a formula I can plug these numbers into. Here are some figures (all YTD) 1. Gross: $23,113 2. Fed Taxable Gross: $22,889 3. Federal withheld: $3,3...
by guwop
Fri Jul 01, 2011 1:46 pm
Forum: Investing - Help with Personal Investments
Topic: Funding Vanguard Roth IRA from taxable account
Replies: 21
Views: 7389

I'm curious to know if you are funding the Roth by selling shares of a particular fund. Wouldn't there be tax implications by doing so?

Ex: You sell part of VTSMX to fund the Roth.
by guwop
Fri Jul 01, 2011 10:02 am
Forum: Investing - Help with Personal Investments
Topic: Which way is best when contributing to a Roth IRA?
Replies: 32
Views: 3627

I'm no expert, but if I had the funds available, I would lump-sum into the fund as soon as I could. Note: This week's stock rally had somewhat of an impact on my opinion. I wish I had bought into some funds last week. Again, it just depends if you are willing to put that lump-sum into play all at on...
by guwop
Mon Jun 27, 2011 2:33 pm
Forum: Investing - Help with Personal Investments
Topic: Stop contributing to Roth 403b?
Replies: 10
Views: 1186

If I start school around August/September 2012, I would have to convert traditional accounts to Roth in 2013 to sustain the least tax as possible correct? Since I will be in school all of 2013. You'll have to do the math on that. It seems likely, given your plan to stick with Roth until you're sure...
by guwop
Mon Jun 27, 2011 1:53 pm
Forum: Investing - Help with Personal Investments
Topic: Stop contributing to Roth 403b?
Replies: 10
Views: 1186

What happened to the going back to school option you discussed in your prior thread? If you're going back to school you should be doing traditional 403b and traditional IRA and avoiding your 21.5% (federal + state) tax. The school option is not definite yet since I haven't been accepted yet. I do u...
by guwop
Mon Jun 27, 2011 8:50 am
Forum: Investing - Help with Personal Investments
Topic: Stop contributing to Roth 403b?
Replies: 10
Views: 1186

Stop contributing to Roth 403b?

Hi all, I know the general rule is to invest in 401/403 up to company match; however, my company is non-profit and therefore provides no match to contributions. I have been contributing small amounts on a regular basis to my Roth 403b since November of last year. I should be in the 15% bracket after...
by guwop
Fri Jun 24, 2011 3:21 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA ($2,000 left to contribute) What to do?
Replies: 9
Views: 1082

Gosh, I hope you didn't pull $3000 out of your IRA to buy a watch. Hi all, I am in the market for a fairly nice watch. Budget is around $3,000. Any suggestions? Thanks! Earlier this year, I contributed $3,000 for 2011, and then withdrew that amount for undisclosed reasons. That's neither here or th...
by guwop
Fri Jun 24, 2011 3:15 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA ($2,000 left to contribute) What to do?
Replies: 9
Views: 1082

1) You should invest the $2,000 now, in whatever fund best meets your investment plan. That plan should allow for an emergency fund, which you say is now provided for. 2) You will be able to reallocate to Total Stock Market later on when you have the necessary minimum. 3) Investing $2,000 now will ...
by guwop
Fri Jun 24, 2011 1:41 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA ($2,000 left to contribute) What to do?
Replies: 9
Views: 1082

Re: Roth IRA ($2,000 left to contribute) What to do?

Hello fellow BH's, I've run into a bit of a problem with my Roth IRA. Earlier this year, I contributed $3,000 for 2011, and then withdrew that amount for undisclosed reasons. I've spoken with Vanguard and they tell me that is an unqualified distribution. Now I'm only left with $2,000 to contribute ...
by guwop
Fri Jun 24, 2011 1:17 pm
Forum: Investing - Help with Personal Investments
Topic: Roth IRA ($2,000 left to contribute) What to do?
Replies: 9
Views: 1082

Roth IRA ($2,000 left to contribute) What to do?

Hello fellow BH's, I've run into a bit of a problem with my Roth IRA. Earlier this year, I contributed $3,000 for 2011, and then withdrew that amount for undisclosed reasons. I've spoken with Vanguard and they tell me that is an unqualified distribution. Now I'm only left with $2,000 to contribute f...
by guwop
Fri Jun 24, 2011 1:08 pm
Forum: Investing - Help with Personal Investments
Topic: Choosing 3-month CDs
Replies: 53
Views: 8684

Re: Moving to Vanguard.

If this is correct, I would simply open a Vanguard money market fund (Prime or Tax-Exempt) which will make it very easy to move into the various Vanguard mutual funds when you are ready. If he opens the prime MM fund, won't he owe taxes on the gains when he transfers/sells it for another fund? say,...
by guwop
Fri Jun 24, 2011 12:57 pm
Forum: Investing - Help with Personal Investments
Topic: Choosing 3-month CDs
Replies: 53
Views: 8684

Re: Moving to Vanguard.

If this is correct, I would simply open a Vanguard money market fund (Prime or Tax-Exempt) which will make it very easy to move into the various Vanguard mutual funds when you are ready. If he opens the prime MM fund, won't he owe taxes on the gains when he transfers/sells it for another fund? say,...
by guwop
Tue Jun 14, 2011 8:27 am
Forum: Personal Consumer Issues
Topic: Shopping for watches
Replies: 104
Views: 11252

Shopping for watches

Hi all,

I am in the market for a fairly nice watch. Budget is around $3,000.

Any suggestions?

Thanks!
by guwop
Sun Jun 05, 2011 1:16 am
Forum: Personal Finance (Not Investing)
Topic: What % do you save ?
Replies: 57
Views: 6672

I'm saving 75% post-tax.

I'm 23 and live at home.
by guwop
Thu May 26, 2011 9:36 pm
Forum: Investing - Help with Personal Investments
Topic: Split I-Bond purchases online?
Replies: 7
Views: 897

Sorry, quick question. I've noticed a lot of people are buying I-Bonds lately. Is there a guaranteed return? If so, how much and how long is the holding period? I have $5,000 sitting around

Thanks!