Search found 12870 matches

by Spirit Rider
Thu May 28, 2020 10:25 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k - elective deferral agreement question
Replies: 16
Views: 510

Re: Solo 401k - elective deferral agreement question

Also, out of curiosity if the above is correct, then what is the purpose of this form for self-employed people? I guess I'm not understanding what the form actually achieves since it sounds like we can simply fill in the amount at the end of the year and then just file it in our paperwork? It sound...
by Spirit Rider
Wed May 27, 2020 9:50 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k - elective deferral agreement question
Replies: 16
Views: 510

Re: Solo 401k - elective deferral agreement question

From IRS regulation 26 CFR § 1.401(k)-1 - Certain cash or deferred arrangements a, 3, iii, "A cash or deferred election can only be made with respect to an amount that is not currently available to the employee on the date of the election." a, 6, iii, "a sole proprietor's compensation is deemed curr...
by Spirit Rider
Wed May 27, 2020 2:33 pm
Forum: Personal Investments
Topic: "Converting" Inherited IRA to 401k
Replies: 4
Views: 274

Re: "Converting" Inherited IRA to 401k

This has long been the recommended action plan for inherited retirement accounts when not maximizing all tax-advantaged accounts. You seem to have thought out most of the pros/cons. Additional pros: Several years ago the SCOTUS ruled that inherited retirement accounts do not receive the same asset p...
by Spirit Rider
Tue May 26, 2020 6:33 pm
Forum: Personal Consumer Issues
Topic: The "Best of" for Aldi?
Replies: 91
Views: 5780

Re: The "Best of" for Aldi?

Dairy, bread, certain wines and imported European products (especially chocolate and beer). The selections will be minimal, but choice.
by Spirit Rider
Tue May 26, 2020 6:23 pm
Forum: Personal Investments
Topic: Any retirees get through Covid crisis without large cash reserve?
Replies: 63
Views: 4054

Re: Any retirees get through Covid crisis without large cash reserve?

I find it rather humorous. When someone who asks the question on here; "where should I invest money I will need in a year?" The near universal response will be to put it in a principal protected matched liquidity investment. How is that any different when we are talking about money that is already i...
by Spirit Rider
Tue May 26, 2020 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: Business checking account
Replies: 8
Views: 345

Re: Business checking account

Your best bet is a local credit union

My credit union has two $25 initial deposit, no minimum balance and no monthly fee business checking accounts
  1. No interest, 300 free deposits/checks then $0.25 per deposit/check
  2. Interest bearing, $0.08/deposit, $0.05/check
by Spirit Rider
Tue May 26, 2020 5:43 pm
Forum: Personal Consumer Issues
Topic: What will you NOT buy online?
Replies: 92
Views: 5639

Re: What will you NOT buy online?

IMO wrote:
Tue May 26, 2020 1:59 am
A spouse.
Given the current success rates of in-person selection, online may be an improvement.
by Spirit Rider
Tue May 26, 2020 2:16 pm
Forum: Personal Finance (Not Investing)
Topic: Expat taxes: Totalization Agreement and Self Employment tax
Replies: 7
Views: 323

Re: Expat taxes: Totalization Agreement and Self Employment tax

If your AGI is < the standard deduction it would be counter-productive to use the FEIE. Keep in mind the FEIE is all or nothing. If you use the FEIE you will have no self-employed earned income (business profit -1/2 SE tax*) available to make IRA contributions, employer retirement plan contributions...
by Spirit Rider
Mon May 25, 2020 9:34 am
Forum: Personal Finance (Not Investing)
Topic: College costs not covered by 529
Replies: 42
Views: 4207

Re: College costs not covered by 529

@psy1 is correct. There is no longer any school requirement necessary. Congress enacted a change years age to 26 U.S. Code § 529.Qualified tuition programs, (e) Other definitions and special rules, (3) Qualified higher education expenses, (iii) expenses for the purchase of computer or peripheral equ...
by Spirit Rider
Sat May 23, 2020 6:26 pm
Forum: Personal Investments
Topic: Roth IRA for children
Replies: 39
Views: 2771

Re: Roth IRA for children

At what age can one hire your child to help out around the home office? Office duties would include cleaning up and filling paperwork. Is this a home office as a W-2 employee or for a business you own. If it is the former the age is a moot point, because there is no avenue to employ them. If it is ...
by Spirit Rider
Sat May 23, 2020 6:03 pm
Forum: Personal Finance (Not Investing)
Topic: I wrote an app, now should i form a business?
Replies: 21
Views: 2209

Re: I wrote an app, now should i form a business?

Hayden wrote:
Sat May 23, 2020 12:58 pm
As you point out, those will be publicly available from the state. But at least I will not have my personal name listed on the Google Play Store.
My point was, that the same would be true if you simply registered under a DBA/Fictitious Business Name
by Spirit Rider
Sat May 23, 2020 6:00 pm
Forum: Personal Finance (Not Investing)
Topic: Radiologist here needing help regarding cross-state teleradiology work/taxes
Replies: 21
Views: 1385

Re: Radiologist here needing help regarding cross-state teleradiology work/taxes

Maybe every state is different, but I worked remotely for a service in another state (Mass) and was subject to taxes even though I never stepped foot there. Turbotax showed I owed Mass $0; I didn't trust that result. I called Mass DOR and they told me I was subject even though I had no physical pre...
by Spirit Rider
Sat May 23, 2020 12:14 pm
Forum: Personal Investments
Topic: Roth IRA for children
Replies: 39
Views: 2771

Re: Roth IRA for children

There are only two states where the age of UTMA termination is always age 18. It is very likely that the age of termination is age 21. There is no UTMA police. The UTMA account owner is the only interested party. Unless they strenuously object, it is not unreasonable to wait until they graduate coll...
by Spirit Rider
Sat May 23, 2020 10:15 am
Forum: Personal Investments
Topic: Roth IRA for children
Replies: 39
Views: 2771

Re: Roth IRA for children

Just because you pay wages does not mean that it is taxable compensation. Just like not all wages are social security or Medicare wages, as Pub 926 makes clear. Household Help must be paid taxable compensation. Your child can be Household Help. Therefore, a child employed as household help will be ...
by Spirit Rider
Sat May 23, 2020 9:36 am
Forum: Personal Finance (Not Investing)
Topic: I wrote an app, now should i form a business?
Replies: 21
Views: 2209

Re: I wrote an app, now should i form a business?

As has been pointed out an LLC is not required, it and any disclaimers may not provide the liability protection you think they do. Also, an LLC will likely have additional state annual costs and maybe additional taxes. For example, LLCs in CA are subject to the 1.5% franchise tax (min $800/yr). Howe...
by Spirit Rider
Sat May 23, 2020 1:38 am
Forum: Personal Investments
Topic: Roth IRA for children
Replies: 39
Views: 2771

Re: Roth IRA for children

If she had a business where she groomed other people’s dogs for money, it might work. But she would have to follow all the rules of a legitimate business and pay employment taxes. Just because you would pay someone else to do something is not adequate. You might pay someone to cook your food, wash ...
by Spirit Rider
Thu May 21, 2020 6:16 am
Forum: Personal Investments
Topic: Can a 529 that's lost money still be 10% penalized?
Replies: 4
Views: 955

Re: Can a 529 that's lost money still be 10% penalized?

Furthermore, my spouse withdrew all the money from two 529 plans she owned at a loss and took a tax deduction years ago. Tax laws have changed to make that more difficult. Just clarify, the the TCJA eliminated all miscellaneous deductions subject to the 2% floor starting in 2018. The deduction for ...
by Spirit Rider
Mon May 18, 2020 12:06 pm
Forum: Personal Investments
Topic: Taxes due on Conversion of simple IRA to Roth IRA
Replies: 6
Views: 502

Re: Taxes due on Conversion of simple IRA to Roth IRA

I think the 2010 exception was when the first Traditional to Roth IRA conversions were allowed. Since then, it's been pay as you go, each year to my knowledge. Roth conversions have been allowed since Roth contributions were first allowed starting in 1998. Roth conversions in 1998 could be fully ta...
by Spirit Rider
Sat May 16, 2020 11:11 pm
Forum: Personal Investments
Topic: Should I Transfer 401K to Roth 401K?
Replies: 34
Views: 2119

Re: Should I Transfer 401K to Roth 401K?

Are you recommending I flip back to my Traditional 401k for my contributions or are you aligned with my current approach and keeping the company match in Traditional 401k unless their is a significant loss at which time it might be worth converting? Answers depend on your estimate of your own margi...
by Spirit Rider
Sat May 16, 2020 11:00 pm
Forum: Personal Finance (Not Investing)
Topic: Coronavirus, 529, room and board, a different question
Replies: 9
Views: 849

Re: Coronavirus, 529, room and board, a different question

If you were sharing the house with a roommate, which costs would you being splitting? Your list looks good. I would also include service costs if you hire a house cleaner or a lawn service, for instance. While a lawn service might be considered a qualified education room expense, a cleaning service...
by Spirit Rider
Sat May 16, 2020 10:19 pm
Forum: Personal Investments
Topic: Should I Transfer 401K to Roth 401K?
Replies: 34
Views: 2119

Re: Should I Transfer 401K to Roth 401K?

if you could make the maximum Roth 401k contributions, but you make traditional 401k contributions because of high marginal tax rates. You should take the tax savings at your marginal tax rates to make taxable investments. That way you have made the same net contribution amount. This will also provi...
by Spirit Rider
Sat May 16, 2020 1:33 pm
Forum: Personal Finance (Not Investing)
Topic: [Can Medicare Part B protect against "balance" billing?]
Replies: 13
Views: 944

Re: [Can Medicare Part B protect against "balance" billing?]

If an individual has signed up for Medicare Parts A&B, then sees a provider who does not accept Medicare assignment, you can send this provider's bill to Medicare who will reimburse you the 80% of the Medicare allowable fee (assuming the annual deductible has been met on that provider's account), a...
by Spirit Rider
Sat May 16, 2020 1:23 pm
Forum: Personal Investments
Topic: UGMA
Replies: 8
Views: 509

Re: UGMA

I remember researching this and the IRA allows up to around $4700 of unearned income w/o any taxes. My notes are; - Up to $1050 ( $1100 for 2019, provided no earned income ) no tax (0% tax rate) - Next $3650 no tax (0$ tax rate) if all LTCG or Qualified Dividend The above was under new Kiddie Tax r...
by Spirit Rider
Sat May 16, 2020 10:54 am
Forum: Personal Investments
Topic: UGMA
Replies: 8
Views: 509

Re: UGMA

I remember researching this and the IRA allows up to around $4700 of unearned income w/o any taxes. My notes are; - Up to $1050 ( $1100 for 2019, provided no earned income ) no tax (0% tax rate) - Next $3650 no tax (0$ tax rate) if all LTCG or Qualified Dividend The above was under new Kiddie Tax r...
by Spirit Rider
Sat May 16, 2020 6:30 am
Forum: Personal Finance (Not Investing)
Topic: [Can Medicare Part B protect against "balance" billing?]
Replies: 13
Views: 944

Re: [Can Medicare Part B protect against "balance" billing?]

It seems to me if you went to a hospital, it is very implausible that a specialist would come running into your room to give you documentation that he does not accept medicare assignment. This is not correct. The specialist is not going to be concerned about assignment. He is going to be concerned ...
by Spirit Rider
Fri May 15, 2020 11:17 pm
Forum: Personal Investments
Topic: Dependent Care FSA or After-tax megabackdoor Roth investing?
Replies: 11
Views: 403

Re: Dependent Care FSA or After-tax megabackdoor Roth investing?

Dependent Care FSA needs to be exhausted by the end of the year. A few plans would allow you to carry over the unused portion, but only up to $500 or so, to the next year but even that needs to be exhausted by first quarter (March 31st). You are conflating some FSA issues and your date is off. Ther...
by Spirit Rider
Fri May 15, 2020 10:54 pm
Forum: Personal Finance (Not Investing)
Topic: [Can Medicare Part B protect against "balance" billing?]
Replies: 13
Views: 944

Re: [Can Medicare Part B protect against "balance" billing?]

Some clarifications: "surprise" and "balance" billing are characteristics of non-Medicare insurance. Medicare Part A and Part B do not have the concept of networks. They only apply to Part C. Medicare has three types of providers: Participating providers: Accept Medicare and always take assignment. ...
by Spirit Rider
Fri May 15, 2020 9:26 pm
Forum: Personal Investments
Topic: UGMA
Replies: 8
Views: 509

Re: UGMA

I have a UGMA set up for both both son and daughter (Ages 14 and 12). I have had them open and invested in Vanguard Star since birth (Originally because of the low cost to open). As they get older and start to near the ages they can use them (College, Car?) I was wondering if I should start switchi...
by Spirit Rider
Fri May 15, 2020 7:09 am
Forum: Personal Consumer Issues
Topic: New Brake Pads
Replies: 87
Views: 4069

Re: New Brake Pads

I’m not sure what point you are trying to make here. I’ve owned many brands on your list that had drum-inside the disc parking brakes, operated by a cable (including one of the specific models on your list)... I never said all of the years of all of the models of the brands listed used integral par...
by Spirit Rider
Thu May 14, 2020 7:16 pm
Forum: Personal Consumer Issues
Topic: New Brake Pads
Replies: 87
Views: 4069

Re: New Brake Pads

When you replace the pads or shoes on your rear brakes, "you worked on that too". The emergency brake is not a separate braking system , just a separate activation of the same brakes the OP would be replacing if they are the rear set. I hope you never work on my brakes as you don't seem to know a l...
by Spirit Rider
Thu May 14, 2020 12:49 pm
Forum: Personal Investments
Topic: Excess 529 account balance questions
Replies: 16
Views: 1008

Re: Excess 529 account balance questions

Some clarifications based on questions and incorrect statements in prior posts: There is only a limit on new contributions when a 529 account balance exceeds the maximum limit. There is no restrictions on the account balance itself. A 529 account is not part of your estate. It is a separate trust th...
by Spirit Rider
Thu May 14, 2020 11:44 am
Forum: Personal Consumer Issues
Topic: New Brake Pads
Replies: 87
Views: 4069

Re: New Brake Pads

Above is a good summary. In addition, if I plan to leave the car up for an extended period I slide the wheel that's off under the adjacent frame. In the extremely unlikely even that the car does tip off the jack stand and the jack. Thanks, I forgot to mention this, but do it also. It is yet another...
by Spirit Rider
Thu May 14, 2020 11:35 am
Forum: Personal Finance (Not Investing)
Topic: Cares Act withdrawal - legal liability
Replies: 4
Views: 455

Re: Cares Act withdrawal - legal liability

I hear of a lot of people using the withdrawal, some qualify, some do not. They check the boxes, revieve their money and life goes on. What are they risking by doing this. I cannot find any legal consequences for this action. Your are required to certify that you meet one of the qualifications. If ...
by Spirit Rider
Thu May 14, 2020 9:34 am
Forum: Personal Consumer Issues
Topic: New Brake Pads
Replies: 87
Views: 4069

Re: New Brake Pads

Aside from allowing a jacked up car to fall on me, are there any other safety issues I should be concerned about in doing this myself that a basic YouTube video may miss? I'm mostly concerned at barrelling into something at high speed with no brakes. Safety first, always: Place automatic transmissi...
by Spirit Rider
Thu May 14, 2020 8:05 am
Forum: Personal Finance (Not Investing)
Topic: CARES ACT Early 401k Distribution
Replies: 10
Views: 701

Re: CARES ACT Early 401k Distribution

what if feel that i meet the qualifications for this. Go through the process and recieve the money and later find out that i dont qualify. what can happen to me? how will they verify information You will be self-certifying that you, your spouse or a dependent tested positive for the SARS-CoV-2 viru...
by Spirit Rider
Tue May 12, 2020 9:55 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k problem
Replies: 12
Views: 750

Re: Solo 401k problem

Physician here, along with a few other posters in the thread. I have maintained 1099 income for the past 8 years and with each new contract, I insist on 1099s. In return, I ensure that I satisfy the Behavioral, financial and administrative control of my own practice. If an administrator attempts to...
by Spirit Rider
Tue May 12, 2020 9:39 pm
Forum: Personal Investments
Topic: No Longer Eligible for Solo 401K. What Next?
Replies: 11
Views: 1327

Re: No Longer Eligible for Solo 401K. What Next?

You are correct, but for way into the future reference. That provision does not take effect until 1/1/2021 and no years prior to that date count for the three (3) years. So part-time employees with >= 3 years of service with >= 500 hours/year will not become eligible employees until 1/1/2024. E*TRA...
by Spirit Rider
Tue May 12, 2020 7:43 am
Forum: Personal Investments
Topic: What would you do with an Inherited IRA?
Replies: 20
Views: 1089

Re: What would you do with an Inherited IRA?

Longer term, I'm wondering if there is any value to me leaving the assets there, or if I would benefit from transferring them into another account. I already have a rollover IRA and a Roth IRA so I don't see why I would contribute to this IRA, or if that is even allowed. So if I just have to take R...
by Spirit Rider
Tue May 12, 2020 7:14 am
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 6589

Re: Has Your Spending Changed Since The Shutdown?

Nope - it's because prices in the grocery stores have actually increased substantially for many "essentials" like flour, beans, meat, eggs, dairy, fresh produce, toilet paper, other paper goods and that is if you can actually find them on the store shelves. Else, you have to source it from other lo...
by Spirit Rider
Tue May 12, 2020 6:39 am
Forum: Personal Consumer Issues
Topic: Need advice on replacing boiler pressure relief valve
Replies: 7
Views: 419

Re: Need advice on replacing boiler pressure relief valve

Your are most likely correct. The pressure relief valve probably has some contaminants on the valve seat preventing a complete seal. However, as has been pointed out, the cause could be upstream. Even if your suspected cause is accurate, it may not be necessary to replace the pressure relief valve j...
by Spirit Rider
Mon May 11, 2020 10:55 pm
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 6589

Re: Has Your Spending Changed Since The Shutdown?

I notice several have mentioned their grocery costs have increased. I'm curious as to why Working remotely means no employer provided meals. The vast majority of employees do not receive employer provided meals. With the exception of occasional employee pizza, subs or catered lunch for a company me...
by Spirit Rider
Mon May 11, 2020 10:24 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k problem
Replies: 12
Views: 750

Re: Solo 401k problem

A business can't mis-classify an employee as an independent contractor (IC), but there is never a problem with a business requiring someone to be an employee. The longer you have an IC/client relationship, the harder it becomes to justify IC classification. It could very well be, the new owner's fin...
by Spirit Rider
Mon May 11, 2020 3:48 pm
Forum: Personal Finance (Not Investing)
Topic: Setting up wife after devorce
Replies: 45
Views: 5903

Re: Setting up wife after devorce

Split it in half to tick the legal boxes. If you want to help her after all is legally separated then you are free to. This sounds generous, but (legally) only if it represents roughly half of your net worth. what is your overall networth? legally, you wife is entitled to 50% of that, so if networt...
by Spirit Rider
Mon May 11, 2020 3:15 pm
Forum: Personal Finance (Not Investing)
Topic: Solo 401k problem
Replies: 12
Views: 750

Re: Solo 401k problem

I work as a physician and am only providing them 2 shifts/month. I’ve done this work at plenty of other hospitals and have always been considered an independent contractor (1099). With the new medical group taking over and classifying me as a “part time” W2 employee, i haven’t been given any benefi...
by Spirit Rider
Mon May 11, 2020 11:08 am
Forum: Personal Finance (Not Investing)
Topic: Layoff Imminent, seeking guidance.
Replies: 56
Views: 7320

Re: Layoff Imminent, seeking guidance.

Woah... so you're saying one can claim 'mental breakdown', go on STD/LTD because of that, and if you were originally targeted for a layoff, the employer might change their mind? You can't just claim disability. You must have documented evidence from a board certified medical professional, before yo...
by Spirit Rider
Mon May 11, 2020 5:43 am
Forum: Personal Finance (Not Investing)
Topic: Layoff Imminent, seeking guidance.
Replies: 56
Views: 7320

Re: Layoff Imminent, seeking guidance.

I had some employees go on STD/LTD as soon as they got a hint... How will going on STD/LTD help prevent a layoff? The Americans with Disabilities Act doesn't expressly prevent laying off someone with a disability. However, a company must be very careful laying off someone with with a disability. Th...
by Spirit Rider
Sun May 10, 2020 9:03 pm
Forum: Personal Investments
Topic: Changing jobs..multiple 401K match
Replies: 1
Views: 292

Re: Changing jobs..multiple 401K match

Sorry, but you are incorrect.

IRS regulations do require employer matches of returned excess employee deferrals to be forfeited.
by Spirit Rider
Sun May 10, 2020 8:33 pm
Forum: Personal Finance (Not Investing)
Topic: Layoff Imminent, seeking guidance.
Replies: 56
Views: 7320

Re: Layoff Imminent, seeking guidance.

There is a required grace period for Cobra. Find out what it is. I think it's a minimum of 30 days. Even if you plan on taking Cobra, wait until the end of the grace period. If you find a new job and are covered (and didn't incur expenses in the grace period), you don't have to pay the Cobra premiu...
by Spirit Rider
Sun May 10, 2020 3:55 pm
Forum: Personal Consumer Issues
Topic: Has Your Spending Changed Since The Shutdown?
Replies: 180
Views: 6589

Re: Has Your Spending Changed Since The Shutdown?

My spending is way, way down. I self-isolated for the entire month of April. I did not leave my house to do any shopping for five weeks. You can't use gas if you don't drive anywhere. I only spent $10 online in April for some universal mica sheets to cut out a Waveguide cover for my microwave. The o...
by Spirit Rider
Sun May 10, 2020 2:58 pm
Forum: Personal Finance (Not Investing)
Topic: Layoff Imminent, seeking guidance.
Replies: 56
Views: 7320

Re: Layoff Imminent, seeking guidance.

Beef up your emergency fund by stopping 401K contributions and anything else that is optional. If you contribute to a medical reimbursement account, incur enough eligible expenses to get all your money back (eg, glasses, first aid supplies). I would not totally stop investing, if it is a safe harbo...