Search found 1379 matches

by ERISA Stone
Thu Dec 14, 2017 8:25 pm
Forum: Investing - Help with Personal Investments
Topic: Might exceed $60k 401k limit, what will happen?
Replies: 20
Views: 2195

Re: Might exceed $60k 401k limit, what will happen?

UPDATE: Turns out my employer does the 1% contribution in June, so it is already in the numbers. With that, I should be right at $59k for total into my 401k. Life is good. I don't want to delay your good vibes, but are you sure that 1% in June isn't related to 2016, and therefore part of the 2016 m...
by ERISA Stone
Thu Dec 14, 2017 1:07 pm
Forum: Investing - Help with Personal Investments
Topic: Might exceed $60k 401k limit, what will happen?
Replies: 20
Views: 2195

Re: Might exceed $60k 401k limit, what will happen?

UPDATE: Turns out my employer does the 1% contribution in June, so it is already in the numbers. With that, I should be right at $59k for total into my 401k. Life is good. I don't want to delay your good vibes, but are you sure that 1% in June isn't related to 2016, and therefore part of the 2016 m...
by ERISA Stone
Wed Dec 13, 2017 1:10 pm
Forum: Investing - Help with Personal Investments
Topic: Question about change individual 401k custodian from Fidelity to TDA
Replies: 2
Views: 131

Re: Question about change individual 401k custodian from Fidelity to TDA

I recently transferred my individual/solo 401k from Fidelity to TD Ameritrade to take advantage of the Roth contribution. I thought this is direct trustee-to-trustee transfer. However, Fidelity marked this as direct rollover, and told me a 1099-R will be generated. Basically Fidelity said this is r...
by ERISA Stone
Wed Dec 13, 2017 11:39 am
Forum: Investing - Help with Personal Investments
Topic: How does the IRS know the value of my 401K at end of year for RMDs
Replies: 30
Views: 3668

Re: How does the IRS know the value of my 401K at end of year for RMDs

There is no IRS reporting of individual 401k year end balances or if RMDs are required. The only year-end reporting for 401k plans is for the plan as a whole via one of the versions of Form 5500. Unlike IRAs, 401k plan administrators are required to distribute RMDs. These are reported on Form 1099-...
by ERISA Stone
Wed Dec 13, 2017 11:34 am
Forum: Investing - Help with Personal Investments
Topic: How does the IRS know the value of my 401K at end of year for RMDs
Replies: 30
Views: 3668

Re: How does the IRS know the value of my 401K at end of year for RMDs

And there's the fact that the first RMD can be deferred until April 1 of the following year. Does that apply for 401K RMDs and does it also apply to people who continue working past 70 1/2? I worked till I was 73 and my 401K was with my employer so I did not have to take RMDs until I retired. I kno...
by ERISA Stone
Tue Dec 12, 2017 8:23 pm
Forum: Investing - Help with Personal Investments
Topic: How does the IRS know the value of my 401K at end of year for RMDs
Replies: 30
Views: 3668

Re: How does the IRS know the value of my 401K at end of year for RMDs

The IRS won't know that your 401k distribution satisfies the minimum requirement. RMDs aren't required for an active participant in a 401k if the participant is not a 5% owner. The plan could opt to require distributions at 70.5. I think the penalty is 50% of the required distribution amount so it's...
by ERISA Stone
Tue Dec 12, 2017 10:27 am
Forum: Investing - Help with Personal Investments
Topic: Small Business Retirement Options
Replies: 18
Views: 1338

Re: Small Business Retirement Options

Vanguard charges an extra $775 annually to perform the New Comparability test for the profit sharing contribution. Employee Fiduciary will do the same but I can't remember the additional charge off the top of my head. Employee Fiduciary charges $500. I don't know how many scenarios that includes. I...
by ERISA Stone
Tue Dec 12, 2017 10:19 am
Forum: Personal Consumer Issues
Topic: Access to landlocked timber blocked by landowner
Replies: 30
Views: 3114

Re: Access to landlocked timber blocked by landowner

Curious - are any of the responses here by attorneys that specialize in this kind of law? I know real estate can be different, but OP has a signed agreement from the current land owner that he can access the land from the north, and precedent has been set for 5 years in regards to what access from t...
by ERISA Stone
Mon Dec 11, 2017 4:07 pm
Forum: Personal Consumer Issues
Topic: BH Volvo XC90 Review
Replies: 20
Views: 2350

Re: BH Volvo XC90 Review

I noticed there are some XC90s with a "bursting blue" color. I don't see that this is an option on the Volvo website. Do you happen to know if this is some sort of "hidden" option, or does a 3rd party paint the cars this color?
by ERISA Stone
Fri Dec 08, 2017 1:22 am
Forum: Investing - Help with Personal Investments
Topic: Small Business Retirement Options
Replies: 18
Views: 1338

Re: Small Business Retirement Options

KSActuary wrote:
Fri Dec 08, 2017 12:36 am
Vanguard charges an extra $775 annually to perform the New Comparability test for the profit sharing contribution. Employee Fiduciary will do the same but I can't remember the additional charge off the top of my head.
Employee Fiduciary charges $500. I don't know how many scenarios that includes.
by ERISA Stone
Thu Dec 07, 2017 3:46 pm
Forum: Investing - Help with Personal Investments
Topic: Help with 401K admin fees
Replies: 20
Views: 1485

Re: Help with 401K admin fees

An asset-based fee structure is not fair for plan participants, especially those who have large account balances since you are not receiving any real benefit for those high fees. Its merely a math problem since the fees are prorated by balance. Looked at another way, how much is that $9,100 as a pe...
by ERISA Stone
Wed Dec 06, 2017 10:45 pm
Forum: Personal Finance (Not Investing)
Topic: House on the market less than a day. Did listing agent commit fraud?
Replies: 56
Views: 6942

Re: House on the market less than a day. Did listing agent commit fraud?

My last house we had two showings within 2 hours of posting the listing. I can't remember if we had an offer that night or the next morning, but we had a signed contract the next day less than 24 hours later. No sign was ever put up in the yard. I got asking price, which was what I wanted. I didn't ...
by ERISA Stone
Wed Dec 06, 2017 8:21 pm
Forum: Personal Finance (Not Investing)
Topic: bank secrecy act-10k
Replies: 11
Views: 1179

Re: bank secrecy act-10k

ermcgrat wrote:
Wed Dec 06, 2017 3:32 pm
ERISA Stone wrote:
Wed Dec 06, 2017 3:14 pm
Just don't end up like this guy.

http://www.foxnews.com/politics/2015/05 ... -back.html
Dang, that is pretty crazy.
I'm just happy he got most/all of his money back. Last time I remember reading about this case, the government offered him 50%.
by ERISA Stone
Wed Dec 06, 2017 7:48 pm
Forum: Investing - Help with Personal Investments
Topic: Conservation Easement Funds - Does anyone invest and receive tax benefits as well?
Replies: 8
Views: 385

Re: Conservation Funds - Does anyone invest and receive tax benefits as well?

I'm offering this advice in general. OTOH, maybe they just did an audit for another client, so have a report to sell to other clients anyways. I'm not quite sure what you are saying. They have had other products in the past in which I've chosen to participate, and they have other clients participat...
by ERISA Stone
Wed Dec 06, 2017 7:37 pm
Forum: Investing - Help with Personal Investments
Topic: Conservation Easement Funds - Does anyone invest and receive tax benefits as well?
Replies: 8
Views: 385

Re: Conservation Funds - Does anyone invest and receive tax benefits as well?

Ask your accountant if they are paid to promote this idea. They may say No, but dive deeper. Do they get a referral? A free bit of the action? Something else? Are you offering this advice in general or are you aware of something specific to conservation easements? There is a fee that I would pay to...
by ERISA Stone
Wed Dec 06, 2017 7:31 pm
Forum: Investing - Help with Personal Investments
Topic: Conservation Easement Funds - Does anyone invest and receive tax benefits as well?
Replies: 8
Views: 385

Re: Conservation Funds - Does anyone invest and receive tax benefits as well?

My accountant presented an idea that sounds like it could be very beneficial. We invest in a property that is part of a conservation fund in exchange for a solid tax deduction and a modest future income stream. It sounds like the downside is the IRS audit risk. However, I can purchase insurance to ...
by ERISA Stone
Wed Dec 06, 2017 3:14 pm
Forum: Personal Finance (Not Investing)
Topic: bank secrecy act-10k
Replies: 11
Views: 1179

Re: bank secrecy act-10k

by ERISA Stone
Wed Dec 06, 2017 1:23 pm
Forum: Investing - Help with Personal Investments
Topic: Conservation Easement Funds - Does anyone invest and receive tax benefits as well?
Replies: 8
Views: 385

Conservation Easement Funds - Does anyone invest and receive tax benefits as well?

My accountant presented an idea that sounds like it could be very beneficial. We invest in a property that is part of a conservation fund in exchange for a solid tax deduction and a modest future income stream. It sounds like the downside is the IRS audit risk. However, I can purchase insurance to c...
by ERISA Stone
Wed Dec 06, 2017 11:15 am
Forum: Investing - Help with Personal Investments
Topic: Small Business Retirement Options
Replies: 18
Views: 1338

Re: Small Business Retirement Options

Is there a retirement plan that would allow us to apply a lower employer contribution rate to these employees vs. the partners You should investigate a 401k with a "New Comparability Method" of profit sharing. This will require a higher employer contribution rate than a standard safe harbor plan, b...
by ERISA Stone
Wed Dec 06, 2017 11:06 am
Forum: Investing - Help with Personal Investments
Topic: How to calculate loan amount for 401k?
Replies: 5
Views: 431

Re: How to calculate loan amount for 401k?

Loan programs can be different, depending on the employee. Some plans limit the loan by source. Others allow participants to consider any source as long as it's 100% vested. The recordkeeper likely has some sort of website that lets him calculate the maximum amount available. It's usually the sourc...
by ERISA Stone
Tue Dec 05, 2017 11:02 pm
Forum: Investing - Help with Personal Investments
Topic: How to calculate loan amount for 401k?
Replies: 5
Views: 431

Re: How to calculate loan amount for 401k?

Loan programs can be different, depending on the employee. Some plans limit the loan by source. Others allow participants to consider any source as long as it's 100% vested. The recordkeeper likely has some sort of website that lets him calculate the maximum amount available. It's usually the source...
by ERISA Stone
Fri Dec 01, 2017 11:16 am
Forum: Investing - Help with Personal Investments
Topic: [Solo 401(k)] Existing t401k and new 403b won't accept incoming rollover
Replies: 9
Views: 558

Re: [Solo 401(k)] Existing t401k and new 403b won't accept incoming rollover

I would think that as long as there was activity in the tax year you contribute funds to the Solo 401k, the fact that you didn't have activity in later years would not matter? In theory, 401k plans shouldn't be dormant. If they are, they should be terminated. But I can't recall the IRS ever shuttin...
by ERISA Stone
Thu Nov 30, 2017 4:24 pm
Forum: Investing - Help with Personal Investments
Topic: [Solo 401(k)] Existing t401k and new 403b won't accept incoming rollover
Replies: 9
Views: 558

Re: Existing t401k and new 403b won't accept incoming rollover

Does the solo 401k help at all? Or should she just abandon the idea altogether? Sounds possible. Does she have some of that 1099 income for this year, too? I don't know if there are rules about keeping a dormant solo 401k open going forward. Spirit Rider? I suppose in theory it could be an issue if...
by ERISA Stone
Thu Nov 30, 2017 2:01 pm
Forum: Investing - Help with Personal Investments
Topic: Might exceed $60k 401k limit, what will happen?
Replies: 20
Views: 2195

Re: Might exceed $60k 401k limit, what will happen?

Any help would be appreciated. Can you ask them to credit the 1% to 2018 instead? Retirement plan benefits aren't really negotiable in this way. Is it possible? Maybe, if the profit sharing allocation method were new comparability. But as an owner, I would not jump through this hoop for an employee...
by ERISA Stone
Thu Nov 30, 2017 12:07 pm
Forum: Investing - Help with Personal Investments
Topic: Might exceed $60k 401k limit, what will happen?
Replies: 20
Views: 2195

Re: Might exceed $60k 401k limit, what will happen?

Thanks ESIRA Stone for the clarifications from an administrator perspective. My experience has been as a contributor at multiple large companies where they don't let themselves get into the situation of violating the rules. (instead of fixing them on the backside via audit).. Plus, it can be even m...
by ERISA Stone
Thu Nov 30, 2017 10:48 am
Forum: Personal Consumer Issues
Topic: iPhone Total Mobile Protection on Verizon
Replies: 7
Views: 445

Re: iPhone Total Mobile Protection on Verizon

That's an insane insurance rate. Most common damage can be repaired for $100 or so (screen breakage). Even if the device is a total loss, Apple's out-of-warranty replacement rate for a 6s is only $299. As noted, find a credit card that covers this automatically and pay your cell phone bill with it....
by ERISA Stone
Thu Nov 30, 2017 10:46 am
Forum: Investing - Help with Personal Investments
Topic: Might exceed $60k 401k limit, what will happen?
Replies: 20
Views: 2195

Re: Might exceed $60k 401k limit, what will happen?

This post is one of the primary reasons I would discourage employers from allowing after-tax contributions, or at least limit them. Your employer may have an issue on its hands through no wrong doing on their own. Without getting too deep in the details, I think what Soon2BXProgrammer said is probab...
by ERISA Stone
Wed Nov 29, 2017 12:29 pm
Forum: Investing - Help with Personal Investments
Topic: Open a 401k in 2017? Or wait for 2018?
Replies: 7
Views: 358

Re: Open a 401k in 2017? Or wait for 2018?

You actually can make contributions in 2018 for the 2017 calendar year. You didn't mention that you owned your own business. I assume you do. Otherwise, you can't start your own 401k plan. If you are a sole proprietor, you can make employEE and employER contributions up until the tax return deadline...
by ERISA Stone
Mon Nov 27, 2017 12:56 pm
Forum: Investing - Help with Personal Investments
Topic: Single Member LLC Solo 401k timing question
Replies: 19
Views: 2758

Re: Single Member LLC Solo 401k timing question

This is saying a contribution must be made no later than 30 days after the deductible contribution deadline (including extensions) in order to be considered for 415 purposes for the plan year. It's not saying the funds must be deposited within 30 days of the end of the plan year. You'll see an examp...
by ERISA Stone
Mon Nov 27, 2017 11:53 am
Forum: Investing - Help with Personal Investments
Topic: Currently have $700,000 at 26 years old get $100,000 a year
Replies: 165
Views: 25916

Re: Currently have $700,000 at 26 years old get $100,000 a year

I don't understand the disdain for the OP here. He is obviously in a better position than most but he seems to be legitimately asking for help. OP - I always ask myself what I would do if I weren't concerned about money. I would love to host a sports talk show on the radio. If I were in your shoes, ...
by ERISA Stone
Sun Nov 26, 2017 10:28 pm
Forum: Investing - Help with Personal Investments
Topic: Partnership with Multiple Solo 401K
Replies: 4
Views: 273

Re: Partnership with Multiple Solo 401K

You would need one adoption agreement(plan document) that would cover all partners under the plan. By doing so you could set up your own individual 401k anywhere you would want, they don't have to be under the same custodian, they just have to follow the same rules of the plan document. However, if...
by ERISA Stone
Fri Nov 24, 2017 2:41 pm
Forum: Investing - Help with Personal Investments
Topic: Employer changing 401(k) terms
Replies: 12
Views: 1476

Re: Employer changing 401(k) terms

How about a truly discretionary employer match that is made after 12/31 but before tax filing that uses testing to pass ADP/ACP testing? Is this question for me? If so, the requirements to receive the discretionary matching contribution are already determined in the plan document. There is either a...
by ERISA Stone
Fri Nov 24, 2017 12:24 pm
Forum: Investing - Help with Personal Investments
Topic: Employer changing 401(k) terms
Replies: 12
Views: 1476

Re: Employer changing 401(k) terms

This was not my experience with a previous employer. They matched 4% of employer's salary in the 401K account throughout the year, and then you would get another 2% only in March of the following year. I think this was a way for them to get their employees stay longer and not leave. If the match in...
by ERISA Stone
Fri Nov 24, 2017 10:46 am
Forum: Investing - Help with Personal Investments
Topic: Employer changing 401(k) terms
Replies: 12
Views: 1476

Re: Employer changing 401(k) terms

If the match is related to 2017, you are eligible to receive it. It doesn't matter if you terminate employment in 2018. This was not my experience with a previous employer. They matched 4% of employer's salary in the 401K account throughout the year, and then you would get another 2% only in March ...
by ERISA Stone
Fri Nov 24, 2017 12:07 am
Forum: Investing - Help with Personal Investments
Topic: Employer changing 401(k) terms
Replies: 12
Views: 1476

Re: Employer changing 401(k) terms

If the match is related to 2017, you are eligible to receive it. It doesn't matter if you terminate employment in 2018. This was not my experience with a previous employer. They matched 4% of employer's salary in the 401K account throughout the year, and then you would get another 2% only in March ...
by ERISA Stone
Thu Nov 23, 2017 7:42 pm
Forum: Investing - Help with Personal Investments
Topic: Employer changing 401(k) terms
Replies: 12
Views: 1476

Re: Employer changing 401(k) terms

If the match is related to 2017, you are eligible to receive it. It doesn't matter if you terminate employment in 2018.
by ERISA Stone
Thu Nov 23, 2017 7:40 pm
Forum: Personal Consumer Issues
Topic: Any tips on gifts for employees?
Replies: 14
Views: 1187

Re: Any tips on gifts for employees?

Under $25, I would get something practical like gas gift cards.
by ERISA Stone
Wed Nov 22, 2017 8:07 pm
Forum: Investing - Help with Personal Investments
Topic: Are these 401k Expenses High?
Replies: 10
Views: 891

Re: Are these 401k Expenses High?

Shazb0t wrote:
Wed Nov 22, 2017 7:30 pm
They match 20% dude..
This is where I am but I was hoping someone else would say it :D
by ERISA Stone
Fri Nov 17, 2017 10:36 pm
Forum: Personal Finance (Not Investing)
Topic: Forgot to file form 5500EZ for 2016 year
Replies: 20
Views: 1188

Re: Forgot to file form 5500EZ for 2016 year

In my experience, which is only a few occurrences, clients have sent letters and the IRS has waived any late filing fees. It's been at least 5-6 years since a client I know of that did this so take it with a grain of salt. If it were me, and the delinquent filer path was manageable to do, I wouldn'...
by ERISA Stone
Fri Nov 17, 2017 10:29 pm
Forum: Investing - Help with Personal Investments
Topic: Options? Maxed 54K 401K limit from all sources limit but couldn't max 18K 401K personal limit
Replies: 4
Views: 597

Re: Options? Maxed 54K 401K limit from all sources limit but couldn't max 18K 401K personal limit

It's been a while since I've encountered something like this but I don't think the plan should knowingly allow you to exceed a limit. They might allow you to and deal with the 415 limit (the $54k limit) after year end but technically they shouldn't.
by ERISA Stone
Fri Nov 17, 2017 10:24 pm
Forum: Personal Consumer Issues
Topic: Where to buy new iPhone?
Replies: 19
Views: 1950

Re: Where to buy new iPhone?

On 10/29, I received a notice from my credit card about a potentially fraudulent charge from Verizon. I called Verizon to ask if it was them They said no and they confirmed the charge was fraudulent. So I had my credit card cancelled. So the day after you make a large purchase from Verizon, the cre...
by ERISA Stone
Fri Nov 17, 2017 11:39 am
Forum: Personal Consumer Issues
Topic: Where to buy new iPhone?
Replies: 19
Views: 1950

Re: Where to buy new iPhone?

I will begrudgingly continue to use Verizon because of their network, but after the debacle I've experienced in trying to get the iPhone X, I won't buy another thing from them because I have no confidence in them. I purchased two iPhone X's from the V website on 10/28. I made all payments requested ...
by ERISA Stone
Fri Nov 17, 2017 11:14 am
Forum: Personal Finance (Not Investing)
Topic: Forgot to file form 5500EZ for 2016 year
Replies: 20
Views: 1188

Re: Forgot to file form 5500EZ for 2016 year

In my experience, which is only a few occurrences, clients have sent letters and the IRS has waived any late filing fees. It's been at least 5-6 years since a client I know of that did this so take it with a grain of salt. If it were me, and the delinquent filer path was manageable to do, I wouldn't...
by ERISA Stone
Thu Nov 16, 2017 3:28 pm
Forum: Investing - Help with Personal Investments
Topic: reached 54K IRS limit, now will miss employer match, what to do
Replies: 19
Views: 1155

Re: reached 54K IRS limit, now will miss employer match, what to do

I'm still extremely confused. The IRS limit is for employee Contributions $18,000 that's black and white. It doesn't matter if it's 1% of your salary or 99% the limit of $18,000 has always seemed pretty firm. How are you getting around this? Honest question here, by the way. There's also catch up c...
by ERISA Stone
Wed Nov 15, 2017 9:07 pm
Forum: Investing - Help with Personal Investments
Topic: employer vesting schedule and theory question
Replies: 2
Views: 289

Re: employer vesting schedule and theory question

Your matching contribution source is recordkept separately from your 401k contribution source. Suppose you are 20% vested. If you terminate and take a distribution, they pay you 20% of the matching source sub-account. If you received $1500 in matching contributions and incurred $500 in losses, they ...
by ERISA Stone
Wed Nov 15, 2017 7:53 am
Forum: Personal Consumer Issues
Topic: Honda Accord Hybrid EX-L- great deal or not?
Replies: 26
Views: 1847

Re: Honda Accord Hybrid EX-L- great deal or not?

In looking at Truecar, your deal isn't unheard of, but it seems to be a really good one. Hard to compare apple/apples though without knowing all of the specs.
by ERISA Stone
Wed Nov 15, 2017 7:39 am
Forum: Investing - Theory, News & General
Topic: CVS Health 401k plan change- FYI
Replies: 7
Views: 1095

Re: CVS Health 401k plan change- FYI

So I guess those making over $370k per year won't be able to get the full match. 5% would hit the 18,500 yearly cap. Participants in a 401k plan cannot receive benefits on compensation over $275k for 2018. If the matching formula is 100% of deferrals up to 5% of compensation, the maximum matching c...
by ERISA Stone
Tue Nov 14, 2017 11:00 am
Forum: Personal Consumer Issues
Topic: IPHONE 8, X
Replies: 39
Views: 2274

Re: IPHONE 8, X

I think the 8 is fine. I personally think "Face ID" is a solution in search of a problem, that the fingerprint sensor is better, and Apple's war on buttons has now gone too far. Do you have an X? I have yet to hear anyone who actually owns one say that (unlike, say, the continued absence of the hea...
by ERISA Stone
Fri Nov 10, 2017 11:33 am
Forum: Personal Finance (Not Investing)
Topic: PayPal alternative?
Replies: 47
Views: 2551

Re: PayPal alternative?

There is no Paypal fee if you are sending money to a friend, even with a credit card. One of the two people HAS to pay a fee. I think you can select the transaction such that the friend would pay the fee. But's it's not possible that neither pay a fee. Otherwise, that would be a HUGE loophole. You ...