Search found 764 matches

by fabdog
Tue Nov 19, 2019 12:19 pm
Forum: Personal Investments
Topic: I don't have 401k
Replies: 5
Views: 319

Re: I don't have 401k

You don't need an LLC to set up a Solo 401(k) as long as you have self employment income, which as noted, you'd be reporting on a Schedule C. However, it sounds like from your description you are not self employed, so no, you can't have a Solo 401(K)

Mike
by fabdog
Tue Nov 19, 2019 12:18 pm
Forum: Personal Investments
Topic: Newbie: Transfer Traditional IRA from American Century to Fidelity to lower expense ratio and have more choices?
Replies: 6
Views: 191

Re: Newbie: Transfer Traditional IRA from American Century to Fidelity to lower expense ratio and have more choices?

If the fund is in an IRA, as suggested by your title, there is no reason to stay in the American century fund. You can roll the account to Fidelity (call them or set it up online with Fidelity. Once the fund moves over you can liquidate it and invest in a fund of your choice at Fidelity without any ...
by fabdog
Tue Nov 19, 2019 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Car negotiation question
Replies: 20
Views: 1012

Re: Car negotiation question

If no one is willing to match the price then you've hit at least a temporary low price. Other items to consider are widening your search area (for Subaru there is a dealer in Colorado with good prices who will ship you a car or you can pick up depending on where you are. Or you can wait to see if cl...
by fabdog
Tue Nov 19, 2019 10:32 am
Forum: Personal Consumer Issues
Topic: Need some Xmas Suggestions
Replies: 9
Views: 673

Re: Need some Xmas Suggestions

What do they like to do? Any hobbies, etc... We've gotten teenagers passes to local them park, water park, signed them up for a summer session on a topic of interest (science/computers, etc) Are there things you enjoy together? My Dad gets my son a day out fishing since they enjoy it. I am sure othe...
by fabdog
Mon Nov 18, 2019 8:13 pm
Forum: Personal Consumer Issues
Topic: USPS informed delivery for multiple addresses
Replies: 14
Views: 859

Re: USPS informed delivery for multiple addresses

I'm guessing you weren't asking about multiple email addresses, but more than one physical address?

Clearly only one address per account.

I guess if you have two residences you get mail at, you could try to create a separate USPS account for each of the addresses and see if that works.

Mike
by fabdog
Mon Nov 18, 2019 12:47 pm
Forum: Personal Consumer Issues
Topic: Alternatives to VOIPo?
Replies: 24
Views: 1029

Re: Alternatives to VOIPo?

WE have had good success with Ooma. You have to buy a box, but the price is right for basic service after that. You can add caller ID, voicemail that comes to your email, etc as well

Mike
by fabdog
Sun Nov 17, 2019 6:20 pm
Forum: Investing - Theory, News & General
Topic: Help me understand iShares FLOT
Replies: 18
Views: 1115

Re: Help me understand iShares FLOT

It's just what it says... these are investment grade bonds, and the coupons can change based on LIBOR... so you have the normal credit risk of corporate bonds, the changing coupons should insulate some of the interest rate changes... what goes up can also go down So more simply... a bond with an adj...
by fabdog
Thu Nov 14, 2019 7:53 pm
Forum: Personal Investments
Topic: Old job 401k rollover - what to do with employer contributions?
Replies: 4
Views: 352

Re: Old job 401k rollover - what to do with employer contributions?

If it's in your former employer's stock, that may open a door to a different strategy, but you didn't mention that @fabdog. Just curious, how would that change things? You could take advantage of NUA (Net unrealized appreciation). this is available only on company stock in the 401K. If you take it ...
by fabdog
Thu Nov 14, 2019 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: How Worried Should I Be/Is there anything I can do right now? (job offer/background check)
Replies: 33
Views: 3015

Re: How Worried Should I Be/Is there anything I can do right now? (job offer/background check)

Given you'll be taking on a finance role, they are likely looking for issues in that area (fraud, check issues, bankruptcy) that would disqualify you from handling finances for them. If the arrest comes up, they will likely ask you about it for details. Up to you what you share to get them comfortab...
by fabdog
Thu Nov 14, 2019 1:03 pm
Forum: Personal Finance (Not Investing)
Topic: Bonus in Stock - sell or wait for LT CG
Replies: 5
Views: 463

Re: Bonus in Stock - sell or wait for LT CG

The stock bonus will be taxed at ordinary income rates. Selling immediately would generate a likely very small gain/loss, depending on stock movement between date of record and sale. Holding for 1 year would get you long term treatment on whatever gain/loss you have on the stock after it was granted...
by fabdog
Thu Nov 14, 2019 12:58 pm
Forum: Personal Investments
Topic: Old job 401k rollover - what to do with employer contributions?
Replies: 4
Views: 352

Re: Old job 401k rollover - what to do with employer contributions?

I haven't been able to find any evidence that employer contributions (either from myself in my own plan or rollovers from another plan) have different distribution rules so I'm thinking I will just put the entire rollover in one account. But I posted here to see if there is something I am missing. ...
by fabdog
Thu Nov 14, 2019 12:16 pm
Forum: Personal Finance (Not Investing)
Topic: IRS billing me for 1099-SA that isn't mine - Resolved
Replies: 18
Views: 2022

Re: IRS billing me for 1099-SA that isn't mine

Questions: - Can anyone confirm if Healthcare Bank is legit? They have a website and things align, but I'm constantly skeptical. - how can I prove I've never owned this account? - The account information is my correct SSN, how do I get that cleared up to prevent future confusion? - Should I get a C...
by fabdog
Thu Nov 14, 2019 9:26 am
Forum: Personal Finance (Not Investing)
Topic: HDHP w/HSA versus Regular HP/Health Insurance
Replies: 2
Views: 181

Re: HDHP w/HSA versus Regular HP/Health Insurance

There are great calculators that can show you if it's a better deal. Depends on premiums you pay for the HDHP vs the regular plan, and the deductibles for the regular plan vs the HDHP. And of course, the tax shield on the HSA For us, it's never made sense to switch, even with something major like a ...
by fabdog
Wed Nov 13, 2019 8:22 pm
Forum: Investing - Theory, News & General
Topic: How to hold title to rental properties
Replies: 15
Views: 1265

Re: How to hold title to rental properties

Maybe the folks at biggerpockets.com would have more feedback

Mike
by fabdog
Wed Nov 13, 2019 8:20 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 496

Re: Tax on a Legal Settlement - Form 1040

these are the specific areas that would qualify... I don't see Equal Credit Opportunity act Mike Section 302 of the Civil Rights Act of 1991 (2 U.S.C. § 1202); Sections 201-207 of the Congressional Accountability Act of 1995 (2 U.S.C. §§ 1311-1317); The National Labor Relations Act (29 U.S.C. § 151 ...
by fabdog
Wed Nov 13, 2019 6:28 pm
Forum: Personal Finance (Not Investing)
Topic: Tax on a Legal Settlement - Form 1040
Replies: 7
Views: 496

Re: Tax on a Legal Settlement - Form 1040

Schedule 1 of 1040 on line 21 Other income. List type and amount - Do I list the settlement amount here and list is as a settlement ? Schedule 1 of 1040 on line 36. - This is where I put the attorney's fee, but Line 36 is a sum of lines 23 through 35. So how am I supposed to add the attorney's fees...
by fabdog
Wed Nov 13, 2019 6:13 pm
Forum: Personal Finance (Not Investing)
Topic: Need Help - DW job loss transition period bonus negotiation
Replies: 17
Views: 1159

Re: Need Help - DW job loss transition period bonus negotiation

Best strategy would have been to align her start date at new job to the agreed date at the old job... then nothing to negotiate.

What will her new job think about her supporting her old employer after she begins her new job? Many places have pretty strict policies around this

Mike
by fabdog
Wed Nov 13, 2019 10:18 am
Forum: Personal Finance (Not Investing)
Topic: HSA questions
Replies: 9
Views: 699

Re: HSA questions

I realize non-HDHP are better for most employees. I was thinking from the employer’s perspective, the high deductible plan would be cheaper. I guess they would have to determine if the cost savings would be offset by a less attractive benefit package while recruiting. Not sure why they wouldn’t off...
by fabdog
Tue Nov 12, 2019 7:56 pm
Forum: Personal Finance (Not Investing)
Topic: HSA/HDHP
Replies: 8
Views: 690

Re: HSA/HDHP

if you have an HSA, you can only have a "limited purpose" FSA, limited in that it can only be used for eligible vision and dental expenses. Your employer must offer it as a limited purpose FSA.

So no, can't use the FSA for your medical deductible

Mike
by fabdog
Tue Nov 12, 2019 2:34 pm
Forum: Personal Finance (Not Investing)
Topic: HSA catch-up contribution to 2 separate accounts
Replies: 7
Views: 375

Re: HSA catch-up contribution to 2 separate accounts

When you do your taxes, any of the vendors will ask about contributions to the accounts (yours and spouse). If you show all the contributions to one account, it will tell you you have over contributed And of course, what you are doing is against the regulations. The IRS will pick it up when the 5498...
by fabdog
Tue Nov 12, 2019 10:24 am
Forum: Personal Finance (Not Investing)
Topic: Intra Family Loan tax consequences
Replies: 5
Views: 402

Re: Intra Family Loan tax consequences

nope, just the interest payments need to be reflected to whoever is holding the loan, sounds like your mother will need to add those to her taxes

Mike
by fabdog
Mon Nov 11, 2019 12:54 pm
Forum: Personal Finance (Not Investing)
Topic: State Estate Tax Consideration
Replies: 16
Views: 970

Re: State Estate Tax Consideration

Massachusetts has good estate lawyers. Consult with one of them on options for passing on assets in MA given the tax rate/hit you mentioned.

I think they will have solutions you can consider that don't required move out of state

Mike
by fabdog
Sat Nov 09, 2019 4:24 pm
Forum: Investing - Theory, News & General
Topic: Are There 529 Plans that Allow Stocks and EFTs?
Replies: 9
Views: 656

Re: Are There 529 Plans that Allow Stocks and EFTs?

I am not aware of any plans that offer this feature.

Most plans have age defined plans, or you can create a 3 or 4 fund portfolio from their options.

What are you desiring that you can't create from their menu?

Mike
by fabdog
Fri Nov 08, 2019 3:41 pm
Forum: Personal Finance (Not Investing)
Topic: Avoiding Capital Gains Taxes on Real Property Sale
Replies: 8
Views: 627

Re: Avoiding Capital Gains Taxes on Real Property Sale

Another option I thought of was using the proceeds to payoff/refinance some of the mortgage on the second condo. However, I’m not sure if this will qualify as a like-kind exchange to avoid the capital gains taxes This would not qualify as a like kind exchange. You would need to use the proceeds in ...
by fabdog
Fri Nov 08, 2019 3:16 pm
Forum: Personal Investments
Topic: Inherited trust taxes
Replies: 4
Views: 385

Re: Inherited trust taxes

If the trust allows for income distributions, you can distribute from the trust, and income from Interest and dividends will come to you on a K1 from the trust, and be taxed on your personal return. Capital gains and losses do not get distributed from the trust on a K1 to you, even if you remove pri...
by fabdog
Fri Nov 08, 2019 3:11 pm
Forum: Personal Finance (Not Investing)
Topic: Transfer paper savings bonds to spouse: tax and mechanics?
Replies: 3
Views: 282

Re: Transfer paper savings bonds to spouse: tax and mechanics?

1) Is there any way around this? As a general matter, spouses are able to transfer assets to their spouses tax-free and there is a lot of accrued interest. No. Their rules are really clear. You are transferring ownership, and deferred interest will be due. From the form THE OBLIGATION TO REPORT THE...
by fabdog
Fri Nov 08, 2019 2:14 pm
Forum: Personal Finance (Not Investing)
Topic: is renting spare room on airbnb passive income or self-employment
Replies: 2
Views: 320

Re: is renting spare room on aibbnb passive income or self-employment

rental income, Schedule E. Unless you have a business with a lot of these, and spend more than 750 hours/year.

Here's AirBNB's tax guide

https://assets.airbnb.com/eyguidance/us.pdf

Mike
by fabdog
Fri Nov 08, 2019 11:35 am
Forum: Personal Finance (Not Investing)
Topic: HSA, 1 account, spouse turning 55
Replies: 12
Views: 580

Re: HSA, 1 account, spouse turning 55

KingRiggs wrote: ↑ Fri Nov 08, 2019 10:47 am It's a shame they can't streamline this and just allow the extra catch-up contribution to go into the shared account. My wife will be eligible a year before me, but I'm not sure it's worth opening another HSA to capture that... agreed..Opening a new acco...
by fabdog
Fri Nov 08, 2019 11:33 am
Forum: Personal Finance (Not Investing)
Topic: Just learned something about HSAs and independent children that I did not know
Replies: 36
Views: 3556

Re: Just learned something about HSAs and independent children that I did not know

Fidelity would be a great place for her to open the HSA and contribute, no fees, can invest with no minimums.

Yes, this is an attractive feature of the HSA rules

Mike
by fabdog
Fri Nov 08, 2019 9:04 am
Forum: Personal Finance (Not Investing)
Topic: HSA, 1 account, spouse turning 55
Replies: 12
Views: 580

Re: HSA, 1 account, spouse turning 55

yes, she can open her own account. She can put in at least $1K to capture the catch up contribution (that has to go into an account in her name) If desired you can put more of the family contribution in her account and less in yours, but it won't make any difference tax wise, and is not required. Mike
by fabdog
Thu Nov 07, 2019 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Stock Cost Basis for Sales
Replies: 5
Views: 438

Re: Stock Cost Basis for Sales

The accounting firm I do some work for uses this software to generate accurate cost basis for stocks as part of estate return work, and having accurate cost basis for inherited stocks. It looks like you can download the software and use it, it's $2.20 per security... but I'd ask the trustee why they...
by fabdog
Thu Nov 07, 2019 8:38 am
Forum: Personal Finance (Not Investing)
Topic: Inherited 401k
Replies: 3
Views: 500

Re: Inherited 401k

Check the rules of the plan. Many have rules saying that the plan must be rolled out into an IRA after the account holders death. for example, my megacorp 401(k) balances must be rolled into an IRA by Mar 1 of the year after I pass, assuming I haven't already done so Then the rules for RMD need to b...
by fabdog
Wed Nov 06, 2019 5:44 pm
Forum: Personal Finance (Not Investing)
Topic: Crazy? S-corp renting your own property tax-free for 14 days?
Replies: 12
Views: 908

Re: Crazy? S-corp renting your own property tax-free for 14 days?

1. Supposedly, you are able to rent out property you own for 14 days a year without paying taxes on the income 2. Your s-corp can be the business that rents it out for "training purposes," provided it's not "entertainment," and you keep careful records of the work that was done. 3. You must charge ...
by fabdog
Wed Nov 06, 2019 5:38 pm
Forum: Personal Finance (Not Investing)
Topic: Yet another HSA spouse question
Replies: 4
Views: 415

Re: Yet another HSA spouse question

Yes, you can do this and allocate the total $9100 available between the accounts as you desire. I don't believe there is a 3550 max for you, you can allocate as desired, with the boundary condition that to get to the max, you each have to do at least $1K (your individual catch up contribution)

Mike
by fabdog
Mon Nov 04, 2019 8:16 pm
Forum: Personal Finance (Not Investing)
Topic: Is 529 best held by a Grandparent?
Replies: 6
Views: 796

Re: Is 529 best held by a Grandparent?

In PA, whoever contributes can claim the deduction. 10 states make it only the account owner or spouse, but PA is not one of them Holding in grandparents name has some benefit when applying for financial aid... but then a negative when funds are actually tapped... as it counts as student income From...
by fabdog
Mon Nov 04, 2019 6:02 pm
Forum: Personal Investments
Topic: Whole life insurance. Dump it or other alternatives?
Replies: 21
Views: 1171

Re: Whole life insurance. Dump it or other alternatives?

Sorry... not sure what your question is... what other alternatives are you seeking? This is a hole that you are shoveling money into... first rule of holes... stop digging. Do you really want to make 10 more payments and be out of pocket that money, to lose $1K less? What would that money make you o...
by fabdog
Sat Nov 02, 2019 2:46 pm
Forum: Personal Investments
Topic: Reporting HSA dividends in CA
Replies: 9
Views: 596

Re: Reporting HSA dividends in CA

If you had HSA contributions that came off your federal return, those also need to be added back to your income. And yes, you need to total up the dividends and add those as well. So an amended 540 would be in order. Harry Sit (The Finance Buff) has a good article on CA (and NJ) treatment of HSA's h...
by fabdog
Sat Nov 02, 2019 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Does leasing make sense in this case?
Replies: 45
Views: 2736

Re: Does leasing make sense in this case?

You'd obviously need to do the math to see how much the lease is costing you, but given the details you laid out, it appears you'd be willing to pay some amount for an "option" to turn the sedan in in 3 years, or keep it, and the leasing option certainly would provide that. Given the constraints you...
by fabdog
Sat Nov 02, 2019 2:33 pm
Forum: Personal Finance (Not Investing)
Topic: Best way for someone in Asia to receive funds?
Replies: 12
Views: 816

Re: Best way for someone in Asia to receive funds?

When we lived in China (and other parts of Asia) as well as when we traveled around the region, we just used our ATM cards from our US Credit Union. No fee, and decent exchange rate. I did have a local currency account in each country that we lived in, but that was used only to deposit reimbursement...
by fabdog
Sat Nov 02, 2019 12:58 pm
Forum: Personal Finance (Not Investing)
Topic: Salary paid directly to daf
Replies: 8
Views: 1020

Re: Salary paid directly to daf

you may be able to arrange a direct deposit of part of your net pay to a DAF, just like to a brokerage firm or bank But a deferral into a DAF would not be exempt from payroll taxes, and it would not lower your AGI, it's still a charitable contribution and not done pre tax. Your 401, your health insu...
by fabdog
Sat Nov 02, 2019 10:38 am
Forum: Personal Finance (Not Investing)
Topic: Workplace PIP - Next Steps?
Replies: 20
Views: 1896

Re: Workplace PIP - Next Steps?

As the other postings have noted, this is a step on the way out the door. At many large companies there is no PIP at these levels, you're just gone Unless your friend is aware of other folks at her level in the company successfully completing a plan, she is on an exit timeline Given that it's new ma...
by fabdog
Sat Nov 02, 2019 10:31 am
Forum: Personal Investments
Topic: Adding Muni bonds, high tax bracket.
Replies: 10
Views: 877

Re: Adding Muni bonds, high tax bracket.

The thing to consider with any state specific muni fund is the credit risk is now concentrated to 1 state.

You will be way more familiar with Michigan's finances than I am, and only you can decide if the after tax return of the fund is compensating you for the credit risk.

Mike
by fabdog
Sat Nov 02, 2019 9:42 am
Forum: Personal Investments
Topic: Is saving for college using an EID better than a 529?
Replies: 4
Views: 532

Re: Is saving for college using an EID better than a 529?

Please check carefully the rules on your EID. Most deferred comp plans I am familiar with have you set up distributions based on age or separation from company. I am not aware of plans that allow withdrawals for education or any other purpose, your money is locked up until your defined withdrawal. I...
by fabdog
Fri Nov 01, 2019 6:34 pm
Forum: Personal Finance (Not Investing)
Topic: Property Sale Taxes
Replies: 1
Views: 286

Re: Property Sale Taxes

Questions: 1. Is there anything to the "acquired in a divorce in CA in the 1980s" that's relevant here? Not likely. If she traded something of more value to her ex for his half of the house, maybe could add that to basis. But most likely scenario is they split assets and she got the house. No chang...
by fabdog
Fri Nov 01, 2019 11:09 am
Forum: Personal Investments
Topic: Looking for Variable Annuity help!
Replies: 9
Views: 696

Re: Looking for Variable Annuity help!

you won't pay tax or the 10% penalty for being under 59.5 years, as long as the investment stays in the IRA.

Call Vanguard for help in getting this moved. The annuity will need to be liquidated on the Ameriprise side, and then the cash sent as trustee to trustee transfer.

Mike
by fabdog
Fri Nov 01, 2019 10:00 am
Forum: Personal Finance (Not Investing)
Topic: IRS Tax Notice - Question re Taxable Income
Replies: 10
Views: 1230

Re: IRS Tax Notice - Question re Taxable Income

Thanks. The perfectly round 3,000 extra addition is what makes me think maybe there is some kind of error. Yes, I had a prior carryover loss issue, but don’t know why it should impact this. This seems unrelated to that. Neither I nor IRS made any changes to carryover loss for this year. The figure ...
by fabdog
Fri Nov 01, 2019 9:52 am
Forum: Personal Investments
Topic: Simple IRA through work - do these changes still make sense due to commission fees?
Replies: 3
Views: 245

Re: Simple IRA through work - do these changes still make sense due to commission fees?

I'd move the funds you can move over to Vanguard. On the SIMPLE IRA, you can put in your contributions to the high fee funds, and once or twice a year sell them and move to the Vanguard funds, so you only pay the fee once or twice a year Also as an aside, my FA is telling me that there is no way the...
by fabdog
Wed Oct 30, 2019 5:25 pm
Forum: Personal Investments
Topic: Replicating the 3 Vanguard fund portfolio with 401K options
Replies: 16
Views: 922

Re: Replicating the 3 Vanguard fund portfolio with 401K options

well, you'd be subbing S&P 500 for TSM... As best I can remember, the S&P 500 is about 75% of the TSM. So you'd be mostly covered If you wanted to make things a bit more complex you could try and add some of the small cap index to balance it... but then you'd have to keep track and rebalance Don't l...
by fabdog
Wed Oct 30, 2019 5:18 pm
Forum: Personal Investments
Topic: How to keep Cost Basis on ETF swap?
Replies: 7
Views: 654

Re: How to keep Cost Basis on ETF swap?

you can switch from a MF to the equivalent ETF with no tax impact. Say from a Vanguard MF to it's ETF equivalent. This is not a taxable event, and the basis goes with the ETF Swapping one ETF for another (in your example, SPY for VOO) would be a taxable sale (assuming you have gains) and a new purch...
by fabdog
Wed Oct 30, 2019 5:15 pm
Forum: Personal Finance (Not Investing)
Topic: Dissolving a personal asset trust
Replies: 2
Views: 330

Re: Dissolving a personal asset trust

as long as the trust docs allow it, she can distribute the trust assets to herself. There wouldn't be any income tax impact from that transfer, all assets would retain the basis they had in the trust. Any income the trust threw off before distribution (dividends/interest/cap gains) would need to be ...