Search found 117 matches

by Smokey21
Wed Oct 21, 2020 7:41 am
Forum: Personal Investments
Topic: Form.5500 reporting requirements in first year?
Replies: 3
Views: 268

Form.5500 reporting requirements in first year?

I transferred my corporate 401k holdings to an individual 401k this year. The balance rose above $250k in September of 2020. Do I need to file a 5500 this year or start with next year?
by Smokey21
Fri Oct 16, 2020 5:33 pm
Forum: Personal Investments
Topic: Question about taxation and CD interest
Replies: 3
Views: 408

Question about taxation and CD interest

I've never purchased CDs but I purchased some in February of this year. None of them come due until 2021 or later.

Is the accrued interest through the end of 2020 going to be taxable to me in the filing for year 2020 or do I pay tax on the interest when the CD comes due?
by Smokey21
Mon Aug 31, 2020 3:02 pm
Forum: Personal Consumer Issues
Topic: Nest thermostat question
Replies: 12
Views: 1002

Re: Nest thermostat question

Great idea. I charged it for a few hours and put it back on the base, but it doesn't seem to function. It says it's not receiving power from one of the wires.
by Smokey21
Mon Aug 31, 2020 12:05 pm
Forum: Personal Consumer Issues
Topic: Nest thermostat question
Replies: 12
Views: 1002

Nest thermostat question

I installed a nest thermostat 3 years ago and it lost power and will not charge since yesterday. Does anyone have any experience with this? I'm not sure if the best next step is to call the air conditioning repairman or buy a new thermostat to see if the old one has failed.
by Smokey21
Wed May 06, 2020 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 635

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

I applied for PPP as a NEW independent contractor, started in Sept 2019. The worksheet for calculating the loan amount was different for a new business vs one open for all or most of 2019. My wife applied as an independent contractor with work throughout 2019. She received around $20k and they calc...
by Smokey21
Wed May 06, 2020 6:58 pm
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 635

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

I applied for PPP as a NEW independent contractor, started in Sept 2019. The worksheet for calculating the loan amount was different for a new business vs one open for all or most of 2019. My wife applied as an independent contractor with work throughout 2019. She received around $20k and they calc...
by Smokey21
Wed May 06, 2020 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 635

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

To clarify, I'm only looking for honest strategies. Would health insurance premiums over the 8 weeks be forgiven? Would pro-rata retirement plan contributions be forgiven? Would pro-rata HSA contributions be forgiven? Would a portion of automobile expenses, licensure expenses, continuing education ...
by Smokey21
Wed May 06, 2020 9:37 am
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 635

Re: Anyone receive PPP loan as a NEW businesses/independent contractor?

To clarify, I'm only looking for honest strategies. Would health insurance premiums over the 8 weeks be forgiven? Would pro-rata retirement plan contributions be forgiven? Would pro-rata HSA contributions be forgiven? Would a portion of automobile expenses, licensure expenses, continuing education b...
by Smokey21
Wed May 06, 2020 9:07 am
Forum: Personal Finance (Not Investing)
Topic: Anyone receive PPP loan as a NEW businesses/independent contractor?
Replies: 11
Views: 635

Anyone receive PPP loan as a NEW businesses/independent contractor?

I applied for PPP as a NEW independent contractor, started in Sept 2019. The worksheet for calculating the loan amount was different for a new business vs one open for all or most of 2019. My wife applied as an independent contractor with work throughout 2019. She received around $20k and they calcu...
by Smokey21
Mon Apr 20, 2020 10:49 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on how to file taxes for teenager
Replies: 19
Views: 742

Re: Advice on how to file taxes for teenager

We filed today. Used TurboTax through free file on irs.gov. worked great and was a learning experience. Opened his eyes to how much "they" want to know about you and your money. I do not agree with the "let him figure it out on his own" approach, at least with my son. Now he's re...
by Smokey21
Sun Apr 19, 2020 12:39 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on how to file taxes for teenager
Replies: 19
Views: 742

Re: Advice on how to file taxes for teenager

RudyS wrote: Sun Apr 19, 2020 12:29 pm Just being technical, but I'd let HIM do the filling out of the forms, etc., with you watching over his shoulder. He needs to learn this sooner or later.
[/quote
Absolutely!
by Smokey21
Sun Apr 19, 2020 12:37 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on how to file taxes for teenager
Replies: 19
Views: 742

Re: Advice on how to file taxes for teenager

My wife has a complicated business so we file jointly through a CPA. She told me the CPA's advice was to file on our own for him, but the advice was not specific.
by Smokey21
Sun Apr 19, 2020 12:18 pm
Forum: Personal Finance (Not Investing)
Topic: Advice on how to file taxes for teenager
Replies: 19
Views: 742

Advice on how to file taxes for teenager

Seeking advice for how to file taxes for my teenager that had to part-time jobs in 2019. He has two separate w-2s. I'd read that there's a free way to file on line for people who have low income like he does. I'm not sure if me classifying him as a dependent on my taxes will interfere with that. I'm...
by Smokey21
Wed Mar 25, 2020 6:51 am
Forum: Personal Investments
Topic: Vanguard municipal money market fund yield, almost 4%
Replies: 6
Views: 1460

Vanguard municipal money market fund yield, almost 4%

7 day sec yield is listed at 3.77% this morning. What are the risks, drawbacks?
by Smokey21
Fri Mar 06, 2020 11:18 am
Forum: Personal Investments
Topic: HSA question with uncertain health insurance coverage
Replies: 2
Views: 140

HSA question with uncertain health insurance coverage

I currently have high deductible, HSA compliant health insurance but have an unstable working situation. I was going to wait towards the end of the year to make my HSA contribution to make sure that I had an HSA compatible health insurance plan for the entire year, but I would like to start making c...
by Smokey21
Sat Jan 11, 2020 1:00 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone sold a home to Zillow?
Replies: 26
Views: 5200

Re: Has anyone sold a home to Zillow?

If a Zillow offer is WAY under market value, I would not be interested. Cash for quick sale people are of no interest to me. I am looking to sell a rental home. If it was 10-15% below with no realtor fees, as is, ability to time the sale to meet my needs for a 1031 exchange, avoid a vacant rental ho...
by Smokey21
Sat Jan 11, 2020 12:13 pm
Forum: Personal Finance (Not Investing)
Topic: Has anyone sold a home to Zillow?
Replies: 26
Views: 5200

Has anyone sold a home to Zillow?

Zillow advertises they will purchase homes in my area. Has anyone sold a personal or rental home directly to Zillow?

If so, would you share your experience?
by Smokey21
Sun Jan 05, 2020 1:30 pm
Forum: Personal Finance (Not Investing)
Topic: Roth vs backdoor Roth with uncertain income?
Replies: 2
Views: 211

Re: Roth vs backdoor Roth with uncertain income?

My wife does not, so this helps. Thanks.
by Smokey21
Sun Jan 05, 2020 11:05 am
Forum: Personal Finance (Not Investing)
Topic: Roth vs backdoor Roth with uncertain income?
Replies: 2
Views: 211

Roth vs backdoor Roth with uncertain income?

I have 2 properties on the market with total gains expected to be North of $400k. If I have capital gains of this amount, I understand that I can't make a straight Roth contribution due to income phase out. I would like to invest the money now, but have no certainty that the properties will sell. Is...
by Smokey21
Sat Dec 07, 2019 10:47 am
Forum: Personal Finance (Not Investing)
Topic: Insurance and selling an out of town rental
Replies: 1
Views: 128

Insurance and selling an out of town rental

We have a townhome that we have been renting out for years but do not think we will return to the area at this point. Leased through June of next year. We have heard that homeowner's insurance could be voided if the unit was unoccupied while on the market. Does anyone have any experience or advice o...
by Smokey21
Mon Nov 18, 2019 9:41 am
Forum: Personal Finance (Not Investing)
Topic: Costs of estate planning
Replies: 5
Views: 718

Costs of estate planning

I was wondering what people have paid in recent years for estate planning. This is not a huge estate. By the end of my working years, if everything goes well, would be in the 5 to 10 million dollar range in today's dollars. Our current needs are to change trustees and to implement a generation skipp...
by Smokey21
Tue Oct 15, 2019 8:22 am
Forum: Personal Investments
Topic: Roth conversions in a solo 401k plan?
Replies: 4
Views: 380

Re: Roth conversions in a solo 401k plan?

For anyone interested in this thread, my initial research suggests mysolo401k financial, also discussed on this forum as a good option for mega back door Roth, will also allow in plan Roth conversions.

If anyone has actually done this with any brokerage, I would love to hear about your experience.
by Smokey21
Mon Oct 14, 2019 3:50 pm
Forum: Personal Investments
Topic: Roth conversions in a solo 401k plan?
Replies: 4
Views: 380

Roth conversions in a solo 401k plan?

I have a defined benefit plan and will be leaving the company soon. I have independent contractor income and would like to roll the funds over to an individual 401k so as to not complicate back door Roth conversions. Does anyone know of a brokerage(s) that has a solo 401k plan with plan documents th...
by Smokey21
Fri Jun 21, 2019 12:45 pm
Forum: Personal Finance (Not Investing)
Topic: Finding family health insurance before 65 (individual, not group)
Replies: 15
Views: 837

Re: Finding family health insurance before 65 (individual, not group)

I'm going to go the consultant route and see how that goes. My field is very specialized, and there's more work available than I care to do. The position I'm leaving has been very demanding and taken away from family time and pursuit of personal interests. I aim to change those things. As I've watc...
by Smokey21
Fri Jun 21, 2019 12:06 pm
Forum: Personal Finance (Not Investing)
Topic: Finding family health insurance before 65 (individual, not group)
Replies: 15
Views: 837

Re: Finding family health insurance before 65 (individual, not group)

I am voluntarily leaving the corporation. 50 years of age. It's a small corporation so supposedly I can only stay on the group health insurance plan through October of this year. Initially, I don't believe I will qualify for any subsidies based on income, but certainly could in the future if I orga...
by Smokey21
Fri Jun 21, 2019 11:41 am
Forum: Personal Finance (Not Investing)
Topic: Finding family health insurance before 65 (individual, not group)
Replies: 15
Views: 837

Re: Finding family health insurance before 65 (individual, not group)

I am voluntarily leaving the corporation. 50 years of age. It's a small corporation so supposedly I can only stay on the group health insurance plan through October of this year. Initially, I don't believe I will qualify for any subsidies based on income, but certainly could in the future if I orga...
by Smokey21
Fri Jun 21, 2019 10:23 am
Forum: Personal Finance (Not Investing)
Topic: Finding family health insurance before 65 (individual, not group)
Replies: 15
Views: 837

Finding family health insurance before 65 (individual, not group)

I am voluntarily leaving the corporation. 50 years of age. It's a small corporation so supposedly I can only stay on the group health insurance plan through October of this year. Initially, I don't believe I will qualify for any subsidies based on income, but certainly could in the future if I organ...
by Smokey21
Sat May 04, 2019 12:30 pm
Forum: Personal Finance (Not Investing)
Topic: Withholding for a teenager's summer job
Replies: 10
Views: 893

Withholding for a teenager's summer job

17 year old getting his first job. He will likely make less than $5,000 of earned income this year. No investment income or other income.

What choices should we consider with regards to his withholding?

How should he fill out his withholding form?
by Smokey21
Wed Apr 24, 2019 6:33 pm
Forum: Personal Investments
Topic: Individual 401k question
Replies: 9
Views: 376

Re: Individual 401k question

Two points 1. The most important one. One-participant 401k plans and any other employer retirement plans covering only owners and their spouses are NOT ERISA Title I qualified plans. They receive NO creditor anti-alienation asset protection. Only employer retirement plans covering non-owner/non-spo...
by Smokey21
Wed Apr 24, 2019 6:24 pm
Forum: Personal Investments
Topic: Individual 401k question
Replies: 9
Views: 376

Re: Individual 401k question

If you still work at megacorp then your entire balance may not be distributable. Some amounts may be. Depends on your age, and what types of funds are in the account. Elective deferral, after tax contributions, profit sharing/match, and rollover amounts may have different distribution rules. Others...
by Smokey21
Wed Apr 24, 2019 6:05 pm
Forum: Personal Investments
Topic: Individual 401k question
Replies: 9
Views: 376

Re: Individual 401k question

Thank you, my vanguard flagship rep told me it was illegal. Maybe he was only thinking in terms of vanguard's individual 401k. I wasn't ready to believe What he said as gospel.

I have dealt with TD Ameritrade before and was happy when I used them. Thanks for the direction!
by Smokey21
Wed Apr 24, 2019 5:49 pm
Forum: Personal Investments
Topic: Individual 401k question
Replies: 9
Views: 376

Individual 401k question

I would like to open an individual 401k and roll the balance from my mega-corp 401k to the individual 401k. I would like to do this to maintain ERISA protections. I do have independent contractor income to justify the plan. Does anyone know if this can be done? Is it worth the trouble? Any recommend...
by Smokey21
Sat Mar 30, 2019 2:23 pm
Forum: Personal Finance (Not Investing)
Topic: Renewal of global entry?
Replies: 10
Views: 1290

Renewal of global entry?

Has anyone gone through the global entry renewal process? Is it necessary to go to a center to be present for an interview or can renewal be handled online?
by Smokey21
Sun Jul 22, 2018 2:26 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term capital gains taxation question
Replies: 9
Views: 742

Re: Long-term capital gains taxation question

Good question. My plan A is to keep the funds and pay off my mortgage. I want to understand the tax consequences so I can choose between keeping the funds vs a 1031.
by Smokey21
Sun Jul 22, 2018 11:03 am
Forum: Personal Finance (Not Investing)
Topic: Long-term capital gains taxation question
Replies: 9
Views: 742

Long-term capital gains taxation question

I'm a real estate investor and usually show little to income or negative income after depreciation. For my example, assume zero income and married filing jointly. One of my properties has significant capital gains and I'm considering selling it. Long term capital gains are estimated at $250, 000. Ho...
by Smokey21
Sun Jul 15, 2018 1:01 pm
Forum: Personal Finance (Not Investing)
Topic: Personal use of vacation property question
Replies: 1
Views: 426

Personal use of vacation property question

We own a beach house in an LLC that we rent out on a weekly basis. We've never used the unit for more than 2 weeks a year to avoid making a share of the expenses become personal expenses and therefore not deductible. I went part time at work this year and we are thinking about using the unit more th...
by Smokey21
Tue Jul 10, 2018 3:47 pm
Forum: Personal Finance (Not Investing)
Topic: Accounting question about inherited Roth IRA
Replies: 6
Views: 654

Accounting question about inherited Roth IRA

On my tax return, I noticed that my accountant had placed the required minimum distribution from my inherited Roth IRA on a line that said it was a non-qualified distribution. He said this effectively reduced my basis on non-deductible IRA contributions I've made doing the backdoor Roth over the yea...
by Smokey21
Mon May 21, 2018 8:16 am
Forum: Personal Investments
Topic: Foreign tax credit, asset location, and tax brackets
Replies: 1
Views: 309

Foreign tax credit, asset location, and tax brackets

I regards to the foreign tax credit for vanguard total international stock index(as an example), is the credit less the taxes on dividends more valuable in taxable or tax deferred account for someone at the highest tax bracket? How would the math work at the 12% or 22% brackets?
by Smokey21
Tue May 08, 2018 8:33 am
Forum: Personal Investments
Topic: Looking for an individual 401k that will accept qualified plan rollovers
Replies: 9
Views: 547

Re: Looking for an individual 401k that will accept qualified plan rollovers

I would like to be able to roll over my retirement savings from my current company's 401k to the individual 401K to take advantage of ERISA protections. What new ERISA protections do you get in Solo 401k that you DONT have in your employer 401k? I want to keep the same ERISA protections. If I trans...
by Smokey21
Tue May 08, 2018 7:00 am
Forum: Personal Investments
Topic: Looking for an individual 401k that will accept qualified plan rollovers
Replies: 9
Views: 547

Looking for an individual 401k that will accept qualified plan rollovers

I am considering a career change, and an considering what to do with my retirement savings. I plan to open up an individual 401K to handle retirement contributions from consulting income. I would like to be able to roll over my retirement savings from my current company's 401k to the individual 401K...
by Smokey21
Thu Feb 22, 2018 1:09 pm
Forum: Personal Finance (Not Investing)
Topic: Health insurance when retiring or self employed before Medicare age?
Replies: 32
Views: 5543

Re: Health insurance when retiring or self employed before Medicare age?

15 years until medicare at which time I will not have dependents. Don't the current plans consider children up to age 24 as dependents? [/b] Long time makes it hard to predict - in this volatile political environment. One issue I would be especially conscious about is to maintain continuous coverag...
by Smokey21
Thu Feb 22, 2018 11:19 am
Forum: Personal Finance (Not Investing)
Topic: Health insurance when retiring or self employed before Medicare age?
Replies: 32
Views: 5543

Re: Health insurance when retiring or self employed before Medicare age?

Questions for those of you who retired before Medicare age, especially to those who still have dependents. What are you doing for health insurance? Roughly, what type of coverage do you have and what do you pay for it? For those of you that have had individual coverage for a few years, how have the...
by Smokey21
Thu Feb 22, 2018 11:18 am
Forum: Personal Finance (Not Investing)
Topic: Health insurance when retiring or self employed before Medicare age?
Replies: 32
Views: 5543

Re: Health insurance when retiring or self employed before Medicare age?

Has anyone found creative ways (not sharing ministries) to get on a group plan? Are there ways to get onto a group plan through organizations such as AARP, or professional organization such as the National Association of Realtors, etc? I ask because I don't know. A lawyer I know enrolled in a commu...
by Smokey21
Thu Feb 22, 2018 10:37 am
Forum: Personal Finance (Not Investing)
Topic: Health insurance when retiring or self employed before Medicare age?
Replies: 32
Views: 5543

Health insurance when retiring or self employed before Medicare age?

Questions for those of you who retired before Medicare age, especially to those who still have dependents. What are you doing for health insurance? Roughly, what type of coverage do you have and what do you pay for it? For those of you that have had individual coverage for a few years, how have the ...
by Smokey21
Sat Feb 17, 2018 3:09 pm
Forum: Personal Finance (Not Investing)
Topic: Question about changes to personal mortgage deductions.
Replies: 11
Views: 1113

Re: Question about changes to personal mortgage deductions.

The broader issue is that the whole deduction may be moot (or close to it) with the new $24K standard deduction (for a couple). This, combined with the elimination of the personal exemption makes the whole previous package of itemized deductions often not much better than the standard one. I mean, ...
by Smokey21
Sat Feb 17, 2018 3:04 pm
Forum: Personal Finance (Not Investing)
Topic: Question about changes to personal mortgage deductions.
Replies: 11
Views: 1113

Re: Question about changes to personal mortgage deductions.

One mortgage was obtained in 2017. The other would start in 2019.
by Smokey21
Sat Feb 17, 2018 11:47 am
Forum: Personal Finance (Not Investing)
Topic: Question about changes to personal mortgage deductions.
Replies: 11
Views: 1113

Question about changes to personal mortgage deductions.

If you have two mortgages for a primary residence and a second home that total over $750,000, can you pick which loan is prioritized for itemized deduction?
by Smokey21
Mon Jan 29, 2018 4:16 pm
Forum: Personal Consumer Issues
Topic: Seeking Yosemite advice for late March
Replies: 9
Views: 1054

Seeking Yosemite advice for late March

Online, I have found some sites that say this can be a good time of year to visit. There may be snow, but the crowds are fewer. I understand that some of the higher elevation points in the park will likely be closed. First, what do you think about visiting Yosemite at that time of year? Secondly, we...
by Smokey21
Tue Jan 16, 2018 2:42 pm
Forum: Personal Consumer Issues
Topic: Inherited a coin collection I would like to sell
Replies: 8
Views: 1959

Inherited a coin collection I would like to sell

I inherited a coin collection. Thousands of coins some of which go back to the late 1800's. Almost all are silver, some proofs.

Some may be valuable, but I know nothing about the subject.

Any suggestions about self education, what to do, where to start?
by Smokey21
Sun Jan 07, 2018 7:01 pm
Forum: Personal Consumer Issues
Topic: Recommendations for 72 hours in Dublin, Ireland
Replies: 27
Views: 1968

Re: Recommendations for 72 hours in Dublin, Ireland

Howth is a nice break from the city if the weather cooperates. Easy access via the DART rail line. Nice cliff walk. Check out the seafood market and the products on display. Have a meal on the pier if you like seafood, but make a reservation especially on a weekend. Agree with the recommendation to ...